FOR IMMEDIATE RELEASE

EUB RELEASES ALBERTA ENERGY RESERVES AND SUPPLY/ DEMAND OUTLOOK
Report shows Alberta bitumen production up 63% since 2000

Calgary, Alberta (September 15, 2005) The Alberta Energy and Utilities Board (EUB) has released its annual Alberta's Reserves 2004 and Supply/Demand Outlook 2005-2014 report. The report includes estimates of bitumen, crude oil, natural gas, natural gas liquids, coal, and sulphur reserves, production volumes for 2004, and a 10-year supply/demand forecast for each resource.

Continuing high levels of development in Alberta's oil sands have resulted in bitumen production increasing by 14% since 2003, and overall bitumen production increasing by 63% since 2000. In 2004, Alberta produced 399 million barrels of bitumen. The report forecasts that annual bitumen production will more than double from the current 1.1 million barrels per day to 2.6 million barrels per day by 2014.

Additional highlights from the 2004 EUB Reserves Report include:

• Bitumen production of 399 million barrels in 2004 surpassed conventional oil production of 220 million barrels by over 80 percent.

• Remaining established marketable natural gas reserves in Alberta stand at 40 trillion cubic feet. Alberta produced 4.9 trillion cubic feet of natural gas in 2004.

• Remaining established coalbed methane reserves are 263 billion cubic feet and production in 2004 was 23 billion cubic feet.

• Estimates of the total bitumen in-place have been adjusted upward slightly from the previous year's 1.6 trillion barrels to the current 1.7 trillion barrels.

• The remaining established reserves of bitumen have been reduced slightly, from 174.5 billion to 174.1 billion barrels, due to 2004 production.

Alberta has 1.6 billion barrels of remaining conventional oil reserves. The total of 175.7 billion barrels of remaining established crude oil and bitumen reserves continues to position Alberta as a world leader in reserves.

Bitumen reserve numbers are based upon geological data from 63,000 wells, including logs from 44,000 wells and core samples from 20,000 wells.

The EUB ensures that the discovery, development, and delivery of Alberta's resources take place in a manner that is fair, responsible, and in the public interest.

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