RE: CBM valuation << Contingent Gas-in- Place CBM Resources (Bcf Contingent Before Tax - billion Contingent Recoverable Net Present Value cubic CBM Resources Discounted at 10% Coal Formation feet) (Bcf - billion cubic feet) (Million $ Canadian) ----------------- ------ -------------------------- --------------------- Low Medium High Low Medium High ----- ------ ----- ----- ------ ----- Belly River 208 39 78 101 14 50 98 Horseshoe Canyon 194 - 54 99 - 14 56 Mannville 1,647 498 814 932 32 394 677 --------- ------ ------ ------ ------ ------ ------ Totals 2,049 538 947 1,132 46 458 830 --------- ------ ------ ------ ------ ------ ------ --------- ------ ------ ------ ------ ------ ------