Net Asset Value (Down) Despite adding approximately 6 million barrels in reserves, the company's "reserve value" ($) is actually flat year-over-year ($1.691 Bn in 2012 vs. $1.692 Bn in 2011). Based on the company's NAV stated in the news release of $9.75/share, I calculate that the NAV decreased by ~ $1.00/share year-over-year, because the reserve value did not increase, and the company increased debt by ~ $100+ million dollars. Anyone else notice this or have comments?