Production & Product Type Information This press release includes references to crude oil, light and medium crude oil, tight oil, NGLs, shale gas, conventional natural gas, natural gas and average daily production.
National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities ("NI 51-101") includes condensate within the natural gas liquids ("NGLs") product type. The Company has disclosed condensate as combined with crude oil and separately from other natural gas liquids since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results therefrom. Crude oil therefore refers to light, medium and tight oil and condensate. NGLs refers to ethane, propane, butane and pentane combined. Natural gas refers to conventional natural gas and shale gas combined.
The Company's forecast average daily production for 2022, disclosed in this press release consists of the following product types, as defined in NI 51-101 and using a conversion ratio of 1 Bbl : 6 Mcf where applicable:
| | | 2022 |
| Light and medium crude oil (bbls/d) | | 78,280 - 79,420 |
| Tight oil (bbls/d) | | 4,290 - 4,350 |
| Crude oil (bbls/d) | | 82,570 - 83,770 |
| | | |
| NGLs (bbls/d) | | 11,790 – 12,090 |
| | | |
| Shale gas (Mcf/d) | | 62,760 - 63,640 |
| Conventional natural gas (Mcf/d) | | 151,080 - 153,200 |
| Natural gas (Mcf/d) | | 213,840 - 216,840 |
| | | |
| Total (boe/d) | | 130,000 - 132,000 |