For GMP on your CKE that you are raving about - HOLDChinook Energy Inc. (CKE-TSX) Reports 4Q16 financial results, modestly increases 2017e volume guidance. Chinook reported its financial results for the 4Q16 that, on a standalone basis, were consistent with our figures for the period. Underpinned by success from its 3x ~1,600 m lateral wells at Umbach/Birley, the company has modified its unchanged $40 mm 2017e capital budget to include 4 (3.67 net) wells but utilizing a tighter frac spacing with 2 (1.67 net) wells drilled to an extended 1,800 m lateral length. Based on this development program and well design, Chinook has modestly bumped its annual production outlook by 3% to 4,200-4,300 boe/d and by 5% to 6,300-6,500 boe/d exiting the year. Maintaining a ~9.0x 2018e DACF multiple on strip pricing prompts a decrease to our target price to $0.50 per share alongside our unchanged HOLD rating.