The longer oil and gas prices remain depressed, the more dramatic the recovery will be, due to project deferrals and the cancellation of long-term plans, said Steve Pruett, president and chief financial officer for Legacy Reserves LP. Pruett made his comments during the Permian Basin Triage: The Anatomy Of A Recovery webinar hosted by Oil and Gas Investor. Also, costs are falling with the "stacking of iron" and layoffs, and input costs for cement and power are declining due to the global recession. Meanwhile, the availability of good projects and acreage "has never been better" as companies begin to sell overly committed properties or leases that may expire if not held by production. "Capital markets will start to function ahead of the global recovery," said Pruett. "Patience is warranted, and you have to know where, how and with whom you are going to play the (M&A) game." David Fowler, president and co-founder of Simplex Energy Solutions, said producers who do plan to sell properties should provide rapid and "bare-bones" operating data to the market and discreetly or even anonymously test the waters by approaching a targeted list of companies holding cash. "Creating competition with reasonable prices and finding creative deal structures" will be key to getting transactions done, he said. Bill Parsons, vice president of investor relations for Arena Resources Inc., called for more access to funding at acceptable rates, long-term price stability for commodities, and confidence in the stock market to get the energy sector back on its feet. Also, "we have to re-think the impact of proposed tax legislation on deals," he said. "And we need to promote exploration, development and production of domestic oil and gas." All three presenters urged audience members to help educate the public and legislators about the importance of domestic energy supplies gained through exploration, drilling and production and to understand the dangers of onerous and prohibitive taxes and legislation on an industry already bowed by the downed global economy. To access the archived presentation, please go to: