I don't agree for the following reasons. Outside the disturbed belt, the Cardium is considered to be an oil "resource" play. Why should the Cardium not be a resource play in the foothills too? Small and medium sized players have not followed the Cardium into the foothills because they don't have the expertise for drilling technically more difficult and more expensive wells. This is evidenced by the fact that Manitok has accumulated its land position for under $50/hectare!! Yes, the foothills wells are more expensive and techically more difficult to drill, however, there are advantages such as enhanced natural fracture porosity due to deformation, folding and faulting, resulting in no need for horizontal multi fracs within the Cardium formation. Permeability and porosity of source rocks are also enhanced, so some foothills wells act as if they are on recharge, with slow declines over decades. Also, much of Manitok's lands are over old wells that targeted deeper Devonian gas, bypassing oil and gas shows hosted in shallower and thrust repeated Cardium. From existing logs, Manitok already knows which areas are relatively more gassy or less so and are focussed and budgeting accordingly. I would go so far as to say, Manitok's prospects are less geologically risky and offer more productivity than Cardium "resource" plays outside the foothills,however, the risks lie in a different area: drilling and completion risks are what counts here.