so we have Ivanhoe in the news with a funky extraction process,this process will probably be open to all,one should note that Ivanhoes reserves are not proven so its claim of 50,000bbl a day are speculation,given all this ,the read below casts some outlook for CLL,most of the pessimisim lately has a basis of Oil with a declinning price,now IMHO this is totaly preposterous,I of course am a beleiver in Peak Oil ,especially the view that Oil is a depleting Commodity as such SUPPLY will never keep up with todays DEMAND let alone the DEMAND going forward.Connachers cash flow has had a temporary setback due in no small part to present recession,but with the recoverey that is inevitable,given everyone on the planets efforts,Oil will be the first to recover ,this commodity arguabbly being the basis of all energy which in turn is life to mankind??

Bitumen (Heavy Oil)

After production of 2.1 million barrels of bitumen in 2008:

- Total Proved Reserves ("1P") were up 231 percent over year-end 2007
levels of 53 million barrels to 175 million barrels and were up 59
percent to 175 million barrels from 110 million barrels at June 30,
2008; 10 percent PV of future pre-tax net revenue was estimated at
$888 million ($4.21 per basic Connacher common share ("common share"
or "share") outstanding - 211 million shares outstanding at
December 31, 2008). The average bitumen price forecast to be received
for 1P reserves over the estimated reserve life ending in 2047 was
$68.14 per barrel.

- Total Proved and Probable Reserves ("2P") were estimated at 370
million barrels, a year over year increase of 108 percent and
essentially flat on the mid-year estimate of 372 million barrels,
after production during the year; 10 percent PV of future pre-tax net
revenue was estimated at $1.4 billion ($6.50 per common share).
Average forecast bitumen price over a longer estimated reserve life
ending in 2058 was $83.74 per barrel.

- Total Proved, Probable and Possible Reserves ("3P") were 443 million
barrels, compared to only 242 million barrels a year ago and again
essentially flat on the GLJ Mid-Year 2008 Report; 10 percent PV of
future pre-tax net revenue was estimated at $2.1 billion ($9.97 per
common share), compared to $3 billion ($15.00 per share on fewer
outstanding shares) at December 31, 2007, primarily reflecting the
adverse impact of a lower price deck and the impact of higher
royalties used in the analysis.

- 1P plus Low Estimate Contingent Resources were estimated at
308 million barrels, more than double 2007 estimates, with a 10
percent PV of estimated future pre-tax net revenue of $1 billion
($4.77 per common share).

- 2P plus Best Estimate Contingent Resources were estimated at 502
million barrels; estimated 10 percent PV of future pre-tax net
revenue was $1.5 billion ($7.29 per share).

- 2P plus Best Estimate Contingent and Best Estimate Prospective
Resources were estimated at 585 million barrels, with an estimated
10 percent PV of future pre-tax net revenue of $1.6 billion ($7.80
per share).

- 3P plus High Estimate Contingent Resources of 628 million barrels;
estimated pre-tax 10 percent PV of future net revenue was $2.4
billion ($11.44 per share).

- 3P plus High Estimate Contingent and High Estimate Prospective
Resources estimated at 842 million barrels; 10 percent PV of future
pre-tax net revenue of $2.8 billion ($13.12 per share).
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