LLR Program Management Plan
Schedule 1 – Report on Reserve by
Reserves Evaluator/Auditor
To the board of directors of
1.
(the "Licensee"):
The following table contains the estimated future cash flow attributed to the total proved plus probable reserves
included in the reserves information submitted by the Licensee under the LLR Program Management Plan, which
we (check appropriate box)
Internally Evaluated
Independently Audited
Independently Audited and Reviewed
Independently Evaluated
Independently Evaluated and Reviewed
Net Present Value of Cash Flow (after income taxes, 10% discount rate)
in thousands CDN $
Evaluated
Reviewed
Total
Audited
The terms “audited,” “evaluated,” and “reviewed” are as defined in the COGE Handbook. No more than 25% of the
future net revenue calculated at a 10% discount rate associated with the total proved plus probable reserves have
been reviewed.
Cash flow forecasts for the following proved and probable reserves categories are attached to the extent they
apply:
a.
b.
c.
d.
Developed producing
Developed non-producing
Undeveloped
Total
2.
The reserves information is the responsibility of the Licensee’s management. Our responsibility is to express an
opinion on the reserves estimates and cash flow forecasts based on our scope of work.
3.
In our opinion, the reserves estimates and associated cash flow forecasts have been determined in all material
respects in accordance with the COGE Handbook and AER’s expectations. We express no opinion on the
reserves that we reviewed but did not audit or evaluate.
The reserves and associated cash flow forecasts were prepared or supervised by a qualified staff in accordance
with the standards set out in the COGE Handbook.
4.
Because the reserves estimates and associated cash flow forecasts are based upon judgements of future
events, actual results will vary and the variations may be material.
5.
We have no responsibility to update our report for events and circumstances occurring after their effective date.
____________________________________________________
[Signature of a representative of an evaluator/auditor]
[Print name and title]
Name of evaluator/auditor
City, Province
Alberta Energy Regulator Suite 1000, 250 – 5 Street SW, Calgary, Alberta T2P 0R4
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