Book value is purely a historical indicator reflecting the price paid for assets in the past (adjusted for depletion/depreciation). It doesn't say much about the current value of the assets. Therefore I think it's pretty pointless to value a company based on book value.
Richard, Do you understand how CHK computes book value? There was an article about that in Forbes, I believe in the past year. It is not how most firms compute book, although it may reflect industry practices. It is not a very meaningfull number. I am not trying to make a case for/against either stock. In fact many investors seem to like low book value, as it means higher ROIC for given earnings.
Take a look at my comments on Chesapeake Energy above.
COSWF has been flat for basically 5 years. It was trading at $25 five years ago and has been around $19 per share for most of 2013.
The dividend does not make up for a stock that can double or triple such as CHK over the next 5 years.