PRODUCT PRICE FORECAST
Including Operating and Capital Cost Escalation Factors (10)
Effective JANUARY 1, 2012
		OIL (1)						GAS (7)
	Exchange	WTI	Edmonton	Hardisty	WCS	Hardisty	Cromer	Henry	AECO	B.C.	Cond.	Prop.	But.	Sulph.
	Rate	@ Cushing	Light (2)	Bow Riv (3)	(4)	Heavy (5)	Midale (6)	Hub	Spot	Spot	(1)	(8)	(8)	(9)
	US$/	US$/	CDN$/	CDN$/	CDN$/	CDN$/	CDN$/	US$/	CDN$/	CDN$/	CDN$/	CDN$/	CDN$/	CDN$/
YEAR	CDN$	bbl	bbl	bbl	bbl	bbl	bbl	MMbtu	MMbtu	MMbtu	bbl	bbl	bbl	lt
2004 Actual	0.77	41.40	52.96	36.86	N/A	29.11	45.75	6.14	6.73	6.53	54.07	34.70	39.97	N/A
2005 Actual	0.83	56.53	69.74	45.62	N/A	34.35	57.58	8.62	8.47	8.53	69.43	43.34	52.78	N/A
2006 Actual	0.88	66.05	73.66	51.90	N/A	43.37	62.27	7.23	6.93	6.33	75.01	44.07	60.36	N/A
2007 Actual	0.94	72.33	77.77	53.87	N/A	44.72	67.10	6.86	6.61	6.12	77.30	49.60	63.47	N/A
2008 Actual	0.94	99.59	103.26	83.90	N/A	76.35	93.13	9.02	8.13	8.12	104.70	58.64	75.09	N/A
2009 Actual	0.88	61.63	66.75	59.80	59.80	55.65	63.42	4.21	4.14	4.05	68.38	38.29	47.67	N/A
2010 Actual	0.97	79.43	78.04	68.18	68.18	62.30	73.79	4.49	4.13	3.93	84.21	46.62	68.15	N/A
2011 Actual	1.01	95.00	95.69	78.42	77.12	69.09	88.36	4.28	3.68	3.37	104.12	58.75	77.43	N/A
2012 Forecast	1.00	100.75	99.00	81.00	79.00	73.00	91.00	3.90	3.50	3.25	104.00	59.50	79.25	80.00
2013 Forecast	1.00	101.75	100.00	82.00	80.00	74.00	92.00	4.40	4.00	3.75	105.00	60.00	80.00	80.00
2014 Forecast	1.00	102.75	101.00	83.00	81.00	75.00	93.00	4.90	4.50	4.25	106.00	60.50	80.75	80.00
2015 Forecast	1.00	103.75	102.00	84.00	82.00	76.00	94.00	5.40	5.00	4.75	107.00	61.25	81.50	80.00
2016 Forecast	1.00	104.75	103.00	85.00	83.00	77.00	95.00	5.90	5.50	5.25	108.00	61.75	82.50	80.00
2017 Forecast	1.00	105.75	104.00	86.00	84.00	78.00	96.00	6.40	6.00	5.75	109.00	62.50	83.25	80.00
	Prices escalating at 2.0 percent annually thereafter.
	NOTES:
	(1)  Oil and Condensate subject to quality differentials and transportation.
	(2)  Light oil prices for 40.0 degrees API, 0.3% sulphur at Edmonton (Light Sweet Crude).
	(3)  Bow River Blend at Hardisty oil prices for 20-24 degrees API (Medium Sour Crude).
	(4)  Western Canada Select prices at Hardisty (Heavy Sour Crude).
	(5)  Heavy oil prices for 12 degrees API at Hardisty (Heavy Sour Crude).
	(6)  Medium oil prices for Midale at Cromer (Medium Sour Crude).
	(7)  Alberta gas prices are quoted at AECO (NOVA Inventory Transfer - NIT), B.C gas prices at Station #2.
	(8)  Propane and Butane subject to adjustment from Edmonton to field prices.
	(9)  Sulphur price is plant gate Alberta.
	(10)  Operating & capital costs are forecast to escalate at 2.0% beyond the first forecast year.
RP/SCT/TJN/DZ/WGT/NJP/DCA/GCW/RES
January 9, 2012