BELLAMONT EXPLORATION B V.BMX.B

What makes SRX so valuable?

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So          BMX with 2,200 BOE (48% liquids) valued at                                                    $82.6M.
              SRX with 1,100 BOE (18% liquids) valued at $3.75 * 26,376,970 or             $98.9M.
              SRX to tap the market for $25M at $3.40 a share. Obviously worth less than $3.75.
              SRX currently trading at $3.30 a share. Probably worth less than $3.40.

If I hang in, it’s likely I end up with SRX shares. I find it difficult to see how SRX with half the flowing BOEs (82% gas), and fewer oil prospects, is somehow worth more than BMX. What am I missing? What makes SRX so valuable?

Anyone care to put a value on where 62.2M SRX shares will be trading post financing and merger.