2015 - per the 10K, page-7

Hi Rob,

I believe for the covenant calc it is TTM (trailing twelve months).

I understand now your view on G&A. I'm not looking at it on a project basis but just simply total company. I think if one really took G&A apart we'd find some of that in DD&A, LOE, - in fact all parts of the business. Pretty hard to do at a "field" or "project" level unless it was a separate accounted business segment (I think). A Field level "netback" is of course doable (see LNR.AX for example). Yes NS cash margin should cover G&A and Interest (otherwise its a real problem).

On production I'm expecting actual total decline (not just on a boepd basis) - especially since the new wells decline faster than the older wells. Have to see what happens. Ever seen a graphic (functional convolution) of YoY production for new wells added to a producing field. I think ND produces that for the region.

As penned by Howard Marks in the "It ain't easy" post
"Sometimes the outlook is clear, and sometimes it’s complicated and unpredictable. You have to be careful when it’s the latter – The truth is, the future is never worry-free. Sometimes it seems to be, because no risks are apparent. But the skies are never as clear as they seem at their clearest. Which is more treacherous: when everyone understands that the future presents risks, or when they believe it to be knowable and benign? As I mentioned earlier, I worry about the latter much more than the former."