| Crude Oil and NGLs   |  Natural Gas |
|----------------------|-------------------|
| WTI Cushing Oklahoma | WCS               | EdmontonPar | North SeaBrent | Edmonton C5+ | Henry HubLouisiana | AECO | BC WestcoastStation 2 |
| (US$/bbl)            | (C$/bbl)          | (C$/bbl) | (US$/bbl) | (C$/bbl) | (US$/MMbtu) | (C$/MMbtu) | (C$/MMbtu) |
| 96.19                | 77.74             | 96.03 | 110.96 | 104.60  | 4.12  | 3.77  | 3.33  |

| — | For the years ended December 31, 2011, 2010, 2009 and 2008, the reports by GLJ Petroleum Consultants Ltd. (“GLJ”) covered 100% of the Company’s synthetic crude oil 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 (“Final Rule”), 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, 2011, 2010, 2009 and 2008, the reports by Sproule Associates Limited and Sproule International Limited (together as “Sproule”) covered 100% of the Company’s bitumen, crude oil and natural gas liquids and natural gas reserves. |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                             |   | North America         |    |   |       |   |    |                 |   |   |                    |   |
|----------------------------------|--------|-----------------------|---------|--------|------------|--------|---------|----------------------|--------|--------|-------------------------|--------|
| Crude Oil and NGLs (MMbbl)       |   | SyntheticCrude Oil(1) |    |   | Bitumen(2) |   |    | Crude Oil & NGLs |   |   | North AmericaTotal |   |   | NorthSea |   |   | OffshoreAfrica |   |   | Total |   |
| Net Proved Reserves              |   |                  |    |   |       |   |    |                 |   |   |                    |   |   |   |   |   |   |   |   |   |   |
| Reserves, December 31, 2008      |   |                  | – |   |       |   | 690     |                 |   |   | 258                     |   |   |   | 948 |   |   |   | 256 |   |   |   | 142 |   |   |   | 1,346 |   |
| Extensions and discoveries       |   |                  | – |   |       |   | 24      |                 |   |   | 6                       |   |   |   | 30 |   |   |   | – |   |   |   | – |   |   |   | 30 |   |
| Improved recovery                |   |                  | – |   |       |   | 8       |                 |   |   | 75                      |   |   |   | 83 |   |   |   | – |   |   |   | – |   |   |   | 83 |   |
| SEC reliable technology(3)       |   |                  | – |   |       |   | 7       |                 |   |   | –                 |   |   |   | 7 |   |   |   | – |   |   |   | – |   |   |   | 7 |   |
| SEC rule transition(4)           |   |                  | 1,650   |   |       |   | – |                 |   |   | –                 |   |   |   | 1,650 |   |   |   | – |   |   |   | – |   |   |   | 1,650 |   |
| Purchases of reserves in place   |   |                  | – |   |       |   | – |                 |   |   | 1                       |   |   |   | 1 |   |   |   | – |   |   |   | – |   |   |   | 1 |   |
| Sales of reserves in place       |   |                  | – |   |       |   | – |                 |   |   | –                 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Production                       |   |                  | – |   |       |   | (49     | )                    |   |   | (24                     | )      |   |   | (73 | ) |   |   | (14 | ) |   |   | (11 | ) |   |   | (98 | ) |
| Economic revisions due to prices |   |                  | – |   |       |   | (64     | )                    |   |   | (8                      | )      |   |   | (72 | ) |   |   | 57 |   |   |   | (4 | ) |   |   | (19 | ) |
| Revisions of prior estimates     |   |                  | – |   |       |   | 79      |                 |   |   | 11                      |   |   |   | 90 |   |   |   | (59 | ) |   |   | (4 | ) |   |   | 27 |   |
| Reserves, December 31, 2009      |   |                  | 1,650   |   |       |   | 695     |                 |   |   | 319                     |   |   |   | 2,664 |   |   |   | 240 |   |   |   | 123 |   |   |   | 3,027 |   |
| Extensions and discoveries       |   |                  | – |   |       |   | 55      |                 |   |   | 9                       |   |   |   | 64 |   |   |   | – |   |   |   | – |   |   |   | 64 |   |
