CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
July 1, 2026
        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 $CDN/$US
HISTORICAL PRICES
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
2019   57.00 64.11 75.28 57.86 0.75
2020   39.54 43.40 48.78 37.05 0.75
2021   67.89 70.39 83.73 68.00 0.80
2022   94.73 100.62 125.24 100.41 0.77
2023   77.59 82.49 107.36 77.29 0.74
2024   76.46 80.49 103.57 83.48 0.73
2025   65.50 69.12 85.57 73.22 0.72
2026 6 mos. 83.83 91.87 108.10 96.00 0.73
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  73.34 79.10 95.41 83.20 0.72
FORECAST PRICES
2026 6 mos. 73.60 78.51 95.50 82.67 0.72
2027   73.57 78.15 94.06 81.43 0.73
2028   73.51 78.31 93.98 81.36 0.73
2029   74.01 78.19 94.67 81.95 0.73
2030   75.49 79.75 96.69 83.71 0.73
2031   77.00 81.35 98.76 85.50 0.73
2032   78.54 82.98 100.87 87.32 0.73
2033   80.11 84.64 103.02 89.19 0.73
2034   81.72 86.33 105.22 91.09 0.73
2035   83.35 88.05 107.46 93.03 0.73
2036   85.02 89.82 109.74 95.00 0.73
2037   86.72 91.61 112.07 97.02 0.73
2038   88.45 93.44 114.45 99.08 0.73
2039   90.22 95.31 116.87 101.17 0.73
2040   92.03 97.22 119.34 103.31 0.73
Escalated 2% thereafter
Notes:  [1] West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma.
    (Actual  WTI strip oil  prices are: $US70.09/STB in 2026; $US66.89/STB in 2027; $US65.64/STB in 2028)
  [2] The Brent Spot price is estimated based on historic data.
    (Actual  Brent strip oil  prices are: $US80.11/STB in 2026; $US71.04/STB in 2027; $US69.92/STB in 2028)
  [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 HYDROGEN AND PETROLEUM ENGINEERING LTD.
NATURAL GAS & BY-PRODUCTS   
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
July 1, 2026
    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  
2016   2.62 2.48 2.71 2.76 6.17 36.81 59.14
2017   2.03 1.93 2.18 2.50 6.71 29.81 55.62
2018   2.05 1.94 2.50 2.96 25.55 39.62 67.15
2019   1.38 1.31 1.51 3.18 30.47 48.97 77.19
2020   1.31 1.24 1.81 2.57 14.98 21.39 70.46
2021   1.85 1.75 2.25 2.02 20.62 24.74 50.06
2022   3.05 2.89 3.58 3.91 42.31 38.12 70.39
2023   4.60 4.36 5.14 6.45 53.85 62.81 122.16
2024   3.00 2.84 2.51 2.59 31.68 49.39 108.73
2025   1.25 1.18 1.61 3.61 32.72 37.20 90.16
2026 6 mos. 2.13 1.85 1.75 3.89 27.82 37.61 120.01
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)  
    1.80 1.70 1.59 3.33 27.51 36.35 106.08
FORECAST PRICES  
2026 6 mos. 2.43 2.31 2.16 3.41 27.71 43.32 92.63
2027   3.06 2.90 2.71 3.61 30.89 43.42 91.24
2028   3.55 3.37 3.15 3.97 30.81 43.38 91.16
2029   3.84 3.64 3.40 4.05 31.00 43.69 91.83
2030   3.91 3.71 3.47 4.13 31.66 44.62 93.79
2031   3.99 3.79 3.54 4.21 32.33 45.58 95.80
2032   4.07 3.86 3.61 4.29 33.03 46.56 97.85
2033   4.15 3.94 3.68 4.38 33.73 47.55 99.93
2034   4.24 4.02 3.76 4.47 34.45 48.56 102.06
2035   4.32 4.10 3.83 4.56 35.18 49.59 104.23
2036   4.41 4.18 3.91 4.65 35.93 50.65 106.45
2037   4.50 4.26 3.99 4.74 36.69 51.72 108.71
2038   4.59 4.35 4.07 4.84 37.47 52.82 111.01
2039   4.68 4.44 4.15 4.93 38.26 53.94 113.36
2040   4.77 4.53 4.23 5.03 39.07 55.08 115.76
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.                                                    
    (Actual  AECO C spot gas  prices are: $US1.80/MMBTU in 2026; $US2.26/MMBTU in 2027; $US2.43/MMBTU in 2028).
  [3] Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX).            
    (Actual  Henry Hub strip gas  prices are: $US3.31/MMBTU in 2026; $US3.43/MMBTU in 2027; $US3.67/MMBTU in 2028).
  [4] Alberta average field price for Propane and Butane  purchased at field locations.
  [5] Edmonton condensate from GasAlbertaInc.