I'm confused as well now. Jurek's last post stated that the WTI hedge is separate from the contract on a portion of bitumen production at POD 1. He stated that they are two separate things. Going back to Connacher's statement from their Press Release of January 21, 2009 which states:

"To crystallize the improvements and reduce the market risk associated with the expansion of Pod One production and sales, Connacher has entered into a term contract on a portion of bitumen production at locked in heavy differentials, reduced blending and transportation costs and executed a WTI hedge on 2,500 bbl/d from February through August 2009 at US$46/bbl. "

What then does this WTI hedge on 2,500 bbl/d mean and how does it relate to the term contract on a portion of bitumen production if they are separate? Does anyone know?