You are probably right about the distribution, but the Alberta Clipper project will be in service by mid 2010.

They should finish this year with a debt to EBITDA ratio of close to 4.3.

They said in the conference call they would like to see that ratio at 4, before contemplating any distribution increase.

So....end of next year most likely. However, if volumes start picking up next year, we could get our distribution increase much earlier.

I am debating whether to sell covered calls....but the $50's carry too much risk(i.e your shares can be called away) and the premiums on the $55's is almost nill.