Norman, THe Shorts have made an issue of non-material rtransactions which do give a poor appearance and aspect of double dealing, even if untrue. The key virtue for NOG is its land holdings, acquired at low prices before horeizontal drilling with fracking proved the Basin to be a very valuable sourse for high grade oil. NOG was more luky than smart, is likely the best explanation.
NOG is not valuable because it has a clever, skilled leadership, although the non-operator model they adopted is really quite clever for moinimizing capital risk at a good profit. It is valuable for its large land holdings in the Williston.
THe fact that it has an accelerating positive cash flow is also a positive investment feature, but at this early development phase, its the direction of earnings and not amount that is important (I hope your not confusedover so-called hedging losses, which are paper losses only while the oil sold is highly profitable)