i am with stockmyster on this one. almost exactly the same numbers i use for my valuation of MRP, i.e.
2P 15m bbl (premium light sweet oil), $6-$8/2Pbbl, 208m FD shares (assuming stock price above 50 cents) and ~$25m+ in working capital (including proceeds from options/warrants exercise and converts).
this gives you a low value estimate of 55 cents and high value estimate of 70 cents - depending on the 2Pbbl price used...
this also ignore any corporate governance discount you may wish to apply...but in a TO situation you can ignore this. and with TO the $8 per 2Pbbl makes more sense as well.