cedar,

I haven't gotten the package and report yet, so I'll rely on your summary.

I think the million for management is probably reasonable- how much could it realistically be reduced by? The more important question is whether the right amount of money is being put into drilling and defining a resource, and how well it is being used. I wish management were a lot more open in that regard, especially in outlining what is going on and explaining how those decisions were made. "Trust us" works for a while, especially when you know management consists of good people, but gets old after a while. Especially so when events such as Chornobay leaving occur- Did he just decide it was time, or was he forced out for bad decision-making? And news releases don't have to give anything away prematurely- just keep us updated on how our money is being used and why.

I look forward to any NR associated with PDAC. The frequency of NRs has been reduced so much that we now expect blockbusters when they do come out (another disadvantage of not keeping us informed with regular updates). And if there is no blockbuster, then we wonder what has been happening during all those months, and begin to question management even more. If KXL has their act together, we will see a series of NRs leading up to a significant 43-101. Many well-managed companies manage to avoid seasonal and sector pullbacks, and with the properties they have, KXL should be able to move the sp up significantly. And since I'm not a trader, I don't mind volatility- I'm either in or I'm out. Looking back at recent results, it may have been best to have been out of KXL and into other companies that have made major advances in sp recently. Still, I'll stick w/ KXL for a bit longer for the same reason I got into it- properties with unlimited potential.

spiny