NORTHEAST BRITISH COLUMBIA NATURAL GAS HISTORICAL DISCOVERY TRENDS JANUARY 1990 TO DECEMBER 31,2002

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1 NORTHEAST BRITISH COLUMBIA NATURAL GAS HISTORICAL DISCOVERY TRENDS JANUARY 199 TO DECEMBER 31,22 rummond onsulting Petroleum Society Petroleum Economics Meeting March 22, 24

2 PRESENTATION ON B.C. NATURAL GAS HISTORICAL TRENDS AND PROJECTION TO 214 Review historical record and current resource base as of Dec 31, 22. Review the discovery record, reserves additions and production for the period 199 to 22. Projection to 214. Comparisons - Alberta & NWT

3 N.E. BRITISH COLUMBIA NATURAL GAS DECEMBER 31, 22 1,634 GAS POOLS GAS-IN-PLACE TCF INITIAL MARKETABLE GAS TCF REMAINING MARKETABLE GAS TCF AVERAGE POOL SIZE BCF MEDIAN POOL SIZE BCF 95th PERCENTILE BCF

4 NORTHEAST BRITISH COLUMBIA ULTIMATE MARKETABLE GAS ( Trillion Cubic Feet ) Cum Production % Undiscovered % Remaining % Total: 53.4

5 LFB 4 LB 6 NP LFB 162 LB 316 NP ,91 NW 58 NW ,136 UCRET LCRET TRIAS PMP MISS UDEV MDEV GR 9 PR 546 DB UCRET LCRET TRIAS PMP MISS UDEV MDEV GR 2,775 PR 5,233 DB NE BRITISH COLUMBIA NUMBER OF POOLS BY HORIZON TOTAL - 1,634 POOLS December 31, NE BRITISH COLUMBIA MARKETABLE GAS (BCF) BY HORIZON TOTAL - 24,262 BCF December 31, 22 54

6 LFB 4 LB 6 NP LFB 21 LB 354 NP ,75 NW 58 NW ,635 GR 9 PR 546 DB H2S CONTENT ZERO H2S.1% -.9%..1% % 2.% % 1.% or MORE GR 3,777 PR 6,166 DB NE BRITISH COLUMBIA H2S CONTENT NUMBER OF POOLS TOTAL - 1,634 POOLS December 31, NE BRITISH COLUMBIA H2S CONTENT RECOVERABLE GAS (BCF) TOTAL - 29,621 BCF December 31, 22 54

7 POOL SIZE ( BCF ) TRILLION CUBIC FEET NUMBER OF POOLS B.C. POOL SIZE DISTRIBUTION MARKETABLE GAS REMAINING CUMULATIVE

8 B.C.- MARKETABLE GAS BY DECADE DISCOVERED 7 7 TRILLION CUBIC FEET NUMBER TCF NUMBER OF POOLS

9 B.C.- INITIAL MARKETABLE GAS POOL SIZE BY DECADE DISCOVERED 1 BILLION CUBIC FEET 1 1 MEDIAN MEAN 95th PERCENTILE

10 B.C. INITIAL MARKETABLE GAS POOL SIZES IN SETS BY DISCOVERY SEQUENCE 1 BILLION CUBIC FEET 1 1 MEDIAN MEAN 95th PERCENTILE SET NUMBER (163 POOLS / SET)

11 BRITISH COLUMBIA CUMULATIVE GAS DISCOVERY PLOT INITIAL GAS-IN-PLACE 4 35 CUM (TCF) MARKETABLE GAS 2 POOL AVG MKT GAS MOVING AVG SIZE (BCF) POOL DISCOVERY NUMBER

12 1% 9% 8% 7% BRITISH COLUMBIA - CUMULATIVE PERCENT MARKETABLE GAS vs NUMBER OF POOLS By Pool Size By Order Of Discovery CUM % OF MKT 6% 5% 4% 3% 2% 1% 2% of the Pools Contain 85% of Discovered Gas First 5% Discovered Pools Contain 64% of Discovered Gas % % 1% 2% 3% 4% 5% 6% 7% 8% 9% 1% CUMULATIVE % OF POOLS

13 N.E. BRITISH COLUMBIA NATURAL GAS JANUARY 1, DECEMBER 31, GAS POOLS GAS-IN-PLACE TCF INITIAL MARKETABLE GAS TCF REMAINING MARKETABLE GAS TCF AVERAGE POOL SIZE - 1. BCF MEDIAN POOL SIZE BCF 95th PERCENTILE BCF

