2011 CANADIAN OIL & GAS RESERVES CHART - JULY 2012 junewarren-nickles.com Every precaution has been taken to prevent errors or omissions and the publisher assumes no responsibility for damages caused by any errors or omissions. Edmonton, AB: 6111 - 91 Street NW, T6E 6V6 | Phone: 780.944.9333 | Fax: 780.944.9500 | Toll Free: 1.800.563.2946 Calgary, AB: 2nd Floor, 816 - 55 Avenue NE, T2E 6Y4 | Phone: 403.209.3500 | Fax: 403.245.8666 | Toll Free: 1.800.387.2446 Industry Overview Seniors – Canadian Reserves 2011 Finders International Players Canadian NGL Reserves 2011 Sellers Juniors – Canadian Reserves 2011 Buyers Fastest Growers Oilsands Players Coalbed Methane Players Legend TOP 20 COMPANIES ADDING OIL AND LIQUIDS PROVED RESERVES FROM DRILLING IN 2011 (MILLIONS OF BARRELS) Company Drilling Additions Improved Recovery Production R/P Ratio Imperial Oil Limited (9) 853.00 0.00 92.00 9.21 Cenovus Energy Inc. 285.00 0.00 47.00 7.62 ConocoPhillips Canada x 270.00 1.00 37.00 4.84 Suncor Energy Inc. 184.50 0.00 149.50 1.85 Canadian Natural Resources Limited 120.00 1.00 123.00 3.61 Shell Canada Limited x 120.00 0.00 57.00 3.05 Southern Pacific Resource Corp. (7) 115.12 0.00 1.54 75.07 Nexen Inc. (5) 102.00 0.00 13.00 1.38 Husky Energy Inc. 101.20 13.60 74.00 1.65 Penn West Petroleum Ltd. 57.00 2.00 38.00 1.82 Encana Corporation 49.70 0.00 6.00 9.40 Marathon Oil Corporation x 48.00 0.00 14.00 4.64 MEG Energy Corp. 39.03 0.00 9.71 11.53 Athabasca Oil Sands Corp. 39.00 0.00 0.00 -- Crescent Point Energy Corp. 38.15 0.00 24.12 1.99 Devon Canada Corporation x 38.00 0.00 32.00 1.03 Petrobank Energy and Resources Ltd. (4) 26.79 0.00 12.69 2.00 Apache Canada Ltd. x 22.60 0.00 7.38 0.85 Pengrowth Energy Corporation 13.76 3.52 13.66 2.06 Baytex Energy Corp. 13.05 3.19 14.85 0.81 TOP 20 COMPANIES ADDING NATURAL GAS PROVED RESERVES FROM DRILLING IN 2011 (BILLIONS OF CUBIC FEET) Company Drilling Additions Improved Recovery Production R/P Ratio Encana Corporation 818.00 0.00 556.00 1.75 Shell Canada Limited x 816.00 0.00 229.00 4.24 Apache Canada Ltd. x 505.05 0.00 230.88 1.61 Murphy Oil Company, Ltd. x 321.50 0.00 68.90 5.53 Progress Energy Resources Corp. 286.01 0.00 82.44 3.35 Canadian Natural Resources Limited 282.00 0.00 449.00 0.43 ARC Resources Ltd. 266.41 0.28 112.28 2.78 Peyto Exploration & Development Corp. 256.57 -22.96 69.22 3.42 Talisman Energy Inc. x 251.10 0.00 150.90 1.69 Tourmaline Oil Corp. 244.86 3.35 56.56 4.96 Birchcliff Energy Ltd. 221.05 0.00 29.97 9.28 Celtic Exploration Ltd. 191.93 0.00 26.95 6.67 Nexen Inc. (5) 147.00 0.00 45.00 3.11 Painted Pony Petroleum Ltd. 95.66 0.00 5.69 18.78 Penn West Petroleum Ltd. 82.00 2.00 128.00 0.44 ConocoPhillips Canada x 78.00 0.00 338.00 0.63 Quicksilver Resources Canada Inc. x 76.07 0.00 26.39 3.45 Husky Energy Inc. 75.60 1.00 221.50 -0.49 Cequence Energy Ltd. 72.41 0.00 17.46 3.39 Crew Energy Inc. 65.56 0.00 25.03 2.22 TOP 20 BUYERS OF PROVED OIL AND LIQUIDS RESERVES IN 2011 (MILLIONS OF BARRELS) Company Acquisitions Production Total SA x (9) 308.00 4.00 Husky Energy Inc. 45.70 74.00 Chevron Canada Limited x 40.00 15.00 Longview Oil Corp. 17.95 1.70 Crew Energy Inc. 9.90 4.01 Canadian Natural Resources Limited 9.00 123.00 Harvest Operations Corp. 8.89 14.33 WestFire Energy Ltd. 8.72 1.40 Whitecap Resources Inc. 7.52 1.34 Baytex Energy Corp. 6.68 14.85 Bonavista Energy Corporation 6.18 9.73 Penn West Petroleum Ltd. 6.00 38.00 DeeThree Exploration Ltd. 3.96 0.25 Tourmaline Oil Corp. 2.06 1.15 Rock Energy Inc. 1.88 0.84 Arsenal Energy Inc. 1.20 0.41 Legacy Oil + Gas Inc. 1.18 3.69 Renegade Petroleum Ltd. 1.16 0.88 Crescent Point Energy Corp. 1.02 24.12 Spartan Oil Corp. 0.96 0.18 TOP 20 BUYERS OF PROVED NATURAL GAS RESERVES IN 2011 (BILLIONS OF CUBIC FEET) Company Acquisitions Production Canadian Natural Resources Limited 432.00 449.00 Husky Energy Inc. 398.10 221.50 Harvest Operations Corp. 130.71 41.05 Encana Corporation 82.00 556.00 Tourmaline Oil Corp. 80.63 56.56 Crew Energy Inc. 71.04 25.03 WestFire Energy Ltd. 52.64 4.32 Lone Pine Resources Inc. 51.66 28.64 Bonavista Energy Corporation 45.78 91.98 Celtic Exploration Ltd. 34.95 26.95 Longview Oil Corp. 30.27 3.53 Paramount Resources Ltd. 25.60 29.70 Devon Canada Corporation x 20.00 213.00 Shoreline Energy Corp. 18.30 0.99 Manitok Energy Inc. 17.01 1.01 DeeThree Exploration Ltd. 14.25 2.55 Whitecap Resources Inc. 14.18 4.48 Cequence Energy Ltd. 13.27 17.46 Penn West Petroleum Ltd. 13.00 128.00 NuVista Energy Ltd. 10.89 37.76 TOP 20 SELLERS OF PROVED OIL AND LIQUIDS RESERVES IN 2011 (MILLIONS OF BARRELS) Company Dispositions Production Encana Corporation 6.10 6.00 Penn West Petroleum Ltd. 6.00 38.00 ARC Resources Ltd. 3.91 11.42 Husky Energy Inc. 2.50 74.00 Fairborne Energy Ltd. 2.06 1.16 Connacher Oil and Gas Limited 1.96 5.02 NAL Energy Corporation 1.63 4.81 Apache Canada Ltd. x 1.58 7.38 Chinook Energy Inc. 1.10 1.51 Equal Energy Ltd. 1.01 0.78 ConocoPhillips Canada x 1.00 37.00 Progress Energy Resources Corp. 0.98 2.08 NuVista Energy Ltd. 0.95 2.97 Spartan Oil Corp. 0.83 0.18 Enerplus Corporation 0.78 8.02 Bonavista Energy Corporation 0.62 9.73 Suncor Energy Inc. 0.60 149.50 Cequence Energy Ltd. 0.60 0.38 Second Wave Petroleum Inc. 0.57 0.41 Baytex Energy Corp. 0.55 14.85 TOP 20 SELLERS OF NATURAL GAS RESERVES IN 2011 (BILLIONS OF CUBIC FEET) Company Dispositions Production Encana Corporation 187.00 556.00 Talisman Energy Inc. x 165.50 150.90 Imperial Oil Limited (9) 116.00 78.00 Apache Canada Ltd. x 94.10 230.88 ConocoPhillips Canada x 67.00 338.00 Suncor Energy Inc. 55.60 127.20 ARC Resources Ltd. 55.52 112.28 Sinopec Daylight Energy Ltd. 29.48 49.75 BP Canada Energy Company x 23.00 5.00 Penn West Petroleum Ltd. 22.00 128.00 Connacher Oil and Gas Limited 19.97 1.53 Progress Energy Resources Corp. 17.54 82.44 Cequence Energy Ltd. 16.15 17.46 NuVista Energy Ltd. 12.31 37.76 Fairborne Energy Ltd. 12.16 25.28 Tourmaline Oil Corp. 9.00 56.56 Chinook Energy Inc. 8.97 20.49 Perpetual Energy Inc. 8.22 46.89 Ironhorse Oil & Gas Inc. 8.16 0.55 Compton Petroleum Corporation 6.48 24.42 TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN OIL AND LIQUIDS RESERVES IN 2011 (MILLIONS OF BARRELS) Company 2010 Proved 2010 Probable 2011 Proved 2011 Probable 2011 Production Reserve Life Index Talisman Energy Inc. x 374.40 262.70 371.80 286.50 47.20 7.88 Canadian Natural Resources Limited 372.00 181.00 337.00 177.00 19.00 17.74 Pacific Rubiales Energy Corp. 200.98 35.48 298.94 109.58 34.02 8.79 Suncor Energy Inc. 267.10 167.60 287.00 155.60 23.40 12.26 Nexen Inc. (5) 250.00 147.00 234.00 137.00 46.00 5.09 Bankers Petroleum Ltd. 120.24 117.38 172.43 94.75 4.80 35.92 Gran Tierra Energy Inc. 31.16 9.32 39.98 13.35 8.30 4.82 Vermilion Energy Inc. 39.56 19.54 36.88 16.66 5.96 6.19 TransGlobe Energy Corporation 20.46 9.99 28.15 16.06 4.42 6.37 Sherritt International Corporation 23.86 4.77 23.29 4.49 7.78 3.00 Calvalley Petroleum Inc. 15.55 16.24 14.96 14.62 0.78 19.26 Stream Oil & Gas Ltd. 13.72 4.19 13.89 4.14 0.48 29.21 C&C Energia Ltd. x 7.93 4.63 12.40 4.31 2.71 4.58 Husky Energy Inc. 16.30 5.40 12.10 4.90 3.10 3.90 Mart Resources Inc. 9.63 13.06 11.16 13.49 1.27 8.81 Chinook Energy Inc. 5.32 10.22 6.04 9.53 0.35 17.16 Pan Orient Energy Corp. 7.36 24.57 5.99 13.01 0.74 8.09 Parex Resources Inc. 1.07 4.79 4.95 5.76 1.95 2.54 Winstar Resources Ltd. 2.56 5.96 2.75 5.59 0.45 6.13 Candax Energy Inc. x 1.29 2.22 1.84 1.93 0.10 17.82 7,000 6,000 5,000 4,000 3,000 2,000 1,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0 140 Percentage replacement Production replacement rate, excluding revisions, economic factors Reserves added from drilling Billions of cubic feet 130 120 110 100 90 80 70 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 3,000 2,500 2,000 1,500 1,000 500 0 -500 -1,000 Millions of barrels Production replacement rate, excluding revisions, economic factors Reserves added from drilling and improved recovery Revisions to reserves Canadian proved oil and liquids reserves—millions of barrels Revisions Improved Recovery Asset Purchases Asset Sales Discov. & Ext. Production At Year-end Net of Purchases Reserve Life Index (yrs) Production Replacement (%) Production Replacement Including Revisions (%) 2011 409.41 41.98 499.67 41.15 2,791.30 977.03 24,978.38 24,478.71 25.57 286 328 2010 497.89 32.07 869.79 407.28 1,292.76 908.74 21,965.62 21,095.62 24.17 142 197 2009 1,380.48 110.49 2,124.39 1,125.24 1,642.66 812.84 18,802.52 16,678.13 23.13 202 372 2008 953.16 66.88 202.86 37.30 656.10 829.73 16,656.05 16,453.19 20.07 79 194 2007 602.21 137.63 1,235.72 493.97 598.25 797.97 16,613.98 15,378.26 20.82 75 150 2006 828.47 427.34 366.72 45.41 1,516.87 795.50 15,312.82 14,874.66 19.25 191 295 2005 2,051.09 106.31 192.67 161.08 852.91 775.93 13,326.46 11,282.93 14.79 110 374 2004 -824.87 32.36 374.53 175.08 2,308.75 782.28 10,911.67 9,065.89 13.95 295 190 2003 762.97 22.64 573.56 544.65 724.08 769.43 10,382.14 9,808.58 13.49 94 193 Canadian proved natural gas reserves—billions of cubic feet Revisions Improved Recovery Asset Purchases Asset Sales Discov. & Ext. Production At Year-end Net of Purchases Reserve Life Index (yrs) Production Replacement (%) Production Replacement Including Revisions (%) 2011 1,192.23 11.06 1,653.11 1,004.16 6,280.20 4,580.61 43,359.35 41,706.24 9.50 137 163 2010 1,218.57 101.16 3,286.17 3,101.80 5,260.97 4,257.81 41,254.89 37,968.72 9.10 116 143 2009 -1,224.60 42.38 2,720.14 2,257.77 4,345.62 4,342.68 36,272.90 33,552.76 8.40 100 72 2008 409.18 483.93 1,742.10 479.42 3,905.34 4,439.34 37,765.38 36,023.28 8.50 88 97 2007 203.23 133.42 1,246.56 782.94 3,779.31 4,485.11 36,981.75 35,735.19 8.20 84 88 2006 20.85 248.55 5,196.58 199.71 4,537.49 4,558.95 38,727.69 33,531.12 8.49 100 100 2005 168.95 182.69 1,063.25 930.77 6,066.11 4,933.26 39,899.45 38,836.21 8.09 123 126 2004 -490.25 266.12 2,001.85 1,220.18 6,026.24 4,867.05 38,038.42 36,235.29 7.82 124 114 2003 -1,724.96 85.39 1,795.51 557.34 4,751.41 4,677.51 37,239.54 35,444.04 7.96 102 65 5,000 10,000 15,000 20,000 25,000 2007 2008 2009 2010 2011 0 Millions of barrels 2011 Canadian gas reserve additions from drilling at record level Proved oilsands reserves climb again Record year for Canadian proved oil reserve growth from drilling and improved