1. | Name and Address of Company: |
Pengrowth Energy Trust 2900, 240 4th Avenue S.W. Calgary, AB T2P 4H4 |
2. | Date of Material Change: |
3. | News Release: |
News releases setting out information relating to the material change described herein were disseminated through Canada NewsWire and filed on SEDAR on September 18, 2006. |
4. | Summary of Material Change: |
Pengrowth Corporation, administrator of Pengrowth Energy Trust, (collectively, Pengrowth) announced on September 18, 2006 that it has entered into a definitive agreement to acquire all of ExxonMobil Canada Energys average 89 percent operated working interest in properties in the Carson Creek area of Alberta and the adjacent Carson Creek Gas Plant (collectively, Carson Creek) for a total purchase price of $475 million prior to adjustments (the Carson Creek Acquisition). The Carson Creek Acquisition is expected to close September 28, 2006, with an adjustment date of September 1, 2006, and is subject to customary conditions and regulatory approvals. Pengrowth will fund the Carson Creek Acquisition through a concurrently announced equity financing, and if required, through its existing credit facility. |
5. | Full Description of Material Change: |
Pengrowth announced on September 18, 2006 that it has entered into a definitive agreement to acquire Carson Creek for a total purchase price of $475 million prior to adjustments. The Carson Creek Acquisition is expected to close on September 28, 2006, with an adjustment date of September 1, 2006, and is subject to customary conditions and regulatory approvals. Pengrowth will fund the Carson Creek Acquisition through a concurrently announced equity financing as well as through its existing credit facility. | |
Words and abbreviations not otherwise defined herein shall have the meanings ascribed thereto in Schedule L to this material change report. |
The Carson Creek Acquisition provides the following financial and operational benefits to Pengrowth unitholders: |
| ownership in one of the larger conventional original oil-in-place reservoirs in western Canada; | |
| the addition of approximately 18.9 mmboe of proved plus probable reserves and approximately 5,100 boe per day of production, consisting primarily of high quality, light crude oil; | |
| producing reserves representing approximately 93% of total proved reserves; | |
| close proximity to Pengrowths existing interests in the Judy Creek units and Swan Hills Unit No. 1, expanding Pengrowths key light oil focus area and providing opportunities for development and field operating synergies and improved overall efficiencies for the Judy Creek facilities and Carson Creek facilities; | |
| incremental recoverable reserves through up-hole zone development, infill drilling, continued optimization of the existing waterflood program and new enhanced oil recovery programs in the future; |
| accretion to distributable cash flow per trust unit; | |
| production and reserve acquisition costs of approximately $93,000 per flowing boe and $25.15 per boe of proved plus probable reserves for long-life reserves (over 10 year reserve life index). |
Pengrowth Corporation, 1268071 Alberta Ltd. (Pengrowth Acquisition Company) and ExxonMobil Canada Energy (ExxonMobil) have entered into a share sale agreement dated September 18, 2006 (the Share Sale Agreement). Pengrowth Acquisition Company is a wholly-owned subsidiary of Pengrowth Corporation. To facilitate the acquisition, ExxonMobil will acquire common shares and preferred shares of 3174792 Nova Scotia Company (ExxonMobil Sub). Pengrowth Acquisition Company will acquire all of the shares of the ExxonMobil Sub through a series of transactions whereby Pengrowth Acquisition Company will subscribe for common shares of ExxonMobil Sub, ExxonMobil Sub will redeem the preferred shares held by ExxonMobil and Pengrowth Acquisition Company will acquire all of the remaining outstanding common shares of ExxonMobil Sub. The total consideration payable by Pengrowth Acquisition Company to ExxonMobil under the Share Sale Agreement is $475 million, prior to adjustments. | |
When acquired by Pengrowth Acquisition Company, ExxonMobil Sub will own and control an 87.5 percent operated working interest in Carson Creek North Unit No. 1 (the Carson Creek North Unit) and a 95.1 percent operated working interest in both Carson Creek Unit No. 1 and the Carson Creek Gas Plant. Carson Creek has production of approximately 5,100 boepd, consisting of 3,450 boepd of light crude oil and natural gas liquids and 10.0 mmcf of natural gas per day. When completed, and prior to the business combination with Esprit, the Carson Creek Acquisition will increase Pengrowths overall current production by about 9% to approximately 62,500 boepd. When completed, the Carson Creek Acquisition will also increase Pengrowths Total Proved Plus Probable Reserves by approximately 18.9 mmboe consisting primarily of high quality 44 degree API light crude oil (on a company interest before royalties basis using GLJ Petroleum Consultants Ltd. (GLJ) constant pricing). Upon completion of the Carson Creek Acquisition and the business combination with Esprit, we expect our overall current production will increase by 40% to approximately 81,000 boepd and our overall Total Proved Plus Probable Reserves will increase to approximately 299 mmboe (on a company interest before royalty basis using constant pricing). | |
Pengrowth believes Carson Creek is regarded as one of the larger conventional reservoirs in western Canada. Carson Creek is located just 20 kilometers (12.5 miles) south of Pengrowths existing interests in the Judy Creek units and Swan Hills Unit No. 1, and will significantly expand Pengrowths key light oil focus area. The Carson Creek North Unit offers stable long term light crude oil production with potential reserves upside through prospective up-hole zone development, potential infill drilling and enhanced oil recovery opportunities similar to other Swan Hills pools in this area. Pengrowth is an experienced operator of enhanced oil recovery properties (as a result of a successful miscible flood program at Judy Creek and other innovations) and Carson Creeks proximity to Judy Creek, Pengrowths largest operated property, offers the potential for operating synergies. | |
Pengrowth will also receive additional beneficial ownership of gross overriding royalties and working interests in non-unitized zones and lands in the area surrounding Carson Creek. |
GLJ has evaluated the assets being acquired in the Carson Creek Acquisition as at July 1, 2006 in compliance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The following table |
2
summarizes GLJs assessment of the before royalty Pengrowth Interest reserves being acquired, using constant pricing. |
Total | Total Proved Plus | |||||||
Proved Reserves | Probable Reserves | |||||||
Constant Pricing
|
||||||||
Oil and natural gas liquids (mbbls)
|
11,616 | 14,084 | ||||||
