Bellatrix Exploration Ltd (Canada) BXEFF

AECO Price versus Henry Hub differential

[Just1Question]

I presume the spot price differential is caused primarily by a lack of capacity on the Nova Natural Gas Transmission Line as compared to our western canadian production.  Another contributing cause might be the pressure reductions (and resulting throughput losses) that the national energy board mandated in response to real or perceived safety concerns.

The question I have is:  who is making the profit on that differential?   
That price difference is too much to be going to the operator of the transmission line, so whose ribs is it sticking to?

Now I understand that only some of this volume is in spot pricing, but the calendar strip also seems dismal in terms of differential.

I would appreciate your thoughts on this including any near term capacity improvements you might expect to alleviate this differential.

Of course an actual FID announcement on the LNG Canada export facility would help sentiment (and thus equity price), but the actual pipe and export facility wouldn't help the bottom line for several more years to come, even if announced today.

Cheers.