"Almost everything sounded very positive to me."/bbq

I agree. The last Conference call in December was enthusiastic as well.

Few points learn at Q&A sessions:

.....Management hope that in 2009 POD1 will generate positive netbacks. At today bitumen prices ("as per management "$25 to $30/bbl") POD1 netback is "$5 to $10/bbl". Looks like OP cost is $20/bbl

IF Bitumen price stay at this level POD1 will generate$13 to $25 million.Interest obligation is above $80 millions per year.

.....At today WTI prices their WTI Hedges are "out of the money" and negatively effecting the POD1 netbacks. The higher the WTI goes the higher hedge loses will have to be book.

..... CLL working capital as of today was $185 millions which will be spend in 2008 on remaining CAPEX and interest payments.

Contradictory to what one poster imply this working capital is all what is left from the $600 million loan. At the end of this year the $600 M Oilsand Loan money will be gone.

... CLL needs additional financing and DG is working on it (to complete the Algar we need $195 M which we do not have).

.....POD1 ramping up today at above 8000/bbl/d and will achieve full production in 30 to 60 days. (Previous promise was at the end of February)

.....Two additional well are drilled. They have to be steam and tested before they contribute to the POD1 output. Apparently two existing wells are not producing too much.

.....they hope that POD1 operational cost may go as low as $16 to $18 /bbl. Last year average was $26/bbl. This does not include the transport.

....he would not answer the specifics on liquidity question (because restrictions) but said that is sufficient for 2009. They are working on more loans. To keep the operation they got the Cash Collateral ACC.

...They liquidated the ($150M +$50M )credit line because like he said "we are not stupid". Banks ask them to default the credit. See excellent Boster post on this subject.

....MRC unionize workers pension plan is under funded (Not a significant problem).

I recorded the Conference Call on my computer. If time permits I may have more details.