Bonavista reported its first quarter results that were in line with our expectations on all key metrics, while modestly ahead of consensus estimates in terms of reported cash flow. More importantly, first quarter results continued to highlight the Company’s low cost premise with operating costs down 25% and total cash costs down 18% over the same period in 2014. Furthermore, Management noted that drilling, completion, and equipping costs have come down ~10%-20% on its key plays, which is clearly ....