CHAPMAN PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
January 1, 2017
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
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 12 mos 43.17 45.06 57.98 38.90 0.76
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  42.71 44.49 57.08 38.06 0.75
FORECAST PRICES
2017 55.00 57.20 73.20 51.24 0.76
2018 60.00 62.40 75.83 56.11 0.80
2019 65.00 67.60 79.14 58.57 0.83
2020 70.00 72.80 85.17 63.02 0.83
2021 72.50 75.40 86.12 63.73 0.85
2022 75.00 78.00 89.07 65.91 0.85
2023 77.50 80.60 92.01 68.08 0.85
2024 80.00 83.20 94.95 70.26 0.85
2025 82.50 85.80 97.89 72.44 0.85
2026 85.00 88.40 100.83 74.61 0.85
2027 87.50 91.00 103.77 76.79 0.85
2028 89.25 92.82 105.83 78.31 0.85
2029 91.04 94.68 107.93 79.87 0.85
2030 92.86 96.57 110.07 81.45 0.85
2031 94.71 98.50 112.26 83.07 0.85
2032 96.61 100.47 114.49 84.72 0.85
Constant 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, 2017
Alberta   AECO Spot Henry Hub Propane Butane Condensate (Pentanes Plus)
  GRP [1] Gas[2] Gas[3] C3  C4  C5+
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 12 mos 2.03 1.93 2.18 3.31 6.71 29.81 55.62
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
    2.00 1.90 2.20 2.50 6.60 30.02 54.47
FORECAST PRICES
2017 2.96 2.81 3.25 4.34 25.62 43.92 69.54
2018 3.00 2.85 3.30 4.39 26.54 45.50 72.04
2019 3.09 2.93 3.40 4.49 27.70 47.49 75.19
2020 3.28 3.11 3.60 4.69 29.81 51.10 80.91
2021 3.37 3.19 3.70 4.79 30.14 51.67 81.82
2022 3.55 3.37 3.90 4.99 31.17 53.44 84.61
2023 3.69 3.50 4.05 5.14 32.20 55.20 87.41
2024 3.91 3.71 4.30 5.39 33.23 56.97 90.20
2025 4.05 3.84 4.45 5.54 34.26 58.73 92.99
2026 4.10 3.88 4.50 5.59 35.29 60.50 95.79
2027 4.19 3.97 4.60 5.69 36.32 62.26 98.58
2028 4.28 4.06 4.70 5.79 37.04 63.50 100.54
2029 4.37 4.14 4.80 5.89 37.78 64.76 102.53
2030 4.41 4.19 4.85 5.94 38.53 66.04 104.57
2031 4.50 4.27 4.95 6.04 39.29 67.35 106.64
2032 4.64 4.40 5.10 6.19 40.07 68.69 108.76
Constant 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).