Mike,

Conserving cash makes sense only in the sense that you don't want to run out until the economy improves and any subsequent financing would be easier or less costly in terms of dilution. OTOH, it doesn't make sense just to do nothing and wait for admin expenses to drain the piggybank. Waiting to drill doesn't make it any more or less likely that they will find the good stuff. I'd like to think that KXL will drill as quickly as previous and incoming results allow. This is where we really have to trust their geo's judgments, since we don't have access to what they know or are thinking.

I'll wave at you from my foxhole. Not much else to do but sit and hold- selling now at the bottom is not really an option, and I've already put as much as I want into my other favorites.

spiny