"Richard said this morning that MRC paid itself off in one and a half years .He said how much he paid for it ,that is a lot of profit coming into the company purse now ," diggersam.

Hi Sam

Please do not jump to any conclusion before you check the numbers provided by CLL management.

Acquisition of refinery assets cost us $66.3 M(page 24 last financials). 2006/2007 additions and expansion cost us $21.7 M for the total of $88M. 2006/2007 net refining margins were $77M. $11M short of total cost.

2008 MRC additions mainly related to meet US environmental requirements is plan for 33M which possible be cover by 2008 net margins. The point is that as of today there is no free cash coming to CLL purse from the MRC. I am not saying that this was a bad purchase. MRC so far is braking even (including the CAPEX) and did not cost to much dilution of OILSAND assets contrary to LUKE.

In my opinion the management should seriously consider abounding the integrated approach and concentrate on rapid expansion of the bitumen assets based on the success of the POD1.

If we would sell the LUKE (3500boe/d X $65,000=$230M) , PDP($120M) and MRC ($120) we could pay our long term debt and finance POD2 from POD1 cash flow. This would save as 60M annual interest payment and will double (or more) the CLL share price immidietly.

We would become pure oil-sand fast growing play with premium valuation (10 to 12 X cash flow). As of now the integrating approach is very confusing to the market and we all see the result of this in stagnant share price. (Integrated EP have lower multiples then high growth EP).