Eric Nuttal on BNN

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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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Road_Warrior

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Eric Nuttal on BNN

posted on Oct 14, 2011 10:14AM

Yes Eric Nuttal was on BNN last night. Remember in August the last time that he was on he stated that he had purchased 10 or 12 million Connacher shares at around 80 cents a share, well last night he stated that he is still holding these shares plus he just purchased another 1 million shares at 38.5 cents for the fund that he manages at Sprott. He is holding 13 million CLL shares at the present time. He also said that this is a high risk investment due to it's high level of debt. He said that Connacher is in no threat of going bankrupt anytime soon. He stated that the value of CLL assets is above $1.50 a share. He is basing this value on $90 dollar a barrel oil for the foreseeable future. He said that if oil fell below $70 a barrel Connacher would be in trouble however, he doesn't see the price going down to this anytime soon

To listen to what he had to say about Connacher go to the 5 minute mark:

http://watch.bnn.ca/thursday#clip549432

Also, he has an excellent analysis on the value to oil companies if you listen to part one at: