Yes the change of structure has no effect on the balance sheet...

Yes the change of structure has no effect on the balance sheet ... and just as a split in the other direction is perceived as a positive the reverse is perceived negatively ... just one of those "human" factors that are observable in price ... and have traded that way for LONE, SNDE and CHK in the not so distant past.

I believe the $350M available is correct - from 10Q (where revolver is $1.7B and drawn is $1.35B). It should, and we stress should, be more than sufficient liquidity in a normal world. I noted the banking syndicate seems more supportive given the restructured covenants on cash flow (except for the maintenance of cash covenant) ... which is a good sign. So is the FCF even in the reduced Capex Plan ... the question which gets kicked into the future is the ability to either repay or refinance the term notes in the reduced production scenario CPE now finds itself in .... remembering CPE made the CRZO acquisition to scale up (production and cash flow) quickly.