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| PRODUCT PRICE FORECAST |
| Including Operating and Capital Cost
Escalation Factors (9) |
| Effective OCTOBER 1, 2008 |
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OIL (1) |
GAS
(6) |
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Exchange |
WTI |
Edmonton |
Hardisty |
Hardisty |
Cromer |
Henry |
AECO |
B.C. |
Condensate |
Propane |
Butane |
Sulphur |
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Rate |
@ Cushing |
Light (2) |
Bow River (3) |
Heavy (4) |
Midale (5) |
Hub |
Spot |
Spot |
(1) |
(7) |
(7) |
(8) |
| YEAR |
US$/CDN$ |
US$/bbl |
CDN$/bbl |
CDN$/bbl |
CDN$/bbl |
CDN$/bbl |
US$/MMbtu |
$/MMbtu |
$/MMbtu |
$/bbl |
$/bbl |
$/bbl |
$/lt |
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| 2002 Actual |
0.64 |
26.08 |
40.43 |
31.85 |
27.60 |
35.48 |
n/a |
4.07 |
4.07 |
41.16 |
20.90 |
27.76 |
N/A |
| 2003
Actual |
0.72 |
31.04 |
43.91 |
33.00 |
27.39 |
37.67 |
5.39 |
6.69 |
6.47 |
45.22 |
32.40 |
36.10 |
N/A |
| 2004
Actual |
0.77 |
41.40 |
52.96 |
36.86 |
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 |
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 |
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 |
44.72 |
67.10 |
6.86 |
6.61 |
6.12 |
77.30 |
49.60 |
63.47 |
N/A |
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| 2008
Estimate (9mo.) |
0.98 |
113.34 |
116.28 |
95.56 |
86.77 |
105.37 |
9.69 |
8.58 |
8.53 |
115.86 |
64.30 |
86.07 |
N/A |
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| 2008
Forecast (3mo.) |
0.95 |
96.00 |
100.00 |
79.00 |
68.00 |
90.00 |
9.00 |
7.75 |
7.75 |
100.00 |
60.00 |
80.00 |
300.00 |
| 2009
Forecast |
0.95 |
100.75 |
105.00 |
83.00 |
71.00 |
95.00 |
9.25 |
8.00 |
8.00 |
105.00 |
63.00 |
84.00 |
300.00 |
| 2010
Forecast |
0.95 |
105.50 |
110.00 |
87.00 |
74.00 |
100.00 |
9.50 |
8.25 |
8.25 |
110.00 |
66.00 |
88.00 |
200.00 |
| 2011
Forecast |
0.95 |
110.25 |
115.00 |
91.00 |
78.00 |
105.00 |
9.75 |
8.50 |
8.50 |
115.00 |
69.00 |
92.00 |
100.00 |
| 2012 Forecast |
0.95 |
115.00 |
120.00 |
95.00 |
82.00 |
110.00 |
10.00 |
8.75 |
8.75 |
120.00 |
72.00 |
96.00 |
50.00 |
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Prices escalating at 2.5 percent annually
thereafter. |
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NOTES: |
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(1) Oil
and Condensate subject to quality differentials and transportation. |
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(2) Light
oil prices for 40.0 degrees API, 0.3% sulphur at Edmonton. |
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(3)
Medium oil prices for Bow River Blend at Hardisty. |
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(4) Heavy
oil prices for 12 degrees API at Hardisty. |
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(5)
Medium oil prices for Midale at Cromer. |
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(6)
Alberta gas prices are quoted at AECO (NOVA Inventory Transfer - NIT),
B.C gas prices at Station #2. |
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(7)
Propane and Butane subject to adjustment from Edmonton to field
prices. |
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(8)
Sulphur price is plant gate Alberta. |
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(9)
Operating & capital costs are forecast to escalate at 2.5% beyond
the first forecast year. |
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| RP/SCT/TJN/RKS/DZ/WGT/NJP/DCA/GCW/RES |
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| October
6, 2008 |
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