The company is treading water and paying down debt.
They own a portion of over 40 + wells though they are either suspended or not economically viable based on current production without a work over.
See the Sayer Advisors Site of their assets posted last February
Nothing has changed much except they are not the operator on the properties and they are running on whatever the wells are producing without new drills or many workovers to increase current production. Right now they are paying the debt covanant owed to Western Canadian Bank. If they can pay them off, the co will have little to no debt and can go to the market for funds to drill again.
Times are tough for small oil co's
The company is valued at 7.5 million less debt and that is likely around 1.5 million or so, I would hazzard to guess.
https://sayeradvisors.com/offerings/offering_details.asp?offeringid=474