Combining Sclardas comments, with managements, one could only imagine what the Aug dividend will be !
Team Scotty :
Phase One: Protect the Business 100% of our Free Cash Flow will go toward repayment of Bank Debt until Bank Debt is reduced to $100
MM (increases Net Asset Value per share by $0.50).
Phase Two: Deliver direct returns to shareholders Upon reaching our Phase One Bank Debt milestone, our Free Cash Flow will be allocated, 50% to further
Debt repayment and 50% to a regular monthly Dividend.
Phase Three: Increase returns to shareholders Once Bank Debt is reduced to $50 MM, we will alter allocations, increasing amount allocated to Dividends
and also adding allocation to larger ARO and ESG projects.
Sclarda :
If they use all that money for debt reduction debt should be down to aprox. $47 million by the end of this month aprox. 1 week away and totally gone if oil prices stay in this range in less than 3 months from now even after paying the dividend.