My guess is that the lack of any type of PR by management along with IR responding that they are in a "quiet period" is clearly indicative that sales negotiations are ongoing.
There's been a lot of talk that Unocal may be acquired by a China related concern. Speculation is that any of the Unocal US operations would then be sold off. An analyst commented that such a sale would not be difficult as there are any number of interested buyers.
If the price of oil stays above $40 then MHR would certainly be a bargain at a price of $16-17 per share. Have to believe that other players, both bigger and smaller, are interested.
Management did address hedging on the most recent CC and they said that they preferred not to in order to allow the buying company to make the decision.