I am not suggesting that you ever buy a stock on hopes of a buyout, but what is considered "A LOT" in your mind. Do you work in oil/gas? Doubtful because $1B is not a HUGE debt, specially if they are able to service that debt.
A couple thoughts:
1) They have been very aggressive with financing their growth through issuing debt. Not a bad plan when they are getting 30-50% on ever $10MM well that they drill and a payback that is somewhere between 18-24 months. They just issued $350MM in debt and only have to pay 5.5% on those notes. Seems like easy math to me that they are making a fantastic return on their debt and have little incentive to actually pay it down.
2) Think about a larger company (XOM / ConocoPhillips / EOG) that is sitting with over a billion in cash on their balance sheet and they aren't getting any return on that money. Wouldn't their share holders love to be getting 30-50% return on that money?