RE:President's Reportgood points, Yash;
to your point #4, the protocol change won't make AECO skyrocket, but it should, in theory, bring spot pricing much closer to near-month pricing, being that it's just a daily re-balancing tool; considering how little gas is sold at AECO spot, relative to forward sales, I doubt that alone would be incentive to drill, considering that, aside from PEY and perhaps AAV, most peers' full cycle costs are in the mid-to-high two's or higher; in other words, if AECO spot yesterday got close to November pricing at about 2.13 I doubt there would be a huge rush to drill; mostly, the low AECO has been combatted lately but shutting in on daily basis, from what I gather from PEY, AAV, PONY and the likes, so those volumes, relatively minute, would get better pricing, but the aggregate amount of daily shut-ins is, I'm guessing, in the order of say 2-4% of total production - enough to help the low cost producers, but not enough to incentivise drilling