Hubisan thank you for supplying the figures to support the EV/CF (enterprise value/cashflow) of CLL. I see the historical EV/CF ratio of Encana of 6.2 applied to CLL's EV requires a CF of 222 MM. IE (Debt + Market Cap) / 6.2 = (960 + 405) / 6.2 = 222 MM CF.

You further show that 2 PODS fully producing would only produce 216 MM CF thus supporting your valuation of CLL at $1. I understand the arithmetic and the EV valuation you use. What I don't understand is your investment philosophy. Why would you not sell CLL if you see no prospect for capital appreciation for the next 18 to 24 months?

(This, by the way, was the basis for my original terse suggestion that you should sell. My sell suggestion has nothing to do with your arithmetic or your belief in the EV/CF valuation model but with your decision to hold an investment that you believe shows no prospect for making you money).