This is a very positive NR in my mind. There is essentially nothing new or substantial in it, above and beyond what we already knew. However, it is a feel-good release. In light of recent uncertainties, such as the royalties argument, the gradual slippage in the SP, the recurring casing problems at PDP, and the general economic mood, this release will make me sleep better at night.

I have a few excerpts from the release that people might want to comment upon:

This program was initially anticipated to be approximately 60 gross wells in total, but was increased due to considerable encouragement encountered at both sites while drilling

What kind of encouragement? Good samples coming up, or a team of drillers waving pom poms and chain tongs, screaming "we can drill more!"

we believe we have delineated additional pods north and northeast of Pod One,

By "additional" do they refer to some of the potential pods that have been mentioned for years, and the drilling has been done in detail around these areas in order for GLJ to confirm their feasibility? Or do they mean that the seismic program identified possible new and previously unmentioned pods, and the drilling has confirmed that there is bitumen there, which will have to be officially delineated in future drilling programs?

In the present environment of apparent oversupply of natural gas supplies, Connacher is comfortable with its balance of production to consumption.

This, I like. Essentially, they're saying, "We're not really making much money off NG, but we expect to make more in the future, so we're not going to over-produce right now. Why rush?"

3.68 SOR for 2009 scared me though. What of this talk about hoping for 2.7-2.9, a few years ago? Hm. It sure would be nice to be able to report a sustainable SOR that is below the psychological 3.0 barrier in the next major reporting period.