Hi Spidy,

$45 bitumen would be below their Total Cost.

Fortunately price of bitumen moved up recently above $52/bbl.

Here is their cost, based on the recent production numbers.

Operational cost: $22.5/bbl

Maintenance Capex to sustain operations ($30 million/year): $6/bbl

Future Interest expenses ($20/bb/ in Q1/2011): $16.5/bb

Average hedges loses ($25/bbl in Q1/2011) : $2/bbl

1/2 of the G/A expenses (another 1/2 cover by MRC): $4/bbl

Total cost : $ 51/bbl

PS: The cost of the pump replacement you were wondering is not included in the Operational cost. It is included in the maintenance Capex.