recovery ® OILSANDS SYNTHETIC/BITUMEN RESERVES—MINING (MILLIONS OF BARRELS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved Net of Purchase Percentage Change (%) Reserve Life Index Canadian Natural Resources Limited 1,932.00 198.00 -- -- 4.00 -- -- 15.00 2,119.00 2,119.00 9.67 141.26 Suncor Energy Inc. 2,084.30 33.80 -- -- -- -- -- 95.60 2,022.50 2,022.50 -2.97 21.16 Shell Canada Limited x 1,567.00 42.00 116.00 -- -- -- -- 45.00 1,680.00 1,680.00 7.21 37.33 Total SA x (9) 789.00 (109.00) -- -- -- 308.00 -- 4.00 984.00 676.00 24.71 246.00 Canadian Oil Sands Limited 889.00 (2.00) -- -- -- -- -- 39.00 848.00 848.00 -4.61 21.74 Marathon Oil Corporation x 572.00 17.00 48.00 -- -- -- -- 14.00 623.00 623.00 8.92 44.50 Chevron Canada Limited x 466.00 32.00 -- -- -- 40.00 -- 15.00 523.00 483.00 12.23 34.87 Nexen Inc. (5) 324.00 -- 8.00 -- -- -- -- 8.00 324.00 324.00 -- 40.50 Murphy Oil Company, Ltd. x 129.20 5.20 -- -- -- -- -- 4.90 129.50 129.50 0.23 26.43 COMPANIES WITH PROVED COALBED METHANE RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable R/P Ratio Encana Corporation 1,810.00 32.00 148.00 0.00 -30.00 25.00 5.00 161.00 1,819.00 411.00 0.93 Nexen Inc. (5) 115.00 -25.00 0.00 0.00 -6.00 0.00 0.00 15.00 69.00 24.00 -2.07 Pengrowth Energy Corporation 52.68 -1.50 0.00 0.00 0.00 0.00 0.00 3.60 47.58 12.19 -0.42 Fairborne Energy Ltd. 34.86 3.73 3.15 0.00 -1.95 0.68 0.14 3.51 36.82 11.57 1.40 Vermilion Energy Inc. 30.82 -1.82 0.00 0.00 -1.95 0.00 0.00 2.13 24.92 9.76 -1.77 Advantage Oil & Gas Ltd. 20.14 -0.43 0.27 0.00 -0.36 0.00 0.00 2.04 17.58 6.32 -0.26 Crew Energy Inc. 10.23 -0.79 0.09 0.00 -0.62 0.00 0.00 0.16 8.75 9.38 -8.04 Sonde Resources Corp. 4.58 0.38 0.00 0.00 -1.57 0.00 0.00 0.17 3.22 2.71 -6.96 Anderson Energy Ltd. 4.44 0.00 0.00 0.00 -1.37 0.00 0.08 0.29 2.70 2.37 -4.73 Longview Oil Corp. 0.00 0.00 0.00 0.00 0.00 2.36 0.00 0.17 2.19 0.56 -- Celtic Exploration Ltd. 2.57 -0.06 0.00 0.00 -0.47 0.00 0.00 0.07 1.97 1.27 -7.38 Sinopec Daylight Energy Ltd. 2.51 -0.57 0.00 0.00 -0.06 0.00 0.24 0.15 1.49 1.15 -4.08 Bellatrix Exploration Ltd. 1.63 -0.30 0.00 0.00 0.00 0.00 0.00 0.20 1.14 0.37 -1.49 Terra Energy Corp. 0.97 0.07 0.00 0.00 -0.04 0.00 0.00 0.07 0.92 0.28 0.33 Elkwater Resources Ltd. 0.00 0.00 0.00 0.00 0.00 0.53 0.00 0.00 0.53 0.14 -- Petrobank Energy and Resources Ltd. (4) 0.68 -0.26 0.00 0.00 -0.03 0.00 0.01 0.03 0.36 0.37 -9.23 Kallisto Energy Corp. 0.31 0.02 0.00 0.00 0.00 0.00 0.00 0.03 0.30 0.08 0.77 DualEx Energy International Inc. 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.02 0.09 0.02 3.10 Yoho Resources Inc. (6) 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.20 -1.00 Arsenal Energy Inc. 0.13 -0.03 0.00 0.00 -0.02 0.00 0.00 0.03 0.04 0.02 -1.73 TriOil Resources Ltd. 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.50 Stetson Oil & Gas Ltd. 0.54 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 -- -- OILSANDS SYNTHETIC/BITUMEN RESERVES—IN SITU (MILLIONS OF BARRELS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved Net of Purchase Percentage Change (%) Reserve Life Index Imperial Oil Limited (9) 2,876.00 (9.00) 853.00 -- (2.00) -- -- 84.00 3,634.00 3,634.00 26.35 43.26 Cenovus Energy Inc. 1,154.00 69.00 256.00 -- -- -- -- 24.00 1,455.00 1,455.00 26.08 60.63 ConocoPhillips Canada x 1,299.00 (102.00) 266.00 -- -- -- -- 24.00 1,439.00 1,439.00 10.78 59.96 Suncor Energy Inc. 1,218.90 41.90 180.90 -- -- -- -- 28.00 1,413.70 1,413.70 15.98 50.49 Canadian Natural Resources Limited 919.00 69.00 22.00 -- -- -- -- 36.00 974.00 974.00 5.98 27.06 MEG Energy Corp. 605.85 72.99 39.03 -- -- -- -- 9.71 708.16 708.16 16.89 72.90 Nexen Inc. (5) 314.00 (84.00) 94.00 -- -- -- -- 5.00 319.00 319.00 1.59 63.80 Husky Energy Inc. 246.80 1.80 64.80 4.10 -- -- -- 9.00 308.50 308.50 25.00 34.28 BP Canada Energy Company x 179.00 (1.00) -- -- -- -- -- -- 178.00 178.00 -0.56 -- Connacher Oil and Gas Limited 180.15 (0.23) 0.12 -- -- -- -- 4.86 175.19 175.19 -2.76 36.08 Southern Pacific Resource Corp. (7) -- -- 112.20 -- -- -- -- -- 112.20 112.20 -- -- Harvest Operations Corp. 93.60 -- -- -- -- -- -- -- 93.60 93.60 -- -- Shell Canada Limited x 51.00 (9.00) -- -- -- -- -- 5.00 55.00 55.00 7.84 11.00 Athabasca Oil Sands Corp. -- -- 38.00 -- -- -- -- -- 38.00 38.00 -- -- TOP 20 JUNIORS GROSS PROVED RESERVES TWO-YEAR GROWTH BARRELS OF OIL EQUIVALENT (IN MILLIONS) Company 2011 Proved 2009 Proved Growth From 2009 Southern Pacific Resource Corp. 120.78 0.55 120.24 Cequence Energy Ltd. 35.08 7.46 27.62 Painted Pony Petroleum Ltd. 31.38 3.94 27.44 Whitecap Resources Inc. 25.63 1.26 24.36 WestFire Energy Ltd. 28.90 5.36 23.54 Arcan Resources Ltd. 21.58 7.14 14.45 Surge Energy Inc. 20.52 6.84 13.68 Midway Energy Ltd. 16.70 6.38 10.31 Crocotta Energy Inc. 17.48 8.61 8.87 Renegade Petroleum Ltd. 8.50 0.19 8.31 Novus Energy Inc. 8.84 1.47 7.38 Delphi Energy Corp. 25.01 17.92 7.09 DeeThree Exploration Ltd. 7.40 1.71 5.68 TriOil Resources Ltd. 5.82 0.91 4.91 Waldron Energy Corporation 5.96 1.16 4.80 Open Range Energy Corp. 14.34 9.95 4.38 Yoho Resources Inc. 7.56 3.49 4.07 Rock Energy Inc. 9.78 5.76 4.02 Second Wave Petroleum Inc. 6.56 2.74 3.82 BlackPearl Resources Inc. 15.28 11.57 3.70 TOP 25 COMPANIES RANKED BY RESERVES PER SHARE GROWTH IN 2011 Company 2011 MMBOE 2010 MMBOE 2011 Shares 2010 Shares 2011 BOE/Share 2010 BOE/Share Percentage Change (%) Southern Pacific Resource Corp. (10)(11) 120.78 6.81 338,834,000 202,751,000 0.36 0.03 961.61 Storm Resources Ltd. (10)(11) 3.71 0.74 26,377,000 16,267,000 0.14 0.05 210.42 Pinecrest Energy Inc. (10)(11) 5.32 1.11 208,103,830 121,544,951 0.03 0.01 180.79 Manitok Energy Inc. (10)(11) 4.54 0.66 47,344,609 17,402,916 0.10 0.04 153.30 DeeThree Exploration Ltd. (10)(11) 7.40 1.32 56,407,000 23,102,493 0.13 0.06 129.47 Painted Pony Petroleum Ltd. (10)(11) 31.38 11.34 60,829,382 49,503,521 0.52 0.23 125.32 WestFire Energy Ltd. (10)(11) 28.90 8.18 63,555,607 37,168,996 0.45 0.22 106.51 Celtic Exploration Ltd. (10)(11) 78.52 38.33 100,709,000 91,537,000 0.78 0.42 86.18 Second Wave Petroleum Inc. (10)(11) 6.56 3.55 82,968,611 74,754,996 0.08 0.05 66.34 Novus Energy Inc. (10)(11) 8.93 4.92 169,238,000 153,847,000 0.05 0.03 65.10 Bellatrix Exploration Ltd. (10)(11) 41.76 24.84 103,857,689 93,286,554 0.40 0.27 51.00 Crocotta Energy Inc. (10)(11) 17.48 9.81 81,166,000 65,412,000 0.22 0.15 43.60 Questerre Energy Corporation (10)(11) 1.71 1.19 235,975,196 234,326,194 0.01 0.01 42.16 Birchcliff Energy Ltd. (10)(11) 156.16 113.98 131,444,878 128,520,068 1.19 0.89 33.96 Crew Energy Inc. (10)(11) 75.63 45.47 102,034,000 79,747,000 0.74 0.57 30.00 Tourmaline Oil Corp. (10)(11) 148.85 93.01 152,315,296 123,394,559 0.98 0.75 29.64 Paramount Resources Ltd. (10)(11) 35.64 25.57 78,462,000 72,705,000 0.45 0.35 29.15 Renegade Petroleum Ltd. (10)(11) 8.50 4.18 72,059,532 44,186,343 0.12 0.09 24.63 Imperial Oil Limited (11)(12) 3,751.50 3,024.33 853,600,000 854,200,000 4.39 3.54 24.13 Reliable Energy Ltd. (10)(11) 0.96 0.71 240,332,000 218,953,474 0.00 0.00 22.63 Arcan Resources Ltd. (10)(11) 21.58 13.82 90,450,000 70,306,000 0.24 0.20 21.36 Midway Energy Ltd. (10)(11) 16.70 11.60 79,409,597 64,983,712 0.21 0.18 17.78 Traverse Energy Ltd. (10)(11) 0.18 0.11 36,451,924 27,409,689 0.00 0.00 16.80 BlackPearl Resources Inc. (10)(11) 15.28 11.71 301,190,033 269,029,016 0.05 0.04 16.56 Arsenal Energy Inc. (10)(11) 9.95 7.22 158,629,712 133,802,977 0.06 0.05 16.31 TOP 20 COMPANIES PROVED RESERVES TWO-YEAR GROWTH BARRELS OF OIL EQUIVALENT (IN MILLIONS) Company 2011 Proved 2009 Proved Growth From 2009 Canadian Natural Resources Limited 4,464.00 3,168.50 1,295.50 Imperial Oil Limited 3,751.50 2,513.33 1,238.17 Total SA x 984.00 365.00 619.00 Cenovus Energy Inc. 1,945.50 1,397.83 547.67 Suncor Energy Inc. 3,436.20 3,043.00 393.20 Encana Corporation 1,284.33 927.00 357.33 Apache Canada Ltd. x 764.29 531.00 233.29 Shell Canada Limited x 2,110.83 1,889.33 221.50 MEG Energy Corp. 708.16 549.00 159.16 Harvest Operations Corp. 264.54 140.31 124.23 Southern Pacific Resource Corp. 120.78 0.55 120.24 Murphy Oil Company, Ltd. x 272.58 178.08 94.50 ARC Resources Ltd. 359.64 267.52 92.12 Crescent Point Energy Corp. 276.97 185.69 91.28 Progress Energy Resources Corp. 188.68 101.60 87.08 Peyto Exploration & Development Corp. 225.30 148.86 76.45 Birchcliff Energy Ltd. 156.16 90.04 66.13 Chevron Canada Limited x 523.00 460.00 63.00 Advantage Oil & Gas Ltd. 161.15 107.87 53.28 Celtic Exploration Ltd. 78.52 35.17 43.35 TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN NATURAL GAS RESERVES IN 2011 (BILLIONS OF CUBIC FEET) Company 2010 Proved 2010 Probable 2011 Proved 2011 Probable 2011 Production Reserve Life Index Talisman Energy Inc. x 1,598.40 851.70 1,465.80 751.80 166.20 8.82 Niko Resources Ltd. (8) 1,064.24 471.47 771.97 421.50 100.38 7.69 Pacific Rubiales Energy Corp. 488.00 2.00 481.50 2.30 24.20 19.90 Suncor Energy Inc. 262.60 285.50 341.60 408.40 31.00 11.02 Canadian Natural Resources Limited 170.00 75.00 181.00 82.00 10.00 18.10 Husky Energy Inc. 209.00 43.90 167.20 39.40 0.00 0.00 Sterling Resources Ltd. 138.98 47.12 138.48 46.15 0.15 935.65 Vermilion Energy Inc. 133.43 46.06 125.36 45.73 12.35 10.15 Nexen Inc. (5) 67.00 59.00 65.00 41.00 11.00 5.91 Gran Tierra Energy Inc. 1.54 0.18 20.33 28.29 1.49 13.61 Antrim Energy Inc. 16.49 17.47 17.93 10.64 2.76 6.50 Winstar Resources Ltd. 6.16 12.58 7.42 13.01 0.94 7.86 Chinook Energy Inc. 4.90 1.83 5.39 2.10 0.29 18.47 Valeura Energy Inc. 0.00 0.00 5.05 5.33 2.13 2.37 Stream Oil & Gas Ltd. 3.65 1.29 3.49 1.28 0.00 0.00 Sherritt International Corporation 2.51 0.69 2.08 0.54 0.78 2.67 Madalena Ventures Inc. 1.76 1.14 1.03 0.77 0.00 0.00 GeoGlobal Resources Inc. x 0.16 0.00 0.20 0.00 0.01 16.42 DualEx Energy International Inc. 0.55 0.86 0.04 0.71 0.23 0.18 Candax Energy Inc. x 4.76 2.71 0.00 0.00 0.53 0.00 TOP 25 SENIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable R/P Ratio Encana Corporation 6,755.00 389.00 818.00 0.00 -234.00 82.00 187.00 556.00 7,067.00 2,888.00 1.75 Canadian Natural Resources Limited 4,092.00 86.00 282.00 0.00 -177.00 432.00 0.00 449.00 4,266.00 1,572.00 0.43 Apache Canada Ltd. x 3,491.97 -133.36 505.05 0.00 0.00 8.84 94.10 230.88 3,547.51 -- 1.61 Husky Energy Inc. 2,186.00 -0.80 75.60 1.00 -184.60 398.10 1.30 