RE:RE:RE:RE:Katusa letter out on BBI small extract from M.Katusa (maybe something for the weak hands)..... Currently, Blackbird's market capitalization is only CAD $ 290 million, while its Net Asset Value at $ 55 per barrel and $ 2.50 per Mcf is CAD $ 850 million. This means Blackbird is significantly undervalued. One of the most impressive moves Garth has made with Blackbird, it is getting into the ownership of Tidewater and because of that, it will realize higher natural gas prices. If a company paid CAD $ 0.75 per fully diluted share in cash for Blackbird, that would cost CAD $ 675 million. Blackbird's 3P (Proven, Probable and Potential Reserves) Net Asset Value is CAD $ 850 million, using discounted commodity prices. This means that the acquiring company would have to cash out CAD $ 675 million, while obtaining assets worth CAD $ 850 million, a windfall worth $ 175 million on their books, not including the upside. This is called Net Asset Value accretion, and it is the most important metric in a M & A transaction. With more drilling, this number will increase substantially if Blackbird keeps producing wells like the last two. This is why Blackbird is so attractive. I believe in the course of the next 12 months we are going to see natural gas prices in Alberta stay low. This is great for Blackbird. It will force the hand of other companies into a transaction. Remember, on this one, we are Ambush Predators.