Have been reading this comment about a few oil and gas companies lately. The question i have is what price of oil and gas are used to determine book value? Considering how far oil and gas prices have fallen the book value might need to be updated. Having said that cash rich big oil might cut spending on exploration and buy found barrels in the ground if it becomes attractive/cheap enough. I think the bottom in oil prices will be shown when some major acquisitions are made. Still for big oil to buy found oil in the ground over exploration spending its going to have to go at some discount. I dont think we will see huge premium on sales in this weak market its going to be a buyers market.