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- 2. Garrington/Westward Ho Cardium- AB Reserves Potential OOIP per Sec (mmbbls) 3-5 Ultimate Recovery Factor (%) 10 - 30 Key Attributes Approximate Working Interest (%) 65 - 70 DCET Capital (Gross) $MM 3.0 – 3.3 Expected Ultimate Reserves - Gross (mboe) 160 Percent Natural Gas (%) 20 Operating Costs ($/boe) 6 F & D ($/boe) 20 Operating Netback ($/boe) 75 Recycle Ratio (x) 4.0 BTAX NPV @15 - Gross ($MM) 1.4 – 1.7 BTAX ROR (%) 35 - 40 BTAX Payout (months) 24 - 30 2012 Drilling Program 21 Note: Price Assumptions in Appendix Risked Prospect Inventory (Gross) NAL Access Lands Drillable Contingent Risked Total Key Penetrations 2012 Program 102 75 176 2011 Program Note: Refer to Appendix to explain inventory tally methodology 2
- 3. Lochend Cardium -AB Reserves Potential OOIP per Sec (mmbbls) 2.6 Ultimate Recovery Factor (%) 10 - 30 Key Attributes Approximate Working Interest (%) 65 DCET Capital (Gross) $MM 3.5 – 3.7 Expected Ultimate Reserves - Gross (mboe) 200 - 300 Percent Natural Gas (%) 21 Operating Costs ($/boe) 5 F & D ($/boe) 12 - 20 Operating Netback ($/boe) 60 3D Recycle Ratio (x) 3.5 - 5.0 BTAX NPV @15 - Gross ($MM) 1.7 – 6.0 BTAX ROR (%) 30 - 200 BTAX Payout (months) 8 - 36 2012 Drilling Program 17 Note: Price Assumptions in Appendix NAL Access Lands Key Penetrations Prospect Inventory (Gross) 2012 Program 2011 Program Drillable Contingent Risked Total 28 55 83 Note: Refer to Appendix to explain inventory tally methodology 3
- 4. Cardium Type Curves WESTWARD HO, GARRINGTON & LOCHEND TYPE CURVES 500 450 Lochend Sweet Spot Lochend Normal 400 Production Volumes (Boe/d) WWHO Garrington 350 300 250 200 150 100 50 0 1 13 25 37 49 Month 4
- 5. Greater Williston –Mississippian - SK Reserves Potential Chapleau Lake OOIP per Sec (mmbbls) Up to 9 Ultimate Recovery Factor (%) 10 - 60 Key Attributes Approximate Working Interest (%) 35 – 100 DCET Capital (Gross) $MM 1.2 – 1.7 Expected Ultimate Reserves - Gross (mboe) 60 – 70 Percent Natural Gas (%) 0 – 10 Weyburn Operating Costs ($/boe) 10 F & D ($/boe) 18 - 28 Operating Netback ($/boe) 70 - 85 Nottingham/ Alida Recycle Ratio (x) 2.5 - 4.0 BTAX NPV @15 - Gross ($MM) 0.9 – 1.9 Midale BTAX ROR (%) 45 - 190 BTAX Payout (months) 12 - 24 2012 Drilling Program 30 Note: Price Assumptions in Appendix NAL Access Lands Estevan Mississippian Oil Pools 3D Seismic Outline Prospect Inventory (Gross) Drillable Contingent Risked Total 74 37 111 Note: Refer to Appendix to explain inventory tally methodology 5
- 6. SE Sask MississippianType Curve Based on 2006 – 2010 drills 120 110 100 90 1st Month IP: 115 bbls/d 80 70 EUR: 110 mboe/well Rate (bbl/d) 60 50 40 30 20 10 0 0 12 24 36 48 60 72 84 96 108 120 132 144 156 168 180 192 204 Months 6
