What the oil and gas in the ground is worth, next to what the market pays for the company
Each company below is valued from its own filings: its latest stated reserves and resources, at its latest disclosed ownership, at fixed in-ground prices (A$4 per barrel of oil, A$0.40 per thousand cubic feet of gas). Leverage is that value divided by the market capitalisation. Open a company to change the assumptions yourself - the resource size, the chance of success, how much the company keeps after farming out, even whether the discovery turns out to be oil or gas.
| Company | Listing · price | Market cap | Assets valued | In-ground value (P50, unrisked) | Leverage | Risked (50% × 50%) |
|---|---|---|---|---|---|---|
| Melbana Energy Limited ASX · newest estimate 2026-01-28 | ASX:MAY · AUD 0.0035 close 2026-10-07 | A$13m | 41 | A$7.6bn | under review | under review |
| Elixir Energy Ltd ASX · newest estimate 2025-11-26 | ASX:EXR · AUD 0.06 close 2026-10-07 | A$120m | 11 | A$3.2bn | under review | 9.28× |
| COMSTOCK RESOURCES INC SEC filer · newest estimate 2026-02-19 | NYSE:CRK · USD 13.78 close 2026-10-07 | A$5.7bn | 1 | A$2.8bn | 0.49× | 0.49× |
| Diversified Energy Co SEC filer · newest estimate 2026-02-26 | NYSE:DEC · USD 14.03 close 2026-10-07 | A$1.4bn | 1 | A$2.4bn | 1.73× | 1.73× |
| FEC Resources Inc. SEC filer · newest estimate 2025-07-15 | US:FECOF · USD 0.0016 close 2026-10-06 | A$2m | 2 | A$2.2bn | under review | under review |
| GULFPORT ENERGY CORP SEC filer · newest estimate 2026-02-25 | NYSE:GPOR · USD 162.04 close 2026-10-07 | A$4.1bn | 1 | A$1.8bn | 0.44× | 0.44× |
| Pilot Energy Ltd ASX · newest estimate 2026-04-30 | ASX:PGY · AUD 0.054 close 2026-10-07 | A$28m | 25 | A$1.7bn | under review | 15.58× |
| MACH NATURAL RESOURCES LP SEC filer · newest estimate 2026-04-06 | NYSE:MNR · USD 10.66 close 2026-10-07 | A$2.5bn | 1 | A$1.6bn | 0.65× | 0.65× |
| Buru Energy ASX · newest estimate 2026-08-19 | ASX:BRU · AUD 0.013 close 2026-10-07 | A$18m | 15 | A$1.4bn | under review | under review |
| Strike Energy Ltd ASX · newest estimate 2026-09-01 | ASX:STX · AUD 0.105 close 2026-10-07 | A$378m | 37 | A$1.2bn | 3.29× | 0.96× |
| NORTHERN OIL & GAS, INC. SEC filer · newest estimate 2026-02-26 | NYSE:NOG · USD 24.18 close 2026-10-07 | A$3.6bn | 1 | A$1.2bn | 0.33× | 0.33× |
| Magnolia Oil & Gas Corp SEC filer · newest estimate 2026-07-20 | NYSE:MGY · USD 24.33 close 2026-10-07 | A$8.2bn | 1 | A$786m | 0.10× | 0.10× |
| Vital Energy, Inc. SEC filer · newest estimate 2024-09-23 | US:SNYXF · USD 0.07 close 2026-10-06 | A$4m | 1 | A$681m | under review | under review |
| GeoPark Ltd SEC filer · newest estimate 2023-02-03 | US:GPRK · USD 11.11 close 2026-10-07 | A$813m | 3 | A$576m | 0.71× | 0.71× |
| Kosmos Energy Ltd. SEC filer · newest estimate 2023-02-27 | NYSE:KOS · USD 2.59 close 2026-10-07 | A$2.2bn | 3 | A$568m | 0.26× | 0.07× |
| Trillion Energy International Inc. SEC filer · newest estimate 2026-07-15 | NYSE:TRLEF · USD 0.083 close 2026-10-06 | A$5m | 4 | A$554m | under review | under review |
