back of the envelope valuation, page-30

Bought a few today - they are cheap. Div would be a good signal, but I would prefer them to pay off the second lien - it is very expensive and they are nearly fully drawn against their borrowing base. Once they get debt down to the senior facility (US$44m) I think a dividend is certainly justified, and they would have more headroom to sustain it. Probably only 6-12 months away.

Just my opinion
Monty