Crunching the numbers $110 per barrel - $15 royalties - $22 trucking - $3 opex = $70 operating netback
$70 X 5600 boepd X 365 = $141 MM
less $70 MM (D + E + A)
less $20MM adm. expenses
= $51MM ebitda
less $4.5 MM (D&A) and $2MM BDR = $44.5MM ebit
less $4MM interest
less $14MM taxes
= $26.5 MM net income
then $26.5 / 580MM shares = 0.045 eps
assuming a 10x p/e multiple...the stock should be trading at 0.45
The same exercise with 7000 boepd give us a 0.09 eps...cheers!