New Issue | September 20, 2006 |
Price to | Underwriters | Net Proceeds | ||||
the Public | Fee(1)(2) | to the Trust(2)(3) | ||||
Per Trust Unit
|
$22.60 | $1.13 | $21.47 | |||
Total
|
$420,021,000 | $21,001,050 | $399,019,950 |
(1) | The Underwriters fee represents 5% of the offering price of the Trust Units. |
(2) | Assuming no exercise of the Underwriters Option. In the event the Underwriters Option is exercised in full, the gross proceeds to the Trust will increase to $526,806,000, the Underwriters fee will increase to $26,340,300 and the net proceeds to the Trust of the offering will increase to $500,465,700 (before deducting the expenses of this offering). |
(3) | Before deducting the expenses of this offering estimated to be approximately $1,500,000. |
S-2
S-3
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S-7 | ||
S-9 | ||
S-9 | ||
S-9 | ||
S-13 | ||
S-13 | ||
S-14 | ||
S-14 | ||
S-15 | ||
S-15 | ||
S-15 | ||
S-15 | ||
S-16 | ||
S-17 | ||
S-18 | ||
A-1 | ||
B-1 | ||
C-1 | ||
D-1 | ||
E-1 | ||
F-1 | ||
SCHEDULE G PENGROWTH BASE UPDATED RESERVES
INFORMATION (STRIP PRICING)
|
G-1 | |
SCHEDULE H CARSON CREEK PROPERTIES RESERVES
INFORMATION (STRIP PRICING)
|
H-1 | |
SCHEDULE I ESPRIT BUSINESS COMBINATION RESERVES
INFORMATION (STRIP PRICING)
|
I-1 | |
SCHEDULE J PENGROWTH PRO FORMA RESERVES
INFORMATION (STRIP PRICING)
|
J-1 | |
SCHEDULE K PRICING ASSUMPTIONS
|
K-1 |
S-4
S-5
(a) | the annual information form of the Trust dated March 29, 2006 for the year ended December 31, 2005; | |
(b) | the Information Circular Proxy Statement dated May 16, 2006 for the annual and special meeting of Unitholders held on June 23, 2006; | |
(c) | the revised Managements Discussion and Analysis for the year ended December 31, 2005, which was filed on SEDAR on September 15, 2006; | |
(d) | the comparative consolidated annual financial statements for the year ended December 31, 2005, together with the notes thereto and the report of the auditors thereon; | |
(e) | Managements Discussion and Analysis for the period ended June 30, 2006; | |
(f) | the comparative consolidated interim financial statements for the period ended June 30, 2006, together with the notes thereto; | |
(g) | the material change report dated August 2, 2006 (with respect to the merger with Esprit); | |
(h) | the material change report dated August 8, 2006 (with respect to the consolidation of the then outstanding Class A trust units and Class B trust units of the Trust); | |
(i) | the material change report dated September 8, 2006 (with respect to the merger with Esprit, including the consolidated pro forma financial statements of the Trust after giving effect to the merger with Esprit); | |
(j) | the disclosure of the Trusts oil and gas producing activities prepared in accordance with SFAS No. 69 Disclosure about Oil and Gas Producing Activities, which was filed on SEDAR under the category Other on September 15, 2006; | |
(k) | the reconciliation of the financial statements of the Trust for the six months ended June 30, 2006 and for the years ended December 31, 2005 and 2004 to U.S. GAAP, which was filed on SEDAR under the category Other on September 8, 2006; |
S-6
(l) | the material change report dated September 18, 2006 (with respect to the Carson Creek Acquisition); and | |
(m) | the material change report dated September 20, 2006 (with respect to the Carson Creek Acquisition), which amends and supplements the Prospectus. |
| the use of proceeds from any offering made under this Prospectus Supplement and the Prospectus; | |
| the size of our oil and natural gas reserves; | |
| the performance characteristics of our oil and natural gas properties; |
S-7
| oil and natural gas production levels; | |
| estimated future cash flow and distributions; | |
| capital expenditure programs and the method and timing of the financing thereof; | |
| drilling plans and timing of drilling, recompletion and tie-in of wells; | |
| projections of market prices and costs and the related sensitivities of distributions; | |
| supply of, and demand for, oil and natural gas; | |
| weighting of production between different commodities; | |
| expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; | |
| expected levels of royalty rates, operating costs, general and administrative costs, costs of services and other costs and expenses; and | |
| treatment under governmental regulatory regimes and tax laws. |
| volatility in market prices for oil and natural gas; | |
| liabilities inherent in our oil and gas operations; | |
| adverse regulatory rulings, orders and decisions; | |
| uncertainties associated with estimating reserves; | |
| competition for, among other things, capital, reserves, undeveloped lands, skilled personnel and access to services; | |
| fluctuation in foreign exchange or interest rates; | |
| incorrect assessments of the value of our acquisitions and exploration and development programs; | |
| stock market volatility and market fluctuations; | |
| geological, technical, drilling and processing problems and other difficulties in producing reserves; | |
| actions by governmental or regulatory authorities, including changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry and royalty trusts; and | |
| the other factors discussed under Risk Factors in this Prospectus Supplement and in the Prospectus and under the heading Business Risks in our revised managements discussion and analysis for the year ended December 31, 2005, as may be updated from time to time in our interim managements discussion and analysis. |
S-8
Six Months Ended | Year Ended | |||||||||||||||
June 30 | December 31 | |||||||||||||||
($) | ($) | |||||||||||||||
2006 | 2005 | 2005 | 2004 | |||||||||||||
High
|
0.9100 | 0.8346 | 0.8690 | 0.8493 | ||||||||||||
Low
|
0.8528 | 0.7872 | 0.7872 | 0.7158 | ||||||||||||
Average
|
0.8787 | 0.8096 | 0.8254 | 0.7682 | ||||||||||||
Period Ended
|
0.8969 | 0.8159 | 0.8579 | 0.8310 |
S-9
| accretion to distributable cash flow, reserves and production on a per Trust Unit basis; | |
| the addition of approximately 67.7 mmboe of Total Proved Plus Probable Reserves and 250,000 net acres of undeveloped land including shallow gas and coal bed methane potential, at a cost of approximately $67,725 per boepd and $19.60 per boe; | |
| a strong operating team through the combination of management and operating personnel of Pengrowth and Esprit. |
Total Proved | Total Proved Plus | |||||||
Reserves | Probable Reserves | |||||||
Constant Pricing
|
||||||||
Oil and natural gas liquids (mbbl)
|
11,531 | 16,102 | ||||||
Natural gas (bcf)
|
230 | 310 | ||||||
mboe
|
49,818 | 67,744 | ||||||
Strip Pricing
|
||||||||
Oil and natural gas liquids (mbbl)
|
11,488 | 16,045 | ||||||
Natural gas (bcf)
|
231 | 312 | ||||||
mboe
|
50,032 | 68,034 |
| 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 our existing interests in the Judy Creek units and Swan Hills Unit No. 1, expanding our 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; and | |
| 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 light-oil reserves (over 10 year reserve life index). |
S-10
Total Proved | Total Proved Plus | |||||||
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 |
S-11
| 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); | |
| company production weighted 51% to natural gas and 49% to crude oil and liquids and a reserve life index of approximately 10.5 years on a proved plus probable basis (all using constant prices and costs); | |
| combined equity market capitalization of approximately $4.8 billion and an enterprise value of approximately $5.2 billion ranking Pengrowth as one of the larger royalty trusts in the Canadian oil and gas industry; | |
| a large and diversified quality asset base with many interests held in Canadas larger oil and natural gas pools; | |
| a strong balance sheet upon completion of the offering pursuant to this Prospectus Supplement giving the Trust flexibility and sustainability; | |
| significant up side based on growth and development opportunities on approximately 683,000 net acres of undeveloped land; | |
| creation of a stronger platform to capitalize on future growth opportunities through significant acquisitions in North America and other areas in the world. |
