Assumptions and Definitions
Base Plan
- Existing development projects only
- No future commercialization projects, exploration success, acquisitions or stock repurchases included
- Expected capital investment including 25% allocated to exploration with no success assumed
- Discretionary cash flow (DCF) expectations at current strip prices and $30 / $5 flat prices for oil and gas
Risked Success Plan
- Includes production from commercialization projects that are awaiting sanction
- Includes production from risked exploration successes
- Expected capital investment including incremental investments to commercialize projects awaiting sanction and development of exploration successes
- DCF expectations at current strip prices and $30 / $5 flat prices for oil and gas
Definitions
- Proved reserves as of December 31, 2003 were 1,059 million barrels oil equivalent (MMBOE) proforma for the merger with Evergreen
- Future net revenues represent estimates from year end 2003 proved reserve reports which assumed $32.47 / $5.97 NYMEX flat prices
- Strip oil and gas prices used – NYMEX: $48.72 / $7.26 in 2005, $43.39 / $6.43 in 2006, $40.56 / $5.84 in 2007 and $38.64 / $5.42 in 2008