Reported volumes were in line with expectations and cash flow was slightly ahead due to better than expected product prices. Capital efficiencies continue to improve with 1.5 mile lateral Montney wells at Musreau now estimated to cost $7.5 mm, down significantly from the $10.2 mm previously. E&D spending in 2016e appears to be expanding (following the sale of its Musreau infrastructure), which increases our anticipated exit production rate, although average annual volumes and cash flow fall as n ....