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Summary<br />
Oil‐oriented growth<br />
Low‐risk W. Canada Development Program<br />
Exponential Reserves, Value Growth Through Tunisia Development<br />
Oil Resource Plays for W. Canada Upsides<br />
• W. Canada:<br />
‣ Light oil development programs at Drumheller, Kaybob<br />
‣ Horizontal wells / multi-stage fracs to increase rate & EUR<br />
‣ Use low risk, low-cost behind-pipe conventional gas inventory to flatten base decline<br />
‣ Double capital spending, # of new wells in each of 2011 and 2012<br />
‣ Add one new oil resource play annually, 50,000 to 100,000 low cost acres<br />
• Tunisia:<br />
‣ Currently under Force Majeure
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