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Canada
Net Present Value Summary (after tax) as at December 31, 2012
(December 31, 2012, escalated price forecast)
-------------------------------------------------------------------------------------------------------------------------------------------------------- Discounted Discounted Discounted Discounted($ thousands) Undiscounted at 5% at 10% at 15% at 20%----------------------------------------------------------------------------Proved producing 259,435 215,015 184,098 161,483 144,280Proved non- producing 51,720 40,995 33,880 28,836 25,068----------------------------------------------------------------------------Total proved developed 311,154 256,010 217,979 190,319 169,348Proved undeveloped 43,837 27,532 18,670 13,165 9,439----------------------------------------------------------------------------Total proved 354,991 283,542 236,649 203,484 178,786Probable additional 218,033 133,729 91,546 66,894 51,032----------------------------------------------------------------------------Total proved plus probable 573,025 417,272 328,194 270,378 229,818--------------------------------------------------------------------------------------------------------------------------------------------------------
Tunisia
Net Present Value Summary (after tax) as at December 31, 2012
(December 31, 2012, escalated price forecast)
-------------------------------------------------------------------------------------------------------------------------------------------------------- Discounted Discounted Discounted Discounted($ thousands) Undiscounted at 5% at 10% at 15% at 20%----------------------------------------------------------------------------Proved producing 61,073 57,817 55,007 52,560 50,409Proved non- producing 25,144 21,058 17,958 15,557 13,660----------------------------------------------------------------------------Total proved developed 86,217 78,875 72,965 68,116 64,069Proved undeveloped 133,449 105,744 83,637 65,629 50,713----------------------------------------------------------------------------Total proved 219,667 184,619 156,602 133,745 114,783Probable additional 355,504 275,575 218,017 175,520 143,450----------------------------------------------------------------------------Total proved plus probable 575,171 460,194 374,619 309,265 258,233--------------------------------------------------------------------------------------------------------------------------------------------------------
McDaniel & Associates Consultants Ltd. Escalating Price Forecast as at December 31, 2012 (1)
-------------------------------------------------------------------------------------------------------------------------------------------------------- Edmonton WTI Crude Light Henry Hub AECO Natural Oil Brent Crude Oil Natural Gas Gas (US$/bbl) (US$/bbl) (Cdn$/bbl) (US$/mmbtu) (Cdn$/mmbtu)----------------------------------------------------------------------------2013 92.50 107.50 87.50 3.75 3.352014 92.50 102.50 90.50 4.30 3.852015 93.60 101.40 92.60 4.85 4.352016 95.50 100.80 94.50 5.25 4.702017 97.40 100.10 96.40 5.70 5.10---------------------------------------------------------------------------- 94.30 102.46 92.30 4.77 4.27---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Edmonton Condensate and Natural US/Cdn Gasoline Propane Butane Exchange (Cdn$/bbl) (Cdn$/bbl) (Cdn$/bbl) (US$/Cdn)----------------------------------------------------------------------------2013 97.50 34.90 64.10 1.0002014 95.60 44.20 69.60 1.0002015 95.70 52.00 74.60 1.0002016 97.70 53.70 76.20 1.0002017 99.60 55.60 77.70 1.000---------------------------------------------------------------------------- 97.22 48.08 72.44 1.000--------------------------------------------------------------------------------------------------------------------------------------------------------Note: (1) Prices escalate at two percent per year after 2017.