14 LFB LB 4 NP LFB LB 32 NP ,67 NW 58 NW ,113 UCRET LCRET TRIAS PMP MISS UDEV MDEV GR 49 PR 237 DB UCRET LCRET TRIAS PMP MISS UDEV MDEV GR 1,666 PR 1,186 DB NUMBER OF POOLS POOLS 54 MARKETABLE (BCF) ,249 BCF 54

15 LFB LB NP NE BRITISH COLUMBIA AVERAGE SIZE (BCF) MARKETABLE RECOVERABLE GAS-IN-PLACE NW PR GR DB

16 LFB LB 4 NP LFB LB 337 NP ,143 NW 58 NW ,279 GR 49 PR 237 DB H2S CONTENT ZERO H2S.1% -.9%..1% % 2.% % 1.% or MORE PR 1,44 GR DB 333 2, NUMBER OF POOLS TOTAL POOLS 54 RECOVERABLE GAS (BCF) TOTAL - 8,764 BCF 54

17 LFB LB 4 NP LFB LB 337 NP ,143 NW 58 NW ,279 PR 237 GAS QUALITY PR 1,44 SWEET GR 49 DB CO2 > 2% H2S > CO2 / H2S GR DB 2, NUMBER OF POOLS TOTAL POOLS 54 RECOVERABLE GAS (BCF) TOTAL - 8,764 BCF 54

18 N.E. BRITISH COLUMBIA GAS BY STRATIGRAPHIC HORIZON U. CRETACEOUS L. CRETACEOUS TRIASSIC PERM-CARBONIF MISSISSIPPIAN U. DEVONIAN IMG RRG GIP M. DEVONIAN BILLION CUBIC FEET

19 N.E. BRITISH COLUMBIA NUMBER BY STRATIGRAPHIC HORIZON U. CRETACEOUS L. CRETACEOUS TRIASSIC PERM-CARBONIF MISSISSIPPIAN U. DEVONIAN M. DEVONIAN 2 4

20 N.E. BRITISH COLUMBIA AVERAGE SIZE (MARKETABLE) BY HORIZON U. CRETACEOUS L. CRETACEOUS TRIASSIC PERM-CARBONIF MISSISSIPPIAN U. DEVONIAN M. DEVONIAN BILLION CUBIC FEET

21 BRITISH COLUMBIA GAS POOLS PRE-199 vs RECOVERY FACTORS (% Of GIP) PRE RECOVERABLE 74.4% 79.2% MARKETABLE 6.7% 65.5% MARKETABLE GAS (BCF) AVERAGE POOL SIZE MEDIAN POOL SIZE th PERCENTILE AVERAGE DEPTH (FEET) 5,391 5,434 AVERAGE RECOVERABLE (MCF/AC-FT) % POOLS WITH H2S > 1% 3.9% 5.5% % RECOVERABLE GAS H2S > 1% 4.% 15.9% AVERAGE H2S CONTENT 2.% 3.9%

22 B.C. CHANGES JAN,2 - DEC, LFB LB LFB LB NW 24 NP NW 365 NP 1,89 58 PR 63 PR NUMBER OF POOLS TOTAL - 23 POOLS GR 7 DB 19 MARKETABLE GAS TOTAL - 3,197 BCF GR DB

23 B.C. GAS BY YEAR OF DISCOVERY 2, GAS-IN-PLACE RECOVERABLE MARKETABLE GAS-IN-PLACE = 11.1 TCF RECOVERABLE = 8.8 TCF MARKETABLE = 7.2 TCF 1 BILLION CUBIC FEET 1,5 1, NUMBER OF POOLS

24 B.C. - TOP 15 GAS POOLS LADYFERN SLAVE POINT A HELMET NORTH JEAN MARIE A JEDNEY BALD/U CHARLIE LAKE A MAXHAMISH LAKE CHINKEH A GRIZZLY SOUTH BALDONNEL B MURRAY BALD/U CHARLIE LAKE CHINCHAGA RIVER L CHARLIE LA BUICK CREEK BLUESKY C SIKANNI DEBOLT H CUM PRODUCTION REMAINING RING BLUESKY-GETH-MONTNEY E BRAZION PARDONET-BALDONNEL SIERRA JEAN MARIE A DAWSON CREEK MONTNEY A BURNT RIVER PARDONET-BALDO CUM PROD = 1,39 BCF REMAINING = 1,432 BCF TOTAL = 2,741 BCF EKWAN JEAN MARIE A MARKETABLE GAS (BCF)

25 B.C. MARKETABLE GAS OGC YEAR-END REPORTS JAN DEC ADDED PER YEAR NUMBER OF POOLS 95 1, INITIAL MARKETABLE (TCF) REMAINING MARKETABLE (TCF) CUM. PRODUCTION (TCF)

