Spot price of oil .... is pretty significant for oil producers who dont have locked in forward contracts.
Unless im mistaken, we get paid spot WTI, less some fixed discount.
So if at $60USD/bbl we're making gross profit of $30USD/bbl then at $65USD/bbl we'll be making $35USD/bbl, and at $70USD/bbl, we'll be making $40USD/bbl. These numbers mean a 20-30% increase in gross profit. Our market cap is based on EBITDA and potential so any increase in EBITDA is a big deal.
Whitebark Energy ramps up Rex-3 drilling at Wizard Lake, page-8
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