51-101F1 - Statement Of Reserves Data and Other Oil and Gas Information [F Proposed - Lapsed]

TABLE OF CONTENTS
GENERAL INSTRUCTIONS

PART 1 DATE OF STATEMENT
Item 1.1 Relevant Dates

PART 2 DISCLOSURE OF RESERVES DATA
Item 2.1 Reserves Data (Constant Prices and Costs)
Item 2.2 Reserves Data (ForecastPrices and Costs)Item 2.3 Reserves Determination Varies with Accounting
Item 2.4 Future Net Revenue Disclosure Varies with Accounting

PART 3 PRICING ASSUMPTIONS
Item 3.1 Constant Prices Used in Estimates
Item 3.2 Forecast Prices Used in Estimates

PART 4 RECONCILIATIONS OF CHANGES IN RESERVES AND FUTURE NET REVENUE
Item 4.1 Reserves Reconciliation
Item 4.2 Future Net Revenue Reconciliation

PART 5 ADDITIONAL INFORMATION RELATING TO RESERVES DATA
Item 5.1 Undeveloped Reserves
Item 5.2 Significant Factors or Uncertainties
Item 5.3 Future Development Costs
Item 5.4 Abandonment and Reclamation Costs

PART 6 OTHER OIL AND GAS INFORMATION
Item 6.1 Oil and Gas Properties and Wells
Item 6.2 Properties with no Attributed Reserves
Item 6.3 Forward Contracts
Item 6.4 Additional Information Concerning Abandonment and Reclamation Costs
Item 6.5 Tax Horizon
Item 6.6 Costs
Item 6.7 Exploration and Development Activities
Item 6.8 Production Estimates
Item 6.9 Production History

GENERAL INSTRUCTIONS

(1) Terms for which a meaning is given inNI 51-101have the same meaning in thisForm 51-101F1¹.

¹For the convenience of readers, Appendix 1 to Companion Policy 51-101CP sets out the meanings of terms that are printed in italics (or, in the Instructions, in bold type) in this Form 51-101F1 or in NI 51-101, Form 51-101F2, Form 51-101F3 or the Companion Policy.

(2) Unless otherwise specified in thisForm 51-101F1, information under item 1 of section 2.1 ofNI 51-101shall be provided as at the last day of thereportingissuer'smost recent financial year or for its financial year then ended.

(3) It is not necessary to include the headings or numbering, or to follow the ordering of Items, in thisForm 51-101F1. Information may be provided in tables.

(4) To the extent that any Item or any component of an Item specified in thisForm 51-101F1does not apply to areportingissuerand its activities and operations, or is notmaterial, no reference need be made to that Item or component. It is not necessary to state that such an Item or component is "not applicable" or "not material". Materiality is discussed inNI 51-101and Companion Policy 51-101CP.

(5) ThisForm 51-101F1sets out minimum requirements. Areportingissuermay provide additional information not required in thisForm 51-101F1provided that it is not misleading and not inconsistent with the requirements ofNI 51-101, and provided that material information required to be disclosed is not omitted.

(6) Areporting issuermay satisfy the requirement of this Form 51-101F1 for disclosure of information "by country" by instead providing information byforeign geographic areain respect of countries outside North America as may be appropriate for meaningful disclosure in the circumstances.

Part 1 DATE OF STATEMENT
Item 1.1 Relevant Dates

1. Date the statement.

2. Disclose the effective date of the information being provided.

3. Disclose the preparation date of the information being provided.

INSTRUCTIONS

(1) For the purpose of Part 2 ofNI 51-101, and consistent with the definition ofreserves dataand General Instruction 2 of thisForm 51-101F1, theeffective dateto be disclosed under section 2 of Item 1.1 is the last day of thereporting issuer’smost recent financial year. It is the date of the balance sheet for thereporting issuer'smost recent financial year (for example, "as at December 31, 20xx") and the ending date of thereportingissuer’smost recent annual statement of income (for example, "for the year ended December 31, 20xx").

(2) The sameeffective dateapplies toreservesof each category reported and to relatedfuture net revenue. References to a change in an item of information, such as changes inproductionor a change inreserves, mean changes in respect of that item during the year ended on theeffective date, or such earlier period as may be specified.

(3) Thepreparation date, in respect of written disclosure, means the most recent date on which information relating to the period ending on theeffective datewas considered in the preparation of the disclosure. Thepreparation dateis a date subsequent to theeffective datebecause it takes time after the end of the financial year to assemble the information for that completed year that is needed to prepare the required disclosure as at the end of the financial year.

