I agree I think you gotta hedge Balance of 2013 and then look to selectively add 2014 hedges once we see opportunities present themselves. We may be in a structurally tighter supply demand mode than is currently known but the bulk of the run up has been driven by weather that will abate in time. Again the value in the UPL trade is still 12-24 months out and I despise these johnny come lately guys touting $5 gas as they simply don't understand the fundamentals of the market and add nothing to the discussion on this board.
Watford has been bang on with his prediction that natural gas prices had to increase. His strategy has paid off in a higher stock price. I hope he starts hedging a bit of the forward production at current levels, but I foresee higher prices from here.