ARC reported second quarter results that slightly trailed our expectations on a cash fl ow basis, although production was in line with both our estimate and the consensus estimate while cash fl ow came in 7% higher than the consensus estimate. Most notably in the quarter was the addition of 89 net sections of Montney land just north of the Company’s existing acreage at Attachie bringing the total land holdings here to 279 net sections, with the Company planning to drill 3x wells in the back half ....
