Latest financial and operation report released today by CHK reports ZERO NG hedges for 2012 and 2013. Typical AM "bet the farm" speculation. CHK is a giant land speculation /commodity speculation hedge fund with so much leverage it will now mortgage (VPP) or sell assets at <$3/mmbtu NG to cover a negative cash flow of $8 to $12B this year.
Over mid-term, AM is probably right, but near term cash market will be a disaster this fall if storage is full. This will only affect the cash sales for however long the pain endures, but their stock will probably reflect the immediate pain.