Ann: Calima Initiates Process to Maximize Montney Assets, page-4

Unlocking Montney has to be the single biggest catalyst. Prior to Blackspur acquisition, Calima was valued solely on Montney assets. Our market cap then was roughly $20m. After acquisition, we are now being valued solely on Blackspur assets. All of a sudden $20m has been marked down to zero. Even the figure of $20m was highly conservative as we were almost a distressed asset. Now that we are in a financially strong position, we can definitely negotiate a much better deal that represents a fair price. Moreover the gas price then was around $2.50 whereas now it is over $4.60. Big upside there.