Question-and-Answer Session
Operator
Thank you. (Operator Instructions). Your first question comes from the line of Rehan Rashid with FBR Capital Markets. Please proceed.
Rehan Rashid - FBR Capital Markets
Just a quick question on the Haynesville front. Should we go a little bit faster there at based on what everybody else is announcing or maybe just how do you think about progressing from here?
Stephen Hadden
Yeah, based on what we see relative to Devon's position, we are very encouraged with reservoir results we saw. We did have some mechanical problems on the first two wells. We have another well that's completing and flowing back... today starting to flow back as we speak. And we're very pleased with those early results we're bringing on relatively slowly.
We also have couple of wells that are drilling, horizontal wells that are drilling and coming down. So we think we're moving through our acreage in a pace that we think in this environment is very appropriate to identify the potential derisk the areas of the play and move forward into a full commercial development.
So we're pretty pleased with where we are considering the environment that we're in. And again, the reservoir information that we have on our Haynesville position is very positive from our perspective.
Rehan Rashid - FBR Capital Markets
Okay. Thank you.
Operator
Your next question comes from the line of David Heikkinen with Tudor Pickering Holt, please proceed.
David Heikkinen - Tudor Pickering Holt
Good morning. As I think about your capital budget and targets outspending cash flow by $1 billion this year. As you look at 2009 and 2010, can you keep up that pace or are you betting on a 2010 rebound? Would you continue to outspend as you look forward to next year? If there is a recovery in gas and oil, just wanted to get your perspective on how is this a V bottom, U bottom recovery or how you plan a multiyear program?
Vincent White
David, this is Vince. As we said in the call we would not continue on a multiyear basis to outspend cash flow. We're adamant about protecting our balance sheet, and frankly we think there is a real lack of visibility on the link of the economic downturn. And we'll have to see how the industry responds, see how quickly natural gas process will recover. The main thing that we're going into this year with a... for you to stay flexible and adjust our spending in response to the market environment.
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