"I'd like to think we can (re-sign him) but we're not where we need to be and there's still a lot of work to be done," Feaster explained. "We'll see where it goes but I think the fact we're talking is a good thing."

Jay Feaster - June 20, 2011

This comment at the end of an article announcing the Henrik Karlsson signing caught my eye, especially the "there's still a lot of work to be done." Just a short while ago it appeared an announcement was imminent. 

I expected Alex Tanguay to test the market and to be unsigned as of July 1 but this quote from Feaster seems to confirm it. If Tanguay is not signed, life will go on for the Flames. Feaster has to likely choose here between another long-term deal at high dollars and an NMC vs letting Tanguay go in exchange for more flexibility and options for the future. 

It's a tough call, Feaster will take heat either way.