A world leader in petroleum consulting
McDaniel & Associates Consultants Ltd. McDaniel & Associates is one of the world s leading petroleum consulting firms specializing in geological studies, reserves evaluations, resource assessments, economic evaluations and petroleum engineering studies. McDaniel & Associates Consultants Ltd. was established by Mr. Rod McDaniel in 1955 as an independent Canadian consulting firm and has been providing oil and gas reserves evaluation services to the world s petroleum industry for the past half-century. We have internationally recognized expertise in geological studies, reserves evaluations, resource assessments, economic evaluations and petroleum reservoir engineering. With a staff of over 60 professionals and technical support personnel based in our offices located in Calgary, Canada and Guildford, United Kingdom, McDaniel & Associates has earned a reputation for consistent and reliable oil and gas consulting services. This reputation has been built by adhering to the highest professional, technical and ethical standards. McDaniel & Associates strives to provide technical and financial services that do not just satisfy corporate reporting requirements, but also add value by complementing our client s in-house resources. Through our consistently prepared evaluations and professional dedication to our clients, McDaniel & Associates enjoys the confidence of the world s leading private and public companies. We are proud to be recognized by many of the largest financial institutions as one of the most reliable oil and gas consultants worldwide and are committed to maintaining our excellent professional reputation.
International Evaluations McDaniel & Associates oil and gas consulting expertise covers most hydrocarbon basins around the world. In order to provide dedicated services for our international clients, we formed McDaniel International Inc., a wholly owned subsidiary of McDaniel & Associates, which works exclusively with properties outside of Canada. McDaniel International s staff are located in our Calgary office, as well as our branch office in Guildford, United Kingdom, and are equipped to travel to our clients offices or field locations virtually anywhere in the world on short notice. McDaniel International has experience in preparing reserves evaluations using different reserves definitions and for a variety of fiscal systems in different countries. Countries where McDaniel has completed work
Services Throughout the past half-century of providing oil and gas consulting services to the Canadian and international petroleum industries, McDaniel & Associates has developed expertise in the following areas: Geological Studies McDaniel & Associates professionals provide an array of geological and geophysical services for domestic and international projects, including: Geological interpretations and mapping of conventional and unconventional oil and gas reservoirs Geophysical reviews and interpretation auditing Reservoir characterization and mapping Geological interpretations of CBM, Tight Sands, Shale Gas and Oil Sands deposits Unproven acreage appraisals Exploration prospect and portfolio evaluation Basin and regional studies for hydrocarbon potential Petrophysical studies Reserves Evaluations McDaniel & Associates is recognized as a leader in the field of reserves evaluation and provides a range of services in this area including: Economic evaluations and reporting of oil and gas reserves Reserves certifications Competent person's reports Audits of reserves and resource evaluation reports Energy pricing analysis and forecasting
Services Resource Assessments McDaniel & Associates has developed extensive experience in resource assessment including the following: Exploration prospect and portfolio assessments Basin and regional studies for hydrocarbon potential Contingent and prospective resource reporting Economic evaluations of exploration prospects Oil and gas supply and infrastructure studies Risk analysis Advisory Services McDaniel & Associates is routinely engaged to support business decisions in such areas as: Mergers and acquisitions Asset and corporate divestitures Due diligence reviews Unitization studies Equity and debt financing Stock issues and initial public offerings Technical Studies The main focus of McDaniel & Associates expertise is in the area of geological studies, reserves evaluation and resource assessments. We also have extensive technical experience in the following areas: Reservoir simulation Material balance studies Enhanced recovery analysis Production test analysis Judicial Expertise McDaniel & Associates wealth of expertise in all aspects of oil and gas evaluation is frequently called upon by legal representatives and organizations to provide expert witness testimony for the following: Provincial and federal regulators and authorities Securities commissions Litigation support
Key Personnel Phil Welch P. Eng. Bryan Emslie P. Eng. President & Managing Director McDaniel & Associates Consultants Ltd. Director McDaniel International Inc. philwelch@mcdan.com Oil and gas property evaluations Acquisition and divestiture studies and advice Reserves audits and certifications Resource studies Due diligence reviews Fair market value assessments Corporate advisory services Expert witness support Senior Vice President McDaniel & Associates Consultants Ltd. President McDaniel International Inc. bemslie@mcdan.com Oil and gas property evaluations Focus on international property studies Exploration prospect and portfolio assessments Resource studies Reserves audits and certifications Due diligence reviews Fair market value assessments In-situ and mining bitumen studies Expert witness support Chris Kowalski P. Eng. Ron Ott P. Geol. Vice President McDaniel & Associates Consultants Ltd. cbk@mcdan.com Oil and gas property evaluations Reserves audits and certifications Due diligence reviews Corporate advisory services Vice President McDaniel & Associates Consultants Ltd. rfo@mcdan.com Geological and petrophysical studies Reservoir characterization and mapping Exploration prospect and portfolio assessments Resource studies Unproved acreage appraisals
