The upheaval within natural gas exploration and production (“E&P”) companies has been strong and seemingly never-ending, luring in many members of the value and mean reversion investing crowd in far too early - me included. Timing bottoms is always a tough errand but I continue to see value in several of the natural gas E&Ps when taking a long term mindset. For the bulls that see current natural gas pricing as unsustainable and the likelihood that an eventual move-up in free cash flow is coming as the industry exercises better capital discretion, opportunities seem apparent