Stupidly low valuationLooking at this a different way. Assuming production is fixed at 170 mbpd or 62,050,000 bbls /yr. The fixed cost of royalties, operations, transport is ~ $ 26/bbl. To keep this production level, they need to spend the capex. Last year, they spent 1.7 B$ (Can I believe) and this year, they plan to spend 1.3 B$ for the same result. Now they get a slight discount to WTI, so lets make the conversion of bbl oil price in Can$ 1.2 x WTI. (though when I convert back, I use 1.3 - fuzzy logic). So the simple formula Simple Profit = (1.2 x WTI x 62,050,000) - Cap ExSo, if we spend 1.5 B$ can (includes 200 M$ debt service) , the simple break even is oil at $ 50 Canadian (~ $ 39 WTI). Last year, they would need oil $ 59 Canadian ($ 45 WTI).Now there are other costs like hedging etc Bottom line to me is they survive at $ 40 WTI, do well at $ 50 and really well over and above.Mr. Market is way to cranky on this company.