| CHAPMAN HYDROGEN AND PETROLEUM ENGINEERING LTD. | ||||||
| CRUDE OIL | ||||||
| HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES | ||||||
| April 1, 2024 | ||||||
| AB Synthetic | Western Canada | Exchange | ||||
| WTI [1] | Brent Spot (ICE)[2] | Crude Price [3] | Select [4] | Rate | ||
| Date | $US/STB | $US/STB | $CDN/STB | $CDN/STB | $CDN/$US | |
| HISTORICAL PRICES | ||||||
| 2014 | 93.12 | 99.43 | 101.07 | 82.07 | 0.91 | |
| 2015 | 48.69 | 53.32 | 62.17 | 46.23 | 0.78 | |
| 2016 | 43.17 | 45.06 | 57.98 | 38.90 | 0.76 | |
| 2017 | 50.86 | 54.75 | 67.75 | 49.63 | 0.77 | |
| 2018 | 64.92 | 71.64 | 75.06 | 50.17 | 0.77 | |
| 2019 | 57.00 | 64.11 | 75.28 | 57.86 | 0.75 | |
| 2020 | 39.54 | 43.40 | 48.78 | 37.05 | 0.75 | |
| 2021 | 67.89 | 70.39 | 83.73 | 68.00 | 0.80 | |
| 2022 | 94.73 | 100.62 | 125.24 | 100.41 | 0.77 | |
| 2023 | 77.59 | 82.49 | 107.36 | 77.29 | 0.74 | |
| 2024 | 3 mos. | 77.54 | 82.97 | 98.51 | 79.71 | 0.74 |
| CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) | ||||||
| 77.68 | 82.44 | 105.09 | 78.82 | 0.74 | ||
| FORECAST PRICES | ||||||
| 2024 | 9 mos. | 78.00 | 84.00 | 102.92 | 77.05 | 0.75 |
| 2025 | 76.50 | 81.00 | 100.92 | 75.55 | 0.75 | |
| 2026 | 76.50 | 81.33 | 99.58 | 74.55 | 0.76 | |
| 2027 | 77.46 | 82.12 | 100.84 | 75.49 | 0.76 | |
| 2028 | 79.01 | 83.76 | 102.88 | 77.02 | 0.76 | |
| 2029 | 80.59 | 85.44 | 104.95 | 78.57 | 0.76 | |
| 2030 | 82.20 | 87.15 | 107.08 | 80.16 | 0.76 | |
| 2031 | 83.84 | 88.89 | 109.24 | 81.78 | 0.76 | |
| 2032 | 85.52 | 90.67 | 111.44 | 83.43 | 0.76 | |
| 2033 | 87.23 | 92.48 | 113.70 | 85.12 | 0.76 | |
| 2034 | 88.98 | 94.33 | 115.99 | 86.84 | 0.76 | |
| 2035 | 90.75 | 96.22 | 118.33 | 88.59 | 0.76 | |
| 2036 | 92.57 | 98.14 | 120.72 | 90.38 | 0.76 | |
| 2037 | 94.42 | 100.10 | 123.16 | 92.20 | 0.76 | |
| 2038 | 96.31 | 102.10 | 125.64 | 94.06 | 0.76 | |
| 2039 | 98.24 | 104.15 | 128.18 | 95.96 | 0.76 | |
| Escalated 2% thereafter | ||||||
| Notes: | [1] | West Texas Intermediate quality (D2/S2) crude (40API) landed in Cushing, Oklahoma. | ||||
| (Actual WTI strip oil prices are: $US80.55/STB in 2024; $US74.53/STB in 2025; $US70.20/STB in 2026) | ||||||
| [2] | The Brent Spot price is estimated based on historic data. | |||||
| (Actual Brent strip oil prices are: $US84.30/STB in 2024; $US79.31/STB in 2025; $US75.31/STB in 2026) | ||||||
| [3] | Equivalent price for Light Sweet Crude (D2/S2) & Synthetic Crude landed in Edmonton. | |||||
| [4] | Western Canada Select (20.5API), spot price for B.C., Alberta, Saskatchewan, and Manitoba. | |||||
| CHAPMAN PETROLEUM ENGINEERING LTD. | ||||||||
| NATURAL GAS & BY-PRODUCTS | ||||||||
| HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES | ||||||||
| April 1, 2024 | ||||||||
| Alberta | AECO Spot | Henry Hub | Propane | Butane | Condensate (Pentanes Plus) | |||
