CANADA: The New Alberta Oil & Gas Royalty Framework
CANADA: The New Alberta Oil & Gas Royalty Framework Crystal Roberts Myles Greenwood Mark Huang July 2010 Summary Already a lucrative natural gas and conventional oil reservoir, the recent revision of the Alberta Royalty Framework (ARF) for oil and gas has significantly lowered royalties and changed Alberta into a thriving investment destination. Apart from lowered royalties, U.S. energy firms in particular can enjoy lower transportation and distribution costs due to proximity, free trade across the border, and economies of scale from larger operations. The revised royalty scheme, coming into effect January 1, 2011, is expected to be finalized by May 31, 2010, but promises to reduce natural gas maximum royalties from 50% to 36% and conventional oil royalties from 50% to 40%. These rates do not include the unconventional Athabasca Oil Sands. The recent review was conducted with consultation from industry participants. The new framework aims to stimulate investment and regain Alberta‟s competitive edge as an opportune reservoir of natural resources – the largest in Canada. Three main changes are addressed in the revision: modifying the royalty framework, reducing front-end royalties, and streamlining the regulatory process to further encourage a favorable investment environment.
Royalty Rates The existing oil and gas royalty framework is stipulated in the Alberta Royalty‟s Framework (ARF), established on January 1, 2009. The oil and gas royalty framework operates on a sliding rate formula sensitive to the price and production volume of natural gas and conventional oil. The royalty rate is positively correlated against price and production; the royalty for natural gas and conventional oil increases if either the respective resource‟s price or production increases (Alberta Government, 2010). There are two royalty curves for natural gas and conventional oil in Alberta: the transitional rate and the regular rate. The transitional rate incentivizes new investments with a lesser royalties curve. Regular royalty rates are for existing wells or new wells smaller than 1,000m or larger than 3,500m. To be eligible for the transitional rate, companies must invest in new natural gas or conventional oil wells of depth 1,000m to 3,500m drilled between 01/01/09 and 12/31/11. Figures 1.1a and b are transitional royalty curves of conventional oil and natural gas.
Figure 1.1a: Transitional royalty rates for conventional oil production at $75/bbl. Prices are in CAD $/bbl. Note that these royalty rates will increase if the price per barrel oil increases (Government of Alberta, 2010).
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
Figure 1.1b: Transitional royalty rates for natural gas production at $6.75/GJ (Government of Alberta, 2010).
Figures 1.2a and b are representative regular royalty curves of conventional oil and natural gas.
As a result of the recent March review, the maximum royalty rate for conventional oil will drop from 50% to 40%, and the maximum royalty rate for natural gas will drop from 50% to 36%. Oil sands were not included in the review as they are seeing continued investment. “The transitional royalty framework for oil and gas launched November 2008 will continue until December 31, 2013 as planned” (Braid). Details regarding the values on the royalty curve at different prices and production volume have not yet been released, but are expected to be finalized by May 31, 2010. This revision in royalty rates is due to the challenges in the global economic climate, and the increased risk and costs faced by interested firms with respect to new technologies. Companies wishing to invest in Alberta‟s natural resources are welcomed with more favorable regulatory conditions. Figure 1.2a: Regular royalty rates for conventional oil given price per barrel and production volume since the 2009 regime. The maximum royalty rate caps at 50% but caps at lower given lower prices. All prices are in Canadian dollars. (Government of Alberta, 2010).
2
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
Figure 1.2b: Regular royalty rates for natural gas given price per gigajoule at 600 thousand cubic feet per day (Mcf/d) since the 2009 regime. The maximum royalty rate caps at 50% but is lower if gas prices are lower. All prices are in Canadian dollars. (Government of Alberta, 2010).
Incentives Apart from the transition royalties‟ rate, there are two additional incentives the Government of Alberta utilizes: the New Well Royalty Reduction (NWRR) and the Drilling Royalty Credit (DRC).
