Oops????

I guess not all bitumen reservoirs have similar quality assets.

CIBC analyst Andrew Potter attached different prices for CLL Halfway Creek bitumen reserves then the Enerplus Kirby Oil Sand was sold for.

His total for CLL is about $15 million.

He surprise me with his low prices for the Halfway Creek bitumen. His research on CLL is usually overly optimistic on the production level, cash flow and the price targets.

CIBC Oil Sands Watch - Executive Summary - June 28, 2011

Connacher moves To Monetize Non-core Oil Sands Leases:

Connacher Oil & Gas (CLL–SO) announced on June 22 that it will start a process to dispose of its Halfway Creek oil sands assets. Alberta Oil Sands (AOS–TSX) and Connacher each owns 50% of Halfway Creek, which has 154.5 MMBbls of best-estimate contingent resources and 47.7 MMBbls of prospective resources.

We attribute only $0.33/Bbl to these resources or $0.10/share net to Connacher. The relatively small scale means that it likely sees limited interest.

As noted in the map in Exhibit 1, the most logical buyers from an asset overlap perspective are Athabasca Oil Sands (ATH–SP), Canadian Natural and BP (BP–NYSE)/Value
Creation.