Suggested spinning out of the conventional assets (if this ever happen) could be a nice addition to $1.6 (?) cash per share if they can sell the oilsand business.

As we know so far one of 3 CLL`s wells at “hot” Alberta`s Pekisko Light Oil play was successful with 200bbl/d in mid point of IP.

3 additional horizontal wells has been just licensed at the end of June (about 10 km South West of the Three Hills). Things are worming up here and hopefully this could reverse the slide of CLL SP.

Well ID: 00/02-23-031-25W4/0
Fluid: CRUDE OIL
Licensee: CONNACHER OIL AND GAS LIMITED
License Date: 30-Jun-2011
Projected Depth: 3,355.2 m
Field: TWINING
Terminating Zone: PEKISKO FM

Well ID: 02/01-23-031-25W4/0
Fluid: CRUDE OIL
Licensee: CONNACHER OIL AND GAS LIMITED
License Date: 30-Jun-2011
Projected Depth: 3,354.5 m
Field: TWINING
Terminating Zone: PEKISKO FM

Well ID: 00/01-24-031-25W4/0
Fluid: CRUDE OIL
Licensee: CONNACHER OIL AND GAS LIMITED
License Date: 29-Jun-2011
Projected Depth: 2,903.0 m
Field: TWINING
Terminating Zone: PEKISKO FM