Ann: Appendix 3B, page-4

Yep, once the "premium land" became "only as good as land next door" the (production) question became "Why produce from those acres" which is a higher marginal cost (to the neighbors). It had the better land and it wasn't.

One thing though which is repeated across HC, is the "personality" of boosters/pumpers/cheerleaders. Really need to identify them and remember them. Sorry to hear that you had a "frightful loss" ... for me it is only a small fraction (<1%) which was either going to ~0 on the downside or 3-5x on upside. The Montney is not as bad as some make it out to be. Sure the northern BC portion has greater challenges, but the AB UCR are doing OK (which means down about same as E&P in general YTD of ~30-40%) with far stronger recovery prospects on oil price rise (due to the condensate ratios). That isn't on offer in the area where CE1 is.

Good luck to you also.