New Well Royalty Reduction (NWRR) The NWRR is an automatic front-end royalty rate that ensures a maximum of 5% gross royalty charged for conventional oil and natural gas. This royalty rate will be subject to a cap based on either 12 production months, 50,000bbl of oil production including equivalents for oil wells, or 500 million cubic feet (MMcfe) of gas production including equivalents for gas wells, whichever condition is reached first. Wells that qualify for this incentive are wells that come into production between April 1, 2009, and March 31, 2011 (inclusive), and subject to the payment of royalty under the Petroleum Royalty Regulation of 2009, the Natural Gas Royalty Regulation of 2009, or Oil Sands Royalty Regulation of 2009 (Government of Alberta, 2009). After the March revision, this temporary incentive program will become a permanent feature of the royalty framework effective January 1, 2011 (Government of Alberta, 2010).
Drilling Royalty Credit (DRC) The DRC is a short term stimulus providing credits for qualifying drilling. This program is a two year program providing credits of $200/meter drilled between April 1, 2009 and March 31, 2011. The $200/m credits require a 100% crown interest; crown interest less than 50% results in prorating of the credits (e.g. $100/m at 50% crown interest). These credits are applied to net royalties and cannot exceed the company‟s total royalty obligation, and can be obtained in conjunction with the NWRR (Government of Alberta, 2009).
3
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
Government Support (Technology) The government recognizes that it may better enable technological deployment. The new framework looks to provide front-end modifications on royalties to offset the higher costs associated with deployment of new technologies, especially those used to tap mature conventional wells and unconventional gas. The government will ensure research to develop technologies through partnership with industry, the research community, and post-secondary institutions. For an example of royalty breakdown, refer to Appendix 1 (Government of Alberta, 2009).
Regulatory Process The Energizing Investment document released by the Alberta government expressed intent to streamline and improve the regulatory process. This includes greater flexibility in the application and approval of new technology and better support for pilot projects. There is recognition that the Alberta regulatory process is complex and uncoordinated. The regulatory bodies include the Energy and Resources Conservation Board (ERCB), Alberta Energy, Alberta Sustainable Resource Development, and Alberta Environment. These bodies are working together to coordinate compliance inspections by October, 2010. The ERCB works with industry to ensure data confidentiality. In general, there is a commitment to performance and efficiency in the Alberta regulatory process.
Best Prospects U.S. companies providing equipment and services to the conventional/unconventional oil and gas industry should be aware of Alberta‟s renewed commitment to a partnership between government and industry, recognizing the importance of the oil and gas sector to its economy (see Figure 2.1 for conventional oil potential in Alberta). As a result, the government is taking action to ensure the province is competitive when measured against other North American jurisdictions (see Table 2.1 total Canadian reserves and Appendix 2 for a diagram comparing natural resources of British Columbia, Alberta, and Saskatchewan). The Alberta government expects the new royalties scheme to create 8,000 jobs from 2011 to 2012 and another 13,000 annually. Royalty rates have been lowered for conventional oil and gas, and incentives are in place for deep drilling. The province is continuing to look at possible incentives for horizontal and shale gas drilling. Alberta has infrastructure in place to service the industry, including highways, seismic lines and pipelines. The government is looking for a means to support technologies that will develop mature oil and gas. Figure 2.1: Alberta‟s Conventional Oil Reserves
Table 2.1: Alberta‟s Conventional Oil Reserves as at FYE 2008. Units are in thousand cubic meters, except natural gas, which is in million cubic meters (CAPP Stat. Handbook, 2009).