S-12
Outstanding as at | ||||||||
June 30, 2006 after | ||||||||
giving effect to the | ||||||||
business combination | ||||||||
with Esprit, the Carson | ||||||||
Outstanding as at | Creek Acquisition and | |||||||
June 30, 2006 | this offering | |||||||
(unaudited) | (unaudited) | |||||||
(Tabular amounts in 000s except numbers of | ||||||||
Trust Units) | ||||||||
Revolving Credit
Facility(1)(2)
|
$ 162,000 | $ 381,310 | ||||||
Long-term
Debt(3)
|
$ 326,310 | $ 424,758 | ||||||
trust units(3)(4)(5)(6)(7)
|
$2,506,040 | $3,799,570 | ||||||
(160,777,279 Trust Units | ) | (214,084,626 Trust Units | ) |
(1) | Our operating bank loans consist of: (i) a syndicated $500,000,000 extendible revolving term credit facility; and (ii) a $35,000,000 demand operating line of credit for working capital purposes. Proceeds from this offering may be used to retire a portion of this indebtedness. For details, see Use of Proceeds and Relationship between the Trust and the Underwriters herein and Material Debt in the Prospectus. |
(2) | Upon the closing of the business combination with Esprit, we anticipate utilizing our credit facilities to repay all amounts owing under Esprits credit facility. As at August 31, 2006, Esprit had $259,100,000 of indebtedness pursuant to its credit facility. |
(3) | Upon the closing of the merger with Esprit, we will assume the obligations outstanding pursuant to Esprits $94,000,000 aggregate principal amount of 6.5% convertible unsecured subordinated debentures due 2010. These debentures will be convertible, at the option of the holders thereof, into approximately 3,676,753 Trust Units. |
(4) | Our estimated net proceeds from the sale of the 18,585,000 Trust Units offered by this Prospectus Supplement, after deducting the Underwriters fee of $21,001,050 and expenses of this offering estimated to be $1,500,000, will be approximately $397,519,950. |
(5) | On July 27, 2006, we consolidated our issued and outstanding Class A trust units and Class B trust units into a single class of trust units, referred to herein as Trust Units. Pursuant to this consolidation, all issued and outstanding Class B trust units were renamed as Trust Units, all issued and outstanding unclassified trust units were converted to Trust Units and all issued and outstanding Class A trust units were converted to Trust Units, except for Class A trust units for which a declaration of Canadian residency was provided. As at August 31, 2006, we had 161,054,533 Trust Units issued and outstanding and 15,038 Class A trust units issued and outstanding. |
(6) | Does not include 4,725,000 Trust Units which may be issued pursuant to the Underwriters Option. See Plan of Distribution. In the event of the exercise in full of the Underwriters Option, the number of issued and outstanding Trust Units will increase to 218,809,626 Trust Units. |
(7) | Assumes, based upon an exchange rate of 0.53 Trust Units for each trust unit of Esprit, that 34,722,347 Trust Units will be issued to holders of Esprit trust units pursuant to our business combination with Esprit. |
S-13
S-14
S-15
S-16
(Signed) James S. Kinnear | (Signed) Christopher G. Webster | |
James S. Kinnear | Christopher G. Webster | |
President and Chief Executive Officer | Chief Financial Officer |
(Signed) Thomas A. Cumming | (Signed) Michael S. Parrett | |
Thomas A. Cumming | Michael S. Parrett | |
Director | Director |
(Signed) James S. Kinnear | (Signed) Gordon M. Anderson | |
James S. Kinnear | Gordon M. Anderson | |
President
|
Vice President, Financial Services in the capacity of Chief Financial Officer |
S-17
National Bank Financial Inc. | TD Securities Inc. | |
By: (Signed) Robert B. Wonnacott | By: (Signed) Alec W.G. Clark |
HSBC Securities (Canada) Inc. | Sprott Securities Inc. | |||
By: (Signed) Rod A. McIsaac | By: (Signed) Brian K. Petersen | |||
Canaccord Capital Corporation | Raymond James Ltd. | Dundee Securities Corporation | ||
By: (Signed) Karl B. Staddon | By: (Signed) Edward J. Bereznicki | By: (Signed) Ali A. Bhojani | ||
FirstEnergy Capital Corp. | Peters & Co. Limited | |||
By: (Signed) Hugh R. Sanderson | By: (Signed) Bradley P.D. Fedora |
