My understanding is that Canadian natural gas prices in Canadian dollars were down in 2007. So that wasn't such a good year up there.
Precision also just acquired Grey Wolf, so that added something like 1.2 billion to their debt. So it's a very different situation from NTE right now. If Precision survives I think they'll be worth 20 or something. But it's a gamble.
One more thing, if Precision focuses on paying down debt, I don't see how that's going to be compatible with the trust requirement to pay all income out to unitholders. So at least one analyst says maybe the trust could turn back into a normal corp. at some point.