Great, and sobering article. It conjures up images of the hoards...

Great, and sobering article.

It conjures up images of the hoards out there drilling everywhere looking for clowns to fund it (industry has $190bn in loans outstanding) in the hope that they will in effect win the lotto........

IMHO you left out the best line........

Money manager Tim Gramatovich sees disaster looming in the industry.
"I have lent money to nobody in this space, and I don't plan to. This thing is absolutely going to blow sky-high," says Gramatovich, chief investment officer of Peritus Asset Management LLC in Santa Barbara, California. The firm manages investments of about $1 billion, including the debt and equity of oil and gas companies that aren't drilling shale.