Share Buyback/VII SheetshowBuying VII was a steal and shows good management although I suspect it was forced by the institutional investors who believed that their investment was worth more in Arc. As to VIi the company was not blown up because of a poor resource base but because of very poor management who overestimated growth, spent until recently like drunken sailors and consistently over promised and under delivered. They missed the a and d spree because they were over levered and focused blindly on Kakwa. In my mind their biggest error in judgement was not delineating the lower Montney. That said, the Kakwa area is the best with the highest netbacks. It should be exploited now to help pay for the share buyback. As a former senior executive all it would take to accelerate the program would be to add three rigs and one frack crew. They have the engineering capacity to do this.