Key Personnel Paul Taylor CEng MEI, P. Eng. Bryan Wurster P. Eng. Vice President McDaniel & Associates Consultants Ltd. Vice President McDaniel International Inc. ptaylor@mcdan.com Oil and gas property evaluations Focus on international property studies Exploration prospect and portfolio assessments Resource studies Reserves audits and certifications Due diligence reviews Reservoir engineering studies Vice President McDaniel & Associates Consultants Ltd. bwurster@mcdan.com Oil and gas property evaluations Reserves audits and certifications Heavy oil evaluations Tight oil evaluations Due diligence reviews Cam Boulton P. Eng. Steven Carmichael P. Eng. Associate McDaniel & Associates Consultants Ltd. Associate McDaniel International Inc. cboulton@mcdan.com Oil and gas property evaluations Focus on international property studies Exploration prospect and portfolio assessments Resource studies Reserves audits and certifications Due diligence reviews Associate McDaniel & Associates Consultants Ltd. scarmichael@mcdan.com Oil and gas property evaluations Reserves audits and certifications Due diligence reviews Shale and tight gas evaluations Coalbed Methane evaluations Resource studies
Key Personnel Andrew Dabisza P. Eng. Brian Hamm P. Eng. Associate McDaniel & Associates Consultants Ltd. adabisza@mcdan.com Oil and gas property evaluations Acquisition and divestiture studies and advice Reserves audits and certifications Due diligence reviews Resource studies Associate McDaniel & Associates Consultants Ltd. bhamm@mcdan.com Oil and gas property evaluations Acquisition and divestiture studies and advice Reserves audits and certifications Due diligence reviews David Jenkinson P. Geol. David Ng P. Eng. Associate McDaniel & Associates Consultants Ltd. djenkinson@mcdan.com Geological and petrophysical studies Reservoir characterization and mapping Exploration prospect and portfolio assessments Resource studies Associate McDaniel & Associates Consultants Ltd. dng@mcdan.com Oil and gas property evaluations Reserves audits and certifications Due diligence reviews Estate and fair market value evaluations Shallow gas evaluations
Key Personnel Anatoli Tchernavskikh Ph.D. (Geology), P. Geol. Michael Verney P. Eng. Manager, International Geology McDaniel & Associates Consultants Ltd. Vice President McDaniel International Inc. atcher@mcdan.com Oil and gas property evaluations Focus on international property studies Geological and petrophysical studies Reservoir characterization and mapping Exploration prospect and portfolio assessments Resource studies Associate McDaniel & Associates Consultants Ltd. mverney@mcdan.com Oil and gas property evaluations Focus on oil sands property studies Reserves audits and certifications Due diligence reviews Oil and gas pricing Jared Wynveen P. Eng. Associate McDaniel & Associates Consultants Ltd. jwynveen@mcdan.com Oil and gas property evaluations Focus on oil sands property studies Reserves audits and certifications Due diligence reviews
Contact Information McDaniel & Associates Consultants Ltd. 2200, 255 5th Avenue SW Bow Valley Square 3 Calgary, Alberta T2P 3G6 Office: (403) 262-5506 Fax: (403) 233-2744 Email: mcdaniel@mcdan.com Direct Contact Phil Welch, President & Managing Director McDaniel International Inc. Calgary Office 2200, 255 5th Avenue SW Calgary, Alberta CAN T2P 3G6 Office: (403) 262-5506 Fax: (403) 233-2744 Email: bemslie@mcdan.com Direct Contact Bryan Emslie, President Mobile: (403) 689-3695 McDaniel International Inc. United Kingdom Office 3rd Floor, 74 North Street Guildford, Surrey UK GU1 4AW Office: +44 (0)1483 600342 Email: Direct Contact ptaylor@mcdan.com Paul Taylor, Vice President
Philip Welch P. Eng. President & Managing Director University of British Columbia M.A.Sc. Mechanical Engineering University of British Columbia B.A.Sc. Mechanical Engineering 1988 Present McDaniel & Associates Consultants Ltd. Society of Petroleum Engineers (SPE) Member Society of Petroleum Evaluation Engineers (SPEE) Member Canadian Institute of Mining, Metallurgy and Petroleum (CIM) - Member Mr. Welch is responsible for the business of McDaniel & Associates Consultants Ltd. Mr. Welch is an expert in the preparation of petroleum and natural gas engineering reserve evaluations, including economic forecasting and determination of net present worth and fair market value. He has prepared and supervised engineering reserve evaluations for numerous oil and gas assets throughout Canada, the United States and abroad. These engineering reserve evaluation reports have been used for public company annual reports and various other financial and regulatory reporting. Mr. Welch has extensive experience in mergers, acquisitions and dispositions of oil and gas properties and/or companies. He has represented McDaniel s clients to Canadian and United States Security Commissions and Stock Exchanges. Mr. Welch has also acted as an expert in a number of legal proceedings relating to oil and gas issues.
