This week saw the first multi-billion dollar merger involving a U.S. oil company since oil prices plunged when Noble Energy (NASDAQ:NBL) agreed to acquire Rosetta Resources (NASDAQ: ROSE) for $3.9 billion. That deal also set the bar for future deals as it set a value for U.S. oil assets. This is because Noble Energy agreed to pay an Enterprise Value-to-Proved Reserves of $13.65 per barrel of oil equivalent for Rosetta's oil and gas reserves. That was a 28% premium to the market's value for those reserves and could be a wakeup call to oil companies sitting on severely undervalued oil reserves.

Using data from S&P Capital IQ I've uncovered 10 oil stocks with the lowest Enterprise Value-to-Proved Oil Reserves. The following slideshow details these 10 oil stocks, which should listen up if a suitor comes calling as the market is currently undervaluing their oil reserves relative to the rest of the oil market.

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