| Improved recovery                |   |                  | – |   |       |   | 22      |                 |   |   | 6                       |   |   |   | 28 |   |   |   | – |   |   |   | – |   |   |   | 28 |   |
| Purchases of reserves in place   |   |                  | – |   |       |   | 92      |                 |   |   | 15                      |   |   |   | 107 |   |   |   | – |   |   |   | – |   |   |   | 107 |   |
| Sales of reserves in place       |   |                  | – |   |       |   | – |                 |   |   | –                 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Production                       |   |                  | (32     | )      |       |   | (54     | )                    |   |   | (26                     | )      |   |   | (112 | ) |   |   | (12 | ) |   |   | (10 | ) |   |   | (134 | ) |
| Economic revisions due to prices |   |                  | (41     | )      |       |   | (25     | )                    |   |   | –                 |   |   |   | (66 | ) |   |   | 28 |   |   |   | – |   |   |   | (38 | ) |
| Revisions of prior estimates     |   |                  | 86      |   |       |   | 93      |                 |   |   | 5                       |   |   |   | 184 |   |   |   | 1 |   |   |   | (11 | ) |   |   | 174 |   |
| Reserves, December 31, 2010      |   |                  | 1,663   |   |       |   | 878     |                 |   |   | 328                     |   |   |   | 2,869 |   |   |   | 257 |   |   |   | 102 |   |   |   | 3,228 |   |
| Extensions and discoveries       |   |                  | – |   |       |   | 78      |                 |   |   | 28                      |   |   |   | 106 |   |   |   | – |   |   |   | – |   |   |   | 106 |   |
| Improved recovery                |   |                  | – |   |       |   | 10      |                 |   |   | 8                       |   |   |   | 18 |   |   |   | – |   |   |   | 2 |   |   |   | 20 |   |
| Purchases of reserves in place   |   |                  | – |   |       |   | – |                 |   |   | 6                       |   |   |   | 6 |   |   |   | – |   |   |   | – |   |   |   | 6 |   |
| Sales of reserves in place       |   |                  | – |   |       |   | – |                 |   |   | –                 |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Production                       |   |                  | (14     | )      |       |   | (60     | )                    |   |   | (28                     | )      |   |   | (102 | ) |   |   | (11 | ) |   |   | (8 | ) |   |   | (121 | ) |
| Economic revisions due to prices |   |                  | 18      |   |       |   | (32     | )                    |   |   | 1                       |   |   |   | (13 | ) |   |   | 26 |   |   |   | – |   |   |   | 13 |   |
| Revisions of prior estimates     |   |                  | 169     |   |       |   | (5      | )                    |   |   | 23                      |   |   |   | 187 |   |   |   | (28 | ) |   |   | (8 | ) |   |   | 151 |   |
| Reserves, December 31, 2011      |   |                  | 1,836   |   |       |   | 869     |                 |   |   | 366                     |   |   |   | 3,071 |   |   |   | 244 |   |   |   | 88 |   |   |   | 3,403 |   |
| Net proved developed reserves    |   |                  |    |   |       |   |    |                 |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| December 31, 2008                |   |                  |    |   |       |   |    |                 |   |   |                    |   |   |   | 428 |   |   |   | 97 |   |   |   | 107 |   |   |   | 632 |   |
| December 31, 2009                |   |                  | 1,589   |   |       |   | 268     |                 |   |   | 204                     |   |   |   | 2,061 |   |   |   | 94 |   |   |   | 106 |   |   |   | 2,261 |   |
| December 31, 2010                |   |                  | 1,546   |   |       |   | 262     |                 |   |   | 240                     |   |   |   | 2,048 |   |   |   | 94 |   |   |   | 83 |   |   |   | 2,225 |   |
| December 31, 2011                |   |                  | 1,588   |   |       |   | 269     |                 |   |   | 269                     |   |   |   | 2,126 |   |   |   | 78 |   |   |   | 61 |   |   |   | 2,265 |   |