221.50 2,252.50 561.00 -0.49 ConocoPhillips Canada x 2,305.00 134.00 78.00 0.00 0.00 1.00 67.00 338.00 2,113.00 -- 0.63 Shell Canada Limited x 1,308.00 155.00 816.00 0.00 0.00 0.00 5.00 229.00 2,045.00 -- 4.24 ARC Resources Ltd. 1,265.36 131.26 266.41 0.28 -85.42 8.86 55.52 112.28 1,418.95 994.38 2.78 Talisman Energy Inc. x 1,354.50 3.50 251.10 0.00 0.00 0.00 165.50 150.90 1,292.70 477.90 1.69 Cenovus Energy Inc. 1,390.00 29.00 50.00 0.00 -28.00 0.00 0.00 238.00 1,203.00 391.00 0.21 Peyto Exploration & Development Corp. 929.05 3.42 256.57 -22.96 0.00 7.73 0.65 69.22 1,103.94 495.59 3.42 EOG Resources Canada, Inc. x 1,133.80 -49.80 0.00 0.00 0.00 0.00 0.00 48.10 1,035.90 -- -1.04 Progress Energy Resources Corp. 819.06 17.73 286.01 0.00 -27.27 0.00 17.54 82.44 995.55 720.96 3.35 Devon Canada Corporation x 1,218.00 -38.00 58.00 0.00 -60.00 20.00 6.00 213.00 979.00 -- -0.19 Suncor Energy Inc. 1,113.20 41.40 5.10 0.00 -52.20 0.20 55.60 127.20 924.90 320.40 -0.04 Advantage Oil & Gas Ltd. 736.04 145.69 12.75 17.43 -19.93 0.02 0.00 47.48 844.52 473.20 3.28 Bonavista Energy Corporation 835.95 -1.91 53.73 3.15 -3.85 45.78 2.37 91.98 838.50 407.66 0.56 Birchcliff Energy Ltd. 548.07 57.00 221.05 0.00 0.02 0.30 5.23 29.97 791.23 610.96 9.28 Penn West Petroleum Ltd. 865.00 40.00 82.00 2.00 -68.00 13.00 22.00 128.00 784.00 452.00 0.44 Tourmaline Oil Corp. 487.09 32.29 244.86 3.35 -0.21 80.63 9.00 56.56 782.46 633.49 4.96 Murphy Oil Company, Ltd. x 326.90 59.40 321.50 0.00 0.00 0.00 0.00 68.90 638.90 -- 5.53 Pengrowth Energy Corporation 616.74 27.86 48.87 0.20 0.00 0.10 0.43 79.00 614.34 288.50 0.97 Nexen Inc. (5) 421.00 15.00 147.00 0.00 -22.00 0.00 0.00 45.00 516.00 799.00 3.11 Enerplus Corporation 497.55 1.42 20.37 0.00 -16.06 0.00 0.69 77.51 425.08 163.84 0.07 Celtic Exploration Ltd. 173.29 -8.55 191.93 0.00 -3.54 34.95 0.48 26.95 360.66 273.31 6.67 Sinopec Daylight Energy Ltd. 384.78 -8.11 60.85 0.00 -7.79 1.55 29.48 49.75 352.06 380.12 0.90 Totals 35,253.35 1,128.44 5,152.74 4.46 -989.86 1,135.06 724.88 3,766.62 37,192.70 12,903.29 1.41 TOP 25 JUNIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable R/P Ratio BP Canada Energy Company x 179.00 -1.00 0.00 0.00 0.00 0.00 0.00 0.00 178.00 -- -- Southern Pacific Resource Corp. (7) 6.69 0.56 115.12 0.00 0.00 0.00 0.04 1.54 120.78 60.22 75.07 Athabasca Oil Sands Corp. 0.00 0.00 39.00 0.00 0.00 0.00 0.00 0.00 39.00 419.00 -- Bonterra Energy Corp. 22.16 -3.64 4.36 0.00 -0.06 0.00 0.00 1.66 21.16 9.33 0.40 Arcan Resources Ltd. 13.13 0.62 7.48 0.00 0.00 0.27 0.00 1.22 20.28 18.40 6.63 Whitecap Resources Inc. 5.32 1.96 6.00 0.00 0.00 7.52 0.01 1.34 19.46 9.65 5.93 WestFire Energy Ltd. 5.74 0.05 5.14 0.00 -0.01 8.72 0.00 1.40 18.25 10.30 3.70 Longview Oil Corp. 0.00 0.00 0.00 0.00 0.00 17.95 0.00 1.70 16.25 13.39 -- BlackPearl Resources Inc. 11.35 -0.39 6.70 0.00 -0.01 0.24 0.01 2.72 15.16 20.31 2.31 Spartan Oil Corp. 1.01 -0.08 11.96 0.00 0.00 0.96 0.83 0.18 12.84 5.80 67.59 Surge Energy Inc. 8.32 -0.13 5.56 0.00 0.00 0.24 0.24 1.32 12.43 6.76 4.13 Zargon Oil & Gas Ltd. 12.18 0.69 0.98 0.00 0.00 0.08 0.42 1.77 11.74 8.67 0.94 Midway Energy Ltd. 8.06 -0.04 3.98 0.00 -0.02 0.77 0.00 1.01 11.74 6.22 3.87 Twin Butte Energy Ltd. 10.42 -0.93 2.26 0.00 0.00 0.02 0.32 1.70 9.75 9.69 0.78 Freehold Royalties Ltd. x 8.88 0.95 0.47 0.00 -0.01 0.09 0.00 1.60 8.78 5.13 0.88 Renegade Petroleum Ltd. 4.10 0.93 2.56 0.00 0.01 1.16 0.08 0.88 7.80 4.00 3.99 Novus Energy Inc. 3.92 0.44 3.26 0.00 -0.02 0.23 0.07 0.55 7.21 4.69 6.75 Anderson Energy Ltd. 3.90 0.14 3.15 0.00 0.00 0.00 0.20 0.88 6.11 4.65 3.72 Painted Pony Petroleum Ltd. 3.94 0.29 2.27 0.00 0.00 0.10 0.00 0.59 6.02 13.85 4.33 Delphi Energy Corp. 4.68 0.63 1.69 0.00 -0.04 0.00 0.10 0.93 5.94 3.26 2.46 RMP Energy Inc. 1.68 -0.83 5.29 0.00 0.00 0.03 0.00 0.32 5.86 4.63 13.93 Vero Energy Inc. 5.32 -0.59 2.01 0.00 -0.09 0.00 0.07 0.81 5.78 4.31 1.64 Pinecrest Energy Inc. 1.07 0.04 4.63 0.00 0.01 0.00 0.01 0.49 5.24 3.02 9.53 Rock Energy Inc. 4.32 -1.03 0.69 0.00 0.00 1.88 0.04 0.84 4.98 4.14 -0.41 AvenEx Energy Corp. 4.57 0.10 0.37 0.33 0.00 0.40 0.00 0.81 4.96 2.01 0.99 Totals 329.76 -1.27 234.93 0.34 -0.24 40.67 2.43 26.25 575.51 651.44 8.90 CANADIAN OIL & GAS RESERVES 2011 CHART * Datainchartisforyear-end2011 CANADA’S LARGEST OIL AND GAS COMPANIES PROVED BARRELS OF OIL EQUIVALENT AT END OF 2011 (IN MILLIONS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable R/P Ratio Canadian Natural Resources Limited 4,105.00 334.33 167.00 1.00 -26.50 81.00 0.00 197.83 4,464.00 2,516.00 2.41 Imperial Oil Limited (9) 3,024.33 -7.00 857.17 0.00 1.33 0.00 19.33 105.00 3,751.50 2,012.50 8.11 Suncor Energy Inc. 3,588.03 99.10 185.35 0.00 -8.80 0.03 9.87 170.70 3,683.15 2,855.10 1.61 Shell Canada Limited x 1,871.00 79.83 256.00 0.00 0.00 0.00 0.83 95.17 2,110.83 0.00 3.53 Cenovus Energy Inc. 1,665.67 76.83 293.33 0.00 -3.67 0.00 0.00 86.67 1,945.50 715.17 4.23 ConocoPhillips Canada x 1,763.17 -69.67 283.00 1.00 0.00 0.17 12.17 93.33 1,872.17 0.00 2.30 Encana Corporation 1,187.73 71.33 186.03 0.00 -38.80 13.97 37.27 98.67 1,284.33 524.23 2.22 Husky Energy Inc. 1,030.23 9.17 113.80 13.77 -32.87 112.05 2.72 110.92 1,132.52 1,666.90 0.94 Total SA x (9) 789.00 -109.00 0.00 0.00 0.00 308.00 0.00 4.00 984.00 0.00 -27.25 Canadian Oil Sands Limited 889.00 -2.00 0.00 0.00 0.00 0.00 0.00 39.00 848.00 914.00 -0.05 Apache Canada Ltd. x 756.98 -38.57 106.78 0.00 0.00 2.23 17.27 45.86 764.29 0.00 1.49 Nexen Inc. (5) 708.17 -81.50 126.50 0.00 -3.67 0.00 0.00 20.50 729.00 1,071.17 2.02 Devon Canada Corporation x 766.00 4.67 47.67 0.00 -26.00 3.33 1.00 67.50 727.17 0.00 0.39 MEG Energy Corp. 605.85 72.99 39.03 0.00 0.00 0.00 0.00 9.71 708.16 1,352.10 11.53 Marathon Oil Corporation x 572.00 17.00 48.00 0.00 0.00 0.00 0.00 14.00 623.00 0.00 4.64 Chevron Canada Limited x 466.00 32.00 0.00 0.00 0.00 40.00 0.00 15.00 523.00 0.00 2.13 Penn West Petroleum Ltd. 481.17 18.67 70.67 2.33 -13.33 8.17 9.67 59.33 498.67 220.33 1.32 ARC Resources Ltd. 334.43 23.95 57.33 0.52 -14.84 1.55 13.16 30.14 359.64 212.73 2.22 Talisman Energy Inc. x 295.75 -2.92 43.95 0.00 0.00 0.00 27.88 31.45 277.45 92.55 1.30 Crescent Point Energy Corp. 250.38 11.51 41.47 0.00 -0.72 1.04 0.00 26.71 276.97 140.14 1.96 Murphy Oil Company, Ltd. x 216.48 18.20 60.28 0.00 0.00 0.00 0.00 22.38 272.58 0.00 3.51 Harvest Operations Corp. 238.11 4.43 12.51 0.00 0.00 30.68 0.03 21.17 264.54 240.45 0.80 Pengrowth Energy Corporation 220.32 15.48 21.90 3.55 0.00 0.11 0.26 26.83 234.27 95.42 1.53 Bonavista Energy Corporation 222.92 3.07 17.58 1.10 -0.64 13.81 1.01 25.06 231.76 109.63 0.84 Peyto Exploration & Development Corp. 179.70 -3.64 51.23 9.47 0.00 1.62 0.14 12.94 225.30 97.12 4.41 EOG Resources Canada, Inc. x 216.07 -12.90 0.50 0.00 0.00 0.00 0.00 11.22 192.45 0.00 -1.11 Progress Energy Resources Corp. 153.34 4.82 55.14 0.00 -4.90 0.00 3.90 15.82 188.68 134.36 3.48 BP Canada Energy Company x 188.67 -2.50 0.00 0.00 0.00 1.17 3.83 0.83 182.67 0.00 -3.00 Connacher Oil and Gas Limited 186.67 -0.31 0.57 0.00 -0.01 0.64 5.29 5.27 176.99 326.76 0.05 Advantage Oil & Gas Ltd. 143.37 23.85 2.78 4.78 -3.44 0.00 0.00 10.19 161.15 94.29 2.74 Birchcliff Energy Ltd. 113.98 9.25 40.62 0.00 0.00 0.33 1.41 6.62 156.16 119.28 7.53 Enerplus Corporation 169.55 0.68 7.91 0.00 -2.73 0.13 0.89 20.94 153.69 53.71 0.28 Tourmaline Oil Corp. 93.01 4.36 47.51 0.60 -0.04 15.50 1.53 10.57 148.85 120.95 4.96 Baytex Energy Corp. 131.15 -4.26 15.14 3.19 -0.95 8.11 0.59 17.81 133.98 85.43 0.74 Southern Pacific Resource Corp. (7) 6.81 0.56 115.12 0.00 0.00 0.00 0.15 1.55 120.78 60.22 74.54 Petrobank Energy and Resources Ltd. (4) 105.03 1.46 30.82 0.00 -2.96 0.07 0.75 14.79 118.89 177.21 1.98 Sinopec Daylight Energy Ltd. 95.73 -4.34 16.03 0.00 -1.47 0.69 5.04 13.25 88.35 87.06 0.77 Celtic Exploration Ltd. 38.33 -1.39 42.81 0.00 -0.70 5.88 0.54 5.87 78.52 59.95 6.93 Crew Energy Inc. 45.47 -0.94 19.24 0.00 -0.91 21.74 0.79 8.18 75.63 61.65 2.13 NuVista Energy Ltd. 73.81 1.75 6.90 0.00 -2.74 2.00 3.00 9.26 69.46 40.19 0.64 NAL Energy Corporation 70.99 3.27 5.16 0.00 -0.72 0.00 2.29 10.26 66.15 37.67 0.75 Lone Pine Resources Inc. 64.89 -7.89 6.62 0.00 0.00 8.61 0.00 6.14 66.09 46.01 -0.21 Trilogy Energy Corp. 54.50 3.45 15.96 0.00 -0.01 0.00 0.00 10.22 63.66 24.91 1.90 Quicksilver Resources Canada Inc. x 44.33 2.51 12.68 0.00 0.00 0.00 0.00 4.40 55.12 0.00 3.45 Legacy Oil + Gas Inc. 48.06 0.90 6.84 0.00 -0.10 1.18 0.00 4.47 52.40 35.59 1.71 Compton Petroleum Corporation 57.07 0.09 1.83 0.00 -2.22 0.00 1.08 4.80 50.89 25.28 -0.06 Pace Oil & Gas Ltd. 41.82 3.40 6.10 0.00 -1.68 0.00 0.09 5.12 44.43 25.20 1.53 TOP 25 SENIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable R/P Ratio Canadian Natural Resources Limited 3,423.00 320.00 120.00 1.00 3.00 9.00 0.00 123.00 3,753.00 2,254.00 3.61 Imperial Oil Limited (9) 2,948.00 -7.00 853.00 0.00 1.00 0.00 0.00 92.00 3,703.00 1,984.00 9.21 Suncor Energy Inc. 3,402.50 92.20 184.50 0.00 -0.10 0.00 0.60 149.50 3,529.00 2,801.70 1.85 Shell Canada Limited x 1,653.00 54.00 120.00 0.00 0.00 0.00 0.00 57.00 1,770.00 -- 3.05 Cenovus Energy Inc. 1,434.00 72.00 285.00 0.00 1.00 0.00 0.00 47.00 1,745.00 650.00 7.62 ConocoPhillips Canada x 1,379.00 -92.00 270.00 1.00 0.00 0.00 1.00 37.00 1,520.00 -- 4.84 Total SA x (9) 789.00 -109.00 0.00 0.00 0.00 308.00 0.00 4.00 984.00 -- -27.25 Canadian Oil Sands Limited 889.00 -2.00 0.00 0.00 0.00 0.00 0.00 39.00 848.00 914.00 -0.05 Husky Energy Inc. 665.90 9.30 101.20 13.60 -2.10 45.70 2.50 74.00 757.10 1,573.40 1.65 MEG Energy Corp. 605.85 72.99 39.03 0.00 0.00 0.00 0.00 9.71 708.16 1,352.10 11.53 Nexen Inc. (5) 638.00 -84.00 102.00 0.00 0.00 0.00 0.00 13.00 643.00 938.00 1.38 Marathon Oil Corporation x 572.00 17.00 48.00 0.00 0.00 0.00 0.00 14.00 623.00 -- 4.64 Devon Canada Corporation x 563.00 11.00 38.00 0.00 -16.00 0.00 0.00 32.00 564.00 -- 1.03 Chevron Canada Limited x 466.00 32.00 0.00 0.00 0.00 40.00 0.00 15.00 523.00 -- 2.13 Penn West Petroleum Ltd. 337.00 12.00 57.00 2.00 -2.00 6.00 6.00 38.00 368.00 145.00 1.82 Crescent Point Energy Corp. 230.11 10.27 38.15 0.00 -0.45 1.02 0.00 24.12 254.99 129.16 1.99 Harvest Operations Corp. 204.30 3.95 6.15 0.00 0.00 8.89 0.01 14.33 208.95 215.75 0.70 Connacher Oil and Gas Limited 182.69 -0.27 0.38 0.00 0.00 0.13 1.96 5.02 175.96 