Hi Jurek;
"Scott, nice transformation on your side from cautious to exuberance. What happen to usually good due diligence on your part?"
I am not being exuberant. I am still cautious about my investment in Connacher but I am an investor and like Rebels1 I am looking 5 years down the road. In the great scheme of things downturns turn out of be a blip in the rear view mirror. This past year has been very difficult for those of us who have held onto our shares and who are awaiting the next upturn so we need a few positives to get us through the next few months until Algar comes onstream. I was just thinking yesterday that looking back on the last year, Connacher is very lucky to have survived at all. We all know that the heavy oil business is very very capital intensive, and that it is very hard to make a dollar in this space in the best of times, and with the perfect economic storm thrown into the mix it is really amazing that a small company like Connacher survived at all. Yet Connacher survived it but ended up with a huge number of shares and a huge amount of debt, but it survived and it is going to be difficult going forward.
It also gets tiring after awhile with all of the negativity being posted on the board about CLL. As you know for every negative there is a positive so I chose to write about the positives going forward yesterday. Thank you for pointing out to me my error on the foreign exchange rate. I am not a financial expert and all that I was writing was my interpretation of the Q-3 numbers. It is my opinion only. I didn't realize that the foreign exchange numbers reported in the Q3 report were "just for accounting purposes" and that SNG has really made very little financial gain in reality from the foreign exchange rate. I like to read this board because others jump in with expertise in accounting, like you have just done, and correct any misconceptions that some of us laypersons have from time to time with the numbers in the Reports. This keeps things honest and more factual and in my mind makes this board one more valuable resource as it constantly keeps us all questioning our investments and investment strategies. Discussion is always a good thing.
Best Wishes; Scott
