Scott:

Why are you in such a rush for a joint venture? Other than a jump in SP that would benefit day traders there's no real point in a joint venture right now. As far as waiting too long and being the only pretty girl at the dance without a partner.. Well that would be preferable to being too easy and being the only pretty girl at the party knocked up and on welfare 9 months later..You're assuming that CLL hasn't already been approached and refused the offer. When market sectors are hurting only scavengers come around looking to low ball. These joint ventures being announced are mostly with upstart companies, kind of reminds me of the Dot.Com days..You know building companies to the point of being taken over then starting a new one. Like Gusella did with Deer Creek.

IMO if any offers were made they weren't in the best interest of CLL..The terms may have been so ridiculous they weren't even worth it. Don't get me wrong I think a joint venture for future development would be a good thing but if the terms are a cut in existing facilities then forget it. IMO CLL wants to retain 100% of existing facilities and it may be a condition that companies looking for joint ventures may not be interested in. Gusella isn't an idiot he knows CLL has the ability to function without expansion providing oil maintains current levels. CLL has the reserves just not the cash to go after it without more debt of massive dilution neither of which is in anyones best interest. IMO his best option is to sit tight and wait for SP to increase to a point where money can be raised without too much dilution and if a real sweet offer comes along then take it..There's no rush, the oil isn't going anywhere.