CEP does have some valuable hedges which will keep it operating for another year or two. I think if they can actually be successful in drilling and coupled with the hedges, they should be ok in '09 and decent shape in '10.
I agree with that. They will do OK until 2010 due to the hedges, but if the price of midcontinent NG hasn't returned to at least $6 by then it will be hard for them to function and continue capex needed to keep production. I have some reservations about the long term fundamentals for high price NG in the midcontinent US, otherwise I would be all in with CEP.