bobert,

I wish I had the answer for you.

Unfortunately nobody knows how dip this recession/depression will last and when the recovering economy will push the Oil price higher. As of today we have enormous execs of OIL in the storages , in the tankers and in the OPEC capacity. This has to be work out somehow.

We all read a lot and try to make sense out of it. Personally I think this will not be resolve this year. At today prices and without any external help, with the cash left over form the $600M loan, CLL can survived till the end of this year.

If the Oil will not move closer to $60 price range we have to look for cash injection from the partnership or what I am personally interested in is the takeover play. In this situation the first to be pay out will be the CLL debt holders (Notes and Convertibles) and reminder will go to common stock holders. Buying Puts or selling Calls would be the best protection here. Unfortunately there is no activity on CLL option board. I bought some HED (bear energy ETF) to hedge my reminding CLL convertibles.

Lynn,

You are absolutely right that the management will do everything they can in this circumstances.

2Violins,

Please, please do not take the sentences out of content. Look at the big picture. CLL model has been design that the total cost and interest payments plus some profit can only be possible with the 20,000 bbl/d bitumen production (see their presentations). Algar production originally suppose to start this spring and help to cover the interest payments.

You can wait if you wish for the Q4 results. Management was very forthcoming with the resent developments and there is not much new to learn. I can be wrong with my estimates by +/- 10 to 15% .This will not change the big picture. So far my estimates were very close and most of the time to optimistic side. You had no luck at all mixing revenue with cash flow and earnings.

Dondon,...... no I will skip this one.