Natural gas (bcf)
|
23 | 29 | ||||||
mboe
|
15,470 | 18,936 | ||||||
Strip Pricing
|
||||||||
Oil and natural gas liquids (mbbl)
|
11,616 | 14,084 | ||||||
Natural Gas (bcf)
|
23 | 29 | ||||||
mboe
|
15,470 | 18,936 |
A summary of the reserves of Pengrowth prior to the Carson Creek Acquisition and the strategic business combination with Esprit, the reserves associated with each transaction and the pro forma reserves assuming the completion of both transactions are provided in Schedule A (constant pricing) and Schedule B (strip pricing) hereto. | |
More comprehensive reserves information prepared using constant pricing and relating to: (i) Pengrowth prior to the Carson Creek Acquisition and the strategic business combination with Esprit; (ii) the Carson Creek Acquisition; (iii) the strategic business combination with Esprit; and (iv) Pengrowth on a pro forma basis after giving effect to the Carson Creek Acquisition and the strategic business combination with Esprit, are attached as Schedules C, D, E and F hereto, respectively. | |
More comprehensive reserves information prepared using strip pricing and relating to: (i) Pengrowth prior to the Carson Creek Acquisition and the strategic business combination with Esprit; (ii) the Carson Creek Acquisition; (iii) the strategic business combination with Esprit; and (iv) Pengrowth on a pro forma basis after giving effect to the Carson Creek Acquisition and the strategic business combination with Esprit, are attached as Schedules G, H, I and J hereto, respectively. | |
Pricing assumptions relied upon in preparing the information contained in Schedules A through J are provided in Schedule K hereto. |
Esprit has provided written consent regarding the strategic business combination with Pengrowth in accordance with the terms of the combination agreement entered into by Esprit and Pengrowth on July 23, 2006. |
This material change report shall not constitute an offer to sell or the solicitation of an offer to buy Pengrowth trust units, nor shall there be any sale of Pengrowth trust units in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. |
When used in this material change report and in the schedules hereto, the term boe means barrels of oil equivalent on the basis of one boe being equal to one barrel of oil or NGLs or 6,000 cubic feet of natural gas (6 mcf: 1 bbl). Barrels of oil equivalent may be misleading, particularly if used in isolation. A conversion ratio of six mcf of natural gas to one boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. | |
The U.S. Securities and Exchange Commission (SEC) permits United States oil and natural gas companies, in their filings therewith, to disclose only proved reserves net of royalties and interests of others that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known |
3
reservoirs under existing economic and operating conditions. Canadian securities laws permit oil and natural gas companies, in their filings with Canadian securities regulators, to disclose reserves prior to the deduction of royalties and interests of others, and to disclose probable reserves. Probable reserves are of a higher risk and are generally believed to be less likely to be recovered than proved reserves. Certain reserve information used herein to describe our reserves, such as probable reserve information, is prohibited in filings with the SEC by U.S. oil and natural gas companies. |
This material change report contains forward-looking statements within the meaning of securities laws, including the safe harbour provisions of the Ontario Securities Act and the United States Private Securities Litigation Reform Act of 1995. Forward-looking information is often, but not always, identified by the use of words such as anticipate, believe, expect, plan, intend, forecast, target, project, may, will, should, could, estimate, predict or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements in this press release include, but are not limited to, statements with respect to: benefits of the Carson Creek Acquisition and the strategic business combination with Esprit, synergies, business strategy and strengths, acquisition criteria, capital expenditures, reserves, reserve life indices, estimated production, remaining producing reserve lives, and development plans and programs. Statements relating to reserves are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described exist in the quantities predicted or estimated and can profitably be produced in the future. | |
Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to Pengrowth concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. | |
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: the volatility of oil and gas prices; production and development costs and capital expenditures; the imprecision of reserve estimates and estimates of recoverable quantities of oil, natural gas and liquids; Pengrowths ability to replace and expand oil and gas reserves; environmental claims and liabilities; incorrect assessments of value when making acquisitions; increases in debt service charges; the loss of key personnel; the marketability of production; defaults by third party operators; unforeseen title defects; fluctuations in foreign currency and exchange rates; inadequate insurance coverage; compliance with environmental laws and regulations; changes in tax laws; the failure to qualify as a mutual fund trust; and Pengrowths ability to access external sources of debt and equity capital. Further information regarding these factors may be found under the heading Business Risks in our managements discussion and analysis for the year ended December 31, 2005 and under Risk Factors in our Annual Information Form dated March 29, 2006. | |
The foregoing list of factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release, and Pengrowth does not undertake any obligation to up-date publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. |
4
6. | Reliance on Subsection 7.1(2) or (3) of National Instrument 51-102: |
Not Applicable. |
7. | Omitted Information: |
Not Applicable. |
8. | Executive Officer: |
Mr. James S. Kinnear, Chairman, President and Chief Executive Officer, is knowledgeable about the material change and may be reached at (403) 233-0224. |
9. | Date of Report: |
Dated at Calgary, Alberta, this 20th day of September, 2006. |
5
(signed) James S.
Kinnear James S. Kinnear President and Chief Executive Officer |
(signed) Christopher
G. Webster Christopher G. Webster Chief Financial Officer |
|
On behalf of the Board of Directors | ||
(signed) Thomas A.
Cumming Thomas A. Cumming Director |
(signed) Michael S.
Parrett Michael S. Parrett Director |
|
By: Pengrowth Management Limited, as Manager | ||
(signed) James S.
Kinnear James S. Kinnear President |
(signed) Gordon M.
Anderson Gordon M. Anderson Vice President, Financial Services in the capacity of Chief Financial Officer |
|
On behalf of the Board of Directors | ||
(signed) James S.
