When things aren’t going as expected one always has to look back and re-evaluate the current valuation.

We’ve got about $0.68 in cash, so the remaining $0.92 is the combined value of all assets of the company and future potential. Effectively a market cap of $215M assigned to assets. We’ve got about 230k acres of fairway plus 100k of non-fairway area and the assets in Alberta and BC. Overall if we just use the fairway acres, the current value on the company is at $935/acre.

Based on other land acquisitions in the US in prospective plays, $1000-2500 is not unusual, but we’re really beyond that stage. Granted everyone remembers plays going for $10k-20k/acre a couple of years ago when the frenzy was on but let’s not go there.

If we start looking at a value of $2500/acre that’s $2.45/share plus the $0.68 in cash, bringing us to $3.13. That’s the assets value today, not tomorrow or next year. That’s not slapping a 10:1 or 20:1 P/E ratio on it once they start selling the gas, that’s today...

I guess I’m frustrated and don’t get it and I’m sure this will just spur more selling but... I don’t know how we're at the current SP.

Brym