As oil prices have recovered recently from their 2020 lows, we are preparing to resume drilling operations with the deployment of a rig late in the first quarter of 2021 and we expect to spend $90-$100 million based on our current 2021 drilling plan. We believe we will have sufficient liquidity with cash flows from operations and borrowings under the Credit Agreement to meet our cash requirements for the next 12 months. Working Capital (presented below) was a deficit of $20.8 million as of December 31, 2020 compared to a deficit of $39.9 million as of December 31, 2019, representing an improvement of $19.2 million. The improvement was primarily due to the reduction of liabilities resulting from reduced drilling activity. The components of working capital are presented below: We expect that changes in receivables and payables related to our pace of development, production volumes, changes in our hedging activities, realized commodity prices and differentials to NYMEX prices for our oil and natural gas production will continue to be the largest variables affecting our working capital. We expect to finance future development activities with cash flows from operating activities, borrowings under the Credit Agreement and, various means of corporate and project financing. Additionally, we may continue to partially finance our drilling activities through the sale of participating rights to financial institutions or industry participants, and we could structure such arrangements on a promoted basis, whereby we may earn working interests in reserves and production greater than our proportionate share of capital costs. In July 2019, we entered into a Wellbore Development Agreement (“WDA”) with a non-affiliated industry partner. This WDA reduced our working interest in certain wells in Reagan County. The industry partner paid a promoted (proportionately higher) share of the capital expenditures on eight wells, to earn 35% of the working interest in these wells. Capital Expenditures 52 Working Capital December 31, 2020 2019 Current assets: Cash $ 1,494  $ 13,822  Accounts receivable: Oil, natural gas, and natural gas liquids revenues 16,255  29,047  Joint interest billings and other, net of allowance of $19 and $83 at December 31, 2020 and 2019, respectively 7,966  6,672  Derivative asset 7,509  8,860  Prepaid expenses and other current assets 1,509  1,867  Total current assets 34,733  60,268  Current liabilities: Accounts payable $ 6,232  $ 25,284  Revenues and royalties payable 27,492  35,815  Accrued expenses 16,504  19,538  Asset retirement obligation 447  308  Derivative liability 1,135  6,889  Advances 2,277  11,505  Operating lease liability 773  570  Finance lease liability 69  206  Other current liabilities 565  43  Total current liabilities 55,494  100,158  Working Capital $ (20,761) $ (39,890)