CRR's CEO painted a bleak picture for the company this morning. Horrible conditions for customers, price reductions for proppants and no improvement until at least 2010. Here are some of his comments:

- "The rate and magnitude of the deterioration in North American drilling activity that occurred over the last several months, fueled by low natural gas and oil prices and the continued weakness in the U.S. credit markets, has presented our customers with formidable financial challenges."

- "...we have started to negotiate reduced pricing arrangements in an effort to mitigate some of our anticipated sales volume erosion."

- "...we do not see any significant recovery before 2010."

Stock should trade down today.