heavy oil and fundamentals, page-4

Yes its an interesting one.

So the complete initial dev of NSA cost $15mil US including steam plant so just under $3 a barrel based on 5.5mil recoverable.

If they get to use it for McCool as well then the price per barrel goes down further.

Admin costs - I am presuming are relatively fixed i.e. nothing unusual happened that quarter - we will soon see if 800k a quarter is normal.

Prod costs of $1.5mil - I am presuming that again the prod cost per barrel will fall away as they start to put more through the facilities.

I do agree with you that this quarter will be keenly watched as will their ability to fix McCool and get Paris valley started.

All in all though I still trust these guys and they are one of the larger shares in my portfolio.