RE: Cash flow You can roughly extrapolate cash flow from the financials with relative ease without needing to be a CPA to figure it out.
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In the MD&A, MMT shows they generated about $40MM cf in both Q2 and Q3 on "roughly" 5000 bopd net. There were some one-time items that affected the numbers, but $40MM is close enough. Presuming MMT gets to ~10K net (15K gross), that implies cash flow should "roughly" double as well (higher royalties will eat into cf, but unit costs will likely decline to partially offset the royalty hit).
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I think ~$70MM cf/qtr is obtainable or ~$280MM annualized. With 360MM fd, that's
.78 sh. Slap an uber-conservative 2x multiple and you get rock-bottom $1.55 target. That target valuation should be well supported by the upcoming reserve report and the new reserves coming from U9 appraisal. If U9 finds more pay in the deeper zones, easy to think $2 is obtainable and well-supported on all the usual valuation metrics (cf, reserves, flowing boed/EV).
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The beauty of MMT is that it is throwing off big profits and cash is building quickly (hence the upcoming Special Divvy to distribute some of that cash to long-suffering MMT shareholders). But cash will continue to build, so MMT will be in excellent position to make some deals to grab more reserves this year - that should allow more reasonable peer group valuation metrics (ie 4-6x cf multiples) to apply (rather than the reserve-constrained targets MMT has right now).