RE:Looking back... I wouldn't disagree too strongly with anything you said there. More rounding issues. I think IPO got lucky with a smal property acquisition that had excellent drilling results. It generated enough free cash flow to bail the company out of debt purgatory.
BNE's oil cut dropped a bit. Probably as much to do with bringing shut in gas wells as much as actual drilling. The difference between product cut is that Bne has much more oil in their liquids whereas Yangarra has butane, propane and Naptha some of which is probably blended in the "oil" numbers. I stopped following IPO last summer.
it's cheaper to produce gas liquids and op costs look impressive but revenue takes a big hit.
The biggest issues remain balance sheet, production numbers and size/market cap.