Rebels, you said, "Very simple and non scientific..NO MATTER how you look at it CLL is worth more than it owes and more importantly is worth MORE than monies raised. HOW money is spent is irrelevant, what counts at the end of the day is the BOTTOM LINE."

I agree, mostly. But what also counts at the end of the day, in addition to the bottom line, is how the assets are valued. If I have a house that cost me $100,000 to build, and for some unknown reason I absolutely HAD to sell it right now and I have one interested party who is willing to offer $50,000 cash right now, then my asset is "worth" $50,000. If the same party is willing to offer $150,000, then my asset is "worth" $150,000.

Asset values as determined by accountants and GAAP can be misleading.

Some might think of this as a negative post, assuming that I mean that the assets are overvalued. Perhaps. But my feeling is that maybe some of the existing assets are overvalued in today's climate, yet the underlying resource (bitumen) is probably significant undervalued due to the lack of comprehensive drilling. So the net effect is that I believe the assets of the company are far greater than Rebels indicates, but of course he's only pointing out the "official" valuation.