Hi Sharky:

Concerning your statement of halting further expansion and working not only on paying down the debt but to get into a position to redo the current debt terms, remember what Jurek stated several days ago.

Jurek stated: "As all of you remember the $800M debt NOTEs are protected by all CLL assets (except PDP). Disposal of LUKE and Conventional Oil assets would require the renegotiation with the CLL debt holders. We know what happened last time we negotiated with banks. We ended up with big dilution."

So it appears to me that Connacher's divestiture program to sell it's conventional assets if it is successful would trigger a renegotiation of Connacher's debt automatically, at which time Connacher could pay back some of the money realized during the monetization of it's conventional assets from the divestiture, while at the same time renegotiating it's long term debt say over 25 years to significantly reduce it's twice yearly massive interest payments. Of course Connacher's bankers will not do this for nothing. Connacher will most likely have to pony up 20,000,000 to 30,000,000 shares to it's bankers free, for the privilege of renegotiating the debt with them. Bottom line is it's going to cost us share holder's a lot of money. It looks like management has to choose between lowering it's excessive interest payments to increase Connacher's cash flow substantially or to dilute the value of Connacher's shares further. Issuing more Connacher shares to the banker's at todays share value of $1.12 is going to hurt like hell. If the divestiture triggers debt renogiation, is this the best time for Connacher to sell off it's conventional assets? As past history has shown us so many times before, management's timing appears to be off.

Cheers; Scott