The TORC Board of Directors announced a 56% reduction to its monthly dividend moving from $0.045 to $0.02 per share. Implied proforma yield will be ~4.6% based on the last closing price. A 2016e capital program of $90 mm remains unchanged; however, $10 mm will be reallocated from 1H16e into 2H16e. Exit and average 2016e production guidance remains intact at 18,200 boe/d. FirstEnergy estimates continue to utilize a lower capital budget than Management is currently postulating given clear market ....