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- Hedging
Vermilion has put in place the following derivative financial insturments to manage exposure to fluctuations in commodity prices.
| Vermilion Oil Hedging Summary | ||||
|
WTI |
Term |
Vol (1) |
Floor |
Ceiling |
|---|---|---|---|---|
| Collar | Apr-Dec 10 |
1,500 |
72.00 |
95.00 |
| Collar | Cal10 | 1,500 | 70.00 | 97.80 |
| Collar | Cal10 | 1,500 | 72.00 | 99.00 |
| Collar | Cal10 | 1,500 | 72.00 | 100.65 |
| Collar | Cal10 | 750 | 70.00 | 97.40 |
| Collar | Cal10 | 750 | 69.00 | 90.15 |
| Collar | Jan-Jun 11 |
2,400 |
80.00 |
107.60 |
| Collar | Jul-Dec 11 |
2,400 |
80.00 |
110.00 |
| 1 Represents approximately 40% of Vermilion's projected 2010 oil production | ||||
| Vermilion Natural Gas Hedging Summary | ||||||
|
AECO |
Term |
Vol (1) |
Contract |
Contract |
Implied Price |
Implied Price |
|---|---|---|---|---|---|---|
|
Put |
Jar-Mar 10 | 10,000 | 4.50 | - |
5.18 |
- |
| Put | Jan-Mar 10 | 4,000 | 4.50 | - |
5.18 |
- |
| Swap | Jan 10-Oct 11 | 700 | 5.13 | 5.13 |
5.90 |
5.90 |
| Collar | Mar 10 |
15,000 |
4.50 |
5.85 |
5.18 |
6.73 |
| Put | Summer 10 |
10,000 |
4.50 |
- |
5.18 |
- |
| Collar | Summer 10 |
2,000 |
4.70 |
7.35 |
5.41 |
8.45 |
| Collar | Summer 10 |
2,500 |
4.70 |
7.35 |
5.41 |
8.45 |
| Swap | Summer 10 |
5,000 |
5.30 |
5.30 |
6.09 |
6.09 |
| Swap | Summer 10 | 5,000 | 5.28 | 5.28 |
6.07 |
6.07 |
| Swap | Summer 10 |
5,000 |
5.28 |
5.28 |
6.07 |
6.07 |
| 1 Represents approximately 45% of Vermilion's projected 2010 CDN gas production | ||||||
| 2 Vermilion heating value is approximately 1.15 GJ/mcf | ||||||
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© 2009 Vermilion Energy Trust