calling you stupid would be an insult to stupid people. BTW, in an environment where hedging is where hedges are falling off cash prices are more meaningful, especially for companies like BRNC that do not have premium rigs and are, therefore, typically working with mid to lower tier companies which do not hedge as much as DVN, CHK, BP and the like. Nonetheless, the next 4 months of futures prices are between $5 and $5.40. No E&P company is making any money at those prices, excepting a few shale plays where BRNC has few rigs. So who is going to pay BRNC the $5k in cash margins to get any where near previous peak earnings?? How is it that you invest in companies that you don't understand, that operate in businesses that are obviously beyond your grasp, while clinging to "book value" which largely a fictional accounting entry?? Calling you stupid is really a compliment.