326.20 0.02 Apache Canada Ltd. x 174.99 -16.34 22.60 0.00 0.00 0.75 1.58 7.38 173.04 -- 0.85 Murphy Oil Company, Ltd. x 162.00 8.30 6.70 0.00 0.00 0.00 0.00 10.90 166.10 -- 1.38 Pengrowth Energy Corporation 117.53 10.84 13.76 3.52 0.00 0.09 0.19 13.66 131.88 47.34 2.06 ARC Resources Ltd. 123.54 2.07 12.93 0.48 -0.61 0.07 3.91 11.42 123.15 47.00 1.30 Baytex Energy Corp. 118.12 -4.06 13.05 3.19 -0.20 6.68 0.55 14.85 121.39 79.72 0.81 Encana Corporation 61.90 6.50 49.70 0.00 0.20 0.30 6.10 6.00 106.50 42.90 9.40 Petrobank Energy and Resources Ltd. (4) 89.31 0.79 26.79 0.00 -2.20 0.03 0.36 12.69 101.67 164.94 2.00 Totals 21,229.73 420.54 2,407.94 24.79 -18.45 426.68 24.76 864.58 23,601.89 13,665.20 3.28 SENIORS WITH PROVED OILSANDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable Reserve Life Index Suncor Energy Inc. 3,303.20 75.70 180.90 0.00 0.00 0.00 0.00 123.60 3,436.20 2,518.50 48.18 Canadian Natural Resources Limited 2,851.00 267.00 22.00 0.00 4.00 0.00 0.00 51.00 3,093.00 1,988.00 99.63 Shell Canada Limited x 1,618.00 51.00 116.00 0.00 0.00 0.00 0.00 50.00 1,735.00 -- 34.70 Cenovus Energy Inc. 1,154.00 69.00 256.00 0.00 0.00 0.00 0.00 24.00 1,455.00 490.00 81.04 ConocoPhillips Canada x 1,299.00 -102.00 266.00 0.00 0.00 0.00 0.00 24.00 1,439.00 -- 59.96 Canadian Oil Sands Limited 889.00 -2.00 0.00 0.00 0.00 0.00 0.00 39.00 848.00 914.00 45.18 Imperial Oil Limited (9) 756.00 -9.00 0.00 0.00 0.00 0.00 0.00 26.00 721.00 515.00 47.54 MEG Energy Corp. 605.85 72.99 39.03 0.00 0.00 0.00 0.00 9.71 708.16 1,352.10 212.09 Nexen Inc. (5) 638.00 -84.00 102.00 0.00 0.00 0.00 0.00 13.00 643.00 938.00 121.62 Marathon Oil Corporation x 572.00 17.00 48.00 0.00 0.00 0.00 0.00 14.00 623.00 -- 44.50 Chevron Canada Limited x 466.00 32.00 0.00 0.00 0.00 40.00 0.00 15.00 523.00 -- 34.87 Husky Energy Inc. 246.80 1.80 64.80 4.10 0.00 0.00 0.00 9.00 308.50 1,400.80 189.92 Connacher Oil and Gas Limited 180.15 -0.23 0.12 0.00 0.00 0.00 0.00 4.86 175.19 325.64 103.16 Murphy Oil Company, Ltd. x 129.20 5.20 0.00 0.00 0.00 0.00 0.00 4.90 129.50 -- 26.43 Harvest Operations Corp. 93.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 93.60 165.64 -- TOP 25 JUNIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable R/P Ratio Cequence Energy Ltd. 143.81 -0.90 72.41 0.00 -12.42 13.27 16.15 17.46 182.57 168.18 3.39 Painted Pony Petroleum Ltd. 44.35 11.19 95.66 0.00 0.00 6.68 0.00 5.69 152.19 549.87 18.78 Delphi Energy Corp. 107.72 4.56 23.06 0.00 -5.89 0.00 1.14 13.84 114.47 70.94 1.57 Vero Energy Inc. 88.37 1.95 20.55 0.00 -3.02 0.00 1.97 15.31 90.58 56.80 1.27 Anderson Energy Ltd. 97.31 4.59 9.25 0.00 -9.72 0.00 0.85 11.54 89.04 52.35 0.36 Terra Energy Corp. 91.06 1.88 6.09 0.00 -4.04 0.00 0.00 10.99 83.99 81.54 0.36 Open Range Energy Corp. 69.31 1.74 16.77 0.00 -0.05 0.00 0.00 8.82 78.94 61.60 2.09 Crocotta Energy Inc. 40.94 3.04 42.10 0.00 -0.75 0.68 5.27 5.59 75.14 58.82 7.94 Twin Butte Energy Ltd. 75.00 -1.49 1.36 0.00 0.00 0.02 1.37 6.45 67.07 30.03 -0.02 WestFire Energy Ltd. 14.66 -1.48 3.28 0.00 -0.82 52.64 0.02 4.32 63.94 24.49 0.23 Corridor Resources Inc. 62.20 0.70 0.00 0.00 0.00 0.00 0.00 4.20 58.70 44.00 0.17 Artek Exploration Ltd. 44.63 1.12 19.31 0.00 -3.80 0.00 0.00 2.99 58.26 49.19 5.56 RMP Energy Inc. 53.10 -26.40 28.76 0.00 0.00 1.47 0.00 5.68 51.25 21.90 0.42 Surge Energy Inc. 36.25 -0.61 23.72 0.00 0.00 0.01 5.68 5.16 48.53 29.55 4.48 Bonterra Energy Corp. 38.50 0.56 7.51 0.00 -0.67 0.00 0.00 4.08 41.82 22.12 1.82 Zargon Oil & Gas Ltd. 44.26 1.90 0.66 0.00 -1.63 2.53 0.34 8.02 39.37 22.05 0.12 Whitecap Resources Inc. 17.64 1.53 8.17 0.01 0.00 14.18 0.04 4.48 37.01 19.80 2.16 Yoho Resources Inc. (6) 25.23 0.02 14.15 0.00 0.00 0.00 0.11 4.03 35.27 27.66 3.52 Insignia Energy Ltd. 27.38 1.55 11.78 0.79 -1.15 0.00 0.00 5.22 35.12 40.76 2.48 AvenEx Energy Corp. 37.40 0.18 0.01 2.82 -1.54 0.12 0.01 6.04 32.93 15.03 0.24 Freehold Royalties Ltd. x 35.50 2.37 0.70 0.00 -0.01 0.10 0.00 6.09 32.56 17.11 0.50 Midway Energy Ltd. 21.24 5.16 6.68 0.00 -0.92 1.43 1.12 2.73 29.74 13.92 3.99 Rock Energy Inc. 25.52 -0.38 7.70 0.00 -0.26 0.00 1.96 1.83 28.80 45.78 3.87 Sonde Resources Corp. 29.26 0.39 3.24 0.00 -2.52 2.39 0.05 4.42 28.29 13.23 0.25 BP Canada Energy Company x 58.00 -9.00 0.00 0.00 0.00 7.00 23.00 5.00 28.00 -- -1.80 Totals 1,328.62 4.16 422.92 3.61 -49.21 102.51 59.07 169.97 1,583.57 1,536.72 2.24 JUNIORS WITH PROVED OILSANDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) Company 2010 Proved Revisions Drilling Additions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved 2011 Probable Reserve Life Index BP Canada Energy Company x 179.00 -1.00 0.00 0.00 0.00 0.00 0.00 0.00 178.00 -- -- Southern Pacific Resource Corp. (7) 0.00 0.00 112.20 0.00 0.00 0.00 0.00 0.00 112.20 55.84 -- Athabasca Oil Sands Corp. 0.00 0.00 38.00 0.00 0.00 0.00 0.00 0.00 38.00 416.00 -- CANADIAN COMPANIES PROVED NATURAL GAS LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) Company 2010 Proved Revisions Discoveries/ Extensions Improved Recovery Economic Factors Acquisitions Dispositions Production 2011 Proved Net of Purchases Percentage Change (%) Life Index Years R/P Ratio Canadian Natural Resources Limited 63.00 12.00 21.00 0.00 -1.00 7.00 0.00 7.00 95.00 88.00 50.79 13.57 4.57 Bonavista Energy Corporation 44.29 5.43 4.02 0.06 0.00 4.47 0.14 4.68 53.45 48.99 20.68 11.42 2.03 Peyto Exploration & Development Corp. 24.74 -4.21 8.47 13.29 0.00 0.34 0.02 1.39 41.21 40.87 66.59 29.56 12.59 Apache Canada Ltd. x 27.84 0.77 5.89 0.00 0.00 0.05 0.93 2.17 31.45 31.40 12.95 14.47 3.07 Penn West Petroleum Ltd. 24.00 3.00 5.00 1.00 -2.00 1.00 0.00 4.00 28.00 27.00 16.67 7.00 1.75 Devon Canada Corporation x 30.00 0.00 2.00 0.00 -1.00 0.00 0.00 4.00 27.00 27.00 -10.00 6.75 0.25 Pengrowth Energy Corporation 21.22 2.30 2.46 0.05 0.00 0.01 0.04 3.52 22.48 22.47 5.95 6.40 1.37 ARC Resources Ltd. 18.33 1.54 3.67 0.03 -0.46 0.05 2.45 1.62 19.09 19.04 4.14 11.78 2.95 Progress Energy Resources Corp. 12.07 1.65 6.53 0.00 -0.34 0.00 0.20 1.32 18.39 18.39 52.37 13.94 5.95 Celtic Exploration Ltd. 7.34 -0.13 8.45 0.00 -0.11 0.04 0.01 1.13 14.44 14.40 96.77 12.76 7.25 Harvest Operations Corp. 6.78 0.63 1.36 0.00 0.00 7.24 0.01 1.88 14.14 6.90 108.39 7.54 1.06 Angle Energy Inc. 10.39 0.21 4.22 0.00 0.00 0.00 0.00 1.66 13.15 13.15 26.60 7.91 2.66 Tourmaline Oil Corp. 7.96 -0.78 3.66 0.04 0.00 2.04 0.03 0.71 12.19 10.14 53.06 17.16 4.11 Crescent Point Energy Corp. 8.75 1.16 1.64 0.00 -0.03 0.00 0.00 1.14 10.37 10.37 18.46 9.06 2.41 Crew Energy Inc. 4.32 0.15 2.47 0.00 -0.19 4.23 0.11 0.74 10.14 5.91 134.48 13.66 3.28 Sinopec Daylight Energy Ltd. 8.87 0.23 1.75 0.00 -0.11 0.02 0.08 1.25 9.43 9.41 6.29 7.54 1.50 Trilogy Energy Corp. 9.42 0.14 1.29 0.00 0.00 0.00 0.00 1.56 9.29 9.29 -1.37 5.94 0.92 NuVista Energy Ltd. 8.74 0.46 1.30 0.00 -0.24 0.03 0.16 1.08 9.05 9.02 3.59 8.42 1.41 Enerplus Corporation 8.39 0.22 0.32 0.00 -0.13 0.00 0.00 1.12 7.68 7.68 -8.47 6.84 0.37 NAL Energy Corporation 7.08 0.61 0.66 0.00 -0.03 0.00 0.09 0.98 7.24 7.24 2.32 7.39 1.26 Suncor Energy Inc. 8.00 0.20 0.10 0.00 -0.10 0.00 0.60 1.00 6.60 6.60 -17.50 6.60 0.20 Legacy Oil + Gas Inc. 6.42 0.45 0.08 0.00 -0.16 0.00 0.00 0.41 6.37 6.37 -0.74 15.37 0.89 Petrobank Energy and Resources Ltd. (4) 5.41 0.22 1.65 0.00 -0.16 0.01 0.12 0.74 6.28 6.27 15.96 8.52 2.32 Bellatrix Exploration Ltd. 2.60 1.24 2.37 0.00 0.00 0.00 0.01 0.49 5.71 5.71 119.45 11.55 7.30 Compton Petroleum Corporation 5.43 0.09 0.22 0.00 -0.05 0.00 0.00 0.44 5.25 5.25 -3.35 11.81 0.59 Birchcliff Energy Ltd. 4.07 -0.45 1.44 0.00 0.00 0.00 0.02 0.20 4.84 4.84 19.00 24.32 4.96 WestFire Energy Ltd. 0.18 0.06 0.23 0.00 0.00 4.63 0.00 0.28 4.82 0.19 2,610.11 17.35 1.05 Fairborne Energy Ltd. 6.73 -1.35 0.30 0.00 -0.37 0.00 0.40 0.31 4.59 4.59 -31.78 14.62 -4.53 Advantage Oil & Gas Ltd. 5.18 -0.44 0.02 0.09 -0.13 0.00 0.00 0.55 4.17 4.17 -19.45 7.53 -0.82 Delphi Energy Corp. 2.85 0.39 1.35 0.00 -0.04 0.00 0.04 0.49 4.02 4.02 41.04 8.25 3.49 Paramount Resources Ltd. 1.85 -0.23 1.93 0.00 -0.09 0.83 0.01 0.55 3.73 2.90 101.57 6.75 2.91 Vermilion Energy Inc. 3.61 -0.10 0.32 0.00 0.00 0.00 0.00 0.47 3.36 3.36 -7.08 7.10 0.46 Crocotta Energy Inc. 2.25 -0.50 1.75 0.00 -0.01 0.04 0.14 0.26 3.12 3.08 38.72 11.92 4.71 Painted Pony Petroleum Ltd. 0.85 0.49 1.83 0.00 0.00 0.00 0.00 0.06 3.11 3.11 266.63 52.69 39.32 Baytex Energy Corp. 2.82 -0.46 0.80 0.00 -0.08 0.46 0.00 0.60 2.94 2.48 4.14 4.87 0.44 Vero Energy Inc. 2.88 -0.12 0.68 0.00 -0.09 0.00 0.06 0.42 2.87 2.87 -0.42 6.88 1.12 Perpetual Energy Inc. 2.05 0.18 1.10 0.00 -0.05 0.03 0.11 0.37 2.82 2.80 37.69 7.69 3.32 Chinook Energy Inc. 2.70 0.31 0.40 0.00 -0.08 0.00 0.26 0.51 2.55 2.55 -5.52 5.02 1.23 Midway Energy Ltd. 0.79 0.89 0.58 0.00 0.00 0.08 0.00 0.15 2.19 2.11 176.55 14.86 9.93 Cequence Energy Ltd. 2.50 -0.34 0.68 0.00 -0.20 0.02 0.35 0.17 2.14 2.12 -14.39 12.67 0.83 Totals 422.70 25.90 103.97 14.56 -7.27 32.61 6.39 51.44 534.65 502.04 26.48 10.39 2.67 Junior companies are defined by production of less than 10,000 barrels of oil equivalent per day. Reserves for international players do not include U.S. reserves. In some cases, company reserves switch from net to gross between years. (X) Companies reporting net, after royalty reserves. (1) R/P ratio is reserve additions divided by production, excluding acquisitions and dispositions. (2) Reserve life index includes proved and probable year-end, divided by production. (3) R/P ratio based on drilling additions and improved recovery only. (4) As of Dec. 31, 2011, Petrobank held approximately 59 per cent of the outstanding shares of PetroBakken Energy Ltd. (5) Switched reporting from constant pricing to forecast. (6) Year-end September 30. (7) Year-end June 30. (8) Year-end March 31. (9) Bitumen reserves include in situ and mining combined. (10) Weighted average. (11) Fully diluted. (12) Outstanding shares at year-end.
Canadian Oil & Gas Reserves 2011 Chart
Mar 06, 2016
The definitive source of information on Canada’s oil and gas reserves.
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2011
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junewarren-nickles.com Every precaution has been taken to prevent errors or omissions and the publisher assumes no responsibility for damages caused by any errors or omissions.
