Sproule's estimate for Montney is 8.4 tcf using 3% limestone porosity

Sproule has also included an estimate of natural gas on SPI's lands to be 8.4 tcf based upon a 3% limestone porosity cutoff. SPI's 35% net interest equals 2.94 tcf. At a 20% recovery rate, SPI's net asset value is $7.00/share. With a 30% recovery rate, SPI's net asset value is $10.00/share. Net asset value calculation ranges for additional values per mcf will be shown soon.