Q4 2012 proves that the current market cap of $22 M is just ridiculously low.
ONLY the 2P OILY reserves (79% oil) give SCS an acquisition value at $240M (12 MMboe x $20/boe).
ARCAN also sold 1.75 net UNDEVELOPED sections (~1300 net acres) few weeks ago for $10 million.
Additionally, SCS has NAV = $0.8
At year end 2012 the Company had estimated P+P reserves with a net present value of $162.4 million and 125,700 net undeveloped acres of land. Using an undeveloped land value of $150 per acre the Company estimates its undeveloped land to have a value of $18.9 million . At year end 2012 the Company had approximately 84.1 million shares outstanding and $114.4 million in net debt, resulting in an estimated net asset value per share of $0.80 (before tax, discounted at 10%) when the undeveloped land value of $18.9 million is included.