Saw the reverse split and had Deja vu of SNDE.... can't go 1000 to 1 again, surely.
However, that change in capital structure should neither create nor destroy value, so am okay with it...
I thought they had 650M on revolver, but perhaps that was from the 10K. $350M is getting tight, but I think we have seen the end of downward oil price pressure (and want something that survives, assuming V shape).
From the below, they are poised to be FCF+ve from and including 2Q-4Q
Expectations of $25 - $100mm of FCF from 2Q - 4Q20 at average WTI of $25 - $30/Bbl over that period
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SNDE 2019 10K (Annual Report) Released, page-290
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