RE:TD upgrade $8.50Leucrotta acquired by Vermillion. $477M for 77,000 Montney acres. With 50M 2P reserves and 2023 13,000 boepd target production. Reserves are 1/5 of Kelt, land is more than a fifth but based on projected cashflow ($24.50 per boepd) at 2023 strip, its less oil and lower netback than Kelt. Guessing the implied valuation for Kelt is more than $11 per share. Seems like Bay Street is seriously undervaluing Montney producers with significant Montney acreage relative to actual production eg Kelt, Crew, etc........