| Tamboran Resources Corp SEC filer · newest estimate 2024-02-26 | NYSE:TBN · USD 34.43 close 2026-10-07 | A$1.7bn | 7 | A$481m | 0.28× | 0.14× |
| BKV Corp SEC filer · newest estimate 2026-03-06 | NYSE:BKV · USD 23.68 close 2026-10-07 | A$3.7bn | 1 | A$400m | 0.11× | 0.11× |
| GRAN TIERRA ENERGY INC. SEC filer · newest estimate 2026-01-29 | NYSE:GTE · USD 10.37 close 2026-10-07 | A$519m | 5 | A$374m | 0.72× | 0.18× |
| TXO Partners, L.P. SEC filer · newest estimate 2026-02-26 | NYSE:TXO · USD 13.93 close 2026-10-07 | A$1.1bn | 1 | A$360m | 0.33× | 0.33× |
| OBSIDIAN ENERGY LTD. SEC filer · newest estimate 2025-02-04 | US:OBE · USD 10.63 close 2026-10-07 | A$1.0bn | 1 | A$353m | 0.35× | 0.35× |
| Prairie Operating Co. SEC filer · newest estimate 2026-03-30 | NYSE:PROP · USD 0.4058 close 2026-10-07 | A$65m | 1 | A$318m | 4.91× | 4.91× |
| Granite Ridge Resources, Inc. SEC filer · newest estimate 2026-03-06 | NYSE:GRNT · USD 4.59 close 2026-10-07 | A$857m | 1 | A$199m | 0.23× | 0.23× |
| Trio Petroleum Corp SEC filer · newest estimate 2025-04-15 | NYSE:TPET · USD 1.59 close 2026-10-07 | A$93m | 3 | A$178m | 1.92× | 1.92× |
| W&T OFFSHORE INC SEC filer · newest estimate 2026-03-16 | NYSE:WTI · USD 3.57 close 2026-10-07 | A$762m | 1 | A$155m | 0.20× | 0.20× |
| SANDRIDGE ENERGY INC SEC filer · newest estimate 2026-03-05 | NYSE:SD · USD 13.72 close 2026-10-07 | A$720m | 1 | A$125m | 0.17× | 0.17× |
| PEDEVCO CORP SEC filer · newest estimate 2026-03-31 | NYSE:PED · USD 12.86 close 2026-10-07 | A$242m | 1 | A$121m | 0.50× | 0.50× |
| Icon Energy Ltd ASX · newest estimate 2013-09-04 | ASX:ICN · AUD 0.006 close — | A$4m | 1 | A$99m | under review | 13.28× |
| Epsilon Energy Ltd. SEC filer · newest estimate 2026-03-27 | NYSE:EPSN · USD 6.04 close 2026-10-07 | A$259m | 1 | A$72m | 0.28× | 0.28× |
| Amplify Energy Corp. SEC filer · newest estimate 2026-03-09 | NYSE:AMPY · USD 4.46 close 2026-10-07 | A$262m | 1 | A$68m | 0.26× | 0.25× |
| Vintage Energy Ltd ASX · newest estimate 2025-11-19 | ASX:VEN · AUD 0.002 close 2026-10-07 | A$5m | 5 | A$59m | 12.04× | 8.53× |
| EON Resources Inc. SEC filer · newest estimate 2026-01-21 | NYSE:EONR · USD 0.4785 close 2026-10-07 | A$34m | 2 | A$57m | 1.67× | 0.43× |
| EVOLUTION PETROLEUM CORP SEC filer · newest estimate 2022-09-13 | NYSE:EPM · USD 3.61 close 2026-10-07 | A$205m | 4 | A$57m | 0.28× | 0.28× |
| PRIMEENERGY RESOURCES CORP SEC filer · newest estimate 2026-04-16 | NYSE:PNRG · USD 209.57 close 2026-10-07 | A$469m | 1 | A$30m | 0.06× | 0.06× |
| TALOS ENERGY INC. SEC filer · newest estimate 2026-07-01 | NYSE:TALO · USD 16.66 close 2026-10-07 | A$3.9bn | 1 | A$28m | 0.01× | 0.01× |
| EMPIRE PETROLEUM CORP SEC filer · newest estimate 2026-03-13 | NYSE:EP · USD 2.73 close 2026-10-07 | A$161m | 1 | A$25m | 0.16× | 0.16× |
| VERMILION ENERGY INC. SEC filer · newest estimate 2026-07-30 | TSX:VET · CAD 16.46 close 2026-10-07 | A$2.5bn | 2 | A$24m | 0.01× | 0.01× |
| Kolibri Global Energy Inc. SEC filer · newest estimate 2026-03-18 | TSX:KEI · CAD 9.08 close 2026-10-07 | A$322m | 2 | A$13m | 0.04× | 0.04× |
