INVESTMENT RESEARCH

A Border Comparison of the Bakken
Differences Apparent, but Attractive Nonetheless
Across the Williston Basin that spans the Canadian/US border, the geology of the Bakken varies, resulting in regional differences in economic metrics. While we find the economics attractive in most areas today, there are both sweet spots in the play along with new emerging areas that look prospective for the formation. We also find the formation directly below the Bakken, the Three Forks or Sanish, to be attracting increased industry attention in tandem with the Bakken. The Bakken formation is deeper in North Dakota relative to Saskatchewan, resulting in higher pressures and flow rates, but is somewhat offset by higher drilling costs; Well economics in Saskatchewan generate lower individual well NPV values but have higher IRR and efficiency metrics, relative to North Dakota; Development for the Bakken and Three Forks formation, also known as the Sanish, has pushed into the emerging areas of Tableland Saskatchewan, as well as the counties of Divide and Burke in North Dakota; The Sanish sand layer lies directly below the Bakken and may contain Bakken oil, depending on the amount of communication between the two formations; In any case, the quality of Sanish oil is similar to the Bakken and looks to have similar type curves for both IP and EUR; Sanish plays may complement or substitute for the Bakken in certain development areas, but the productive sand layer may not be present everywhere; In ideal cases, the Bakken and Sanish are complementary, potentially doubling the drilling locations per section along with expected recoverable oil; Land sale prices have escalated both north and south of the border; Midstream pipeline expansion plans provide an indication of increased drilling activity in the near future; All sub-areas within the Williston Basin in Saskatchewan and North Dakota appear to be economic.

Please refer to the final page(s) of this report for required disclosures.

September 10, 2010

Victor Rodberg, CFA (403) 767-0821
David Phung, P.Eng., Associate (403) 767-0824 John O’Keane, Associate (403) 767-0825

A Border Comparison of the Bakken

Table of Contents

WILLISTON BASIN .................................................................................................................... 3 SUB-AREAS................................................................................................................................... 3 GEOLOGY ..................................................................................................................................... 7 SASKATCHEWAN VERSUS NORTH DAKOTA ................................................................................... 7 FLOW RATES AND RESERVES ....................................................................................................... 8 ECONOMICS ................................................................................................................................ 10 Saskatchewan Type Curves ..................................................................................................... 9 North Dakota Type Curves ...................................................................................................... 9 Bakken Economics - Saskatchewan vs. North Dakota .......................................................... 10 LAND SALES ACTIVITY .............................................................................................................. 10 Saskatchewan and North Dakota Recent Land Sales............................................................ 11 SUMMARY ................................................................................................................................. 13 APPENDIX A: TYPE CURVE EXHIBITS ............................................................................. 14 TYPE CURVE ASSUMPTIONS ...................................................................................................... 16

September 10, 2010 / p.2

Victor Rodberg, CFA (403) 767-0821
David Phung, P. Eng., Associate (403) 767-0824 John O’Keane, Associate (403) 767-0825

Exhibit 1. Williston Basin Source: Canadian Plains Research Center In the past decade. P.A Border Comparison of the Bakken WILLISTON BASIN The Williston Basin covers an extensive area that includes parts of North Dakota. CFA (403) 767-0821 David Phung.. the basin has experienced increased industry interest with the exploitation of the Bakken formation for light oil. NR) and Petrobakken (PBN. Bailey and the Nesson Anticline regions. NR) are the largest companies currently exploiting the Bakken. Although originally discovered in 1951. Associate (403) 767-0824 John O’Keane. development has pushed into such emerging areas as Tableland and Taylorton in Saskatchewan Victor Rodberg. Outside of these established production fields. Eng. the primary area of industry activity has been in the Viewfield area of southeast Saskatchewan where Crescent Point Energy (CPG. as well as southern Saskatchewan and southwest Manitoba in Canada. SUB-AREAS OF THE WILLISTON BASIN North of the border in Canada. South Dakota and Montana in the United States. 2010/ p. Associate (403) 767-0825 September 10. The strength in oil prices during this past decade has also helped to accelerate development of this resource. Activity for the Bakken in the United States has been centered on areas such as Billings Nose. as shown in Exhibit 1.3 . the Bakken formation did not achieve prominence until horizontal drilling and completions technology was developed to economically unlock the oil resource. Sanish Parshall. amongst others.

