RE:RE:RE:RE:RE:RE:RE:RE:Hedges I do not agree with you. First, they only hedged approximately 50% of their production to protect their capex program. This seems reasonable at the time (hindsight is 20/20) as who could have forseen the increase that has happened so far this year. The answer is no one. Second, they do not have hedges going forward outside of WCS differentials, so they will have future cash flow benefit assuming oil prices remain strong.
I believe, they will have positive cash flow in Q1 above and beyond their base line projections from the recent rise in oil prices. While I believe the short to medium term sentiment for oil prices remain positive, I do hope they put the debt issue behind them as soon as possible, as sentiment can change at the drop of the hat.