My estimate, and only an estimate, is that there may be up to $60/share of net oil lease land valuation to root for... Not looking at 2020 year end filing numbers due out... 2019 10k filing link... https://www.otcmarkets.com/filing/html?id=14242551&guid=v2lnUFgc1319Abh At year end 2019, AXAS showed about 19,288 of net acres held in North Dakota... with no production, land values average 2,100/acre, more or less... about 40,000,000... At year end 2019, AXAS showed about 25,170 of net acres held Delaware Basin, Texas... Recent valuation link... https://apnews.com/article/pandemics-houston-coronavirus-pandemic-texas-3197940449cf06f79d5239ec643f6943 Land held by production in that area in November, 2020 was valued at around 30,000/acre... 25,000 acres rounding, more or less... about $750,000,000... $750 mil plus $40 mil equals $790 mil Divided by 8,400,000 shares equals about $94 per share... but then debt must be subtracted... at 09/30/2020 total liabilities were about $230,000,000 or divided by 8,400,000 shares equals about $27.50 per share of liabilities... $94 minus $27.50 equals about $66.50 per share net estimate... I found no additional land lease sales in 2020 quarterly filings disclosed to change the estimate from 2019 year end net acres... But if undisclosed, that could lower estimated values... This estimates tosses out all employee and other expenses and is like a fire sale estimate to sell out the company to a prospect that would keep Texas producing, and use North Dakota for winter recreation retreat... North Dakota isn't highly regarded now even with higher oil prices... And it would seem that the large shareholder who filed on Thursday should have a greater interest in seeing proper valuations for AXAS than many of us Peon holders... But all investors, large or small should be seeking positive results... So we watch...LJ