There would be no current or future production if

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.