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CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD. |
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CRUDE OIL |
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HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES |
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October 1, 2026 |
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AB Synthetic |
Western Canada |
Exchange |
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WTI [1] |
Brent Spot (ICE)[2] |
Crude Price [3] |
Select [4] |
Rate |
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Date |
$US/STB |
$US/STB |
$CDN/STB |
$CDN/STB |
$CDN/$US |
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HISTORICAL PRICES |
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2016 |
43.17 |
45.06 |
57.98 |
38.90 |
0.76 |
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2017 |
50.86 |
54.75 |
67.75 |
49.63 |
0.77 |
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2018 |
64.92 |
71.64 |
75.06 |
50.17 |
0.77 |
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2019 |
57.00 |
64.11 |
75.28 |
57.86 |
0.75 |
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2020 |
39.54 |
43.40 |
48.78 |
37.05 |
0.75 |
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2021 |
67.89 |
70.39 |
83.73 |
68.00 |
0.80 |
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2022 |
94.73 |
100.62 |
125.24 |
100.41 |
0.77 |
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2023 |
77.59 |
82.49 |
107.36 |
77.29 |
0.74 |
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2024 |
76.46 |
80.49 |
103.57 |
83.48 |
0.73 |
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2025 |
65.50 |
69.12 |
85.57 |
73.22 |
0.72 |
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2026 |
9 mos. |
85.00 |
93.41 |
110.30 |
98.11 |
0.72 |
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CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) |
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|
74.88 |
80.17 |
98.06 |
86.30 |
0.72 |
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FORECAST PRICES |
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2026 |
3 mos. |
90.85 |
99.88 |
120.95 |
105.80 |
0.71 |
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2027 |
80.89 |
86.52 |
105.33 |
92.14 |
0.72 |
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2028 |
75.65 |
80.00 |
98.06 |
85.78 |
0.72 |
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2029 |
73.68 |
77.42 |
93.93 |
82.16 |
0.73 |
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2030 |
75.16 |
78.97 |
95.95 |
83.93 |
0.73 |
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2031 |
76.66 |
80.55 |
98.01 |
85.73 |
0.73 |
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2032 |
78.19 |
82.16 |
100.11 |
87.57 |
0.73 |
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2033 |
79.76 |
83.80 |
102.25 |
89.44 |
0.73 |
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2034 |
81.35 |
85.48 |
104.43 |
91.35 |
0.73 |
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2035 |
82.98 |
87.19 |
106.66 |
93.30 |
0.73 |
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2036 |
84.64 |
88.93 |
108.94 |
95.29 |
0.73 |
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2037 |
86.33 |
90.71 |
111.25 |
97.32 |
0.73 |
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2038 |
88.06 |
92.52 |
113.62 |
99.39 |
0.73 |
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2039 |
89.82 |
94.38 |
116.03 |
101.50 |
0.73 |
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2040 |
91.62 |
96.26 |
118.49 |
103.65 |
0.73 |
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Escalated 2% thereafter |
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Notes: |
[1] |
West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma. |
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(Actual WTI strip oil prices are: $US96.65/STB in 2026; $US80.89/STB in 2027; $US72.05/STB in 2028, $US67.6/STB in 2029) |
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[2] |
The Brent Spot price is estimated based on historic data. |
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(Actual Brent strip oil prices are: $US99.88/STB in 2026; $US88.28/STB in 2027; $US77.67/STB in 2028, $US73.04/STB in 2029) |
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[3] |
Equivalent price for Light Sweet Crude (D2/S2) & Synthetic Crude landed in Edmonton. |
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[4] |
Western Canada Select (20.5API), spot price for B.C., Alberta, Saskatchewan, and Manitoba. |
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CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD. |
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NATURAL GAS & BY-PRODUCTS |
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HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES |
