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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: 4th quarter

The second half of the 4th quarter will be strong as dilbit price rose after Nov 10. 1st half of quarter will be weak.

They will have a fairly big foreign exchange gain and of course record production numbers.

Moving forward

1)dilbut prices must go up, CLL has no control over this

2)the $50M from conventional sale must be used to pay down debt, without paying a premium penalty,

3)continued bitumen production increase,

4)operational expenses must be kept in check, they are getting a little high

5)new conventional oil will add some cash back from what was sold.

IMO these are all very manageable items and we will see increase in SP when these things start to occur, not before

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