Cmon & all, what is/was done with the older hedges could be...

Cmon & all, what is/was done with the older hedges could be important. In Dec quarterly the fair value of derivatives was reported in current assets as $723k, since that time the OP fell further. When March qtr is published we will know if some were closed and therefore when settled. If settled in June qtr wouldn't they go into EBITDA calc? and if so that would reduced the difference to your numbers above. I don't have these answer so will wait and see. Fwiw I still think there is a plan in place to address the challenges being raised here and ultimately an individuals view on that depends on their personal view of mgt.

Good discussion though, it is a tough gig for the oilers at present, I think it is a good thing that there is focus is on balance sheets and profitability. Perhaps some of the lessons we have learnt over the years can be put to good use in the future.

I expect we will see some Feb Prodn figures from the NDGov site later in the week and also think in general it will be a while until things pick up sentiment wise for the sector. Overall most O&G forums are currently pretty quiet but I still think fundamentally some of the businesses are in better shape than many hot stocks being re-birthed atm.
Cheers