Eng. Associate (403) 767-0824 John O’Keane. P. Oil recovery estimates ranges from 270 million barrels to 500 million barrels at Elm Coulee.A Border Comparison of the Bakken and into the North Dakota counties of Divide and Burke.4 Victor Rodberg. another prominent oil field within the Williston Basin is the Elm Coulee field in Montana. While our discussion on sub-areas focuses on North Dakota.. which is northwest of the Billings Nose sub-area. Development began at Elm Coulee in 2000 and is one of the largest oil field in the United States. Exhibit 2 shows both the developed and emerging Williston Basin sub-areas in North Dakota while Exhibit 3 shows the sub-areas in Saskatchewan. CFA (403) 767-0821 David Phung. Associate (403) 767-0825 . 2010 / p. September 10.

300 3.700 1.UN-T BEXP-Q OAS-N NOG-N KOG-N AEI-T Private Mkt.5 . P.A Border Comparison of the Bakken Exhibit 2. CFA (403) 767-0821 David Phung.600 780 390 110 N/A Bailey Billings Nose Source: GeoScout.500 4.600 17.UN-T BTE..700 4.800 7. Associate (403) 767-0825 September 10. Williston Basin Sub-Areas of Development in North Dakota Divide (emerging) Burke (emerging) Stanley Sanish Parshall US Operators Nesson Anticline Exxon Mobil ConocoPhillips EOG Marathon Hess Continental Whiting Enerplus Baytex Brigham Oasis Northern Kodiak Arsenal Energy Samson Resources Ticker XOM-N COP-N EOG-N MRO-N HES-N CLR-N WLL-N ERF.900 1. Cap ($mm) 309. Bloomberg Victor Rodberg. Associate (403) 767-0824 John O’Keane.900 22. 2010/ p. Eng.600 83.300 22.

A-V RPL-V NLR-V Private Mkt.400 4. CFA (403) 767-0821 David Phung. Bloomberg September 10. Associate (403) 767-0824 John O’Keane.300 3.UN-T PBN-T NAE. 2010 / p.600 1.400 340 130 120 N/A Source: GeoScout. P.UN-T LEG-T PPY.800 1..6 Victor Rodberg. Williston Basin Sub-Areas of Development in Saskatchewan Viewfield Tableland (emerging) Taylorton (emerging) CDN Operators Crescent Point Enerplus PetroBakken NAL Legacy Painted Pony Renegade NuLoch Resources Tundra Ticker CPG-T ERF. Associate (403) 767-0825 . Cap ($mm) 8. Eng.A Border Comparison of the Bakken Exhibit 3.

the probability of two separate reservoirs may be higher. Victor Rodberg. as displayed in Exhibit 4.000 meters. Associate (403) 767-0825 September 10. Eng. The approximate depths of the Bakken in southeast Saskatchewan and North Dakota are 1. This relative mobility is a result of a difference in reservoir properties as the Middle Bakken is closer to a silt (higher permeability/oil mobility) while the upper and lower layers are closer to a shale (lower permeability/oil mobility). However.BAKKEN AND THREE FORKS While the Bakken play has received much of the attention recently. Areas where the Lower Bakken is greater than 25 feet thick with little vertical fracture communication. Associate (403) 767-0824 John O’Keane. The degree of communication is a function of the thickness of the Lower Bakken and the amount of fractures connecting the Middle Bakken with the Three Forks (Sanish). 2010/ p. CFA (403) 767-0821 David Phung. respectively. As a result of greater depth.7 . wells drilled further south will typically exhibit greater pressures and contribute to higher flow rates. operators can confirm or refute the presence of separate reservoirs by observing pressure differentials and correlations between wells drilled into each reservoir.. Stratigraphic Chart of Bakken and Three Forks (Sanish) Bakken Sanish Source: Saskatchewan Government The Bakken is classified into Upper. depending on the degree of communication with the Middle Bakken. The Three Forks (Sanish) consists of dolomite and shale with an upper layer of sand.600 meters and 3. An area having two separate independent reservoirs should reduce the exploration risk and enhance the magnitude of economic returns by potentially doubling the oil that is originally in place.A Border Comparison of the Bakken GEOLOGY. SASKATCHEWAN VERSUS NORTH DAKOTA A cross sectional view of the geology from Viewfield in the north to Billings Nose in the south shows a down-dip trend where the Bakken and Sanish are deeper in the United States. P. also more commonly called the Three Forks formation in the United States. Exhibit 4. Middle and Lower Members where the Middle Member is typically the most prospective layer due to its higher mobility of oil relative to the upper and lower layers. In these cases. The Three Forks or Sanish lies directly below the Bakken formation. Over time. the Sanish may be a substitute or a complement to the Bakken in an exploitation area. it may contain economical amounts of Bakken oil that has migrated there over time. This sand layer may not be present everywhere but where it is present. the Williston Basin has also had operators drilling for oil in the Sanish. as shown in Exhibit 5. this advantage is somewhat offset by higher drilling and completion costs.