Bryan Emslie P. Eng. Senior Vice President McDaniel & Associates Consultants Ltd. President McDaniel International Inc. University of Alberta B.Sc. Mechanical Engineering 1982 Current McDaniel & Associates Consultants Ltd. 1980 1982 Dome Petroleum Limited Society of Petroleum Engineers (SPE) Member Society of Petroleum Evaluation Engineers (SPEE) Member Languages English and Spanish Mr. Emslie has over 30 years of experience in the evaluation of oil and gas reserves and preparation of economic evaluations for purposes of annual reporting, reserve certification and acquisition and divestitures. Over the past 15 years, Mr. Emslie formed McDaniel & Associates' international subsidiary, McDaniel International Inc., and established McDaniel s branch office in Guildford, England. Mr. Emslie has been responsible for McDaniel International Inc.'s oil and gas evaluations, during which time he has traveled extensively throughout the world. In addition to the focus on International evaluations, Mr. Emslie has considerable experience in the evaluation of conventional heavy oil and bitumen projects, as well as exploration prospect and portfolio assessments. Mr. Emslie is a member of the Society of Petroleum Evaluation Engineers (SPEE), Sociey of Petroleum Engineers (SPE) and has authored portions of the Canadian Oil and Gas Evaluation Handbook (COGEH) Volumes 1, 2 and 3. Mr. Emslie has been retained by participants in matters relating to oil and gas reserves before the Alberta Energy and Utilities Board and the Alberta Court of Queens Bench. He has made numerous presentations to industry conferences in Canada, Europe and South America and conducted courses and seminars on reserves definitions, reserves evaluation techniques and economic evaluations of oil and gas properties.
Chris Kowalski P. Eng. Vice President University of Calgary M.Sc. Chemical Engineering University of Calgary B.Sc. Chemical Engineering 1994 Present McDaniel & Associates Consultants Ltd. Society of Petroleum Engineers (SPE) Member Mr. Kowalski is a Vice President with McDaniel & Associates Consultants Ltd. and is responsible for the preparation of reserve evaluations for use in annual Corporate disclosure documents, financing and banking applications, and for acquisition/disposition activity. Mr. Kowalski has an extensive client list which includes investment companies, banks and both private and public oil and gas companies. He is also responsible for preparing McDaniel s price forecasts and for the supervision of a number of technical and professional staff dealing primarily with the evaluation of conventional oil and gas properties throughout Western Canada.
Ronald Ott P. Geol. Vice President University of Calgary B.Sc. Geology 1989 Present McDaniel & Associates Consultants Ltd. 1988 1989 Noramco Mining Corporation Canadian Society of Petroleum Geologists (CSPG) Member Canadian Well Logging Society (CWLS) Member Mr. Ott has over 23 years of experience evaluating oil and gas properties. During this time, he has evaluated a broad spectrum of assets, which include domestic properties, North American frontier properties of the East Coast and Arctic Islands, and international properties. Throughout his professional career, Mr. Ott has provided technical consultations to clients during their acquisitions and divestitures. He has provided technical opinions on development and exploration potential and has conducted studies to quantify bypassed pay potential, as well as exploitation and exploration opportunities. Mr. Ott is involved in resource type plays which include CBM, oil sands and tight gas sands throughout the Western Canadian Sedimentary Basin.
