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Future Development Costs ("FDC")
NI 51-101 requires that future development costs be calculated including changes in FDC. Changes in forecast FDC occur annually as a result of development activities, acquisition and disposition activities and capital cost estimates that reflect the independent evaluators' best estimate of what it will cost to bring the proved undeveloped and probable reserves on production.
--------------------------------------------------------------------------------------------------------------------------------------------------------($ millions)---------------------------------------------------------------------------- 2012 2011----------------------------------------------------------------------------Proved Canada 28.1 27.4 Tunisia 242.3 158.6----------------------------------------------------------------------------Total proved 270.4 186.0--------------------------------------------------------------------------------------------------------------------------------------------------------Proved Plus Probable Canada 66.7 60.4 Tunisia 402.4 301.0----------------------------------------------------------------------------Total proved plus probable 469.1 361.4--------------------------------------------------------------------------------------------------------------------------------------------------------
Chinook's approved 2013 budget includes the drilling of 13 wells (7.5 net) in Canada and 8.0 wells (6.1 net) in Tunisia.
NI 51-101 Finding and Development Costs ("F&D")
--------------------------------------------------------------------------------------------------------------------------------------------------------Total Proved Finding and Development Three Cost ($ thousands, except per unit year amounts) 2012 2011 2010 total----------------------------------------------------------------------------Capital expenditures excluding acquisitions and dispositions, abandonment and furniture and fixtures (unaudited) 84,316 124,981 45,861 255,158Net change from previously allocated future development capital 78,689 20,471 19,107 118,267----------------------------------------------------------------------------Total capital including the net change in future capital 163,005 145,452 64,968 373,424----------------------------------------------------------------------------Reserve additions excluding acquisitions and dispositions (mboe) 4,151 2,671 2,404 9,226Total proved finding and development costs (per boe) $ 39.27 $ 54.45 $ 27.02 $ 40.47----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Total Proved Plus Probable Finding Three and Development Cost ($ thousands, year except per unit amounts) 2012 2011 2010 total----------------------------------------------------------------------------Capital expenditures excluding acquisitions and dispositions, abandonment and furniture and fixtures (unaudited) 84,316 124,981 44,994 254,291Net change from previously allocated future development capital 103,880 31,893 30,026 165,799----------------------------------------------------------------------------Total capital including the net change in future capital 188,196 156,874 75,020 420,090----------------------------------------------------------------------------Reserve additions excluding acquisitions and dispositions (mboe) 4,682 2,877 4,090 11,649Total proved plus probable finding and development costs (per boe) $ 40.19 $ 54.53 $ 18.34 $ 36.06--------------------------------------------------------------------------------------------------------------------------------------------------------
