Here are the numbers based on CLL current production provided by CLL management:

Operational expenses average of (Q1+Q2) : $21/bbl of bitumen

Royalties average of(Q1+Q2): $4/bbl

Future interest expenses on the Loan+Convert+ credit line (~$90 million): $18/bbl (see note below).

Capital cost of maintaining the production ($37 million): $7/bbl)

1/2 of G&A cost (1/2 goes to MRC) : $4/per bbl

Net average projected by CLL hedge losses: $2/bbl

Total cost: $56 per barrel of bitumen

CLL Q2 Average realized selling price (net of transportation) was $54 (WTI $102).

In Q2 when Average WTI was $102 CLL was selling bitumen $2 per barrel below total cost.

In August CLL was selling their bitumen about $10/bbl below total cost.

In the future (post payout) Royalties cost will jump by another $10 per barrel. It will take WTI at ~$125/bbl to pay the bills and maintain the production.

notes:

1. ~$60 million one time refinancing cost effects earnings only and is not included in calculations above.

2. You are confusing the presentation and netbacks with the actual numbers provided by CLL in their quarterly and annual reports which are legally binding. Presentation and netbacks are the promotional instruments only.

3. Do not confuse reported $880 million debts with the actual debt at face value ($982 million). 880 comes from the accounting procedures which allowed CLL to subtract unamortized transaction cost (+other things). You have to pay the interest on the face value of the loan and not on the debt which is shown for accounting purpose only.