Finding, Development and Acquisition costs ("FD&A") are important indicators of the cost of growing our asset base, adding reserves, and growing our production. We use FD&A costs to analyze a variety of measures, including the efficiency of the capital we are using within our operations to grow reserves. These costs are also an important indicator to the underlying cost of growing our business.

FD&A costs can be calculated either including or excluding future development capital ("FDC"). FD&A costs under NI 51-101 include FDC as this provides a more representative view of the full cost of reserve additions as it accounts for future costs to bring the reserves to market.