| BARNWELL INDUSTRIES INC SEC filer · newest estimate 2025-12-23 | NYSE:BRN · USD 0.93 close 2026-10-07 | A$19m | 1 | A$5m | 0.25× | 0.25× |
| SPINDLETOP OIL & GAS CO SEC filer · newest estimate 2020-04-02 | NYSE:SPND · USD 4.66 close 2026-10-07 | A$44m | 1 | A$3m | 0.06× | 0.06× |
| MEXCO ENERGY CORP SEC filer · newest estimate 2026-06-29 | NYSE:MXC · USD 10.295 close 2026-10-07 | A$30m | 1 | A$3m | 0.09× | 0.09× |
| Norris Industries, Inc. SEC filer · newest estimate 2026-05-29 | NYSE:NRIS · USD 0.1311 close 2026-10-06 | A$20m | 1 | A$188k | 0.01× | 0.01× |
| 88 Energy Limited ASX · newest estimate 2026-07-22 | ASX:88E · AUD 0.02 close 2026-10-07 | A$27m | 43 | A$42.1bn | under review | under review |
| New Standard Energy Limited ASX · newest estimate 2014-10-28 | ASX:NSE · AUD 0.004 close — | A$4m | 7 | A$13.5bn | under review | under review |
| Talon Petroleum Ltd ASX · newest estimate 2023-10-25 | ASX:TPD · AUD 0.21 close — | A$140m | 14 | A$9.4bn | under review | 17.33× |
| Lakes Oil NL ASX · newest estimate 2026-07-29 | ASX:LKO · AUD 0.235 close 2026-10-07 | A$22m | 9 | A$4.8bn | under review | under review |
| Invictus Energy Ltd ASX · newest estimate 2025-10-30 | ASX:IVZ · AUD 0.061 close 2026-10-07 | A$108m | 5 | A$4.5bn | under review | 11.87× |
| Greenvale Energy Ltd ASX · newest estimate 2024-05-29 | ASX:GRV · AUD 0.021 close 2026-10-07 | A$14m | 3 | A$3.1bn | under review | under review |
| Triangle Energy (Global) Ltd ASX · newest estimate 2026-04-29 | ASX:TEG · AUD 0.001 close 2026-09-01 | A$2m | 47 | A$2.6bn | under review | under review |
| Octanex NL ASX · newest estimate 2017-04-28 | ASX:OXX · AUD 0.006 close — | A$2m | 5 | A$2.3bn | under review | under review |
| Carbon Minerals Ltd ASX · newest estimate 2012-03-29 | ASX:CRM · AUD 0.31 close — | A$6m | 1 | A$2.1bn | under review | under review |
| Calima Energy Ltd ASX · newest estimate 2023-03-30 | ASX:CE1 · AUD 0.009 close — | A$6m | 25 | A$2.1bn | under review | under review |
| Warrego Energy Ltd ASX · newest estimate 2023-01-23 | ASX:WGO · AUD 0.355 close — | A$441m | 15 | A$1.8bn | 4.17× | 1.18× |
| Greenfire Resources Ltd. SEC filer · newest estimate 2026-07-13 | TSX:GFR · CAD 8.8 close 2026-10-07 | A$1.1bn | 1 | A$1.8bn | 1.60× | 1.60× |
| ADX Energy Ltd ASX · newest estimate 2026-07-31 | ASX:ADX · AUD 0.019 close 2026-10-07 | A$20m | 34 | A$1.8bn | under review | under review |
| Sable Offshore Corp. SEC filer · newest estimate 2025-05-19 | NYSE:SOC · USD 3.67 close 2026-10-07 | A$996m | 1 | A$1.7bn | 1.69× | 0.85× |
| REY Resources Ltd ASX · newest estimate 2022-07-25 | ASX:REY · AUD 0.027 close — | A$29m | 5 | A$1.2bn | under review | 10.54× |
| Norwest Energy NL ASX · newest estimate 2023-01-10 | ASX:NWE · AUD 0.056 close — | A$389m | 10 | A$797m | 2.05× | 0.62× |
| Prominence Energy NL ASX · newest estimate 2025-11-28 | ASX:PRM · AUD 0.001 close 2026-10-07 | A$3m | 23 | A$1.4bn | under review | under review |
| Comet Ridge Ltd ASX · newest estimate 2026-07-31 | ASX:COI · AUD 0.077 close 2026-10-07 | A$129m | 9 | A$1.3bn | 10.25× | 5.61× |
