Ann: Pisces Drilling Completed and Capital Return Update, page-22

Have you ever purchased shares and then on revised numbers or developments in the micro/macro decided to exit for a loss?done it many times ... Tax loss write-off ... I agree "Montney" was a Clusterfk ... over-hyped, over-promised, huge waste of capital. Now the only serious offer was the lowball $11.4mill... Advantage Energy ..picked it up .. I wouldn't think we would see much development unless CDN Nat Gas Prices kick much higher than the present C$2.23Gj . (Going off a peer micro-cap O&G company CUE Energy had an average in the latest Qty report of A$9.2 Gj )

Now in Hindsight Montney should have been ditched long ago ..would have saved 60mill+ Now would CE1 have been better off still holding Montney and spending the $ 1 million per year holding costs for the next how many years if the chances of securing the $A60-100Mill funding to develop was very unlikely... no JVP came forward. even though I understand they made noises of being interested if only CE1 would drill some appraisals... progress the project etc >>>

.. fact was after all the capital sunk into the project the best offer(After how long ??) was $11.4mill just shows how unattractive it was in the present marketplace ... is the fact the area is tied up by the big players that have the volumes to dominate get the pipeline contract rates to make a profit ..CE1 pissing in the wind in the Montney IMHO.. just maybe the new focus might just work with a more successive sale of Blackspur for higher than present SP...