Gil Yang (Citigroup): What were the Bakken well costs and the decline rate as well?

Mark G. Papa: The well cost were about the same for the wells earlier in the year as they are now. We just improved the well quality. The decline curves are similar to the Barnett. The 1,600 barrels a day rates that we put in are not consistant rates.

Gil Yang (Citigroup): Can you comment on the pricing that you are getting on the Trinidad, Block 4(a) contract?

Mark G. Papa: It will be linked to a basket of commodities such as ammonia and methanol primarily. So, it is linked to Caribbean FOB prices for some of the not indigenous items down there.

Brian Singer (Goldman Sachs): What portion of your acreage did you test in the Bakken ? Do you any opportunity to lock up additional acreage surrounding what you already have?

Loren M. Leiker: We have about 13 wells drilled and we have also shot about 300 square miles of 3-D. We have also increased the estimate from the 30 million to 70 million, to 50 million to 70 million. We are optimistic about our acreage and are still accreting acres in the area.

Brian Singer (Goldman Sachs): Are there any updates on Canadian Shale drilling over the last couple of quarters?

Loren M. Leiker: We mentioned last year that we had about 8,000 acres in a Canadian Shale play, and at that time we attributed somewhere between 1.2 and 2.4 Tcf net reserves. We also said that we were completing a vertical well and had planned to drill a horizontal well in the first quarter of this year. We do plan to update the community in November.

Brian Kuzma (JP Morgan): What is the average of the lateral length you are running in the Bakken play?

Loren M. Leiker: It is At 4,000 feet.

Brian Kuzma (JP Morgan): In Appalachia you are still going after the Marcellus Shale play, is that part of the deeper acreage?

Mark G. Papa: That is correct. In Pennsylvania New York, we have 230,000 net acres including 7 or 8 net acres that are earnable within our Seneca National Fuels joint venture and we are still planning to have by the end of the year about 10 wells drilled.

Robert Morris (Banc of America Securities): How much do you expect to spend to capitalize annually as far as building that midstream infrastructure.

Mark G. Papa: This year we are going to be spending in a range of $150 million on midstream assets, and what is getting us into midstream here is brand new assets here in North Dakota and Barnett where there was no infrastructure. How much we will spend in 2008 and in 2009 will depend on how big some of these plays develop out to be.

Unidentified Analyst (Bear Stearns): Are you thinking about taking other actions to help boost the stock price other than just implement your plan which is what we are hearing today?

Mark G. Papa: Our long-term plan is not to keep our debt under geared levels. We are keeping the debt low because if indeed we find some opportunities we are going to have to use internal funding to get those plays off the ground. The backup plan on that would be that if indeed we are not successful on finding any of these huge new shale gas plays then we would use some of that balance sheet to just do share buyback.

John Herrlin (Merrill Lynch): You are spending your cash flow which isn’t giving you much incremental cash flow gain in a lower price environment. Are you safe with any sort of lease exploration issues to keep drilling so aggressively when prices are going to stay weak?

Mark G. Papa: The only area where we have lease exploration issues is in the Barnett, where we have 600,000 acres. So, it is a situation there where we could not just stop drilling into Barnett. In other areas like our new Uinta Basin, we could easily slowdown there and not worry about leases going apart, if we didn’t like the gas price scenario.

John Herrlin (Merrill Lynch): Regarding hedging, how high would you hedge or what kind of volumes would you hedge in total?

Mark G. Papa: We said we target 30% to 35% but we would go up to maybe 45% or maybe up to 50% on natural gas if prices spike.

John Herrlin (Merrill Lynch): What is the average term in the Barnett that is in expiration susceptible near-term?