2015 - per the 10K, page-15

Hi Rob,

Interesting data from ND - makes sense for Dunn/McKenzie to have most of the new drilling followed by Williams (SSN acreage location).

I found the Oaktree article to be really spot on - also makes the seesaw of emotion quite obvious and even "pros" get it wrong.

Don't know if the readers find the discussion as interesting as we do (sorry) but this downward pressure has been longer (and may expect it to continue and not surprisingly many think $80 by Christmas - just didn't say which year) than expected. I really do think it has change the fundamental basics of how capital is invested in the oil patch.

Earlier I posted that I'm really watching the Sep/Dec Qtrs for the Debt/EBITDAX multiple - because prices started to go lower in Oct and then the shite hit the fan Thanksgiving 2014. So the Dec'14 Qtr was the beginning of low prices so Sep'15 on a TTM basis is really the first full year of stress. Then the Dec Qtr has the Jan low so that TTM is also going to the close. Volume obviously increases and that may make up enough - I don't know. This is of course your focus too I believe - the cash flow.

As you say - the decline in SP is reflective of accounts and net income - and the risk of loss is lower (?) Time to lookup those 16 misconceptions.

What do you think SSN is really going to do with Paradox (given the outlined Capital Budget plan) and Rainbow?