Absolutely incorrect. The sole reason the share price is where it is has to do with drilling 5 wells and coming up (supposedly) empty. If we had hit oil while drilling, I could have been running the company and we would be valued much, much higher then we are now. Your share price theory is based on a false premise, imo. Therefore, everything you build off of that false initial premise would also be incorrect. It is my belief that if I didn't think this Mgmt team could create shareholder value by acquiring rights to prospective oil properties AND find a way to develop said oil properties, there would be no reason for me to be invested in this stock. But thats just me. To each their own.
"The problem with Socialism is that you eventually run out of other peoples' money."-Margaret Thatcher