there is hope for sea, page-53

MMP ... did you read the post through - where did you think I got "3,249 Bopd hedged at $54.40 ceiling and $49.54 floor" from? (The Sep preso)

A bank would NEVER allow 100% of forecast production to be hedged! In fact they generally have covenants that in addition to stipulating a minimum hedging will also stipulate a maximum hedging. As an E&P company you NEVER want to be in a position where you have hedged more than you produce. As a speculator/trader/marketing that's a different story.

And by way of example, from Lonestar's Credit Agreement the general gist is minimum of 70% hedged and maximum of 90% hedged.

The increase in hedging is a sure sign of increase in production - balanced market is fine line.