Small cap O&G stocks have gotten crushed by the recent plunge in crude oil prices, now at $66/bbl, down from $78/bbl in mid January. I'm way under water in my CIVI position which is now at 4 year lows. Glad I got out of VTLE which has been battered.
My AR position, a pure play on NatGas, is holding up well thanks to a cold winter and high prices, around $4.30/mcf. But NG looks overvalued so I've been shorting the futures as a hedge. KOLD is another way to bet on falling NG prices.