Ann: Pisces 8 and 9 Well Tie-in Complete, page-5

Right between the eyes James! In fairness they did increase production marginally but to what end & at huge cost? KPI's for management options were based around small increases in production which they achieved (no surprise there!). Profitless growth delivers nothing for shareholders. The production business is hugely capital intensive. And this whilst WTI was substantially higher than it is now. Unless oil increases by US$20 a barrel don't expect any cashflows being returned to shareholders because there won't be any available. Freeman, Whiddon & Kevol are corporate spin doctors....look at the numbers, they don't lie. You don't have to be giving away tacky lime green caps at conferences to pitch a good story...it sells itself. Oil prices aside, everything here depends on a favourable Montney deal &/or a jump in commodity prices. CE1 is a hampster on a wheel.....doesn't matter how fast it runs.....it's gone nowhere