| (1) | Prior to December 31, 2009, the Company’s Oil Sands Mining and Upgrading SCO reserves were reported separately in accordance with the SEC’s Industry Guide 7.  With the SEC’s Final Rule in effect January 1, 2010, this SCO is now included in the Company’s crude oil and natural gas reserves totals. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Bitumen as defined by the SEC under the Final Rule, “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 oil reserves have been classified as bitumen.  Prior to December 31, 2009, these reserves would have been classified within the Company’s conventional crude oil and NGL totals. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | SEC reliable technology accounts for reserves volumes added due to the reserves rule changes. |
|-----|-----------------------------------------------------------------------------------------------|

| (4) | For continuity purposes, with respect to the transition from Industry Guide 7 to the SEC’s Final Rule, the following SCO table has been provided to illustrate the changes in the Company’s Oil Sands Mining and Upgrading SCO reserves for the 2009 year. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Oil Sands Mining and Upgrading SCO Reserves | Net proved (MMbbl) |
|---------------------------------------------|--------------------|
| Reserves, December 31, 2008                 | 1,946              |
| Production                                  | (18)               |
| Economic revisions due to prices            | (307)              |
| Revisions of prior estimates                | 29                 |
| Reserves, December 31, 2009                 | 1,650              |

----

| Natural Gas (Bcf)                |   | NorthAmerica |    |   | NorthSea |   |    | OffshoreAfrica |   |   | Total   |   |
|----------------------------------|--------|--------------|---------|--------|----------|--------|---------|----------------|--------|--------|---------|--------|
| Net Proved Reserves              |   |         |    |   |     |   |    |           |   |   |    |   |
| Reserves, December 31, 2008      |   |         | 3,523   |   |     |   | 67      |           |   |   | 94      |   |   |   | 3,684 |   |
| Extensions and discoveries       |   |         | 92      |   |     |   | – |           |   |   | – |   |   |   | 92 |   |
| Improved recovery                |   |         | 11      |   |     |   | – |           |   |   | – |   |   |   | 11 |   |
| Purchases of reserves in place   |   |         | 15      |   |     |   | – |           |   |   | – |   |   |   | 15 |   |
| Sales of reserves in place       |   |         | (6      | )      |     |   | – |           |   |   | – |   |   |   | (6 | ) |
| Production                       |   |         | (443    | )      |     |   | (4      | )              |   |   | (6      | )      |   |   | (453 | ) |
| Economic revisions due to prices |   |         | (335    | )      |     |   | 12      |           |   |   | (4      | )      |   |   | (327 | ) |
| Revisions of prior estimates     |   |         | 170     |   |     |   | (8      | )              |   |   | 1       |   |   |   | 163 |   |
| Reserves, December 31, 2009      |   |         | 3,027   |   |     |   | 67      |           |   |   | 85      |   |   |   | 3,179 |   |
| Extensions and discoveries       |   |         | 249     |   |     |   | – |           |   |   | – |   |   |   | 249 |   |
| Improved recovery                |   |         | 19      |   |     |   | – |           |   |   | – |   |   |   | 19 |   |
| Purchases of reserves in place   |   |         | 364     |   |     |   | – |           |   |   | – |   |   |   | 364 |   |
| Sales of reserves in place       |   |         | – |   |     |   | – |           |   |   | – |   |   |   | – |   |
| Production                       |   |         | (426    | )      |     |   | (4      | )              |   |   | (5      | )      |   |   | (435 | ) |
| Economic revisions due to prices |   |         | 105     |   |     |   | 6       |           |   |   | – |   |   |   | 111 |   |
| Revisions of prior estimates     |   |         | 83      |   |     |   | 9       |           |   |   | (4      | )      |   |   | 88 |   |
| Reserves, December 31, 2010      |   |         | 3,421   |   |     |   | 78      |           |   |   | 76      |   |   |   | 3,575 |   |
| Extensions and discoveries       |   |         | 154     |   |     |   | – |           |   |   | – |   |   |   | 154 |   |
| Improved recovery                |   |         | 48      |   |     |   | – |           |   |   | – |   |   |   | 48 |   |
| Purchases of reserves in place   |   |         | 375     |   |     |   | – |           |   |   | – |   |   |   | 375 |   |
| Sales of reserves in place       |   |         | (1      | )      |     |   | – |           |   |   | – |   |   |   | (1 | ) |
| Production                       |   |         | (433    | )      |     |   | (2      | )              |   |   | (6      | )      |   |   | (441 | ) |
| Economic revisions due to prices |   |         | (104    | )      |     |   | 3       |           |   |   | – |   |   |   | (101 | ) |
| Revisions of prior estimates     |   |         | 39      |   |     |   | 18      |           |   |   | (16     | )      |   |   | 41 |   |
| Reserves, December 31, 2011      |   |         | 3,499   |   |     |   | 97      |           |   |   | 54      |   |   |   | 3,650 |   |
| Net proved developed reserves    |   |         |    |   |     |   |    |           |   |   |    |   |   |   |   |   |
| December 31, 2008                |   |         | 2,690   |   |     |   | 45      |           |   |   | 89      |   |   |   | 2,824 |   |
| December 31, 2009                |   |         | 2,333   |   |     |   | 45      |           |   |   | 81      |   |   |   | 2,459 |   |
| December 31, 2010                |   |         | 2,557   |   |     |   | 49      |           |   |   | 72      |   |   |   | 2,678 |   |
| December 31, 2011                |   |         | 2,637   |   |     |   | 60      |           |   |   | 47      |   |   |   | 2,744 |   |

