Page 33 - AIF - English

STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION

Date of Statement
and variances could be material. There is no guarantee that
The Statement of Reserves Data and Other Oil and Gas the estimates for SCO, bitumen, light and medium oil,

Information outlined below is dated February 28, 2014, natural gas and NGL reserves provided herein will be
with an effective date of December 31, 2013. The recovered. Actual SCO, bitumen, light and medium oil,

preparation date of the information is as of
natural gas and NGL reserves may be greater than or less
February 21, 2014.
than the estimates provided herein. Readers should review

the definitions and information contained in the Notes to
Disclosure of Reserves Data
Reserves Data Tables, Definitions for Reserves Data Tables

As a Canadian issuer, Suncor is subject to the reporting and Notes to Future Net Revenues Tables discussion in
requirements of Canadian securities regulatory authorities, conjunction with the following notes and tables.

including the reporting of our reserves data in accordance
with National Instrument 51-101 – Standards of Disclosure Significant Factors or Uncertainties Affecting

for Oil and Gas Activities (NI 51-101).
Reserves Data
The evaluation of reserves is a continuous process, one that
The reserves data set forth in this section of the AIF for
Suncor’s Mining and In Situ operations is based upon can be significantly impacted by a variety of internal and
external influences. Revisions are often required as a result
evaluations conducted by GLJ Petroleum Consultants Ltd.
(GLJ) with an effective date of December 31, 2013, of newly acquired technical data, technology
improvements, or changes in historical performance,
contained in their reports (the GLJ Reports). The reserves
data set forth below for all other reserves, which includes pricing, economic conditions, market availability and
regulatory requirements. Additional technical information
Suncor’s interests in its conventional assets offshore
Newfoundland and Labrador (East Coast Canada), regarding geology, reservoir properties and reservoir fluid
properties are obtained through seismic programs, drilling
conventional assets offshore the U.K. (North Sea),
conventional assets in Libya (Other International), and its programs, updated reservoir performance studies and
analysis, and production history, and may result in revisions
natural gas and tight oil assets primarily located in Western
Canada (North America Onshore), is based upon to reserves. Pricing, market availability and economic
conditions affect the profitability of reserves exploitation.
evaluations conducted by Sproule Associates Limited or
Sproule International Limited (collectively, Sproule) with an Depending on the current business environment, higher
commodity prices may result in higher reserves by making
effective date of December 31, 2013, contained in their
reports (the Sproule Reports). Each of GLJ and Sproule more projects economically viable or extending their
economic life, while lower commodity prices may result in
(collectively, the Evaluators) are independent qualified
reserves evaluators as defined in NI 51-101. All factual data lower reserves, although this generally does not result for
assets under PSCs. Regulatory changes, including royalty
supplied to the Evaluators was accepted as presented.
regimes and environmental regulations, cannot be

The reserves data summarizes Suncor’s SCO, bitumen, light predicted but may have positive or negative effects on
and medium oil, natural gas and NGL reserves and the net reserves. Future technology improvements would be
present values of future net revenues for these reserves
expected to have a favourable impact on the economics of
using forecast prices and costs (unless otherwise indicated) reserves development and exploitation, and therefore result
prior to provision for interest, general and administrative
in an increase to reserves.
expense, and certain abandonment and reclamation costs.
Future net revenues are presented on before-tax and While the above factors, and many others, can be
considered, certain judgments and assumptions are always
after-tax bases.
required. As new information becomes available, these
areas are reviewed and revised accordingly.
Advisories – Future Net Revenues
It should not be assumed that the estimates of future net For more information as to the risks involved when

revenues presented in the tables below represent the fair estimating reserves and resources, see the Risk Factors –
market value of the reserves. There is no assurance that Uncertainty of Reserves and Resources Estimates section in

the forecast prices and costs assumptions will be attained
this AIF.

SUNCOR ENERGY INC. ANNUAL INFORMATION FORM 2014 31