FORM 51-101F2 REPORT ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR This is the form referred to in item 2 of section 2.1 of National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). 1. Terms to which a meaning is ascribed in NI 51-101 have the same meaning in this form. 1 2. The report on reserves data referred to in item 2 of section 2.1 of NI 51-101, to be executed by one or more qualified reserves evaluators or auditors independent of the reporting issuer, shall in all material respects be as follows: Report on Reserves Data To the board of directors of [name of reporting issuer] (the "Company"): 1. We have [audited] [evaluated] [and reviewed] the Company’s reserves data as at [last day of the reporting issuer's most recently completed financial year]. The reserves data consist of the following: (a) (i) proved and proved plus probable oil and gas reserves estimated as at [last day of the reporting issuer's most recently completed financial year] using forecast prices and costs; and (ii) the related estimated future net revenue; and (b) (i) proved oil and gas reserves estimated as at [last day of the reporting issuer's most recently completed financial year] using constant prices and costs; and (ii) the related estimated future net revenue. 2. The reserves data are the responsibility of the Company’s management. Our responsibility is to express an opinion on the reserves data based on our [audit] [evaluation] [and review]. We carried out our [audit] [evaluation] [and review] in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society). 1 For the convenience of readers, Appendix 1 to Companion Policy 51-101CP sets out the meanings of terms that are printed in italics in sections 1 and 2 of this Form or in NI 51-101, Form 51-101F1, Form 51-101F3 or the Companion Policy. Proposed Form Published for Comment (Comments requested by March 31, 2003)
- 2 -3. Those standards require that we plan and perform an [audit] [evaluation] [and review] to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An [audit] [evaluation] [and review] also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook. 4. The following table sets forth the estimated future net revenue attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company [audited] [evaluated] [and reviewed] by us for the year ended xxx xx, 20xx, and identifies the respective portions thereof that we have [audited] [evaluated] [and reviewed] and reported on to the Company's [management/board of directors]: Location of Independent Reserves Qualified Description and (Country or Reserves Preparation Date of Foreign Net Present Value of Future Net Revenue (10% discount rate) Evaluator or [Audit/ Evaluation/ Geographic Auditor Review] Report Area) Audited Evaluated Reviewed Total Evaluator A xxx xx, 20xx xxxx $xxx $xxx $xxx $xxx Evaluator B xxx xx, 20xx xxxx xxx xxx xxx xxx Totals $xxx $xxx $xxx $xxx 2 5. In our opinion, the reserves data respectively [audited] [evaluated] by us have, in all material respects, been determined and are in accordance with the COGE Handbook. We express no opinion on the reserves data that we reviewed but did not audit or evaluate. 6. We have no responsibility to update our respective reports referred to in paragraph 4 for events and circumstances occurring after its preparation date. 7. Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. Executed as to our report referred to above: Evaluator A, City, Province or State / Country, Execution Date [signed] Evaluator B, City, Province or State / Country, Execution Date [signed] 2 This amount should be the amount disclosed by the reporting issuer in the reserves data included in its statement filed under item 1 of section 2.1 of NI 51-101, as its total future net revenue attributable to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent. Proposed Form Published for Comment (Comments requested by March 31, 2003)
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