Ann: Byron Corporate Update, page-70

Why hedge if not to obtain finance - the company was unwilling to hedge hence the preferred funder walked away.

At the present level of production the company has very limited free cashflow to spend as they see fit. The increase in the oil and gas price has been more than offset by decline in production of both so BYE FCF has actually decreased as prices have risen.

That cash position as always and commentary about how incurred expenses will be paid will be telling. The last few pages of the quarterly will reveal this info.