Kinnear James S. Kinnear Director |
C-1
Carson | |||||||||||||||||
Pengrowth | Creek | Esprit | Pengrowth | ||||||||||||||
Updated(1) | Properties(2) | Acquisition(3) | Pro Forma(4) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Crude oil and NGLs (mbbls)
|
101,949 | 11,616 | 11,531 | 125,096 | |||||||||||||
Natural gas (bcf)
|
399 | 23 | 230 | 652 | |||||||||||||
Total
(mboe)(5)
|
168,495 | 15,470 | 49,818 | 233,783 | |||||||||||||
Total Proved Plus Probable Reserves
|
|||||||||||||||||
Crude oil and NGLs (mbbls)
|
128,854 | 14,084 | 16,102 | 160,040 | |||||||||||||
Natural gas (bcf)
|
494 | 29 | 310 | 833 | |||||||||||||
Total
(mboe)(5)
|
212,184 | 18,936 | 67,744 | 298,864 | |||||||||||||
Net Present Value of Future Net Revenue @ 10%
|
|||||||||||||||||
Proved Reserves ($millions)
|
3,176 | 334 | 635 | 4,145 | |||||||||||||
Total Proved Plus Probable Reserves ($millions)
|
3,821 | 384 | 815 | 5,021 | |||||||||||||
Net Present Value of Future Net Revenue @ 5%
|
|||||||||||||||||
Proved Reserves ($millions)
|
4,011 | 424 | 784 | 5,220 | |||||||||||||
Total Proved Plus Probable Reserves ($millions)
|
4,964 | 499 | 1,038 | 6,502 | |||||||||||||
Undeveloped Land Holdings
|
|||||||||||||||||
(net acres)
|
410,000 | 23,000 | (6) | 250,000 | 683,000 | ||||||||||||
Oil and Natural Gas Wells (net wells)
|
|||||||||||||||||
Producing oil wells
|
691 | 45 | 163 | 899 | |||||||||||||
Producing natural gas wells
|
1,064 | 14 | 500 | 1,578 | |||||||||||||
Average Daily Production
|
|||||||||||||||||
(three months ended June 30, 2006)
|
|||||||||||||||||
Crude oil and NGLs (bblpd)
|
31,163 | 3,440 | 4,862 | 39,465 | |||||||||||||
Natural gas (mmcfpd)
|
151 | 10 | 74 | 235 | |||||||||||||
Total
(boepd)(3)
|
56,325 | 5,100 | 17,195 | 78,632 |
(1) | The Pengrowth updated reserve volumes and net present values of future net revenue for Pengrowth are: (i) effective December 31, 2005, with a mechanical update based on estimated production up to July 1, 2006; (ii) inclusive of the acquisition of properties in Alberta from Tundra Oil and Gas Limited for $48 million in March of 2006; (iii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iv) based upon GLJ Petroleum Consultants Ltd.s constant prices and costs as at June 30, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by GLJ Petroleum Consultants Ltd. dated September 12, 2006. More comprehensive reserves information is provided in Schedule C attached hereto. |
(2) | The reserve volumes and net present values of future net revenue for the Carson Creek properties are: (i) effective July 1, 2006; (ii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iii) are based upon GLJ Petroleum Consultants Ltd.s forecast prices and costs as at June 30, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by GLJ Petroleum Consultants Ltd. dated September 17, 2006. More comprehensive reserves information is provided in Schedule D attached hereto. |
(3) | The reserve volumes and net present values of future net revenue for the Esprit acquisition, other than the reserve volumes and net present values of future net revenue associated with Trifecta Resources Inc. are: (i) effective December 31, 2005 with a mechanical update based on estimated production up to July 1, 2006; (ii) presented on a company interest basis (working interests and royalty interests) before the |
A-1
deduction of royalties; and (iii) are based upon GLJ Petroleum Consultants Ltd.s constant prices and costs as at June 30, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by GLJ Petroleum Consultants Ltd. dated September 12, 2006. The reserve volumes and net present values of future net revenue for Trifecta Resources Inc. are: (i) based upon a Sproule Associates Limited engineering report entitled Evaluation of the P&NG Reserves of Trifecta Resources Inc. (as of May 31, 2006); (ii) effective May 31, 2006, with a mechanical update based on estimated production up to July 1, 2006; (ii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iii) based upon GLJ Petroleum Consultants Ltd.s constant prices and costs as at June 30, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by Sproule Associates Limited dated September 8, 2006. More comprehensive reserves information is provided in Schedule E attached hereto. | |
(4) | The Pengrowth Pro Forma reserve volumes and net present values of future net revenue for Pengrowth are the mechanical total of the above referred to Pengrowth Updated, Carson Creek Properties and Esprit Acquisition reports. More comprehensive reserves information is provided in Schedule F attached hereto. |
(5) | The abbreviations boe, mboe and mmboe refers to barrels of oil equivalent, thousands of barrels of oil equivalent and millions of barrels of oil equivalent, respectively, on the basis of one boe being equal to one barrel of oil or natural gas liquids or six mcf of natural gas; barrels of oil equivalent may be misleading, particularly if used in isolation; a conversion ratio of six mcf of natural gas to one boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead; boepd refers to barrels of oil equivalent per day. |
(6) | Subject to a farm-out with Apache Canada Limited. |
A-2
Pengrowth | Carson Creek | Esprit | Pengrowth | ||||||||||||||
Updated(1) | Properties(2) | Acquisition(3) | Pro Forma(4) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Crude oil and NGLs (mbbls)
|
101,589 | 11,616 | 11,488 | 124,693 | |||||||||||||
Natural gas (bcf)
|
401 | 23 | 231 | 656 | |||||||||||||
Total
(mboe)(5)
|
168,437 | 15,470 | 50,032 | 233,939 | |||||||||||||
Total Proved Plus Probable Reserves
|
|||||||||||||||||
Crude oil and NGLs (mbbls)
|
129,528 | 14,084 | 16,045 | 159,657 | |||||||||||||
Natural gas (bcf)
|
496 | 29 | 312 | 837 | |||||||||||||
Total
(mboe)(5)
|
212,209 | 18,936 | 68,034 | 299,179 | |||||||||||||
Net Present Value of Future Net Revenue @ 10%
|
|||||||||||||||||
Proved Reserves ($millions)
|
3,330 | 314 | 846 | 4,490 | |||||||||||||
Total Proved Plus Probable Reserves ($millions)
|
4,009 | 363 | 1,076 | 5,448 | |||||||||||||
Net Present Value of Future Net Revenue @ 5%
|
|||||||||||||||||
Proved Reserves ($millions)
|
4,186 | 394 | 1,051 | 5,632 | |||||||||||||
Total Proved Plus Probable Reserves ($millions)
|
5,210 | 468 | 1,384 | 7,062 | |||||||||||||
Undeveloped Land Holdings
|
|||||||||||||||||
(net acres)
|
410,000 | 23,000 | (6) | 250,000 | 683,000 | ||||||||||||
Oil and Natural Gas Wells (net wells)
|
|||||||||||||||||
Producing oil wells
|
691 | 45 | 163 | 899 | |||||||||||||
Producing natural gas wells
|
1,064 | 14 | 500 | 1,578 | |||||||||||||
Average Daily Production
|
|||||||||||||||||
(three months ended June 30, 2006)
|
|||||||||||||||||
Crude oil and NGLs (bblpd)
|
31,163 | 3,440 | 4,862 | 39,465 | |||||||||||||
Natural gas (mmcfpd)
|
151 | 10 | 74 | 235 | |||||||||||||
Total
(boepd)(3)
|
56,325 | 5,100 | 17,195 | 78,632 |
(1) | The Pengrowth updated reserve volumes and net present values of future net revenue for Pengrowth are: (i) effective December 31, 2005, with a mechanical update based on estimated production up to July 1, 2006; (ii) inclusive of the acquisition of properties in Alberta from Tundra Oil and Gas Limited for $48 million in March of 2006; (iii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iv) based upon forward strip prices and costs as at June 26, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by GLJ Petroleum Consultants Ltd. dated September 12, 2006. More comprehensive reserves information is provided in Schedule G attached hereto. |
(2) | The reserve volumes and net present values of future net revenue for the Carson Creek properties are: (i) effective July 1, 2006; (ii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iii) are based upon forward strip prices and costs as at June 26, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by GLJ Petroleum Consultants Ltd. dated September 17, 2006. More comprehensive reserves information is provided in Schedule H attached hereto. |
B-1
(3) | The reserve volumes and net present values of future net revenue for the Esprit acquisition, other than the reserve volumes and net present values of future net revenue associated with Trifecta Resources Inc. are: (i) effective December 31, 2005 with a mechanical update based on estimated production up to July 1, 2006; (ii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iii) are based upon forward strip prices and costs as at June 26, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by GLJ Petroleum Consultants Ltd. dated September 12, 2006. The reserve volumes and net present values of future net revenue for Trifecta Resources Inc. are: (i) based upon a Sproule Associates Limited engineering report entitled Evaluation of the P&NG Reserves of Trifecta Resources Inc. (as of May 31, 2006); (ii) effective May 31, 2006, with a mechanical update based on estimated production up to July 1, 2006; (ii) presented on a company interest basis (working interests and royalty interests) before the deduction of royalties; and (iii) based upon forward strip prices and costs as at June 26, 2006 using a 5% and 10% discount rate, all as contained in the report prepared by Sproule Associates Limited dated September 19, 2006. More comprehensive reserves information is provided in Schedule I attached hereto. |
(4) | The Pengrowth Pro Forma reserve volumes and net present values of future net revenue for Pengrowth are the mechanical total of the above referred to Pengrowth Updated, Carson Creek Properties and Esprit Acquisition reports. More comprehensive reserves information is provided in Schedule J attached hereto. |
