To be honest it seems a very fragile balance sheet to be paying...

To be honest it seems a very fragile balance sheet to be paying out dividends .

Yes if they don't drill in a quarter they have large free cash flow for that quarter , but they also have a drop in production .

They have stated the cost to maintain their production on a yearly basis so if you divide that by 4 and notionally apply that to each quarter and disregard the actual drilling cost for the quarter then you have a better idea if they are making progress or not .
Of course the seasonality and logistic realities mean it is better to drill in some quarters than others.
Not to mention the Energy price and financial realities .

I don't think that CE1 and HZN are much comparable .
Their balance sheets and profitability and free cash flow are light years apart .
But HZN doesn't have a potential big payday like we hope that CE1 will have with the Montney.