Good points, bbq.

This is disappointing report. Most if not all O&G producers reported OK cash flow in Q4 and very good cash flow for 2008.

Some numbers from Q4/2008 are hard to believe:

Q4 revenue..... $102.1 million Q4 cash flow...... loss of $4.7 million

Q4 Bitumen pricing ( what CLL was selling the Bitumen for) was $12.06/bbl when the average crude oil was $48/bbl.

Average POD1 operating cost was $26.42/bbl

Q4 refining margins minus 18%( selling the product 18% below the cost), total for 2008 minus 2%.

If you add MRC 2008 Capex she drain out from the CLL account more then $30 millions in 2008.

All cash on hand (reminder from the $600 million loan) is going to be burn this year on interest payments and projected maintenance and reduced Capex.

Have to go now, we will find out more tomorrow from the annalist questions on the conference call.