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nutsaboutgolf2001

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nutsaboutgolf2001

Re: Bobwins post# 38

Sunday, 01/22/2006 4:09:28 PM

Sunday, January 22, 2006 4:09:28 PM

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Went over past releases today. Note too from their second quarter report (last quarter, I have my quarters mixed up in previous posts). About hedges "In September 2005 the company entered into another transaction entering into a costless collar with the floor and ceiling prices set at $11.00 to $19.00 for the winter months commencing in November 2005 and ending April 2006." These are AECO prices per 1000 Gigajoules. They normally do not hedge more than 25 % of production. But given January's average of $8.43 to date, the $11.00 will really help cash flow and earnings over this period of price weakness. The prices never got above $19 so this hedge is working well.

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