2 pair vs. station in protected pot

[Novles]

This is a hand against the same guy I posted on earlier today. He's a 41/10/1 station with the note "vb, don't bluff" and been following him around. Got a seat right behind him and he's got 275bb [img]/images/graemlins/ooo.gif[/img]. Am I missing too much value with these tiny bets? (He doesn't know what they mean)

Full Tilt Poker
No Limit Holdem Ring game
Blinds: $1/$2
6 players
Converter

Stack sizes:
UTG: $96
UTG+1: $66.40
CO: $551.80
Hero: $225.60
SB: $467.10
BB: $24.45

Pre-flop: (6 players) Hero is Button with K[img]/images/graemlins/spade.gif[/img] 9[img]/images/graemlins/spade.gif[/img]
2 folds, CO calls, <font color="#cc0000">Hero raises to $10</font>, SB folds, BB calls, CO calls.

Flop: 5[img]/images/graemlins/club.gif[/img] 8[img]/images/graemlins/diamond.gif[/img] K[img]/images/graemlins/heart.gif[/img] ($31, 3 players)
<font color="#cc0000">BB is all-in $14.45</font>, CO calls, Hero calls.

Turn: 9[img]/images/graemlins/club.gif[/img] ($74.35, 2 players + 1 all-in - Main pot: $74.35)
CO checks, <font color="#cc0000">Hero bets $45</font>, CO calls.

River: A[img]/images/graemlins/diamond.gif[/img] ($164.35, 2 players + 1 all-in - Main pot: $74.35, Sidepot 1: $90)
CO checks, <font color="#cc0000">Hero bets $65</font>

[Novles]

K, guess this depends a lot on my read. But I feel like a [censored] with these small bets. Any advice on betsizing in protected pots is appreciated.