known sellers baupost and quik out in fall of 11 added to mlp etf 350 mil in dry powder for 2012 aquisitions 70% oil in 2011 aquisitions and 2012 should be similar 80% oil hedged around 101 level for 2012/ 63% of natgas at 7.12 for 2012 w/ current hedges out to 2015 current dist. coverage of 1.2 and expect to do a little better in 2012 w/ current hedges/production
sounded positive, only real negative tone in call was their disappointment w/ pps compared to peers but should rebound from recent big sells
gl think it was 70% oil drilling in 2011, not acquisitions
other big item they hit on several times was oil in place on their california properties exceeds 1 billion barrels in place which reading between the lines they are saying they have more than 5 years of oil oriented drilling if they want to just focus on california.
again they said they have 80 pdp drilling locations in btu rich wyoming cabot properties using one rig for I think 4 to 5 years. when gas prices get better have another 600 locations to drill and can put another rig to work at any time. gas on these properties is going to western