lets thinks about this a bit.....At these prices, producers will become off side with their lenders because they will not be able to bring on production as they will be capital constrained....so their production will begin to fall and add a double whammy to the already terrible crude price environment as it relates to their ability to service debt levels. Now lets take Ithaca. They are already poised to more than double their production (already paid for), they are hedged at ~$61 (combination of oil and gas) for all of their production up to Stella and at ~$63 per BBL from July 2016 for another year at 9200 BOE. They are operating at an opex of ~$33 per BBL and really now only require maintenance capex. So I calculate that at $35 crude out to mid 2017 and $50 for the last 6 months of 2017 they will generate Free cash flow of $220 million after maintenance capex of ~$90 million per year. That would see them at a net debt level of ~$370 million and producing very likely still over 20 MBOE per day. So not only will they be able to service their interest payments and fund maintenance capex, they will be able to retire debt principal. Not sure how many companies have this kind of outlook? It is all about being able to bring on new production and keep production from falling in this kind of terrible pricing environment and how many companies do we know of that have a fully funded more than doubling of production coming on in 6 months will all production hedged at over $60 up until then?....not to darn many. Now if Brent crude averages $45 things get a lot better and at $55 from next summer on they look fabulous (nearly double the free cash flow and a net debt of ~$290 million