RE: President's MessageI think the key factor you're leaving out is the following:
"The wells included in the Reserve Report represent 2% of the 900 gross wells estimated in the Resource Assessment to be required for full development of the Corporation’s Farrell Creek lands. "
So if 2% of their wells are worth C$13.5M, then doesn't that imply that all of their wells would be worth 50x that much, or C$675M? Adding the C$13.5M of working capital leads to a total NPV of C$9.23/share.