Hi rebels1.

I am of the same opinion that you are in that under no circumstances to I want a takeover either. You stated:

"However just for fun let's discuss it... You have to consider oil reserves and production after Algar is completed. If CLL were debt free and you just take total assets SP value would be $3.91. However since we do have a large amount of debt equal to $2.50 a share our true value is $1.41.. Considering the majority of current shareholders paid less than .95 a share, then someone could easliy offer $2.50 ( just take over the debt) and most would jump on the offer."

I would agree that 50% of the shareholders of Connacher got in at less than .95 cents a share and a number of others (unknown) have been able to reduce their share price to around a dollar by averaging down or by selling and buying back in lower. It is also possible that many of them would jump at an offer of $2.50 a share to sell out to a buyer , many of whom might even jump at an offer of $2.00 a share. However, there are I bet a large number of owners who are still hanging on because they bought shares above $4.00 a share and they would vote against selling until they get their money back. There will be a lot of shareholders who put Connacher in an RRSP or ERA (USA) who have put the shares away for the future and are prepared to wait 5-10 years to retirement and do not care to sell until then.

Many of us who are holding long term like the possibility of Connacher's 25 year plus production profile, which if it does not get taken out, will provide us with an anuity of dividends plus share appreciation down the road which many companies on the stock exchange cannot offer the possibility of. I guess the difference is between those who are investors (long term) and those who are stock sellers (short term profiteers). Once Algar is completed and production is ramped up to design capacity Connacher in my opinion will cease to be a speculative investment and the share price will improve (assuming the oil price is stable above $70 a barrel WTI and the exchange rate is favourable in Canadian dollars. At this point there will be very little risk envolved in owning Connacher shares. As you know the risk in owning oil and gas company shares is that the conventional oil and gas company must be constantly drilling new wells to overcome decreasing production (esp. natural gas) and that they risk drilling dry holes and blow outs. However, with Connacher having already discovered production for 25 + years there is very little risk involved. My point is to go back to who would be interested in buying Connacher for $2.50 a share X 439,890,000 shares = $1,099,725.00 ?

Big companies like big projects 80,000 , 100,000 , 200,000 barrels of bitumen per day. At today's price for oil Connacher's modular approach to bitumen production I personally think is too small to pay over one billion dollars for. Of course if oil were to go up to $200 a barrel (Jeff Rubin et al) and PEAK oil starts becoming a pressing reality then I think what you are saying might be possible. But by this point greed starts entering into the picture and the shareholders who got in at 90 cents will start thinking why not hang on for a 5 bagger or a 8 bagger (with the price of WTI oil going way over $100 a barrel). Greed will take over at this point for the retail investors, whereas the high frequency traders (CIBC) will be happy to settle for a smaller profit every minute due to their algorithms.

Best Wishes; Scott