Good and open discussion.

Willbrich,

I agree with your points. About Refinery-in this high oil price ,high $CND and low refining margin environment she will bring more then 40M of net income offset by 10M capex planned for 2008. Montana Refinery so far was a very good investment .

rebels,

600M NOTES at 10.25 are not neutral like you accountant niece suggest. CLL received only $571M. $64M was put away to service the debt in 2008 (semi annual interest instalments on the NOTES) .$327M is waiting for the POD2 approval . 2008 NET interest payments on $600M NOTES will be about $50M. 

In 2009 it will go to $61.5M. New royalties in 2009 will add additional 10 to 12M expenses to POD1 earnings and $70M (35%) in 2011/12. In this time you have to start buying back $600M NOTES which are expire in 2015. Hopefully the CLL SP move substantially higher so they can use equity to manage the debt.