Pescod article had the following regarding BXE value of the their Cardium interests. In the article the Canaccord analyst suggests 78 sections in the Cardium are worth $2 billion.
Interestingly Petrobakken has 240 sections. So is that worth $6 billion ??? I don't know, but it does seem strange that the stock price was punished for paying $1 billion for it as clearly it is likely worth $3 billion plus.
"Cardium light oil upside: Bellatrix currently holds 78 net
sections of Cardium rights in West Central Alberta, along
with some of the best producing wells that have been reported
in the play to date. We see over $2 billion of ultimate
Cardium upside, which, based on our forecast drilling
pace, we have calculated as $6.98 per share in potential
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