RE:Qtr financials are outDon't forget about their $2M in property, so probably over $10M in hard assets.
The biggest value probably lies in the 50+ properties, 9 option deals, several NSR's on other properties, and Terralogic, which would probably make a profit if it were only working for other companies. The way I see it, it's kinda like turning the loss they would otherwise have, adding geological value to 50+ properties, into a near breakeven using Terralogic's billing of third parties (which often goes along with their option deals).
I'll be surprised if this year isn't a parade of new deals, given the renewed attention and capital the insustry is getting. That will add a pile of value to Terra logic and EPL, even if those optioned properties don't turn into anything. If they do, or if EPL's own drilling turns up anything,.... cha-ching. I think this is a $0.25 stock if they never find anything, and a $1+ stock if they find anything.