I have not managed to incorporate the new information disclosed by Questerre/Talisman into my valuation model.

The $15 target assumes that NPV of one mcf of natural gas reserves is worth about $0.50. I have seen clips on BNN where analysts believe that a mcf is worth $2.00.

From a recent QEC news release.

"The pilot project to assess commerciality will focus on the siltstone/shale sequences of both the Utica and Lorraine. Based on recently published data by Talisman, the discovered resource for the Lorraine of 50 Bcf-190 Bcf per section compares favorably to the discovered resource for the Utica of 25 Bcf-160 Bcf per section. The initial three vertical test wells will also test the Trenton Black-River. Further investment in the Trenton Black-River will be contingent on the exploration results achieved."

Junex owns 100% of the Lorraine in the 155,000 + 55,000 acres in JV with Forest.

It may be safe to assume that Junex is worth 2 or 3 times the $15.00 target.

I still own all my shares of JNX (purchased before April 1) plus a small amount of QEC that I purchased after April 1.

I believe the market does not understand full potential of JNX and QEC and that today's gain is muted.