I don't think the market is very open to a hybrib..low growth and low dividend. They have chosen to flatten growth, at least for the first year, while paying a competitive dividend. So you roll it backward. What is competitive, 8%, how much will that cost, $79 million. Cash flow is $200 million, net $120 million. That buys flat production ( replacing 4000bbls/d, the 40% decline). So be it until decline rates fall, freeing more capital for either growth or increasing dividend.

Happy, not happy? I am ambivalent. Analysts probably don't get it..just look at Penn West when they reduced production. They want growth, no debt, and a competitive dividend. Find one and I'll buy. So far we have two out of three with the new entity.

Terr