2018 Guidance

Summary 2018 Target (at August 10, 2018)
Capital spending C$585 million (from C$535 million - C$585 million)
Average Annual Production 91,000 to 93,000 BOE/d (from 86,000 to 91,000 BOE/day)
Aveage Annual Crude Oil and Natural Gas Liquids Production 49,000 to 50,000 bbls/d (from 46,000 to 50,000 bbls/d)
Average royalties and production tax rate (% of gross sales, before transportation) 25%
Operating expense C$7.00/BOE
Cash G&A expense C$1.55/BOE (from C$1.65/BOE)
Transportation expense C$3.60/BOE
   
2018 Full-Year Differential/Basis (excluding transportation)  
U.S. Bakken crude oil differential (compared to WTI crude oil) US$(3.50)/bbl (from US$(2.50)/bbl)
Marcellus basis (compared to NYMEX natural gas) US$(0.40)/Mcf

Sensitivity Table

Sensitivity Table

Estimated Effect on 2018 Six Months of Adjusted Funds Flow ($mm)

Estimated Effect on 2018 Six Months of Adjusted Funds Flow per Share ($/share)

Change of $5.00/bbl WTI crude oil (unhedged) $45 $0.19
Change of $0.50/Mcf NYMEX natural gas (unhedged) $21 $0.09
Change of 1,000 BOE/day production for rest of year $6 $0.02
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 Q2 2018 Interim Report. The sensitivities above are based on WTI US$66/bbl and NYMEX US$2.84/Mcf guidance prices and approximately 245 million shares outstanding.


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