"One thing you neglected to factor into your calculation is cap ex. And that busts the picture apart unfortunately."

I don't think I did neglect it. Where are you putting $300mil in cash from the Titan in your calculations ? They keep $100mil of it and the covenant issue is solved. That still leaves $200mil to spend. Then there is another $160mil from the Telemark pipeline. And there is some (not a huge amount) of cash from operations coming in. I haven't been pleased with their production guidance, but they are batting 1000 when it comes to following through on the asset sales they tell us are coming. And they have told us there is another $460mil in the next few months. Even ATP can't blow through all of that !

And how can they be ok at the end of Q4 09 but not Q1 10 when Q1 10 production is going to have 2 Telemark wells that produces 6,000 BOE per day (the whole company is only doing about 16,000 per day right now) as well as the full impact of the Gomez sleeve shift for then entire quarter as well as the new Canyon Express well. EBITAX just bottomed and is going to move up quickly.



"This company has been talking up reserves and other assets for a long time now....They had better start doing what they are supposed to do which is produce and then maintain a constant stream of production."

To be fair Telemark is a 3 year development project, so they have had a long time to talk about it. They are a small company doing so pretty huge things relative to their size. The result is all the issues with financing.