When you consider ARX share price 2015 - 2019The current valuation makes no sense. Average oil price during that range of $60, ng price of $2.50. ARX average share value was around $20 with much lower oil weighting. So they go and buy kakwa at much lower condensate prices in what could be viewed as desperation sale from VII generations. Yes some poor hedging due to the desperate price action of oil at that time. But that is all very temporary. I see fair valuation of $30/share if you are a believer in the jeff currie outlook for oil. I think we will see more funds directed to kakwa drilling this year ...as nasty hedges roll off it will be a double bonus. The $75 mill. spend in ne bc is a drop in the bucket at current cashflows