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Message: BMO 1/13/09
It appears from the recent BMO conference that the Utica is stalled, Forest plans one new well this year to meet its WI requirements and study results for 2010, Talisman seems more focused on the PA Marcellus shales. Both convey they believe in Utica Lorraine TBR...but no heavy development 2009 and as Questerre said same BMO they need 20 plus wells to initiate the plays profile. New player Canbriam seems to be adding their dollors to the mix and may be given time to catch up in the Gastem Mundiregina permit (and this opens the door for Epsilon), plus Canbriam also has WI with Petrolymbic and Squatex JV properties. Although I previously discounted Canbriam, they have money from Warburg Pincus and ARG Financial and have established their ability and talent in the Montney CBM JV with Canadian Spitit Resources. So to me it looks like a waiting game, likely Forest will disclose some, Talisman may agree and both will hold awaiting Canbriam results and or move and get staged for 2010's move, subject to a return of good oil/gas prices. Lets remember Junex comments from same BMO that Focus 1, 2, 3 zones broaden the play beyond the fairway and all may be prospective.
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