We have been discussing a 600,000-plus share short position in KXLAF, the u.s. pink sheet equivalent of KXL.V. In that light, I am looking at a disparity in the closing prices of those two securities, which are fungible one for the other.

KXL Tuesday closed at c$2.31, which equates to u.s.$2.26. Meanwhile, the pink sheet KXLAF closed at U.S.$2.34, or eight cents higher than currency rates dictate.

Canadian volume was 377,000 shares. Pink sheet volume was just 23,600 shares.

This disparity is not extremely unusual, but it is not the norm, either. I will be watching it with different eyes in the near future.

Michael