What strikes me more is that management feels they don't need the entire $20 million in cash.

I'm not sure what the burn rate is for CUU while working on Schaft Creek.

But assuming after the dividend, company should have roughly $10 million left.

(A typical drilling season would cost $1 million a month) I assume, if we go aggressively to drill in Arizona, this money would last us 10 months?

Basically if management feels the "liquidity event" in Schaft Creek will be dragged out for a long time, they would most likely keep the money in the bank. Their willingness to distribute cash out and start planning aggressively for Arizona shows their confidence that Schaft Creek should be wrapped up "soon".