Hi sharky:

In response to your comment:

"NAV Per Share Amounts:Shares Outstanding (Pro-forma October 2009 Flow-Through) 426,739,809 (5)$4.74Maximum Shares Outstanding (Pro-forma October 2009 Flow-Through) 442,625,006 (5) (6)$4.64

How must I see this then.If we by circumstance should taken over is this somewhat a minimum price then or not ?Or plays the debt amount a big role in it .We have the value's of the land ,PDP ,MRC etc... but also the financing situation.So how must be look up towards the value print of CLL.Maybe on page 15 that's the reason they will try to improve their reserves.On the chart we can see a larger upwards move in 2010 .If they prove up their assets value of bitumen which is still in the ground at some point it's underlined their value even it's not produced yet .Do I see it the right way?"

Unless I am wrong, any proposed outright takeover of CLL would be based on CLL's share price. So if today's share price was for example $1.50 CDN then the buyout price would normally be based on a 20 or 30 day average share price. Once they come up with that, the buyout company would then normally offer a 20 or 30% premium on this average share price. So shareholders might be offered $1.75 to $1.95 CDN. Connacher shareholders would never get the NAV of $4.64 CDN especially with all of Connacher's existing debt. This is why I don't see any company offering to buy out Connacher unless it was offered by a foreign government owned oil company which specifically wants to own Connachers oil reserves at any cost for strategic reasons (which makes the economics of owning the resource immaterial to them).

Best Wishes; Scott