NBZ.T versus HWK.A.VNBZ has a relatively high Net debt to CF ratio. It is almost 2 times. I can find other oil-weighted producers with a cleaner balance sheet and lower key metrics than NBZ.
For instance, see HWK.A.V (Hawk Exploration).
HWK.A.V produces heavy oil (98% heavy oil) in the same area, is an acquisition target for NBZ, CJ (Cardinal), GXE (Gear) etc. and has a very clean balance sheet with a very low Net Debt/CF ratio.