Sharky:

In the current environment, even "high quality" oil companies are being taken out and shot. Whoever thought just a few years ago that such would be the case with $80.00+ oil?

CLL with its limited virtues, hardly fits in the company of industry leaders.

However, as much as oil companies are in general hated, the dynamics of the industry are I believe, setting up for a move to the $90.00 range and shortly thereafter test the $100.00 mark again. This move will likely have to wait however, for the current debt crisis in Europe to abate somewhat. Until it does, the US$ will remain strong ( I know, oxymoronic. isn't it) and therefore, oil prices constrained. The emerging markets are already accounting for renewed demand in a limited availability market. And that trend is irreversible!

Meanwhile, China is moving into US investments within the "horizontal" drilling technology. This I believe, is an indicator of Chinese desire to access technology which they presently do not posess for implementation in Chinese as well as other markets. This technology is applicable to both production of oil and natural gas. Both for domestic Chinese production as well as other markets. Let us hope that we at least charge dearly for the technology transfer. We absolutely must attain maximum benefit for technology transfer in the present economic environment!

Brian