2C, Brian

What numbers are hard to believe?

Q4 CLL bitumen pricing at $12/bbl in comparison to Q4 Hardisty weighted average $31/bbl

MRC Q4 refining margins minus 18% in comparison to Q4 Benchmark Average +6.3.

MRC 2008 refining margins was negative 2%. 2008 industry benchmark was positive 11.32

You cannot complain when the company is loosing $4 million cash flow on the $100 million revenue when everybody else is in the same position but when you are way below the bench mark this is telling me that the CLL had extremely bad luck or is mismanaging their resources.

MRC is not a start up operation. It is well establish refinery. POD1 start-up was in Q4 2007. In Q3 of 2008 POD1 was almost at full production but at twice the OP cost then originally suggested by DG.

Brian, I know we cannot compare establish operation with POD1 but if look at Foster Creek they made over 40% netbacks on their Q4 revenue.

Just managed to listen/record last 20 min of the conference call ("drilling" by annalist). I will try to record all later.

I hope you guys will now forgive me the "COVENANT AND FROZEN 200 million CREDIT LINE "issue I brought to you 2 months ago and have got "punish" for it for "spreading the rumours". Now you just got the official conformation.

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