With a current market cap of just over 10 million with no debt, the downside risk appears to be limited.
As of September 2012 cash on hand was 10.8 million.
Subtracting African purchases of 2.5 million and operating expenses for the last few months they probably have around 5.5 million left.
Even in a fire sale scenario, you would expect that the oil sands leases would fetch at least 10 million which is equal to current market cap.
Given the depressed prices of Canadian bitumen, the Clearwater approval delay is probably a blessing in disguise.