Hi Scott,

I think you hit the nail in the head suggesting that Michael Murphy's price targets for Connacher are ridiculous. This guy never read any of CLL financial report and possibly do not know the difference between the Bitumen and Light oil.

What matters here is the numbers of his followers who pay $345 per year for his news letter. Hopefully they can buy few million shares and push the price to $1.5 per CLL share. This is all we care , don`t we?

Seriously, Scott did excellent Report on CLL. There is a lot of numbers wich sugest CLL take over valu of $1.5 if the management do the right thing and sell the company.

CNOOC bought 25,000 bbl/d production of refined light oil (35% of Long Lake project) for $2.1 billion. They paid $34 million (12 cents a share) to OPTI shareholder and $2 billions to debt holders.

The similar offer for CLL 20,000 bbl/d of bitumen (POD1+Algar) would be in the range of $1.6 billion.

$1 billion (900+100) would go to debt holders and the reminder of $600 million would go to us.

This translate to about $1.4 per CLL share. Conventional and Refinery may add another 10 to 20 cents per share. We would end up with about $1.5 per share.

Will this happen? Not likely, because CLL management owns only about 0.5% of outstanding shares. They would gain nothing by selling the Duck who lays for them golden eggs.

As for a conventional production opportunities... as suggested by Scott, it is a long term project which will require substantial financial resources to build the infrastructure. In the mean time it may provide some excitement and give the share price small boost.

If you want to play Alberta`s Cardium excitement you should focus on other Oil Junior companies. In May I suggested on this board two of them. ARN and SCS. Since then they are 35% and 25% up.