options_leaps, please double check the recent SEC filings or August presentation. For the rest of the year, more than half of NOG's hedges are collars with a cap of $104. Next year's hedges are not very good, but for the rest of the year, NOG is able to take pretty good advantage of high oil prices.
Management stinks, but at least NOG is doing well in this price environment. Not as good as the better oilers, however.