Unfortunately I don't, but presumably will be used to lower their corporate taxes at some point. Someone more familiar with how they are used by Canadian O&G companies would have to opine. Anyone else care to weigh in?

 

Another thing I find intriguing about them is the number of wells they are projecting to drill in 2012: 73. Their well drilling costs are quite low (on stream costs of $930k) and the number of wells they are projecting for 2012 is the 2nd highest in my universe, next to Legacy (96), which has 8X their EV. They claim their netbacks on their Viking play are north of $70 per barrel.

 

Novus needs to grow into their share structure, which at 211M is nearly twice that of ARN. They appear to working hard to do it.

 

DR