Ok, I'll go check it out. But even if this is true, novus is trading at about 64% of NAV. EQU is trading at, very conservatively, 40% of NAV. If you include the Mississipian it's more like 36% of NAV, and that doesn't include the ~8 years of future drilling inventory on their acreage. So I'll ask again: are you aware of any other E&P company that's trading at such a dramatic discount to NAV?
I don't quite follow your logic. The $10/share NAV value is a *before-tax* number. If we use the after-tax NPV10 of EQU's reserves, then the NAV comes out to more like $7.46. So by using the before-tax NPV10, aren't we already accounting for the benefits of the tax pools?
The $10 still exclude the Mississippian; which is worth at least $1.2 per share; or at least could be used as a variable to counter an even weaker price assumption if warranted.
This stock is truly one with the deepest discounts to NAV, I have ever seen. Shareholders needs to continue to press management to unlock value; their current strategy wont lead to any meaningful value recognition.