Willy

for the time hedges were correct,the natsayers did indeed call for a return to $15-20 Oil/bbl,to further cover production was cut 50%,so we had responsible management cutting production and keeping safe 50% of immediate production to further save remaining production ,hedges were put in place at higher than bbl pricing,the doom and gloom did not happen,so yes in hindsight with todays price for bbl it was the wrong move,nice debating fodder but really unless this is a debating class ,crying over spilled milk is not very usefull,yes a case can be made for dillution ,but where else was the money to come from,speaking of hindsight I and a few others will probably jump on the told you so bandwagon when Connacher is producing 50,000/bbl with Oil/bbl approaching $200.