Staged spend of $210 mil for Eagleford and $60 mil for Woodford...

Staged spend of $210 mil for Eagleford and $60 mil for Woodford

Currently debt of only $35mil vs March 31, 2014 EBITDA of $70mil
They report $275mm of total liquidity, consisting of ~$175mm cash and total credit facility capacity of $100mm.
So they can cover total development costs.....just. Then, there are admin costs, directors fees etc

But they will sell Williston this year (3300 acres in the Bakken should be worth something...anybody hazard a guess at what the sale may net?).. plus they expect to double production by EOY to 8500bpd.

If oil price holds, I think no cap raise.