Peyto has provided its first quarter financial and operating results that were in line with expectations, though largely achieving our production and CFPS forecasts on markedly less invested capital which is positive. As anticipated, the Company is seeing cost deflation of 10%-20%, and to that end, has reiterated its 120-130 well capital program for 2015e on much lower capital requirements that previously tabled, now standing at $575-$625 mm from $700-$750 mm before.