26 BRITISH COLUMBIA SUMMARY REMAINING MARKETABLE GAS RESERVES DRILLING 6.2 TCF REVISIONS 3.3 TCF DEC 31, TCF JAN 1, TCF PRODUCTION 8. TCF

27 12 BRITISH COLUMBIA GAS PRODUCTION BY STRUCTURAL AREA 1 BILLION CUBIC FEET PEACE RIVER ARCH NORTHWEST FOOTHILLS NORTHERN PLAINS LIARD BASIN GRIZZLY FOOTHILLS DEEP BASIN

28 BILLION CUBIC FEET NORTHEAST BRITISH COLUMBIA - MARKETABLE GAS RESERVE ADDITIONS PER GAS WELL DRILLED RESERVE ADDITIONS = 9,638 BCF GAS WELLS DRILLED = 4,198 AVERAGE PER WELL = 2.3 BCF AVERAGE = 1.7 BCF ADDITIONS / WELL GAS WELLS WELLS

29 5 4 ALBERTA - MARKETABLE GAS RESERVE ADDITIONS PER GAS WELL DRILLED RESERVE ADDITIONS = 39,579 BCF GAS WELLS DRILLED = 54,91 AVERAGE PER WELL =.7 BCF AVERAGE =.6 BCF 1 8 BILLION CUBIC FEET 3 2 ADDITIONS / WELL GAS WELLS 6 4 WELLS (Thousands)

30 8 7 B.C. GAS WELLS DRILLED AND CONNECTED NUMBER OF WELLS DRILLED CONNECTED

31 LFB LIARD BASIN NORTHWEST FOOTHILLS LB 1 NW NP 2,546 PR 87 GRIZZLY FTH DB 228 GR NE BRITISH COLUMBIA GAS WELL CONNECTIONS NORTHERN PLAINS PEACE RIVER ARCH DEEP BASIN PRE-199 1,431(25%) ,236 (75%) pre

32 9 BRITISH COLUMBIA FOOTHILLS GAS WELL PERFORMANCE BY YEAR CONNECTED MMCF / CALENDAR DAY CUM RECOVERABLE BCF

33 BRITISH COLUMBIA PLAINS GAS WELL PERFORMANCE BY YEAR CONNECTED MMCF / CALENDAR DAY CUM RECOVERABLE BCF

34 NORTHEAST BRITISH COLUMBIA GAS WELL PERFORMANCE BY YEAR CONNECTED MMCF / ACTIVE DAY CUM RECOVERABLE BCF

35 1 ALBERTA AVERAGE GAS WELL PRODUCTION BY ON PRODUCTION YEAR 8 MCF / DAY / WELL SOURCE: EUB ST - 56 CUM PRODUCTION - MMCF

36 2.5 B.C. AVERAGE GAS WELL PRODUCTION BY ON PRODUCTION YEAR MMCF / DAY / WELL YEARS ON PRODUCTION

37 B.C. INITIAL GAS WELL PRODUCTIVITY AVERAGE ACTIVE DAY RATE - FIRST 3 MONTHS MMCF/DAY/WELL YEAR ON PRODUCTION

38 BRITISH COLUMBIA GAS PRODUCTION BY CONNECTION YEAR 1,2 1, 22 BILLION CUBIC FEE PRE

39 BRITISH COLUMBIA GAS WELLS AVERAGE PRODUCING WELL RATE 1 OPERATING WELLS 5 9 ACTIVE DAY RATE MCF / DAY / WELL CALENDAR DAY RATE 4 3 WELLS (Thousands) 5 4 Jan- Jul- Jan-1 Jul-1 Jan-2 Jul-2 Jan-3 Jul-3 2

40 6 NORTHEAST BRITISH COLUMBIA ULTIMATE NATURAL GAS 5 TRILLION CUBIC FEET December 31, 22 CUM PROD 15.5 TCF REMAINING 9. TCF UNDISCOV 28.9 TCF ULTIMATE 53.4 TCF UNDISCOVERED REMAINING 1 CUM PRODUCTION

41 LIARD PLATEAU / SOUTHERN TERRITORIES ULTIMATE MARKETABLE GAS ( Trillion Cubic Feet ) Undiscovered % Cum Production % Remaining % Total: 5.68 December 31, 23

42 LIARD/S. NWT- MARKETABLE GAS BY DECADE DISCOVERED 6 12 BILLION CUBIC FEET NUMBER BCF NUMBER OF POOLS

43 LIARD / SOUTHERN TERRITORIES MARKETABLE GAS FIELD SIZE DISTRIBUTION BILLION CUBIC FEET FIELDS CUM = 591 BCF REM = 64 BCF REMAINING CUMULATIVE POOL SIZE ( BCF ) NUMBER OF FIELDS