Alberta B.C. E. Canada Manitoba Ontario Saskatchewan
Bitumen
Crude
Heavy Oil
Natural Gas
1,056,864
183,689
68,872
1,138,557
N/A
16,535
N/A
483,051
N/A
N/A
N/A
105
N/A
9,127
N/A
N/A
N/A
1,574
N/A
19,637
N/A
103,495
91,719
88,621
4
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
5
Upcoming Trade Shows, Conferences and Exhibitions Global Petroleum Show June 8 – 10, 2010 Stampede Park, Calgary Alberta Oil Sands and Heavy Oil Technologies July 20 – 22, 2010 Calgary TELUS Convention Centre, Calgary, AB Oil Sands Trade Show and Conference September 14 – 15, 2010 MacDonald Island Fort McMurray, AB International Pipeline Expos September 28 – 30, 2010 Calgary TELUS Convention Centre, Calgary, AB
Works Cited Alberta Government. (2010, March). Facts on Royalties. Talk About Royalties , p. 2. Braid, D. (2010, March 12) New Tory framework returns Alberta to Ralphs World. Calgary Herald, pp. A 1, A6 Canadian Association of Petroleum Producers. Statistical Handbook for Canada‟s Upstream Petroleum Industry. CAPP Website – Statistical Table Builder (Web Based Application), 2009. http://membernet.capp.ca/SHB/ChooseSection.asp (Last Accessed March 20, 2009) Government of Alberta. (2009, August 11). Alberta Energy: Drilling Royalty Credit. Retrieved May 10, 2010, from http://www.energy.alberta.ca/About_Us/1558.asp Government of Alberta. (2009, June 15). Alberta Energy: Transition Wells. Retrieved May 10, 2010, from http://www.energy.alberta.ca/About_Us/1496.asp Government of Alberta. (2010). Energy Economics. Understanding Royalties , p. 21.
References Braid, D. (2010, March 12) New Tory Framework Returns Alberta to Ralphs World Healing, D. (2010, March 12) Review side with industry on royalty regime‟s impact. Calgary Herald, pp. A6 Polczer, S. (2010, March 12) Incentives could spur drilling, create jobs. Calgary Herald, pp. A6 Government of Alberta. (2010) Energizing Investment. Retrieved from http://www.energy.alberta.ca/Org/pdfs/EnergizingInvestment.pdf
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
More Information For more information, please contact Commercial Specialist Crystal Roberts at the U.S. Commercial Service in Calgary, Canada: Email: [email protected] Phone: 1 (403) 265-2116 Fax: 1 (403) 266-4743 Website: www.buyusa.gov/canada
The U.S. Commercial Service – Your Global Business Partner With its network of offices across the United States and in more than 80 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting www.export.gov/eac. Comments and Suggestions: We welcome your comments and suggestions regarding this market research. You can e-mail us your comments/suggestions to: [email protected]. Please include the name of the applicable market research in your e-mail. We greatly appreciate your feedback. Disclaimer: The information provided in this report is intended to be of assistance to U.S. exporters. While we make every effort to ensure its accuracy, neither the United States government nor any of its employees make any representation as to the accuracy or completeness of information in this or any other United States government document. Readers are advised to independently verify any information prior to reliance thereon. The information provided in this report does not constitute legal advice. The Commercial Service reference to or inclusion of material by a non-U.S. Government entity in this document is for informational purposes only and does not constitute an endorsement by the Commercial Service of the entity, its materials, or its products or services
International copyright, U.S. Department of Commerce, 2007. All rights reserved outside of the United States
6
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
APPENDIX 1: Royalty Payment Scenario
New start up in April, 2010, with no 2008 calendar or fiscal 2009/2010 Crown production. As a result Company Blue will be initially assigned a „Credit Drawdown and Maximum Credit Percentage‟ of 10%, which will be adjusted using actual Crown production once known. Company Blue is the licensee of the well. The well being drilled is the only well Company Blue has an interest in.
Company Green:
A small producer with 5,000 boe/day Crown production in 2008, rixcal 2009/2010 and fiscal 2010/2011, yielding a „Credit Drawdown and Maximum Credit Percentage‟ of 50%. This well being the only well Company Green is participating in during the duration of the DRC program. Estimated monthly royalties of $1,750,000 or fiscal year royalties of $21 million for each of the two fiscal years.
Drilling:
1 well, drilled in February of 2011, 1,000 meters deep on 50% Crown land. Company Blue owns 75% of the well, with Company Green owning 25% of the well.
Credit Establishment:
Total credit established by drilling = $100,000 (1,000 meters * 1 well * 50% Crown * $200/meter). As this is Company Blue‟s only well, if it does not come on production during fiscal 2010/2011 there will be no Company Blue 2010/2011 royalties from which ADOE would pay drilling credits. Company Green has a maximum credit obtainable of $10.5 million ($21 million * 50%). (Note that royalties paid in fiscal 2009/2010 are not included in this maximum value.) Company Blue as licensee is responsible for credit assignment and, after reaching agreement with Company Green, assigns 100% of the credit to Company Green.
