Ann: March 2014 Quarterly Report , page-64

speculator,
I can not understand your worry that "SXY is going to run down its cash reserves until the market re-rates them."

Cash reserves have been as follows
31 Mar 2013 $150 million
30 June 2013 $127 million
30 Sept 2013 $105 million
31 Dec 2013 $102 million
31 Mar 2014 $91 million.

It is pretty clear to me that the cash reserves are holding up well and with increasing production they may be able to maintain them.

I don't know what the capital outflows will be for the next quarter but they plan to produce an extra 150,000 bbls this quarter which would contribute at least an extra $15 million revenue so who knows cash reserves might even increase as production builds.

I would not worry about SXY's cash reserves. They are strong...and further down the line SXY will hock off their CSG assets and then get into some huge 3rd party funded gas plays.

I don't see any problems.