To review: My colleague Jeffrey Jones referred to Cenovus chief executive Brian Ferguson as "Mr. Steady-As-She-Goes," so the company's March 30 announcement caught investors badly off guard. To acquire the 50 per cent of the FCCL Partnership that Cenovus didn't already own (plus additional conventional energy assets), the company has issued nearly 400 million shares, to investors for cash in a "bought deal" and to ConocoPhillips; committed $3.7-billion in cash toward the deal; and will likely add about $7-billion of debt to its balance sheet, prior to any offsetting asset sales.