Global Petroleum Show kicks off in Calgary

Inconsistent settles are continuing into June as less gas unit utilization on Friday and Saturday led to daily settles
over $100/MWh. The week settled 131% higher than the previous at $59.42/MWh. The forward curve is up
~1.00/MWh this week in response to further clarity provided by the Comprehensive Market Design 3. Most
revisions relate to the offering of units into the capacity market.

The front end of the gas forward curve is up ~$0.05/GJ, as Nova announced the system has higher base
operational capability in the East Gate Delivery Area. However, restrictions on exports are higher week over week
causing 52% lower AECO settles week over week at $0.62/GJ.

The 50th Global Petroleum Show kicks off in Calgary today, with exhibitors from over 100 countries. The show is
expected to be a larger than the previous few years as the price of oil is on the rise. Innovative technologies are
expected to be displayed showing the resilience of the industry.