So I asked, and pretty much recieved the answer I knew I would get! So we all need to relax and stop making assumptions! I realize now that Forest never promised anything on spending, but more along the lines of as results come out, they'd go from there. BUT, this was before commodity prices dropped off a lot, and really we can't blame them for switching over. The main reason you'll see is that they have core assets and the time is coming to an end for them to develop them...while lease on Quebec is 10 years and the gas isn't going anywhere. I am sure though, that with the huge gas cutbacks, we'll see them re-evaluate as time goes on and bring it back up to speed...especially when Talisman and Canbrium and other are givin'r to get this drilled up...and the premium to NYMEX will further help the cause...but right now for Forest, there main concern is they have spent so much money on these other acres and time isn't on their side...so it only makes sense to shareholders/company to get them done first...on the plus side, that land is only a fraction of what Talisman/QEC's is and TLM has solid off so many core assets to focus on shales, that this play is big for them! And now we have Canbrium another player that HAS to drill to earn, so let's no jump the gun! Here is what Anela wrote to me, from QEC:

During the BMO conference in New York a few weeks ago, Forest stated that they will be focusing their efforts in 2009 on their core assets that have the highest rate of return in the current commodity price market.

You are correct in your assumption. Due to the 10 year lease terms in Quebec and the 3 year lease terms in the US, they feel they have more time to study the upcoming results in Quebec while the “clock is ticking” in Texas and therefore need to clear up those projects sooner.

Forest will be hosting a conference call on February 24th where we may be able to get some additional clarification in regards to their 2009 Guidance and CAPEX.

We have not hear of any changes to Talismans program and are currently waiting on test results on the La Visitation and Gentilly wells which should be released in Q2 as the Lorraine frac just recently began in mid to late January.

Gastem with its partner Canbriam Energy farmed into the Mundiregina permits covering 92,104 acres in the Lowlands. The farm-in involved cash payments and a six well program to earn an 85% interest in the two permits. The partners will also carry the farmors for their 15% share of any capital expenditures. These earn-in obligations are valued at $70 million based on approximately $7 million per well. ( a full press release is available on sedar)

What we can take from this is that the earn-in obligation with commit the partners to drill 6 wells in order to earn the payments and hopefully with expand the exploration project in Quebec and provide us with further information about the commerciality of the play in various areas in the lowlands.

Best Regards,

Anela