----

|                                                    | 2011         |
|---------------------------------------------------------|--------------|
| (millions of Canadian dollars)                          | NorthAmerica | NorthSea | OffshoreAfrica(1) | Total |
| Proved properties                                       | $            | 61,331  | $ | 4,147  | $ | 3,044  | $ | 68,522  |
| Unproved properties                                     |         | 2,442  |   | –  |   | 33  |   | 2,475  |
|                                                    |         | 63,773  |   | 4,147  |   | 3,077  |   | 70,997  |
| Less: accumulated depletion  and depreciation |         | (22,497) |   | (2,512) |   | (2,152) |   | (27,161) |
| Net capitalized costs                                   | $            | 41,276   | $ | 1,635   | $ | 925  | $ | 43,836  |
|                                                    | 2010(2)      |
|---------------------------------------------------------|--------------|
| (millions of Canadian dollars)                          | NorthAmerica | NorthSea | OffshoreAfrica (1) | Total |
| Proved properties                                       | $            | 55,030  | $ | 3,813  | $ | 2,928  | $ | 61,771  |
| Unproved properties                                     |         | 2,366  |   | 5  |   | 31  |   | 2,402  |
|                                                    |         | 57,396  |   | 3,818  |   | 2,959  |    | 64,173  |
| Less: accumulated depletion  and depreciation |         | (19,502) |   | (2,205) |   | (1,904) |   | (23,611) |
| Net capitalized costs                                   | $            | 37,894   | $ | 1,613  | $ | 1,055  | $ | 40,562  |

| (1) | As at December 31, 2011 and 2010, the Company’s Other segment has been included in Offshore Africa. |
|-----|-----------------------------------------------------------------------------------------------------------|

| (2) | Comparative amounts for 2010 have been restated to reflect the adoption of IFRS. |
|-----|----------------------------------------------------------------------------------|

|                           | 2011         |
|--------------------------------|--------------|
| (millions of Canadian dollars) | NorthAmerica | NorthSea | OffshoreAfrica(1) | Total |
| Property acquisitions          |         |   |   |   |   |   |   |   |
| Proved                         | $            | 1,012 | $ | – | $ | – | $ | 1,012 |
| Unproved                       |         | 59 |   | – |   | – |   | 59 |
| Exploration                    |         | 250 |   | 1 |   | 2 |   | 253 |
| Development                    |         | 5,559 |   | 235 |   | 76 |   | 5,870 |
| Costs incurred                 | $            | 6,880 | $ | 236 | $ | 78 | $ | 7,194 |
|                           | 2010(2)      |
|--------------------------------|--------------|
| (millions of Canadian dollars) | NorthAmerica | NorthSea | OffshoreAfrica(1) | Total |
| Property acquisitions          |         |   |   |   |   |   |   |   |
| Proved                         | $            | 1,482 | $ | – | $ | – | $ | 1,482 |
| Unproved                       |         | 522 |   | – |   | – |   | 522 |
| Exploration                    |         | 41 |   | 6 |   | 3 |   | 50 |
| Development                    |         | 3,332 |   | 190 |   | 254 |   | 3,776 |
| Costs incurred                 | $            | 5,377 | $ | 196 | $ | 257 | $ | 5,830 |