corporate presentation (June 29. Eng. The decline profile was assumed to be similar to wells in Viewfield with an initial hyperbolic decline in the first year followed by a low-decline harmonic profile thereafter. It should be noted that we have only taken the oil production for comparison purposes. CFA (403) 767-0821 David Phung. without a large number of data points. Appendix A summarizes type curve assumptions and also compares the type curves to the available data for sub-areas where it was available. while other areas. because of greater depth and pressures. To note. each type curve was generated based on a sample of wells from the beginning of 2009 onward.A Border Comparison of the Bakken Exhibit 5. For Tableland. Bakken and Sanish Depth Trend Viewfield. Associate (403) 767-0824 John O’Keane. Burke and Divide type curves were generated using assumptions and recent industry announcements on well results.. the decline rates assumed may be aggressive. Natural gas and natural gas liquids production would provide additional upside if gas conservation is available. the IP rate was assumed to be slightly lower than Burke since it is further north and may have shallower depths with lower reservoir pressure. For Burke. P. because of a lack of sufficient data points. such Viewfield with 474 wells. Saskatchewan North Dakota Upper Bakken Middle Bakken Lower Bakken Sanish CAN Source: Clarus Securities. NuLoch Resources Inc. one industry player has recently achieved a 30-day IP rate of 142 bbl/d across five Sanish wells and it was assumed that a similar rate of 140 bbl/d may be reasonable moving forward. September 10. we have assumed a lower IP rate when compared to both the neighboring Nesson Anticline and Stanley.8 Victor Rodberg. such as Tableland. leading to a lower and more conservative EUR value. had limited information and we have had to make educated assumptions. Associate (403) 767-0825 US . because the Bakken begins to pinch out when approaching this region. 2010 / p. the Tableland. based on an average type curve. as expected. Some areas had a larger sample. 2010) FLOW RATES AND RESERVES Exhibits 6 and 7 display the rate versus cumulative production graphs for the different areas. For the Divide type curve. we see higher IP rates and higher EUR values in North Dakota. However. To reflect the most recent technological developments and well results. Comparing Exhibits 6 and 7.

Associate (403) 767-0825 September 10. GeoScout.. 2010/ p.474 Wells Tableland . Eng.70 Wells Burke . Clarus Securities Victor Rodberg.9 .Limited Data Bailey . GeoScout.Limited Data Divide . Saskatchewan Sub-Area Type Curves 200 180 160 Production (bbls/d) 140 120 100 80 60 40 20 0 0 20 40 60 80 Viewfield . Clarus Securities Exhibit 7.112 Wells Stanley . CFA (403) 767-0821 David Phung.A Border Comparison of the Bakken Exhibit 6.Limited Data Taylorton . P.62 Wells Production (bbls/d) 500 400 300 200 100 0 0 100 200 300 400 (organized by IP rate) 500 600 700 EUR (mbbls) Source: Company reports.17 Wells (organized by IP rate) 100 120 EUR (mbbls) Source: Company reports.126 Wells Nesson Anticline . Associate (403) 767-0824 John O’Keane. North Dakota Sub-Area Type Curves 800 700 600 Sanish Parshall .

