I guess that the speculative ratings are back in play. A price target for JNX of 9.50 in by 2010 would have to boost the target for QEC. This reiterates what has been said on this board for a long time - namely that once interest picks up on the Quebec shales (and the market gains confidence), the SP of QEC will move north and probably by a rapid ascent. Nothing has changed in the long term outlook. Personally I would love to see QEC at these prices this time next year; however, I think that it might take more than one year for this type of move (perhaps in two). Either way, the ROE for QEC should be good for 2009.

Johnyboy