Credit Payment:
Fiscal 2010/2011 annual Royalties Paid by Company Green: $21,000,000 Maximum Credits Obtainable through DRC: $10,500,000 Credits Established by Drilling: $100,000 Credits Paid to Company Green: $100,000 Credits Remaining at Program‟s End: $0
7
APPENDIX 2: Western Canada Sedimentary Basin Cross-Section
Royalty Rates The existing oil and gas royalty framework is stipulated in the Alberta Royalty‟s Framework (ARF), established on January 1, 2009. The oil and gas royalty framework operates on a sliding rate formula sensitive to the price and production volume of natural gas and conventional oil. The royalty rate is positively correlated against price and production; the royalty for natural gas and conventional oil increases if either the respective resource‟s price or production increases (Alberta Government, 2010). There are two royalty curves for natural gas and conventional oil in Alberta: the transitional rate and the regular rate. The transitional rate incentivizes new investments with a lesser royalties curve. Regular royalty rates are for existing wells or new wells smaller than 1,000m or larger than 3,500m. To be eligible for the transitional rate, companies must invest in new natural gas or conventional oil wells of depth 1,000m to 3,500m drilled between 01/01/09 and 12/31/11. Figures 1.1a and b are transitional royalty curves of conventional oil and natural gas.
Figure 1.1a: Transitional royalty rates for conventional oil production at $75/bbl. Prices are in CAD $/bbl. Note that these royalty rates will increase if the price per barrel oil increases (Government of Alberta, 2010).
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
Figure 1.1b: Transitional royalty rates for natural gas production at $6.75/GJ (Government of Alberta, 2010).
Figures 1.2a and b are representative regular royalty curves of conventional oil and natural gas.
As a result of the recent March review, the maximum royalty rate for conventional oil will drop from 50% to 40%, and the maximum royalty rate for natural gas will drop from 50% to 36%. Oil sands were not included in the review as they are seeing continued investment. “The transitional royalty framework for oil and gas launched November 2008 will continue until December 31, 2013 as planned” (Braid). Details regarding the values on the royalty curve at different prices and production volume have not yet been released, but are expected to be finalized by May 31, 2010. This revision in royalty rates is due to the challenges in the global economic climate, and the increased risk and costs faced by interested firms with respect to new technologies. Companies wishing to invest in Alberta‟s natural resources are welcomed with more favorable regulatory conditions. Figure 1.2a: Regular royalty rates for conventional oil given price per barrel and production volume since the 2009 regime. The maximum royalty rate caps at 50% but caps at lower given lower prices. All prices are in Canadian dollars. (Government of Alberta, 2010).
2
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
Figure 1.2b: Regular royalty rates for natural gas given price per gigajoule at 600 thousand cubic feet per day (Mcf/d) since the 2009 regime. The maximum royalty rate caps at 50% but is lower if gas prices are lower. All prices are in Canadian dollars. (Government of Alberta, 2010).
Incentives Apart from the transition royalties‟ rate, there are two additional incentives the Government of Alberta utilizes: the New Well Royalty Reduction (NWRR) and the Drilling Royalty Credit (DRC).
New Well Royalty Reduction (NWRR) The NWRR is an automatic front-end royalty rate that ensures a maximum of 5% gross royalty charged for conventional oil and natural gas. This royalty rate will be subject to a cap based on either 12 production months, 50,000bbl of oil production including equivalents for oil wells, or 500 million cubic feet (MMcfe) of gas production including equivalents for gas wells, whichever condition is reached first. Wells that qualify for this incentive are wells that come into production between April 1, 2009, and March 31, 2011 (inclusive), and subject to the payment of royalty under the Petroleum Royalty Regulation of 2009, the Natural Gas Royalty Regulation of 2009, or Oil Sands Royalty Regulation of 2009 (Government of Alberta, 2009). After the March revision, this temporary incentive program will become a permanent feature of the royalty framework effective January 1, 2011 (Government of Alberta, 2010).
