Fourth quarter production volumes were in line with expectations while 2015e spending came in slightly lower than our thinking as did operating costs. In light of current commodity prices Management has reined in 2016e guidance with the aim of ensuring long term sustainability of the business, while maintaining its monthly dividend at $0.01 per share. Bonavista reported year-end reserves which were down ~5% on a 2P basis and down ~35% from an NPV standpoint due to lower commodity prices. Managem ....
