CLL is mention in this interesting article. After all maybe we will get lucky takeover bid.

http://royaldutchshellplc.com/2009/0...

Some in the oil sands are starting to get desperate. Connacher Oil & Gas late last year shut in 5,000 bpd of production in its small project because it wasn’t even covering its operating costs. Bigger operators don’t have the luxury of halting production.

“When the temperature starts heating up in Houston, so will the deals,” says a long-time M&A advisor to oil companies. He expects at least 20 notable takeovers this year. “We will see consolidation at all levels.”

The moment of truth for many will come at the end of March, when banks recalculate the value of oil companies’ reserves. That value determines a company’s borrowing base–that is, the amount of loans banks are willing to extend the companies.

Those reserve values in many cases are half what they were a year ago; that means banks are likely to demand immediate repayment of some loans. Without enough cash or refinance options, companies will put their assets or themselves on sale.