|  (1) | As at December 31, 2011 and 2010, the Company’s Other segment has been included in Offshore Africa. |
|-----------|-----------------------------------------------------------------------------------------------------------|

|  (2) | Comparative amounts for 2010 have been restated to reflect the adoption of IFRS. |
|-----------|----------------------------------------------------------------------------------|

----

|                                                                              | 2011         |
|-----------------------------------------------------------------------------------|--------------|
| (millions of Canadian dollars)                                                    | NorthAmerica | NorthSea | OffshoreAfrica | Total |
| Crude oil and natural gas revenue, net of  royalties and blending costs | $            | 9,600  | $ | 1,206  | $ | 828  | $ | 11,634  |
| Production                                                                        |         | (3,060) |   | (412) |   | (186) |   | (3,658) |
| Transportation                                                                    |         | (374) |   | (13) |   | (1) |   | (388) |
| Depletion, depreciation and amortization                                          |         | (3,488) |   | (248) |   | (242) |   | (3,978) |
| Asset retirement obligation accretion                                             |         | (90) |   | (33) |   | (7) |   | (130) |
| Petroleum revenue tax                                                             |         | – |   | (130) |   | – |   | (130) |
| Income tax                                                                        |         | (688) |   | (218) |   | (89) |   | (995) |
| Results of operations                                                             | $            | 1,900  | $ | 152  | $ | 303  | $ | 2,355  |
|                                                                              |
|                                                                                                                                                                                                  | 2010(2)      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|
| (millions of Canadian dollars)                                                                                                                                                                        | NorthAmerica | NorthSea | OffshoreAfrica | Total |
| Crude oil and natural gas revenue, net of  royalties and blending costs                                                                                                                     | $            | 9,687  | $ | 1,059  | $ | 821  | $ | 11,567  |
| Production                                                                                                                                                                                            |         | (2,883) |   | (387) |   | (167) |   | (3,437) |
| Transportation                                                                                                                                                                                        |         | (365) |   | (8) |   | (1) |   | (374) |
| Depletion, depreciation and amortization(1)                                                                                                                                                           |         | (2,869)) |   | (295) |   | (935) |   | (4,099) |
| Asset retirement obligation accretion                                                                                                                                                                 |         | (80) |   | (36) |   | (7) |   | (123) |
| Petroleum revenue tax                                                                                                                                                                                 |         | –  |   | (59) |   | –  |   | (59) |
| Income tax                                                                                                                                                                                            |         | (980) |   | (137) |   | 146  |   | (971) |
| Results of operations                                                                                                                                                                                 | $            | 2,510  | $ | 137  | $ | (143) | $ | 2,504  |
| (1) Includes the impact of an impairment relating to Gabon, Offshore Africa at December 31, 2010 of $637 million.(2) Comparative amounts for 2010 have been restated to reflect the adoption of IFRS. |

----

| · | 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. |
|--------|---------------------------------------------------------------------------------------|