Drilling Royalty Credit (DRC) The DRC is a short term stimulus providing credits for qualifying drilling. This program is a two year program providing credits of $200/meter drilled between April 1, 2009 and March 31, 2011. The $200/m credits require a 100% crown interest; crown interest less than 50% results in prorating of the credits (e.g. $100/m at 50% crown interest). These credits are applied to net royalties and cannot exceed the company‟s total royalty obligation, and can be obtained in conjunction with the NWRR (Government of Alberta, 2009).
3
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
Government Support (Technology) The government recognizes that it may better enable technological deployment. The new framework looks to provide front-end modifications on royalties to offset the higher costs associated with deployment of new technologies, especially those used to tap mature conventional wells and unconventional gas. The government will ensure research to develop technologies through partnership with industry, the research community, and post-secondary institutions. For an example of royalty breakdown, refer to Appendix 1 (Government of Alberta, 2009).
Regulatory Process The Energizing Investment document released by the Alberta government expressed intent to streamline and improve the regulatory process. This includes greater flexibility in the application and approval of new technology and better support for pilot projects. There is recognition that the Alberta regulatory process is complex and uncoordinated. The regulatory bodies include the Energy and Resources Conservation Board (ERCB), Alberta Energy, Alberta Sustainable Resource Development, and Alberta Environment. These bodies are working together to coordinate compliance inspections by October, 2010. The ERCB works with industry to ensure data confidentiality. In general, there is a commitment to performance and efficiency in the Alberta regulatory process.
Best Prospects U.S. companies providing equipment and services to the conventional/unconventional oil and gas industry should be aware of Alberta‟s renewed commitment to a partnership between government and industry, recognizing the importance of the oil and gas sector to its economy (see Figure 2.1 for conventional oil potential in Alberta). As a result, the government is taking action to ensure the province is competitive when measured against other North American jurisdictions (see Table 2.1 total Canadian reserves and Appendix 2 for a diagram comparing natural resources of British Columbia, Alberta, and Saskatchewan). The Alberta government expects the new royalties scheme to create 8,000 jobs from 2011 to 2012 and another 13,000 annually. Royalty rates have been lowered for conventional oil and gas, and incentives are in place for deep drilling. The province is continuing to look at possible incentives for horizontal and shale gas drilling. Alberta has infrastructure in place to service the industry, including highways, seismic lines and pipelines. The government is looking for a means to support technologies that will develop mature oil and gas. Figure 2.1: Alberta‟s Conventional Oil Reserves
Table 2.1: Alberta‟s Conventional Oil Reserves as at FYE 2008. Units are in thousand cubic meters, except natural gas, which is in million cubic meters (CAPP Stat. Handbook, 2009).
Alberta B.C. E. Canada Manitoba Ontario Saskatchewan
Bitumen
Crude
Heavy Oil
Natural Gas
1,056,864
183,689
68,872
1,138,557
N/A
16,535
N/A
483,051
N/A
N/A
N/A
105
N/A
9,127
N/A
N/A
N/A
1,574
N/A
19,637
N/A
103,495
91,719
88,621
4
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
5
Upcoming Trade Shows, Conferences and Exhibitions Global Petroleum Show June 8 – 10, 2010 Stampede Park, Calgary Alberta Oil Sands and Heavy Oil Technologies July 20 – 22, 2010 Calgary TELUS Convention Centre, Calgary, AB Oil Sands Trade Show and Conference September 14 – 15, 2010 MacDonald Island Fort McMurray, AB International Pipeline Expos September 28 – 30, 2010 Calgary TELUS Convention Centre, Calgary, AB
Works Cited Alberta Government. (2010, March). Facts on Royalties. Talk About Royalties , p. 2. Braid, D. (2010, March 12) New Tory framework returns Alberta to Ralphs World. Calgary Herald, pp. A 1, A6 Canadian Association of Petroleum Producers. Statistical Handbook for Canada‟s Upstream Petroleum Industry. CAPP Website – Statistical Table Builder (Web Based Application), 2009. http://membernet.capp.ca/SHB/ChooseSection.asp (Last Accessed March 20, 2009) Government of Alberta. (2009, August 11). Alberta Energy: Drilling Royalty Credit. Retrieved May 10, 2010, from http://www.energy.alberta.ca/About_Us/1558.asp Government of Alberta. (2009, June 15). Alberta Energy: Transition Wells. Retrieved May 10, 2010, from http://www.energy.alberta.ca/About_Us/1496.asp Government of Alberta. (2010). Energy Economics. Understanding Royalties , p. 21.
