Cornergas,

The question is "net" revenue, as you suggest (after operating costs) or "cumulative" revenue" as noted in Spiderman's post and links to Alberta Government site....my understanding is, when :

"cumulative revenue" > "total project costs" (capital not operating) = we pay more royalties....

Further into Spiderman's posting (specifically, subsection 4), it was interesting to read how project delineations are handled - especially pre vs post Jan 1-09, and amalgamation. I assume that GD and Algar are "seperate projects" when considering the timeline of the royalty rate..........otherwise, GD's timeline would guide the royalty rate scale...

Thanks for the post Spiderman, very interesting.

Booster