Net worth of company, no one would pay that right now
I think the net worth that you are looking at is based upon their original costs for buying the land or a PV-10 value. The problem is that with oil prices down from where they bought the land, EOX is not making any money on pumping oil.
Another problem is that a lot of companies in the oil sector are just trying to survive and are unable to buy any land. If anything, a number of companies are going to have to start selling off land just to survive the year. If an oil company really wants to buy more land (and can afford it), they can just wait for the next round of bankruptcies to get more land. There is no need to bid anything up to acquire more land.
Another source of oil right may be people looking to sell off the royalties they are getting. Some people have seen the payout drop to almost nothing.
Louis J. Desy Jr.
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