Well, my main takeaway from the CC today was that DNR is itching to grow its way out of its burdensome debt ratio by buying MORE assets, with stock. Good luck with that, given the company's less than stellar past track record on that score. Smells like more, not-so-veiled equity dilution ahead, and the market seems to agree. More assets will mean more cap-ex to develop them, and given the company's paltry cffo, despite herculean cost-cutting efforts, that will leave little opportunity to buy back discounted debt when that opportunity returns, as it surely will. As a long-time holder and fundamental believer in the wisdom of CO2 floods, I have to say I was not encouraged. Hope I'm wrong.
