As of fall 2012, natural gas prices are in the basement, liquids prices just one floor up, and oil continues to command the penthouse view. These varying commodity prices have sometimes obvious, sometimes subtle effects on the economics of oil and gas plays, and investors must try to assess these and other factors when analyzing plays’ relative strengths.

In recent reports, Global Hunter Securities’ analyst Mike Kelly tackled some of the questions investors most frequently ask about comparative breakevens, rates of return and general economics of the “mounting list of ...