I have read most of the analystists predictions and prognosticators on both boards and they are all missing the hidden value contained in the following items:

1) The Twining & Penfold properties are huge (over 36 square miles or over one township each) and they are prospective for both oil and natural gas, and the value of neither are being accounted for in any present valuations. What is the value of the Twining & Penfold properties? Some have estimated the combined value of both at $150 million dollars. The information comes from the Connacher news release dated November 7, 2011 http://www.connacheroil.com/en/investor/cll-2011-11-07.pdf and from a blog on Stockhouse by "TheRock" http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30423545&l=0&r=0&s=CLL&t=LIST But is this a misreading of the information that Connacher stated in the November 7 press release? Can you add the 10% of NPV of $36.2 million dollars with the 10% NPV of $114 million dollars for the Twining best estimate contingent resources together and come up with $150 million dollars as the value of the Twining and Penfold properties? I don't know. I am not a financial expert. If not what is the real value of these 2 properties when they are sold which will add to Connacher's liquidity which a successful buyer would acquire in the buyout? The point is Twining & Penhold have value which has not been added into the value of the share price.

2) Everyone analyzing the potential share value of a prospective buyout has completely forgotten that 3 or 4 years ago Connacher commissioned an engineering firm to undertake a year long feasibility study into expanding the refinery and how big it would be economical to expand the refinery to at that time and the number that I believe they came up with was 35,000 bbl per day. I do not recall if engineering/architectural plans were drawn up at the time or not but a potential buyer would be aware of this in addition to the fact that Connacher recently purchased the shopping mall directly next to the MRC refinery. This may be a large plus to a potential buyer who is interested in expanding the refinery or spinning it off for a quick sale after purchasing Connacher. The expandable refinery has value which is not being added into the value of the share price.

3) Jurek stated: " Connacher is loosing money with the pre-payout Royalty brakes at 6%.

At 30% post payout rate new investor will loose big money on this venture.

The NAVPS are totally useless in this case. Why would you buy the NAV which can not generate any money?"

The answer is that an Asian national oil company doesn't need to purchase a company today which is profitable as they are aquiring oil/bitumen producing assets around the world to feed the need in China or Korea 10 or 15 years down the road. Just to acquire bitumen reserves for future energy security either in Canada or Venezuela, or heavy oil properties in Iran or Sudan or Kazakstan is what these national oil companies are doing every year all over the world. They are purchasing future oil reserves which will only appreciate in value over the next five to ten years +. Their time frame is different than the time frame of North American or Western European public oil companies. They are acquiring rare, strategic oil reserves at what we would consider high prices today which may not make much economic sense in todays terms to us, but to them they see future value, but more importantly they want access to a strategic raw material

These are my thoughts. Cheers; Scott