2015 - per the 10K, page-17

Hi Rob,

Yep I follow and read Zeits as well as several others. Funny that you bring up his Whiting article. I was going to reference some logic brought up in this article and another article by a different author (Long Player), and just illustrate maybe those concepts wrt SSN - but thought that would be perceived as overly negative and unfair (as WLL has scale advantage not available to SSN).
http://seekingalpha.com/article/351...e-shale-industry-in-low-cost-operations?ifp=0

Not to be alarmist, but Zeits does write in his article that "Let's make no mistake, for the time being, the $50 per barrel oil price is a "survival" price for Whiting. To emphasize, the company will be spending its entire discretionary cash flow to simply maintain its production." And that's maintaining production at the lower boepd exit end 2015 for 2016. And WLL is one of the lowest cost producers!

It was kinda of what I was trying to bring up - maintenance capital vs growth capital, overall costs and of course debt. (BTW - I assume you say in the Zeits article the payback that WLL projected at various WTI prices namely 2.6 yrs @$50 and 1.3 yrs @$70! Even for one of the lowest operating cost producers the sub 1 yr payback is hard to get). WLL says it plans to sell properties that operate at $20 BOE for LOE and drill on properties where the projected costs are half of that amount.

Study the 10Q/10Ks. There's a vault of information in them (shame ASX doesn't force this level of detail) and then see how the corresponding (sales pitch) investor presentations stack up...

$50 Oil - is that index price, realized price, before/after hedges are the costs all in or half cycle when these IRRs and paybacks are being claimed. The devil is in these details and like you the key is to make sure that not only can the company make it through this cycle but can come out of it with enhanced shareholder value (so not a zombie company staggering around dead on its feet)