It is frustrating to see CLL's SP not move in sympathy with other oil stocks. However CLL's business model has yet to produce solid consistent results. Until that happens the SP will fall short of our expectations.
In order to move the share price confidently ahead, CLL needs to get POD 1 up to 9,500 bpd and their operating cost down to the $13 - $15 range. If they are able to do that then the cash flow will take care of itself along with the SP.
A successful implementation of Algar along the same lines sometime before Dec 2010 will see the SP move up to fair market value. The world economic recovery (and the price of oil and the light-heavy differential), all of which are out of CLL's control, are moving in the right direction. Now all CLL has to do is execute the things which are in their control.