Bonterra's year-end 2017 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, 2017. 

Summary of Oil and Gas Reserves as of December 31, 2017 

 
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
25,760
66,598
7,152
3,147
41,199
-
   Developed Non-Producing
617
1,468
244
69
971
$1,136
   Undeveloped
22,369
52,022
13,893
3,068
36,423
$605,140
Total proved
48,746
120,088
21,288
6,284
78,592
$606,275
Probable
13,148
31,894
6,604
1,684
21,248
$9,651
Total P+P(1)(2)(3)
61,894
151,982
27,893
7,968
99,840
$615,926

(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, 2017 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, 2017

($ M) Net present value before income taxes discounted at (% per year)
Reserve Category 0% 5% 10% 15%
Proved        
   Developed producing 1,379,164 935,526 706,099 569,452
   Developed non-producing 20,761 18,112 14,854 12,272
   Undeveloped 930,643 514,685 306,474 190,432
Total Proved 2,330,568 1,468,324 1,027,427 772,156
Probable 946,292 492,725 317,563 231,218
Total Proved plus Probable 3,276,860 1,961,049 1,344,990 1,003,374

(1) Evaluated by Sproule as at December 31, 2017. 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, 2017. 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