Question-and-Answer Session
Operator
(Operator Instructions). Our first question is from Tom Gardner from Simmons and company. Please go ahead.
Thomas Gardner - Simmons & Company
Concerning the capital spending, can you give us an idea of what it was for 3Q and what it might be for full year '08? Perhaps an idea of what your growth guidance might be, given the reductions in '09.
Roger Parker
Third quarter was well kept 120.
Thomas Gardner - Simmons & Company
120 drilling.
Kevin Nanke
It was 120, yes.
Thomas Gardner - Simmons & Company
And fourth quarter?
Kevin Nanke
Fourth quarter is expected to reduce by approximately 25%. Tom, many of the implemented drilling reductions were initiated in early October, and obviously wells being drilled were drilled to total depth before rig release. So, about half of the drilling rigs for half of the quarter will be released.
With regard to I think, the other part of your question was, growth for 2009, is that correct?
Thomas Gardner - Simmons & Company
Yes.
Kevin Nanke
Growth for 2009, currently we are expecting that we will experience production growth based on the CapEx guidance we put out that will range from the 10% to 15% growth over 208 levels.
Thomas Gardner - Simmons & Company
Is there any incremental information on the tender offer being reviewed by the Board?
Kevin Nanke
Not at this time. Although, the Board is in the process of reacting and there will be more information coming soon.
Thomas Gardner - Simmons & Company
Well I think that takes me to my two. I will get back in the queue.
Roger Parker
Okay. Thank you, Tom.
Operator
Your next question is from [Joe Wagnor] of Tristone Capital. Please go ahead.
Joe Wagnor - Tristone Capital
Good morning, I was just wondering if you could explain your strategy behind the unwinding of your hedges heading in to what could be a challenging price environment in the Rockies next year.
Kevin Nanke
Yes, absolutely. Let me tell you that we considered that for a number of reasons. I will take you back to the point in time in which we unwound those. We began unwinding on September 30th, the day of September 30th and continued over the course of the next couple of weeks.
One of the concerns was for the unknowns related to everything that was going on with all of the banks and the markets, and having an unwillingness to try and determine whether or not there would be counter party risk once the hedges ultimately came into play.
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