RE:Intrinsic ValueThis year Kelt also bet on natural gas prices firming up and had plans for 10ish wells @Oak and 3 natural gas wells at Pouce Coupe West without any hedges in place. They bet wrong and should have kept their powder dry.
I follow US natgas very closely (I'm long Antero Resources) and what I can tell you is its a tough volatile business. The stuff may come out of the same wells (at least similar drilling techniques) as the oil but the two commodities have totally different market drivers. Only independent in both businesses is CTRA and I'm sure they deeply regret acquiring Cabot (dry gas).
Only fools don't admit their mistakes. In Silicon Valley, its called "fail fast".