Information contained in this Cenovus Energy Inc. website is for information purposes only. The website and the information (including changes to the terms herein) may be changed or updated from time to time without notice. In consideration for using Cenovus Energy Inc.'s website, the visitor agrees to hold Cenovus Energy Inc. and its affiliates and subsidiaries, and their respective directors, officers, employees and agents harmless against any claims for damages or costs or any loss of any kind arising out of the access to or use of this website or any information contained in or obtained through this website. As visitors access this website on a server in Alberta, Canada, the information contained in this website is deemed to be provided in Alberta and is subject to Alberta law and the laws of Canada applicable therein. If you access this website from outside of Canada, you do so at your own risk and are responsible for compliance with local, national or international laws including, without limitation, securities laws and import and export laws.
Disclaimer of Warranties
In addition to the above disclaimers of warranties, Cenovus Energy Inc. hereby expressly disclaims any liability for errors or omissions in the information contained in this website. Information contained in this website does not constitute a solicitation or an offering of securities in any jurisdiction. Information that may be or previously disclosed under corporate securities legislation of Canadian, U.S. or other jurisdictions applicable to Cenovus Energy Inc., e.g. Annual Report, Quarterly Reports, Annual Information Forms or press releases, is not intended in any way to be qualified, amended, modified or supplemented by information available in, through or on this Cenovus Energy Inc. website. Although Cenovus Energy Inc. believes this information to be correct at the time it is posted, Cenovus Energy Inc. does not warrant the accuracy, completeness or currency of this information at all times. All information contained in this website is provided on an as-is and as-available basis without any representations, warranties or endorsements whatsoever.
No warranty of any kind, implied, expressed or statutory, warranty of merchantability and non-infringement of intellectual property rights, third party rights, title, fitness for any particular purpose or freedom from computer viruses or other contaminating or destructive properties is given in conjunction with the information contained in this website.
In the interest of providing Cenovus Energy Inc. ("Cenovus" or the "Company") shareholders and potential investors with information regarding the Company and its subsidiaries, including management's assessment of the Company's future plans and operations, certain statements and graphs throughout this website contain "forward-looking statements" or "forward looking information" within the meaning of applicable securities legislation. Forward-looking statements or information in this website include, but are not limited to, statements and graphs (collectively "statements") with respect to: operational information, future exploration and development plans, future acquisition or disposition opportunities, estimates of proved reserves, production growth rates over the long-term, free cash flow, future net capital investment, wells expected to be drilled within the various divisions of Cenovus and by Cenovus as a whole, anticipated future production, production capacity and annual production growth rate, estimated natural bitumen in place, successful use of new technology and innovations to increase recovery and decrease costs, possible internal and external growth opportunities for the Cenovus assets, capital requirements, the timing of completion and anticipated capacities of Foster Creek and Christina Lake expansions, the anticipated capacities of and the timing of capacity expansions for the Wood River refinery, including the timing of completion of the CORE project and the capital expenditures for such expansions, the ability of Cenovus and ConocoPhillips to successfully manage and operate the integrated oil business and the ability of the parties to obtain necessary regulatory approvals, expectations of future cash flows, the ability of Cenovus to meet its social and environmental policies, the expectation that Cenovus assets being located in North America limits Cenovus's exposure to risks and uncertainties, the amount of dividends, including the frequency thereof that Cenovus may declare in the future, future economic performance; the potential production, scalability and upside associated with resource plays; the potential future success, growth, timing and production for such projects as Christina Lake, Foster Creek and other SAGD oil sands projects, shallow gas, Pelican Lake and Weyburn; estimated extended life of the Weyburn oil field, estimated volume of carbon dioxide that could be sequestered in Weyburn, estimated crude oil in place in Weyburn, future development plans for Borealis project, projected producing life of wells in the Suffield area and the future development plans for the same, the Company's projections with respect to its ability to develop resource plays and the percentage of production from resource plays in the future, projections of future steam-oil ratios for various SAGD projects; projected future drilling costs, non-fuel operation costs, fuel efficiencies and recovery factors for various SAGD projects, anticipated purchases of common shares pursuant to the Company's Normal Course Issuer Bid; anticipated currency exchange rates; projected growth rates capable of being sustained from the Company's asset base in the future; projections of the potential future price and market for natural gas; projections of cash available for return to shareholders; and references to potential exploration and the timing and success thereof.
You are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that circumstances, events or outcomes anticipated or implied by forward-looking statements will not occur, which may cause the actual performance and financial results in future periods to differ materially from the performance or results anticipated or implied by any such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this website include, but are not limited: volatility of and assumptions regarding gas prices; assumptions contained in or relevant to the Company's current corporate guidance; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in marketing operations (including credit risks); imprecision of reserves estimates and estimates of recoverable quantities of oil, natural gas and liquids from resource plays and other sources not currently classified as proved reserves; potential disruption or unexpected technical difficulties in developing new products and manufacturing processes; potential failure of new products to achieve acceptance in the market; unexpected cost increases or technical difficulties in constructing or modifying manufacturing facilities; the ability to replace and expand oil and gas reserves; the ability to generate sufficient cash flow from operations to meet current and future obligations; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the ability to secure adequate product transportation; changes in royalty, tax, environmental and other laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; the risk of war, hostilities, civil insurrection, political instability and terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by Cenovus. Although Cenovus believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. You are cautioned that the foregoing list of important factors is not exhaustive.
