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FINANCIAL HIGHLIGHTS

OPERATIONAL HIGHLIGHTS

Years ended December 31

Years ended December 31

2002

($ thousands, except per unit and volume amounts)

2001

2002

2001

20,655

20,408

Natural gas (mmcf/d)

109.8

115.2

260,270

Natural gas liquids (bbl/d)

3,479

3,511

2.55

(boe/d) (1)

42,425

43,111

15,485

15,736

Crude oil

49%

47%

Natural gas

43%

45%

8%

8%

31.63

31.70

4.41

5.72

24.01

31.03

28.73

32.76

155,634

147,739

117,241

114,243

408.8

385.5

185,371

178,496

99,876

86,108

6.45

5.47

15,365

11,812

0.99

0.75

207,391

624,877

9.27

9.75

1,040,185

1,088,525

8.21

6.94

I N C O M E S TAT E M E N T Revenue before Per Cash

444,835

unit (1)

$

flow (7) Per

Net

PRODUCTION

royalties (5)

$

$

(per cent) (4)

Cash distributions Per unit (2) Weighted average trust units and exchangeable shares

1.87

$

67,893

unit (1)

Payout ratio

$

223,969

unit (1)

income (5) Per

3.72

515,596

$ (3)

0.57

5.05

138,202 $

1.36

82

90

183,617

234,053

1.56

$

119,613

2.31

Crude oil (bbl/d)

Total production

TOTAL ANNUAL PRODUCTION

(mboe) (1)

A S A P E R C E N TA G E O F T O TA L P R O D U C T I O N

Natural gas liquids

101,979 AV E R A G E P R I C E S

Trust units outstanding and units issuable for Crude oil ($/bbl) exchangeable shares at end of period

126,444

111,692 Natural gas ($/mcf)

BALANCE SHEET

Natural gas liquids ($/bbl)

Working capital (deficit)

(10,067)

5,805

1,410,487

1,321,453

Long-term debt

337,728

294,489

Unitholders’ equity

868,666

816,795

LONG-TERM DEBT AS A RATIO OF CASH FLOW

1.5

1.1

MARKET CAPITALIZATION AS AT DECEMBER 31

1,504,684

1,350,950

TOTAL CAPITALIZATION AS AT DECEMBER 31 (6)

1,852,479

1,639,634

Property, plant and equipment and other assets

Oil equivalent

($/boe) (1)

RESERVES PROVED (mboe 6:1) PROVED PLUS RISKED PROBABLE

Crude oil and natural gas liquids (mbbl) Natural gas (bcf) TOTAL OIL EQUIVALENT

TRUST UNIT TRADING

(mboe) (1)

OPERATING COSTS

Unit Prices ($)

Total ($ thousands)

High

$

13.44

$

13.54

Per boe ($)

Low

$

11.04

$

10.25

GENERAL & ADMINISTRATIVE COSTS

Close

$

11.90

$

12.10

Total ($ thousands)

Daily average trading volume (thousands)

305

414

Per boe ($)

(1)

based on weighted average trust units and exchangeable shares

(2)

based on number of trust units outstanding at each cash distribution date

(3)

includes trust units issuable for outstanding exchangeable shares based on the period end exchange ratio

(4)

payout ratio is calculated as cash distributions divided by cash flow

Per boe ($)

(5)

2001 revenue before royalties, net income and net income per unit have been restated for the retroactive change in accounting policy

Total ($ thousands)

for deferred foreign exchange translation (6)

equity market capitalization plus net long-term debt

(7)

cash flow is calculated as cash flow from operating income before the change in non-cash working capital

FINDING, DEVELOPMENT & ACQUISITION COSTS

(2)

Total ($ thousands)

Three-year average ($/boe) (1)

natural gas is converted to barrels of oil equivalent at 6:1 throughout this report unless otherwise noted

(2)

based on established reserves

2002  

Annual Report

2002  

Annual Report

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