Condensate is in 63-65 USA dollar range (60) (2021 Hedges available)
Gas Hedges 2021 entire year 2.94 (2.75) (2.75 2021 hedge available)
NGL 18 dollars (18) (18)
38% Liquids
Costs
Royalities 1.5
Operating Expense 9.80
Trans/etc 4.38
Net BOE 17.52
50,000 boe
Funds flow = 319 million FCF = 129 million Budget 190 million $2.31 4X FCF
60,000 boe
Funds flow = 383 million FCF = 193 million Budget 190 million $3.44 4X FCF
This is my guess as to what NVA can accomplish in 2021, at 60,000 boe they would have 190 million in FCF.
That means they would reduce debt about 45 million a quater starting in Q3. Nuvista current net debt is around 471 million.
Net debt to annualized current quarter adjusted funds flow 471 mill debt / 383 million fund flow = 1.22 net debt to funds flow.
2.0 X FCF of 193 million a year.
End of Q2 NVA will be producting more than 60,000 boe is my guess and all they numbers can be hedged out for a year right now, so very conservative.
There will be some existing hedging losses, however at 60,000 boe NVA is a pretty healthy company should have a share price of at lead 3.44 or 4X FCF and paying off debt roughly 10% a quater.
IMHO