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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: Treatment of Interest Expense
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Alleluja. I use the same CLL quarterly Statement of Cash Flows to post early results. My numbers are almost identical. I posted 2007 C/F at 0.26 with about 0 cash flow in Q4. Main cash flow comes from Montana refinery and the exchange is unknown factor.

In 2008 Luke production for Q2/3/4 will be 30% higer but refining margins are crushing and will offset the luke growth. I have $0.6 per share for 2008 which is adjusted for the recent increase in dil-bit prices.

Notice you use 10 multiple for SP/CF. I have comprehensive Q3 report for 77 O&G Canadian Juniors producers. Median SP/CF is 4.8 and EV/CF is 6.6

10 seems to be very high especially that the median Net Debt to cash flow is 1.6. CLL ND/CF is extremely high (5-6)and will demand premium on the SP. What do you think?

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