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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Raymond Duray who wrote (20820)	3/25/2003 7:38:00 PM
From: Ed Ajootian	Read Replies (2) of 206131

Ray, tar sands costs -- See slides in the middle of this presentation, twst.com , which was recently put on by Western Oil Sands (WTO.T), who is a partner the latest oil sands project to start up. In fact Shell Canada, their partner, just announced production startup today. I believe the slides on costs per barrel are around slide #16 or 17. Looks like their production costs are gonna be around C$10/bbl plus feedstock costs, which are the wild card since most of the feedstock is natural gas. They had estimated C$2.50/bbl. for this but it looks to be a tad low based on current AECO gas strip price. I still own a little WTO but sold most of my position to reduce margin exposure for awhile.

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