I would use the money for OPERATIONS - which would include all expenses incurred during the day to day operations and maintenance of the rigs, wells, crew and all future new drilling projects.
Since the only operations-oriented category you mentioned was a new rig, I'll have to choose that, but I would not limit that to just a rig - but to earmark the cash for all drilling operations.
If we use the new cash flow for buybacks, divvies and leases, we won't have the free cash flow to GIT HER DONE.
I want to see the existing leases drilled as quickly and profitably as possible. When we're a five buck company, yeah sure, why not?