I've actually been working to understand DTX. It's probably next up in the batter's box for inclusion.

 

NVS and ARN are the two most consistent bottom dwellers lately for EV / 2P (at this size of enterprise anyway). Their reserves are dirt cheap.  

 

Take a look at the MEL and Cutpick deals on a reserves basis. I find it interesting that 2 transactions have gone down recently that valued 2P around $20 a barrel and when adjusted for dry gas, around $29 per barrel. Two market transactions, very, very close in valuing the underlying 3rd party assessed assets. There's only a small deviation in valuation difference. Also a small deviation on the stated % of oil& liquids (65% vs. 67%).

 

ARN on a 2P/2P adjusted for dry gas basis is currently valued 40%/94% below the average MEL and Cutpick metrics. NVS is valued 50%/85% below MEL/Cutpick.

 

We can sleep well at night knowing that the market thinks our companies' management is clueless and that the oil in our ground is worth a lot less than other peoples.