Painted Pony Pete Ltd PDPYF

Quite simply - Apache exit.

[poise]

“Quite simply, I think that the costs do not generate the types of returns their investors expect — massive costs, minimum returns,” said Dirk Lever,managing director of institutional equity research with AltaCorp Capital Inc. “Activist investors are pushing for capital to be deployed in higher yielding investments with [shorter] time horizons.

“LNG is for IOC and NOCs with very long time horizons. Perhaps someone will take them out. [Encana Corporation] and [EOG Resources, Inc.] exited earlier when it was obvious they could not attract contracts or pony up for the costs. Despite being large, they were not large enough.”