Hi Cedar!

I find it odd that KXL has been struggling so much lately. I think the company has been doing exactly what I would expect from an explorer. They have generated a number of very good prospects, raised a bunch of cash, and are deploying that money in the field to explore the hell out of their projects. I think we have had some good early stage results but the issue seems to be following up with hefty resource zones. I have said all along that the narrow veins they have hit so far are too thin to generate much in the way of economics so far, but I expect its just a waiting game while they continue punching holes until we get that fat zone that is out there. Maybe several fat zones...

With all that work over the last couple of years we are closer to finding something, but until we are there, we are not there. One big drill hole could change everything and push KXL back above a buck to stay.

I have neither bought nor sold any stock for about a year now, and still have a core position in my retirement account, which was a nice chunk when KXL was above $3 but now, not so much. I will probably add a few more cheap shares here and see what comes in the next year. I do not think the story has changed much, and I am not discouraged. I thought KXL was cheap at $2.

cheers!

mike