| Crude Oil and NGLs        |     | Natural Gas               |
|---------------------------|----------|---------------------------|
| WTI Cushing Oklahoma | WCS      | Canadian Light Sweet | North Sea Brent | Edmonton C5+ |   | Henry Hub Louisiana | AECO | BC Westcoast Station 2 |
| (US$/bbl)                 | (C$/bbl) | (C$/bbl)                  | (US$/bbl) | (C$/bbl) |   | (US$/MMbtu) | (C$/MMbtu) | (C$/MMbtu) |
| 94.99                     | 82.96    | 94.84                     | 101.80 | 104.52 |   | 4.30 | 4.60 | 4.45 |

| ·   | For the years ended December 31, 2014, 2013, 2012, and 2011, the reports by GLJ Petroleum Consultants Ltd. covered 100% of the Company’s SCO reserves. With the inclusion of non-traditional resources within the definition of “oil and gas producing activities” in the SEC’s modernization of oil and gas reporting rules, effective January 1, 2010 these reserves volumes are included within the Company’s crude oil and natural gas reserves totals. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | For the years ended December 31, 2014, 2013, 2012, and 2011, the reports by Sproule Associates Limited and Sproule International Limited covered 100% of the Company’s crude oil, bitumen, natural gas and NGLs reserves. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   | North America      |    |   |       |   |    |                                |   |   |                    |   |
|----------------------------------|--------|--------------------|---------|--------|------------|--------|---------|-------------------------------------|--------|--------|-------------------------|--------|
| Crude Oil and NGLs (MMbbl)       |   | SyntheticCrude Oil |    |   | Bitumen(1) |   |    | Crude Oil & NGLs |   |   | North AmericaTotal |   |   | NorthSea |   |   | Offshore Africa |   |   | Total |   |
| Net Proved Reserves              |   |               |    |   |       |   |    |                                |   |   |                    |   |   |   |   |   |   |   |   |   |   |
| Reserves, December 31, 2011      |   |               | 1,836   |   |       |   | 869     |                                |   |   | 366                     |   |   |   | 3,071 |   |   |   | 244 |   |   |   | 88 |   |   |   | 3,403 |   |
| Extensions and discoveries       |   |               | – |   |       |   | 90      |                                |   |   | 5                       |   |   |   | 95 |   |   |   | – |   |   |   | – |   |   |   | 95 |   |
| Improved recovery                |   |               | – |   |       |   | 25      |                                |   |   | 9                       |   |   |   | 34 |   |   |   | – |   |   |   | 1 |   |   |   | 35 |   |
| Purchases of reserves in place   |   |               | – |   |       |   | – |                                |   |   | 2                       |   |   |   | 2 |   |   |   | – |   |   |   | – |   |   |   | 2 |   |
| Sales of reserves in place       |   |               | – |   |       |   | – |                                |   |   | –                 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Production                       |   |               | (30     | )      |       |   | (70     | )                                   |   |   | (31                     | )      |   |   | (131 | ) |   |   | (7 | ) |   |   | (5 | ) |   |   | (143 | ) |
| Economic revisions due to prices |   |               | 34      |   |       |   | 6       |                                |   |   | (20                     | )      |   |   | 20 |   |   |   | 4 |   |   |   | – |   |   |   | 24 |   |
| Revisions of prior estimates     |   |               | 134     |   |       |   | 79      |                                |   |   | 39                      |   |   |   | 252 |   |   |   | (6 | ) |   |   | 1 |   |   |   | 247 |   |
| Reserves, December 31, 2012      |   |               | 1,974   |   |       |   | 999     |                                |   |   | 370                     |   |   |   | 3,343 |   |   |   | 235 |   |   |   | 85 |   |   |   | 3,663 |   |
| Extensions and discoveries       |   |               | – |   |       |   | 76      |                                |   |   | 13                      |   |   |   | 89 |   |   |   | – |   |   |   | – |   |   |   | 89 |   |