(4) Because of the interrelationship between certain of thereporting issuer'sreserves dataand other information referred to in thisForm 51-101F1and certain of the information included in its financial statements, thereporting issuershould ensure that its financial auditor and itsqualified reserves evaluators or auditorsare kept apprised of relevant events and transactions, and should facilitate communication between them.

(5) If thereporting issuerprovides information as at a date more recent than theeffective date, in addition to the information required as at theeffective date, also disclose the date as at which that additional information is provided. The provision of such additional information does not relieve thereporting issuerof the obligation to provide information as at theeffective date.

1. Breakdown ofProved Reserves(Constant Case) - Disclose reserves, gross and net, estimated using constant prices and costs, by country and in the aggregate, for each product type, in the following classifications:

(a) proved developed producing reserves;

(b)proved developed non-producingreserves;

(c) proved undevelopedreserves;and

(d) proved reserves (in total).

3. Breakdown ofFuture Net Revenue(Constant Case)

(a) Disclose, by year for at least ten years and grouped thereafter, by country and in the aggregate, estimated using constant prices and costs and calculated without discount, the following information in respect of future net revenue attributable to proved reserves (in total):

(i) estimated future revenue;

(ii) royalties;

(iii) operating costs;

(iv) development costs;

(v) abandonment and reclamation costs;

(vi) future net revenue before income taxes;

(vii) future income tax expenses; and

(viii) future net revenue after income taxes.

(b) In respect of future net revenue attributable to proved reserves (in total), disclose, by country, the net present value of the aggregate of each of the following, estimated using constant prices and costs and calculated using a discount rate of 10 percent:

(i)development costs;

(ii) abandonment and reclamation costs;

(iii) future net revenue before income taxes; and

(iv) future net revenue after income taxes.

Item 2.2Reserves Data(Forecast Prices and Costs)

1. Breakdown ofReserves(Forecast Case) - Disclose reserves, gross and net, estimated using forecast prices and costs, by country and in the aggregate, for each product type, in the following classifications:

(a)proved developed producing reserves;

(b) proved developed non-producingreserves;

(c) proved undevelopedreserves;

(d) proved reserves (in total);

(e) probable reserves (in total);

(f) proved plus probable reserves (in total); and

(g) if the reporting issuer discloses an estimate of possiblereserves in the statement:

(i) possiblereserves (in total); and

(ii) proved plus probable plus possible reserves (in total).

2. Net Present Value ofFuture Net Revenue(Forecast Case)- Disclose the net present value of future net revenue attributable to the categories of reserves referred to in section 1 of this Item, estimated using forecast prices and costs, before and after income taxes, calculated without discount and using discount rates of 5 percent, 10 percent, 15 percent and 20 percent.

3. Breakdown ofFuture Net Revenue(Forecast Case)

(a) This section 3 applies to future net revenue attributable to each of the following classifications of reserves estimated using forecast prices and costs:

(i)proved reserves (in total);

(ii) proved plusprobable reserves (in total); and

(iii) if paragraph 1(g) of this Item applies,proved plusprobable pluspossible reserves (in total).

(b) Disclose by year for at least ten years and grouped thereafter, by country and in the aggregate, estimated using forecast prices and costs, calculated without discount, the following information:

(i) estimated future revenue;

(ii) royalties;

(iii) operating costs;

(iv) development costs;

(v) abandonment and reclamation costs;

(vi) future net revenue before income taxes;

(vii) future income tax expenses; and

(viii) future net revenue after income taxes.

(c) Disclose, by country, the net present value of the aggregate of each of the following, estimated using forecast prices and costs, calculated without discount and using discount rates of 5 percent, 10 percent, 15 percent and 20 percent:

(i)development costs;

(ii) abandonment and reclamation costs;

(iii) future net revenue before income taxes; and

(iv) future net revenue after income taxes.

Item 2.3ReservesDetermination Varies with Accounting

In determining reserves to be disclosed:

(a) Consolidated Financial Disclosure- if the reporting issuer files consolidated financial statements:

(b) Proportionate Consolidation- if the reporting issuer files financial statements in which investments are proportionately consolidated, the reporting issuer's disclosed reserves must include the reporting issuer's proportionate share of the investees’ oil and gas reserves; and

(c) Equity Accounting- if the reporting issuer files financial statements in which investments are accounted for by the equity method, do not include investees' oil and gas reserves in disclosed reserves of the reporting issuer, but disclose the reporting issuer's share of the investees' oil and gas reserves separately.

