At the end of 2012 the company had $1.15 billion in senior notes and $450 million drawn on its credit facility. The earliest its senior notes are due is 2019 so there are no near-term liquidity concerns and its most recent tranche of debt came with a reasonable interest rate of 5.5%. Kodiak has about $450 million in overall liquidity to help it execute on its 2013 growth plans. Liquidity and balance sheet flexibility are absolutely imperative for an exploration and production company. We've seen larger peers like Chesapeake Energy and SandRidge Energy forced to sell assets because of debt-laden balance sheets. Chesapeake is in the process of selling $4 billion-$7 billion in assets including a recent billion dollar sale of a 50% interest in its promising Mississippian Lime acreage. Meanwhile, SandRidge sold its terrific Permian Basin assets for $2.6 billion so that it could fund its Mississippian drilling program. Kodiak need not follow in those footsteps; instead it should live within its means.