exbigblue,

"Although he didn't say it specifically, I got the impression that DG doesn't expect WTI price to remain below $US65 for long, but he had that base covered even if it did stay low."

Yes, this is exactly how I understood DG explanation and his 3 points alternative plan of rising the capital.

Nice explanation of the Capitalized Values.

How do you think the capitalization of assets will effect the actual Q4/2008 and 2009 CAPEX numbers? After all everything has to be paid for (including initial cost).