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To: Dale Baker who wrote (106307)	1/17/2012 1:17:38 PM
From: Spekulatius	of 118717

you are correct,the pipeline operation could be worth 200M$. However, other O&G companies have pipeline and midstream assets too, some have rigs and other assets. I can buy gassy O&G companies with decent financial metrics for 1.5$/mcfe proved reserves in the ground, not counting other assets. ECA is an example but there are many others. I sort of question that 1.5$/mcfe in the ground is a good price, when spot is <3$mcfe. In a relative sense MHR is not cheap, it is still valued partly on growth,imo.

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