Assumptions relating to forward-looking statements generally include Cenovus's current expectations and projections made by the Company in light of, and generally consistent with, its historical experience and its perception of historical trends, as well as expectations regarding rates of advancement and innovation, generally consistent with and informed by its past experience, all of which are subject to the risk factors identified above.
Furthermore, the forward-looking statements contained in this website are made as of the date hereof, and except as required by law, Cenovus does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this website are expressly qualified by this cautionary statement.
Cenovus Disclosure Policies
Cenovus's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Cenovus by Canadian securities regulatory authorities which permits it to provide such disclosure in accordance with U.S. disclosure requirements. The information provided by Cenovus may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 (NI 51-101). The reserves quantities disclosed in these websites represent net proved reserves calculated using the standards contained in Regulation S-X of the U.S. Securities and Exchange Commission. Further information about the differences between the U.S. requirements and the NI 51-101 requirements is set forth under the heading "Note Regarding Reserves Data and Other Oil and Gas Information" in Appendix "F" (Information Concerning Cenovus Post-Arrangement) of Encana Corporation's Information Circular relating to an Arrangement Involving Cenovus Energy Inc. dated October 20, 2009.
Certain crude oil and natural gas liquids ("NGLs") volumes that have been converted to millions of cubic feet equivalent ("MMcfe") or thousands of cubic feet equivalent ("Mcfe") on the basis of one barrel ("bbl") to six thousand cubic feet ("Mcf"). Also, certain natural gas volumes have been converted to barrels of oil equivalent ("BOE"), thousands of BOE ("MBOE") or millions of BOE ("MMBOE") on the same basis. MMcfe, Mcfe, BOE, MBOE and MMBOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not necessarily represent value equivalency at the well head.
Cenovus uses the terms resource play and estimated ultimate recovery, total petroleum initially-in-place, natural gas-in-place, crude oil-in-place, natural bitumen-in-place. Resource play is a term used by Cenovus to describe an accumulation of hydrocarbons known to exist over a large areal expanse and/or thick vertical section, which when compared to a conventional play, typically has a lower geological and/or commercial development risk and lower average decline rate. Total petroleum initially-in-place ("PIIP") is defined by the Society of Petroleum Engineers - Petroleum Resources Management System ("SPE-PRMS") as that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production plus those estimated quantities in accumulations yet to be discovered (equivalent to "total resources"). Natural gas-in-place ("NGIP"), crude oil-in-place ("COIP") and natural bitumen-in-place ("NBIP") are defined in the same manner, with the substitution of "natural gas", "crude oil" and "natural bitumen" where appropriate for the word "petroleum". As used by Cenovus, estimated ultimate recovery ("EUR") has the meaning set out jointly by the Society of Petroleum Engineers and World Petroleum Congress in the year 2000, being those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from an accumulation, plus those quantities already produced therefrom.
In this website, Cenovus has provided information with respect to certain of its Key Resource Plays and emerging opportunities which is "analogous information" as defined in NI 51-101. This analogous information includes estimates of PIIP, NGIP, COIP or NBIP and/or EUR, all as defined in the Canadian Oil & Gas Evaluation Handbook ("COGEH") or by the SPE-PRMS, and/or production type curves. This analogous information is presented on a basin, sub-basin or area basis utilizing data derived from Cenovus's internal sources, as well as from a variety of publicly available information sources which are predominantly independent in nature. Some of this data may not have been prepared by qualified reserves evaluators or auditors and the preparation of any estimates may not be in strict accordance with COGEH. Regardless, estimates by engineering and geo-technical practitioners may vary and the differences may be significant. Cenovus believes that the provision of this analogous information is relevant to Cenovus's oil and gas activities, given its acreage position and operations (either ongoing or planned) in the areas in question.
A recovery project cannot be defined for stated volumes of discovered natural bitumen initially-in-place, natural gas initially-in-place or crude oil initially-in-place at this time. There is no certainty that it will be commercially viable to produce any portion of these resources.
Exclusion of Liability
In no event shall Cenovus Energy Inc. be liable for any damages, including without limitation, direct or indirect, special, incidental or consequential damages, loss of profits, opportunities or information arising in connection with the Cenovus Energy Inc. website or with any linked website even if Cenovus Energy Inc. is made aware of the possibility of such damages, losses, claims or expenses.
Trademark and Copyright
All material and information found in this website is protected under the copyright and trademark laws of Canada and other applicable jurisdictions.
The display of trademarks, tradenames or design marks in this website does not imply that a license of any kind has been granted to any other party.
Any unauthorized use regarding publication, copying or modification of information on this website, including trademarks, tradenames and design marks, may violate applicable legislation and may result in legal action.
Links to Third Party Sites
This website contains links to third party sites. These links have been provided solely as a convenience for users of this website and do not constitute an endorsement by Cenovus Energy Inc. of the content of such third party sites. Links to this website may also be provided from other sites either known or unknown to Cenovus Energy Inc.. Access to any other website linked to or from this website is at your own risk. Cenovus Energy Inc. has not reviewed and is not responsible for the content of any third party sites linked to or from this website and does not make any representations regarding the privacy practices, content or accuracy of materials on such third party sites.
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References to Cenovus
For convenience, references in this website to "Cenovus", the "Company", "us", "we" and similar references, may, where applicable, refer only to or include any relevant direct and indirect subsidiary corporations and partnerships of Cenovus Energy Inc. and the assets, activities and initiatives thereof.
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