---(I have been a fan of SD, but the reality is that the balance sheet looks terrible. The only reason that the balance sheet has been propped up is because of the massive amount of borrowing. It seems that Tom Ward has taken a page from his former partner, Aubrey McClendon by issuing more shares and borrowing heavily.

One problem though, the liabilities are much greater than the assets and something will need to happen soon.)---

Q1. How can 'balance sheet' be propped up by massive amount of borrowing?
A1. Massive amount of borrowing will collapse 'balance sheet' and require a FED bail-out, which SD wants, unless SD is too big-to-fail.

Q2. How come banks are lending money to SD when its liabilities are much greater than its assets?
A2. These banks are playing footsie with the FED. They want to go BK but the FED won't let them, making them mad.

Q3. How come SD dares to reduce its long-term debt by $200 million and then increase CapEx and increase the number of rigs? How come SD can buy Cruseder
for ~ $300 million with its rotten balance sheet?
A3. SD management is shooting for the moon.