Canadian Oil Sands The Future of Oil in Canada

Canadian Oil Sands The Future of Oil in Canada
TD Newcrest London Oil Sands Forum 2008 January 14, 2008

Canadian Association of Petroleum Producers

• 150 producer member companies who produce more than 95 per cent of Canada’s natural gas and crude oil
§ Explore for, develop and produce natural gas, natural gas liquids, crude oil, synthetic crude oil, bitumen and sulphur throughout Canada

• 130 associate members provide a wide range of services that support the upstream crude oil and natural gas industry

1

Light and bitumen crude oil prices

100 90 80

Light crude oil price quoted in media (West Texas Intermediate)

US$ per barrel

70 60 50 40 30 20 10 0 Oct '04 Nov Dec Jan '05 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan '06 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan '07 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Estimated bitumen price netback

Canada/U.S. Foreign Exchange Rate

1.10 1.05 1.00 0.95

Impact of exchange rate on oil prices US $88.00/bbl at 0.99 is