Desperate situation require desperate moves.

In the last 2 days (see conference call posts) we were wondering about balance between the projected CAPEX + interest obligation against available cash balances, credit lines and operational cash flow.

With the Bitumen prices under $30/bbl it was impossible to balance all spending and interest obligations without major cash injection.

Management decision was made to cash in on the future insurance policy which gives the CLL breeding room for next 12 months.