Item 2.4Future Net RevenueDisclosure Varies with Accounting

1. Consolidated Financial Disclosure- If the reporting issuer files consolidated financial statements, and if a significant portion of the reporting issuer's economic interest in future net revenue is attributable to a consolidated subsidiary in which there is a significant minority interest, disclose that fact and the approximate portion of the economic interest in future net revenue attributable to the minority interest.

2. Equity Accounting- If the reporting issuer files financial statements in which investments are accounted for by the equity method, do not include investees' future net revenue in disclosed future net revenue of the reporting issuer, but disclose the reporting issuer's share of such future net revenue of investees separately, by country and in the aggregate.

INSTRUCTIONS

(1) Do not include, inreserves,oilorgasthat issubject to purchase under a long-term supply, purchase or similar agreement. However, if thereportingissueris a party to such an agreement with a government or governmental authority, and participates in the operation of thepropertiesin which theoilorgasis situated or otherwise serves as "producer" of thereserves(in contrast to being an independent purchaser, broker, dealer or importer), disclose separately thereportingissuer'sinterest in thereservesthat are subject to such agreements at theeffective dateand thenetquantity ofoilorgasreceived by thereporting issuerunder the agreement during the year ended on theeffective date.

(2)Future net revenueincludes the portion attributable to thereporting issuer'sinterest under an agreement referred to in Instruction (1).

Part 3PRICING ASSUMPTIONS

Item 3.1 Constant Prices Used in Estimates

For each producttype, disclose the benchmark reference prices for the countries or regions in which the reporting issuer operates, as at the last day of the reporting issuer's most recent financial year, reflected in the reserves data disclosed in response to Item 2.1.

Item 3.2Forecast Prices Used in Estimates

1. For each product type, disclose:

(a) the pricing assumptions used in estimating reserves data disclosed in response to Item 2.2:

(i) for each of at least the following ten financial years; and

(ii) generally, for subsequent periods; and

(b) the reporting issuer’s weighted average historical prices for the most recent financial year.

2. The disclosure in response to section 1 shall include the benchmark reference pricing schedules for the countries or regions in which the reporting issuer operates, and inflation and other forecast factors used.

3. If the pricing assumptions specified in response to section 1 were provided by a qualified reserves evaluator or auditor independent of the reporting issuer, disclose that fact and identify the qualified reserves evaluator or auditor.

INSTRUCTIONS

(1) Benchmark reference prices may be obtained from sources such as public product trading exchanges or prices posted by purchasers.

(2) The defined terms "constant prices and costs" and "forecast prices and costs" include any fixed or presently determinable future prices or costs to which thereporting issueris legally bound by contract, including those for an extension period of a contract that is likely to be extended. In effect, such contractually committed prices override benchmark reference prices for the purpose of estimatingreserves data.To ensure that disclosure under this Part is not misleading, the disclosure should reflect such contractually committed prices.

(3) Under subsection 5.7(1) ofNI 51-101, thereporting issuermust obtain the written consent of thequalified reserves evaluator or auditorto disclose his or her identity in response to section 3 of this Item.
PART 4 ReconciliationS of Changes inReservesandFuture Net Revenue

Item 4.1ReservesReconciliation

1. Provide the information specified in section 2 of this Item in respect of the following classifications of reserves:

(a)net proved reserves (in total);

(b)net probable reserves (in total); and

(c) net proved plus probable reserves (in total).

2. Disclose changes between the reserves estimates referred to in section 1 made as at the effective date and the corresponding estimates ("prior-year estimates") made as at the last day of the preceding financial year of the reporting issuer:

(a) by country and in the aggregate;

(b) for each of the following product types:

(i) light and medium crude oil (combined);

(ii) heavy oil;

(iii) natural gas; and

(iv) synthetic oil and other products from non-conventional oil and gas activities;

(c) separately identifying and explaining:

(i) economic factors (revisions of the prior-year estimates resulting from changes in previously estimated prices and costs);

(ii) technical revisions (revisions of the prior-year estimates resulting from information, other than estimated prices and costs, that was not available when the prior-year estimates were made);

(iii) acquisitions of reserves;

(iv) dispositions of reserves;

(v) extensions and improved recovery;

(vi) discoveries; and

(vii) production.

INSTRUCTIONS

The reconciliation required under this Item 4.1 may be provided in respect ofreservesestimated using eitherconstant prices and costsorforecast prices and costs,with the price and cost case indicated in the disclosure.

1. Provide the information specified in section 2 of this Item in respect of estimates of future net revenue (estimated using constant prices and costs and calculated using a discount rate of 10 percent) attributable to netproved reserves (in total).

