Debt to Cash flow calculationHere is my view of the debt to cash flow calculation: Total debt as of March 31st - $569,117,000 (Q1 balance sheet) Current annual cash flow estimate (pre Summit assets purchase) 13500 BOEPD (next 12 months est.) x $70 (cash net back) x 365 = $345,000,000 debt/forward cash flow = $569/344 = 1.65. Even if the debt increased another $100 million the debt/cash flow ratio would still be under 2. The Moody's publication is after the acquisition and resulted from Ithaca going to the public debt market to raise capital The book value (pre acquisition) is over $3 per share (shareholders equity/#shares). So Ithaca is trading at about 90% of BV. If any of you want to quickly confirm how to calculate these two metrics just google them and go to Wikipedia. Standard definition for debt to cash flow....."A ratio of a company's cash flow from operations to its total debt"....not total liabilities. Debt is what the company owes not the entire liabilities