sometimes Hedges are a necessary move dictated by loan needs ,I remember that TRUSTs had to hedge to satisfy Bank loans,IMHO this is what Connacher has done to cover its debt load,on another note I too think we will see Oil prices take two step forward one step back going forward,given the recovery momentum a return to the $150 level is not out of the question,who knows next year at this time could see Connacher near 20000bbl production with WTI @$150??