Take over target on the card at these lows, page-7

Seems pretty clear Petra (and friends) have lined up at 1 cents to take whatever u want to give them. So I really don't think we're going below 1 cents.

At current implied acerage prices we don't screen particularly cheaply (especially if you assume we're going to lose some acres we can't afford to test) . DEE & CKE look cheaper. DEE & CKE remain at record lows, they have not participated in the very modest bounce in some of the deep value Montney plays.

Tomorrow we get the annual report and the revised Top 20 shareholders for some colour on what Tribeca/Nero/Hughes etc have been doing. These guys are furious with the mis mangement, $30 million blown away, they are likely capping it along with plenty of other stale longs