2017 Guidance

Summary 2017 Target (Revised March 9, 2017)
Capital spending $450 million
Average annual production 81,000 to 85,000 BOE/day
Q4 average production 86,000 to 91,000 BOE/day
Crude Oil and Natural Gas Liquids Production 38,500 to 41,500 bbls/day
Q4 average liquids production 43,000 to 48,000 bbls/day
Average royalties and production tax rate (% of gross sales, before transportation) 24%
Operating expense $7.25/BOE
G&A expense (cash) $1.85/BOE
Transportation expense $4.00/BOE

Sensitivity Table

Sensitivity Table

Estimated Effect on 12 Months of 2017 Adjusted Funds Flow ($mm)

Estimated Effect on 2017 12 Months of Adjusted Funds Flow per Share ($/share)

Change of $5.00/bbl WTI crude oil $58 $0.24
Change of $0.50/Mcf NYMEX natural gas $44 $0.18
Change of 1,000 BOE/day production for rest of year $7 $0.03
Change of $0.01 in the US$/CDN$ exchange rate $4 $0.02

Adjusted funds flow is a non-GAAP measure.  Please refer to "Non-GAAP Measures" in the 2016 MD&A. The sensitivities above are based on WTI US$55/bbl and NYMEX US$3/Mcf guidance prices and approximately 242.3 million shares outstanding.


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