(5) | The abbreviations boe, mboe and mmboe refers to barrels of oil equivalent, thousands of barrels of oil equivalent and millions of barrels of oil equivalent, respectively, on the basis of one boe being equal to one barrel of oil or natural gas liquids or six mcf of natural gas; barrels of oil equivalent may be misleading, particularly if used in isolation; a conversion ratio of six mcf of natural gas to one boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead; boepd refers to barrels of oil equivalent per day. |
(6) | Subject to a farm-out with Apache Canada Limited. |
B-2
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | HEAVY | ||||||||||||||||||||||||
MEDIUM OIL | OIL | NATURAL GAS | |||||||||||||||||||||||
Pengrowth | Pengrowth | Pengrowth | |||||||||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | Interest | Net | |||||||||||||||||||
(mbbls) | (mbbls) | (mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||||||
Proved Developed Producing
|
55,861 | 47,860 | 10,403 | 8,864 | 344.1 | 272.4 | |||||||||||||||||||
Proved Developed Non-Producing
|
356 | 302 | 58 | 54 | 24.0 | 18.3 | |||||||||||||||||||
Proved Undeveloped
|
18,732 | 15,155 | 1,797 | 1,506 | 31.2 | 24.1 | |||||||||||||||||||
Total Proved Reserves
|
74,950 | 63,316 | 12,259 | 10,424 | 399.3 | 314.8 | |||||||||||||||||||
Probable Reserves
|
21,213 | 17,612 | 3,020 | 2,475 | 94.7 | 73.1 | |||||||||||||||||||
Total Proved Plus Probable Reserves
|
96,162 | 80,928 | 15,278 | 12,899 | 494.0 | 387.9 | |||||||||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
12,837 | 8,780 | 136,452 | 110,907 | |||||||||||||
Proved Developed Non-Producing
|
637 | 457 | 5,054 | 3,859 | |||||||||||||
Proved Undeveloped
|
1,266 | 894 | 26,989 | 21,573 | |||||||||||||
Total Proved Reserves
|
14,740 | 10,130 | 168,495 | 136,339 | |||||||||||||
Probable Reserves
|
3,674 | 2,633 | 43,690 | 34,898 | |||||||||||||
Total Proved Plus Probable Reserves
|
18,414 | 12,764 | 212,184 | 171,237 | |||||||||||||
(1) | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET REVENUE | |||||||||||||||||||||
CONSTANT PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES | |||||||||||||||||||||
DISCOUNTED AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
4,365.8 | 3,239.6 | 2,607.8 | 2,204.4 | 1,923.4 | ||||||||||||||||
Proved Developed Non-Producing
|
117.8 | 88.0 | 70.8 | 59.5 | 51.5 | ||||||||||||||||
Proved Undeveloped
|
1,006.1 | 683.4 | 497.4 | 378.8 | 297.9 | ||||||||||||||||
Total Proved Reserves
|
5,489.7 | 4,011.0 | 3,176.0 | 2,642.7 | 2,272.8 | ||||||||||||||||
Probable Reserves
|
1,666.9 | 953.4 | 645.4 | 480.7 | 379.6 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
7,156.6 | 4,964.4 | 3,821.4 | 3,123.4 | 2,652.4 | ||||||||||||||||
C-1
OIL AND GAS RESERVES | |||||||||||||||||
LIGHT AND | NATURAL | ||||||||||||||||
MEDIUM OIL | GAS | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
8,105 | 6,786 | 22.3 | 15.6 | |||||||||||||
Proved Developed Non-Producing
|
21 | 11 | 0.0 | 0.0 | |||||||||||||
Proved Undeveloped
|
825 | 644 | 0.8 | 0.5 | |||||||||||||
Total Proved Reserves
|
8,950 | 7,440 | 23.1 | 16.1 | |||||||||||||
Probable Reserves
|
1,828 | 1,519 | 6.0 | 4.2 | |||||||||||||
Total Proved Plus Probable Reserves
|
10,778 | 8,960 | 29.1 | 20.3 | |||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
2,562 | 2,292 | 14,391 | 11,671 | |||||||||||||
Proved Developed Non-Producing
|
3 | 3 | 27 | 16 | |||||||||||||
Proved Undeveloped
|
101 | 100 | 1,052 | 832 | |||||||||||||
Total Proved Reserves
|
2,666 | 2,395 | 15,470 | 12,519 | |||||||||||||
Probable Reserves
|
640 | 539 | 3,465 | 2,754 | |||||||||||||
Total Proved Plus Probable Reserves
|
3,306 | 2,935 | 18,936 | 15,273 | |||||||||||||
(1) | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET | |||||||||||||||||||||
REVENUE CONSTANT PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
536.5 | 388.4 | 305.9 | 254.3 | 219.0 | ||||||||||||||||
Proved Developed Non-Producing
|
1.3 | 1.4 | 1.4 | 1.3 | 1.3 | ||||||||||||||||
Proved Undeveloped
|
46.6 | 34.0 | 26.4 | 21.3 | 17.6 | ||||||||||||||||
Total Proved Reserves
|
584.3 | 423.8 | 333.7 | 276.9 | 237.9 | ||||||||||||||||
Probable Reserves
|
129.2 | 75.5 | 50.3 | 36.3 | 27.5 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
713.5 | 499.3 | 384.0 | 313.2 | 265.4 | ||||||||||||||||
D-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | HEAVY | NATURAL | |||||||||||||||||||||||
MEDIUM OIL | OIL | GAS | |||||||||||||||||||||||
Pengrowth | Pengrowth | Pengrowth | |||||||||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | Interest | Net | |||||||||||||||||||
(mbbls) | (mbbls) | (mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||||||
Proved Developed Producing
|
4,025 | 3,477 | 419 | 371 | 190.8 | 147.7 | |||||||||||||||||||
Proved Developed Non-Producing
|
103 | 96 | 55 | 44 | 11.0 | 8.8 | |||||||||||||||||||
Proved Undeveloped
|
291 | 266 | 0 | 0 | 27.9 | 20.5 | |||||||||||||||||||
Total Proved Reserves
|
4,420 | 3,839 | 474 | 415 | 229.7 | 177.0 | |||||||||||||||||||
Probable Reserves
|
2,207 | 1,823 | 221 | 193 | 80.1 | 60.8 | |||||||||||||||||||
