Beware of q1 reportMeg has stabslized above 6 with oil finding some support around 35 -36 WTI as USA priduction starts to decline for real. Oil prices will likely recover back into the mid 40's by fall as USA priduction heads towards 8.5 million a day, which will be 1.2 million lower than at the highest day rate of 9.7 million. This is all positive for oil prices but before we get into Q3-q4 we have q1-q2 to deal with. Q1 report for many oil companies will not be pretty, so be careful chasing these companies which I estimate will fall back and possible retest their lows in done cases. I don't think Meg will retest it's 52 week low but I think it will fall back when they report since they have been losing money for most of q1. Of course it will depend on how much money they are loosing, operating costs and current netbacks but don't kid yourself, q1 was negative cash flow. I see Meg retesting 5 on a real bad report but this can also be influenced by the pipeline sale and timing of said sale. The pipeline sale had been slow because I think Meg would prefer to keep the pipeline and the lower costs it gives them than sell it than sell it and increase operating costs. Nobody is going to pay top dollar and then sign a long term transport deal with meg at low rates. So as oil prices recover in h1-16 maybe Meg will get profitable again and keep the pipeline asset. Plus I haven't heard any news about Devon selling their interest in access?? So we are in a wait and see game and who will blink first. I also think there a friendly offer on the table for a takeover but the price is not what the board is willing to accept At this time. I think the offer is 10-12 range and the board would prefer 16-18 range if not higher. How do you value long life assets in a low for longer environment?? I like Meg as a long term investment but with short term volatility. Dyodd