Estimated Breakeven AECO Price Including Current Hedges 290.39 millions total shares after dilution. SG&A + interest cost and other cash costs per Q = $12.03 millions. Capital expenditure = $30-35 millions in 2024. AECO price $1.95/GJ, Operating income of $75, FCF = -$5 millions annually. (May 2024 projection). AECO price of $2.25/GJ, Operating income of $90 millions, FCF = $10 millions. (Dec 2023 projection). AECO price of $2.85/GJ, Operating income of $135 millions. FCF = $55 millions. (March 2023 projection) AECO price of $4.4 / GJ, Operating income of $185 millions. FCF = $105 millions. (Dec 2022 projection) From the above, breakeven AECO price of around $2.1 Canadian dollars including the current hedging of 75% for natural gas price and 70% for liquids. Estimated and for reference only.