RE:195,000 bbl of the March lifting hedged at $50Some decent 3-way collar hedging for months after that as well. Takes out some of the sting from these prices. AOI obviously has much better hedging, but a much less rock bottom valuation in my opinion when you account for all the debt at the JV level. In a recovery TGL has tremendous leverage while still being maximally conservative in an extended low oil environment. Most other producers have lots of net debt.