5 15. Prices have been escalating both north and south of the border as exploration and development has pushed into the emerging areas of Tableland.2 2. the top tier land prices September 10.5 4.5% with an additional state severance tax of 11. primarily dependent upon geology and drilling and completions techniques. CFA (403) 767-0821 David Phung.. both north and south of the border. Exhibit 8. if history repeats itself with companies moving up the learning curve. Royalties in Saskatchewan are generally lower on crown lands.3 180% North Dakota Divide 240 190 4.3 77% Viewfield 170 120 1. GeoScout. For emerging areas such as Tableland.10 Victor Rodberg. Taylorton.5 4. However. Viewfield economics have benefited from cost efficiencies with higher drilling density and intensity of development.A Border Comparison of the Bakken A LOOK AT ECONOMICS Using the area type curves generated in Exhibits 6 and 7. P.3 29% Taylorton 150 110 2.2 1. Clarus Securities LAND SALES ACTIVITY Recent land sales pricing information for southern Saskatchewan and North Dakota within the Williston Basin is presented in Exhibit 9. Divide and Burke.8 54% Stanley 350 290 4.5%). as operators benefit from a royalty holiday of 2.1 87% Sanish Parshall 630 580 5.6 3.0 3. Associate (403) 767-0825 . prices will likely escalate even further in these emerging areas.2 156% Bailey 220 230 4. the economics remain attractive across the basin. Comparison of Bakken Economics in Saskatchewan and North Dakota 30-Day IP EUR Capex NPV10 BT IRR Area (bbls/d) (mbbls) ($mm) ($mm) (%) Saskatchewan Tableland 140 110 3. we may see the economics improving in the future. depending on well depth (in North Dakota the average freehold royalty rate is 18. economics were estimated using a 30year productive life and a flat $75/bbl oil price. Different sub-areas within Saskatchewan and North Dakota generate a range of different economics.5 2. as well as refined drilling and completions techniques developed in the past few years. which all culminates in a lower capital cost per well and more attractive economics.5 6. Saskatchewan wells may generate lower NPV values but higher IRR and capital efficiency metrics.640 mbbl. In general. The economics have been summarized in Exhibit 8 for comparison. Despite differences.5% up to the first 100.6 36% Burke 300 240 4.8 47% Source: Company reports. Eng. For example. 2010 / p. Associate (403) 767-0824 John O’Keane. Divide and Burke. relative to North Dakota. when comparing Viewfield to Taylorton and Tableland.4 59% Nesson Anticline 360 330 4. As additional wells are drilled and adjacent lands are de-risked.

A Border Comparison of the Bakken Exhibit 9. 2010.. Eng. CFA (403) 767-0821 David Phung. US$ Victor Rodberg.300/acre Ward $200/acre McKenzie $3.400/acre Mountrail $5. August 30.300 /acre Burke $670/acre Renville $170/acre Williams $3. August 30. Associate (403) 767-0824 John O’Keane. Associate (403) 767-0825 September 10. Southern Saskatchewan and North Dakota 2010 Land Sales Southern Saskatchewan Source: Geoscout Source: GeoScout North Dakota Divide $1. 2010/ p. P.500/acre Billings $850/acre Re gional Permeability Barrier Stark $1.100/acre McLean $100/acre Dunn $5.289/acre Slope $100/acre Hettinger $70/acre Source: North Dakota Department of Mineral Resources.11 . 2010. US$ Source: North Dakota Department of Mineral Resources.

2010 / p. Take away capacity in the region will increase by 145. Typically. operators in the Bakken plays were faced with limited oil egress options as pipelines were running at or near full capacity.500 bbls/d. Associate (403) 767-0824 John O’Keane. Sanish Parshall (Mountrail County) and the Nesson Anticline (Mountrail. In addition. In the past. Enbridge announced that there was sufficient long term shipping commitments from a number of large operators to enable this expansion to proceed. McKenzie and Dunn Counties). Some of the lower land prices paid have been to the east of the regional permeability barrier where the prospectively for oil is lower. September 10.000 bbls/d and can be further expanded by 325. especially during the last run-up in oil prices this past decade. The expectation of an acceleration of drilling activity is clear. Exhibit 10. CFA (403) 767-0821 David Phung. ENBRIDGE BAKKEN EGRESS EXPANSION Having sufficient egress capacity is essential to getting production to market and ensuring cash flow.12 Victor Rodberg..A Border Comparison of the Bakken are found currently in the more established areas of Viewfield. Enbridge’s current pipeline capacity in Southern Saskatchewan and North Dakota is 161. This previous capacity expansion was immediately utilized and a further expansion was recently announced. The plans call for an expansion originating at Beaver Lodge Station at Tioga. After a pipeline expansion of 51. P. Williams. Associate (403) 767-0825 . 2010. as the Bakken formation thins and pinches out at this line. The egress expansion is a result of an expected increase in Bakken and Sanish oil production in southern Saskatchewan and North Dakota.000 bbls/d in January. a separate pipeline connection will be made to the Beaver Lodge Station that will connect the Bakken pipeline system to pipelines south of the Missouri River. Enbridge has also incorporated further increases in area production into their construction plans. North Dakota and will terminate at Cromer. Manitoba. In fact. This would effectively open additional markets for the area. Price inflation reflects the economic attractiveness of the areas as well as the relative scarcity of remaining land. midstream companies work closely with E&P operators to produce realistic production forecasts and egress capacity needs. Enbridge Bakken Pipeline Expansion Source: Enbridge Inc. Eng. This new expansion is depicted in Exhibit 10 and is planned for a commissioning timeframe of Q1/13.000 bbls/d with relatively low incremental cost.

