Disclaimer

The referenced price deck was created for information purposes only as a possible forward view of future oil and gas prices. It is not for dissemination in the United States or for distribution to United States' wire services. The price deck is based in part on estimates of market prices, currency exchange rates, inflation, market supply and demand, and government policy as at the price deck’s effective date. Oil and gas prices have historically been subject to significant commodity price volatility. As such, there can be no certainty that any price forecasts will actually materialize.

This price deck was developed independently of any Deloitte client relationship and does not represent the firm’s view as a financial statement auditor to any legal business entity and should not be used for that purpose. The price deck is not an examination or compilation of, or the performance of agreed-upon procedures with respect to, prospective financial information in accordance with standards or rules established by any professional accounting body. There will usually be differences between forward-looking information and actual results because events and circumstances frequently do not occur as expected, and those differences may be material.

Any user of this forecast for any purpose accepts full responsibility for the reasonableness of the prices being forecast as required by NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH). The Society of Petroleum Evaluation Engineers (Calgary Chapter) and Canadian Institute of Mining, Metallurgy and Petroleum (Petroleum Society) recommend in the COGEH that price forecasts used at a particular point in time represent a consensus of buyers and sellers who, through their purchase and sale transactions, are establishing value in the marketplace. Please consult with an Independent Qualified Reserves Evaluator or Auditor to learn more about oil and gas evaluation practices and procedures.

While every effort has been made to ensure the quality of the information provided, no representation or warranty of any kind (whether expressed or implied) is given by Deloitte LLP as to the accuracy, completeness, currency, or fitness for any purpose of this document. As such, this document does not constitute the giving of investment advice, nor a part of any advice on investment decisions. Accordingly, regardless of the form of action, whether in contract, tort, or otherwise, and to the extent permitted by applicable law, Deloitte LLP accepts no liability of any kind and disclaims all responsibility for the consequences of any person acting or refraining from acting in reliance on this price forecast in whole or in part.