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Dave M's avatar

Hey Paul good to get your updates. I've been crushed with consulting work the last couple of weeks and have slacked off on published articles. I've been helping one company prepare a reservoir drill-in fluid-distinct from a top-hole drilling fluid, for Aker BP in Norway. One requires a fluidsdoc and the other not so much. If we are successful this company will have a new product line to offer incorporating a base fluid with a wide moat. Then with another client I was teaching a class of young Ph.D chemists the intricacies of reservoir drill-in fluid design. They told me after the first day I was making their heads hurt. That may be a good sign. Either way it looks like they will need a fluidsdoc for the forseeable future. For now its back to putting out writeups. Cheers bud!

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David Henderson's avatar

Thanks Paul for scratching below the surface on Canadian REITs. Their low Debt/Assets ratios never made sense to me with such a high Debt/EBITDA ratios.

One question I have is about the point you made for them possibly inflating their cap rates to make their debt/asset ratios look lower. How do their reported cap rates compare to US peers? I assume there has to be a big gap in cap rates to have such a disparity between Debt/Asset vs Debt/EBITDA ratios. Do you see such gap?

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