The value of PDP isn't 24% to CLL. It was stated that for every $1 increase in share price of PDP, the value of CLL goes up by 25 cents. That's sort of correct in concept, except that you have to factor in share dilution. CLL has many more shares outstanding than PDP. If they had the same number of shares, then the above statement would in fact be correct. However, because of the dilution factor, I believe that the leverage is only 3 or 4 cents per share. I haven't done the math, but I seem to recall it being about 6 cents before our recent dilution.

So anyway, for every $1 rise in share of PDP, then CLL's price should rise accordingly by about maybe 3 cents. If PDP suddenly got back up to its previous highs of around $25 per share, that would add about 75 cents of value to each CLL share. Not likely, and not a big deal.

But I do feel some reluctant support for purchasing those PDP shares. As stated, management are the only ones who really know or think they know (hopefully the former) the potential of what PDP is sitting on.

The recent debacles in PDP did come somewhat as a result of the failure of the Argentinian sale, but were more directly linked to the problems with the Colombia well. That well looks to have good production potential, but because of geological challenges (seismic, not surface problems), the well would be extremely challenging and expensive to produce. So PDP may, in my opinion, look for a partner there to help defray costs of a proper exploration and production program. Colombia has big potential, but it expensive. But I think their real future potential likes in the Peruvian properties.

I do like the idea of CLL purchasing some of their outstanding notes back at pennies on the dollar. That really made me smile. In a very small way, that's a big of payback for the problems that the economy and markets have caused for everyone involved.