Bonterra's year-end 2016 reserves were evaluated by independent reserves evaluator Sproule Associates Limited (“Sproule”) in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (“NI 51-101”), with an effective date of December 31, 2016. 

Summary of Oil and Gas Reserves as of December 31, 2016 

 
Light &
Medium Oil
(MBbl)
  Solution
Gas
(MMcf)
  Natural
Gas
(MMcf)
Natural
Gas Liquids
(MBbl)
Oil
Equivalent(4)
(MBoe)
Future
Development
Capital
(000s)
Proved
 
 
 
 
 
 
   Developed Producing
25,568
61,070
7,870
2,726
39,784
$174
   Developed Non-Producing
906
2,241
817
105
1,521
$1,706
   Undeveloped
21,107
49,230
7,879
2,326
32,951
$544,833
Total proved
47,581
112,541
16,567
5,158
74,257
$546,713
Probable
12,739
29,300
8,862
1,549
20,648
$19,528
Total P+P(1)(2)(3)
60,320
141,840
25,429
6,707
94,905
$566,241

(1) Reserves have been presented on gross basis which are the Company’s total working interest share before the deduction of any royalties and without including any royalty interests of the Company
(2) 
Totals may not add due to rounding
(3) Based on Sproule’s December 31, 2016 escalated price deck
(4) Oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil

  

Summary of Net Present Values of Future Net Revenue as of December 31, 2016

($ M) Net present value before income taxes discounted at (% per year)
Reserve Category 0% 5% 10% 15%
Proved        
   Developed producing 1,392,381 945,720 717,404 581,440
   Developed non-producing 41,473 30,405 23,239 18,545
   Undeveloped 925,699 519,021 316,757 203,333
Total Proved 2,359,552 1,495,146 1,057,401 803,318
Probable 925,389 478,075 307,422 223,398
Total Proved plus Probable 3,284,941 1,973,222 1,364,823 1,026,716

(1) Evaluated by Sproule as at December 31, 2016. Net present value of future net revenue does not represent fair value of the reserves
(2) 
Net present values equals net present value before income taxes based on Sproule’s forecast prices and costs as of December 31, 2016. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material
(3) Includes abandonment and reclamation costs as defined in NI 51-101