able of Contents
Table of Contents ...................................................................................................................................................................................... 1
Crude Oil Price Commentary .................................................................................................................................................................... 2
Crude Oil – Supply/Demand Commentary ............................................................................................................................................... 2
Crude Oil – Market & F/X Trading Commentary..................................................................................................................................... 3
Natural Gas Commentary ......................................................................................................................................................................... 5
US E&P .................................................................................................................................................................................................... 7
Oil & Gas Trusts ..................................................................................................................................................................................... 13
Canadian Junior E&P .............................................................................................................................................................................. 16
International E&P ................................................................................................................................................................................... 22
Oil & Gas Services ................................................................................................................................................................................. 26
Risks to Our Natural Gas Price Deck ...................................................................................................................................................... 32
Risks to Our Crude Oil Price Deck ......................................................................................................................................................... 32
Price Target Justifications & Impediments ............................................................................................................................................. 33