| Improved recovery                |   |               | – |   |       |   | 9       |                                |   |   | 7                       |   |   |   | 16 |   |   |   | – |   |   |   | – |   |   |   | 16 |   |
| Purchases of reserves in place   |   |               | – |   |       |   | – |                                |   |   | 8                       |   |   |   | 8 |   |   |   | 6 |   |   |   | – |   |   |   | 14 |   |
| Sales of reserves in place       |   |               | – |   |       |   | – |                                |   |   | –                 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Production                       |   |               | (35     | )      |       |   | (71     | )                                   |   |   | (33                     | )      |   |   | (139 | ) |   |   | (7 | ) |   |   | (5 | ) |   |   | (151 | ) |
| Economic revisions due to prices |   |               | (10     | )      |       |   | (1      | )                                   |   |   | 4                       |   |   |   | (7 | ) |   |   | – |   |   |   | (2 | ) |   |   | (9 | ) |
| Revisions of prior estimates     |   |               | (4      | )      |       |   | 56      |                                |   |   | 11                      |   |   |   | 63 |   |   |   | (2 | ) |   |   | 2 |   |   |   | 63 |   |
| Reserves, December 31, 2013      |   |               | 1,925   |   |       |   | 1,068   |                                |   |   | 380                     |   |   |   | 3,373 |   |   |   | 232 |   |   |   | 80 |   |   |   | 3,685 |   |
| Extensions and discoveries       |   |               | – |   |       |   | 112     |                                |   |   | 11                      |   |   |   | 123 |   |   |   | – |   |   |   | – |   |   |   | 123 |   |
| Improved recovery                |   |               | – |   |       |   | 10      |                                |   |   | 29                      |   |   |   | 39 |   |   |   | – |   |   |   | – |   |   |   | 39 |   |
| Purchases of reserves in place   |   |               | – |   |       |   | – |                                |   |   | 54                      |   |   |   | 54 |   |   |   | – |   |   |   | – |   |   |   | 54 |   |
| Sales of reserves in place       |   |               | – |   |       |   | – |                                |   |   | –                 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Production                       |   |               | (38     | )      |       |   | (76     | )                                   |   |   | (40                     | )      |   |   | (154 | ) |   |   | (6 | ) |   |   | (4 | ) |   |   | (164 | ) |
| Economic revisions due to prices |   |               | (89     | )      |       |   | 11      |                                |   |   | –                 |   |   |   | (78 | ) |   |   | (9 | ) |   |   | 1 |   |   |   | (86 | ) |
| Revisions of prior estimates     |   |               | (18     | )      |       |   | 23      |                                |   |   | 47                      |   |   |   | 52 |   |   |   | (6 | ) |   |   | – |   |   |   | 46 |   |
| Reserves, December 31, 2014      |   |               | 1,780   |   |       |   | 1,148   |                                |   |   | 481                     |   |   |   | 3,409 |   |   |   | 211 |   |   |   | 77 |   |   |   | 3,697 |   |
| Net proved developed reserves    |   |               |    |   |       |   |    |                                |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2011                |   |               | 1,588   |   |       |   | 269     |                                |   |   | 269                     |   |   |   | 2,126 |   |   |   | 78 |   |   |   | 61 |   |   |   | 2,265 |   |
| December 31, 2012                |   |               | 1,612   |   |       |   | 348     |                                |   |   | 295                     |   |   |   | 2,255 |   |   |   | 66 |   |   |   | 55 |   |   |   | 2,376 |   |
| December 31, 2013                |   |               | 1,621   |   |       |   | 431     |                                |   |   | 298                     |   |   |   | 2,350 |   |   |   | 59 |   |   |   | 30 |   |   |   | 2,439 |   |
| December 31, 2014                |   |               | 1,631   |   |       |   | 401     |                                |   |   | 358                     |   |   |   | 2,390 |   |   |   | 39 |   |   |   | 21 |   |   |   | 2,450 |   |

