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News Release May 30, 2002

FOR IMMEDIATE RELEASE

EUB ISSUES REPORT ON ALBERTA'S RESERVES AND SUPPLY FORECASTS

Calgary, Alberta (May 30, 2002) Today the Alberta Energy and Utilities Board (EUB) released its annual report titled Alberta's Reserves 2001 and Supply/Demand Outlook 2002-2011. This report provides stakeholders with one of the most reliable sources of important information on the state of reserves and supply/demand for Alberta's energy resources including crude oil, crude bitumen, natural gas, natural gas liquids, sulphur, and coal. The report includes estimates of reserves, production volumes for 2001 and a 10-year supply/demand forecast for each resource.

This year's report notes that in 2001, raw bitumen production surpassed conventional crude oil production for the first time. The EUB expects increases in annual volumes of bitumen production to occur in the future as additional production comes on stream. The report also notes that, as was the case in 2000, the EUB expects that natural gas production will decline over the second half of the forecast period.

The attached backgrounder provides an overview of this report, along with selected summaries of important highlights.

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This news release, associated backgrounder and the report (excluding detailed reserves and resource tables) are available on the EUB web site at http://www.ercb.ca

Paper copies of the report are also available at no charge from EUB Information Services; main floor, 640 5 Avenue SW; Calgary, Alberta T2P 3G4; Telephone: (403) 297-8190; Fax: (403) 297-7040.

A CD-ROM of detailed reserves and resource tables is available for $500.

For more information, please contact:
David Morris, Senior Advisor
EUB Communications
Tel. 403-297-7470
Fax 403-297-3757
Email: david.morris@gov.ab.ca

NR 2002-09