Ann: Company Update - Funding and Assets, page-16

MB,

NSE have hedges for 80% and hedging was a condition of the loan. See PR of 5/12/14 where 80% of forward production secured by Put options at $78 Bbl.

Like I said earlier, marginal acreage. And when you're a high cost producer things get ugly quickly. Thus the curtailment of drilling and completing wells.

Rock and hard place.