RE:The only meaningful thing....I would disagree and the reserves report is actually more important than the production at this time.
Wembley/Pipestone is worth a fortune, and if you look how they have drilled the wells to date, its not optimized pad drilling for production gains, it drilling to establish type curves and resource.
I think kelt is in the perfect place, with zero debt and over 30,000 boe of production, they will ramp up wemble later this year and add some significant CF.
Their hedges look to me to be actually to their advantage, and more on the conservative side.
I think Kelt is in a great postion to out perform and i would not be surprized to see them spin off a few of the small pieces to put cash on the balance sheet, as they approach the end of the year and the ramp up of Wembley.
For kelt the reserve report is the highlight of the year, and when they are spending a lot more time and energy ensuring when they ramp up the play, they will get the results they are expecting.
IMHO