- 7. Greater Hoffer Area– Mississippian - SK Reserves Potential OOIP per Sec (mmbbls) Up to 5 Ultimate Recovery Factor (%) 10 - 30 Neptune New Pool Discovery Key Attributes Approximate Working Interest (%) 50 DCET Capital (Gross) $MM 1.8 – 2.3 Expected Ultimate Reserves - Gross (mboe) 85 - 105 Percent Natural Gas (%) 0 Beaubier New Pool Discovery Opex/ boe ($/boe) - First 12 Month Ave 7-9 F & D ($/boe) 20 - 27 Netback ($/boe) - lifetime 55 - 60 Recycle Ratio 2.0 - 3.0 Oungre BTax NPV @15 ($) - Gross $MM 0.8 – 1.4 Pool Extension NAL Access Lands BTax ROR (%) 30 - 50 MSSP Producers BTax Payout (mnths) 24 - 36 2012 Program Hoffer 2012 Program 23 2011 Program 2009 Pool Discovery MSSP Oil Pools Note: Price Assumptions in Appendix 3D Seismic Outline Prospect Inventory (Gross) Drillable Contingent Risked Total 75 39 114 Note: Refer to Appendix to explain inventory tally methodology 7
- 8. Sawn Lake –Slave Point – Northern AB Reserves Potential OOIP per Sec (mmbbls) 3-6 Ultimate Recovery Factor (%) 10 - 25 3D Key Attributes Approximate Working Interest (%) 50 DCET Capital (Gross) $MM 4.5 – 5.5 Expected Ultimate Reserves - Gross (mboe) 167 Percent Natural Gas (%) 5 Operating Costs ($/boe) 5 F & D ($/boe) 25 Operating Netback ($/boe) 62 Recycle Ratio (x) 2.5 1-26-91-13W5 BTAX NPV @15 - Gross ($MM) 1.9 IP: 445 bopd BTAX ROR (%) 55 & 2%WC BTAX Payout (months) 15.3 2012 Drilling Program 2 16-35-91-13W5 Note: Price Assumptions in Appendix IP: 380 bopd & 7%WC Prospect Inventory (Gross) NAL Access Lands Drillable Contingent Risked Total SLVP Penetrations 2012 Program 28 20 48 2011 Program Note: Refer to Appendix to explain inventory tally methodology 8
- 9. Deep Basin -Liquids-Rich Gas – AB Reserves Potential OGIP per Sec (Bcf) 8 - 15 Ultimate Recovery Factor (%) 10 - 30 Key Attributes Approximate Working Interest (%) 20 - 70 DCET Capital (Gross) $MM 3-6 Expected Ultimate Reserves - Gross (mboe) 300 - 550 Percent Natural Gas (%) 60 - 94 NGL Yield (bbls/mmcf) 10 - 60 Operating Costs ($/boe) 4 -7 F & D ($/boe) 9 - 14 Operating Netback ($/boe) 20 - 35 Recycle Ratio (x) 2.0 - 4.0 BTAX NPV @15 - Gross ($MM) 0.6 – 2.0 BTAX ROR (%) 20 - 50 BTAX Payout (months) 22 – 40 2012 Drilling Program 12 (3 on Map Sheet) Note: Price Assumptions in Appendix NAL Access Lands TD in Mannville 2012 Program Prospect Inventory (Gross) 2011 Program Drillable Contingent Risked Total 52 78 130 Note: Refer to Appendix to explain inventory tally methodology 9
- 10. Fireweed – Montney- BC Reserves Potential NAL Access Lands OGIP per Sec (Bcf) Up to 45 MNTY Penetrations 2012 Program Ultimate Recovery Factor* (%) 40 2011 Program *Note: Assumes four wells per section. Key Attributes (First Well Only) Approximate Working Interest (%) 100 DCET Capital (Gross) $MM 6.5 – 8.0 Expected Ultimate Reserves - Gross (mboe) 630 Percent Natural Gas (%) 60 Operating Costs ($/boe) 6 NGL Yield (bbls/mmcf) Up to 100 F & D ($/boe) 14 Operating Netback ($/boe) 29 Recycle Ratio (x) 2.1 BTAX NPV @15 - Gross ($MM) 450 BTAX ROR (%) 17 BTAX Payout (months) 58 2012 Drilling Program 1–2 Note: Price Assumptions in Appendix Prospect Inventory (Gross) Drillable Contingent Risked Total 12 8 20 Note: Refer to Appendix to explain inventory tally methodology 10