Prices will remain depressed for an extended period of time.
Baker Hughes rig count was just released today (it is released every Friday).
Rig count dropped by 7 this past week, which was disappointing. Last week it dropped by 17. We need to drop another 100 rigs to put in a bottom. It will take 12 months for the oversupply to work off, perhaps even longer. Gas produced as a result of drilling for oil will continue to keep the market well supplied.
I think HGT will reach a bottom soon, as people will take a longer term view. Distributions will actually lag the market a little bit, but I expect them to reach the bottom soon. There is probably some money to be made shorting HGT at these prices, but the risk reward is very thin. Probably a lot better options to short than a monthly distribution paying royalty trust.