By some estimates reported by major news organizations, as much as $200 billion in oil and gas exploration debt may be at risk of default. Concrete signs have begun to appear that all is not well. In January, WBH Energy, a Texas-based company, drew headlines for filing bankruptcy, and Reuters said WBH "may be the first U.S. oil company to do so since crude prices started tumbling six months ago." Another similar Texas company may be in trouble: Sabin Oil & Gas, according to recent published reports, saw the value of its bonds plunge from above par in September to 49 cents on the dollar. INDUSTRY STRATEGY AND RESPONSE Oil and gas exploration firms may seek short-term debt restructuring to maintain cash flow, and they may well find it.