Question-and-Answer Session
Operator
(Operator instructions) We will take our first question from Dave Kistler with Simmons & Company.
Dave Kistler – Simmons & Company
Quick question with respect to 2009 CapEx, with the uptick in rigs in 4Q, can you just indicate whether that has a bias to push that upward or was it already in plan?
Chuck Davidson
No, that's already in the plan. We had anticipated that we would slow down the drilling in Wattenberg, which is a crop season, that there is a lot seasonal reasons why it makes sense to slow down a little bit there. So, no. That was all really part of our plan. We clearly anticipated that if the markets didn't cooperate or there are other reasons that we could stay at a lower rate for the rest of the year. But our plan basically is being followed.
Dave Kistler – Simmons & Company
Great. And if we look at the economics of that play right now for you guys with the liquids-rich portion of it, is there a gas price at which point you decide despite the large differential between oil and gas, that you would maybe adjust that plan?
Chuck Davidson
I would say -- and Dave can add some -- his thoughts on it is that -- we have a very unusual situation here, with liquids prices being at the $60 and $70 levels and gas prices floundering around, so it's probably not so much of an impact on gas price because it’s very resilient. But I think what we have to be sensitive to is the gas market itself and if we should run into a situation where storage is full and pipes are full then the gas actually just doesn't flow. But we haven't seen that yet, and that program is extremely strong with the drilling efficiencies and the costs that we’ve seen. Dave, you want to --?
David Stover
Yes, no, Chuck, I tend to agree. I think with any reasonable expectation of oil price, I don’t see that program ramping down in near term. It would take a pretty significant decrease in both gas and oil price I think.
Dave Kistler – Simmons & Company
Okay. So, just so I understand correctly, it's really more an issue of if there is available capacity for the gas to be taken, when we’ve got the kind of spread between oil and gas right now, gas could effectively be at zero you'd still run that forward?
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