RE: target price (imho) will be $1.66 x.30 premiumThe fact of the matter is that equities have taken a tremendous battering since last spring and none worse than commodity stocks.
This has been mostly due to the EU debt crisis.
Resolution seems to be finally at hand although it will take months to evolve to a final solution.
This means that oil prices are unlikley to fall below current levels and will probably rise to meet increasing demand from China and other third world countries who are bringing into the middle class more than the population of canada in a single year.
Bitumen prices will continue to close the gap with WTI and raises the real possibility that bitumen prices will hit the $80 level in 2012.
Just look at OPC which brought $2.1 billion despite the fact that its economic indices are well below those of CLL.
There is no way that CLL will be sold for any less than what OPC receioved and thats above $2 per share.
Where else can oil producers acquire brownfield developments at less than $8 per barrel with a reserve life index greater than 25 years ?
No where but the oil sands and CLL is the only large independent left standing.