Connacher Oil & Gas Ltd CLLZF

RE: bit price

[strzelin]

Reported at Hardisty March average weighted price for Bitumen of diluent quality (724kg/m3)was $79.36.
As of April 21 was $88.5.
This does not necessary suggest the price of bitumen CLL is receiving . As they stated ,part of their production is sold as a raw bitumen due to shortage of diluent and logistics of delivery . Price will also depend on the local supply and demand. My best estimate is average of $65 for their bitumen in March.
As you can see from CLL Q4 report they were selling their conventional oil for $53 when the average on the market was about $90.
Going back to POD1 Q1 average production one must remember that January extreme temperature did not allowed for conversion and main increase was achieved in February.
Last note. In Q1/2008 CLL will report POD1 production for March only. Jan and Feb will not be included in the Q1.
 What is your definition of profit? Does it include the the royalties, finance charges, taxes, depreciation and amortization charges, G/A charges?