This was informative note in appendix o on capital needed to keep production flat. Spending $70 mm to $74 mm could translate into say 2% to 5% production growth at a 20% to 40% ROI in a back of envelope calculation
"Total Capital Expenditures for 2011 include Maintenance and Obligatory Capital Expenditures as well as Growth Capital Expenditures. Maintenance and Obligatory Capital Expenditures are defined as the estimated amount of investment in capital projects and obligatory spending on existing facilities and operations needed to hold production approximately constant for the period. Management estimates that we would need to spend between $40 and $50 million in 2011 to hold production flat."