I am including interest (4% on avg outstanding loan $225M) and preferred ($21M).

~3M Bbl and ~48M MMcf. I've used a 20% decrease in production for 2020 as well as 2021 to get to this number for 2022. If you take these numbers and a $30 oil price and $2.5 gas price you get $200M+ revenue. There's some extra income from lease bonuses as well which I didn't include here. But it's all very rough numbers just to get an idea anyways.

2022 oil futures currently are in the $40 region and NG seems to be ~$2.75. They also say this:

*We are allowed to hedge up to 90% of such volumes for the first 24 months, 70% for months 25 through 36, and 50% for months 37 through 48. As of March 31, 2020, we have hedged 91% of our available oil and condensate hedge volumes and 75% of our available natural gas hedge volumes for 2020. *

So they might lock in some 2022 rates maybe even this year given how defensive they're playing it atm. I am by no means an expert on this though, but after doing some (sometimes confusing) number crunching it looks like a reasonable bet to me. It feels like a slamdunk bet at $4-$5.