Good discussion.

Please wait with politics and conspiracy for "weekend happy hours."

IMO the bear market is not over and we can see (as you posted) more decline in indexes. As of now Markets are in oversold conditions and we can see nice jumps in the excess of 30%.

Will this effect CLL SP as you ask? It may only if we see dramatic improvement in oil prices.

The problem with the CLL is inability to services their debt at this OIL prices.

I know you hate the numbers but to know what is possible or not you cannot avoid them.

To generate $80 million (CLL interest payments) POD1 has to make $22/bbl free cash flow profit assuming average 10,000bbl/d production and 30% drop is cost in compression to Q3/2008.

To achieve this profit the price of bitumen has to go up to $47/bbl or about $80 for WTI.

Other cash flow generated by Luke, MRC and conventional oil production can only keep the company going on the day to day operation (see last CLL management discussion and my previous post (glass half full)).

All CLL projection (see CLL presentations) were based on 20,000bbl/d assuming ALGAR production. I maybe wrong but this is why the Slide #6 2009 Liquidity Analysis has been removed from the last presentation.

Selling the PDP (only available assets) is a drop in the bucket.

I am wonder how many of you believe that someone can offer as $6 per share ($2 for equity shareholders and $4 for debt holders)?