Spide:

"I was a little off. I said $19 for OS it was $12.5"

Well, you had the total numbers right. I suggested that the netbacks will be closer to $10 millions then $20 millions. As expected depressed bitumen prices took a big bite on the CLL cash flow.

In regards to forex gains you have to give five star to finance department which created on paper unrealized gains of $23 million just using the exchange calculator on the CLL long term loans. Without this paper (non cash) gains we would report 4 cents loses. Actual Forex gains were only $193 thousand.

Good for them. This is why we pay big dollars for the accounting department.

Main stream media (including Reuters) are following the management headlines. They look good in comparison to 2009. (No comparison to Q2 numbers in this report).

It will be interesting to see what the financial institutions will decide to put their emphasis in their comments tomorrow. Hopefully they will issue some upgrades.

As I suggested last week that this will happen, Management again revised down their guidelines for 2010 EBITDA from 112 to $91 millions and 2011 Bitumen production level to 14,500 to 16,500 bbl/d levels. As per CLl projections 2011 netbacks should cover necessary capital expenditures. No money left for Algar expansion.

A lot of good info out there including problems with POD1 and Algar production and costly refinery improvements. So far in 2010 we spend $30 millions for POD1 improvements. In return POD1 generated about $20millions. $10 million loses on bitumen selling not included interest expenses.

Very well written report. The numbers by itself ...well we knew what to expect.

With Bitumen prices improving dramatically in last two weeks we should see a better times ehead.