CHAPMAN PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
July 1, 2018
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 6 mos 65.37 70.99 81.51 55.67 0.78
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  57.54 62.71 72.69 50.33 0.79
FORECAST PRICES
2018 66.50 72.49 84.18 58.92 0.79
2019 68.50 74.67 85.63 63.36 0.80
2020 71.93 78.40 88.80 65.71 0.81
2021 75.52 82.32 93.24 68.99 0.81
2022 77.03 83.96 92.81 68.68 0.83
2023 78.57 85.64 94.67 70.05 0.83
2024 80.14 87.36 96.56 71.45 0.83
2025 81.75 89.10 98.49 72.88 0.83
2026 83.38 90.89 100.46 74.34 0.83
2027 85.05 92.70 102.47 75.83 0.83
2028 86.75 94.56 104.52 77.34 0.83
2029 88.49 96.45 106.61 78.89 0.83
2030 90.25 98.38 108.74 80.47 0.83
2031 92.06 100.35 110.92 82.08 0.83
2032 93.90 102.35 113.13 83.72 0.83
2033 95.78 104.40 115.40 85.39 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 
July 1, 2018
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 6 mos 1.83 1.74 1.61 3.73 33.90 46.45 82.79
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
    1.68 1.60 1.85 2.72 30.31 42.31 74.43
FORECAST PRICES
2018 1.82 1.73 2.00 3.69 28.74 46.88 83.34
2019 2.05 1.94 2.25 3.94 31.58 52.15 84.77
2020 2.28 2.16 2.50 4.19 35.26 58.44 87.91
2021 2.39 2.27 2.63 4.32 38.75 64.47 92.30
2022 2.51 2.38 2.76 4.45 39.48 64.20 91.88
2023 2.63 2.50 2.89 4.58 40.92 65.88 93.72
2024 2.77 2.62 3.04 4.73 41.82 66.87 95.59
2025 2.90 2.75 3.19 4.88 42.80 68.24 97.51
2026 2.96 2.81 3.25 4.94 43.72 69.62 99.46
2027 3.02 2.87 3.32 5.01 44.74 71.04 101.44
2028 3.08 2.92 3.39 5.08 45.70 72.51 103.47
2029 3.14 2.98 3.45 5.14 46.63 75.59 105.54
2030 3.21 3.04 3.52 5.21 47.57 77.11 107.65
2031 3.27 3.10 3.59 5.28 48.53 78.65 109.81
2032 3.34 3.16 3.67 5.36 49.48 80.23 112.00
2033 3.40 3.23 3.74 5.43 50.47 81.83 114.24
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.