I understand the frustration with the depreciation of the SP over the last several years. The majority of the long term investors(including myself) bought into the KXL for many reasons and at a higher SP.

I revisited my own reasons and criteria and concluded that although KXL SP has reacted unfavorably does it mean there is no long term company value? History has showed over and over that company wealth is built over the long term, many, many years. Yes there are those anamolies that occur where a Junior company happens to hit 'Bonanza grades" and become overnight success, but this is not the norm in the mining industry.

The issue at hand, is our individual risk tolerance especially where one chooses to borrow money to invest or in the case where one cannot afford to lose money. None of us invest with the desire to lose our capital, unfortunately the stark reality is that great companies have had false starts to their SP but over a period of time have been able to achieve the desired enterprise value of the business.

I have been a long term investor and will continue to support and hold my position for a couple of reasons: 1) I understand and recognize that each drill hole cannot have bonanza grades, 2) I like the KXL pipeline and do not expect each of the targets to convert from exploration to a mine, 3) I like the statistical odds of Kodiak finding several million oucnes in the B-G area 4) KXL management like other corporate management teams have the desire for a higher SP, options issued at $.50 cents to the KXL team is worthless today, KXL want the SP to be north of $1 as much as we do.

We are all entitled to vent our frustration but in my opinion we should not hold KXL responsible for our personal investment strategies. All investors are out of pocket, everyone is in the same boat including KXL management.

I am willing to be patient and let KXL execute their 2010 objectives