Raymond James released a report on Progress Energy Resources Corp. on February 11. They calculate a $1.05/mcf unrisked value for the company's Montney land. RJ risks the lands at 75% for a value of $0.79/mcf. This far exceeds the current valuation of Canadian Spirit Resources Inc.'s (SPI) Montney land which is between $0.04/mcf and $0.12/mcf. RJ's report clearly demonstrates significant upside potential for SPI's stock price.
Additionally, Progress has announced a "more aggressive 2010 capital program which includes further development of its prospective Montney land." Announcements like this continue to highlight the Montney shale and bring attention to companies in Northeast BC.
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