RE:Decline rates.... Pretty much agree on the drilling. I own a little pne and lots of ygr.
pNE has two numbers - decline and decline on base production. PNE is the antithesis of YGR. They can completely offset natural declines with workovers and the occasional recompletion. PNE has lower liquids cuts so they don't really compare to the other companies easily because the etbacks are better with condy, oil or liquids cuts that are far higher at TOU and YGR etc. A better comp is probably PRQ.
after transcanada destroyed the aeco gas market for two years with their idiotic interruptible supply rules, pne was probably the most successful at weathering the mess. The decline rates are going up now as they ramp up drilling which will also add some liquids. The torque they have to reasonable gas prices is awesome.
PNE would have been debt free by April except for a small acquisition. That was a great buy. I think Investors will be surprised at the amount of cash pne will be able to distribute.
YGR has torque at these prices even with that high decline rate - but they need to drill or production falls out of bed.
I can't magine YGR dealing wth the seven year grind PNE did while also getting their debt down from 200 milion to near zero.