Hi Cornergas

We went through this exercise before.

2008 interest expenses will be about $50M providing that CLL will see the POD2 approval in the end of Q2 or beginning of Q3. Just in case of unexpected disaster $64 M proceeds from the $600M Notes has been put to debt service acct. Projected CLL 2008 expenditure(Capex) is $344M(including $33M).

$61.5 interest on the NOTES will be paid semiannually in 2009 to 2015 (not in 2010 as you are hoping for). Unexpected bubble in the OIL price increased the Bitumen prices above $67. If bubble will not burst like Uranium one or housing CLL in 2009 will be able to pay the new Royalties rate at 6% of gross revenue ( $14M ) and 61.5M of interest expenses in 2009 . This is over 50% of projected cash flow. Aftex the income tax we should see $50 to $60M earnings ($0.26 per share from POD1 + $0.35 conventional earnings in 2009).

Anyway earning per share are irrelevant for the Junior oil Producers and Explores .There are other measures on which we will be evaluated on including hype, pump ,rumors and pure luck.