Whitecap Resources Inc.

CO₂ Sequestered YTD
Calculating... Tonnes
Apr 08, 2020
08:58 AM
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Summary of 2019 Reserves

Reserves as of December 31, 2019

	Company Share Reserves
Description	Oil (Mbbl)	Gas (MMcf)	NGL (Mbbl)	Total (Mboe)
Proved producing Proved non-producing Proved undeveloped	180,317 2,107 101,691	190,532 1,427 143,187	13,250 44 9,788	225,322 2,388 135,343
Total Proved Probable	284,115 101,281	335,145 180,433	23,081 12,959	363,053 144,312
Total Proved plus Probable	385,396	515,578	36,040	507,365

Net Present Values

Summary of Before Tax Net Present Values (Forecast Pricing) As at December 31, 2019

	Before Tax Net Present Value ($MM) ⁽¹⁾ Discount Rate
Description	0%	5%	10%	15%	20%
Proved producing Proved non-producing Undeveloped	5,822 89 2,959	4,202 62 1,822	3,283 47 1,168	2,713 37 769	2,327 30 514
Total proved Probable	8,871 5,496	6,086 2,860	4,497 1,778	3,519 1,229	2,871 910
Total proved plus probable	14,367	8,947	6,275	4,748	3,781
Per fully diluted share	34.44	21.45	17.15	15.04	11.38

⁽¹⁾ Includes abandonment and reclamation costs as defined in NI 51-101.

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.