Total Proved Plus Probable Reserves
|
6,627 | 5,662 | 695 | 608 | 309.9 | 237.9 | |||||||||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
4,995 | 3,445 | 41,242 | 31,921 | |||||||||||||
Proved Developed Non-Producing
|
239 | 163 | 2,239 | 1,760 | |||||||||||||
Proved Undeveloped
|
1,404 | 950 | 6,336 | 4,633 | |||||||||||||
Total Proved Reserves
|
6,637 | 4,557 | 49,818 | 38,315 | |||||||||||||
Probable Reserves
|
2,143 | 1,475 | 17,926 | 13,638 | |||||||||||||
Total Proved Plus Probable Reserves
|
8,780 | 6,032 | 67,744 | 51,951 | |||||||||||||
10. | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET | |||||||||||||||||||||
REVENUE CONSTANT PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
877.2 | 667.0 | 546.9 | 468.8 | 413.5 | ||||||||||||||||
Proved Developed Non-Producing
|
41.7 | 33.5 | 27.9 | 23.8 | 20.8 | ||||||||||||||||
Proved Undeveloped
|
125.2 | 84.2 | 60.4 | 45.2 | 34.8 | ||||||||||||||||
Total Proved Reserves
|
1,044.3 | 784.7 | 635.2 | 537.9 | 469.2 | ||||||||||||||||
Probable Reserves
|
405.7 | 253.4 | 179.9 | 137.7 | 110.6 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
1,449.9 | 1,038.1 | 815.1 | 675.6 | 579.9 | ||||||||||||||||
E-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | HEAVY | NATURAL | |||||||||||||||||||||||
MEDIUM OIL | OIL | GAS | |||||||||||||||||||||||
Pengrowth | Pengrowth | Pengrowth | |||||||||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | Interest | Net | |||||||||||||||||||
(mbbls) | (mbbls) | (mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||||||
Proved Developed Producing
|
67,991 | 58,123 | 10,822 | 9,235 | 557.2 | 435.7 | |||||||||||||||||||
Proved Developed Non-Producing
|
480 | 409 | 113 | 98 | 35.0 | 27.1 | |||||||||||||||||||
Proved Undeveloped
|
19,848 | 16,065 | 1,797 | 1,506 | 59.9 | 45.1 | |||||||||||||||||||
Total Proved Reserves
|
88,320 | 74,595 | 12,733 | 10,839 | 652.1 | 507.9 | |||||||||||||||||||
Probable Reserves
|
25,248 | 20,954 | 3,241 | 2,668 | 180.8 | 138.1 | |||||||||||||||||||
Total Proved Plus Probable Reserves
|
113,567 | 95,550 | 15,973 | 13,507 | 833.0 | 646.1 | |||||||||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
20,349 | 14,517 | 192,085 | 154,499 | |||||||||||||
Proved Developed Non-Producing
|
879 | 623 | 7,320 | 5,635 | |||||||||||||
Proved Undeveloped
|
2,771 | 1,944 | 34,377 | 27,038 | |||||||||||||
Total Proved Reserves
|
24,043 | 17,082 | 233,783 | 187,173 | |||||||||||||
Probable Reserves
|
6,457 | 4,647 | 65,081 | 51,290 | |||||||||||||
Total Proved Plus Probable Reserves
|
30,500 | 21,731 | 298,864 | 238,461 | |||||||||||||
(1) | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET REVENUE | |||||||||||||||||||||
CONSTANT PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
5,779.5 | 4,295.0 | 3,460.6 | 2,927.5 | 2,555.9 | ||||||||||||||||
Proved Developed Non-Producing
|
160.8 | 122.9 | 100.1 | 84.6 | 73.6 | ||||||||||||||||
Proved Undeveloped
|
1,177.9 | 801.6 | 584.2 | 445.3 | 350.3 | ||||||||||||||||
Total Proved Reserves
|
7,118.3 | 5,219.5 | 4,144.9 | 2,457.5 | 2,979.9 | ||||||||||||||||
Probable Reserves
|
2,201.8 | 1,282.3 | 875.6 | 654.7 | 517.7 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
9,320.0 | 6,501.8 | 5,020.5 | 4,112.2 | 3,497.7 | ||||||||||||||||
(1) | Pro forma, assuming completion of the Carson Creek Acquisition and the business combination with Esprit. |
F-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | HEAVY | NATURAL | |||||||||||||||||||||||
MEDIUM OIL | OIL | GAS | |||||||||||||||||||||||
Pengrowth | Pengrowth | Pengrowth | |||||||||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | Interest | Net | |||||||||||||||||||
(mbbls) | (mbbls) | (mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||||||
Proved Developed Producing
|
55,698 | 47,737 | 10,317 | 8,893 | 345.9 | 273.7 | |||||||||||||||||||
Proved Developed Non-Producing
|
355 | 301 | 57 | 53 | 24.1 | 18.3 | |||||||||||||||||||
Proved Undeveloped
|
18,618 | 15,261 | 1,797 | 1,507 | 31.1 | 24.0 | |||||||||||||||||||
Total Proved Reserves
|
74,671 | 63,298 | 12,171 | 10,453 | 401.1 | 316.0 | |||||||||||||||||||
Probable Reserves
|
21,235 | 17,706 | 3,034 | 2,508 | 95.0 | 73.2 | |||||||||||||||||||
Total Proved Plus Probable Reserves
|
95,906 | 81,005 | 15,205 | 12,961 | 496.1 | 389.2 | |||||||||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
12,842 | 8,797 | 136,500 | 111,049 | |||||||||||||
Proved Developed Non-Producing
|
639 | 460 | 5,074 | 3,857 | |||||||||||||
Proved Undeveloped
|
1,266 | 895 | 26,863 | 21,663 | |||||||||||||
Total Proved Reserves
|
14,747 | 10,152 | 168,437 | 136,569 | |||||||||||||
Probable Reserves
|
3,670 | 2,633 | 43,772 | 35,044 | |||||||||||||
Total Proved Plus Probable Reserves
|
18,417 | 12,784 | 212,209 | 171,614 | |||||||||||||
(1) | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET REVENUE | |||||||||||||||||||||
STRIP PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
