I stress this is my opinion only, I maybe totally wrong. The...

I stress this is my opinion only, I maybe totally wrong. The dialogue in this room mostly misses the point on why ATS is not valued by the market. Remember this stock went from 20 cents to 50 cents then all the way down to a fraction of a cent. Why? Up on speculation down on performance.

They were unable to prove a commercially viable concept to extract the resource on a consistent basis.

They exhausted their $80 mill cash holdings in drilling 6 wells. At best 3.5 wells could be regarded as successful (not a good strike rate) This was on the back of having all Encanna's drill data and 5 more years of advanced technology at their access. I believe an independent report was produced to determine what could have been done better. I think one of the points to come out of this post drilling report was that management gave too much autonomy to the drilling company who were found not to have followed the ATS management guidelines to the letter. I don't think the report has ever been released to the shareholders, if it in fact does exist.

They invested in a gas project in Portugal only to find that there was no interest in the project from the Portuguese government or their people.

The management in real terms never took a net reduction in their incomes during the covid challenges. Sure they took a share allocation instead of some cash. This resulted in allocations of large parcels of shares being issued to management at very low prices: dilution to shareholders.

IMO some of the key management have moved on somewhat to enjoy their older lives and the spoils of their previous company success.

The proceeds from the remaining oil income flow today predominately goes to lease retention, reworking existing wells and management wages and expenses. From a shareholder perspective it has been a poor investment to date.

I believe they will get a partner and get the opportunity to test their concept again. Multiple, consecutive drilling procedural success's is the only thing that will prove that these leases hold a consistent commercially extracted resource. Shareholders may get a pay day yet.

These are my thoughts only.