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Independent Evaluation

Independent Evaluation

The reserves and resource evaluation completed by independent evaluators, effective December 31, 2014, resulted in:

  • 86 million barrels of 1P (proven) reserves with an aggregate pre-tax PV10% value of $169 million;
  • 436 million barrels of 2P (proven plus probable) reserves with an aggregate pre-tax PV10% value of $650 million; and
  • 602 million barrels of 3P (proven plus probable plus possible) reserves with an aggregate pre-tax PV10% of $1,366 million.

 

Source: GLJ and D&M Report dated December 31, 2014. GLJ considers the estimated Best Estimate Contingent Resources of 298 MMbbls to be sub-economic based on a 10% discount factor. At higher bitumen prices these factors would be considered economic.