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To: Cogito Ergo Sum who wrote (47708)	4/11/2012 1:12:34 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69822

Given that water is such a concern in the United States and especial California I would have thought Ridgeline would have to pay more than 1 times sales. If you look at the potential revenue per barrel of treated fracing water in the GRH presentation you can see that the margins are quite large. phx.corporate-ir.net On the other hand it looks like GFS.TO is see a 25% reduction in utilization. It may not be 1 to 1 but potentially that is a 25% drop in E&P exploration. Throw in the fact that banks may be calling in their lines of credit and that drop in activity may accelerate. Message 28074405 Message 28074725 An idea what percentage of revenue for PSN.TO are long term contracts? That might still not mean anything if the contract have a clause in the event of a slowdown in drill activity.

To: Cogito Ergo Sum who wrote (47708)	4/11/2012 1:34:27 PM
From: Johnny Canuck	Read Replies (2) \| Respond to of 69822

Just kicking the tires on BNP.TO. It is at a 52 week low, but it is currently only paying out 36% of revenue as dividiend. It has recent raised cash at a 4.35% interest rate. Most of that went to current acquisitions. It looks like it can fund its current drill program from cashflow. It looks like their gas contains quite a bit of liquids also. The dividend reinvestment plan would dilute shares about 8% based on a 35% participation rate. stockhouse.com "Bonavista expects to finance its 2012 capital program largely within projected cash flow after taking into account the proceeds from our recently announced dividend reinvestment program and non-core asset dispositions. In addition to the $56 million of properties sold to date in 2012, we are focused on rationalizing an additional $100 to $150 million of non-core assets during the year to high grade our asset base and augment the strength of our balance sheet. As in years past, we will be attentive to changes in commodity prices and the business environment and will maintain flexibility with our capital expenditure plans in order to maximize shareholder value. Additionally, our focus will be on complementary acquisition opportunities that offer accretive growth potential."