Cyclic steam stimulation (CSS) is the commercial oil recovery process of choice for the Cold Lake oil sands. Much of CSS is performed under fracture pressures, and as a result, performance predictions are difficult. This paper presents a new mathematical model, involving analytical techniques, for CSS performance prediction. The model is based upon a fracture heating computation, coupled with fluid flow--both during steam injection and oil and water production. Thus two-phase flow is accounted for. Two situations, involving different flow geometries, bracketing actual now in the field are considered. These consist of fracture flow, and flow in an elliptical geometry with a circular well in the centre. The model is used to simulate previously reported results. The model can serve as a valuable adjunct to numerical simulation or physical modelling.