[jasonturbo]

I think we are all feeling the same way about CLL, the reality is that the economics of the operation don't leave much of an upside. Provided the price of oil stays up, NG stays down, and production remains steady, the figures would suggest the company should be posting a positive EPS... but that's obviously not the case with the earning report... though there seems to be a fair bit of information missing to show how that 59M loss came to be. Until CLL can expand there is not much of a chance that this company will start pulling in big enough money to really justify a long term hold... especially with no dividend... and the economics of CLL as of today don't leave much wiggle room to finance an expansion, especially not with Alberta's current construction climate. The expansion and associated production are the key with this operation.

So where does that leave CLL? And why is the share price holding up? Seems odd...

CLL basically has one of the largest proven producing oilsands leases in Alberta that isn't a giant swamp in the middle of nowhere. 87000 net acres of land is a lot... 350 km/2. Between the cost to buy the land, do the survey, build the facilities, build the refinery, buy and develop the other conventional assets, staff it and build a corporate identity, it would cost far more to obtain all of these assets individually than it would to buy CLL as one package. Toss in the fact that they had someone taking a shot at the company before Xmas tells you that there is interest.. and that's what's supporting the current share price.

And that's why it's tough.. from a fundemental perspective, IMO you would be better to park you money elsewhere, there is lots of good buys out there right now that aren't based around "waiting for the halt"... but that's the trouble, that's when you make money investing, when you don't follow the herd, who in this case have probably long pulled out of CLL.

I think I might cut my CLL position in half again, spread it out as I feel there is some good deals out there (YNG, ROG, FRC, NZ, URRE, POT, etc)... and give CLL no more than a month for some action... I only recently doubled it before the earnings report incase there was good results and spike, I also believed that even with bad results the price wouldn't move too much.. as at 1$/share.. for someone to get this company for 448M would be getting the deal of the century.