"• At year-end, 2021, the present value of our reserves, discounted at 10% before tax, is estimated to be $5.1 billion ($3.3 billion at year-end 2020). The increase is largely attributable to a higher commodity price forecast being utilized by our reserves evaluator (consultant average of approximately US$70/bbl WTI). • Our net asset value at year-end 2021, discounted at 10% before tax, is $6.67 per share. This is based on the estimated reserves value plus a value for undeveloped acreage, net of long-term debt and working capital"

 

$450mil less debt now

 

4.5-5% fewer shares

 

higher price deck used and some reversals