2. Disclose changes between the future net revenue estimatesreferred to in section 1 made as at the effective date and the corresponding estimates ("prior-year estimates") made as at the last day of the preceding financial year of the reporting issuer:

(a) by country and in the aggregate;

(b) separately identifying and explaining:

(i) sales and transfers of oil, gas or other product types produced during the period net of production costs and royalties;

(ii) net change in sales and transfer prices and in productioncosts and royalties related to future production;

(iii) changes in previously estimated development costs incurred during the period;

(iv) changes in estimated future development costs;

(v) net change resulting from extensions and improved recovery;

(vi) net change resulting from discoveries;

(vii) changes resulting from acquisitions of reserves;

(viii) changes resulting from dispositions of reserves;

(ix) net change resulting from revisions in quantity estimates;

(x) accretion of discount (10 percent of discounted future net revenue at the beginning of the financial year);

(xi) net change in income taxes; and

(xii) any other significant factors.

INSTRUCTIONS

(1) Compute the effects of changes in prices and costs before the effects of changes in volumes, so that, in respect ofconstant prices and costs, volumes are reflected at prices as at theeffective date.

(2) In providing information for eachproduct typeunder this Part, it is not necessary to allocate among multipleproduct typesattributable to a single well,reservoiror otherreservesentity. It is sufficient to provide the information in respect of the principalproduct typeattributable to the well,reservoir or other reservesentity.

(3) Except in respect of clause 2(b)(xi) of Item 4.2, the information to be provided under this Part is pre-tax information.

(4) For the purposes of clause 2(b)(xi) of Item 4.2,a "net change in income taxes" includes both income taxes incurred during the period and changes in estimatedfuture income tax expenses.
PART 5 ADDITIONAL INFORMATION RELATING TORESERVES DATA

Item 5.1Undeveloped Reserves

1. For proved undevelopedreserves:

(a) disclose for each product type the volumes of provedundevelopedreserves that were first attributed in each of the most recent five financial years and, in the aggregate, before that time; or

(b) discuss generally the basis on which the reporting issuer attributes proved undevelopedreserves, its plans (including timing) for developing the proved undevelopedreserves and, if applicable, its reasons for not planning to develop particular provedundevelopedreserves during the following two years.

2. For probable undevelopedreserves:

(a) disclose for each product type the volumes of probable undevelopedreserves that were first attributed in each of the most recent five financial years and, in the aggregate, before that time; or

(b) discuss generally the basis on which the reporting issuer attributes probable undevelopedreserves, its plans (including timing) for developing the probable undevelopedreserves and, if applicable, its reasons for not planning to develop particular probableundevelopedreserves during the following two years.

1. Identify and discuss important economic factors or significant uncertainties that affect particular components of the reserves data.

2. Section 1 does not apply if the information is disclosed in the reporting issuer's financial statements for the financial year ended on the effective date.

INSTRUCTION

Examples of information that could warrant disclosure under this Item 5.2 include unusually high expecteddevelopment costsoroperating costs, the need to build a major pipeline or other major facility beforeproductionofreservescan begin, or contractual obligations toproduceand sell a significant portion ofproductionat prices substantially below those which could be realized but for those contractual obligations.

Item 5.3 FutureDevelopment Costs

1. Discuss the reporting issuer's expectations as to:

(a) the sources (including internally-generated cash flow, debt or equity financing, farm-outs or similar arrangements) and costs of funding for estimated future development costs; and

(b) the effect of those costs of funding on disclosed reserves or future net revenue.

2. If the reporting issuer expects that the funding costs referred to in section 1 could make development of a property uneconomic for that reporting issuer, disclose that expectation and itsplans for the property.

PART 6 OTHEROILANDGASINFORMATION

Item 6.1OilandGas Propertiesand Wells

1. Identify and describe generally the reporting issuer’s important properties, plants, facilities and installations:

(a) identifying their location (province, territory or state if in Canada or the United States, and country otherwise);

(b) indicating whether they are located onshore or offshore;

(c) in respect of properties to which reserves have been attributed and which are capable of producing but which are not producing, disclosing how long they have been in that condition and discussing the general proximity of pipelines or other means of transportation; and

(d) describing any statutory or other mandatory relinquishments, surrenders, back-ins or changes in ownership.

2. State, separately for oil wells and gas wells, the number of the reporting issuer's producing wells and non-producing wells, expressed in terms of both gross wells and net wells, by location (province, territory or state if in Canada or the United States, and country otherwise).

Item 6.2Propertieswith No AttributedReserves

1. For properties to which no reserves are attributed, disclose:

(a) the gross area (acres or hectares) in which the reporting issuer has an interest;

(b) the interest of the reporting issuer therein expressed in terms of net area (acres or hectares);

(c) the location, by country; and

(d) the existence, nature (including any bonding requirements), timing and cost (specified or estimated) of any work commitments.

