Yes, Bullish and yes 50cps would be a bitter pill to swallow - especially given that TAP modeled it all on US$80 - US$100 oil price.
Well why the blooming heck (picture of that cranky old guy on motorcross bike crashing) didn't you hedge by selling $100 Calls (capping upside at $100) and selling $80 Puts (and capping downside at $80). Then you would have stable cash flow!!!!
Ann: December 2014 Quarterly Report, page-13
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