"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"

Small correction to your fine deliberation.

$49 is not a bitumen price . It is a Dil-Bit price. Bitumen price will be about $36 per bbl for POD1 and slightly higher for Algar. POD1 bitumen is sold with about 5% discount due to lower quality.

But where o' where, and how, is CLL gonna get the $360mm to pay for the expansion...

I think I suggested the answer in my previous post. Money can only come from the shareholders (debt or equity), partner or a new owner. I have a feeling that something is in the works.