One of the things that I noticed is that GFP is carrying an unrealized loss of $645,000 on its hedges while Q1 also saw it book a realized gain of $134,000 (page 7 of the MD&A).  Since the hedges are swaps over $100/barrel and the price of crude is in the mid-$80 range, why aren't the hedges being carried at a gain?

Is GFP not making money on them or only when the quarter or year ends?  It's very confusing and it has never been explained properly in their presentations or MD&As as to how exactly they work.