RE:A good read thru sedar yoyoyo, mi amigo!
Let's go over your BS:
1. Capex: maybe you read in the same MD&A report that capex for the H1 2015 will be cut down to $13M? So expect $7M in drilling vs $19M you said in Q4 '14. Right there you save $12M.
2. Interest & Financing Fees: no more since PTA is now debt free. Another $1.52/boe saved from Q2 and on.
3. Transportation costs: I expect a big decrease here due to new routes. We are at $14/boe and I read it can go as low as $8. Another $6/boe saved.
4. Royalties: going down due to lower oil prices.
5. As oil prices go up, expect focus on production again. It makes the whole sense in the world to focus on cost control now and save production for higher prices, as long as you can mantain positive FFO, which, from all I said, shows that PTA definitely can.
In short. Good value at these prices.
Adios amigo! :)