Ann: Shareholder Update, page-19

This is one of the times where you're grateful that CNV is not an oil producer yet.

So what we have is a market cap of $234.7M. We have $119m cash in the bank. So the huge discoveries are valued at a paltry $115m. Discoveries in a stable jurisdiction, shallow water enabling low cost development... this is unbelievably cheap.

Yes, the price of oil has crashed, but the consensus is that the current oil prices are unsustainable and the current price war waged by Russia and OPEC will not continue beyond this year. Someone will blink, I don't care who, but someone will blink and they will be back at the negotiating table. On top of that, the U.S shale ponzi scheme will be gutted which sets the basis for a recovery in the oil price.

So where will the oil price be in 12 months? I can't tell you exactly, but I'd wager that it'd be at least 50% higher than it is now. Fortunately, I have the time to wait this one out. I'm expecting patience to be rewarded.