Encanamay be the first of a lot of natgas cos to announce reduced exploration budgets . 2011 is supposed to be the year when the " hold the lease ' drilling starts cutting back . Along with low spot prices hedge prices are dropping too . We've got to see the rig count cut back before natgas prices recover . So is there going to be more bloodletting in the drillers or is that baked into the cake as they say . My personal opinion is the cake is only half baked and setting up for a collapse in the oven .
regards
G