| GRP [1] | Gas[2] | Gas[3] | C3 [4] | C4 [4] | C5+[5] | |||
| Date | $CDN/MMBTU | $CDN/GJ | $CDN/MMBTU | $US/MMBTU | $CDN/BBL | $CDN/BBL | $CDN/BBL | |
| HISTORICAL PRICES | ||||||||
| 2014 | 4.22 | 4.00 | 4.51 | 4.35 | 46.85 | 62.26 | 108.28 | |
| 2015 | 2.62 | 2.48 | 2.71 | 2.76 | 6.17 | 36.81 | 59.14 | |
| 2016 | 2.03 | 1.93 | 2.18 | 2.50 | 6.71 | 29.81 | 55.62 | |
| 2017 | 2.05 | 1.94 | 2.50 | 2.96 | 25.55 | 39.62 | 67.15 | |
| 2018 | 1.38 | 1.31 | 1.51 | 3.18 | 30.47 | 48.97 | 77.19 | |
| 2019 | 1.31 | 1.24 | 1.81 | 2.57 | 14.98 | 21.39 | 70.46 | |
| 2020 | 1.85 | 1.75 | 2.25 | 2.02 | 20.62 | 24.74 | 50.06 | |
| 2021 | 3.05 | 2.89 | 3.58 | 3.91 | 42.31 | 38.12 | 70.39 | |
| 2022 | 4.60 | 4.36 | 5.14 | 6.45 | 53.85 | 62.81 | 122.16 | |
| 2023 | 3.00 | 2.84 | 2.51 | 2.59 | 31.68 | 49.39 | 108.73 | |
| 2024 | 3 mos. | 2.30 | 2.18 | 2.26 | 2.29 | 32.51 | 44.78 | 101.41 |
| CONSTANT PRICES (The average of the first-day-of-the-month price for the preceding 12 months-SEC) | ||||||||
| 2.19 | 2.08 | 2.24 | 2.37 | 31.41 | 48.68 | 103.47 | ||
| FORECAST PRICES | ||||||||
| 2024 | 9 mos. | 2.08 | 1.98 | 2.13 | 2.53 | 33.54 | 50.76 | 99.83 |
| 2025 | 3.35 | 3.18 | 3.42 | 3.49 | 36.47 | 51.43 | 97.89 | |
| 2026 | 4.11 | 3.90 | 4.20 | 4.13 | 35.96 | 50.73 | 96.59 | |
| 2027 | 4.16 | 3.94 | 4.25 | 4.22 | 36.41 | 51.37 | 97.81 | |
| 2028 | 4.24 | 4.02 | 4.34 | 4.30 | 37.15 | 52.41 | 99.79 | |
| 2029 | 4.33 | 4.10 | 4.42 | 4.39 | 37.90 | 53.47 | 101.81 | |
| 2030 | 4.41 | 4.19 | 4.51 | 4.48 | 38.66 | 54.55 | 103.86 | |
| 2031 | 4.50 | 4.27 | 4.60 | 4.57 | 39.44 | 55.66 | 105.96 | |
| 2032 | 4.59 | 4.36 | 4.69 | 4.66 | 40.24 | 56.78 | 108.10 | |
| 2033 | 4.68 | 4.44 | 4.79 | 4.75 | 41.05 | 57.92 | 110.28 | |
| 2034 | 4.78 | 4.53 | 4.88 | 4.84 | 41.88 | 59.09 | 112.51 | |
| 2035 | 4.87 | 4.62 | 4.98 | 4.94 | 42.73 | 60.29 | 114.78 | |
| 2036 | 4.97 | 4.71 | 5.08 | 5.04 | 43.59 | 61.50 | 117.10 | |
| 2037 | 5.07 | 4.81 | 5.18 | 5.14 | 44.47 | 62.74 | 119.46 | |
| 2038 | 5.17 | 4.90 | 5.28 | 5.24 | 45.37 | 64.01 | 121.87 | |
| 2039 | 5.27 | 5.00 | 5.39 | 5.35 | 46.28 | 65.29 | 124.31 | |
| Escalated 2% thereafter | ||||||||
| Notes: | [1] | Alberta Gas Reference Price (GRP) represents the average of all system and direct (spot and firm) sales. | ||||||
| [2] | The AECO C Spot price, which is the Alberta gas trading price. (Actual AECO C spot gas prices are: $US1.94/MMBTU in 2024; $US3.11/MMBTU in 2025; $US3.51/MMBTU in 2026). | |||||||
| [3] | Henry Hub Spot is natural gas traded on the New York Mercantile Exchange (NYMEX). (Actual Henry Hub strip gas prices are: $US2.53/MMBTU in 2024; $US3.49/MMBTU in 2025 and $US4.13/MMBTU in 2026). | |||||||
| [4] | Alberta average field price for Propane and Butane purchased at field locations. | |||||||
| [5] | Edmonton condensate from GasAlbertaInc. | |||||||