| (1)   | Bitumen as defined by the SEC, “is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis.”  Under this definition, all the Company’s thermal and primary heavy crude oil reserves have been classified as bitumen. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Natural Gas (Bcf)                |   | NorthAmerica |    |   | NorthSea |   |    | OffshoreAfrica |   |   | Total   |   |
|----------------------------------|--------|--------------|---------|--------|----------|--------|---------|----------------|--------|--------|---------|--------|
| Net Proved Reserves              |   |         |    |   |     |   |    |           |   |   |    |   |
| Reserves, December 31, 2011      |   |         | 3,499   |   |     |   | 97      |           |   |   | 54      |   |   |   | 3,650 |   |
| Extensions and discoveries       |   |         | 50      |   |     |   | – |           |   |   | – |   |   |   | 50 |   |
| Improved recovery                |   |         | 11      |   |     |   | – |           |   |   | – |   |   |   | 11 |   |
| Purchases of reserves in place   |   |         | 34      |   |     |   | – |           |   |   | – |   |   |   | 34 |   |
| Sales of reserves in place       |   |         | (1      | )      |     |   | – |           |   |   | – |   |   |   | (1 | ) |
| Production                       |   |         | (429    | )      |     |   | (1      | )              |   |   | (6      | )      |   |   | (436 | ) |
| Economic revisions due to prices |   |         | (596    | )      |     |   | 1       |           |   |   | – |   |   |   | (595 | ) |
| Revisions of prior estimates     |   |         | 79      |   |     |   | (14     | )              |   |   | – |   |   |   | 65 |   |
| Reserves, December 31, 2012      |   |         | 2,647   |   |     |   | 83      |           |   |   | 48      |   |   |   | 2,778 |   |
| Extensions and discoveries       |   |         | 126     |   |     |   | – |           |   |   | – |   |   |   | 126 |   |
| Improved recovery                |   |         | 62      |   |     |   | – |           |   |   | – |   |   |   | 62 |   |
| Purchases of reserves in place   |   |         | 99      |   |     |   | 14      |           |   |   | – |   |   |   | 113 |   |
| Sales of reserves in place       |   |         | (1      | )      |     |   | – |           |   |   | – |   |   |   | (1 | ) |
| Production                       |   |         | (394    | )      |     |   | (1      | )              |   |   | (8      | )      |   |   | (403 | ) |
| Economic revisions due to prices |   |         | 489     |   |     |   | – |           |   |   | (2      | )      |   |   | 487 |   |
| Revisions of prior estimates     |   |         | 206     |   |     |   | (4      | )              |   |   | (1      | )      |   |   | 201 |   |
| Reserves, December 31, 2013      |   |         | 3,234   |   |     |   | 92      |           |   |   | 37      |   |   |   | 3,363 |   |
| Extensions and discoveries       |   |         | 119     |   |     |   | – |           |   |   | – |   |   |   | 119 |   |
| Improved recovery                |   |         | 443     |   |     |   | – |           |   |   | – |   |   |   | 443 |   |
| Purchases of reserves in place   |   |         | 1,229   |   |     |   | – |           |   |   | – |   |   |   | 1,229 |   |
| Sales of reserves in place       |   |         | – |   |     |   | – |           |   |   | – |   |   |   | – |   |
| Production                       |   |         | (514    | )      |     |   | (2      | )              |   |   | (6      | )      |   |   | (522 | ) |
| Economic revisions due to prices |   |         | 576     |   |     |   | (6      | )              |   |   | 1       |   |   |   | 571 |   |
| Revisions of prior estimates     |   |         | (70     | )      |     |   | – |           |   |   | 2       |   |   |   | (68 | ) |
| Reserves, December 31, 2014      |   |         | 5,017   |   |     |   | 84      |           |   |   | 34      |   |   |   | 5,135 |   |
| Net proved developed reserves    |   |         |    |   |     |   |    |           |   |   |    |   |   |   |   |   |
| December 31, 2011                |   |         | 2,637   |   |     |   | 60      |           |   |   | 47      |   |   |   | 2,744 |   |
| December 31, 2012                |   |         | 2,060   |   |     |   | 58      |           |   |   | 39      |   |   |   | 2,157 |   |
| December 31, 2013                |   |         | 2,342   |   |     |   | 72      |           |   |   | 27      |   |   |   | 2,441 |   |
| December 31, 2014                |   |         | 3,585   |   |     |   | 64      |           |   |   | 22      |   |   |   | 3,671 |   |

