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BENTEK - BENPOSIUM / Investor Commentary

|Includes: Anadarko Petroleum Corporation (APC), BBG, BP, BTU, C, CHK, COG, COP, DVN, ECA, ELP, EQT, FST, GDX, GLD, GS, JPM, KWK, LNG, MS, NFX, QEP, RRC, SLV, SPY, SRE, SWN, UNG, UPL, WPX, XCO, XEC, XOM

BENTEK - BENPOSIUM

Based on news reports/comments coming out of Benposium (Bentek's Annual Conference)

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- According to Rick Allen, director at Bentek, over the last six years there was a 190% growth in well efficiency.

- "It took 20 days to drill a typical well in Fayetteville in 2007, while now it takes around seven days," Allen said.

- On average there was a 607% increase in initial production rates per rig per year since 2007

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From these early indications, we see Bentek focusing on an explanation of the technology that led to these improvements, while the bigger story is the vast number of producing wells and the improvement in recovery WHICH equates in massive oversupply for the marketplace.

Notably, (and as was mentioned in a different S.A. comment) the next five injections are set to average 100+/- , giving easy circumstances for above normal total production or the injection season.

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We stand with our position on much lower natural gas prices ahead.

Disclosure: I am short UNG.

Additional disclosure: short the energy market