It would be higher be even more 60% of second half production is hedged, which provides saftey to the 50 cent plus a share cashflow run rate. Measly 2 times mulitple brings the stock from 68 cents to $1.
I own both RE and PXL. With q4 cashflow likely in the 8 -9 million range, that will leave their debt at approx 1.2 times ye annualized cashflow.