Our hedging program continues to help reduce the volatility of our funds flow from operations, and thereby improve our ability to align capital programs going forward. We target having hedges in place for approximately 25% to 50% of our crude oil exposure, net of royalties, and 25% to 50% of our gas exposure, net of royalties up to 18-months ahead, subject to market conditions. We seek to layer on positions in a systematic fashion.

Crude Oil Hedging

As of March 31, 2019 are as follows:

Reference Price Term Price ($/bbl) Volume (bbls/d)
WTI Swaps Q2 2019 CAD$68.58 4,000
WTI Swaps Q2 2019 US$56.53 2,000
WTI Swaps Q3 2019 CAD$83.47 950
WTI Swaps Q4 2019 CAD$82.10 550