Inceptus,

The netbacks on Lowlands gas will be alot higher because of the quality of gas and location to market as you know so this alone will account for more net profit to QEC and up goes the sp. Here are the #'s.

Estimates based on 200-400 mmcf/d

Realized NG price at the border are $ 1.00 premium to Nymex ( close proximity to NYMEX)

Royalties of 10-12%

Net backs over $40/boe based on $9/mcf NYMEX

Royalties in Alberta would be $ 2,250,000,000

Royalties in Quebec $ 1,250,000,000

Now if all those looking in would do their dd QEC is looking like the bargin we've all been talking about. Have a great weekend.

JQ:)