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.