|                                                                 | 2011         |
|----------------------------------------------------------------------|--------------|
| (millions of Canadian dollars)                                       | NorthAmerica | NorthSea | OffshoreAfrica | Total |
| Future cash inflows                                                  | $            | 280,809  | $ | 26,887  | $ | 8,257  | $ | 315,953  |
| Future production costs                                              |         | (109,586) |   | (8,908) |   | (2,058) |   | (120,552) |
| Future development costs and asset retirement  obligations |         | (37,486) |   | (6,821) |   | (1,669) |   | (45,976) |
| Future income taxes                                                  |         | (23,100) |   | (8,095) |   | (1,070) |   | (32,265) |
| Future net cash flows                                                |         | 110,637  |   | 3,063  |   | 3,460  |   | 117,160  |
| 10% annual discount for timing of future   cash flows |         | (75,438) |   | (1,376) |   | (1,623) |   | (78,437) |
| Standardized measure of future net cash flows                        | $            | 35,199  | $ | 1,687  | $ | 1,837  | $ | 38,723  |
|                                                                 |         |   |   |   |
|                                                                 | 2010         |
|----------------------------------------------------------------------|--------------|
| (millions of Canadian dollars)                                       | NorthAmerica | NorthSea | OffshoreAfrica | Total |
| Future cash inflows                                                  | $            | 221,337  | $ | 21,117  | $ | 8,268  | $ | 250,722  |
| Future production costs                                              |         | (96,899) |   | (8,596) |   | (1,884) |   | (107,379) |
| Future development costs and asset retirement  obligations |         | (35,424) |   | (5,448) |   | (688) |   | (41,560) |
| Future income taxes                                                  |         | (17,249) |   | (5,572) |   | (1,760) |   | (24,581) |
| Future net cash flows                                                |         | 71,765  |   | 1,501  |   | 3,936  |   | 77,202  |
| 10% annual discount for timing of future   cash flows |         | (47,687) |   | (722) |   | (1,906) |   | (50,315) |
| Standardized measure of future net cash flows                        | $            | 24,078  | $ | 779  | $ | 2,030  | $ | 26,887  |

----

|                                                                 | 2009         |
|----------------------------------------------------------------------|--------------|
| (millions of Canadian dollars)                                       | NorthAmerica | NorthSea | OffshoreAfrica | Total |
| Future cash inflows                                                  | $            | 176,866  | $ | 16,304  | $ | 8,305  | $ | 201,475  |
| Future production costs                                              |         | (88,134) |   | (6,929) |   | (3,255) |   | (98,318) |
| Future development costs and asset retirement  obligations |         | (22,767) |   | (5,271) |   | (975) |   | (29,013) |
| Future income taxes                                                  |         | (11,237) |   | (3,487) |   | (1,229) |   | (15,953) |
| Future net cash flows                                                |         | 54,728  |   | 617  |   | 2,846  |   | 58,191  |
| 10% annual discount for timing of future   cash flows |         | (35,526) |   | (275) |   | (1,345) |   | (37,146) |
| Standardized measure of future net cash flows                        | $            | 19,202  | $ | 342  | $ | 1,501  | $ | 21,045  |

| (millions of Canadian dollars)                                       | 2011   | 2010          | 2009          |
|----------------------------------------------------------------------|--------|---------------|---------------|
| Sales of crude oil and natural gas produced, net of production costs | $      | (7,727)       | $             | (7,641) | $ | (5,437) |
| Net changes in sales prices and production costs                     |   | 15,802   |          | 14,748  |   | 16,808  |
| Extensions, discoveries and improved recovery                        |   | 1,328    |          | 1,636  |   | 4,222  |
| Changes in estimated future development costs                        |   | (2,022)       |          | (5,208) |   | (2,752) |
| Purchases of proved reserves in place                                |   | 803      |          | 1,894  |   | 53  |
| Sales of proved reserves in place                                    |   | –  |          | –  |   | (7) |
| Revisions of previous reserve estimates                              |   | 4,154    |          | 2,567  |   | 220  |
| Accretion of discount                                                |   | 3,648    |          | 2,757  |   | 1,375  |
| SEC reliable technology                                              |   | –  |          | –  |   | 254  |
| SEC rule transition                                                  |   | –  |     | –  |   | 7,332  |
| Changes in production timing and other                               |   | (1,141)       |          | (895) |   | (2,788) |
| Net change in income taxes                                           |   | (3,009)       |          | (4,016) |   | (8,622) |
| Net change                                                           |   | 11,836   |          | 5,842  |   | 10,658  |
| Balance – beginning of year                                    |   | 26,887   |          | 21,045  |   | 10,387  |
| Balance – end of year                                          | $      | 38,723   | $             | 26,887  | $ | 21,045  |

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