Booster, my calculations indicate they have ample cash to complete all capital projects on their slate.

As of June 30 2009 they have 400 MM cash on hand. (I am ingnoring non-cash working capital)

Their revised capex budget for 2009 is 325 MM for all of 2009 (as per page 21 of the Q2 report). As of June 30 2009 they have already spent approx 100 MM of that 325 leaving 225 MM left to spend for the remaining 6 months. The 100 MM of capex spent for the 6 months ending June 30 can be seen on the Cash Flow Statement (page 27 of the Q2 report).

The 325 capex budget also includes capitalized interest which is part of the 54 MM Algar capitalized items in the capex budget. This is a significant portion of the company's interest costs. The rest of the interest costs are expensed in the Income Statement. So between the cash flow from operations (4.878 MM for the 6 months ending June 30) and the full year capex of 325 all interest costs are accounted for.

To summarize, I estimate the Dec 31 2009 cash on hand to be as follows:

Cash as of June 30 = 400 MM

Less capex for the last 6 months of 225 = 175 MM

To that number you can add whatever positive operating cash flow they generate for the last 6 months (which I estimate to be approx 50 MM based on 70 WTI and 9,000 BBD avg production). So my calculations show they should end the year with approx 225 MM cash on hand - more than enough to complete Algar in 2010Q1 (75MM).