rebels1;

I agree with everything in your post except the following:

"If you look at the information from the Q1 report below,you'll notice that CLL can survive fiscal year 2009 with oil at $45 U.S WTI. If you look at the information you'll see the first hedge ending in August 2009 for $46 second ending Dec 2009 $49.50 and that if I'm reading it correctly only 2500 bbl/d or roughly 33% of current production is committed" - rebels1

My interpretation is that 2500bbl/d of production is hedged until August 30th and an additional 2500bbl/d of additional production concurrently is hedged until December 30. So Connacher has hedged 50% of its production until August 30th and then 25% after that until December 30th. I agree with you that this was a smart move at the time and it still may be a smart move if oil tests $40 a barrel again in the near future before the next run up.

Best Wishes; Scott