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Gold/Mining/Energy : Oil Sands and Related Stocks

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To: 3bar who wrote (20133)	4/4/2008 8:45:08 AM
From: RossA	Read Replies (2) of 25575

Thx, TheTortuga. Also I agree with 3bar. Connacher bought Luke and the refinery precisely to ward off an acquisition. All these news releases claiming synergy are, IMHO, pro-forma BS. They are definitely not using Luke's n.g. at Great Divide; nor are they processing any bitumen at Great Falls. They claim to be using Great Falls output as a diluent, but even that probably makes no sense since it requires trucking the diluent which can be purchased locally. If this were a great deal they(or ENB or KMI or TRP) would be building a pipeline and selling diluent in Athabasca. I admit to being annoyed enough at these buys to sell them in '06 - I was then mainly interested in capturing acquisition targets like Black Rock - but their "on budget" success at GD got me to open my wallet again (at a bit higher price than my sale). If they were interested in selling out, they would first sell Petrolifera, Great Falls and Luke.

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