Edmonton, AB: 6111 - 91 Street NW, T6E 6V6 | Phone: 780.944.9333 | Fax: 780.944.9500 | Toll Free: 1.800.563.2946Calgary, AB: 2nd Floor, 816 - 55 Avenue NE, T2E 6Y4 | Phone: 403.209.3500 | Fax: 403.245.8666 | Toll Free: 1.800.387.2446
industry overview
seniors – Canadian reserves
2011 Finders
international Players
Canadian ngl reserves
2011 sellers
Juniors – Canadian reserves
2011 Buyers
Fastest growersoilsands Players
Coalbed Methane Players
lege
nd
TOP 20 COMPANIES ADDING OIL AND LIQUIDS PROVED RESERVES
FROM DRILLING IN 2011 (MILLIONS OF BARRELS)
CompanyDrilling
AdditionsImproved Recovery
ProductionR/P Ratio
Imperial Oil Limited (9) 853.00 0.00 92.00 9.21
Cenovus Energy Inc. 285.00 0.00 47.00 7.62
ConocoPhillips Canada x 270.00 1.00 37.00 4.84
Suncor Energy Inc. 184.50 0.00 149.50 1.85
Canadian Natural Resources Limited 120.00 1.00 123.00 3.61
Shell Canada Limited x 120.00 0.00 57.00 3.05
Southern Pacific Resource Corp. (7) 115.12 0.00 1.54 75.07
Nexen Inc. (5) 102.00 0.00 13.00 1.38
Husky Energy Inc. 101.20 13.60 74.00 1.65
Penn West Petroleum Ltd. 57.00 2.00 38.00 1.82
Encana Corporation 49.70 0.00 6.00 9.40
Marathon Oil Corporation x 48.00 0.00 14.00 4.64
MEG Energy Corp. 39.03 0.00 9.71 11.53
Athabasca Oil Sands Corp. 39.00 0.00 0.00 --
Crescent Point Energy Corp. 38.15 0.00 24.12 1.99
Devon Canada Corporation x 38.00 0.00 32.00 1.03
Petrobank Energy and Resources Ltd. (4) 26.79 0.00 12.69 2.00
Apache Canada Ltd. x 22.60 0.00 7.38 0.85
Pengrowth Energy Corporation 13.76 3.52 13.66 2.06
Baytex Energy Corp. 13.05 3.19 14.85 0.81
TOP 20 COMPANIES ADDING NATURAL GAS PROVED RESERVES
FROM DRILLING IN 2011 (BILLIONS OF CUBIC FEET)
CompanyDrilling
AdditionsImproved Recovery
ProductionR/P Ratio
Encana Corporation 818.00 0.00 556.00 1.75
Shell Canada Limited x 816.00 0.00 229.00 4.24
Apache Canada Ltd. x 505.05 0.00 230.88 1.61
Murphy Oil Company, Ltd. x 321.50 0.00 68.90 5.53
Progress Energy Resources Corp. 286.01 0.00 82.44 3.35
Canadian Natural Resources Limited 282.00 0.00 449.00 0.43
ARC Resources Ltd. 266.41 0.28 112.28 2.78
Peyto Exploration & Development Corp. 256.57 -22.96 69.22 3.42
Talisman Energy Inc. x 251.10 0.00 150.90 1.69
Tourmaline Oil Corp. 244.86 3.35 56.56 4.96
Birchcliff Energy Ltd. 221.05 0.00 29.97 9.28
Celtic Exploration Ltd. 191.93 0.00 26.95 6.67
Nexen Inc. (5) 147.00 0.00 45.00 3.11
Painted Pony Petroleum Ltd. 95.66 0.00 5.69 18.78
Penn West Petroleum Ltd. 82.00 2.00 128.00 0.44
ConocoPhillips Canada x 78.00 0.00 338.00 0.63
Quicksilver Resources Canada Inc. x 76.07 0.00 26.39 3.45
Husky Energy Inc. 75.60 1.00 221.50 -0.49
Cequence Energy Ltd. 72.41 0.00 17.46 3.39
Crew Energy Inc. 65.56 0.00 25.03 2.22
TOP 20 BUYERS OF PROVED OIL AND LIQUIDS RESERVES
IN 2011 (MILLIONS OF BARRELS)
Company Acquisitions Production
Total SA x (9) 308.00 4.00
Husky Energy Inc. 45.70 74.00
Chevron Canada Limited x 40.00 15.00
Longview Oil Corp. 17.95 1.70
Crew Energy Inc. 9.90 4.01
Canadian Natural Resources Limited 9.00 123.00
Harvest Operations Corp. 8.89 14.33
WestFire Energy Ltd. 8.72 1.40
Whitecap Resources Inc. 7.52 1.34
Baytex Energy Corp. 6.68 14.85
Bonavista Energy Corporation 6.18 9.73
Penn West Petroleum Ltd. 6.00 38.00
DeeThree Exploration Ltd. 3.96 0.25
Tourmaline Oil Corp. 2.06 1.15
Rock Energy Inc. 1.88 0.84
Arsenal Energy Inc. 1.20 0.41
Legacy Oil + Gas Inc. 1.18 3.69
Renegade Petroleum Ltd. 1.16 0.88
Crescent Point Energy Corp. 1.02 24.12
Spartan Oil Corp. 0.96 0.18
TOP 20 BUYERS OF PROVED NATURAL GAS RESERVES
IN 2011 (BILLIONS OF CUBIC FEET)
Company Acquisitions Production
Canadian Natural Resources Limited 432.00 449.00
Husky Energy Inc. 398.10 221.50
Harvest Operations Corp. 130.71 41.05
Encana Corporation 82.00 556.00
Tourmaline Oil Corp. 80.63 56.56
Crew Energy Inc. 71.04 25.03
WestFire Energy Ltd. 52.64 4.32
Lone Pine Resources Inc. 51.66 28.64
Bonavista Energy Corporation 45.78 91.98
Celtic Exploration Ltd. 34.95 26.95
Longview Oil Corp. 30.27 3.53
Paramount Resources Ltd. 25.60 29.70
Devon Canada Corporation x 20.00 213.00
Shoreline Energy Corp. 18.30 0.99
Manitok Energy Inc. 17.01 1.01
DeeThree Exploration Ltd. 14.25 2.55
Whitecap Resources Inc. 14.18 4.48
Cequence Energy Ltd. 13.27 17.46
Penn West Petroleum Ltd. 13.00 128.00
NuVista Energy Ltd. 10.89 37.76
TOP 20 SELLERS OF PROVED OIL AND LIQUIDS RESERVES
IN 2011 (MILLIONS OF BARRELS)
Company Dispositions Production
Encana Corporation 6.10 6.00
Penn West Petroleum Ltd. 6.00 38.00
ARC Resources Ltd. 3.91 11.42
Husky Energy Inc. 2.50 74.00
Fairborne Energy Ltd. 2.06 1.16
Connacher Oil and Gas Limited 1.96 5.02
NAL Energy Corporation 1.63 4.81
Apache Canada Ltd. x 1.58 7.38
Chinook Energy Inc. 1.10 1.51
Equal Energy Ltd. 1.01 0.78
ConocoPhillips Canada x 1.00 37.00
Progress Energy Resources Corp. 0.98 2.08
NuVista Energy Ltd. 0.95 2.97
Spartan Oil Corp. 0.83 0.18
Enerplus Corporation 0.78 8.02
Bonavista Energy Corporation 0.62 9.73
Suncor Energy Inc. 0.60 149.50
Cequence Energy Ltd. 0.60 0.38
Second Wave Petroleum Inc. 0.57 0.41
Baytex Energy Corp. 0.55 14.85
TOP 20 SELLERS OF NATURAL GAS RESERVES
IN 2011 (BILLIONS OF CUBIC FEET)
Company Dispositions Production
Encana Corporation 187.00 556.00
Talisman Energy Inc. x 165.50 150.90
Imperial Oil Limited (9) 116.00 78.00
Apache Canada Ltd. x 94.10 230.88
ConocoPhillips Canada x 67.00 338.00
Suncor Energy Inc. 55.60 127.20
ARC Resources Ltd. 55.52 112.28
Sinopec Daylight Energy Ltd. 29.48 49.75
BP Canada Energy Company x 23.00 5.00
Penn West Petroleum Ltd. 22.00 128.00
Connacher Oil and Gas Limited 19.97 1.53
Progress Energy Resources Corp. 17.54 82.44
Cequence Energy Ltd. 16.15 17.46
NuVista Energy Ltd. 12.31 37.76
Fairborne Energy Ltd. 12.16 25.28
Tourmaline Oil Corp. 9.00 56.56
Chinook Energy Inc. 8.97 20.49
Perpetual Energy Inc. 8.22 46.89
Ironhorse Oil & Gas Inc. 8.16 0.55
Compton Petroleum Corporation 6.48 24.42
TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN OIL AND LIQUIDS RESERVES
IN 2011 (MILLIONS OF BARRELS)
Company2010
Proved2010
Probable2011 Proved
2011 Probable
2011 Production
Reserve Life Index
Talisman Energy Inc. x 374.40 262.70 371.80 286.50 47.20 7.88
Canadian Natural Resources Limited 372.00 181.00 337.00 177.00 19.00 17.74
Pacific Rubiales Energy Corp. 200.98 35.48 298.94 109.58 34.02 8.79
Suncor Energy Inc. 267.10 167.60 287.00 155.60 23.40 12.26
Nexen Inc. (5) 250.00 147.00 234.00 137.00 46.00 5.09
Bankers Petroleum Ltd. 120.24 117.38 172.43 94.75 4.80 35.92
Gran Tierra Energy Inc. 31.16 9.32 39.98 13.35 8.30 4.82
Vermilion Energy Inc. 39.56 19.54 36.88 16.66 5.96 6.19
TransGlobe Energy Corporation 20.46 9.99 28.15 16.06 4.42 6.37
Sherritt International Corporation 23.86 4.77 23.29 4.49 7.78 3.00
Calvalley Petroleum Inc. 15.55 16.24 14.96 14.62 0.78 19.26
Stream Oil & Gas Ltd. 13.72 4.19 13.89 4.14 0.48 29.21
C&C Energia Ltd. x 7.93 4.63 12.40 4.31 2.71 4.58
Husky Energy Inc. 16.30 5.40 12.10 4.90 3.10 3.90
Mart Resources Inc. 9.63 13.06 11.16 13.49 1.27 8.81
Chinook Energy Inc. 5.32 10.22 6.04 9.53 0.35 17.16
Pan Orient Energy Corp. 7.36 24.57 5.99 13.01 0.74 8.09
Parex Resources Inc. 1.07 4.79 4.95 5.76 1.95 2.54
Winstar Resources Ltd. 2.56 5.96 2.75 5.59 0.45 6.13
Candax Energy Inc. x 1.29 2.22 1.84 1.93 0.10 17.82
7,000
6,000
5,000
4,000
3,000
2,000
1,000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
0
140
Percentage replacement
Production replacement rate, excluding revisions, economic factorsReserves added from drilling
Billi
ons
of c
ubic
feet
130
120
110
100
90
80
70
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
3,0002,5002,0001,5001,000
5000
-500-1,000
Mill
ions
of b
arre
ls
Production replacement rate, excluding revisions, economic factors
Reserves added from drilling and improved recoveryRevisions to reserves
Canadian proved oil and liquids reserves —millions of barrels
RevisionsImproved Recovery
Asset Purchases Asset Sales Discov. & Ext. Production At Year-endNet of
PurchasesReserve Life Index (yrs)
Production Replacement (%)
Production Replacement Including Revisions (%)
2011 409.41 41.98 499.67 41.15 2,791.30 977.03 24,978.38 24,478.71 25.57 286 3282010 497.89 32.07 869.79 407.28 1,292.76 908.74 21,965.62 21,095.62 24.17 142 1972009 1,380.48 110.49 2,124.39 1,125.24 1,642.66 812.84 18,802.52 16,678.13 23.13 202 3722008 953.16 66.88 202.86 37.30 656.10 829.73 16,656.05 16,453.19 20.07 79 1942007 602.21 137.63 1,235.72 493.97 598.25 797.97 16,613.98 15,378.26 20.82 75 1502006 828.47 427.34 366.72 45.41 1,516.87 795.50 15,312.82 14,874.66 19.25 191 2952005 2,051.09 106.31 192.67 161.08 852.91 775.93 13,326.46 11,282.93 14.79 110 3742004 -824.87 32.36 374.53 175.08 2,308.75 782.28 10,911.67 9,065.89 13.95 295 1902003 762.97 22.64 573.56 544.65 724.08 769.43 10,382.14 9,808.58 13.49 94 193
Canadian proved natural gas reserves—billions of cubic feet
RevisionsImproved Recovery
Asset Purchases Asset Sales Discov. & Ext. Production At Year-endNet of
PurchasesReserve Life Index (yrs)
Production Replacement (%)
Production Replacement Including Revisions (%)
2011 1,192.23 11.06 1,653.11 1,004.16 6,280.20 4,580.61 43,359.35 41,706.24 9.50 137 1632010 1,218.57 101.16 3,286.17 3,101.80 5,260.97 4,257.81 41,254.89 37,968.72 9.10 116 1432009 -1,224.60 42.38 2,720.14 2,257.77 4,345.62 4,342.68 36,272.90 33,552.76 8.40 100 722008 409.18 483.93 1,742.10 479.42 3,905.34 4,439.34 37,765.38 36,023.28 8.50 88 972007 203.23 133.42 1,246.56 782.94 3,779.31 4,485.11 36,981.75 35,735.19 8.20 84 882006 20.85 248.55 5,196.58 199.71 4,537.49 4,558.95 38,727.69 33,531.12 8.49 100 1002005 168.95 182.69 1,063.25 930.77 6,066.11 4,933.26 39,899.45 38,836.21 8.09 123 1262004 -490.25 266.12 2,001.85 1,220.18 6,026.24 4,867.05 38,038.42 36,235.29 7.82 124 1142003 -1,724.96 85.39 1,795.51 557.34 4,751.41 4,677.51 37,239.54 35,444.04 7.96 102 65
5,000
10,000
15,000
20,000
25,000
2007
2008
2009
2010
2011
0
Mill
ions
of b
arre
ls
2011 Canadian gas reserve additions from drilling at record level
Proved oilsands reserves climb again
Record year for Canadian proved oil reserve growth from drilling and improved recovery
®
OILSANDS SYNTHETIC/BITUMEN RESERVES—MINING (MILLIONS OF BARRELS)
Company 2010 Proved Revisions Drilling Additions
Improved Recovery
Economic Factors Acquisitions Dispositions Production 2011 Proved Net of
PurchasePercentage Change (%)
Reserve Life Index
