Yes that's right. 75% of net revenue after operating and lease costs goes straight back to the convertible note holder as a payment of principal. At least it will restrict the number of shares that have to be issued on final redemption but it will provide only minimum cashflow until the note is finally converted in early 2020 unless the well is an absolute gusher.
PSA Price at posting:
12.0¢ Sentiment: None Disclosure: Held