| Galilee Energy Ltd ASX · newest estimate 2026-08-25 | ASX:GLL · AUD 0.005 close 2026-10-07 | A$10m | 5 | A$1.2bn | under review | under review |
| Key Petroleum ASX · newest estimate 2022-04-12 | ASX:KEY · AUD 0.08 close 2026-10-07 | A$3m | 25 | A$1.1bn | under review | under review |
| TMK Energy Ltd ASX · newest estimate 2024-04-30 | ASX:TMK · AUD 0.12 close 2026-10-07 | A$32m | 7 | A$841m | under review | 10.26× |
| Armour Energy Ltd ASX · newest estimate 2023-07-03 | ASX:AJQ · AUD 0.1 close — | A$10m | 16 | A$822m | under review | under review |
| Brookside Energy Limited ASX · newest estimate 2025-05-29 | ASX:BRK · AUD 0.4 close 2026-10-07 | A$39m | 8 | A$818m | under review | under review |
| Helios Energy Ltd ASX · newest estimate 2025-09-10 | ASX:HE8 · AUD 0.002 close 2026-10-07 | A$8m | 0 | A$389m | under review | 13.95× |
| State GAS Ltd ASX · newest estimate 2026-07-31 | ASX:GAS · AUD 0.009 close 2026-10-07 | A$5m | 4 | A$325m | under review | under review |
| Challenger Gold Ltd ASX · newest estimate 2011-08-29 | ASX:CEL · AUD 1.6 close 2026-10-07 | A$236m | 3 | A$127m | 0.54× | 0.51× |
| GAS2GRID Ltd ASX · newest estimate 2022-11-25 | ASX:GGX · AUD 0.001 close — | A$4m | 2 | A$101m | under review | 12.33× |
| VAALCO ENERGY INC /DE/ SEC filer · newest estimate 2022-08-08 | NYSE:EGY · USD 5.79 close 2026-10-07 | A$862m | 3 | A$75m | 0.09× | 0.08× |
| CoJax Oil & Gas Corp SEC filer · newest estimate 2025-07-21 | NYSE:CJAX · USD 3.55 close 2026-10-06 | A$71m | 1 | A$1m | 0.02× | 0.02× |
| BIG SKY INDUSTRIAL INC. SEC filer · newest estimate 2022-06-30 | NYSE:BSIN · USD 1.43 close 2026-10-07 | A$106m | 1 | A$969k | 0.01× | 0.01× |
| ABUNDIA GLOBAL IMPACT GROUP, INC. SEC filer · newest estimate 2025-02-24 | NYSE:AGIG · USD 0.9105 close 2026-10-07 | A$57m | 1 | A$353k | 0.01× | 0.01× |
| CAMBER ENERGY, INC. SEC filer · newest estimate 2024-03-25 | NYSE:CEIN · USD 0.0266 close 2026-10-07 | A$11m | 1 | A$201k | 0.02× | 0.02× |
| ALTEX INDUSTRIES INC SEC filer · newest estimate 2025-11-28 | NYSE:ALTX · USD 0.2299 close 2026-10-07 | A$4m | 1 | A$10k | 0.00× | 0.00× |
| Byron Energy Ltd ASX · newest estimate 2023-09-25 | ASX:BYE · AUD 0.054 close — | A$58m | 20 | A$249m | 4.26× | 2.47× |
| Pancontinental Oil & Gas NL ASX · newest estimate 2025-11-28 | no price | — | 11 | A$26.4bn | — | — |
| FAR Ltd ASX · newest estimate 2025-04-28 | ASX:FAR · AUD 0.315 close 2026-10-07 | share count being checked | 43 | A$10.4bn | — | — |
| Hartshead Resources NL ASX · newest estimate 2026-04-30 | no price | — | 28 | A$9.4bn | — | — |
| Fitzroy River Corporation ASX · newest estimate 2023-09-15 | ASX:FZR · AUD 0.32 close 2026-10-07 | share count being checked | 5 | A$5.5bn | — | — |
| Finder Resources ASX · newest estimate 2026-08-20 | no price | — | 20 | A$4.3bn | — | — |
| Karoon Energy Ltd ASX · newest estimate 2025-08-27 | ASX:KAR · AUD 1.535 close 2026-10-07 | share count being checked | 8 | A$4.0bn | — | — |
| Central Petroleum Ltd ASX · newest estimate 2026-01-30 | ASX:CTP · AUD 0.061 close 2026-10-07 | share count being checked | 15 | A$3.0bn | — | — |
