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.