Canadian Natural Resources Limited 1,932.00 198.00 -- -- 4.00 -- -- 15.00 2,119.00 2,119.00 9.67 141.26Suncor Energy Inc. 2,084.30 33.80 -- -- -- -- -- 95.60 2,022.50 2,022.50 -2.97 21.16Shell Canada Limited x 1,567.00 42.00 116.00 -- -- -- -- 45.00 1,680.00 1,680.00 7.21 37.33Total SA x (9) 789.00 (109.00) -- -- -- 308.00 -- 4.00 984.00 676.00 24.71 246.00Canadian Oil Sands Limited 889.00 (2.00) -- -- -- -- -- 39.00 848.00 848.00 -4.61 21.74Marathon Oil Corporation x 572.00 17.00 48.00 -- -- -- -- 14.00 623.00 623.00 8.92 44.50Chevron Canada Limited x 466.00 32.00 -- -- -- 40.00 -- 15.00 523.00 483.00 12.23 34.87Nexen Inc. (5) 324.00 -- 8.00 -- -- -- -- 8.00 324.00 324.00 -- 40.50Murphy Oil Company, Ltd. x 129.20 5.20 -- -- -- -- -- 4.90 129.50 129.50 0.23 26.43
COMPANIES WITH PROVED COALBED METHANE RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET)
Company 2010 Proved RevisionsDrilling
AdditionsImproved Recovery
Economic Factors
Acquisitions Dispositions Production 2011 Proved2011
ProbableR/P Ratio
Encana Corporation 1,810.00 32.00 148.00 0.00 -30.00 25.00 5.00 161.00 1,819.00 411.00 0.93Nexen Inc. (5) 115.00 -25.00 0.00 0.00 -6.00 0.00 0.00 15.00 69.00 24.00 -2.07Pengrowth Energy Corporation 52.68 -1.50 0.00 0.00 0.00 0.00 0.00 3.60 47.58 12.19 -0.42Fairborne Energy Ltd. 34.86 3.73 3.15 0.00 -1.95 0.68 0.14 3.51 36.82 11.57 1.40Vermilion Energy Inc. 30.82 -1.82 0.00 0.00 -1.95 0.00 0.00 2.13 24.92 9.76 -1.77Advantage Oil & Gas Ltd. 20.14 -0.43 0.27 0.00 -0.36 0.00 0.00 2.04 17.58 6.32 -0.26Crew Energy Inc. 10.23 -0.79 0.09 0.00 -0.62 0.00 0.00 0.16 8.75 9.38 -8.04Sonde Resources Corp. 4.58 0.38 0.00 0.00 -1.57 0.00 0.00 0.17 3.22 2.71 -6.96Anderson Energy Ltd. 4.44 0.00 0.00 0.00 -1.37 0.00 0.08 0.29 2.70 2.37 -4.73Longview Oil Corp. 0.00 0.00 0.00 0.00 0.00 2.36 0.00 0.17 2.19 0.56 --Celtic Exploration Ltd. 2.57 -0.06 0.00 0.00 -0.47 0.00 0.00 0.07 1.97 1.27 -7.38Sinopec Daylight Energy Ltd. 2.51 -0.57 0.00 0.00 -0.06 0.00 0.24 0.15 1.49 1.15 -4.08Bellatrix Exploration Ltd. 1.63 -0.30 0.00 0.00 0.00 0.00 0.00 0.20 1.14 0.37 -1.49Terra Energy Corp. 0.97 0.07 0.00 0.00 -0.04 0.00 0.00 0.07 0.92 0.28 0.33Elkwater Resources Ltd. 0.00 0.00 0.00 0.00 0.00 0.53 0.00 0.00 0.53 0.14 --Petrobank Energy and Resources Ltd. (4) 0.68 -0.26 0.00 0.00 -0.03 0.00 0.01 0.03 0.36 0.37 -9.23Kallisto Energy Corp. 0.31 0.02 0.00 0.00 0.00 0.00 0.00 0.03 0.30 0.08 0.77DualEx Energy International Inc. 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.02 0.09 0.02 3.10Yoho Resources Inc. (6) 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.20 -1.00Arsenal Energy Inc. 0.13 -0.03 0.00 0.00 -0.02 0.00 0.00 0.03 0.04 0.02 -1.73TriOil Resources Ltd. 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.50Stetson Oil & Gas Ltd. 0.54 0.00 0.00 0.00 0.00 0.00 0.54 0.00 0.00 -- --
OILSANDS SYNTHETIC/BITUMEN RESERVES—IN SITU (MILLIONS OF BARRELS)
Company 2010 Proved Revisions Drilling Additions
Improved Recovery
Economic Factors Acquisitions Dispositions Production 2011 Proved Net of
PurchasePercentage Change (%)
Reserve Life Index
Imperial Oil Limited (9) 2,876.00 (9.00) 853.00 -- (2.00) -- -- 84.00 3,634.00 3,634.00 26.35 43.26Cenovus Energy Inc. 1,154.00 69.00 256.00 -- -- -- -- 24.00 1,455.00 1,455.00 26.08 60.63ConocoPhillips Canada x 1,299.00 (102.00) 266.00 -- -- -- -- 24.00 1,439.00 1,439.00 10.78 59.96Suncor Energy Inc. 1,218.90 41.90 180.90 -- -- -- -- 28.00 1,413.70 1,413.70 15.98 50.49Canadian Natural Resources Limited 919.00 69.00 22.00 -- -- -- -- 36.00 974.00 974.00 5.98 27.06MEG Energy Corp. 605.85 72.99 39.03 -- -- -- -- 9.71 708.16 708.16 16.89 72.90Nexen Inc. (5) 314.00 (84.00) 94.00 -- -- -- -- 5.00 319.00 319.00 1.59 63.80Husky Energy Inc. 246.80 1.80 64.80 4.10 -- -- -- 9.00 308.50 308.50 25.00 34.28BP Canada Energy Company x 179.00 (1.00) -- -- -- -- -- -- 178.00 178.00 -0.56 --Connacher Oil and Gas Limited 180.15 (0.23) 0.12 -- -- -- -- 4.86 175.19 175.19 -2.76 36.08Southern Pacific Resource Corp. (7) -- -- 112.20 -- -- -- -- -- 112.20 112.20 -- --Harvest Operations Corp. 93.60 -- -- -- -- -- -- -- 93.60 93.60 -- --Shell Canada Limited x 51.00 (9.00) -- -- -- -- -- 5.00 55.00 55.00 7.84 11.00Athabasca Oil Sands Corp. -- -- 38.00 -- -- -- -- -- 38.00 38.00 -- --
TOP 20 JUNIORS GROSS PROVED RESERVES TWO-YEAR GROWTH
BARRELS OF OIL EQUIVALENT (IN MILLIONS)
Company 2011 Proved 2009 Proved Growth From 2009
Southern Pacific Resource Corp. 120.78 0.55 120.24
Cequence Energy Ltd. 35.08 7.46 27.62
Painted Pony Petroleum Ltd. 31.38 3.94 27.44
Whitecap Resources Inc. 25.63 1.26 24.36
WestFire Energy Ltd. 28.90 5.36 23.54
Arcan Resources Ltd. 21.58 7.14 14.45
Surge Energy Inc. 20.52 6.84 13.68
Midway Energy Ltd. 16.70 6.38 10.31
Crocotta Energy Inc. 17.48 8.61 8.87
Renegade Petroleum Ltd. 8.50 0.19 8.31
Novus Energy Inc. 8.84 1.47 7.38
Delphi Energy Corp. 25.01 17.92 7.09
DeeThree Exploration Ltd. 7.40 1.71 5.68
TriOil Resources Ltd. 5.82 0.91 4.91
Waldron Energy Corporation 5.96 1.16 4.80
Open Range Energy Corp. 14.34 9.95 4.38
Yoho Resources Inc. 7.56 3.49 4.07
Rock Energy Inc. 9.78 5.76 4.02
Second Wave Petroleum Inc. 6.56 2.74 3.82
BlackPearl Resources Inc. 15.28 11.57 3.70
TOP 25 COMPANIES RANKED BY RESERVES PER SHARE GROWTH IN 2011
Company 2011 MMBOE 2010 MMBOE 2011 Shares 2010 Shares 2011 BOE/Share 2010 BOE/Share Percentage Change (%)
Southern Pacific Resource Corp. (10)(11) 120.78 6.81 338,834,000 202,751,000 0.36 0.03 961.61
Storm Resources Ltd. (10)(11) 3.71 0.74 26,377,000 16,267,000 0.14 0.05 210.42
Pinecrest Energy Inc. (10)(11) 5.32 1.11 208,103,830 121,544,951 0.03 0.01 180.79
Manitok Energy Inc. (10)(11) 4.54 0.66 47,344,609 17,402,916 0.10 0.04 153.30
DeeThree Exploration Ltd. (10)(11) 7.40 1.32 56,407,000 23,102,493 0.13 0.06 129.47
Painted Pony Petroleum Ltd. (10)(11) 31.38 11.34 60,829,382 49,503,521 0.52 0.23 125.32
WestFire Energy Ltd. (10)(11) 28.90 8.18 63,555,607 37,168,996 0.45 0.22 106.51
Celtic Exploration Ltd. (10)(11) 78.52 38.33 100,709,000 91,537,000 0.78 0.42 86.18
Second Wave Petroleum Inc. (10)(11) 6.56 3.55 82,968,611 74,754,996 0.08 0.05 66.34
Novus Energy Inc. (10)(11) 8.93 4.92 169,238,000 153,847,000 0.05 0.03 65.10
Bellatrix Exploration Ltd. (10)(11) 41.76 24.84 103,857,689 93,286,554 0.40 0.27 51.00
Crocotta Energy Inc. (10)(11) 17.48 9.81 81,166,000 65,412,000 0.22 0.15 43.60
Questerre Energy Corporation (10)(11) 1.71 1.19 235,975,196 234,326,194 0.01 0.01 42.16
Birchcliff Energy Ltd. (10)(11) 156.16 113.98 131,444,878 128,520,068 1.19 0.89 33.96
Crew Energy Inc. (10)(11) 75.63 45.47 102,034,000 79,747,000 0.74 0.57 30.00
Tourmaline Oil Corp. (10)(11) 148.85 93.01 152,315,296 123,394,559 0.98 0.75 29.64
Paramount Resources Ltd. (10)(11) 35.64 25.57 78,462,000 72,705,000 0.45 0.35 29.15
Renegade Petroleum Ltd. (10)(11) 8.50 4.18 72,059,532 44,186,343 0.12 0.09 24.63
Imperial Oil Limited (11)(12) 3,751.50 3,024.33 853,600,000 854,200,000 4.39 3.54 24.13
Reliable Energy Ltd. (10)(11) 0.96 0.71 240,332,000 218,953,474 0.00 0.00 22.63
Arcan Resources Ltd. (10)(11) 21.58 13.82 90,450,000 70,306,000 0.24 0.20 21.36
Midway Energy Ltd. (10)(11) 16.70 11.60 79,409,597 64,983,712 0.21 0.18 17.78
Traverse Energy Ltd. (10)(11) 0.18 0.11 36,451,924 27,409,689 0.00 0.00 16.80
BlackPearl Resources Inc. (10)(11) 15.28 11.71 301,190,033 269,029,016 0.05 0.04 16.56
Arsenal Energy Inc. (10)(11) 9.95 7.22 158,629,712 133,802,977 0.06 0.05 16.31
TOP 20 COMPANIES PROVED RESERVES TWO-YEAR GROWTH
BARRELS OF OIL EQUIVALENT (IN MILLIONS)
Company 2011 Proved 2009 ProvedGrowth From
2009
Canadian Natural Resources Limited 4,464.00 3,168.50 1,295.50
Imperial Oil Limited 3,751.50 2,513.33 1,238.17
Total SA x 984.00 365.00 619.00
Cenovus Energy Inc. 1,945.50 1,397.83 547.67
Suncor Energy Inc. 3,436.20 3,043.00 393.20
Encana Corporation 1,284.33 927.00 357.33
Apache Canada Ltd. x 764.29 531.00 233.29
Shell Canada Limited x 2,110.83 1,889.33 221.50
MEG Energy Corp. 708.16 549.00 159.16
Harvest Operations Corp. 264.54 140.31 124.23
Southern Pacific Resource Corp. 120.78 0.55 120.24
Murphy Oil Company, Ltd. x 272.58 178.08 94.50
ARC Resources Ltd. 359.64 267.52 92.12
Crescent Point Energy Corp. 276.97 185.69 91.28
Progress Energy Resources Corp. 188.68 101.60 87.08
Peyto Exploration & Development Corp. 225.30 148.86 76.45
Birchcliff Energy Ltd. 156.16 90.04 66.13
Chevron Canada Limited x 523.00 460.00 63.00
Advantage Oil & Gas Ltd. 161.15 107.87 53.28
Celtic Exploration Ltd. 78.52 35.17 43.35
TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN NATURAL GAS RESERVES
IN 2011 (BILLIONS OF CUBIC FEET)
Company2010
Proved2010
Probable2011
Proved2011
Probable2011
ProductionReserve
Life Index
Talisman Energy Inc. x 1,598.40 851.70 1,465.80 751.80 166.20 8.82
Niko Resources Ltd. (8) 1,064.24 471.47 771.97 421.50 100.38 7.69
Pacific Rubiales Energy Corp. 488.00 2.00 481.50 2.30 24.20 19.90
Suncor Energy Inc. 262.60 285.50 341.60 408.40 31.00 11.02
Canadian Natural Resources Limited 170.00 75.00 181.00 82.00 10.00 18.10
Husky Energy Inc. 209.00 43.90 167.20 39.40 0.00 0.00
Sterling Resources Ltd. 138.98 47.12 138.48 46.15 0.15 935.65
Vermilion Energy Inc. 133.43 46.06 125.36 45.73 12.35 10.15
Nexen Inc. (5) 67.00 59.00 65.00 41.00 11.00 5.91
Gran Tierra Energy Inc. 1.54 0.18 20.33 28.29 1.49 13.61
Antrim Energy Inc. 16.49 17.47 17.93 10.64 2.76 6.50
Winstar Resources Ltd. 6.16 12.58 7.42 13.01 0.94 7.86
Chinook Energy Inc. 4.90 1.83 5.39 2.10 0.29 18.47
Valeura Energy Inc. 0.00 0.00 5.05 5.33 2.13 2.37
Stream Oil & Gas Ltd. 3.65 1.29 3.49 1.28 0.00 0.00
Sherritt International Corporation 2.51 0.69 2.08 0.54 0.78 2.67
Madalena Ventures Inc. 1.76 1.14 1.03 0.77 0.00 0.00
GeoGlobal Resources Inc. x 0.16 0.00 0.20 0.00 0.01 16.42
DualEx Energy International Inc. 0.55 0.86 0.04 0.71 0.23 0.18
Candax Energy Inc. x 4.76 2.71 0.00 0.00 0.53 0.00
TOP 25 SENIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET)
Company 2010 Proved RevisionsDrilling
AdditionsImproved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableR/P Ratio