with more cash flow and access to capital. The capacity associated with the last pipeline expansion in January. Associate (403) 767-0824 John O’Keane. The ascension of higher oil prices this past decade helped to further increase the Bakken’s spotlight. with Bakken and Sanish wells also appearing to have similar IP rates and EUR values. wells in Saskatchewan generate lower NPV values but higher IRR and efficiency metrics. Recently. Associate (403) 767-0825 September 10. Victor Rodberg.13 . Where the productive Sanish sand layer exists. that desire greater magnitudes of growth may prefer development in North Dakota while smaller operators might view higher efficiency metrics in Saskatchewan to be more attractive. was utilized immediately. the complement scenario may not be proven to be true over time and can be observed or inferred from reservoir pressure measurements. After a period of uncertainty associated with the recent recession. both small and large operators have pushed development of the Bakken and Sanish into the emerging areas of Tableland. However. The large oil resource in place in the Williston Basin has effectively been unlocked by the development of horizontal drilling and completions technology. P. the Sanish can be a substitute or a complement to the Bakken in certain areas.. Larger operators. The quality of Bakken and Sanish oil are effectively identical. These geological and reservoir differences drive the play economics. Today’s commodity price environment results in attractive economic returns from all of these plays. As a clear signal that industry expects an increased level of drilling activity in the southern Saskatchewan and North Dakota area targeting the Bakken and Sanish. midstream egress pipelines look to be expanded in the near future to accommodate additional volumes. there has been an increase in industry focus on exploiting the Sanish in addition to the Bakken. commodity prices appears to have stabilized. As such. The Sanish lies immediately beneath the Bakken. With similarly attractive economics. it may contain Bakken oil that has migrated there over time. but not all areas have the productive Sanish sand layer. 2010/ p. the economics are somewhat offset by higher capital costs. should there be a significant degree of communication between the Bakken and Sanish via vertical fractures.A Border Comparison of the Bakken SUMMARY Differences across the border include a deeper formation in North Dakota relative to Saskatchewan. CFA (403) 767-0821 David Phung. Development of these areas has pushed land sale prices upwards accordingly. Although North Dakota Bakken and Three Forks (Sanish) wells have higher pressures and production rates. 2010. Eng. Divide County and Burke County. resulting in higher pressures and flow rates. lending confidence to operators to once again push forward their development plans for the Bakken and Sanish. In general.

2009/10 . 2009/10 .14 Victor Rodberg.17 wells 180 160 Production (bbl/d) 140 120 100 80 60 40 20 0 0 5 10 15 20 25 30 GeoScout Clarus Curve 35 40 45 50 Month Viewfield. P.. Yr. Associate (403) 767-0825 . 2009/10 . 2010 / p.A Border Comparison of the Bakken APPENDIX A: TYPE CURVE EXHIBITS Taylorton. Eng.145 wells 200 180 160 Production (bbl/d) 140 120 100 80 60 40 20 0 0 5 10 15 20 25 30 GeoScout Clarus Curve 35 40 45 50 Month Nesson Anticline.112 wells 450 400 Production (bbl/d) 350 300 250 200 150 100 50 0 0 5 10 15 20 25 30 GeoScout Clarus Curve 35 40 45 50 Month Source: GeoScout. Associate (403) 767-0824 John O’Keane. Clarus Securities September 10. CFA (403) 767-0821 David Phung.

126 wells 800 700 Production (bbl/d) 600 500 400 300 200 100 0 0 5 10 15 20 25 30 Clarus Curve GeoScout 35 40 45 50 Month Bailey. Eng.15 . 2009/10 . CFA (403) 767-0821 David Phung.70 wells 400 350 Production (bbl/d) 300 250 200 150 100 50 0 0 5 10 15 20 25 30 GeoScout Clarus Curve 35 40 45 50 Month Sanish Parshall . 2009/10 . P. Associate (403) 767-0824 John O’Keane. 2009/10 . Associate (403) 767-0825 September 10. 2010/ p.A Border Comparison of the Bakken Stanley.62 wells 250 200 Production (bbl/d) 150 GeoScout Clarus Curve 100 50 0 0 5 10 15 20 25 30 35 40 45 50 Month Source: GeoScout. Clarus Securities Victor Rodberg..

