You obviously have never read a reserve report. Preent value of future net revenue is after all forecast operating costs, rayalties and furutre capital costs required to achieve the forecast produciton through new wells and building of new plants, plus an inflation factor for both pricign and costs, generally aorund 2%.

YOu are misleading readers to say what you did. You are just wrong.

The implied value for bitumen is way above the numbers you quote with proved producinghighest,and least risky and down it boes to where high estimate contingent resources are the lowest unit value due to highest risk - ie may not even be there.

I suggest you take a lesson - everyone knows NPW or NPV is a benchmark _ i have seen people such as Shell for example pay way over NPV when they bought Duvernay or Black Rock and blew their brains out. Also I have seen people buy assets well below NPV. It depends on the auction and the time of the cycle.

Your negativism is unfounded. GLJ"s NPV !) for CLl's 2P reserves is cited at $3 billion. Take off the debt, add the value of the refinery and the working capital and the conventional and what do you get? A number that is way above current trading values. And if oil prices are high and bitumen prices are higher than they have been since 2008 why all the doom and gloom. think if you owned gas stocks like CMT, GO, Talisman, Nexen? Have a nice day.

Your machinations to derive today's price as fair balue are just thath - machinations to justify an ill founded position. You should take Finance 101.