As part of the Canadian Natural's management stewardship, high priority is assigned to succession planning to ensure the continued strength of the Company's leadership team.
Tim S. McKay, currently Chief Operating Officer, will become Executive Vice-President and Chief Operating Officer. He will continue to be responsible for the Canadian Conventional and International operations, and in addition will now be responsible for Horizon operations.
Douglas A. Proll, currently Chief Financial Officer and Senior Vice-President, Finance will become Executive Vice-President. He will continue to be a senior member of the Company's Management Committee and will have direct responsibility for certain non-financial departments and provide additional leadership in Investor Relations and other areas of stakeholder relations.
Corey B. Bieber, Vice-President Finance and Investor Relations will assume the role of Chief Financial Officer and Senior Vice-President, Finance. Corey joined Canadian Natural in 2001 and has been responsible for Treasury and Investor Relations since then and became a member of the Company's Management Committee in 2009. In his new role, Corey will be responsible for all aspects of the finance functions at Canadian Natural.
The appointments of Mr. McKay, Mr. Bieber and Mr. Proll are effective March 28, 2013.
Determination of Reserves
For the year ended December 31, 2012 the Company retained Independent Qualified Reserves Evaluators ("Evaluators"), Sproule Associates Limited, Sproule International Limited (together as "Sproule") and GLJ Petroleum Consultants Ltd. ("GLJ"), to evaluate and review all of the Company's proved and proved plus probable reserves. Sproule evaluated the Company's North America and International crude oil, bitumen, natural gas and NGL reserves. GLJ evaluated the Company's Horizon synthetic crude oil reserves. The Evaluators conducted the evaluation and review in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook"). The reserves disclosure is presented in accordance with NI 51-101 requirements using forecast prices and escalated costs.
The Reserves Committee of the Company's Board of Directors has met with and carried out independent due diligence procedures with the Evaluators as to the Company's reserves.
- Company Gross proved crude oil, SCO, bitumen and NGL reserves increased 6% to 4.33 billion barrels. Company Gross proved natural gas reserves decreased 7% to 4.14 Tcf. Total proved reserves increased 4% to 5.02 billion BOE.
- Company Gross proved plus probable crude oil, SCO, bitumen and NGL reserves increased 6% to 6.92 billion barrels. Company Gross proved plus probable natural gas reserves decreased 5% to 5.79 Tcf. Total proved plus probable reserves increased 5% to 7.89 billion BOE.
- Company Gross proved reserve additions, including acquisitions, were 404 million barrels of crude oil, SCO, bitumen and NGL and 135 billion cubic feet of natural gas for 426 million BOE. The total proved reserve replacement ratio was 178%. The total proved reserve life index is 22.8 years.
- Company Gross proved plus probable reserve additions, including acquisitions, were 565 million barrels of crude oil, bitumen, SCO and NGL and 132 billion cubic feet of natural gas for 587 million BOE. The total proved plus probable reserve replacement ratio was 246%. The total proved plus probable reserve life index is 35.8 years.
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