Investor Presentaiton
CRESCENT POINT | CORPORATE PRESENTATION
Reserves and Drilling Data
Years of corporate inventory figures include proved and probable locations, as derived from the independently evaluated (by McDaniel & Associates Consultants Ltd.) Reserves
Reports for CPG and HHRS in accordance with NI 51-101 and the COGE Handbook, and additional internally identified net drilling locations. Company's ability to drill and develop
new locations and the drilling locations on which the Company actually drills wells depends on a number of uncertainties and factors, including, but not limited to, the availability of
capital, equipment and personnel, oil and natural gas prices, costs, inclement weather, seasonal restrictions, drilling results, additional geological, geophysical and reservoir
information that is obtained, production rate recovery, gathering system and transportation constraints, the net price received for commodities produced, regulatory approvals and
regulatory changes. As a result of these uncertainties, there can be no assurance that the potential future drilling locations that the Company has identified will ever be drilled and,
if drilled, that such locations will result in additional crude oil, natural gas or NGLS produced. As such, the pro forma Company's actual drilling activities may differ materially from
those presently identified, which could adversely affect the company's business. The estimates for reserves for individual properties may not reflect the same confidence level as
estimates of reserves for all properties due to the effects of aggregation. The recovery and reserve estimates of the Company's reserves provided herein are estimates only and
there is no guarantee that the estimated reserves will be recovered.
NI 51-101 includes condensate within the natural gas liquids (NGLs) product type. The Company has disclosed condensate as combined with crude oil and separately from other
natural gas liquids in this presentation since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this
crude oil and condensate presentation provides a more accurate description of its operations and results.
Notice to US Readers
The oil and natural gas reserves contained in this presentation have generally been prepared in accordance with Canadian disclosure standards, which are not comparable in all
respects of United States or other foreign disclosure standards. For example, the United States Securities and Exchange Commission (the "SEC") generally permits oil and gas
issuers, in their filings with the SEC, to disclose only proved reserves (as defined in SEC rules), but permits the optional disclosure of "probable reserves" and "possible reserves"
(each as defined in SEC rules). Canadian securities laws require oil and gas issuers, in their filings with Canadian securities regulators, to disclose not only proved reserves (which
are defined differently from the SEC rules) but also probable reserves and permits optional disclosure of "possible reserves", each as defined in NI 51-101. Accordingly, "proved
reserves", "probable reserves" and "possible reserves" disclosed in this presentation may not be comparable to US standards, and in this presentation, Crescent Point has
disclosed reserves designated as "proved plus probable reserves". Probable reserves are higher-risk and are generally believed to be less likely to be accurately estimated or
recovered than proved reserves. "Possible reserves" are higher risk than "probable reserves" and are generally believed to be less likely to be accurately estimated or recovered
than "probable reserves". In addition, under Canadian disclosure requirements and industry practice, reserves and production are reported using gross volumes, which are volumes
prior to deduction of royalties and similar payments. The SEC rules require reserves and production to be presented using net volumes, after deduction of applicable royalties and
similar payments. Moreover, Crescent Point has determined and disclosed estimated future net revenue from its and HHRS' reserves using forecast prices and costs, whereas the
SEC rules require that reserves be estimated using a 12-month average price, calculated as the arithmetic average of the first-day-of-the-month price for each month within the 12-
month period prior to the end of the reporting period. Consequently, Crescent Point's reserve estimates and production volumes in this presentation may not be comparable to
those made by companies using United States reporting and disclosure standards. Further, the SEC rules are based on unescalated costs and forecasts. All amounts in the
presentation are stated in Canadian dollars unless otherwise specified.
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