CHAPMAN PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
October 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 43.17 45.06 57.98 38.90 0.76
2017 9 mos. 49.40 52.57 66.32 49.77 0.77
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  49.88 52.67 66.13 49.38 0.76
FORECAST PRICES
2017 50.00 52.50 69.44 52.08 0.76
2018 55.00 57.75 72.40 51.40 0.80
2019 60.00 63.00 75.94 53.92 0.83
2020 65.00 68.25 81.96 58.19 0.83
2021 67.50 70.88 83.06 58.97 0.85
2022 70.00 73.50 86.00 61.06 0.85
2023 72.50 76.13 88.94 63.15 0.85
2024 75.00 78.75 91.89 65.24 0.85
2025 77.50 81.38 94.83 67.33 0.85
2026 80.00 84.00 97.77 69.42 0.85
2027 82.50 86.63 100.71 71.50 0.85
2028 84.15 88.36 102.65 72.88 0.85
2029 85.83 90.12 104.63 74.29 0.85
2030 87.55 91.93 106.65 75.72 0.85
2031 89.30 93.77 108.71 77.18 0.85
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 
October 1, 2017
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 9 mos. 2.09 1.98 2.30 2.99 21.77 39.36 65.18
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
    2.39 2.27 2.66 3.01 18.68 37.63 65.90
FORECAST PRICES
2017 2.55 2.42 2.80 3.53 24.30 41.66 65.97
2018 2.68 2.55 2.95 3.68 25.34 43.44 68.78
2019 2.82 2.68 3.10 3.83 26.58 45.56 72.14
2020 2.96 2.81 3.26 3.99 28.69 49.18 77.87
2021 3.11 2.95 3.42 4.15 29.07 49.84 78.91
2022 3.27 3.10 3.59 4.32 30.10 51.60 81.70
2023 3.43 3.25 3.77 4.50 31.13 53.37 84.50
2024 3.60 3.41 3.96 4.69 32.16 55.13 87.29
2025 3.67 3.48 4.04 4.77 33.19 56.90 90.09
2026 3.75 3.55 4.12 4.85 34.22 58.66 92.88
2027 3.82 3.62 4.20 4.93 35.25 60.43 95.67
2028 3.90 3.70 4.28 5.01 35.93 61.59 97.52
2029 3.98 3.77 4.37 5.10 36.62 62.78 99.40
2030 4.05 3.85 4.46 5.19 37.33 63.99 101.32
2031 4.14 3.92 4.54 5.27 38.05 65.23 103.27
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.