Much discussion on that board of companies & their hedging policies. Hedging of future production is sometimes more important than current NG prices. An example: <A HREF="http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=7081371&tid=cwei&sid=7081371&mid=19936" target="_new">http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=7081371&tid=cwei&sid=708...</A> (Never owned APC, but do have some ECA)