Ann: Red 5 and Silver Lake Resources to Merge, page-224

For those who keep on insisting that RED's hedges are the crime of the century - get a grip - it was a condition of the loan.
Moreover, if the POG falls, those hedges wont look so bad - if the POG rises, then the 'non-hedged' part of RED's production becomes more valuable.
The hedged portion is not being produced at a loss - its just less profitable ... comprenday ??
Buying out the hedges when the market is so uncertain is using one's powder unwisely - spend that money on improving & expanding KOTH .....
"build it and they will come" to KOTH's field of dreams.
Meanwhile RED's and SLR's SP is range bound, and only extraordinary developments will disrupt their lockstep.