Money-You are spot on.That is one of the most important factors going forward.Spent a few hours looking at fundamentals.9 Month ADJ EBITDA 160.5 less int exp of about 28.5mm and mait cap ex of about 33.75mm ,and OK throw in another 3mm for misc e.g.added int exp going forward for CF of 511mm vs 211mm, but you still have a DCF Coverage ratio of 95.5/75.7 or about 1.26 YTD.Along with YOY Dist increase of better than 10%.Gas hedges are good through 2013.Have more to post tomorrow.
Almost as important to me as proven reserves break down is the unproven oil/liquids reserves they are sitting on in Michigan in Atrium/Collingwood/Utica/A-1 Carbonate depending on which formation looks like areial coverage is around 90,000 net acres to over 247,000 net acres depending upon which geological formation. Also there are bitumn shows in the ~137,000 net acre in their deep Kentucky/Indiana New Albany Shale
Today we’re about 60% natural gas in terms of production, 40% oil. Those splits vary up and down as you can imagine based on our acquisition activity level, which has been pretty significant the last few years. We currently have right around 160 million Boe in Reserves, and that’s 71% natural gas, 29% oil. 83% of that’s proved developed consistent with the E&P MLP model