Spartan reported 2Q15 fi nancial results that were generally in line with our forecast on both a production and cash fl ow basis, while spending less than anticipated. Consistent with Spartan’s strategy of matching capital expenditures to internally generated cash fl ow, in light of further weakness observed in the commodity price environment, the Company’s has revised its 2015e capital budget to $85 mm (from $105 mm prior) with a corresponding decrease to its annual production to 8,700 boe/d ....