| Otto Energy Ltd ASX · newest estimate 2023-08-30 | ASX:OEL · AUD 0.0075 close 2026-10-07 | share count being checked | 20 | A$1.7bn | — | — |
| Tlou Energy Ltd ASX · newest estimate 2019-01-15 | ASX:TOU · AUD 0.003 close 2026-10-07 | share count being checked | 1 | A$1.2bn | — | — |
| INFINITY NATURAL RESOURCES, INC. SEC filer · newest estimate 2026-03-17 | no price | — | 1 | A$636m | — | — |
| Xstate Resources Ltd ASX · newest estimate 2025-09-29 | ASX:XST · AUD 0.0115 close 2026-10-07 | share count being checked | 10 | A$493m | — | — |
| Po Valley Energy Limited ASX · newest estimate 2026-07-31 | ASX:PVE · AUD 0.093 close 2026-10-07 | share count being checked | 19 | A$376m | — | — |
| Senex Energy Limited ASX · newest estimate 2010-04-01 | no price | — | 20 | A$332m | — | — |
| Veren Inc. SEC filer · newest estimate 2021-03-04 | no price | — | 1 | A$266m | — | — |
| Horizon Oil Ltd ASX · newest estimate 2026-08-10 | ASX:HZN · AUD 0.215 close 2026-10-07 | share count being checked | 6 | A$133m | — | — |
| Lion Energy Limited ASX · newest estimate 2026-01-06 | ASX:LIO · AUD 0.015 close 2026-10-07 | share count being checked | 4 | A$88m | — | — |
| Red Sky Energy Ltd ASX · newest estimate 2026-04-28 | ASX:ROG · AUD 0.001 close 2026-10-07 | share count being checked | 6 | A$34m | — | — |
| Winchester Energy Ltd ASX · newest estimate 2022-09-20 | ASX:WEL · AUD 0.001 close 2026-10-07 | share count being checked | 6 | A$33m | — | — |
| PHX MINERALS INC. SEC filer · newest estimate 2025-03-12 | no price | — | 1 | A$30m | — | — |
| Metgasco Ltd ASX · newest estimate 2024-10-17 | ASX:MEL · AUD 0.019 close 2026-10-07 | share count being checked | 2 | A$13m | — | — |
| High Peak Royalties Ltd ASX · newest estimate 2018-10-29 | ASX:HPR · AUD 0.105 close 2026-10-07 | share count being checked | 1 | A$6m | — | — |
| TRULEUM, INC. SEC filer · newest estimate 2024-04-05 | US:TRLM · USD 0.0005 close 2026-10-06 | share count being checked | 0 | A$880k | — | — |
| Petrolia Energy Corp SEC filer · newest estimate 2022-05-16 | no price | — | 0 | A$393k | — | — |
| AleAnna, Inc. SEC filer · newest estimate 2026-03-31 | NYSE:ANNA · USD 2.65 close 2026-10-07 | share count being checked | 1 | A$281k | — | — |
Where the numbers come from
Reserves, resources and working interests are read from each company's own disclosures - SEC filings (10-K, 20-F, 40-F, 8-K, 6-K) and ASX announcements - with the sentence each figure came from kept for checking. Prices are the latest close.What leverage means
1× means the market values the company at exactly the in-ground value of what it has disclosed. Producers usually sit below 1× because this ignores costs and timing; explorers above 1× are priced below their own stated resources.Risked
Undiscovered (prospective) resources are multiplied by a 50% geological chance and a 50% development chance, contingent resources by the development chance only, and reserves not at all. Change these on each company's page.100 companies