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October 1, 2026 |
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Alberta |
AECO Spot |
Henry Hub |
Propane |
Butane |
Condensate (Pentanes Plus) |
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GRP [1] |
Gas[2] |
Gas[3] |
C3 [4] |
C4 [4] |
C5 [5] |
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Date |
$CDN/MMBTU |
$CDN/GJ |
$CDN/MMBTU |
$US/MMBTU |
$CDN/BBL |
$CDN/BBL |
$CDN/BBL |
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HISTORICAL PRICES |
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2016 |
2.62 |
2.48 |
2.71 |
2.76 |
6.17 |
36.81 |
59.14 |
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2017 |
2.03 |
1.93 |
2.18 |
2.50 |
6.71 |
29.81 |
55.62 |
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2018 |
2.05 |
1.94 |
2.50 |
2.96 |
25.55 |
39.62 |
67.15 |
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2019 |
1.38 |
1.31 |
1.51 |
3.18 |
30.47 |
48.97 |
77.19 |
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2020 |
1.31 |
1.24 |
1.81 |
2.57 |
14.98 |
21.39 |
70.46 |
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2021 |
1.85 |
1.75 |
2.25 |
2.02 |
20.62 |
24.74 |
50.06 |
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2022 |
3.05 |
2.89 |
3.58 |
3.91 |
42.31 |
38.12 |
70.39 |
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2023 |
4.60 |
4.36 |
5.14 |
6.45 |
53.85 |
62.81 |
122.16 |
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2024 |
3.00 |
2.84 |
2.51 |
2.59 |
31.68 |
49.39 |
108.73 |
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2025 |
1.25 |
1.18 |
1.61 |
3.61 |
32.72 |
37.20 |
90.16 |
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2026 |
9 mos. |
1.88 |
1.61 |
1.67 |
3.95 |
27.91 |
37.92 |
123.87 |
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CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) |
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|
1.65 |
1.56 |
1.56 |
3.27 |
27.44 |
37.07 |
108.04 |
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FORECAST PRICES |
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2026 |
3 mos. |
2.30 |
2.18 |
2.17 |
3.30 |
35.62 |
54.43 |
117.32 |
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2027 |
2.68 |
2.54 |
2.53 |
3.53 |
35.18 |
48.89 |
102.17 |
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2028 |
3.01 |
2.85 |
2.84 |
3.86 |
32.28 |
45.56 |
95.12 |
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2029 |
3.21 |
3.05 |
3.04 |
3.94 |
30.88 |
43.64 |
91.11 |
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2030 |
3.28 |
3.11 |
3.10 |
4.02 |
31.53 |
44.56 |
93.07 |
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2031 |
3.34 |
3.17 |
3.16 |
4.10 |
32.21 |
45.52 |
95.07 |
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2032 |
3.41 |
3.24 |
3.23 |
4.18 |
32.90 |
46.50 |
97.10 |
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2033 |
3.48 |
3.30 |
3.29 |
4.27 |
33.60 |
47.49 |
99.18 |
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2034 |
3.55 |
3.37 |
3.36 |
4.35 |
34.32 |
48.51 |
101.30 |
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2035 |
3.62 |
3.43 |
3.42 |
4.44 |
35.05 |
49.54 |
103.46 |
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2036 |
3.69 |
3.50 |
3.49 |
4.53 |
35.80 |
50.60 |
105.67 |
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2037 |
3.77 |
3.57 |
3.56 |
4.62 |
36.56 |
51.67 |
107.92 |
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2038 |
3.84 |
3.64 |
3.63 |
4.71 |
37.34 |
52.77 |
110.21 |
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2039 |
3.92 |
3.72 |
3.71 |
4.81 |
38.13 |
53.89 |
112.55 |
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2040 |
4.00 |
3.79 |
3.78 |
4.90 |
38.94 |
55.03 |
114.94 |
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Escalated 2% thereafter |
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Notes: |
[1] |
Alberta Gas Reference Price (GRP) represents the average of all system and direct (spot and firm) sales. |
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[2] |
The AECO C Spot price, which is the Alberta gas trading price. |
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(Actual AECO C spot gas prices are: $US1.98/MMBTU in 2026; $US2.11/MMBTU in 2027; $US2.47/MMBTU in 2028, $US2.53/MMBTU in 2029). |
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[3] |
Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). |
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(Actual Henry Hub strip gas prices are: $US3.06/MMBTU in 2026; $US3.16/MMBTU in 2027; $US3.68/MMBTU in 2028, $US3.71/MMBTU in 2029). |
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[4] |
Alberta average field price for Propane and Butane purchased at field locations. |
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[5] |
Edmonton condensate from GasAlbertaInc. |
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