CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES 
July 1, 2024
        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
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
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 6 mos. 79.45 83.78 106.27 85.77 0.74
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
  78.79 83.07 106.18 82.91 0.74
FORECAST PRICES
2024 6 mos. 80.37 84.63 109.26 81.77 0.74
2025   77.18 81.71 103.54 77.50 0.75
2026   76.81 80.55 101.71 76.12 0.76
2027   77.76 81.83 102.96 77.06 0.76
2028   79.32 83.47 105.01 78.59 0.76
2029   80.90 85.14 107.10 80.15 0.76
2030   82.52 86.84 109.23 81.75 0.76
2031   84.17 88.58 111.40 83.37 0.76
2032   85.86 90.35 113.61 85.03 0.76
2033   87.57 92.16 115.87 86.72 0.76
2034   89.33 94.00 118.18 88.45 0.76
2035   91.11 95.88 120.53 90.21 0.76
2036   92.93 97.80 122.92 92.00 0.76
2037   94.79 99.75 125.37 93.83 0.76
2038   96.69 101.75 127.86 95.70 0.76
2039   98.62 103.78 130.41 97.60 0.76
Escalated 2% thereafter
Notes:  [1] West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma.
    (Actual  WTI strip oil  prices are: $US80.37/STB in 2024; $US75.66/STB in 2025; $US71.12/STB in 2026)
  [2] The Brent Spot price is estimated based on historic data.
    (Actual  Brent strip oil  prices are: $US83.80/STB in 2024; $US80.11/STB in 2025; $US75.99/STB in 2026)
  [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, 2024
    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  
2014   4.22 4.00 4.51 4.35 46.85 62.26 108.28
2015   2.62 2.48 2.71 2.76 6.17 36.81 59.14
2016   2.03 1.93 2.18 2.50 6.71 29.81 55.62
2017   2.05 1.94 2.50 2.96 25.55 39.62 67.15
2018   1.38 1.31 1.51 3.18 30.47 48.97 77.19
2019   1.31 1.24 1.81 2.57 14.98 21.39 70.46
2020   1.85 1.75 2.25 2.02 20.62 24.74 50.06
2021   3.05 2.89 3.58 3.91 42.31 38.12 70.39
2022   4.60 4.36 5.14 6.45 53.85 62.81 122.16
2023   3.00 2.84 2.51 2.59 31.68 49.39 108.73
2024 6 mos. 1.99 1.89 1.69 2.19 34.24 46.10 105.96
CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC)
    1.97 1.87 2.01 2.35 30.95 45.93 105.89
FORECAST PRICES  
2024 6 mos. 1.57 1.49 1.64 2.82 34.31 49.88 105.98
2025   2.71 2.57 2.83 3.45 37.02 52.40 100.44
2026   3.62 3.44 3.79 3.81 36.35 51.45 98.66
2027   3.92 3.72 4.10 4.12 36.86 52.13 99.87
2028   4.00 3.79 4.18 4.20 37.60 53.16 101.86
2029   4.08 3.87 4.26 4.28 38.34 54.22 103.88
2030   4.16 3.94 4.35 4.37 39.11 55.30 105.95
2031   4.24 4.02 4.44 4.46 39.88 56.40 108.06
2032   4.32 4.10 4.52 4.55 40.68 57.52 110.20
2033   4.41 4.18 4.61 4.64 41.48 58.66 112.40
2034   4.50 4.27 4.71 4.73 42.31 59.83 114.63
2035   4.59 4.35 4.80 4.82 43.15 61.02 116.91
2036   4.68 4.44 4.90 4.92 44.01 62.24 119.24
2037   4.77 4.53 5.00 5.02 44.89 63.47 121.61
2038   4.87 4.62 5.09 5.12 45.78 64.74 124.03
2039   4.97 4.71 5.20 5.22 46.69 66.03 126.51
                 
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: $US1.37/MMBTU in 2024; $US2.78/MMBTU in 2025; $US3.16/MMBTU in 2026).
  [3] Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). (Actual  Henry Hub strip gas  prices are: $US2.82/MMBTU in 2024; $US3.45/MMBTU in 2025 and  $US3.81/MMBTU in 2026).
  [4] Alberta average field price for Propane and Butane  purchased at field locations.
  [5] Edmonton condensate from GasAlbertaInc.