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R E S E R V E S R E C O N C I L I AT I O N

Crude Oil (Mbbl)

Reserves at December 31, 1996 Acquisitions and divestments Drilling and development Production Revisions Reserves at December 31, 1997 Acquisitions and divestments(1) Drilling and development Production Revisions(2) Reserves at December 31, 1998 Acquisitions and divestments(1) Drilling and development Production Revisions(2) Reserves at December 31, 1999

Proved

Risked Probable

10,729 7,961

Proved

Risked Probable

3,418

100.5

1,552

38.8

176

13

4.7

0.3

(14.0)

1,416

224

(2.3)

18,948

5,207

2,465

648

(15.1)

(2.7)

981

844

4.0

1.2

(1,334)

(1,620) 1,993

Natural Gas Liquids (Mbbl)

Natural Gas (Bcf)

Proved

Risked Probable

11.5

7,687

680

28,463

5,247

10.3

1,104

232

12,943

2,809

695

46

(1.6)

5 –

7,459 (195) 7

0.8

49 (704) (677)

20.5

(13.8)

(1,570)

Proved

127.7

Total (Mboe)

Risked Probable

(737)

(0.6)

8

(158) 759

(3,440) 514

– (87)

39,175

8,015

(36)

759

338

(104)

1,388

860

(3,732)

(23)

2,080

– (1,653)

22,767

5,129

103.6

18.4

6,542

596

39,665

7,560

17,769

4,286

118.0

15.4

3,375

476

32,942

6,307

1,992

631

5.8

1.7

204

1

2,778

798

(981)

(6,475)

(3,069)

(24.3)

536

204

0.7

1.7

39,995

10,250

203.9

37.1

(977) 8,163

232 1,304

(369) 68,547

– 605 15,266

(1) As evaluated by the independent evaluator at the time of the acquisition/divestment (2) Revisions and production adjustment

P R E S E N T VA L U E O F R E S E R V E S

($ thousands before income taxes) Discount factor

1999 10%

12%

1998 15%

10%

1997

12%

15%

10%

12%

1996 15%

10%

12%

15%

Proved producing 413,791 384,558 348,774 209,733 193,488 173,600 258,290 236,639 210,767 192,352 173,207 151,036 Proved non-producing 40,228 34,451 27,529 29,643 26,330 22,295 27,670 24,945 21,523 24,921 22,389 19,285 Total proved 454,020 419,009 376,303 239,376 219,818 195,895 285,960 261,584 232,290 217,273 195,590 170,321 Risked probable 76,380 65,300 52,789 38,977 33,711 27,627 34,063 28,656 22,845 21,999 18,068 14,156 Established 530,400 484,309 429,091 278,353 253,529 223,522 320,024 290,240 255,136 239,272 213,658 184,478

N E T A S S E T VA L U E

December 31, 1999 ($ thousands, except per unit amounts)

Value of established oil and gas reserves Add: Undeveloped lands Working capital Reclamation fund Deduct: Debt Net asset value Units outstanding (thousands) Per unit

December 31, 1998

December 31, 1997

December 31, 1996

10%

12%

10%

12%

10%

12%

10%

12%

530,400

484,309

278,353

253,529

320,024

290,240

239,272

213,658

11,994

11,994

2,655

2,655

1,500

1,500

1,800

1,800

15,761

15,761

(1,688)

(1,688)

4,647

4,647

1,647

1,647

7,165

7,165

4,504

4,504

3,016

3,016

908

(72,499)

(72,499)

(65,955)

(65,955)

(37,998)

(37,998) 180,015

(141,000) (141,000)

908

424,320

378,229

211,325

186,501

262,232

233,448

205,629

53,607

53,607

25,604

25,604

25,604

25,604

18,000

18,000

$ 7.92

$ 7.06

$ 8.25

$ 7.28

$ 10.24

$ 9.12

$ 11.42

$ 10.00

ARC ENERGY TRUST

( 17)

1999  

Annual Report

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