Average Monthly CLL Bitumen prices :

July ~$49/bbl

August ~$42/bbl

September (so far) ~$46/bbl

September 22 ~$44/bbl

CLL Total Cost * ~$56/bbl (equivalent of WTI above $100/bbl)

Latest (Sep 25) CIBC report show:

CLL Total Risked NAVPS at $0.54/share at WTI $80/bbl

CLL Total Risked NAVPS at $0.08/share at WTI $70/bbl

CLL Total Risked NAVPS at $1.08/share at WTI $90/bbl

(it looks like market is priceng CLL share close to Risked NAVPS)

As per CIBC:

CLL Free Cash Flow at WTI $90/bbl:

2011 negative ($33) million

2012 negative ($19) million

2013 negative ($142) million

They show negative CLL earnings for the 2011 to 2013 at WTI $90/bbl

* Total cost include (as per CLL Q2 Report):

Operational expenses

Royalties (reduced Pre-Payout rates)

Interest expenses,

Capital cost of maintaining the production

G&A cost

Net average projected by CLL hedge losses