Deep Basin

Conventional oil and natural gas

The Deep Basin assets along the eastern slopes of the Rocky Mountains in northwestern Alberta and northeastern British Columbia are one of two key production platforms for Cenovus. The Deep Basin assets are comprised of more than three million net acres of land on which we’ve already identified about 1,500 drilling locations and opportunities1 with high-return potential. We intend to begin a disciplined drilling program in the Deep Basin through 2017 and expect to ramp up activity significantly in 2018 and beyond.

Our Deep Basin assets currently produce about 120,000 barrels of oil equivalent a day and they include a substantial base of natural gas processing facilities. We believe these assets have significant growth potential.

1 - See the section titled “Drilling Locations” in the advisory to our News Release dated April 26, 2017, disclosing Cenovus’s 2017 first quarter operating results