Most of the damage to CLL SP was done today in last hour of trading.

Summary of Times & Sales show Anonymous unloading about 700,000 shares on 3:11 to 3:12 PM adding ~ 100,000 share 5 minutes later at $0.79. The nail to the coffin was added by the Credit Suisse with 20,000 shares sold at the market close lowering the SP to $0.78 about 5% down on the day when the TSX energy sector was up 1.5%.

IMO it was money managers readjusting their positions at the end of the month. Another possibility (judging by the volume) that 2CRUDE or Nick took their profit. I didn`t take my profit yet.

Nick,

About Hedges:

Without going to boring numbers look at the CLL last presentation (slide#11). You will notice that CLL Bitumen price with hedges are lower then without hedges. As most of the time the insurance (hedge) cost money. The only time CLL management was successful was the currency hedge on the original oilsand loan.

Boring numbers:

WTI Swap • US$90.60/bbl on 2,000 bbl/d

Simplified result of this swap is:

If the average monthly price of WTI is lower then $90.6/bbl CLL is getting paid monthly $60,000 (2000 X 30) multiply by number of dollars WTI is lower then $90.6

If the WTI is higher then $90.6 we have to pay to third party $60,000 multiply by number of dollars WTI is higher then $90.6

Example: if WTI average monthly is $91.6/bbl CLL pays to contract holder $60,000.

WTI Costless Collar: US$80/bbl by US$96/bbl on 2,000 bbl/d

If the WTI stays in $80 to $96 price range we loose nothing and gain nothing.

In Q1 + Q2 2011 CLL Hedging cost us $ $8.5 million.

Hopefully this is not too much confusing to you as is to me.