CHAPMAN PETROLEUM ENGINEERING LTD.
CRUDE OIL
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
April 1, 2012
			Alberta	Alberta	Sask.	Sask.	B.C.	Exchange
		WTI [1]	Par Price [2]	Heavy [3]	Light [4]	Heavy [5]	Light [6]	Rate
Date		$US/STB	$CDN/STB	$CDN/STB	$CDN/STB	$CDN/STB	$CDN/STB	$US/$CDN
HISTORICAL PRICES
2001		25.98	39.66	25.41	35.57	31.84	n/a	0.65
2002		26.09	40.63	32.20	37.67	34.57	n/a	0.64
2003		30.84	43.57	32.65	40.13	37.64	n/a	0.72
2004		41.48	52.89	37.52	48.96	45.74	n/a	0.77
2005		56.62	69.16	43.25	62.04	56.53	n/a	0.83
2006		65.91	72.88	50.40	66.77	61.23	n/a	0.88
2007		72.35	75.57	53.17	71.42	64.55	n/a	0.94
2008		99.70	102.98	83.88	98.02	92.45	n/a	0.94
2009		61.64	76.77	53.04	72.56	64.37	n/a	0.88
2010		79.42	80.56	66.58	77.02	72.79	n/a	0.97
2011		95.03	102.45	77.43	92.42	83.44	n/a	1.01
2012 (3mos)		102.87	94.58	75.93	90.76	83.84	n/a	1.00
CONSTANT PRICES (The first-day-of-the-month price for the preceding 12 months)
		97.67	103.04	79.79	96.17	89.49	100.46	1.01
FORECAST PRICES
2012		104.00	109.59	83.29	98.63	88.77	106.85	1.00
2013		102.00	107.70	81.85	96.93	87.23	105.00	1.00
2014		100.00	105.80	80.41	95.22	85.70	103.16	1.00
2015		100.00	105.80	80.41	95.22	85.70	103.16	1.00
2016		102.00	107.70	81.85	96.93	87.23	105.00	1.00
2017		102.00	107.70	81.85	96.93	87.23	105.00	1.00
2018		104.04	109.63	83.32	98.67	88.80	106.89	1.00
2019		106.12	111.60	84.82	100.44	90.40	108.81	1.00
2020		108.24	113.61	86.35	102.25	92.03	110.77	1.00
2021		110.41	115.67	87.91	104.10	93.69	112.78	1.00
2022		112.62	117.76	89.50	105.98	95.39	114.82	1.00
2023		114.87	119.90	91.12	107.91	97.12	116.90	1.00
2024		117.17	122.07	92.78	109.87	98.88	119.02	1.00
2025		119.51	124.29	94.46	111.87	100.68	121.19	1.00
2026		121.90	126.56	96.19	113.90	102.51	123.40	1.00
2027		124.34	128.87	97.94	115.98	104.39	125.65	1.00
Constant thereafter
Notes:	[1]	West Texas Intermediate quality (D2/S2) crude landed in Cushing, Oklahoma.
	[2]	Equivalent price for Light Sweet Crude (D2/S2) & Synthetic Crude landed in Edmonton.
	[3]	Western Canada Select
	[4]	Light Sour Blend at Cromer, Saskatchewan (850 kg/m3, 1.2% sulphur).
	[5]	Midale at Cromer, Saskatchewan (880 kg/m3, 2.0% sulphur).
	[6]	B.C. Light at Taylor, British Columbia (825 kg/m3, 0.5% sulphur).

CHAPMAN PETROLEUM ENGINEERING LTD.
NATURAL GAS & BY-PRODUCTS
HISTORICAL, CONSTANT, CURRENT AND FUTURE PRICES
April 1, 2012
				AECO Spot	Sask.	B.C.			Pentanes	NGL
		GRP [1]		Gas	Gas [2]	Gas [3]	Propane [4]	Butane [4]	Plus [4]	Mix [5]
Date		$/MMBTU	$/GJ	$/MMBTU	$/MMBTU	$/MMBTU	$/BBL	$/BBL	$/BBL	$/BBL
HISTORICAL PRICES
2001		5.41	5.12	5.44	5.48	6.12	31.27	30.27	44.98	35.08
2002		3.89	3.68	4.13	4.17	3.85	19.14	25.11	40.72	27.41
2003		6.14	5.81	7.03	6.47	6.45	28.85	32.15	44.23	34.46
2004		6.31	5.98	6.60	6.56	6.25	31.95	38.40	54.06	40.52
2005		8.31	7.87	8.82	8.56	8.31	38.03	46.31	69.32	49.90
2006		6.57	6.22	6.55	6.82	6.57	38.97	50.42	76.08	53.54
2007		6.21	5.88	6.47	6.46	6.21	45.01	54.04	105.08	65.74
2008		7.89	7.47	8.17	8.14	8.61	44.69	54.08	104.75	65.53
2009		3.85	3.65	3.99	4.10	4.35	19.68	21.04	67.52	34.44
2010		3.93	3.73	4.02	4.18	4.25	26.35	35.92	77.51	44.57
2011		3.46	3.28	3.63	3.71	3.85	31.78	19.37	97.21	47.69
2012 (3mos)		2.05	1.94	2.15	2.30	2.57	15.79	11.93	98.36	39.40
CONSTANT PRICES (The first-day-of-the-month price for the preceding 12 months)
		3.29	3.12	3.35	3.54	3.56	27.51	15.45	98.30	45.13
FORECAST PRICES
2012		2.50	2.37	2.50	2.55	2.70	28.49	25.21	104.11	50.19
2013		3.50	3.32	3.58	3.63	3.78	28.00	24.77	102.31	49.32
2014		4.00	3.79	4.12	4.17	4.32	27.51	24.33	100.51	48.46
2015		4.75	4.50	4.93	4.98	5.13	27.51	24.33	100.51	48.46
2016		5.20	4.93	5.42	5.47	5.62	28.00	24.77	102.31	49.32
2017		5.60	5.31	5.85	5.90	6.05	28.00	24.77	102.31	49.32
2018		5.90	5.59	6.18	6.23	6.38	28.50	25.21	104.15	50.21
2019		6.10	5.78	6.39	6.44	6.59	29.02	25.67	106.02	51.11
2020		6.40	6.07	6.72	6.77	6.92	29.54	26.13	107.93	52.04
2021		6.60	6.26	6.93	6.98	7.13	30.07	26.60	109.88	52.98
2022		6.70	6.35	7.04	7.09	7.24	30.62	27.08	111.87	53.93
2023		6.85	6.49	7.20	7.25	7.40	31.17	27.58	113.90	54.91
2024		7.00	6.64	7.37	7.42	7.57	31.74	28.08	115.97	55.91
2025		7.10	6.73	7.47	7.52	7.67	32.32	28.59	118.08	56.93
2026		7.30	6.92	7.69	7.74	7.89	32.91	29.11	120.23	57.96
2027		7.50	7.11	7.91	7.96	8.11	33.51	29.64	122.43	59.02
Constant thereafter
Notes:	[1]	Alberta Gas Reference Price (GRP) represents the average of all system and direct (spot and firm) sales.
	[2]	Price paid at field delivery point.
	[3]	Price paid by CanWest net of raw gas gathering and processing charges but before deduction of
		field gathering and compression charges.
	[4]	Reference point is FOB Edmonton for fractionated product.
	[5]	Natural Gas Liquids blended mix price assuming typical liquid composition of 40% propane,
		30% butane and 30% pentanes plus.