On Dec 31st 2010 the company ended the year with a shareholder equity of $172.2m for 27.71m shares or $6.21 per share. Stock price stood at $6.14.
On Sept 30th 2011 (the last published numbers), the company shareholder equity stood at $243.8m for 34.74m shares or $7.01. Stock price currently stand at $4.
This means in the first 3 quarter of 2011 alone, the company increased shareholder equity per share by 12.9%, meanwhile the stock price declined by 35%.
It is worth noting that the company current book value is not counting any value for the Mississippian, which will be monetized by next month, nor counting the doubling of the well count at Viking, and not counting the increased reserves due to the heavy drilling undertaken last year.
The absurdity of Equal valuation is quite surreal.