To clarify, from my read of it, the 110,000 EUR is the MINIMUM amount that any one purchaser can buy in the PP, not the Total Subscription value.

BUT this is VERY good news. Having close to $150 Million available to drill with is huge. Talisman will likely increase their CapX for the Utica area as will Forest and QEC needs the cash to keep paying their portion of the tab or risk losing the opportunity here. I would have expected Talisman to tell QEC of their intentions and to get prepared to pay up, leading to today's PP.

I expect Forest to say something at their March 18th Conference Call about them incresing drilling activity in the Utica.