RE: surprised?They are well behind where they said they'd be by now.
And a small producer will not be given as high a cash flow multiple as the 10X you suggested. Small producers simply don't get rewarded with as high a multiple as bigger producers.
Eventually, though, RCT will come through and execute as they say they will. And since insiders hold a lot of shares, they will keep share dilution down, as they expand beyond next year's projected production, creating a very profitable producer. Near term, I don't expect a lot, long term they can do very well.