BNP Q4/19 production exceeded our forecast coming in at 62,923 boe/d versus our forecast of 61,400 boe/d. Cash flow in Q4/19 was $48M or 18 cents per share compared to $78M or 30 cents in Q4/18. The stock is depressed due to its high debt level of $806M and its $208M maturity in November 2020. We see them generating free funds flow as well have their available bank line and extension of this some of this debt as likely to be resolved in Q3/20. In 2020, we expect them paying down around $80M+ of debt as they spend less than cash flow and use the free funds flow to lower their debt overhang. BNP made an accretive acquisition in December 2019 and now produces around 66,000 boe/d. The company should return to a drill program growth profile in 2021 as well as develop free funds flow for debt repayment. The stock trades materially below Q4/19 book value of $4.41 after an impairment charge. With our 2020 CFPS forecast of $0.87 per share or $210M, the stock trades at a ridiculously low valuation and should jump on news of successfully handling the 2020 maturity. BNP is on our Action Alert BUY list. We are also investors in the stock and plan to buy more over time. We bought more shares in the last 30 days as we disclose on the SER Ownership page.