References Braid, D. (2010, March 12) New Tory Framework Returns Alberta to Ralphs World Healing, D. (2010, March 12) Review side with industry on royalty regime‟s impact. Calgary Herald, pp. A6 Polczer, S. (2010, March 12) Incentives could spur drilling, create jobs. Calgary Herald, pp. A6 Government of Alberta. (2010) Energizing Investment. Retrieved from http://www.energy.alberta.ca/Org/pdfs/EnergizingInvestment.pdf
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
More Information For more information, please contact Commercial Specialist Crystal Roberts at the U.S. Commercial Service in Calgary, Canada: Email: [email protected] Phone: 1 (403) 265-2116 Fax: 1 (403) 266-4743 Website: www.buyusa.gov/canada
The U.S. Commercial Service – Your Global Business Partner With its network of offices across the United States and in more than 80 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting www.export.gov/eac. Comments and Suggestions: We welcome your comments and suggestions regarding this market research. You can e-mail us your comments/suggestions to: [email protected]. Please include the name of the applicable market research in your e-mail. We greatly appreciate your feedback. Disclaimer: The information provided in this report is intended to be of assistance to U.S. exporters. While we make every effort to ensure its accuracy, neither the United States government nor any of its employees make any representation as to the accuracy or completeness of information in this or any other United States government document. Readers are advised to independently verify any information prior to reliance thereon. The information provided in this report does not constitute legal advice. The Commercial Service reference to or inclusion of material by a non-U.S. Government entity in this document is for informational purposes only and does not constitute an endorsement by the Commercial Service of the entity, its materials, or its products or services
International copyright, U.S. Department of Commerce, 2007. All rights reserved outside of the United States
6
CANADA: The New Alberta Oil and Gas Royalties Framework | July, 2010
APPENDIX 1: Royalty Payment Scenario
New start up in April, 2010, with no 2008 calendar or fiscal 2009/2010 Crown production. As a result Company Blue will be initially assigned a „Credit Drawdown and Maximum Credit Percentage‟ of 10%, which will be adjusted using actual Crown production once known. Company Blue is the licensee of the well. The well being drilled is the only well Company Blue has an interest in.
Company Green:
A small producer with 5,000 boe/day Crown production in 2008, rixcal 2009/2010 and fiscal 2010/2011, yielding a „Credit Drawdown and Maximum Credit Percentage‟ of 50%. This well being the only well Company Green is participating in during the duration of the DRC program. Estimated monthly royalties of $1,750,000 or fiscal year royalties of $21 million for each of the two fiscal years.
Drilling:
1 well, drilled in February of 2011, 1,000 meters deep on 50% Crown land. Company Blue owns 75% of the well, with Company Green owning 25% of the well.
Credit Establishment:
Total credit established by drilling = $100,000 (1,000 meters * 1 well * 50% Crown * $200/meter). As this is Company Blue‟s only well, if it does not come on production during fiscal 2010/2011 there will be no Company Blue 2010/2011 royalties from which ADOE would pay drilling credits. Company Green has a maximum credit obtainable of $10.5 million ($21 million * 50%). (Note that royalties paid in fiscal 2009/2010 are not included in this maximum value.) Company Blue as licensee is responsible for credit assignment and, after reaching agreement with Company Green, assigns 100% of the credit to Company Green.
Credit Payment:
Fiscal 2010/2011 annual Royalties Paid by Company Green: $21,000,000 Maximum Credits Obtainable through DRC: $10,500,000 Credits Established by Drilling: $100,000 Credits Paid to Company Green: $100,000 Credits Remaining at Program‟s End: $0
7
APPENDIX 2: Western Canada Sedimentary Basin Cross-Section
