WCS pricing at $64 and change...discount should shrink with new refinery demand coming online mid-2013. 

2013 Scenario: avg production 3,200 boed 98% hvy oil

realized price of $60/bopd & $22 per barrel opex > profit $16/boe or $18M in CF

the company would CF ~$0.30/sh so right now we're trading at 2x CF.

How much will hvy oil prices recover in H2-13? that's the key here...