Rebels:

Now, to address one of the points you raise. Connacher made a couple of egregious decisions in 2008. One was to under capitalize which ultimately led to the decision to suspend operations at Pod 1 with the negative production results we all are now familiar with as well as significant field remediation costs.

Progress on Algar as a result of the under capitalization issue had to be delayed with not only lost time but lost opportunity and additional added costs. Additionally, the decisions to forge ahead were made at a time of maximum economic risk and with oil at all time highs. As it turned out, this created vulnerability to Connacher at the worst possible time. The results of these decisions are now plain for all to see. One can say the events were simply the result of bad luck. But in actuality they were decisions subjecting the Company to undue risk at the worst possible time. Tough to know? Sure. But then exactly the sort of issues that Management is paid to know as part of risk control. And the types of issues they are paid big bucks to know.

Brian

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