Encana Corporation 6,755.00 389.00 818.00 0.00 -234.00 82.00 187.00 556.00 7,067.00 2,888.00 1.75Canadian Natural Resources Limited 4,092.00 86.00 282.00 0.00 -177.00 432.00 0.00 449.00 4,266.00 1,572.00 0.43Apache Canada Ltd. x 3,491.97 -133.36 505.05 0.00 0.00 8.84 94.10 230.88 3,547.51 -- 1.61Husky Energy Inc. 2,186.00 -0.80 75.60 1.00 -184.60 398.10 1.30 221.50 2,252.50 561.00 -0.49ConocoPhillips Canada x 2,305.00 134.00 78.00 0.00 0.00 1.00 67.00 338.00 2,113.00 -- 0.63Shell Canada Limited x 1,308.00 155.00 816.00 0.00 0.00 0.00 5.00 229.00 2,045.00 -- 4.24ARC Resources Ltd. 1,265.36 131.26 266.41 0.28 -85.42 8.86 55.52 112.28 1,418.95 994.38 2.78Talisman Energy Inc. x 1,354.50 3.50 251.10 0.00 0.00 0.00 165.50 150.90 1,292.70 477.90 1.69Cenovus Energy Inc. 1,390.00 29.00 50.00 0.00 -28.00 0.00 0.00 238.00 1,203.00 391.00 0.21Peyto Exploration & Development Corp. 929.05 3.42 256.57 -22.96 0.00 7.73 0.65 69.22 1,103.94 495.59 3.42EOG Resources Canada, Inc. x 1,133.80 -49.80 0.00 0.00 0.00 0.00 0.00 48.10 1,035.90 -- -1.04Progress Energy Resources Corp. 819.06 17.73 286.01 0.00 -27.27 0.00 17.54 82.44 995.55 720.96 3.35Devon Canada Corporation x 1,218.00 -38.00 58.00 0.00 -60.00 20.00 6.00 213.00 979.00 -- -0.19Suncor Energy Inc. 1,113.20 41.40 5.10 0.00 -52.20 0.20 55.60 127.20 924.90 320.40 -0.04Advantage Oil & Gas Ltd. 736.04 145.69 12.75 17.43 -19.93 0.02 0.00 47.48 844.52 473.20 3.28Bonavista Energy Corporation 835.95 -1.91 53.73 3.15 -3.85 45.78 2.37 91.98 838.50 407.66 0.56Birchcliff Energy Ltd. 548.07 57.00 221.05 0.00 0.02 0.30 5.23 29.97 791.23 610.96 9.28Penn West Petroleum Ltd. 865.00 40.00 82.00 2.00 -68.00 13.00 22.00 128.00 784.00 452.00 0.44Tourmaline Oil Corp. 487.09 32.29 244.86 3.35 -0.21 80.63 9.00 56.56 782.46 633.49 4.96Murphy Oil Company, Ltd. x 326.90 59.40 321.50 0.00 0.00 0.00 0.00 68.90 638.90 -- 5.53Pengrowth Energy Corporation 616.74 27.86 48.87 0.20 0.00 0.10 0.43 79.00 614.34 288.50 0.97Nexen Inc. (5) 421.00 15.00 147.00 0.00 -22.00 0.00 0.00 45.00 516.00 799.00 3.11Enerplus Corporation 497.55 1.42 20.37 0.00 -16.06 0.00 0.69 77.51 425.08 163.84 0.07Celtic Exploration Ltd. 173.29 -8.55 191.93 0.00 -3.54 34.95 0.48 26.95 360.66 273.31 6.67Sinopec Daylight Energy Ltd. 384.78 -8.11 60.85 0.00 -7.79 1.55 29.48 49.75 352.06 380.12 0.90
Totals 35,253.35 1,128.44 5,152.74 4.46 -989.86 1,135.06 724.88 3,766.62 37,192.70 12,903.29 1.41
TOP 25 JUNIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)
Company2010
ProvedRevisions
Drilling Additions
Improved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableR/P Ratio
BP Canada Energy Company x 179.00 -1.00 0.00 0.00 0.00 0.00 0.00 0.00 178.00 -- --
Southern Pacific Resource Corp. (7) 6.69 0.56 115.12 0.00 0.00 0.00 0.04 1.54 120.78 60.22 75.07
Athabasca Oil Sands Corp. 0.00 0.00 39.00 0.00 0.00 0.00 0.00 0.00 39.00 419.00 --
Bonterra Energy Corp. 22.16 -3.64 4.36 0.00 -0.06 0.00 0.00 1.66 21.16 9.33 0.40
Arcan Resources Ltd. 13.13 0.62 7.48 0.00 0.00 0.27 0.00 1.22 20.28 18.40 6.63
Whitecap Resources Inc. 5.32 1.96 6.00 0.00 0.00 7.52 0.01 1.34 19.46 9.65 5.93
WestFire Energy Ltd. 5.74 0.05 5.14 0.00 -0.01 8.72 0.00 1.40 18.25 10.30 3.70
Longview Oil Corp. 0.00 0.00 0.00 0.00 0.00 17.95 0.00 1.70 16.25 13.39 --
BlackPearl Resources Inc. 11.35 -0.39 6.70 0.00 -0.01 0.24 0.01 2.72 15.16 20.31 2.31
Spartan Oil Corp. 1.01 -0.08 11.96 0.00 0.00 0.96 0.83 0.18 12.84 5.80 67.59
Surge Energy Inc. 8.32 -0.13 5.56 0.00 0.00 0.24 0.24 1.32 12.43 6.76 4.13
Zargon Oil & Gas Ltd. 12.18 0.69 0.98 0.00 0.00 0.08 0.42 1.77 11.74 8.67 0.94
Midway Energy Ltd. 8.06 -0.04 3.98 0.00 -0.02 0.77 0.00 1.01 11.74 6.22 3.87
Twin Butte Energy Ltd. 10.42 -0.93 2.26 0.00 0.00 0.02 0.32 1.70 9.75 9.69 0.78
Freehold Royalties Ltd. x 8.88 0.95 0.47 0.00 -0.01 0.09 0.00 1.60 8.78 5.13 0.88
Renegade Petroleum Ltd. 4.10 0.93 2.56 0.00 0.01 1.16 0.08 0.88 7.80 4.00 3.99
Novus Energy Inc. 3.92 0.44 3.26 0.00 -0.02 0.23 0.07 0.55 7.21 4.69 6.75
Anderson Energy Ltd. 3.90 0.14 3.15 0.00 0.00 0.00 0.20 0.88 6.11 4.65 3.72
Painted Pony Petroleum Ltd. 3.94 0.29 2.27 0.00 0.00 0.10 0.00 0.59 6.02 13.85 4.33
Delphi Energy Corp. 4.68 0.63 1.69 0.00 -0.04 0.00 0.10 0.93 5.94 3.26 2.46
RMP Energy Inc. 1.68 -0.83 5.29 0.00 0.00 0.03 0.00 0.32 5.86 4.63 13.93
Vero Energy Inc. 5.32 -0.59 2.01 0.00 -0.09 0.00 0.07 0.81 5.78 4.31 1.64
Pinecrest Energy Inc. 1.07 0.04 4.63 0.00 0.01 0.00 0.01 0.49 5.24 3.02 9.53
Rock Energy Inc. 4.32 -1.03 0.69 0.00 0.00 1.88 0.04 0.84 4.98 4.14 -0.41
AvenEx Energy Corp. 4.57 0.10 0.37 0.33 0.00 0.40 0.00 0.81 4.96 2.01 0.99
Totals 329.76 -1.27 234.93 0.34 -0.24 40.67 2.43 26.25 575.51 651.44 8.90
Canadian
oil & gas reserves 2011Chart
*�Data�in�chart�is�for�year-end�2011
CANADA’S LARGEST OIL AND GAS COMPANIES PROVED BARRELS OF OIL EQUIVALENT AT END OF 2011 (IN MILLIONS)
Company 2010 Proved RevisionsDrilling
AdditionsImproved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableR/P Ratio
Canadian Natural Resources Limited 4,105.00 334.33 167.00 1.00 -26.50 81.00 0.00 197.83 4,464.00 2,516.00 2.41Imperial Oil Limited (9) 3,024.33 -7.00 857.17 0.00 1.33 0.00 19.33 105.00 3,751.50 2,012.50 8.11Suncor Energy Inc. 3,588.03 99.10 185.35 0.00 -8.80 0.03 9.87 170.70 3,683.15 2,855.10 1.61Shell Canada Limited x 1,871.00 79.83 256.00 0.00 0.00 0.00 0.83 95.17 2,110.83 0.00 3.53Cenovus Energy Inc. 1,665.67 76.83 293.33 0.00 -3.67 0.00 0.00 86.67 1,945.50 715.17 4.23ConocoPhillips Canada x 1,763.17 -69.67 283.00 1.00 0.00 0.17 12.17 93.33 1,872.17 0.00 2.30Encana Corporation 1,187.73 71.33 186.03 0.00 -38.80 13.97 37.27 98.67 1,284.33 524.23 2.22Husky Energy Inc. 1,030.23 9.17 113.80 13.77 -32.87 112.05 2.72 110.92 1,132.52 1,666.90 0.94Total SA x (9) 789.00 -109.00 0.00 0.00 0.00 308.00 0.00 4.00 984.00 0.00 -27.25Canadian Oil Sands Limited 889.00 -2.00 0.00 0.00 0.00 0.00 0.00 39.00 848.00 914.00 -0.05Apache Canada Ltd. x 756.98 -38.57 106.78 0.00 0.00 2.23 17.27 45.86 764.29 0.00 1.49Nexen Inc. (5) 708.17 -81.50 126.50 0.00 -3.67 0.00 0.00 20.50 729.00 1,071.17 2.02Devon Canada Corporation x 766.00 4.67 47.67 0.00 -26.00 3.33 1.00 67.50 727.17 0.00 0.39MEG Energy Corp. 605.85 72.99 39.03 0.00 0.00 0.00 0.00 9.71 708.16 1,352.10 11.53Marathon Oil Corporation x 572.00 17.00 48.00 0.00 0.00 0.00 0.00 14.00 623.00 0.00 4.64Chevron Canada Limited x 466.00 32.00 0.00 0.00 0.00 40.00 0.00 15.00 523.00 0.00 2.13Penn West Petroleum Ltd. 481.17 18.67 70.67 2.33 -13.33 8.17 9.67 59.33 498.67 220.33 1.32ARC Resources Ltd. 334.43 23.95 57.33 0.52 -14.84 1.55 13.16 30.14 359.64 212.73 2.22Talisman Energy Inc. x 295.75 -2.92 43.95 0.00 0.00 0.00 27.88 31.45 277.45 92.55 1.30Crescent Point Energy Corp. 250.38 11.51 41.47 0.00 -0.72 1.04 0.00 26.71 276.97 140.14 1.96Murphy Oil Company, Ltd. x 216.48 18.20 60.28 0.00 0.00 0.00 0.00 22.38 272.58 0.00 3.51Harvest Operations Corp. 238.11 4.43 12.51 0.00 0.00 30.68 0.03 21.17 264.54 240.45 0.80Pengrowth Energy Corporation 220.32 15.48 21.90 3.55 0.00 0.11 0.26 26.83 234.27 95.42 1.53Bonavista Energy Corporation 222.92 3.07 17.58 1.10 -0.64 13.81 1.01 25.06 231.76 109.63 0.84Peyto Exploration & Development Corp. 179.70 -3.64 51.23 9.47 0.00 1.62 0.14 12.94 225.30 97.12 4.41EOG Resources Canada, Inc. x 216.07 -12.90 0.50 0.00 0.00 0.00 0.00 11.22 192.45 0.00 -1.11Progress Energy Resources Corp. 153.34 4.82 55.14 0.00 -4.90 0.00 3.90 15.82 188.68 134.36 3.48BP Canada Energy Company x 188.67 -2.50 0.00 0.00 0.00 1.17 3.83 0.83 182.67 0.00 -3.00Connacher Oil and Gas Limited 186.67 -0.31 0.57 0.00 -0.01 0.64 5.29 5.27 176.99 326.76 0.05Advantage Oil & Gas Ltd. 143.37 23.85 2.78 4.78 -3.44 0.00 0.00 10.19 161.15 94.29 2.74Birchcliff Energy Ltd. 113.98 9.25 40.62 0.00 0.00 0.33 1.41 6.62 156.16 119.28 7.53Enerplus Corporation 169.55 0.68 7.91 0.00 -2.73 0.13 0.89 20.94 153.69 53.71 0.28Tourmaline Oil Corp. 93.01 4.36 47.51 0.60 -0.04 15.50 1.53 10.57 148.85 120.95 4.96Baytex Energy Corp. 131.15 -4.26 15.14 3.19 -0.95 8.11 0.59 17.81 133.98 85.43 0.74Southern Pacific Resource Corp. (7) 6.81 0.56 115.12 0.00 0.00 0.00 0.15 1.55 120.78 60.22 74.54Petrobank Energy and Resources Ltd. (4) 105.03 1.46 30.82 0.00 -2.96 0.07 0.75 14.79 118.89 177.21 1.98Sinopec Daylight Energy Ltd. 95.73 -4.34 16.03 0.00 -1.47 0.69 5.04 13.25 88.35 87.06 0.77Celtic Exploration Ltd. 38.33 -1.39 42.81 0.00 -0.70 5.88 0.54 5.87 78.52 59.95 6.93Crew Energy Inc. 45.47 -0.94 19.24 0.00 -0.91 21.74 0.79 8.18 75.63 61.65 2.13NuVista Energy Ltd. 73.81 1.75 6.90 0.00 -2.74 2.00 3.00 9.26 69.46 40.19 0.64NAL Energy Corporation 70.99 3.27 5.16 0.00 -0.72 0.00 2.29 10.26 66.15 37.67 0.75Lone Pine Resources Inc. 64.89 -7.89 6.62 0.00 0.00 8.61 0.00 6.14 66.09 46.01 -0.21Trilogy Energy Corp. 54.50 3.45 15.96 0.00 -0.01 0.00 0.00 10.22 63.66 24.91 1.90Quicksilver Resources Canada Inc. x 44.33 2.51 12.68 0.00 0.00 0.00 0.00 4.40 55.12 0.00 3.45Legacy Oil + Gas Inc. 48.06 0.90 6.84 0.00 -0.10 1.18 0.00 4.47 52.40 35.59 1.71Compton Petroleum Corporation 57.07 0.09 1.83 0.00 -2.22 0.00 1.08 4.80 50.89 25.28 -0.06Pace Oil & Gas Ltd. 41.82 3.40 6.10 0.00 -1.68 0.00 0.09 5.12 44.43 25.20 1.53
TOP 25 SENIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)
Company 2010 Proved RevisionsDrilling
AdditionsImproved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableR/P Ratio
Canadian Natural Resources Limited 3,423.00 320.00 120.00 1.00 3.00 9.00 0.00 123.00 3,753.00 2,254.00 3.61Imperial Oil Limited (9) 2,948.00 -7.00 853.00 0.00 1.00 0.00 0.00 92.00 3,703.00 1,984.00 9.21Suncor Energy Inc. 3,402.50 92.20 184.50 0.00 -0.10 0.00 0.60 149.50 3,529.00 2,801.70 1.85Shell Canada Limited x 1,653.00 54.00 120.00 0.00 0.00 0.00 0.00 57.00 1,770.00 -- 3.05Cenovus Energy Inc. 1,434.00 72.00 285.00 0.00 1.00 0.00 0.00 47.00 1,745.00 650.00 7.62ConocoPhillips Canada x 1,379.00 -92.00 270.00 1.00 0.00 0.00 1.00 37.00 1,520.00 -- 4.84Total SA x (9) 789.00 -109.00 0.00 0.00 0.00 308.00 0.00 4.00 984.00 -- -27.25Canadian Oil Sands Limited 889.00 -2.00 0.00 0.00 0.00 0.00 0.00 39.00 848.00 914.00 -0.05Husky Energy Inc. 665.90 9.30 101.20 13.60 -2.10 45.70 2.50 74.00 757.10 1,573.40 1.65MEG Energy Corp. 605.85 72.99 39.03 0.00 0.00 0.00 0.00 9.71 708.16 1,352.10 11.53Nexen Inc. (5) 638.00 -84.00 102.00 0.00 0.00 0.00 0.00 13.00 643.00 938.00 1.38Marathon Oil Corporation x 572.00 17.00 48.00 0.00 0.00 0.00 0.00 14.00 623.00 -- 4.64Devon Canada Corporation x 563.00 11.00 38.00 0.00 -16.00 0.00 0.00 32.00 564.00 -- 1.03Chevron Canada Limited x 466.00 32.00 0.00 0.00 0.00 40.00 0.00 15.00 523.00 -- 2.13Penn West Petroleum Ltd. 337.00 12.00 57.00 2.00 -2.00 6.00 6.00 38.00 368.00 145.00 1.82Crescent Point Energy Corp. 230.11 10.27 38.15 0.00 -0.45 1.02 0.00 24.12 254.99 129.16 1.99Harvest Operations Corp. 204.30 3.95 6.15 0.00 0.00 8.89 0.01 14.33 208.95 215.75 0.70Connacher Oil and Gas Limited 182.69 -0.27 0.38 0.00 0.00 0.13 1.96 5.02 175.96 326.20 0.02Apache Canada Ltd. x 174.99 -16.34 22.60 0.00 0.00 0.75 1.58 7.38 173.04 -- 0.85Murphy Oil Company, Ltd. x 162.00 8.30 6.70 0.00 0.00 0.00 0.00 10.90 166.10 -- 1.38Pengrowth Energy Corporation 117.53 10.84 13.76 3.52 0.00 0.09 0.19 13.66 131.88 47.34 2.06ARC Resources Ltd. 123.54 2.07 12.93 0.48 -0.61 0.07 3.91 11.42 123.15 47.00 1.30Baytex Energy Corp. 118.12 -4.06 13.05 3.19 -0.20 6.68 0.55 14.85 121.39 79.72 0.81Encana Corporation 61.90 6.50 49.70 0.00 0.20 0.30 6.10 6.00 106.50 42.90 9.40Petrobank Energy and Resources Ltd. (4) 89.31 0.79 26.79 0.00 -2.20 0.03 0.36 12.69 101.67 164.94 2.00
