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Notes:
(1) Painted Pony's total working interest reserves are before royalties owned by others.
(2) Oil equivalent amounts (boe) have been calculated using a conversion rate of six thousand cubic feet of natural gas per barrel of oil (6 mcf: 1 bbl).
(3) One thousand barrels is equal to 1 mbbl, and one thousand boe is equal to 1 mboe. One million cubic feet of natural gas is equal to 1 mmcf.
(4) Includes non-associated gas, associated gas and solution gas.
(5) Numbers in this table are subject to rounding error.
----------------------------------------------------------------------------Summary of Net Present Values of Future Net Revenue (1),(2),(3),(4)Forecast Prices and Costs ($ millions)Before Income Taxes---------------------------------------------------------------------------- As at December 31, 2012 As at December 31, 2011 5% 8% 10% 5% 8% 10%----------------------------------------------------------------------------Proved Developed producing 219 197 185 191 171 160 Developed non- producing 1 1 1 34 28 26 Undeveloped 263 194 160 243 185 157----------------------------------------------------------------------------Total proved 483 392 345 468 385 343Probable 1,327 909 720 1,279 892 719----------------------------------------------------------------------------Total proved plus probable 1,810 1,301 1,066 1,747 1,277 1,062----------------------------------------------------------------------------
Notes:
(1) Painted Pony's total working interest reserves are before royalties owned by others. The estimated future net revenues are stated before deducting income taxes and future estimated site restoration costs and are reduced for estimated future abandonment costs, the Saskatchewan Capital Tax and estimated capital for future development associated with the reserves.
(2) It should not be assumed that the undiscounted and discounted NPV represent the fair market value of the reserves.
(3) The price deck used for the evaluation as at December 31, 2012 was the GLJ price deck dated January 1, 2013.
(4) Numbers in this table are subject to rounding error.
The net change in FDC associated with the P+P reserves is $496 million and with the proved reserves is $100 million. Of the FDC expenditures included in the Painted Pony Reserves Report for P+P reserves, approximately 24% or $363 million are expected to be incurred in 2013 and 2014, with the remainder expected to be invested through 2019. The following table outlines the expected timing and amounts of FDC.
----------------------------------------------------------------------------Future Development Costs ($ millions)(1) Proved Proved plus Probable----------------------------------------------------------------------------As at December 31, 20122013 81.0 112.52014 96.3 250.72015 41.2 228.42016 70.6 271.42017 9.2 335.32018 - 242.52019 - 82.4----------------------------------------------------------------------------Total 298.3 1,523.2----------------------------------------------------------------------------As at December 31, 2011 197.9 1,027.3----------------------------------------------------------------------------
