I really want CLL to succeed, I have too 'cause I got a lot of shares @ $3.20. I respect DG, I admire what he has accomplished since 2004. But .... based on my reading of the q report, and I'm not a CA and not an OS engineer, I'd say CLL needs to reduce debt and raise money to build Algar asap.

How? Well, for starters, sell the non-core assets. Sell PDP, sell Martin Creek, Halfway, Seal and Hangingstone. Heck, sell Luke too, then buy ng forward contracts as far out as possible to secure low nat gas prices for the next several years. Prob won't go up much anyway because fracing technology appears to be a game changer and there won't be a shortage of ng for a long, long time. I could be wrong about that, of course.

Moving right along, sell 50% working interest in the Montana refinery, or sell the whole damn thing. I'm still iffy about it's value to CLL. The 'mini-intergrated' bus model is, I think, has not helped CLL sp. I think Jurek made this point a long time ago that CLL would have better off as a pure-play oil sands producer. I know having the refinery allowed DG to borrow money but maybe this year would be a good time to sell it. After all, they spent a lot of money fixing it up in 2008.

Moving along further, I think CLL should sell off the so-called pods along the periphery of the Great Divide property. There's probably enough oil in p1, p2, p3 to keep the POD1 refinery and Algar chugging along at 40k boes. If they need more, I think AOS owns some property nearby, JACOS too.

My deepest thought is, fwiw, that CLL's best bet is partnering with a deep-pocketed investor like a pension fund. Sell debt give up some equity. Manulife has an interest in NAE.un for example. An oil sands producer, cranking out 40k boe's a day would look mighty attractive to a large fund (CPP?, Teachers?, OMERS?) looking for a 7% roe.

Who knows what excitement 2009 will bring. But I think we need to base it on $40 oil.

Good luck to us all :)