Connacher Oil & Gas Ltd CLLZF

RE: The more I read...

[Wellsitter]

Maybe you need to read some more. Proved + Probable at Dec. 31 2009 was 390mm bbls of bitumen (not oil). Then came the news release of July 7, 2010 which says inter-alia:

"Connacher’s Proved and Probable Reserves Surpass Half a Billion Barrels

Calgary, Alberta – Connacher Oil and Gas Limited (CLL – TSX) announced today that as at June 30, 2010 the 10%
present value (“10% PV”) of its estimated pre-tax future net revenue of its proved and probable (“2P”) bitumen reserves,
as evaluated by GLJ Petroleum Consultants Ltd., independent qualified reserves evaluators, (“GLJ”), increased 35
percent over year end 2009 values to surpass $2.7 billion as a result of a 32% increase in 2P reserves to just over 500
million barrels. The company’s proved, probable and possible (“3P”) bitumen reserves also increased 31% percent during the same period to reach 605 million barrels."

You will also note that the $2.7 billion NPV as evaluated by GLJ Consultants equates to "10% present value of its estimated pre-tax future revenue of its... 2P bitumen reserves".

Reading you can do. Comprehension is the issue perhaps.