Paul Taylor CEng MEI, P. Eng. Vice President McDaniel & Associates Consultants Ltd. Vice President McDaniel International Inc. Nottingham University MEng Chemical Engineering 2006 Present McDaniel International Inc. 2005 2006 Pioneer Natural Resources 2003 2005 PetroKazakhstan 2002 2003 Canadian Natural Resources 2001 2002 Enterprise Oil 1986 2001 Shell International The Energy Institute Member & Chartered Petroleum Engineer Society of Petroleum Engineers (SPE) Member Society of Petroleum Evaluation Engineers (SPEE) - Member & Past Chairman of European Chapter Petroleum Exploration Society of Great Britain (PESGB) Member Mr. Taylor is an experienced petroleum engineer with excellent technical and commercial skills. He has significant international oil and gas experience across all aspects of the business exploration, appraisal, new developments, mature fields, operatorship, acquisitions, and divestments. He has worked on fields in many producing basins around the world, including both oil and gas, clastics and carbonates, and primary through to enhanced oil recovery. Mr. Taylor has very strong reservoir engineering technical skills, which include well test analysis, analytical methods and reservoir simulation. He has been responsible for evaluating reserves throughout his career and was the reserves coordinator, for a major Kazakhstan public company prior to joining McDaniel where he gained extensive experience in oil and gas reservoirs in Kazakhstan and throughout Central Asia. Mr. Taylor manages McDaniel International s office in the UK and is responsible for many of the technical reservoir engineering studies conducted by McDaniel in Canada and worldwide. He is actively involved in the European Chapter of the Society of Petroleum Evaluation Engineers and is currently the chapter chairman.
Bryan Wurster P. Eng. Vice President University of Manitoba B.Sc. Mechanical Engineering 1998 Present McDaniel & Associates Consultants Ltd. Society of Petroleum Engineers (SPE) Member Mr. Wurster is a Vice President with McDaniel & Associates Consultants Ltd. and is experienced in domestic oil and gas evaluations with a focus on Western Canada. He has an extensive client list which includes both private and public oil and gas companies, banks and investment companies. Mr. Wurster s specialty lies in heavy oil evaluations in east central Alberta and west central Saskatchewan. He has evaluated an extensive number of properties in these areas for standard year-end evaluations and for acquisition/disposition purposes. Mr. Wurster also has expertise with several leading evaluation software packages, including Value Navigator and Mosaic.
Cam Boulton P. Eng. Associate Queens University B.Sc. Chemical Engineering 2006 - Present McDaniel & Associates Consultants Ltd. 2005 (Summer Internship) Anadarko Canada Corporation 2004 (Summer Internship) Halliburton Energy Services Society of Petroleum Engineers (SPE) Member Mr. Boulton has over eight years experience in the evaluation of oil and gas reserves and resources and in the preparation of economic evaluations for purposes of annual reporting, reserve certifications, reserves audits, debt financing, due diligence reviews and acquisition and divestitures Mr. Boulton works for McDaniel International, the international division of McDaniel & Associates Consultants Ltd., and has experience in many oil and gas basins around the world in both conventional and unconventional reservoirs. In addition to his experience with discovered oil and gas reservoirs, Mr. Boulton also has considerable experience with the assessment of exploration prospects and portfolios using deterministic and probabilistic methods and associated risk analysis.
Steven Carmichael P. Eng. Associate University of Calgary B.Sc. Mechanical Engineering 2003 - Present McDaniel & Associates Consultants Ltd. Mr. Carmichael is an Associate with McDaniel & Associates Consultants Ltd. and is experienced in domestic oil and gas reserves evaluations and audits for corporate annual reports and acquisition/disposition purposes for properties throughout Western Canada. He has an extensive list of clients which include public and private oil and gas companies, both large and small. Society of Petroleum Engineers (SPE) Member
Andrew Dabisza P. Eng. Associate University of Calgary B.Sc. Mechanical Engineering 2005 - Present McDaniel & Associates Consultants Ltd. 2003-2004 Canadian Natural Resources Ltd. Society of Petroleum Engineers (SPE) Member Mr. Dabisza has in excess of nine years of experience in the evaluation of oil and gas reserves and preparation of economic evaluations for purposes of annual reporting, reserve certifications, reserves audits, debt financing, due diligence reviews, resource studies and acquisition and divestitures. Mr. Dabisza has been responsible for evaluating numerous conventional and unconventional oil and gas companies in Canada. He has significant experience evaluating unconventional tight gas and shale gas reservoirs in Western Canada including detailed evaluations of the Montney, Wilrich, Muskwa and Duvernay formations; as well as coal bed methane. He also has experience in evaluating tight oil plays in the Cardium, Bakken, and Viking and has extensive experience in evaluating enhanced oil recovery projects. Mr. Dabisza also provides technical and economic advisory services to domestic and foreign investors interested in North American unconventional resource opportunities.
