CLL reported previously that they have two oil properties in Alberta located at Gilby and Three Hills. Gilby is probably(?) the one they referred in the last updated.

Gilby is located in Central Alberta, North-West of Calgary on Cardium Formation which was a last year "darling", generating extraordinary gain for some junior oil producers.

CLL is not on the top 50 Cardium list. Some juniors on the list with 3 to 10 wells producing 30 to 100 boe/d.

As per TD report on Cardium, Horizontal multi-stage fracced well cost of $3.5 million. With the Alberta drilling incentive credits the brake-even cost is estimated at $45/bbl.

The payout time at $80/bbl is 1 to 2 years.

With 3 producing wells CLL may generate $1 to $3 million.