IMO The Top Three Priorities Should Be:1) Pay Down Debt.
2) Pay Down Debt
3) Pay Down Debt
Don't buy back shares.
Don't pay a dividend.
Capex for only the most lucrative payoffs.
When the debt is at reasonable levels, BTE can look at buying back shares if the prices look attractive.
I think paying a small dividend is useless, I doubt many BTE shareholders other than Eric Nuttall are insisting BTE pay a dividend or are investing in BTE for the yield. If you want dividend income, there are far better places in this sector to put your money (e.g. CNQ).