Im still cautious, page-93

What did I say only hours ago.

"which by the hypothecation of short term debt into long term debt spawned a drilling Ponzi scheme which is collapsing as we speak as the long term debt comes back to bite"

and this from sircorp's link http://www.reuters.com/article/us-oil-outlook-debt-idUSKBN0UM2EF20160108

"Those that have near-term maturities realized they do not have the cash to retire the bonds, so instead they are exchanging those bonds into longer-dated more senior securities," said Reorg Research analyst Kyle Owusu.
But some investors do not want to take on more risk. For example, Chesapeake Energy Corp (CHK.N) last month was unable to persuade a number of holders of its near-term debt to swap it for a later maturity, so in essence it could not push out its debts as much.

Chesapeake, which Sterne Agee estimates will spend nearly half of its earnings before interest, taxes, depreciation, amortization and exploration expense on interest payments this year, has a $500 million bond maturing in March but analysts said the company has ample cash for payment."

Eshmun