The Q-3 Report which just came out reveals the intent of what management will do with the cash from the sale of Connacher's conventional oil and gas assets, should Connacher be successful in selling these assets. This is stated at the bottom of page 6 of the 42 page Q-3 Report:

"Proceeds from such rationalization would be redeployed in our oil sands and conventional business activity. We do not anticipate any additional financing activity during the balance of 2010 or in 2011, with the possible exception of renegotiating our existing bank credit facility to extend term and reduce costs, in keeping with market conditions. All of our debt is long-term, with our first maturity in 2012 and remaining maturities in 2014 and 2015. We will monitor the long-term debt market for advantageous refinancing alternatives, when permitted by existing call provisions and maturities and provided price and term alternatives currently extant in the public debt market remain favourable."

I find this disconcerting as it clearly indicates to me that management has no intention of applying any of the cash from a sale of the conventional assets to pay down any debt. Management clearly stated that the debt will be dealt with by renegotiating the terms of the debt at a lower interest rate and over a longer period of time HOPEFULLY. It appears to me from the above statement, then that management will use all of the proceeds from any sale "in our oilsands and conventional business activity", that the money will be spent on vague, unidentified things and will just be pissed away with little to show for it.

I don't know. What do you think about this?

Cheers; Scott