cel breakout , page-31

Hi Soaf,

Just to get OPM further excited
http://www.tshaonline.org/handbook/online/articles/dogwl

Not that its anywhere close to our lease but does show that its possible for prolific Ellenburger producers. 4.2Tcf from 94 producing wells over 22,000 acres. That's in the dare to dream category.

You could just use the same rough logic - 20% EUR of 7.6Tcf to get say 1.5Tcf. Could go with higher than $0.50Mcf to reflect the likelihood of higher netback due to condensate. At $0.50Mcf that's $750M discount 80% to get $150M which I guess is about 75cps. They are attractive estimates but a lot has to happen to get there. It's definitely upside target stuff though.