good things to come, page-26

EEG's debt gets paid down through hedged production. There is a big difference between selling gas and oil forward and paying down the proceeds with production versus just having debt outstanding for general purposes.

The risk is production risk ie: that they cannot deliver oil at the hedged cost and gas at more than double its current price. Pretty low risk in my view and the debt is amortizing.

The Aussie market has a somewhat understandable distaste for companies in the resource space with debt and that is just the way it is. As shown in 2010 though, if the company can realize its asset value even slightly (like they did by selling their Pennsylvania acreage) the debt is gone immediately and all revenues flow to shareholders.

Too early to put a value on NT but looking at what AJQ have had to say it could be very big. What I do know is that its worth more than 0 , especially now its de-risked somewhat. The market values it at 0

NY State, should be a decision that crystallizes a land value pretty soon (weeks) One would think that the co would use any uplift to retire debt, as they have done previously

Remaining production in Kansas etc is paying the bills.

A ridiculously cheap stock with massive option value