Whitecap Resources Inc.

CO₂ Sequestered YTD
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Jun 14, 2021
06:13 PM
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Summary of 2020 Reserves
(Whitecap prior to NAL & TORC Combinations)

Reserves as of December 31, 2020

	Company Share Reserves
Description	Oil (Mbbl)	Gas (MMcf)	NGL (Mbbl)	Total (Mboe)
Proved producing Proved non-producing Proved undeveloped	168,516 1,882 113,536	167,172 1,897 164,887	12,362 89 11,214	208,740 2,287 152,232
Total Proved Probable	283,934 102,298	333,956 173,483	23,665 12,816	363,259 144,028
Total Proved plus Probable	386,233	507,439	36,481	507,287

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2020

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved producing Proved non-producing Undeveloped	2,680 57 1,970	2,472 39 1,093	2,013 29 608	1,679 23 323	1,444 18 148
Total proved Probable	4,707 4,271	3,603 2,196	2,649 1,359	2,025 937	1,610 693
Total proved plus probable	8,978	5,799	4,008	2,962	2,303

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101 for all of our facilities, pipelines and wells including those without reserves assigned.

RESERVES EVALUATION (NAL & TORC)

NAL Summary of Reserves

Reserves as at December 31, 2020

	company share reserves
Description	Oil (Mbbl)	Gas (MMcf)	NGL (Mbbl)	Total (Mboe)
Proved producing Proved non-producing Undeveloped	15,505 - 1,340	149,020 3,655 2,600	9,783 80 319	50,125 690 2,092
Total proved Probable	16,844 4,697	155,275 39,435	10,182 2,493	52,906 13,762
Total proved plus probable	21,541	194,710	12,675	66,668

NAL Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) as at December 31, 2020

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved producing Proved non-producing Undeveloped	16 3 19	269 2 13	282 1 8	263 - 5	241 - 3
Total proved Probable	39 235	283 151	291 107	268 82	244 66
Total proved plus probable	273	434	398	350	310

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned

TORC Summary of Reserves

Reserves as at December 31, 2020

	company share reserves
Description	Oil (Mbbl)	Gas (MMcf)	NGL (Mbbl)	Total (Mboe)
Proved producing Proved non-producing Undeveloped	38,301 2,711 22,563	37,117 3,897 30,670	2,953 218 1,929	47,441 3,578 29,604
Total proved Probable	63,575 37,048	71,684 50,427	5,100 3,190	80,622 48,642
Total proved plus probable	100,623	122,112	8,290	129,265

TORC Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) as at December 31, 2020

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved producing Proved non-producing Undeveloped	426 69 388	550 52 237	508 41 143	453 34 83	407 28 45
Total proved Probable	883 1,122	840 685	692 460	570 331	480 250
Total proved plus probable	2,006	1,524	1,152	901	730

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101 for all of the facilities, pipelines and wells including those without reserves assigned

Profitably Converting PDP Reserves to Cashflow

RECYCLE RATIO is a key measure of profitability in the oil and gas industry. The ratio is calculated by dividing the profit per barrel of oil by the cost of finding and developing the barrel of oil. Whitecap focuses on PDP recycle ratio as this reflects whether we are generating sufficient cashflow to replace the barrels we are producing, and therefore can grow economically through internally generated cashflow.