Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of Joe Allman with JPMorgan.
Joseph Allman - JPMorgan
Yes. Thank you. Good morning everybody. Could you talk about the increase in your estimate to 7.5 Bs or do you think that applies to all of your acreage, and if not is there some acreage do you think is higher than that and some acreage where you think that you guys are lower?
Floyd Wilson
Well, there is certainly, will be variations across the huge position we have in the field. This curve that we published as an average curve from the publicly released wells and this is just the average of those wells within that data set. There is a range from about 6 to about 10 or 11 Bs on a per well basis.
But the importance of this time zero play was to indicate that the decline curve so far as we expected it. And that, while this is an average of a fairly small set of wells, these wells cover quite a few miles of territory both on the ongoing structure and off of it. So it's maybe going forward, the... our entire position will average just we are not sure. But, so far that's the answer.
Joseph Allman - JPMorgan
Okay, that's helpful. And then just on the different topic, just on CapEx and cash flow, just wondering under what circumstances in 2009, would you consider reducing your CapEx and think about 2010 as well? I mean like, where could you cutback some spending if you had to just because prices are staying lower for longer?
Floyd Wilson
We are so substantially hedged already for 2010 at attractive prices that we would have to see us drift out there in the $4 range. And I don't mean this month. I mean a three year strip for us to start really scaling back. We don't see that yet.
If we see that, there is certainly are some places we could and would could cutback. We're hoping it doesn't go there. But again, as I say, we're so substantially hedged for this year and next that we tend to pick a longer view on gas prices. We would definitely be cutting back at down around that $4 range. So, that's for sure.
Joseph Allman - JPMorgan
Okay. That's very helpful. Thank you very much.
Operator
Your next question comes from the line of Andrew Coleman with UBS.
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