I think the whole exchange rate issue and the hedge position has...

I think the whole exchange rate issue and the hedge position has been lost in the mayhem, nothing is being spared regardless of their situation.This is the case for many oz oilers though. AMU has around 72% hedged until 2009 then dropping to around 60% the timing could be spot on for a oil price recovery in the new year. Just doing some quick sums I think they are receiving more for their oil on the hedged position now than when the oil was $147.00 due to the exchange rate. The other 30% is a different story though. We are lucky though that they have the money for the buy back at this point in time but we have to hope things improve by the time they have bought up the 18mil. At the rate their going they should have them all in the bag by Feb/ March 2009. After that we could be looking at more brilliant buying opportunites if things don't improve.LOL