I am sure they would've taken the offerthanks James for the...

I am sure they would've taken the offer
thanks James for the helpful analysis of Capital Intensity ..a metric which seems to concentrate the minds of the Canadians.
One metric in which Blackspur is a standout winner is the Asset Retirement Obligation - the ARO.
Blackspur;s obligations are minimal at less than C$1m per annum .
This compares favourably with many , if not all Canadian E&Ps..especially the bigger ones.
this is worth a read :
https://seekingalpha.com/article/4271107-paramount-resources-asset-retirement-obligations-matter
You have listed 15 of Blackspur's listed peers ...any one of which could be placing a significant value on the potential value to them of consolidating their ARO liability with Blackspur's very low ARO. So, I would not rule out the possibility that is a larger E&P- like Parampount Resources- that buys Blackspur for its value in reducing POU's ARO obligations.
Lastly, regarding the cheeky suggestion that the Calima Chair would have accepted a Blackspur offer for half of Calima's Market cap is insulting. He owns 15m CE1 shares!How many do you own?