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2003 Performance

2003 Performance Review

Financial Highlights ($CDN - 000's)
Revenue 743,182
Per Unit 4.90
Per boe 37.47
Cash flow 396,180
Per unit 2.61
Per boe 19.98
Net Income 284,559
Per unit 1.88
Net Debt Outstanding 262,071
Market Capitalization 2,694,133
Enterprise Value 2,956,204
Cash Distributions 279,328
Per unit 1.80
Cash withheld 116,852
Payout Ratio 71%
Total Return (Inception) 534.17%
Operating Highlights  
Production
Crude Oil (bbl/d) 22,886
Natural gas liquids(bbl/d 4,086
% split 50%
Natural gas (mmcf/d) 164.180
% split 50%
Total production (boe/d) 54,335
Average Prices ($CDN)
Crude oil ($bbl) 36.90
Natural gas ($mcf) 6.40
Natural gas liquids ($bbl) 32.19
Oil equivalent ($boe) 37.29
Netback ($boe)
Commodity & other revenue 38.27
Royalties (7.61)
Operating Costs (7.70)
Netback 22.96
Wells Drilled  
Oil Wells 46
Natural Gas Wells 153
Dry Holes 1
Total 200
% success 99%
Trust Unit Highlights (thousands)
Units outstanding 179,780
Exchangeable shares 2,997
Total outstanding 182,777
Weighted average units 151,698
Trust unit trading stats ($CDN)
High 14.87
Low 10.89
Close 14.74
Average daily volume 430,000
Reserves Highlights
Based on Company Interest
Proved Reserves  
Crude oil & NGL's (mbbl) 95,734
Natural gas (bcf) 589.4
Total oil equivalent (mboe) 193,973
Proved + Probable Reserves
Crude oil & NGL's (mbbl) 129,663
% split 52%
Natural gas (bcf) 720.2
& split 48%
Total oil equivalent (mboe) 249,704
Reserve Life Index 12.4
Expenditures ($CDN - 000's)
Capital expenditures 155,764
Net acquisitions 559,981
Total expenditures 715,745
FD&A Costs (per boe) 8.50
G&A expenses 25,346