Hi VIII

I couldn’t resist pointing out the mistake you made with regards to EnCana.  Sorry, if I caused you undue stress but I certainly appreciate your gentlemanly and professional response.

You keep mentioning a 25 to 1 P/E ratio for Oil Sands companies.  Based on extrapolating Connacher’s 3rd quarter earnings, they would have earning of .28 per share right now and using your ratio the share price ought to be $7.00.  If you use a bitumen price of $55.00 per barrel and a cost of producing it of $30.00, this would leave about $25.00 per barrel for earnings.  At 10,000 barrels per day, this translates into about .45 per share.  If you add that to the .28 Connacher is currently earning it comes to about .74 per share and a share price of 18.50 at a 25.1 ratio.  Each additional 10,000 barrels at a 25.1 ratio should add about 11.40 to the share price.  Even if my numbers are off, the upside potential of Connacher is phenomenal.  When then do major investors get on the band wagon?  I was in Petrobank (PBG) last year when it was about $15.00/share but sold all my shares and put then in Connacher as I believed at that time that Connacher had more potential and was a safer investment.  PBG’s shares did not take off until they had proven production from their new process.  If Connacher’s pod 1 comes in as promised with no major glitches, it’s my opinion that the share price will skyrocket in a very short period of time as investors will want to get in on a sure thing!

Have a nice evening

Martin