Sounds like much very good news again. Management appears to really be working the financials with respect to hedging and leveraging/deleveraging to improve cash flow. One would think the SP would begin to firm up going forward.

I found the ABCP news especially interesting, as I really didn't expect to see anything positive come out of that.

     "Petrolifera was pleased to see a long-overdue final resolution of the

Asset Backed Commercial Paper ("ABCP") controversy in Canada. The company

recently received over $1 million of accrued interest, calculated after

deducting legal costs associated with the resolution agreed and approved under

the Canada Business Corporations Act and the Company Creditors' Arrangement

Act. This is the first interest payment we have received since the market for

ABCP froze in 2007. We also anticipate being issued and receiving new notes to

replace those acquired in the open market prior to August 2007 and also

completion of a revised credit facility with a Canadian chartered bank, which

will allow us to categorize related borrowings as long-term. This will result

in an improvement in Petrolifera's working capital. Also, we anticipate an

expansion of the credit facility to approximately 75 percent of the face value

of the notes. This will further increase our liquidity by approximately $10

million. The estimated fair value of the ABCP replacement notes will be

assessed in the context of our year end 2008 financial and operating results

and audit thereof."