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[Bobwins]

I did those numbers off the top of my head. You could be right about my estimates being low. I only recall coming up with .35 after taxes. My estimate of revs is conservative for two reasons. They still have a pretty big hedge position AND they also disclosed that the spread between their MarsBlend crude oil is several dollars less per barrel than WTI due to the crude being heavier and containing sulphur.

I don't recall the net $39/barrel comment. If that's true then I will stand corrected. I have been surprised on the downside several times in a short period of time so prefer to be conservative for the time being with CPE.

Regardless of the accuracy of my comments, CPE needs to produce earnings and hit some wells to get their share price up. Their timing is off as they missed the big runup in oil stocks and now, even if they do well, I doubt we will see a big run. I will be focusing on the price they receive for their oil less hedges AND any increase in production from new wells. Bobwins