almost back to cash backing, page-7

buybacks and dividends are for companies who can't invest in anything better. Exploration is extremely capital intensive and that capital can be either denied in the future or exorbitantly expensive. Sundance is finally in a position envied by all the but the biggest E&P firms. They have a large amount of capital to drill their already significant land positions, add to land and dramatically increase production.

Returning some of that cash to investors now is crazy. This is their chance to transform the company. Now is not the time to satisfy some short term desire for cash by short term investors.

No dividend, no buyback.

Drill baby, drill!