Ann: Minerva Gas Plant acquisition, page-6

Jake that is a really good question are it really gets to the heart of how you stack up who the peers that you should benchmark against.

I don't follow Senex so really can't pass to much comment there. But an EV/2P metric without knowing whats behind it is dangerous AND being in a Senex investor presentation (presumeably or some sell side analyst research note, you can be assured it is there only to Senex is the most +ve light).

1. I don't particularly like a 2P comparison when I don't know how much capital is required to develop to resource. Much rather see 1P PDP

2. What is makeup of the 2p Reserves. Not all BOE's are created equally. What %oil and better question might be what is the "operating netback" per BOE? This also tackles the issue of where the resource is located and the markets it can be sold into.

3. What is their reserve replacement, 3yr avg F&D cost - your company has to both produce cashflow (i.e. convert 2P to 1P) and find new reserves to grow ... otherwise it just declines and who wants to pay for a company with no growth.

On that basis I like where COE is.