Given the following breakdown for TOL:
Current Production = ~1900 boe/d (~70% oil and liquids)
Fully Diluted Shares = 48 million
Proven + Probable reserves = 10.3 mmboe
Current Market Cap = $146 million
Estimated Value per share in Inventory = $9.83 per share
2012 Guidance for 2012 = Not given as yet
Now here's a new company (2 months old) that offers a good comparison to TOL: Marquee Energy (ticker MQL), the following is the breakdown for MQL:
Current Production = ~2000 boe/d (~42% oil and liquids plus going to over 60% by end of 2012)
Fully Diluted Shares = 44.7 million
Proven + Probable reserves = 12.4 mmboe
Current Market Cap = $78 million
Estimated Value per share in Inventory = $10 per share on a discounted basis according to National bank report last week who started covering MQL (on a non discounted basis it's more like $15 per share)
Guidance for 2012 = 3100 to 3300 boe/d with at least 60% oil and liquids (management is being conservative so that they can exceed guidance)
Both TOL and MQL will give you good light oil production in 2012, MQL being a new company with an extremely good management team could give you a triple by end of 2012 from current price once others get to know the company.