2. Disclose, by country, the net area (acres or hectares) of property to which no reserves are attributed and for which the reporting issuer expects its rights to explore, develop and exploit to expire within one year.

Item 6.3 Forward Contracts

1. If the reporting issuer is bound by an agreement (including a transportation agreement), directly or through an aggregator, under which it may be precluded from fully realizing, or may be protected from the full effect of, future market prices for oil or gas, describe the agreement, providing dates, time periods and summaries or ranges of volumes and contracted or reasonably estimated values.

2. Section 1 does not apply to agreements disclosed by the reporting issuer

(a) as financial instruments, in accordance with Section 3860 of the CICA Handbook; or

(b) as contractual obligations or commitments, in accordance with Section 3280 of the CICA Handbook.

3. If the reporting issuer's transportation obligations or commitments for future physical deliveries of oil or gas exceed the reporting issuer’s expected related future production from its proved reserves, estimated using forecast pricesand costs and disclosed under Part 2, disclose the amount of such excess, providing dates, time periods, volumes and reasonably estimated value.

Item 6.4Additional Information Concerning Abandonment and Reclamation Costs

In respect of abandonment and reclamation costs for surface leases, wells, facilities and pipelines, disclose:

(a) how the reporting issuer estimates such costs;

(b) the number of net wells for which the reporting issuer expects to incur such costs;

(c) the total amount of such costs, net of estimated salvage value, expected to be incurred, calculated without discount and using a discount rate of 10 percent;

(d) the portion, if any, of the amounts disclosed under paragraph (c) of this Item 6.4 that was not deducted in estimating the reserves data disclosed under Part 2; and

(e) the portion, if any, of the amounts disclosed under paragraph (c) of this Item 6.4 that the reporting issuer expects to pay in the next three financial years, in total.

INSTRUCTION

Item 6.4 supplements the information disclosed in response to clauses 3(e) of Item 2.1 and (3)(b)(v) of Item 2.2. The response to paragraph (d) of Item 6.4 should enable a reader of this statement and of thereporting issuer'sfinancial statements for the financial year ending on theeffective dateto understand both thereporting issuer'sestimated total abandonment and reclamation costs, and what portions of that total are, and are not, reflected in the disclosedreserves data.

Item 6.5Tax Horizon

If the reporting issuer is not required to pay income taxes for its most recently completed financial year, discuss its estimate of when income taxes may become payable.

Item 6.6Costs

1. Disclose each of the following by country for the most recent financial year (irrespective of whether such costs were capitalized or charged to expense when incurred):

(a)property acquisition costs, separately for proved properties andunproved properties;

(b) exploration costs; and

(c) development costs.

2. If the reporting issuer files financial statements in which investments are accounted for by the equity method, disclose separately, for the purpose of this Item 6.6, the reporting issuer's share of the investees' property acquisition costs, exploration costs and development costs incurred in the most recent financial year, in the aggregate by country.

Item 6.7Exploration and Development Activities

1. Disclose, by country and separately for exploratory wells and development wells:

(a) the number of gross wells and net wells completed in the reporting issuer's most recent financial year; and

(b) for each category of wells for which information is disclosed under paragraph (a), the number completed as oil wells, gas wells and service wells and the number that were dry holes.

2. Describe generally the reporting issuer’s most important current and likely exploration and development activities, by country.

Item 6.8ProductionEstimates

1. Disclose, by country, for each product type, the volume of production estimated for the first year reflected in the estimates of future net revenue disclosed under Items 2.1 and 2.2.

2. If one field accounts for 20 percent or more of the estimated production disclosed under section 1, identify that field and disclose the volume of production estimated for the field for that year.

Item 6.9ProductionHistory
1. To the extent not previously disclosed in financial statements filed by the reporting issuer, disclose, for each quarter of its most recent financial year, by country for each product type:

(a) the reporting issuer's share of average daily production volume, before deduction of royalties; and

(b) as an average per unit of volume (for example, $/bbl or $/Mcf):

(i) the prices received;

(ii) royalties paid;

(iii) production costs; and

(iv) the resulting netback.

2. For each important field, and in total, disclose the reporting issuer’sproduction volumes for the most recent financial year, for each product type.

INSTRUCTION

In providing information for eachproduct typefor the purpose of Item 6.9, it is not necessary to allocate among multipleproduct typesattributable to a single well,reservoiror otherreservesentity. It is sufficient to provide the information in respect of the principalproduct typeattributable to the well,reservoiror otherreservesentity.