RE:Great quarterJust comparing TOU to ARX (pre merger no data available anywhere on VII's Q1) it seems like ARX is more profitable on a boe basis however, the upside on gas they realized in Q1 won't repeat itself, considering how gassy ARC is, that's pretty significant. 2nd, the unrealized hedge losses are significantly more than Tourmaline and with where prices are going, there will be more losses so what is unrealized in Q1 will be realized later ie won't reverse. 3rd, Tourmaline spent significant capex dollars in Q1 compared to ARC investing for the future. By my count, the adjusted net back (after everything) is $16 for TOU and $12 for ARC and given volume that puts TOU's E value at 3x ARC (pre VII). YMM .