Below is an extract from Calima's announcement dated April 09,...

Below is an extract from Calima's announcement dated April 09, 2018. The land ConocoPhillips acquired looks quite similar to ours. We too have undeveloped land with two wells drilled. If we can get anything similar to the price they paid ($4400/acre), it would be a fantastic outcome (approximately 22 cents per share). I know the market sentiments have taken a dive since then, but even if we manage to get $3500 per acre, it will still be a pretty good deal for us at 17.5 cents per share. Hopefully once the flow rates are established and the reserves are updated, some meaningful negotiations with potential buyers can commence.
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"Calima is pleased to note a significant transaction relating to Montney acreage located near to the Calima Lands in Northeast British Columbia. ConocoPhillips has reported the purchase of 35,000 acres prospective for the Montney Formation for ~C$154 million (US$120 million), increasing their net acreage by ~32% to 140,000 acres at an average cost of ~C$4,400/acre. The purchased lands are located approximately 65km south of the Calima Lands, within the same liquids-rich trend. (Figure 1). Significantly, the purchased lands are reported without production with just two Upper Montney wells drilled, and only one having been completed. The purchase follows ConocoPhillips’s sale of selected Permian Basin assets in the United States, highlighting ConocoPhillips’s commitment to the liquids-rich Montney Play in Northeast British Columbia.

Alan Stein, Calima’s Managing Director commented: “This transaction is significant as it underlines continued interest from major companies in the Montney play in Northeast British Columbia and provides a market price for undeveloped acreage in the vicinity of the Calima lands.”