I know things are ugly but....Just so the IAE investors realize, Ithaca has 13,200 BOE of production hedged at an average price of $63. That is more than there pre Stella production level so in effect, crude could to $10 and Ithaca is getting the same $61 per BOE (they can sell some of the abundance of gas hedges they have at $58. At $33 per BOE opex and $50 million capex they will generat $15 million of Free Cash Flow. Post Stella they have 9200 BOE (or 35% of production) of hedging until mid 2017 at $63. So for the remainder of 2016 at $25 per BOE of opex and $40 million of capex at today's Brent price of $33 they will generate $55 million of free cash flow. So if Ithaca hits its opex numbers and keeps capex to around $90 million this year they will generate over $70 million of Free Cash Flow and their net debt level will be reduced to just over $620 million. In 2017 at an average Brent price of 55 they will generate ~$235,000 of free cash flow so net debt levels will be $385 million or less. Remember that their opex includes debt service. IF Brent stayed at $33 per BOE the free cash flow would be reduced to $50 million. However, if crude stays at $33 for the next two years, there will be very very few oil producers left standing and supply reductions will become mammoth setting the world up for a super spike in crude to back over $100