Tertzakian is one of industry's most respected. I'm pretty well versed in how royalties work, and quite frankly he's absolutely right. Some changes would actually be welcomed by industry for increased certainty from what we have now. That said you just hope it doesn't render everything uneconomic.
Without giving too much away, currently, our company is in some of Albertas best plays, and if you layer in G&A and taxes and the full cycle costs, nothing we do is economic. We might as well go buy TBills.
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