Legacy is less hedged than its peers, leaving more room for upside participation in rising oil prices. From page 48 of 10K: "As of March 3, 2011 we had derivatives covering approximately 74% of our expected oil and natural gas production for 2011. As of March 3, 2011 we had also entered into derivative contracts covering over 39% on average of our expected oil and natural gas production for 2012 through 2015 from existing total proved reserves." Jim
Jim, not disagreeing with info from the 10K but from the chart on the news release about the purchase from Concho Resc. in late 2010 it looks like production from that single purchase exceeds the 2010 hedge of less than 210k bbl. (1400 boed x 47% oil).The price doesn't look too good today but is a good price in this volatile market. Hedging near $90 should put a firm base under the distribution.Let me know if I am missing something.