S-18
A-1
Pengrowth | Carson 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 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 |
A-2
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-3
B-1
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. |
(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 |
B-2
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-3
C-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | |||||||||||||||||||||||||
MEDIUM OIL | HEAVY 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 | |||||||||||||||||||
NATURAL GAS | TOTAL OIL | ||||||||||||||||
LIQUIDS | EQUIVALENT 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-2
D-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-2
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
|
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 | |||||||||||||
(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
|
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-2
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
|
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 | 833.9 | 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-2
G-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | NATURAL | ||||||||||||||||||||||||
MEDIUM OIL | HEAVY 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-2
H-1
OIL AND GAS RESERVES | |||||||||||||||||
LIGHT AND | |||||||||||||||||
MEDIUM OIL | NATURAL 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 | |||||||||||||
(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
|
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 | 423.6 | 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-2
I-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | |||||||||||||||||||||||||
MEDIUM OIL | HEAVY 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
|
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 | |||||||||||||
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-2
J-1
OIL AND GAS RESERVES | |||||||||||||||||||||||||
LIGHT AND | |||||||||||||||||||||||||
MEDIUM OIL | HEAVY 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
|
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 | |||||||||||||
(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) | ($MM) | |||||||||||||||||
Proved Reserves
|
|||||||||||||||||||||
Proved Developed Producing
|
6,324.1 | 4,693.5 | 3,796.2 | 3,228.5 | 2,834.1 | ||||||||||||||||
Proved Developed Non-Producing
|
230.6 | 173.9 | 141.5 | 120.2 | 104.7 | ||||||||||||||||
Proved Undeveloped
|
1,143.4 | 764.5 | 551.8 | 418.4 | 328.2 | ||||||||||||||||
Total Proved Reserves
|
7,698.1 | 5,632.2 | 4,489.5 | 3,766.8 | 3,266.6 | ||||||||||||||||
Probable Reserves
|
2,570.9 | 1,329.0 | 958.6 | 713.3 | 564.9 | ||||||||||||||||
Total Proved Plus Probable Reserves
|
10,269.1 | 7,061.9 | 5,448.0 | 4,480.4 | 3,831.7 | ||||||||||||||||
(1) | Pro forma, assuming completion of the Carson Creek Acquisition and the business combination with Esprit. |
J-2
K-1
NATURAL | ||||||||||||||||||||||||||||||||||||
OIL | GAS | NGLx(1) | ||||||||||||||||||||||||||||||||||
WTI | Edmonton | Cromer | Hardisty | |||||||||||||||||||||||||||||||||
Cushing | Par Price | Medium | Heavy | AECO Gas | Pentanes | EXCHANGE | ||||||||||||||||||||||||||||||
YEAR(3) | Oklahoma | 40o API | 29.3o API | 12o API | Price | Propane | Butane | Plus | RATE(2) | |||||||||||||||||||||||||||
($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 | ||||||||||||||||||||||||||||||||||
WTI | Edmonton | |||||||||||||||||||||||||||||||||||
Exchange | Cushing | Par Price | Heavy at | Pentanes | ||||||||||||||||||||||||||||||||
Rate | Inflation | Oklahoma | 40 API | Hardisty | Propane | Butane | Plus | Sulphur | ||||||||||||||||||||||||||||
Year | $US/$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 | ||||||||||||||||||||||||
Sable | Alberta Spot | Alberta Spot | ||||||||||||||||||||||
Exchange | Henry Hub | Plant-gate | Plant-gate | @AECO-C | ||||||||||||||||||||
Rate | Inflation | $US | $Cdn/ | $Cdn/ | $Cdn/ | |||||||||||||||||||
Year | $US/$Cdn | % | mmbtu | mmbtu | mmbtu | 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-2