Canadian Montney plays, page-21

@Motors

was that to me?  

Specifically on PONY then I draw your attention to slide 27. Since you're talking "spreads" that excludes the credit facility (RBL are not covenant light and secured by assets) which leaves the strategic investment of unsecured notes and convertible debenture by private equity firm Magnetar Capital. Done for debt diversification .. but it does complicate things.Not traded debt (or at least I couldn't find it). IMO its not a big deal for a company of Pony's size.

Encana (big Montney player) debt rating is still investment grade (albeit the last rung thereof).

No commentary regarding the 3rd party gas options from the LNG Canada owners as outlined. To me, there doesn't seem to much room for other entrant as their gas sources seem to be well sourced already so to speak.

Further down today ...