Ann: Refinancing completed, page-24

Now why would that be?

AEP appears to be a refinancer or 1st lien debt as per last page.

So assume that AEP has a 1st lien which is secured by the property (and in absence of SSN not saying anything to the contrary it likely is).

Now SSN has not provided updated (audited) reserves ... could use Sep 2018 .. and if you did that
2,799,000 Bbls oil plus some gas for NPV10 ~ $45M
so read into the refinance of 85% of PDP being 770,000 Bbls of oil .... please explain?
There is a significant PUD valuation of around $52M ... which is the great hope of course.

So the secured lender is arguably covered ... $33M/$45M = ~75% LTV ratio (not exactly how it works but good enough for illustration).

What I think you guys are missing is the lender is going to make money ... but are shareholders? Just remember 85% of PDP production is swapped at $55.45 .. so the lender feels relatively safe in collecting their interest claims ... what about everyone else?

If all SSN does is produce oil and generate enough cash flow to pay the interest bill and just cover their Capex to drill the new wells (which they haven't been able to do in the past) then why are they in business? How will they propose to repay debt at maturity?

Just keep that in mind. NO LENDER gives a you know what about shareholder interests.