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(1) Inflation rates for forecasting prices and costs.
(2) Exchange rates used to generate the benchmark reference prices in this table.
NET PRESENT VALUE OF FUTURE NET REVENUE
NET PRESENT VALUES OF FUTURE NET REVENUE (1)
BEFORE INCOME TAXES DISCOUNTED AT (%/year) -------------------------------------------------- 0 5 10 15 20RESERVES CATEGORY (MM$) (MM$) (MM$) (MM$) (MM$)----------------------------------------------------------------------------Proved Developed Producing 773,203 639,904 552,564 490,061 442,829 Non-Producing 59,791 44,491 35,243 29,077 24,677Proved Undeveloped 308,144 212,822 151,919 109,868 79,236 --------------------------------------------------Total Proved 1,141,138 897,217 739,726 629,007 546,742Probable 789,387 526,439 379,381 287,140 224,942 --------------------------------------------------Total Proved plus Probable 1,930,525 1,423,656 1,119,107 916,147 771,684 -------------------------------------------------- -------------------------------------------------- AFTER INCOME TAXES DISCOUNTED AT (%/year) -------------------------------------------------- 0 5 10 15 20RESERVES CATEGORY (MM$) (MM$) (MM$) (MM$) (MM$)----------------------------------------------------------------------------Proved Developed Producing 773,203 639,904 552,564 490,061 442,829 Non-Producing 59,791 44,491 35,243 29,077 24,677Proved Undeveloped 308,144 212,822 151,919 109,868 79,236 --------------------------------------------------Total Proved 1,141,138 897,217 739,726 629,007 546,742Probable 628,527 426,660 312,662 240,210 190,672 --------------------------------------------------Total Proved plus Probable 1,769,665 1,323,876 1,052,388 869,216 737,414 -------------------------------------------------- --------------------------------------------------
(1) Net present value of future net revenue does not represent fair market value. Tables may not add due to rounding.
NET ASSET VALUE
As at December 31, 2012
---------------------------------------------------------------------------- $ million----------------------------------------------------------------------------PV10% (Before Tax) TP P+P----------------------------------------------------------------------------Reserve Value (1) Sproule / Dec $ 739.7 $ 1,119.1 31, 2012----------------------------------------------------------------------------Undeveloped land (2) $ 75.7 $ 75.7----------------------------------------------------------------------------Net Debt (3) $ (293.1) $ (293.1)----------------------------------------------------------------------------Net Asset Value $ 522.3 $ 901.7----------------------------------------------------------------------------Basic Shares O/S (million) (4) 125.6 125.6----------------------------------------------------------------------------NAV/share $ 4.16 $ 7.18--------------------------------------------------------------------------------------------------------------------------------------------------------PV5% (Before Tax)----------------------------------------------------------------------------Reserve Value (1) Sproule / Dec $ 897.2 $ 1,423.7 31, 2012----------------------------------------------------------------------------Undeveloped Land (2) $ 75.7 $ 75.7----------------------------------------------------------------------------Net Debt (3) $ (293.1) $ (293.1)----------------------------------------------------------------------------Net Asset Value $ 679.8 $ 1,206.3----------------------------------------------------------------------------Basic Shares O/S (million) (4) 125.6 125.6----------------------------------------------------------------------------NAV/share $ 5.41 $ 9.60----------------------------------------------------------------------------