Brian Hamm P. Eng. Associate University of Calgary B.Sc. Mechanical Engineering 2009 - Present McDaniel & Associates Consultants Ltd. 2008-2009 TD Securities 2006-2008 McDaniel & Associates Consultants Ltd. Geoscientists of Alberta (APEGA) Member Society of Petroleum Engineers (SPE) Member Mr. Hamm has in excess of eight years experience in the evaluation of oil and gas reserves and preparation of economic evaluations for purposes of annual reporting, reserve certifications, reserves audits, debt financing, due diligence reviews and acquisition and divestitures. Mr. Hamm has been responsible for evaluating numerous conventional and unconventional oil and gas companies in Canada. Mr. Hamm has significant experience evaluating unconventional tight gas reservoirs in Western Canada including detailed evaluations of the Montney, Wilrich, and numerous Mannville formations as well as tight oil plays in the Cardium and Bakken formations. Mr. Hamm has extensive experience providing buy side economic and technical analysis to foreign investors interested in acquisition of Canadian unconventional resources. In this capacity Mr. Hamm works directly with the business development team from the potential acquirer and provides insight into the unique nature of the risks associated with the economic and technical considerations that drive these plays.
David Jenkinson P. Geol. Associate University of Saskatchewan BA Sc. Geology 2005 Present McDaniel & Associates Consultants Ltd. 2004 2005 Terracon Geotechnique Canadian Society of Petroleum Geologists (CSPG) Member Mr. Jenkinson is responsible for geological evaluation work, including preparation of petroleum and natural gas reserve evaluations which include geological/petrophysical interpretation and mapping. He has prepared geological assessments for a number of oil and gas fields in Canada, as well as Coalbed Methane gas projects within Canada and Mexico. These geological reports have been used for a variety of purposes, including public company annual reports and various financial regulatory reporting. Mr. Jenkinson is experienced in acquisitions and dispositions of oil and gas properties and/or companies. Mr. Jenkinson is involved in resource type plays which include CBM, tight gas and shale gas throughout the Western Canadian Sedimentary Basin. He has recently completed evaluations of the Montney, Wilrich and Cardium formations for development with multi-stage horizontal wells.
David Ng P. Eng. Associate University of Calgary B.Sc. Chemical Engineering 2000 - Present McDaniel & Associates Consultants Ltd. Society of Petroleum Engineers (SPE) Member Mr. Ng is an Associate with McDaniel & Associates Consultants Ltd. and is experienced in domestic oil and gas reserves evaluations and audits for corporate annual reports and acquisition/disposition purposes for properties throughout Western Canada. He has an extensive list of clients which include public and private oil and gas companies, both large and small. In addition to reserves evaluations for corporate disclosure purposes, Mr. Ng is responsible for much of the estate and fair market value valuation work completed by McDaniel & Associates. Mr. Ng also specializes in shallow gas evaluations for properties in Alberta. He has significant experience with high density infill programs, as well as conventional shallow gas development in Western Canada.
Anatoli Tchernavskikh Ph.D. (Geology), P. Geol. Manager, International Geology McDaniel & Associates Consultants Ltd. Vice President McDaniel International Inc. Moscow State University, Russia M.Sc. and Ph.D. 1998 Present McDaniel & Associates Consultants Ltd. 1997 1998 Serpa Petroleum Consulting, Canada 1992 1997 NoyabrskNefteGas (GASPROM-NEFT), Russia European Association of Geoscientists & Engineers (EAGE) - Member Languages English and Russian Mr. Tchernavskikh has more than 20 years experience as a petroleum geologist with a focus on subsurface mapping, petrophysical interpretations and reservoir characterization. He has been principally involved with evaluations of oil and gas properties outside of Canada for reserves certifications, annual reporting and acquisitions and divestitures during the past ten years. He has analyzed and reconciled geophysical data, geological and engineering data and has prepared geological models for reserves and resources evaluations. Mr. Tchernavskikh also has considerable experience with the assessment of exploration prospects and portfolios using deterministic and probabilistic methods and risk analysis. He has experience with a variety of geosciences software programs. Mr. Tchernavskikh has accumulated experience in most major oil and gas basins throughout the world, including sedimentary basins in Kazakhstan and Russia, Eastern Europe, the Middle East, North and Central Africa, South and North America and South-Eastern Asia. He has worked with both clastic and carbonate reservoirs onshore and offshore.
