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Notes:
(1) "Gross" reserves means Crew's working interest (operating and non-operating) share before deduction of royalties and without including any royalty interest of the Company.
(2) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil.
(3) Includes light, medium, and heavy oils. See the Company's AIF for detailed product type categorization.
(4) May not add due to rounding.
Reserves Values
The estimated before tax future net revenues associated with Crew's reserves effective December 31, 2012 and based on the Sproule Report and the published Sproule (2012-12-31) future price forecast are summarized in the following table:
--------------------------------------------------------------------------------------------------------------------------------------------------------(MM$) 0% 5% 10% 15% 20%----------------------------------------------------------------------------Proved Producing 954,230 754,762 629,735 544,376 482,432 Non-producing 154,652 125,142 103,941 88,134 75,983 Undeveloped 475,740 275,874 162,800 93,486 48,451 --------------------------------------------------Total proved 1,584,623 1,155,778 896,475 725,996 606,867Probable 1,636,656 907,060 581,272 406,645 300,824 --------------------------------------------------Total proved plus probable 3,221,279 2,062,837 1,477,748 1,132,641 907,691--------------------------------------------------------------------------------------------------------------------------------------------------------
Notes:
(1) The estimated future net revenues are stated before deducting future estimated site restoration costs and are reduced for estimated future abandonment costs and estimated capital for future development associated with the reserves.
(2) See the Company's AIF for the after-tax present values of future net revenue attributed to Crew's reserves.
(3) May not add due to rounding.
Price Forecast
The Sproule (2012-12-31) price forecast is summarized as follows:
--------------------------------------------------------------------------------------------------------------------------------------------------------Year Western Natural $US/$Cdn Edmonton Canada gas at Exchange WTI @ light Select AECO/NIT Westcoast Rate Cushing crude oil (WCS) spot Station 2---------------------------------------------------------------------------- (US$/bbl) (C$/bbl) (C$/bbl)(C$/mmbtu)(C$/mmbtu)2013 1.001 89.63 84.55 69.33 3.31 3.252014 1.001 89.93 89.84 74.57 3.72 3.662015 1.001 88.29 88.21 73.21 3.91 3.852016 1.001 95.52 95.43 80.17 4.70 4.642017 1.001 96.96 96.87 81.37 5.32 5.262018 1.001 98.41 98.32 82.59 5.40 5.342019 1.001 99.89 99.79 83.83 5.49 5.432020 1.001 101.38 101.29 85.08 5.58 5.522021 1.001 102.91 102.81 86.36 5.67 5.612022 1.001 104.45 104.35 87.66 5.76 5.702023 1.001 106.02 105.92 88.97 5.85 5.79--------------------------------------------------------------------------------------------------------------------------------------------------------2023 + 1.001 1.5%/yr 1.5%/yr 1.5%/yr 1.5%/yr 1.5%/yr--------------------------------------------------------------------------------------------------------------------------------------------------------
