When you think Oil and Gas E&Ps.....think CFFOIthaca generated just under $50 million of underlyng CFFO. Then there were non cash items such as Depletion and Depreciation charges etc. Giving production guidance in the North Sea (particularly for a smaller producer like Ithaca). How the heck is management supposed to know a major platform would lose a huge export line pump and take out over 5,000 BOEPD of production? Give credit where credit is due. Ithaca is 6-10 months away from adding 16,000 BOEPD to their existing 13,000 BOEPD. One other thing management cannot predict is crude prices but they have done the next best thing.....hedged half (which is a big percentage) of their current production at $102. No question Ithaca has had some misfortune last winter, and a delay (not at all an uncommon occurrence on such a huge project) but they once again exercised stellar timing with the $300 million debenture at good rates last summer when crude was $100. That kind of money is closed to producers now folks...... Arizona has got under little ferret's skin as he has now resorted to throwing F....BOMBS Things have conspired against Ithaca over and over again but they are prevailing through sound strategy, a great BOD and great management.