I agree on the value front and the shareholder correspondence...

I agree on the value front and the shareholder correspondence comment. In my view worth $0.80 to $1.00 easily. Likely to be good trading opportunities on the way up.

Hedging position is not good - over hedged given reduced production and sale of non core asset. Mark to market position will look terrible in the results, probably part of the reason for the capital raising. That said, hedging reduces next year and no hedging in 2010, so if oil stays anywhere near where it is today in 12-18 months then revenue and profit will increse dramatically.

I expect a reasonable bounce when the updated reserves gets announced.

Just my opinion
Monty