Spide,

Good, positive look into the CLL Q4 hedges.

IMO the New CLL Hedge you are referring to will not generate any additional cash flow for CLL if the price of WTI oil stay bellow $84. The old hedge (April to Dec at $49.5/bbl) will show massive lose which will effect Q3 and Q4 earnings.

In Q2 CLL reported more then $14 million loses related to the hedges. Q3 will be much worse (IMO over $20 millions loses related to derivative) offset to some degree by strength of $CND.

On the other hand stronger $CND is muting the prices of Bitumen in relation to WTI price. MRC Gasoline margins are down to the levels not seen from Dec2008 crush. Very unfortunate situation for the next 3 months.

Today`s good move, IMO was related to sector sentiment. Most Oilsand juniors (UTS, OPC, NPE) were up more then 5%.

Hopefully the action will continue tomorrow.