----

|                                         |   | 2014         |    |
|----------------------------------------------|--------|--------------|---------|
| (millions of Canadian dollars)               |   | NorthAmerica |    |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Proved properties                            |   | $            | 82,554  |   |   | $ | 6,182 |   |   | $ | 3,858 |   |   | $ | 92,594 |   |
| Unproved properties                          |   |         | 3,426   |   |   |   | – |   |   |   | 131 |   |   |   | 3,557 |   |
|                                         |   |         | 85,980  |   |   |   | 6,182 |   |   |   | 3,989 |   |   |   | 96,151 |   |
| Less: accumulated depletion and depreciation |   |         | (33,750 | ) |   |   | (4,049 | ) |   |   | (2,890 | ) |   |   | (40,689 | ) |
| Net capitalized costs                        |   | $            | 52,230  |   |   | $ | 2,133 |   |   | $ | 1,099 |   |   | $ | 55,462 |   |

|                                         |   | 2013         |    |
|----------------------------------------------|--------|--------------|---------|
| (millions of Canadian dollars)               |   | NorthAmerica |    |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Proved properties                            |   | $            | 73,176  |   |   | $ | 5,200 |   |   | $ | 3,356 |   |   | $ | 81,732 |   |
| Unproved properties                          |   |         | 2,570   |   |   |   | – |   |   |   | 39 |   |   |   | 2,609 |   |
|                                         |   |         | 75,746  |   |   |   | 5,200 |   |   |   | 3,395 |   |   |   | 84,341 |   |
| Less: accumulated depletion and depreciation |   |         | (29,729 | ) |   |   | (3,467 | ) |   |   | (2,551 | ) |   |   | (35,747 | ) |
| Net capitalized costs                        |   | $            | 46,017  |   |   | $ | 1,733 |   |   | $ | 844 |   |   | $ | 48,594 |   |

|                                         |   | 2012         |    |
|----------------------------------------------|--------|--------------|---------|
| (millions of Canadian dollars)               |   | NorthAmerica |    |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Proved properties                            |   | $            | 67,287  |   |   | $ | 4,574 |   |   | $ | 3,045 |   |   | $ | 74,906 |   |
| Unproved properties                          |   |         | 2,564   |   |   |   | – |   |   |   | 47 |   |   |   | 2,611 |   |
|                                         |   |         | 69,851  |   |   |   | 4,574 |   |   |   | 3,092 |   |   |   | 77,517 |   |
| Less: accumulated depletion and depreciation |   |         | (26,193 | ) |   |   | (2,709 | ) |   |   | (2,273 | ) |   |   | (31,175 | ) |
| Net capitalized costs                        |   | $            | 43,658  |   |   | $ | 1,865 |   |   | $ | 819 |   |   | $ | 46,342 |   |

----

|                           |   | 2014         |   |
|--------------------------------|--------|--------------|--------|
| (millions of Canadian dollars) |   | NorthAmerica |   |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Property acquisitions          |   |         |   |   |   |   |   |   |   |   |   |   |
| Proved                         |   | $            | 3,323  |   |   | $ | 1 |   |   | $ | – |   |   | $ | 3,324 |   |
| Unproved                       |   |         | 873    |   |   |   | – |   |   |   | – |   |   |   | 873 |   |
| Exploration                    |   |         | 230    |   |   |   | – |   |   |   | 87 |   |   |   | 317 |   |
| Development                    |   |         | 6,263  |   |   |   | 485 |   |   |   | 193 |   |   |   | 6,941 |   |
| Costs incurred                 |   | $            | 10,689 |   |   | $ | 486 |   |   | $ | 280 |   |   | $ | 11,455 |   |

|                           |   | 2013         |   |
|--------------------------------|--------|--------------|--------|
| (millions of Canadian dollars) |   | NorthAmerica |   |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Property acquisitions          |   |         |   |   |   |   |   |   |   |   |   |   |
| Proved                         |   | $            | 250    |   |   | $ | 2 |   |   | $ | – |   |   | $ | 252 |   |
| Unproved                       |   |         | 92     |   |   |   | – |   |   |   | 4 |   |   |   | 96 |   |
| Exploration                    |   |         | (2     | ) |   |   | – |   |   |   | 25 |   |   |   | 23 |   |
| Development                    |   |         | 6,152  |   |   |   | 297 |   |   |   | 97 |   |   |   | 6,546 |   |
| Costs incurred                 |   | $            | 6,492  |   |   | $ | 299 |   |   | $ | 126 |   |   | $ | 6,917 |   |

