RE:RE:Pump and DumpProduction dropped 1342 boe per day. Needs new injection wells. (Costly) Revenue dropped to 5,087 M. If you could get $20K per flowing BOE @ 2893 you get 58 M less debt of 53,8 M.
4,2m NAV
Just use a simple valuation of 3x yearly revenue. 20,340 K You get 61 M approx less debt of 53.8M.
7.2 m Nav
Just simple metrics. It would cost more to drill and produce than you could get for the oil. So using $50 per boe new production is too costly. If the price of oil rises different story.
On preliminary glance I just use 3x revenue compared to Enterprize value. I dont think anyone is paying $20k for a WCS boe.
Thats why there are no buyers for Rock. I think the Assets get written way down. But just me. I like the company and the management. But don't think you could get more than .22 per share in the current environment.
Next quarter will have better numbers and the oil price will be different. This is just simple overview. But start to assess Rock more indepth or on cash flow. It starts to look worse.
Dropping like a stone for a reason.