Here are some interesting numbers that show how much CPG has progressed but the share price has not:

For the 3 months ending Sept 30                               2010              2011          2012

BOE/day                                                                    65,500            72,300        99,600

Funds from operations   $                                         230 million      303 million   384 million

                                       per share                            $.91                $1.09            $1.13

Closing share price the day after results released   $40.38              $43.04         $38.20 

Share price as multiple of annualised FFO                11.1                10.9              8.5

TSE closing price on day results released                12,749              12,082         11,878

Payout ratio                                                                76%                 63%              61%

So was CPG overvalued in 2010 at production of 65,500 BOE per day or undervalued today at production of 99,600 BOE per day?