• BUILDING OUR FUTURE IN THE MONTNEY

Crew is a dynamic, growth-oriented exploration and production company, focused on increasing our long-term production, reserves and cash flow through the development of our world-class Montney resource.

February, 2021

TSX: CR

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The Montney

The Company is focused on the development and expansion of its oil and natural gas assets, particularly its large undeveloped land base located in the Montney resource... Learn more

Glossary

Abbreviations
  • AECO

    the natural gas storage facility located at Suffield, Alberta.

  • API

    American Petroleum Institute

  • °API

    an indication of the specific gravity of crude oil measured on the API gravity scale.

  • Bbl

    barrel

  • bbl/d

    barrels per day

  • Bcf

    billion cubic feet

  • BOE or boe

    barrel of oil equivalent on the basis of 6 Mcf/BOE for natural gas and 1 bbl/BOE for crude oil and natural gas liquids

  • BOPD

    barrels of oil per day

  • CSA

    Canadian Securities Administrators

  • DPIIP

    Discovered Petroleum Initially In Place

  • Gj

    Gigajoule

  • M$

    thousands of dollars

  • m3

    cubic metres

  • Mbbl

    thousand barrels

  • Mboe

    1,000 barrels of oil equivalent

  • Mcf

    thousand cubic feet

  • Mcf/d

    thousand cubic feet per day

  • Mmbbl

    million barrels

  • Mmbtu

    million British Thermal Units

  • Mmcf

    million cubic feet

  • Mmcf/d

    million cubic feet per day

  • NGLs or ngls

    natural gas liquids

  • Tcf

    trillion cubic feet

  • TCFE

    trillion cubic feet equivalent

  • TPIIP

    Total Petroleum Initially in Place

  • UPIIP

    Undiscovered Petroleum Initially In Place

  • WTI

    West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade

Definitions
  • Contingent Resources
    Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable... Read more
    Contingent Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from known accumulations, but which are not currently considered to be commercially recoverable.  It is recognized that some ambiguity may exist between the definitions of contingent resources and unproved reserves. This is a reflection of variations in current industry practice. It is recommended that if the degree of commitment is not such that the accumulation is expected to be developed and placed on production within a reasonable timeframe, the estimated recoverable volumes for the accumulation be classified as contingent resources. Contingent Resources may include, for example, accumulations for which there is currently no viable market, or where commercial recovery is dependent on the development of new technology, or where evaluation of the accumulation is still at an early stage.
  • Discovered-Petroleum-Initially-In-Place (DPIIP)
    Discovered Petroleum-Initially-In-Place (DPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus those quantities already produced therefrom. DPIIP may be... Read more
    Discovered Petroleum-Initially-In-Place (DPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus those quantities already produced therefrom. DPIIP may be subdivided into Commercial and Sub-commercial categories, with the estimated potentially recoverable portion being classified as Reserves and Contingent Resources respectively, as defined elsewhere in this Glossary.  
  • Gross or gross
    Relating to production / reserves:  Crew’s working interest (operating and non-operating) share before deduction of royalties and without including any royalty interestRelating to wells:  the total number of wells in... Read more
    Relating to production / reserves:  Crew’s working interest (operating and non-operating) share before deduction of royalties and without including any royalty interestRelating to wells:  the total number of wells in which Crew has an interestRelating to properties:  the total area of properties in which the Corporation has an interest
  • Net or net
    Relating to production / reserves: Crew’s working interest (operating and non-operating) share after deduction of royalty obligations, plus Crew’s royalty interests in production or reservesRelating to wells: the number... Read more
    Relating to production / reserves: Crew’s working interest (operating and non-operating) share after deduction of royalty obligations, plus Crew’s royalty interests in production or reservesRelating to wells: the number of wells obtained by aggregating Crew’s working interest in each of its gross wellsRelating to properties: the total area in which Crew has an interest multiplied by the working interest owned by Crew
  • NI 51-101
    National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
    National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.
  • Operating Netback
    A measure of oil and gas sales net of royalties, production and transportation expenses. This is a non-GAAP measure used specifically in the oil and gas industry as a benchmark to compare performance between different... Read more
    A measure of oil and gas sales net of royalties, production and transportation expenses. This is a non-GAAP measure used specifically in the oil and gas industry as a benchmark to compare performance between different areas of operations and different peer companies.
  • Prospective Resource
    Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.
    Prospective Resources are those quantities of petroleum which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.
  • Total-Petroleum-Initially-In-Place (TPIIP)
    Total Petroleum-initially-in-place (TPIIP) is that quantity of petroleum which is estimated to exist originally in naturally occurring accumulations. TPIIP is that quantity of petroleum which is estimated, on a given... Read more
    Total Petroleum-initially-in-place (TPIIP) is that quantity of petroleum which is estimated to exist originally in naturally occurring accumulations. TPIIP is that quantity of petroleum which is estimated, on a given date, to be contained in known accumulations, plus quantities already produced therefrom, plus estimated quantities in accumulations yet to be discovered. TPIIP may be subdivided into Discovered Petroleum-initially-in place and Undiscovered Petroleum-initially-in-place, with Discovered Petroleum-initially-in-place being limited to known accumulations.  It is recognized that all Petroleum-initially-in-place quantities may constitute potentially recoverable resources since the estimation of the proportion which may be recoverable can be subject to significant uncertainty and will change with variations in commercial circumstances, technological developments and data availability. A portion of those quantities classified as Unrecoverable may become recoverable resources in the future as commercial circumstances change, technological developments occur, or additional data are acquired.
  • Undiscovered Petroleum-Initially-In-Place (UPIIP)
    Undiscovered Petroleum-initially-in-place (UPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion... Read more
    Undiscovered Petroleum-initially-in-place (UPIIP) is that quantity of petroleum which is estimated, on a given date, to be contained in accumulations yet to be discovered. The estimated potentially recoverable portion of UPIIP is classified as Prospective Resources, as defined elsewhere in this Glossary.