Personally, with the cash at hand and other proved reserves qec has, and it's other properties like the Liard shale, Bakken and the Great Sierra, that imo justifies a $1 price. Maybe might not be best time to drill in Bakken etc, but they have proved reserves. This doesn't even count Quebec.

What is it that people don't get. First horizontals in the history of the province of Quebec. Go back in history and pick out a shale play that hasn't produced it's worst results (even though our results were pretty good as management said) at the start of the play. Each one has a learning curve. As more is drilled, the results will be improved. It isn't just the fracs put in and at which section, but the sand type use all the way to the laterals drilled etc. If people can't wait, they should look at their portfolio and do what best suits them and only them. It's your money afterall. But other people might look at it and have no problem holding to see it all played or buying in etc.

Being in the current market condition with the sentiment where it is, it's hard to please anybody with anything. Management has said that it's trying to do its upmost in educating the public that shale plays take time and aren't an overnight success...Barnett took 20 years (longer since technology was developing), Fayettiville 4 years...both producing similar levels..but initial results weren't nearly what they are today. To be honest, looking at other companies with solid reports, market doesn't care. So it really shouldn't matter. If you need the money right away, then yeah it does...but this is long term. Not 1 year, more like 3-5 years. Not saying the market won't reward better and better results, no question. But to see something big and material, that's a good timeline. If you got 10 years, well then even better.