|                           |   | 2012         |   |
|--------------------------------|--------|--------------|--------|
| (millions of Canadian dollars) |   | NorthAmerica |   |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Property acquisitions          |   |         |   |   |   |   |   |   |   |   |   |   |
| Proved                         |   | $            | 144    |   |   | $ | – |   |   | $ | – |   |   | $ | 144 |   |
| Unproved                       |   |         | 44     |   |   |   | – |   |   |   | 3 |   |   |   | 47 |   |
| Exploration                    |   |         | 251    |   |   |   | – |   |   |   | 11 |   |   |   | 262 |   |
| Development                    |   |         | 5,773  |   |   |   | 556 |   |   |   | 75 |   |   |   | 6,404 |   |
| Costs incurred                 |   | $            | 6,212  |   |   | $ | 556 |   |   | $ | 89 |   |   | $ | 6,857 |   |

----

|                                                                              |   | 2014         |    |
|-----------------------------------------------------------------------------------|--------|--------------|---------|
| (millions of Canadian dollars)                                                    |   | NorthAmerica |    |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Crude oil and natural gas revenue, net of  royalties and blending costs |   | $            | 15,385  |   |   | $ | 696 |   |   | $ | 460 |   |   | $ | 16,541 |   |
| Production                                                                        |   |         | (4,533  | ) |   |   | (496 | ) |   |   | (212 | ) |   |   | (5,241 | ) |
| Transportation                                                                    |   |         | (593    | ) |   |   | (5 | ) |   |   | (1 | ) |   |   | (599 | ) |
| Depletion, depreciation and amortization                                          |   |         | (4,497  | ) |   |   | (269 | ) |   |   | (105 | ) |   |   | (4,871 | ) |
| Asset retirement obligation accretion                                             |   |         | (145    | ) |   |   | (38 | ) |   |   | (10 | ) |   |   | (193 | ) |
| Petroleum revenue tax                                                             |   |         | – |   |   |   | 147 |   |   |   | – |   |   |   | 147 |   |
| Income tax                                                                        |   |         | (1,411  | ) |   |   | (22 | ) |   |   | (29 | ) |   |   | (1,462 | ) |
| Results of operations                                                             |   | $            | 4,206   |   |   | $ | 13 |   |   | $ | 103 |   |   | $ | 4,322 |   |

|                                                                              |   | 2013         |    |
|-----------------------------------------------------------------------------------|--------|--------------|---------|
| (millions of Canadian dollars)                                                    |   | NorthAmerica |    |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Crude oil and natural gas revenue, net of  royalties and blending costs |   | $            | 12,274  |   |   | $ | 726 |   |   | $ | 687 |   |   | $ | 13,687 |   |
| Production                                                                        |   |         | (3,918  | ) |   |   | (436 | ) |   |   | (191 | ) |   |   | (4,545 | ) |
| Transportation                                                                    |   |         | (483    | ) |   |   | (6 | ) |   |   | (1 | ) |   |   | (490 | ) |
| Depletion, depreciation and amortization                                          |   |         | (4,150  | ) |   |   | (552 | ) |   |   | (134 | ) |   |   | (4,836 | ) |
| Asset retirement obligation accretion                                             |   |         | (126    | ) |   |   | (35 | ) |   |   | (10 | ) |   |   | (171 | ) |
| Petroleum revenue tax                                                             |   |         | – |   |   |   | 188 |   |   |   | – |   |   |   | 188 |   |
| Income tax                                                                        |   |         | (903    | ) |   |   | 71 |   |   |   | (88 | ) |   |   | (920 | ) |
| Results of operations                                                             |   | $            | 2,694   |   |   | $ | (44 | ) |   | $ | 263 |   |   | $ | 2,913 |   |

