| Bitumen |
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A naturally occurring viscous mixture consisting mainly of pentanes and heavier hydrocarbons. It is more viscous than 10 degrees API |
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| Carbonate |
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Sedimentary rock primarily composed of calcium carbonate (limestone) or calcium magnesium carbonate (dolomite) which forms many petroleum reservoirs |
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| Capital Employed |
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Short and long-term debt and shareholders’ equity |
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| Capital Expenditures |
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Include capitalized administrative expenses and capitalized interest but do not include proceeds or other assets |
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| Capital Program |
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Capital expenditures not including capitalized administrative expenses or capitalized interest |
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| Cash Flow from Operations |
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Earnings from operations plus operations non-cash charges before settlement of asset retirement obligations and change in non-cash working capital |
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| CDOR |
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Certificate of Deposit Offered Rate |
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| Coalbed Methane |
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Methane (CH4), the principal component of natural gas, is absorbed in the pores of coal seams |
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| Cogeneration |
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The production of electricity and thermal energy from a common fuel source. Heat left over from industrial processes can be used to power an electric generator and conversely, surplus heat from an electric generator can be used for industrial or heating purposes |
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| Decommissioning |
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The ending of operations and the withdrawal of a facility from service, followed by its transformation into an out-of-service state and eventually, its complete removal. |
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| Differentials |
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Discounts paid for Canadian heavy oil against benchmark West Texas Intermediate crude oil |
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| Equity |
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Shares, retained earnings and amounts due to shareholders prior to August 25, 2000 |
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| Feedstock |
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Raw materials which are processed into petroleum products |
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| FPSO |
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Floating production, storage and offloading vessel |
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| LIBOR |
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London Interbank Offered Rate |
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| Natural gas to oil conversion |
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Natural gas is converted on the basis that six mcf of natural gas equals one barrel of oil |
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| Net Debt |
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Total debt net of cash and cash equivalents |
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| NGL |
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Natural gas liquids |
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| NIT |
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NOVA Inventory Transfer. NOVA Inventory Transfer is an exchange or transfer of title of gas that has been received into the NOVA pipeline system but not delivered to a connecting pipeline. |
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| NYMEX |
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New York Mercantile Exchange |
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| OPEC |
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Organization of Petroleum Exporting Countries |
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| “Probable” reserves |
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Those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved and probable reserves. |
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| “Proved Developed” reserves |
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Those reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. Additional oil and gas expected to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms of primary recovery are included as proved developed reserves only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved. |
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| “Proved Undeveloped” reserves |
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Those reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells for which a relatively major expenditure is required for recompletion. Inclusion of reserves on undrilled acreage is limited to those drilling units offsetting productive units that are reasonably certain of production when drilled. Proved reserves for other undrilled units are included only if it can be demonstrated with certainty that there is continuity of production from the existing productive formation. Estimates for proved undeveloped reserves are not attributed to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual tests in the area and in the same reservoir. |
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| “Proved” reserves |
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Reservers estimated in accordance with the U.S. Securities and Exchange Commission (SEC) definition set out in Rule 4-10(a) of Regulation S-X under the Securities Exchange Act of 1934 as follows: Proved oil and gas reserves are the estimated quantities of crude oil, natural gas and natural gas liquids, which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Prices include consideration of changes in existing prices provided only by contractual arrangements, but not on escalations based upon future conditions. |
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| Restoration |
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The physical reclamation process involving recontouring, replacing topsoil, and re-vegetating to restore the surface of the land to its equivalent land capability |
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| Remediation |
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The decontamination of soil and or water to provide protection to human and environmental health |
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| SAGD |
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Steam assisted gravity drainage technology used in extracting bitumen from the oil sands |
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| SEDAR |
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System for Electronic Document Analysis and Retrieval |
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| Total Debt |
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Long-term debt including current portion and bank operating loans |
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| WCSB |
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Western Canada Sedimentary Basin |
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| Wildcat well |
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Exploratory well drilled in an area where no production exists |
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| WTI |
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West Texas Intermediate |
