text: As oil prices started to tumble, we reacted swiftly. In early November 2014, we began 
  terminating short-term service contracts (we had no long-term agreements), pushing 
  service providers to offer lower rates, extending drilling obligations with land owners, 
  and moderating forward capital deployment for drilling, leasing and acquisitions. These 
  actions are consistent with our core strategy of being a low cost operator and maintaining 
  a strong balance sheet as they have increased our flexibility in seeking ways to preserve 
  and ultimately grow shareholder value. 
  
  Because of our position as a low cost operator with a clean balance sheet, the Company 
  remains in a strong position to not only survive, but also to add both short and long-term 
  shareholder value during the pendency of this downturn in market prices. 
  
  Forward Strategy 
  As dire as the oil markets may appear today, they do remain very efficient in reacting 
  swiftly to changing prices. Logic would dictate that the highest cost barrel would be the 
  first off the market, but many of these high cost barrels come from long lead time projects 
  that have significant sunk costs so are comparatively slow to react. US shale plays, for 
  the most part, are not the marginal cost barrel but, because of the short lead times, are 
  often the quickest to react. 