A Border Comparison of the Bakken TABLELAND. 2010 / p. Associate (403) 767-0825 .. CFA (403) 767-0821 David Phung.16 Victor Rodberg. BURKE AND DIVIDE TYPE CURVE ASSUMPTIONS First Year Decline Parameters IP (bbls/d) Exponent Di 150 0.75 17% After Year 1 Exponent 1.0 1.0 Di 5% 5% 5% Life (Yrs) 30 30 30 Area Tableland Burke Divide Source: Clarus Securities September 10.75 17% 260 0. Eng.0 1. Associate (403) 767-0824 John O’Keane. P.75 18% 320 0.

ca). P. However.O. or in related securities or in options. futures or other derivative instruments based thereon. Victor Rodberg. Sell: Overvalued and expected to decline from the current price over the next 12-18 months. Associate (403) 767-0824 John O’Keane. Conflicts of Interest The research analyst and/or associates who prepared this report are compensated based upon (among other factors) the overall profitability of Clarus Securities and its affiliate. Associate (403) 767-0825 September 10. Speculative Buy: Expected to appreciate significantly from the current price over the next 12-18 months. Clarus Securities. Hold: Fairly valued and expected to trade in line with the current price over the next 12-18 months. in respect thereof. hold or sell securities discussed herein. Eng. 2010. Equity Research Ratings Buy: Attractively valued and expected to appreciate significantly from the current price over the next 12-18 months. Financial and/or operational risk is high in the analyst’s view.nbcn. No part of this report may be reproduced or re-distributed without the written consent of Clarus Securities. Business Continuity Planning Our clients’ funds and securities are maintained at our carrying broker. Clarus Securities endeavours to ensure that the contents have been compiled or derived from sources that we believe are reliable and contain information and opinions that are accurate and complete. NBCN (250 Yonge Street P. © Clarus Securities Inc. No rating presently assigned. and/or their respective officers. this report or its contents. Accumulate: Attractively valued. Website: www.17 . is expected to appreciate moderately over the next 12 -18 months. related to the specific recommendations or views expressed by such research analyst in this report. please contact the following representative at NBCN for access to your funds and securities: Mike Tate (416-542-2255 or michael. but given the current market price. This report is not to be construed as an offer or solicitation to buy or sell any security. please visit our website.A Border Comparison of the Bakken Clarus Securities Equity Research Disclosures General Disclosure The information and opinions in this report were prepared by Clarus Securities Inc. CFA (403) 767-0821 David Phung. (“Clarus Securities”).. In the event of a significant business disruption. ON M5B 2L7. The opinions. In the normal course of its business. Institutional clients may also receive our research via THOMSON and REUTERS.tate@corrnet. and is an affiliate of such. phone number 416-542-2200. The reader should assume that Clarus Securities or its affiliate may have a conflict of interest and should not rely solely on this report in evaluating whether or not to buy or sell securities of issuers discussed herein. Clarus Securities or its affiliate may provide financial advisory and/or investment banking services for the issuers mentioned in this report in return for remuneration and might seek to become engaged for such services from any of such issuers in this report within the next three months. please have your account number ready. Box 19. Under review: Pending additional review and/or information. 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Clarus Securities or its affiliate may buy from or sell to customers the securities of issuers mentioned in this report on a principal basis. is. Please contact your Clarus institutional sales or trading representative or investment advisor for more information. 2010 / p. should you not be able to communicate with your Clarus representative. Toronto. Clarus Securities is a whollyowned subsidiary of Clarus Securities Holdings Ltd. its affiliate. A summary of our research ratings distribution can be found on our website. express or implied. Information may be available to Clarus Securities or its affiliate that is not reflected in this report.com) or in the event that Mike Tate cannot be reached: Laurie Smuk (416542-2212 or lsmuk@corrnet. or reliance on. or will be directly or indirectly. 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Associate (403) 767-0824 John O’Keane.18 Victor Rodberg. P. 2010 / p. CFA (403) 767-0821 David Phung. Eng. Associate (403) 767-0825 . September 10.A Border Comparison of the Bakken This page was intentionally left blank..

Associate (403) 767-0824 John O’Keane. P.A Border Comparison of the Bakken This page was intentionally left blank. CFA (403) 767-0821 David Phung.19 . Associate (403) 767-0825 September 10. Eng.. 2010 / p. Victor Rodberg.

Eng.20 Victor Rodberg.A Border Comparison of the Bakken This page was intentionally left blank. September 10. P. Associate (403) 767-0824 John O’Keane. Associate (403) 767-0825 . 2010 / p. CFA (403) 767-0821 David Phung..

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