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To: Elroy who wrote (118467)	11/30/2014 10:35:23 PM
From: Sam	Respond to of 118717

Elroy, MHR is more of a NG company than a oil company at the moment. NG prices are still around $4, and will probably go higher over the next month if the cold weather persists. Weather extremes--cold or hot--are more important than the price of oil for NG. Evans has said that they can get satisfactory returns even if NG goes down 3.50, although obviously he would prefer more. And have a low oil price plausibly helps NG if it leads to oil well shut-ins, as that will eliminate associated gas supply, which is not insignificant. Obviously there is some price at which they will be in pain. But other fields will feel the pain sooner and more greatly than the Marcellus will. If future Utica wells get the same or similar results as the last one, their Utica acreage will also be valuable.