Hi Jurek

The situation MRC is now in, is it due to the crisis? Before MRC did well in earlier years. In fact it was almost the only contributor to earnings before we had the SAGD.

I know you're not in favour for the hedging strategy. So far it has not proven some credibility .

At today's sp what is your opinion then supposed oil price could stay above the 60 $ mark.

We are now far below the trading range we were in when the SAGD was not running. Is this a justified sp or not in your opinion if we finally get that approval, so we can look for more production at the end of 2009 .

About MRC.Maybe it's obvious that due to the crisis refiners like MRC have not such a good times but things could change .Nobody can say right now how quick we get out of the crisis we are in. Valuation from big oil companies has come down a lot too and if you compare chart patterns from CLL with other majors at some point there is some similarity between them.

You said once that cash flow is more important to look out for then earnings for CLL.Maybe the hedging strategy makes it difficult to judge about that because CLL is a mix of 4 companies on it's own.MRC,Luke,The Great Divide project and some conventional.So what's in favour for one or two is in negative for the other parts?

Suppose they sell MRC then they have only the SAGD projects + some conventional and Luke. So then we had to focus only on output and bitumen price .Would that be a better choice?

You're good in figuring out things and you have great knowledge about analyzing numbers.Always like your comments .

BTW if Algar get its go ahead are you positive or either sceptical for the future let say on a 2 to 3 years basis?