RE: Cash Flow is King I think you misunderstood. CF is good for sure, but I dont think its as an important valuation technique that brings value to a share price as it has in the past.. I think dividends are a great way to realize share price valuation.. and PRE increased their dividend. I dont think so much on share buybacks, as most never seem to be completed nor do they bring the value one thinks they might.. RLI ( reserve life index ) is very important as well, as if its relatively low, your CF will not be sustainable. I think the valuation that a lot believe is here, and so do I, is best found using the flowing barrels a day assumption, combined with recent/comparable types of M & A transactions.. Thats just my opinion, plain and simple. Paying back debt here would be a good thing as well, as it would save on the 11.5 ? Coupon.. Its summer, and those doldrums set in as well.