I have been waiting for sentiment to drop through the floor in KXL. I still think they have a great package of projects with real upside potential, and the company has very good geos with plenty of cash to work with. To me the stock deserves a higher market cap than it currently trades at. However, because the optimism had been running so high and the shares have been punished so severely lately, KXL trades like a broken stock.

Before today, all of my buying had been above my original entry level. Some of the shares I currently own I paid more than $4 for. In hindsight of course I overpaid, but I have also seen discovery stories in the early stages like KXL and the Golden Mile in 2008, where the stocks ramped up and then just kept going.

Again, in hindsight, I suppose I could find fault with the company and the biz plan but I am a big boy and take responsibility for my decisions. There are so many variables and unknowns with this kind of play that you just make your move and hope for the best. I do not think the story is over. For reference, I owned EAS cheaply a few years ago and bought more above $2 only to watch it drop to pennies in 2008. It now trades around $8, and btw, it does not have a published resource estimate. So I do not lose hope with KXL and its potential to recover. I wonder WTF they were thinking by coming out with that resource estimate, but at least it allowed me to buy more cheaply today.

I averaged down today and picked up another 10,000 shares at 22.5 cents. I doubled up and paid less than 5% for what I bought at the highs. LOL, I remember wondering why I only had 10,000 shares when KXL was a $4 stock, and now 10,000 shares is lunch money. I do not know if KXL is ever going to find something of economic value but I do know at least now I am paying a very low multiple to get that discovery potential. I may look back and realize I bought more of a sinking ship, like with EXM last year, or I may regret that I did not buy more off the lows like a few other juniors I own that have bounced solidly in recent months. All I can say is I paid the right price this time.

cheers!
mike