|                                                                              |   | 2012         |    |
|-----------------------------------------------------------------------------------|--------|--------------|---------|
| (millions of Canadian dollars)                                                    |   | NorthAmerica |    |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Crude oil and natural gas revenue, net of  royalties and blending costs |   | $            | 10,609  |   |   | $ | 837 |   |   | $ | 574 |   |   | $ | 12,020 |   |
| Production                                                                        |   |         | (3,669  | ) |   |   | (402 | ) |   |   | (163 | ) |   |   | (4,234 | ) |
| Transportation                                                                    |   |         | (479    | ) |   |   | (10 | ) |   |   | (1 | ) |   |   | (490 | ) |
| Depletion, depreciation and amortization                                          |   |         | (3,860  | ) |   |   | (296 | ) |   |   | (165 | ) |   |   | (4,321 | ) |
| Asset retirement obligation accretion                                             |   |         | (117    | ) |   |   | (27 | ) |   |   | (7 | ) |   |   | (151 | ) |
| Petroleum revenue tax                                                             |   |         | – |   |   |   | (14 | ) |   |   | – |   |   |   | (14 | ) |
| Income tax                                                                        |   |         | (623    | ) |   |   | (55 | ) |   |   | (55 | ) |   |   | (733 | ) |
| Results of operations                                                             |   | $            | 1,861   |   |   | $ | 33 |   |   | $ | 183 |   |   | $ | 2,077 |   |

----

| ·   | Future production will include production not only from proved properties, but may also include production from probable and possible reserves; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Future production of crude oil and natural gas from proved properties will differ from reserves estimated; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ·   | Future production rates will vary from those estimated; |
|--------------------|---------------------------------------------------------|

| ·   | Future prices and costs rather than 12-month average prices and costs as at the balance sheet date will apply; |
|--------------------|----------------------------------------------------------------------------------------------------------------|

| ·   | Economic factors such as interest rates, income tax rates, regulatory and fiscal environments and operating  conditions will change; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Future estimated income taxes do not take into account the effects of future exploration and evaluation expenditures; and, |
|--------------------|----------------------------------------------------------------------------------------------------------------------------|

| ·   | Future development and asset retirement obligations will differ from those estimated. |
|--------------------|---------------------------------------------------------------------------------------|

|                                                                 |   | 2014         |     |
|----------------------------------------------------------------------|--------|--------------|----------|
| (millions of Canadian dollars)                                       |   | NorthAmerica |     |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Future cash inflows                                                  |   | $            | 322,100  |   |   | $ | 24,786 |   |   | $ | 8,853 |   |   | $ | 355,739 |   |
| Future production costs                                              |   |         | (123,055 | ) |   |   | (9,708 | ) |   |   | (2,171 | ) |   |   | (134,934 | ) |
| Future development costs and asset retirement  obligations |   |         | (56,651  | ) |   |   | (8,515 | ) |   |   | (1,863 | ) |   |   | (67,029 | ) |
| Future income taxes                                                  |   |         | (24,578  | ) |   |   | (4,816 | ) |   |   | (1,178 | ) |   |   | (30,572 | ) |
| Future net cash flows                                                |   |         | 117,816  |   |   |   | 1,747 |   |   |   | 3,641 |   |   |   | 123,204 |   |
| 10% annual discount for timing of future   cash flows |   |         | (67,899  | ) |   |   | (813 | ) |   |   | (1,672 | ) |   |   | (70,384 | ) |
| Standardized measure of future net cash flows                        |   | $            | 49,917   |   |   | $ | 934 |   |   | $ | 1,969 |   |   | $ | 52,820 |   |

