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2004 Performance

2004 Performance Review

Financial Highlights ($CDN - 000's)
Revenue 901,782
Per Unit 4.92
Per boe 43.43
Cash flow 448,033
Per unit 2.45
Per boe 21.52
Net Income 241,960
Per unit 1.32
Net Debt Outstanding 264,842
Market Capitalization 4,692,344
Enterprise Value 4,986,904
Cash Distributions 329,977
Per unit 1.80
Cash withheld 118,056
Payout Ratio 74%
Total Return (Inception) 814.43%
Operating Highlights  
Production
Crude Oil (bbl/d) 22,961
Natural gas liquids(bbl/d) 4,191
% split 48%
Natural gas (mcf/d) 178,309
% split 52%
Total production (boe/d) 56,870
Average Prices ($CDN)
Crude oil ($bbl) 47.03
Natural gas ($mcf) 6.78
Natural gas liquids ($bbl) 39.04
Oil equivalent ($boe) 43.13
Netback ($boe)
Commodity & other revenue 43.3
Royalties (8.51)
Operating Costs (7.42)
Netback 27.39
Wells Drilled  
Oil Wells 47
Natural Gas Wells 145
Dry Holes 2
Total 194
% success 99%
Trust Unit Highlights (thousands)
Units outstanding 185,822
Exchangeable shares 2,982
Total outstanding 188,804
Weighted average units 183,123
Trust unit trading stats ($CDN)
High 17.98
Low 13.50
Close 17.90
Average daily volume 420,000
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) 123,226
% split 51%
Natural gas (bcf) 724.5
& split 49%
Total oil equivalent (mboe) 243,974
Reserve Life Index 12.2
Expenditures ($CDN - 000's)
Capital expenditures 193,784
Net acquisitions 13,789
Total expenditures 207,573
FD&A Costs (per boe) 13.76
G&A expenses 30,733