66% of oil production is hedged at $101.5 for 2012. NGL is not hedged (it tardes at 53% of WTI prices) 25% of NG production is hedged at $4.95 mcf for 2012.
Cash flow Sensitivity:
$4.3m decrease in cash flow for each $1 decline in NG Mcf prices from $4; which means at current NG prices, cash flow has been reduced $6.45m
$6.8m increase in cash flow for each $10 increase in WTI from $90, at current WTI prices, cash flow has increased by $6.8m
The company 2012 cash flow is actually increasing at current NG/Oil prices; and this is before we factor any increase in production/cash flow from Mississippian production; those selling at current levels are giving away their shares.