Today's news is much better than I expected for quite a while. I'm cautiously optimistic, yet very pleased.

1. The hedging seems like a great move to ensure viability in a worst-case scenario.

2. Reading between the lines, I'm guessing bitumen netbacks have been in the red for a while. March's financials, showing Q4 2008, may not look that great. However, things seem rosier than I expected later this year.

3. I like the mix of hedging, but not proceeding with Algar yet. While ensuring viability with hedges, the option is open to move ahead with Algar when the economics improve. So with respect to Algar, there's no downside restriction with hedging, but good upside when the time comes. Interest on the loans aside, of course (keep us grounded in reality Jurek).

4. Nice surprise for us too, the increases in conventional oil and NG. :-o)

Questions:

1. What are the factors involved in the light/heavy differential swings?

2. What were the bottlenecks?

This is all very good news for me, because I bought in before when things seemed good, so have been accumulating now because obviously the idea is to buy low, sell high. Sure seems low to me right now.

Sharky I like your long term trading range! If we get there in a couple of years, we should all get together and buy Mr. Gusella a nice dinner!

-bbq