44 FORT LIARD K-29 POINTED MOUNTAIN KOTANEELEE LA BICHE F-8 (NWT) FORT LIARD F-36 & O-35 LIARD / S. NWT - TOP 15 GAS FIELDS CAMERON HILLS NETLA C-7 SE FORT LIARD N-1 RABBIT LAKE O-16 CUM PRODUCTION REMAINING ARROWHEAD B-41 BEAVER RIVER (YT) BOVIE LAKE J-72 FORT LIARD P-66A CELIBETA H-78 CUM PROD = 665 BCF REMAINING = 74 BCF TOTAL = 1,369 BCF ARROWHEAD G RECOVERABLE GAS (BCF)

45 FORT LIARD K-29 POINTED MOUNTAIN KOTANEELEE LA BICHE F-8 (NWT) FORT LIARD F-36 & O-35 LIARD / S. NWT - TOP 15 GAS FIELDS CAMERON HILLS NETLA C-7 SE FORT LIARD N-1 RABBIT LAKE O-16 CUM PRODUCTION REMAINING ARROWHEAD B-41 BEAVER RIVER (YT) BOVIE LAKE J-72 CELIBETA H-78 FORT LIARD P-66A CUM PROD = 592 BCF REMAINING = 627 BCF TOTAL = 1,219 BCF ARROWHEAD G MARKETABLE GAS (BCF)

46 BILLION CUBIC FEET LIARD/ SOUTHERN NWT ANNUAL RAW GAS PRODUCTION CAMERON_HILLS LIARD P-66A PARA_LIARD-SE PARA_LIARD LIARD K-29 KOTANEELEE PT_MTN CUM. 665 BCF DEC 31,

47 6 LIARD / SOUTHERN NWT ULTIMATE MARKETABLE GAS 5 TRILLION CUBIC FEET December 31, 23 CUM PROD 591 BCF REMAINING 64 BCF UNDISCOV 4445 BCF ULTIMATE 5676 BCF UNDISCOVERED 1 REMAINING CUM PRODUCTION

48 B.C. - ALBERTA GAS POOLS RECOVERY FACTORS (% Of GIP) B.C. ALBERTA RECOVERABLE 79.2% 71.8% MARKETABLE 65.5% 64.7% MARKETABLE GAS (BCF) NUMBER OF POOLS ,321 MARKETABLE GAS 7,249 23,878 AVERAGE POOL SIZE MEDIAN POOL SIZE th PERCENTILE AVERAGE DEPTH (FEET) 5,434 3,585 AVERAGE RECOVERABLE (MCF/AC-FT) AVERAGE MARKETABLE / GAS WELL (BCF) % POOLS WITH H2S > 1% 5.5%.7% % RECOVERABLE GAS H2S > 1% 15.9% 3.4% AVERAGE H2S CONTENT 3.9% 1.%

49 WESTERN CANADA SEDIMENTARY BASIN MARKETABLE GAS RESOURCES ( TCF ) B.C. ALBERTA S.YT/NWT SASK WCSB % ULTIMATE % DISCOVERED % UNDISCOVERED % CUM PRODUCTION % REM. RESERVES % REM. RESOURCE % MATURITY 46% 7% 21% 84% 65% % REM. RESOURCE 24.5% 69.4% 3.3% 2.7% 1%

50 WCSB MARKETABLE GAS DISCOVERED 4.1%.6% 13.1% UNDISCOVERED 4.5% 1.5% 28.8% 82.2% 65.2% ULTIMATE 2.% 3.2% 18.6% B.C. ALBERTA S. YT/NWT SASK 76.2%

51 CONCLUSIONS HISTORICAL TRENDS IN RESERVES ADDITIONS FOR THE PERIOD 199 TO 22 ARE REMARKEABLY CONSTANT. A LITTLE OVER HALF OF BRITISH COLUMBIA'S ULTIMATE GAS RESOURCE REMAINS TO BE DISCOVERED. AS OF DECEMBER 31, 23 31% OF BRITISH COLUMBIA'S ESTIMATED ULTIMATE GAS RESOURCE HAS BEEN PRODUCED AND BY 215 IT IS ESTIMATED TO BE 58%. B.C. GAS PRODUCTION WILL REMAIN FAIRLY CONSTANT FOR THE FORECAST PERIOD AS RESOURCE ADDITIONS SHOULD BE ABLE TO SUSTAIN PRODUCTION LEVELS.