Not sure what you mean by "Net Debt" but MHR will still have lots of preferred stock and the bonds outstanding at the end of the year. No reason to call the bonds. The cash will mean MHR shoud not need to borrow any more $$ in 2013 or 2014 for its drilling program. The key is whether MHR can get cash flow positive by then. If they slowed down just a bit - understand they need to drill to keep leases - the profit woud finally drop to the bottom line.