CHAPMAN PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
January 1, 2019
        AB Synthetic Western Canada Exchange 
    WTI [1] Brent Spot (ICE)[2] Crude Price [3] Select [4] Rate
Date   $US/STB $US/STB $CDN/STB $CDN/STB $US/$CDN
HISTORICAL PRICES
2004   41.51 38.26 52.89 37.52 0.77
2005   56.64 54.57 69.16 43.25 0.83
2006   66.05 65.16 72.88 50.40 0.88
2007   72.34 72.44 75.57 53.17 0.94
2008   99.67 96.94 102.98 83.88 0.94
2009   61.95 61.74 76.77 53.04 0.88
2010   79.48 79.61 80.56 66.58 0.97
2011   94.88 111.26 102.45 77.43 1.01
2012   94.05 111.63 92.56 71.70 1.00
2013   97.98 108.56 100.17 75.76 0.97
2014   93.12 99.43 101.07 82.07 0.91
2015   48.69 53.32 62.17 46.23 0.78
2016   43.17 45.06 57.98 38.90 0.76
2017   50.86 54.75 67.75 49.63 0.77
2018   64.92 71.64 75.06 50.17 0.77
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  65.61 72.16 75.41 49.91 0.78
FORECAST PRICES
2019   65.00 71.50 75.35 50.48 0.77
2020   66.00 72.60 74.47 55.86 0.79
2021   69.30 76.23 77.56 58.17 0.80
2022   72.77 80.04 80.76 60.57 0.81
2023   74.22 81.64 81.44 61.08 0.82
2024   75.70 83.28 82.14 61.61 0.83
2025   77.22 84.94 83.96 62.97 0.83
2026   78.76 86.64 85.83 64.37 0.83
2027   80.34 88.37 87.72 65.79 0.83
2028   81.95 90.14 89.66 67.24 0.83
2029   83.58 91.94 91.63 68.73 0.83
2030   85.26 93.78 93.65 70.24 0.83
2031   86.96 95.66 95.70 71.78 0.83
2032   88.70 97.57 97.80 73.35 0.83
2033   90.47 99.52 99.93 74.95 0.83
2034   92.28 101.51 102.12 76.45 0.83
             
             
Escalated 2% thereafter
Notes:  [1] West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma.
  [2] The Brent Spot price is estimated based on historic data.
  [3] Equivalent price for Light Sweet Crude (D2/S2) & Synthetic Crude landed in Edmonton.
  [4] Western Canada Select (20.5API), spot price for B.C., Alberta, Saskatchewan, and Manitoba.

 

 

CHAPMAN PETROLEUM ENGINEERING LTD.
NATURAL GAS & BY-PRODUCTS   
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
January 1, 2019
    Alberta   AECO Spot Henry Hub Propane Butane Condensate (Pentanes Plus)
    GRP [1] Gas[2] Gas[3] C3 [4] C4 [4] C5+[5]
Date   $CDN/MMBTU $CDN/GJ $CDN/MMBTU $US/MMBTU $CDN/BBL $CDN/BBL $CDN/BBL
HISTORICAL PRICES  
2009   3.85 3.65 3.99 3.94 38.34 49.34 67.52
2010   3.93 3.73 4.02 4.39 44.40 57.99 77.51
2011   3.46 3.28 3.63 3.99 50.17 70.93 97.21
2012   2.25 2.13 2.39 2.70 47.40 64.48 96.26
2013   2.98 2.82 3.17 3.84 50.09 91.43 100.72
2014   4.22 4.00 4.51 4.36 46.85 62.26 108.28
2015   2.62 2.48 2.71 2.69 6.17 36.81 59.14
2016   2.03 1.93 2.18 3.31 6.71 29.81 55.62
2017   2.05 1.94 2.50 3.85 25.55 39.62 67.15
2018   1.38 1.31 1.51 4.11 30.47 48.97 77.19
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)  
    1.41 1.34 1.55 2.95 32.11 48.82 81.85
FORECAST PRICES  
2019   1.69 1.61 1.86 3.51 28.69 29.99 70.82
2020   1.97 1.86 2.16 3.81 30.17 39.67 70.01
2021   2.24 2.12 2.46 4.11 32.90 46.89 72.90
2022   2.35 2.23 2.58 4.23 35.58 53.15 75.92
2023   2.47 2.34 2.71 4.36 36.39 54.42 76.56
2024   2.59 2.46 2.85 4.50 36.82 54.90 77.21
2025   2.72 2.58 2.99 4.64 37.68 56.18 78.93
2026   2.86 2.71 3.14 4.79 38.60 57.43 80.68
2027   2.91 2.76 3.20 4.85 39.52 58.72 82.46
2028   2.97 2.82 3.27 4.92 40.48 60.05 84.28
2029   3.03 2.88 3.33 4.98 41.44 61.39 86.14
2030   3.09 2.93 3.40 5.05 42.37 62.72 88.03
2031   3.15 2.99 3.47 5.12 43.30 64.09 89.96
2032   3.22 3.05 3.54 5.19 44.22 65.52 91.93
2033   3.28 3.11 3.61 5.26 45.20 66.93 93.94
2034   3.35 3.17 3.68 5.33 46.11 68.27 95.82
                 
Escalated 2%  thereafter  
Notes:  [1] Alberta Gas Reference Price (GRP) represents the average of all system and direct (spot and firm) sales.  
  [2] The AECO C Spot price, which is the Alberta gas trading price  
  [3] Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX).  
  [4] Alberta average field price for Propane and Butane  purchased at field locations.    
  [5] Edmonton condensate from GMPFirstEnergy.