Ann: Sensationalised Media Release, page-19

www.upstreamonline.com/finance/spartan-to-sell-its-montney-assets-to-crescent-point-energy-for-1-25-billion/2-1-1427203

what am i missing - C$1.7bn for 377 net sections across 235,000 acres. Calima at 50 net sections across 34,000 acres. Simplistic but math say thats 10-15%, lets say 10% to give a discount for sale. That should be C$170m (at 0.91 FX) = A$185m

we're trading at a mktcap/EV of <A$70m. pretty sure most ppl here would be happy with say A$150m for montney... pls some option and reserve/resource value for the brooks/thorsby assets which are broadly breakeven at current oil price. lets say $50m at a steep discount

why can't the board/mgmt get us something close to this? put aside the mistakes by mgmt/over marketing but the fundamental asset is worth. surely there's a level of discount on montney that they can live with to actually re-rate this stock - someone pay us A$150m cash and leave us with brooks/thorsby?