|                                                                 |   | 2013         |     |
|----------------------------------------------------------------------|--------|--------------|----------|
| (millions of Canadian dollars)                                       |   | NorthAmerica |     |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Future cash inflows                                                  |   | $            | 290,892  |   |   | $ | 26,378 |   |   | $ | 9,146 |   |   | $ | 326,416 |   |
| Future production costs                                              |   |         | (116,984 | ) |   |   | (9,921 | ) |   |   | (2,560 | ) |   |   | (129,465 | ) |
| Future development costs and asset retirement  obligations |   |         | (51,749  | ) |   |   | (7,602 | ) |   |   | (1,840 | ) |   |   | (61,191 | ) |
| Future income taxes                                                  |   |         | (20,384  | ) |   |   | (6,586 | ) |   |   | (1,154 | ) |   |   | (28,124 | ) |
| Future net cash flows                                                |   |         | 101,775  |   |   |   | 2,269 |   |   |   | 3,592 |   |   |   | 107,636 |   |
| 10% annual discount for timing of future   cash flows |   |         | (65,063  | ) |   |   | (976 | ) |   |   | (1,755 | ) |   |   | (67,794 | ) |
| Standardized measure of future net cash flows                        |   | $            | 36,712   |   |   | $ | 1,293 |   |   | $ | 1,837 |   |   | $ | 39,842 |   |

|                                                                 |   | 2012         |     |
|----------------------------------------------------------------------|--------|--------------|----------|
| (millions of Canadian dollars)                                       |   | NorthAmerica |     |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Future cash inflows                                                  |   | $            | 273,167  |   |   | $ | 26,922 |   |   | $ | 7,985 |   |   | $ | 308,074 |   |
| Future production costs                                              |   |         | (114,825 | ) |   |   | (9,369 | ) |   |   | (2,428 | ) |   |   | (126,622 | ) |
| Future development costs and asset retirement  obligations |   |         | (49,226  | ) |   |   | (7,032 | ) |   |   | (1,640 | ) |   |   | (57,898 | ) |
| Future income taxes                                                  |   |         | (16,688  | ) |   |   | (7,662 | ) |   |   | (949 | ) |   |   | (25,299 | ) |
| Future net cash flows                                                |   |         | 92,428   |   |   |   | 2,859 |   |   |   | 2,968 |   |   |   | 98,255 |   |
| 10% annual discount for timing of future   cash flows |   |         | (61,878  | ) |   |   | (1,330 | ) |   |   | (1,313 | ) |   |   | (64,521 | ) |
| Standardized measure of future net cash flows                        |   | $            | 30,550   |   |   | $ | 1,529 |   |   | $ | 1,655 |   |   | $ | 33,734 |   |

| (millions of Canadian dollars)                                                  |   | 2014   |    |   | 2013   |   |   | 2012   |   |
|---------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
| Sales of crude oil and natural gas produced, net of  production costs |   | $      | (10,321 | )      |   | $      | (8,525 | )      |   | $ | (7,895 | ) |
| Net changes in sales prices and production costs                                |   |   | 8,575   |   |   |   | 6,992  |   |   |   | (7,994 | ) |
| Extensions, discoveries and improved recovery                                   |   |   | 4,428   |   |   |   | 2,304  |   |   |   | 1,834 |   |
| Changes in estimated future development costs                                   |   |   | (2,821  | )      |   |   | (1,536 | )      |   |   | (3,492 | ) |
| Purchases of proved reserves in place                                           |   |   | 4,425   |   |   |   | 638    |   |   |   | 83 |   |
| Sales of proved reserves in place                                               |   |   | – |   |   |   | (1     | )      |   |   | (1 | ) |
| Revisions of previous reserve estimates                                         |   |   | (1,306  | )      |   |   | 622    |   |   |   | 4,266 |   |
| Accretion of discount                                                           |   |   | 5,154   |   |   |   | 4,388  |   |   |   | 5,110 |   |
| Changes in production timing and other                                          |   |   | 5,895   |   |   |   | 2,341  |   |   |   | 946 |   |
| Net change in income taxes                                                      |   |   | (1,051  | )      |   |   | (1,115 | )      |   |   | 2,154 |   |
| Net change                                                                      |   |   | 12,978  |   |   |   | 6,108  |   |   |   | (4,989 | ) |
| Balance – beginning of year                                               |   |   | 39,842  |   |   |   | 33,734 |   |   |   | 38,723 |   |
| Balance – end of year                                                     |   | $      | 52,820  |   |   | $      | 39,842 |   |   | $ | 33,734 |   |

----