PPR can be summarized like thisFor 48c/share or CAD 55m mcap, you get: -6500boepd exit production in 2017 -21mmboe 2P reserves -700k+ acres undeveloped with 0 assigned reserves -this incl. 240k net acres of multi-target geology in Quebec, not least the prime Utica shale -conventional production, with obviously significant drilling inventory, in areas in AB where they can consolidate further -oil & gas have been and will remain a cost game, low well investment expenditures is extermely important too, altogether giviing gving good IRRs. Here despite some fat in G&A that Im sure will be scaled away onwards, relatively and nominally PPR is very competetive still due to its conventional resource and Quebec option (Utica best shale in N America) -management with 1,5 shares, 3,1m warrants(not too much, not too little incentive, id say well balanced) -refinancing of current facility is taking place as per Q2 statement (note 8) its possible it could even be set higher given the major resources that PPR possess, yet available at a certain cash flow threshold and 2P reserve -1,5-1,75x p/cf valuation, while WTI is due for increase. 2018 and onwards basically remains unhedged, perfect upside case for investors -not least, Quebec for free, which equity analysts also confirms.. They got CAD 2/share target excl Quebec and future development of undeveloped land UNFORTUNATELY, this will likely be sold before we can see full realization of the potential.. Positively, likel Goldman Sachs, as well as myself and likely most of you friends, will not accept BS bids. Loads of structural value to be unlocked here, excluding the Quebec. As many journalists well emphasize, the oil & gas market is forgotten. The undervaluation of the entire sector will soon see inflow when asset managers realize.. to much value to ignore.. particurlarly in this case. Its about trading the trend, always been, now weed stocks trading 20x sales is popular, capping any upside until year 5. The essence of equity investing and returning cash flows to shareholders have been forgotten in recent years, due to 0-cost of credit. This will change. Back to basics. Looking forward to the Q3 results. QOCA conference starting on Sunday evening. Have a good weekend, I certainly will have.