I think we all wanted them to give us the flow rates, certainly this wait and see stuff is getting damn old but we also have to keep it in perspective... I think the fact that they may not want to answer questions about Leclercville may actually be a bullish sign...

Thinking like a TLM, a couple of wells in a new play that they already have earned into etc. really shouldn't have an affect on their SP or be of any real significance. It's not a producing area yet, they're not being measured on their cost/well metrics etc. So I have to ask myself what could the reason be?

If the flow rate was low it might have some effect on their capital deployment etc. but again, there would be no reason to hide it. If anything a low flow rate might be another way of telling the Quebec government that this isn't a sure thing, make sure you make our lives as easy as possible if you want this to go forward.

A high flow rate on the other hand would give more power to the government suggesting that they are that much closer to moving to true production. The government would be looking hard at royalties and potentially even pander to the local municipalities and environmental movements. In general playing more politics to make them look as good as they can, all the while knowing that things are going to go forward regardless because the wells have been so good to date....

I give QEC up to next Monday to release the Leclercville results. If it hasn't happened by then, I'm guessing we may not see anything until the government finalizes the new O&G rules and specifically the royalty structure.

Brym