Credit is just a vote of confidence from the Banks not that their really voting. It's really "self confidence" for the shareholder and the company that the bank would increase it's line of credit. They are producing at 4100 boe/d, 1500 in the Bakken with 500 behind pipe with North Dakota prices at WTI. They are moving up the drilling program and are likely to pay it all out of cash flow, no new debt. In fact I would expect the debt to decline in Q2 and Q3 with only 7 Princes wells being drilled, for $10 mil. Feb production at 4500 boe/d and $70 pricing that's $10 mil a month revenue and say a low 50% CF of $5 mil should be $15 mil a quarter CF. I think they could spend $15 mil in Q1 but they would still have $18 mil budgeted for Princess, Chauvin and Wilrich but I think cash flow will exceed $65 mil 80 % from the Bakken alone. Debt could be paid down by $15 mil or better yet buy back 20 mil shares.
Do not float or sell a new issue at these prices no matter what.