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For a very long time, Peyto (PEYUF) had a darn good business by forward selling its production and avoiding much of the AECO volatility. Management never worried about other markets because the company did just fine in Canada. All that changed when gas prices in Canada dove and then stayed low over a period of time longer than management was used to.
Everyone knew that the unconventional business would add a lot of gas to the supply of gas produced. But no one really knew the long-term effect on the supply-demand balance until it actually