Whitecap Resources Inc.

CO₂ Sequestered YTD
Calculating... Tonnes
Oct 07, 2022
03:06 AM
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Summary of 2021 Reserves

Reserves as of December 31, 2021

	Company Share Reserves
Description	Light & Medium Oil (Mbbl)	Tight Crude Oil (Mbbl)	Conventional Natural Gas (MMcf)	Shale Gas (MMcf)	Natural Gas Liquids (Mbbl)	Total (Mboe)
Proved developed producing Proved developed non-producing Proved undeveloped	222,980 3,676 115,735	294 - 10,197	344,425 4,194 148,408	60,039 18,377 218,424	29,607 2,022 29,107	320,291 9,460 216,178
Total Proved Probable	342,392 124,403	10,490 8,796	497,027 204,802	296,840 159,771	60,736 29,219	545,930 223,180
Total Proved plus Probable	466,796	19,286	701,829	456,611	89,955	769,110

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2021

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved developed producing Proved developed non-producing Proved Undeveloped	6,506 269 4,436	5,639 212 2,804	4,686 176 1,877	4,011 151 1,308	3,532 132 937
Total proved Probable	11,210 7,850	8,655 4,291	6,738 2,796	5,469 2,011	4,601 1,540
Total proved plus probable	19,061	12,946	9,534	7,481	6,141

⁽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.

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.