2011 Annual General Meeting Calgary June 24 24, 2011
Forward Looking Statement In addition, information and statements in this Presentation relating to reserves and resources are deemed to be forward-looking information and statements, as they involve the implied assessment, based on…
Summary Large In-situ 9.7 billion barrels of contingent resource (best estimate) + 289 million barrels of 2P Oil Sands One of the largest in-situ resource holders Position P Potential i l expected d production d i off 800,000 800…
Track Record of Delivering as Promised Oil Sands In Situ Resources (1) 18 Unprecedented resource growth 16 Proven up approximately 13 billion barrels of in-situ 14 contingent resources (best estimate)(1) since 2006 12 Divested to…
AOSC - An Oil Resource Developer Oil Sands Extra Heavy Crude Oil Deep Basin Light Oil 6
Ultimate Development Potential of Oil Sands Grosmont (AOSC 50%): 10Long-term asset with km 20 km 30 km T102 considerable upside. 20 resource (1): 0.4 bln Birch (100% AOSC): AOSC Contingent 10 Miles bbl bbl. Miles Potential…
Stratigraphy AOSCs oil sands assets span several geological formations C Clastics (S (Sandstone)) Wabiskaw and McMurray formations produce virtually all in-situ bitumen today Carbonates Leduc / Cooking Lake Grosmont 8
MacKay and Dover Joint Ventures Closed February 2010 T.97 Put/call options of up to 2.0 billion for the remaining 40% working interest (1) T 96 T.96 Dover Fundamental decisions require unanimous approval T.95 MacKay T.94 150,000…
Hangingstone Asset Summary Phase 2/3 63 To Surmont Phase 1 & 2 881 AOSC CPF Phase 3 Hangingstone Pump Station Excelsior Assets location close to existing infrastructure 0 7 bln 0.7 bl bbarrels l…
Birch Asset Summary Birch 10 20 km km T103 10 Miles 1.9 bln barrels contingent resources (best estimate) 64% increase from 2010 T102 Commercial production potential of 155,000 bbls/d Prospective T101 Promising Exploration…
Dover West T.95 Unique asset area with very high resource density Sandstone reservoirs of McMurray and Wabiskaw 2.0 bln bbls T.94 contingent resources best estimate (5 0 bln bbls PIIP ((1))) (5.0 eters thick T.93 Up to 30 me…
Leduc TAGD Test - Ongoing Heater- Heater Obs. Well Obs. Well Obs. Well Obs. Well Objectives: Producer 1 2 3 4 Drill horizontal wells in a fractured, vuggy carbonate Heat reservoir by thermal conduction via electric heaters Scope…
Leduc Steam Test High steam injection rates observed may allow for fast start up and potentially wider well spacing start-up Steam enters reservoir uniformly along well (not just into fractured zones) steam will therefore contact the…
Production - Oil Sands Leduc (1) MacKay Phase 1: 35,000 bbls/d Dover MacKay Phase 2: 35,000 50,000 bbls/d West Dover Phase 1: 50,000 50 000 bbls/d Hangingstone AOSCs share (1) Leduc modeled as SAGD. May be changed…
Portfolio Production Potential 1,000 800 Birch ( Unconstrained Development Case oduction Management Estimate) 600 OSC Gross Pro (kbbls/d)) Leduc SAGD 400 DW Clastics AO 200 Hangingstone PetroChina JV 0…
Alberta Deep Basin WILRICH Edmonton Calgary CANADA NORDEGG Alberta DOIG MONTNEY AOSC has accumulated 1.0 million acres in successful land sales and acquisitions. Duvernay: 475,000 acres Montney: 675,000 acres 0…
Deep Basin Oil - Strategic Rationale Fast-growing exploitation and business activity in the basin Significant drilling and encouraging results in vicinity of AOSC land holdings Business model complements existing oil sands portfolio…
Deep Basin Oil - Current AOSC Activity Identified several thousand potential drilling locations within high-graded parts of AOSC lands Montney, Duverney and Nordegg principal targets Numerous other promising targets such as Wilrich,…
People 250 AOSC (includes Consultants) Strong employee value proposition Secondees S d to t PetroChina P t Chi JV Excellent and diverse experience 200 Recruiting the very best from the best in class operators All employees…
Environmental - Oil Sands Footprint is similar to conventional oil production Water re-cycling is 90% Total emissions in line with most other crude Comparison of Greenhouse Gas Emissions (1,2) (g CO2e/MJ gasoline) Oil Common…
Emissions In Real Life Context 24
Conclusions Another excellent drilling season resulted in additional 900 million barrels of contingent resource (best case) High leverage to oil prices with very large resource base and long life assets Multiple large assets create…
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