the following is from Connachers New Release,this is not some ANALysts' take,or someones opinion ,these are just unbiased FACTS,no need to speculate here,simple math will show NAV is at a great discount!!!!

After production of approximately 1.1 million boe during 2008, the company's conventional 1P Reserves also increased eight percent to 7.4 million boe. Total corporate 1P Reserves, combining bitumen and conventional Reserves, increased 205 percent to 183 million barrels during 2008 and increased 56 percent from mid-year 2008. Total corporate 2P Reserves increased 103 percent during 2008 to 379 million boe. Despite the adoption by GLJ of a more conservative price deck in their year-end 2008 evaluation and after the impact of the application of the new Alberta royalty program, the estimate of Connacher's 10 percent pre-tax present value of future net revenue from its 2P Reserves increased by 29 percent from $1.2 billion at year-end 2007 to $1.5 billion as at December 31, 2008.