Hey thanks for that information. It's harder for me living out west to know what Quebecors are thinking etc...I appreciate that!

No no I know you're not bashing at all. I think it's all a matter of bringing it down to a level where they will finally cover shorts and then buy everything they can and support the stock...it's all games...but there are lots of institutions buying in at these levels.

I did a quick calculation:

We have $160M in the bank so...

$160M/230M shares = $0.70

(336,440 net acres * $500/acre)/230M shares = $0.73

For a total of $1.43 (around today's price).

This excludes our interest in Transeuro (don't know what that might add up too, but it's still there)...excluded Greater Sierra property with Encana and excluded Bakken play.

Right now we are being valued at $500/acre.

If you take the Chevron/Atlast deal of $4.3B (this included debt too!) for 662,000 acres, you're still looking at about $7000/acre.

Now I know these plays are proved up, but these companies are looking to buy up plays all over and for as cheap as they can. Companies like that and Exxon (who bought XTO last year) buy plays and keep them as reserves to tap into anytime. So doesn't matter that Quebec isn't proved up like them (everyone knows now that it's pretty much going to work out or we wouldn't be going through all this...neither would the TLM's and other companies)...so it's scray that we're giving it such a low value right now. Luckily we have shareholder rights plan in place to protect us.

Talisman paid about $11,000/acre recently for the Eagle Ford. If we gave QEC a fair estimate today at $1,500/acre on average...we'd be looking at an SP of about $2.90.

So when I say undervalued, it seems very compared to what is out there...

Rocco :)