CPG's HedgesIf you go to CPG's website and take a look at page 8 of their "July 2015 Corporate Presentation", you'll find a "Hedging Strategy" chart that shows CPG has approximately 54% of their estimated production hedged at an average price of $87.50 for the remainder of 2015, about 32% of 2016 production hedged at an average price of $83.00, approximately 10% of their 2017 production hedged at an average price of $81.00, and about 6% of the first nine months of 2018 production (hedged price not indicated).....in other words, yes, they have "3 1/2 years' worth of hedges", but the % of production hedged falls dramatically each year, starting in 2016 (as one would expect)........if the WTI price stays in the $50-$70 range for the next 12 months, is it possible for them to continue paying $0.23 per share per month in dividends going forward while generating enough production growth, cash flow, and earnings to support the dividend without significantly growing debt or issuing more shares (each of which would also receive $0.23 per month in dividends).....?......I doubt it.......something will have to give if the above scenario becomes a reality.......