Totals 21,229.73 420.54 2,407.94 24.79 -18.45 426.68 24.76 864.58 23,601.89 13,665.20 3.28
SENIORS WITH PROVED OILSANDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)
Company2010
ProvedRevisions
Drilling Additions
Improved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableReserve
Life Index
Suncor Energy Inc. 3,303.20 75.70 180.90 0.00 0.00 0.00 0.00 123.60 3,436.20 2,518.50 48.18
Canadian Natural Resources Limited 2,851.00 267.00 22.00 0.00 4.00 0.00 0.00 51.00 3,093.00 1,988.00 99.63
Shell Canada Limited x 1,618.00 51.00 116.00 0.00 0.00 0.00 0.00 50.00 1,735.00 -- 34.70
Cenovus Energy Inc. 1,154.00 69.00 256.00 0.00 0.00 0.00 0.00 24.00 1,455.00 490.00 81.04
ConocoPhillips Canada x 1,299.00 -102.00 266.00 0.00 0.00 0.00 0.00 24.00 1,439.00 -- 59.96
Canadian Oil Sands Limited 889.00 -2.00 0.00 0.00 0.00 0.00 0.00 39.00 848.00 914.00 45.18
Imperial Oil Limited (9) 756.00 -9.00 0.00 0.00 0.00 0.00 0.00 26.00 721.00 515.00 47.54
MEG Energy Corp. 605.85 72.99 39.03 0.00 0.00 0.00 0.00 9.71 708.16 1,352.10 212.09
Nexen Inc. (5) 638.00 -84.00 102.00 0.00 0.00 0.00 0.00 13.00 643.00 938.00 121.62
Marathon Oil Corporation x 572.00 17.00 48.00 0.00 0.00 0.00 0.00 14.00 623.00 -- 44.50
Chevron Canada Limited x 466.00 32.00 0.00 0.00 0.00 40.00 0.00 15.00 523.00 -- 34.87
Husky Energy Inc. 246.80 1.80 64.80 4.10 0.00 0.00 0.00 9.00 308.50 1,400.80 189.92
Connacher Oil and Gas Limited 180.15 -0.23 0.12 0.00 0.00 0.00 0.00 4.86 175.19 325.64 103.16
Murphy Oil Company, Ltd. x 129.20 5.20 0.00 0.00 0.00 0.00 0.00 4.90 129.50 -- 26.43
Harvest Operations Corp. 93.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 93.60 165.64 --
TOP 25 JUNIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET)
Company2010
ProvedRevisions
Drilling Additions
Improved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableR/P Ratio
Cequence Energy Ltd. 143.81 -0.90 72.41 0.00 -12.42 13.27 16.15 17.46 182.57 168.18 3.39
Painted Pony Petroleum Ltd. 44.35 11.19 95.66 0.00 0.00 6.68 0.00 5.69 152.19 549.87 18.78
Delphi Energy Corp. 107.72 4.56 23.06 0.00 -5.89 0.00 1.14 13.84 114.47 70.94 1.57
Vero Energy Inc. 88.37 1.95 20.55 0.00 -3.02 0.00 1.97 15.31 90.58 56.80 1.27
Anderson Energy Ltd. 97.31 4.59 9.25 0.00 -9.72 0.00 0.85 11.54 89.04 52.35 0.36
Terra Energy Corp. 91.06 1.88 6.09 0.00 -4.04 0.00 0.00 10.99 83.99 81.54 0.36
Open Range Energy Corp. 69.31 1.74 16.77 0.00 -0.05 0.00 0.00 8.82 78.94 61.60 2.09
Crocotta Energy Inc. 40.94 3.04 42.10 0.00 -0.75 0.68 5.27 5.59 75.14 58.82 7.94
Twin Butte Energy Ltd. 75.00 -1.49 1.36 0.00 0.00 0.02 1.37 6.45 67.07 30.03 -0.02
WestFire Energy Ltd. 14.66 -1.48 3.28 0.00 -0.82 52.64 0.02 4.32 63.94 24.49 0.23
Corridor Resources Inc. 62.20 0.70 0.00 0.00 0.00 0.00 0.00 4.20 58.70 44.00 0.17
Artek Exploration Ltd. 44.63 1.12 19.31 0.00 -3.80 0.00 0.00 2.99 58.26 49.19 5.56
RMP Energy Inc. 53.10 -26.40 28.76 0.00 0.00 1.47 0.00 5.68 51.25 21.90 0.42
Surge Energy Inc. 36.25 -0.61 23.72 0.00 0.00 0.01 5.68 5.16 48.53 29.55 4.48
Bonterra Energy Corp. 38.50 0.56 7.51 0.00 -0.67 0.00 0.00 4.08 41.82 22.12 1.82
Zargon Oil & Gas Ltd. 44.26 1.90 0.66 0.00 -1.63 2.53 0.34 8.02 39.37 22.05 0.12
Whitecap Resources Inc. 17.64 1.53 8.17 0.01 0.00 14.18 0.04 4.48 37.01 19.80 2.16
Yoho Resources Inc. (6) 25.23 0.02 14.15 0.00 0.00 0.00 0.11 4.03 35.27 27.66 3.52
Insignia Energy Ltd. 27.38 1.55 11.78 0.79 -1.15 0.00 0.00 5.22 35.12 40.76 2.48
AvenEx Energy Corp. 37.40 0.18 0.01 2.82 -1.54 0.12 0.01 6.04 32.93 15.03 0.24
Freehold Royalties Ltd. x 35.50 2.37 0.70 0.00 -0.01 0.10 0.00 6.09 32.56 17.11 0.50
Midway Energy Ltd. 21.24 5.16 6.68 0.00 -0.92 1.43 1.12 2.73 29.74 13.92 3.99
Rock Energy Inc. 25.52 -0.38 7.70 0.00 -0.26 0.00 1.96 1.83 28.80 45.78 3.87
Sonde Resources Corp. 29.26 0.39 3.24 0.00 -2.52 2.39 0.05 4.42 28.29 13.23 0.25
BP Canada Energy Company x 58.00 -9.00 0.00 0.00 0.00 7.00 23.00 5.00 28.00 -- -1.80
Totals 1,328.62 4.16 422.92 3.61 -49.21 102.51 59.07 169.97 1,583.57 1,536.72 2.24
JUNIORS WITH PROVED OILSANDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)
Company2010
ProvedRevisions
Drilling Additions
Improved Recovery
Economic Factors
Acquisitions Dispositions Production2011
Proved2011
ProbableReserve
Life Index
BP Canada Energy Company x 179.00 -1.00 0.00 0.00 0.00 0.00 0.00 0.00 178.00 -- --
Southern Pacific Resource Corp. (7) 0.00 0.00 112.20 0.00 0.00 0.00 0.00 0.00 112.20 55.84 --
Athabasca Oil Sands Corp. 0.00 0.00 38.00 0.00 0.00 0.00 0.00 0.00 38.00 416.00 --
CANADIAN COMPANIES PROVED NATURAL GAS LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)
Company2010 Proved
RevisionsDiscoveries/Extensions
Improved Recovery
Economic Factors
Acquisitions Dispositions Production2011 Proved
Net of Purchases
Percentage Change (%)
Life Index Years
R/P Ratio
Canadian Natural Resources Limited 63.00 12.00 21.00 0.00 -1.00 7.00 0.00 7.00 95.00 88.00 50.79 13.57 4.57
Bonavista Energy Corporation 44.29 5.43 4.02 0.06 0.00 4.47 0.14 4.68 53.45 48.99 20.68 11.42 2.03
Peyto Exploration & Development Corp. 24.74 -4.21 8.47 13.29 0.00 0.34 0.02 1.39 41.21 40.87 66.59 29.56 12.59
Apache Canada Ltd. x 27.84 0.77 5.89 0.00 0.00 0.05 0.93 2.17 31.45 31.40 12.95 14.47 3.07
Penn West Petroleum Ltd. 24.00 3.00 5.00 1.00 -2.00 1.00 0.00 4.00 28.00 27.00 16.67 7.00 1.75
Devon Canada Corporation x 30.00 0.00 2.00 0.00 -1.00 0.00 0.00 4.00 27.00 27.00 -10.00 6.75 0.25
Pengrowth Energy Corporation 21.22 2.30 2.46 0.05 0.00 0.01 0.04 3.52 22.48 22.47 5.95 6.40 1.37
ARC Resources Ltd. 18.33 1.54 3.67 0.03 -0.46 0.05 2.45 1.62 19.09 19.04 4.14 11.78 2.95
Progress Energy Resources Corp. 12.07 1.65 6.53 0.00 -0.34 0.00 0.20 1.32 18.39 18.39 52.37 13.94 5.95
Celtic Exploration Ltd. 7.34 -0.13 8.45 0.00 -0.11 0.04 0.01 1.13 14.44 14.40 96.77 12.76 7.25
Harvest Operations Corp. 6.78 0.63 1.36 0.00 0.00 7.24 0.01 1.88 14.14 6.90 108.39 7.54 1.06
Angle Energy Inc. 10.39 0.21 4.22 0.00 0.00 0.00 0.00 1.66 13.15 13.15 26.60 7.91 2.66
Tourmaline Oil Corp. 7.96 -0.78 3.66 0.04 0.00 2.04 0.03 0.71 12.19 10.14 53.06 17.16 4.11
Crescent Point Energy Corp. 8.75 1.16 1.64 0.00 -0.03 0.00 0.00 1.14 10.37 10.37 18.46 9.06 2.41
Crew Energy Inc. 4.32 0.15 2.47 0.00 -0.19 4.23 0.11 0.74 10.14 5.91 134.48 13.66 3.28
Sinopec Daylight Energy Ltd. 8.87 0.23 1.75 0.00 -0.11 0.02 0.08 1.25 9.43 9.41 6.29 7.54 1.50
Trilogy Energy Corp. 9.42 0.14 1.29 0.00 0.00 0.00 0.00 1.56 9.29 9.29 -1.37 5.94 0.92
NuVista Energy Ltd. 8.74 0.46 1.30 0.00 -0.24 0.03 0.16 1.08 9.05 9.02 3.59 8.42 1.41
Enerplus Corporation 8.39 0.22 0.32 0.00 -0.13 0.00 0.00 1.12 7.68 7.68 -8.47 6.84 0.37
NAL Energy Corporation 7.08 0.61 0.66 0.00 -0.03 0.00 0.09 0.98 7.24 7.24 2.32 7.39 1.26
Suncor Energy Inc. 8.00 0.20 0.10 0.00 -0.10 0.00 0.60 1.00 6.60 6.60 -17.50 6.60 0.20
Legacy Oil + Gas Inc. 6.42 0.45 0.08 0.00 -0.16 0.00 0.00 0.41 6.37 6.37 -0.74 15.37 0.89
Petrobank Energy and Resources Ltd. (4) 5.41 0.22 1.65 0.00 -0.16 0.01 0.12 0.74 6.28 6.27 15.96 8.52 2.32
Bellatrix Exploration Ltd. 2.60 1.24 2.37 0.00 0.00 0.00 0.01 0.49 5.71 5.71 119.45 11.55 7.30
Compton Petroleum Corporation 5.43 0.09 0.22 0.00 -0.05 0.00 0.00 0.44 5.25 5.25 -3.35 11.81 0.59
Birchcliff Energy Ltd. 4.07 -0.45 1.44 0.00 0.00 0.00 0.02 0.20 4.84 4.84 19.00 24.32 4.96
WestFire Energy Ltd. 0.18 0.06 0.23 0.00 0.00 4.63 0.00 0.28 4.82 0.19 2,610.11 17.35 1.05
Fairborne Energy Ltd. 6.73 -1.35 0.30 0.00 -0.37 0.00 0.40 0.31 4.59 4.59 -31.78 14.62 -4.53
Advantage Oil & Gas Ltd. 5.18 -0.44 0.02 0.09 -0.13 0.00 0.00 0.55 4.17 4.17 -19.45 7.53 -0.82
Delphi Energy Corp. 2.85 0.39 1.35 0.00 -0.04 0.00 0.04 0.49 4.02 4.02 41.04 8.25 3.49
Paramount Resources Ltd. 1.85 -0.23 1.93 0.00 -0.09 0.83 0.01 0.55 3.73 2.90 101.57 6.75 2.91
Vermilion Energy Inc. 3.61 -0.10 0.32 0.00 0.00 0.00 0.00 0.47 3.36 3.36 -7.08 7.10 0.46
Crocotta Energy Inc. 2.25 -0.50 1.75 0.00 -0.01 0.04 0.14 0.26 3.12 3.08 38.72 11.92 4.71
Painted Pony Petroleum Ltd. 0.85 0.49 1.83 0.00 0.00 0.00 0.00 0.06 3.11 3.11 266.63 52.69 39.32
Baytex Energy Corp. 2.82 -0.46 0.80 0.00 -0.08 0.46 0.00 0.60 2.94 2.48 4.14 4.87 0.44
Vero Energy Inc. 2.88 -0.12 0.68 0.00 -0.09 0.00 0.06 0.42 2.87 2.87 -0.42 6.88 1.12
Perpetual Energy Inc. 2.05 0.18 1.10 0.00 -0.05 0.03 0.11 0.37 2.82 2.80 37.69 7.69 3.32
Chinook Energy Inc. 2.70 0.31 0.40 0.00 -0.08 0.00 0.26 0.51 2.55 2.55 -5.52 5.02 1.23
Midway Energy Ltd. 0.79 0.89 0.58 0.00 0.00 0.08 0.00 0.15 2.19 2.11 176.55 14.86 9.93
Cequence Energy Ltd. 2.50 -0.34 0.68 0.00 -0.20 0.02 0.35 0.17 2.14 2.12 -14.39 12.67 0.83
Totals 422.70 25.90 103.97 14.56 -7.27 32.61 6.39 51.44 534.65 502.04 26.48 10.39 2.67
Junior companies are defined by production of less than 10,000 barrels of oil equivalent per day.
Reserves for international players do not include U.S. reserves.
In some cases, company reserves switch from net to gross between years.
(X) Companies reporting net, after royalty reserves.(1) R/P ratio is reserve additions divided by production, excluding acquisitions and dispositions.(2) Reserve life index includes proved and probable year-end, divided by production.(3) R/P ratio based on drilling additions and improved recovery only.(4) As of Dec. 31, 2011, Petrobank held approximately 59 per cent of the outstanding shares of PetroBakken Energy Ltd.(5) Switched reporting from constant pricing to forecast.(6) Year-end September 30.(7) Year-end June 30.(8) Year-end March 31.(9) Bitumen reserves include in situ and mining combined.(10) Weighted average.(11) Fully diluted.(12) Outstanding shares at year-end.
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