4,634.7 | 3,441.7 | 2,784.4 | 2,368.1 | 2,078.7 | ||||||||||||||||
Proved Developed Non-Producing
|
169.4 | 124.0 | 99.4 | 83.7 | 72.6 | ||||||||||||||||
Proved Undeveloped
|
932.6 | 620.7 | 446.0 | 336.6 | 262.8 | ||||||||||||||||
Total Proved Reserves
|
5,736.7 | 4,186.4 | 3,329.8 | 2,788.3 | 2,414.1 | ||||||||||||||||
Probable Reserves
|
1,878.7 | 1,022.7 | 679.4 | 503.6 | 398.2 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
7,615.5 | 5,209.7 | 4,009.1 | 3,292.0 | 2,812.3 | ||||||||||||||||
G-1
OIL AND GAS RESERVES | |||||||||||||||||
LIGHT AND | NATURAL | ||||||||||||||||
MEDIUM OIL | GAS | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
8,105 | 6,786 | 22.3 | 15.6 | |||||||||||||
Proved Developed Non-Producing
|
21 | 11 | 0.0 | 0.0 | |||||||||||||
Proved Undeveloped
|
825 | 644 | 0.8 | 0.5 | |||||||||||||
Total Proved Reserves
|
8,950 | 7,440 | 23.1 | 16.1 | |||||||||||||
Probable Reserves
|
1,828 | 1,519 | 6.0 | 4.2 | |||||||||||||
Total Proved Plus Probable Reserves
|
10,778 | 8,960 | 29.1 | 20.3 | |||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
2,562 | 2,294 | 14,391 | 11,672 | |||||||||||||
Proved Developed Non-Producing
|
3 | 3 | 27 | 16 | |||||||||||||
Proved Undeveloped
|
101 | 100 | 1,052 | 832 | |||||||||||||
Total Proved Reserves
|
2,666 | 2,397 | 15,470 | 12,521 | |||||||||||||
Probable Reserves
|
640 | 540 | 3,465 | 2,754 | |||||||||||||
Total Proved Plus Probable Reserves
|
3,306 | 2,937 | 18,936 | 15,275 | |||||||||||||
(2) | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET | |||||||||||||||||||||
REVENUE STRIP PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
495.6 | 362.4 | 288.8 | 242.8 | 211.3 | ||||||||||||||||
Proved Developed Non-Producing
|
1.1 | 1.3 | 1.3 | 1.3 | 1.2 | ||||||||||||||||
Proved Undeveloped
|
42.7 | 30.6 | 23.6 | 18.9 | 15.7 | ||||||||||||||||
Total Proved Reserves
|
539.5 | 394.4 | 313.7 | 263.0 | 228.2 | ||||||||||||||||
Probable Reserves
|
127.8 | 73.5 | 48.8 | 35.2 | 26.8 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
667.3 | 468.0 | 362.5 | 298.3 | 255.0 | ||||||||||||||||
H-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | HEAVY | NATURAL | |||||||||||||||||||||||
MEDIUM OIL | OIL | GAS | |||||||||||||||||||||||
Pengrowth | Pengrowth | Pengrowth | |||||||||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | Interest | Net | |||||||||||||||||||
(mbbls) | (mbbls) | (mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||||||
Proved Developed Producing
|
3,978 | 3,433 | 418 | 372 | 192.2 | 149.0 | |||||||||||||||||||
Proved Developed Non-Producing
|
103 | 96 | 55 | 44 | 11.1 | 8.8 | |||||||||||||||||||
Proved Undeveloped
|
291 | 266 | 28.0 | 20.6 | |||||||||||||||||||||
Total Proved Reserves
|
4,373 | 3,795 | 473 | 416 | 231.3 | 178.4 | |||||||||||||||||||
Probable Reserves
|
2,190 | 1,807 | 221 | 194 | 80.7 | 61.3 | |||||||||||||||||||
Total Proved Plus Probable Reserves
|
6,563 | 5,601 | 694 | 610 | 311.9 | 239.7 | |||||||||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
5,000 | 3,454 | 41,436 | 32,086 | |||||||||||||
Proved Developed Non-Producing
|
238 | 163 | 2,247 | 1,768 | |||||||||||||
Proved Undeveloped
|
1,404 | 951 | 6,349 | 4,646 | |||||||||||||
Total Proved Reserves
|
6,642 | 4,568 | 50,032 | 38,499 | |||||||||||||
Probable Reserves
|
2,146 | 1,479 | 18,003 | 13,703 | |||||||||||||
Total Proved Plus Probable Reserves
|
8,788 | 6,047 | 68,034 | 52,202 | |||||||||||||
11. | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET | |||||||||||||||||||||
REVENUE STRIP PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
1,193.8 | 889.4 | 723.0 | 617.6 | 544.1 | ||||||||||||||||
Proved Developed Non-Producing
|
60.1 | 48.6 | 40.8 | 35.2 | 30.9 | ||||||||||||||||
Proved Undeveloped
|
168.1 | 113.2 | 82.2 | 62.9 | 49.7 | ||||||||||||||||
Total Proved Reserves
|
1,421.9 | 1,051.4 | 846.0 | 715.5 | 624.5 | ||||||||||||||||
Probable Reserves
|
564.4 | 332.8 | 230.4 | 174.5 | 139.9 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
1,986.3 | 1,384.2 | 1,076.4 | 890.1 | 764.4 | ||||||||||||||||
I-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | HEAVY | NATURAL | |||||||||||||||||||||||
MEDIUM OIL | OIL | GAS | |||||||||||||||||||||||
Pengrowth | Pengrowth | Pengrowth | |||||||||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | Interest | Net | |||||||||||||||||||
(mbbls) | (mbbls) | (mbbls) | (mbbls) | (bcf) | (bcf) | ||||||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||||||
Proved Developed Producing
|
67,781 | 57,956 | 10,735 | 9,265 | 560.4 | 438.3 | |||||||||||||||||||
Proved Developed Non-Producing
|
479 | 408 | 112 | 97 | 35.2 | 27.1 | |||||||||||||||||||
Proved Undeveloped
|
19,734 | 16,171 | 1,797 | 1,507 | 59.9 | 45.1 | |||||||||||||||||||
Total Proved Reserves
|
87,994 | 74,533 | 12,644 | 10,869 | 655.5 | 510.5 | |||||||||||||||||||
Probable Reserves
|
