No reason this should trade at much more than book value of $15. Also, put a 20x multiple on their rubbish pro-forma earnings and you get $20. Their GAAP earnings are a loss. They pro-forma out legitimate expenses like Abandonment and impairment of unproven properties and Stock compensation to arrive at a meaningless proforma figure. Also, cash flow was down a lot YoY, which is a bad sign. The company continues to bleed cash.