"I would like to see the company make a substantial issuer bid to buy back 8 million shares as per Nawar's suggestion. Presume this could be done at $4, total cost $32 million thereby bringing debt to $55 mil. If cash flow comes in around $30 mil that would equate to 1.83 debt to CF"

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Just one question.

If they did as you suggested, their debt would be too high to do any drilling to maintain production.

With falling production, their ability to pay the dividend decreases. They would be fundamentally sucking the company dry to pay the dividend.

How long could they keep that up, and what would the end result be? I wonder if investors would even get their original investment back?