I respect your numbers....BUT when counting cash flow, Algar should contribute about $22 million in 2010 and 4 to 5 times that in 2011. Conventional oil about $16 million, MRC about $24 million and Natural gas something. They will have cash to fund operations and one has to assume no major catastrophies in this. Count all cash flow not just the ones that suit your stats. Every 100 bbl/d increase/decrease over 8000 adds or lowers about a million dollars a year.

Also with $10-$25 million from the drilling savings and from the money set aside as a contingency they may be able to but down debt, that is MAYbe. They have been able to buy it at a discount so $10 million may buy $12 million in debt and I believe they were buying the second lien notes which pay 10 plus %.