At a penny a share I'd be tempted also.
But really put the pieces together, even without Joe and what do you have?
Very formidable mechanical challenges?
Creditors/vendors long overdue on being paid?
Spills with uncertain costs associated to clean up?
Litigation?
Absurdly low net revenue leases?
Consensus in the field is that although a buyout is rumored to be in the works that its going to take a BK sale to clean up/clear out all of the self dealing overrides and whatnot.
Any two on the above list would be enough to scare me off of buying. Good question what would a buyer pay? Multiply # of shares X PPS and what is the number you come up with.
Assume 2000 BBL/mo of production = 66.66 BOPD X $20K/BOPD = $1,333,333 dollars at 75% average Net Revenue Interest. Reduce that by 1/3 to account for 50% NRI and you get $879K. Now divide that by shares outstanding.
NOTE that this doesn't consider outstanding liabilities or the other above mentioned uncertainities.