There would be no current or future production if they did not pay for things in shares. Treaty was cashflow negative last year. They only had 3 options: issue more shares, issue more debt (that would probably be backed by shares), shut down operations.

They have to choose the least sh*ttiest option. The option they chose lead to Mitchell 3 and 4 and 80 bpd, with Standard and Murl in the on deck circle with SJ 3 at the plate ready to swing for the fences.

When they get cashflow neutral and eventually positive, they probably won't need to materially dilute further.