Last week, traders became excited about the oil and gas exploration company, Petro River Oil CO COM USD0.00001 (OTCBB: PTRC), which announced a new oil field discovery in Osage County, Oklahoma. The share price went from trading under $1 to pass the level of $1.5 because of this news. Surprised by this event, we studied the company and found out that the book value per share is very close to the actual market price and the company has no long term debt. Hence, we believe that the company is not only interesting due to the new oil field discovery catalyst, but it is also undervalued. In this article, you will find detailed explanation of this fact. Check the last movement occurred in the beginning of May, and also note the volume increase.