Spidey, Jurek, thanks for the replies. Good info from you both, as always.

Have to keep reminding myself that I'm in this stock to make money; I'm not doing this for fun, even though I do enjoy ruminating on this company's future.

We know Mr. Market rewards growth and profitabilty. But if Jurek and Spidey are correct and CLL can barely make ends meet in 2011 with Pod1 and Algar cranking out 16k bbl/d in 2011 (lowball optimistic scenario) and bitumen prices are range bound between $49 and $61, then I can't forsee Mr. Market revaluing upward CLL's share price.

If the only route to increased profitability is by expanding production another 24k then it's reasonable to assume that Mr. Market will hammer the share price again, because CLL will have either issue a boatload of shares lower than the current s/p, and/or borrow more money (!), and/or sell a significant equity stake in that project.

Re that last point, DG has not demonstrated a willingness to give up control of his companies, even when the price was atonishingly good (remember PDP $20+ p/s).

So let's assume DG wants 60% of the 24k expansion. 60% of $600 mm is $360 (same cost as Algar!) and you own 14.4k of production. The other party would then pay $240 mm and own 9.5k of production. Hmm ... I could see a Teachers, OMERS, CPP or Manulife putting up the $240 mm, a decent return there for the next 20 yrs.

But where o' where, and how, is CLL gonna get the $360mm to pay for the expansion and increase profitabiliy and lower their debt and INCREASE THE SHARE PRICE?

Thoughts? Anyone?