Michael Verney P. Eng. Associate Queens University B.Sc. Civil Engineering Queens University B.A. Economics 2007 - Present McDaniel & Associates Consultants Ltd. Society of Petroleum Engineers (SPE) Member Mr. Verney has in excess of seven years of experience in the evaluation of oil and gas reserves and preparation of economic evaluations for purposes of annual reporting, reserve certifications, reserves audits, debt financing, due diligence reviews and acquisition and divestitures. He is also responsible for preparing the McDaniel price forcasts. Mr. Verney has been responsible for evaluating numerous heavy oil and bitumen projects at varying stages of development. His primary focus has been the preparation of economic evaluations of bitumen properties for the purposes of annual securities reporting and debt and equity financing. Mr. Verney also provides technical and advisory services to financial institutions and foreign oil and gas companies who are interested in oil sands projects both within Canada and worldwide.
Jared Wynveen P. Eng. Associate Queens University B.Sc. Mechanical Engineering 2006 - Present McDaniel & Associates Consultants Ltd. Society of Petroleum Engineers (SPE) Member Mr. Wynveen has in excess of seven years experience in the evaluation of oil and gas reserves and preparation of economic evaluations for purposes of annual reporting, reserve certifications, reserves audits, debt financing, due diligence reviews and acquisition and divestitures. Mr. Wynveen has been responsible for evaluating numerous heavy oil and bitumen projects at varying stages of development. His primary focus over the last five years has been the preparation of economic evaluations of bitumen properties for the purposes of annual securities reporting and debt and equity financing. Mr. Wynveen also provides technical and advisory services to financial institutions and foreign oil and gas companies who are interested in oil sands projects both within Canada and worldwide.
Unique Experience McDaniel & Associates has technical expertise in evaluating reserves and resources within the dry CBM fairway and with water-bearing coals in Canada and internationally. Coalbed Methane McDaniel & Associates has led the development of coalbed methane evaluation methodology and practices within Canada over the past seven years. With extensive experience evaluating CBM both domestically and internationally, McDaniel & Associates has developed the technical experience to evaluate CBM based on the fundamentals of coal characterization, production capabilities and the unique economics that drive the development of this resource. Within Canada, the professional staff of McDaniel & Associates have developed a strong experience base with all types of coalbed methane under development today, including broad experience within the dry CBM fairway and the more complex water-bearing coals. We provide reserves evaluations for CBM in the context of corporate reserves evaluations for a number of clients, as well as project-based engineering and resource studies focused on specific areas or assets. Some of the projects McDaniel & Associates has evaluated include: Encana s Palliser Block the largest contiguous dry CBM development in the world Corbett Creek the first wet Mannville CBM development to be declared commercial Horizontal Mannville drilling assessments across Alberta, from Fort Assiniboine to Mikwan Resource assessments and quantification of GIP for both Cretaceous and Mannville coals McDaniel s coalbed methane experience includes extensive technical and economic evaluation of the Mannville coals of central Alberta, including evaluation of the multi-lateral horizontal well development being used to commercially develop this enormous resource.
Unique Experience Our experience with evaluating SAGD began with the very first pilot in Canada. Our technical expertise has grown to include evaluations of the majority of in-situ projects under commercial development today. Oil Sands The Canadian Oil Sands are quickly emerging as the largest and most significant unconventional hydrocarbon resource in the world today. McDaniel & Associates has been evaluating Oil Sands resources and production since the start of the very first SAGD pilot in Canada. With our experience in evaluating the majority of in-situ projects presently under development, McDaniel has been at the forefront in the development of in-situ and SAGD evaluation methodology practices. Basing our evaluations on a thorough characterization of the bitumen reservoir and integration of our understanding of the technical theory of in-situ exploitation, our Oil Sands evaluations set the standard for this emerging, world-class resource. McDaniel also has been involved in the evaluation or audit of several oil sands mining projects in Alberta. Some of the SAGD projects McDaniel & Associates has evaluated include: Foster Creek Christina Lake Long Lake Tucker Lake Pikes Peak Bolney Celtic Senlac Orion Whitesands Kai Kos Dehseh Project BlackGold We incorporate into our evaluations of Oil Sands a thorough characterization of the bitumen volumes and an understanding of the depositional environment. We believe that an accurate evaluation of Oil Sands resources and reserves incorporates an understanding of the geology of the reservoir together with technical theory and practical experience of extraction methods. Consideration of all of these parameters in combination is the key.