Sorry. I need to correct the 2nd option in my last post. It should read:

2) A reverse share split of 6 existing shares for 1 new share in Connacher which will boost Connacher's share price to $7.98 a share with a total of 80 million shares. Connacher can then use its exisiting cash flow and cash reserves built up during 2011 (with an oil price over $100 WTI) to pay for part of the 12,000 bbl expansion at Algar and raise the rest of the $450 million dollars needed for the expansion by selling more shares. Connacher will still have to renegotiate it's $860 million dollar debt over 25-30 years at a lower interest rate, and the sale of MRC and all of the conventional oil and gas assets will go to pay down debt.

Cheers; Scott