Devon Resources is drilling in some of the most productive areas...

Devon Resources is drilling in some of the most productive areas of the Eagle Ford, in DeWitt County.
Reading their consolidated balance sheet from December 31 2015 I see stockholders equity of $10,989m, 37% of total assets of $29,532m and a 50% gearing ratio.
It's not that they started out thinly capitalised, those assets cost $91,154m but are largely now written off or depleted.
If the directors were telling the truth about the shale bubble this company wouldn't be valued by the market at $19,000m. Why would anyone trust their credibility given their disasterous history of stewardship of shareholder funds?
They need more suckers to pump capital into the drilling treadmill, I am staggered there are so many and the whole thing hasn't blown up yet.
A recent quote from Tom Ward (Tapstone Energy CEO) on CNBC was telling, he said that "We will spend whatever you give us. As long as there is money to be had we will use it to grow production as that's what we are paid for"