i bought AXAS because of its low debt (debt to ebita is much less then 1)
mean they can cover their debt in less then 1 year.
AXAS also has the flexibillity to increase/decrease production and still stay profitble
from all small O&G companies i know its my first chose
second is LNREF that going to have 2015 ebita of 110m $$$ (market cap less then 100)