Very interesting. CIBC is entertaining sale possibility of all CLL Oilsand operations. Hopefully this could bring $1.6(?) offer for the common shareholders.

CIBC Oil Sands Watch - Executive Summary - June 28, 2011

Connacher will begin a process to bring in a JV partner for the development
of its oil sands assets. The company has indicated that it will likely formally
announce financial advisors in late summer and formally kick off the process in
early fall.

We believe the most likely outcome would be for the company to
undertake a JV on its producing assets and future developments as opposed to a
JV simply on its undeveloped resource.

Given that we value Pod One and Algar
at approximately $1.4 billion, the JV could be quite meaningful in size and would
not only fix much of Connacher’s overweight balance sheet but alleviate
concerns about developing the proposed 24,000 Bbls/d Algar expansion.

With Connacher’s JV being smaller in scale than those for Athabasca and Cenovus, it
is likely to attract a different set of partners [more likely mid-size international
oil companies (IOCs) than national oil companies (NOCs)].

Additionally, we would not rule out the JV process morphing into a broader review of strategic alternatives such as an outright sale or sale of oil sands and spin-out of
conventional assets.