RE:RE:RE:RE:AECO spot and futures, due to protocol changere low 2020 hedges, noticed that as well; I'm guessing Gee was waiting for the NGTL procedure to change and they got it for the 4-10/2020 season, that's probably why not so much hedged; plus the forward curve has been improving only just lately (probably 10-15% jump in the last month), so likely/hopefuly more hedges being put on as we speak; also, US based hedges are up going forward, as transport deals start kicking in for 2020
curiously, notice that what was Sep 26 presentation updated, that included hedging schedule, has now been revised and currently on the website the presentation omitted the heding schedule, so guessing either omitted on purpose or getting updated..
in any case, let's keep in mind cash cost $0.90 and full cycle $1.90 (2019E), so with the current hedges in place, low as they may seem as you pointed out, PEY is still making money (be it hedges are under water) - makes sense to have base line production secured, as you noted, and ramp up as prices improve