Cenovus 2011 UBS Global Oil and Gas Conference

- $1.8 B committed capital
- $0.1 B one-time costs
- Ability to utilize balance sheet to fund additional opportunities
- $700 MM of additional opportunity capital includes:
    - 440 strat wells drilled in Q1
    - scalable conventional oil & natural gas programs
- expand drilling program at Pelican Lake
- future oil sands expansions
- $600 MM of 2011F capital contributes to 2011F production
- $300 – 500 MM of potential divestiture proceeds not included in budget

http://docsearch.derrickpetroleum.com/files/12837/Cenovus%202011%20UBS%20Global%20Oil%20and%20Gas%20Conference.pdf