Don't get disheartened by the long termers. Even with the...

Don't get disheartened by the long termers. Even with the drill rig moving into position some of them still howl with dissatisfaction on their poor investment.

The fact is CTP is a new frontier play. It's taken many years to build a profitable going concern out of a stranded gas acreage. It's physical distance to the market is a key disadvantage, however their low cost of production and large prospective average makes them an attractive value play at under $100m market cap.

Significant spending and gas reserves are needed to take it to a mid tier player. They've partnered with two other small caps with a farm in that will provide over $80m of drilling. They've also brought in the king of pipeline industry as chairman to address their biggest cost.

CTP is not guaranteed success, however an $80m drilling campaign for a $100m market cap gives them alot of ammunition to explore the vast prospective acreage of the JV.

The JV doesn't include all CTP acerage, so success in this campaign gives them the potential to organically grow it's other prospects in the future.

IMHO the importance of gas in the energy transition, and the size of its prospective acreage, CTP is a potential key new supply for the East Coast Gas market a good punt at these prices.