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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: Re: Bitumen/ WTI OIL/CLL

Oct 24, 2011 03:36PM

Oct 24, 2011 05:32PM

Oct 24, 2011 05:58PM

Oct 25, 2011 08:41PM

Oct 25, 2011 11:54PM

Rebel,

I presented the numbers few weeks ago but since you have a basic reading and comprehensions problem I will repeat one more time the CLL bitumen cost per bbl based on the latest info provided by the management (do not confuse bbl with boe)

BTW, your suggestion that CLL is still selling 800 boe of natural gas and do not pay the Royalties, G&A or Maintenance Capex to sustain oilsand operations shows that you have no clue about company you are advocating for.

Here we go:

Operational expenses : $20/bbl of bitumen

Royalties (pre-payout rate) $4/bbl of bitumen (post-payout will jump to ~15/bbl)

Interest expenses ($80 M): $16/bbl of bitumen (Q2 was $90 million, Q3 will drop to ~$80)

Maintenance Capex to sustain the operations

(as describe by management)= $37 million : $7/bbl of bitumen

G&A cost $36 millions (let the MRC cover 50% of this cost) : 4/bbl of bitumen

Average projected by management hedge loses: $ 2/bbl of bitumen

(as an example: Q1 hedge loses were 25/bbl but let`s assume they will do much better in the future.)

Total cost (with pre-payout Royalties) : $53/bbl of bitumen

Total cost (with post-payout Royalties) : ~$ 64/bbl of bitumen



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