25,253 | 21,032 | 3,255 | 2,702 | 181.7 | 138.7 | |||||||||||||||||||
Total Proved Plus Probable Reserves
|
113,247 | 95,566 | 15,899 | 13,571 | 837.1 | 649.2 | |||||||||||||||||||
TOTAL OIL | |||||||||||||||||
NATURAL GAS | EQUIVALENT | ||||||||||||||||
LIQUIDS | BASIS(1) | ||||||||||||||||
Pengrowth | Pengrowth | ||||||||||||||||
RESERVES CATEGORY | Interest | Net | Interest | Net | |||||||||||||
(mbbls) | (mbbls) | (mboe) | (mboe) | ||||||||||||||
Proved Reserves
|
|||||||||||||||||
Proved Developed Producing
|
20,404 | 14,545 | 192,327 | 154,807 | |||||||||||||
Proved Developed Non-Producing
|
880 | 626 | 7,348 | 5,641 | |||||||||||||
Proved Undeveloped
|
2,771 | 1,946 | 34,264 | 27,141 | |||||||||||||
Total Proved Reserves
|
24,055 | 17,117 | 233,939 | 187,589 | |||||||||||||
Probable Reserves
|
6,456 | 4,652 | 65,240 | 51,501 | |||||||||||||
Total Proved Plus Probable Reserves
|
30,511 | 21,768 | 299,179 | 239,091 | |||||||||||||
(2) | Natural gas has been converted to barrels of oil equivalent on the basis of six mcf of natural gas being equal to one boe. |
NET PRESENT VALUES OF FUTURE NET REVENUE | |||||||||||||||||||||
STRIP PRICES AND COSTS | |||||||||||||||||||||
BEFORE INCOME TAXES DISCOUNTED | |||||||||||||||||||||
AT (%/YEAR) | |||||||||||||||||||||
RESERVES CATEGORY | 0% | 5% | 10% | 15% | 20% | ||||||||||||||||
($MM) | ($MM) | ($MM) | ($MM) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
6,324.1 | 4,693.5 | 3,796.2 | 3,228.5 | 2,834.1 | ||||||||||||||||
Proved Developed Non-Producing
|
230.6 | 173.9 | 141.5 | 120.2 | 104.7 | ||||||||||||||||
Proved Undeveloped
|
1,143.4 | 764.5 | 551.8 | 418.4 | 328.2 | ||||||||||||||||
Total Proved Reserves
|
7,698.1 | 5,632.2 | 4,489.5 | 3,766.8 | 3,266.6 | ||||||||||||||||
Probable Reserves
|
2,570.9 | 1,429.0 | 958.6 | 713.3 | 564.9 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
10,269.1 | 7,061.9 | 5,448.0 | 4,480.4 | 3,831.7 | ||||||||||||||||
(1) | Pro forma, assuming completion of the Carson Creek Acquisition and the business combination with Esprit. |
J-1
NATURAL | ||||||||||||||||||||||||||||||||||||
OIL | GAS | NGLx(1) | ||||||||||||||||||||||||||||||||||
WTI | Edmonton | Cromer | Hardisty | |||||||||||||||||||||||||||||||||
Cushing | Par Price | Medium | Heavy | AECO Gas | EXCHANGE | |||||||||||||||||||||||||||||||
YEAR(3) | Oklahoma | 40o API | 29.3o API | 12o API | Price | Propane | Butane | Pentanes Plus | RATE(2) | |||||||||||||||||||||||||||
($US/bbl) | ($Cdn/bbl) | ($Cdn/bbl) | ($Cdn/bbl) | ($Cdn/mmbtu) | ($Cdn/bbl) | ($Cdn/bbl) | ($Cdn/bbl) | ($US/Cdn) | ||||||||||||||||||||||||||||
2006(4)
|
73.93 | 85.28 | 75.43 | 52.42 | 5.33 | 52.02 | 63.11 | 89.04 | 0.8969 |
(1) | FOB Edmonton. |
(2) | The exchange rate used to generate the benchmark reference prices in this table. |
(3) | Information provided as at July 1, 2006 |
(4) | This forecast represents the constant price forecast used by GLJ. |
HEAVY | ||||||||||||||||||||||||||||||||||||
LIGHT CRUDE OIL | CRUDE OIL | NGLs AT EDMONTON | ||||||||||||||||||||||||||||||||||
Edmonton | ||||||||||||||||||||||||||||||||||||
Exchange | WTI Cushing | Par Price | Heavy at | |||||||||||||||||||||||||||||||||
Year | Rate | Inflation | Oklahoma | 40 API | Hardisty | Propane | Butane | Pentanes Plus | Sulphur | |||||||||||||||||||||||||||
$US/$Cdn | % | $US/bbl | $Cdn/bbl | $Cdn/bbl | $Cdn/bbl | $Cdn/bbl | $Cdn/bbl | $Cdn/lt | ||||||||||||||||||||||||||||
2006
|
0.8936 | 0.0 | 73.20 | 81.24 | 42.49 | 51.99 | 60.24 | 82.74 | 31.00 | |||||||||||||||||||||||||||
2007
|
0.9003 | 2.0 | 74.41 | 81.99 | 43.99 | 52.49 | 60.74 | 83.74 | 21.00 | |||||||||||||||||||||||||||
2008
|
0.9085 | 2.0 | 72.34 | 78.97 | 43.72 | 50.47 | 58.47 | 80.47 | 9.50 | |||||||||||||||||||||||||||
2009
|
0.9224 | 2.0 | 70.32 | 75.59 | 43.59 | 48.34 | 55.84 | 77.09 | 9.50 | |||||||||||||||||||||||||||
2010
|
0.9218 | 2.0 | 68.74 | 73.92 | 44.17 | 47.42 | 54.67 | 75.42 | 10.50 | |||||||||||||||||||||||||||
2011
|
0.9218 | 2.0 | 67.46 | 72.53 | 46.78 | 46.53 | 53.78 | 74.03 | 12.00 | |||||||||||||||||||||||||||
Thereafter
|
0.9218 | 2.0 | +2%/YEAR | +2%/YEAR | +2%/YEAR | +2%/YEAR | +2%/YEAR | +2%/YEAR | +2%/YEAR |
NATURAL GAS | ||||||||||||||||||||||||
Exchange | Alberta Spot | Alberta Spot | ||||||||||||||||||||||
Year | Rate | Inflation | Henry Hub | Sable Plant-gate | Plant-gate | @AECO-C | ||||||||||||||||||
$US/$Cdn | % | $US mmbtu | $Cdn/mmbtu | $Cdn/mmbtu | $Cdn/mmbtu | |||||||||||||||||||
2006
|
0.8936 | 0.0 | 7.17 | 7.07 | 6.77 | 6.98 | ||||||||||||||||||
2007
|
0.9003 | 2.0 | 9.04 | 9.08 | 8.29 | 8.51 | ||||||||||||||||||
2008
|
0.9085 | 2.0 | 8.77 | 8.70 | 8.31 | 8.53 | ||||||||||||||||||
2009
|
0.9224 | 2.0 | 8.31 | 8.08 | 7.97 | 8.19 | ||||||||||||||||||
2010
|
0.9218 | 2.0 | 7.90 | 7.64 | 7.66 | 7.88 | ||||||||||||||||||
2011
|
0.9218 | 2.0 | 7.44 | 7.15 | 7.16 | 7.37 | ||||||||||||||||||
Thereafter
|
0.9218 | 2.0 | +2%/YEAR | +2%/YEAR | +2%/YEAR | +2%/YEAR |
K-1
L-1