Okay, won't pretend to understand the actual components of RLP's numbers but taking your items from 1 to 4, the quivalents for Novus seem to be:

1) $151,200 (using multiplier of operating netback and 3,600boepd)

2) $23.20*

3) 21.55*

4) Price would be $1.22 per share based on 82% ratio and after tax NPV of $282,000

(*I used after tax NPV disc at 10% wherever part of formula, and from feb 2012 report.)

Makes me wonder why RPL #1 is so low but did not check out oil/NGL/gas ratios. Proven in (2) is a nice number for RPL but P+P number good relative number for NVS. But price for NVS shares $1.22!!!!!!

Don't consider my math perfect!!!