Canadian Oil & Gas Reserves Chart

CANADIAN

OIL & GAS RESERVES

2012

CHART

Data in chart is for year-end 2012

Industry Overview Company

Canadian Natural Resources Limited Imperial Oil Limited Suncor Energy Inc. ConocoPhillips Canada Cenovus Energy Inc. Shell Canada Limited MEG Energy Corp. Encana Corporation Husky Energy Inc. Total S.A. Canadian Oil Sands Limited Devon Canada Corporation Nexen Inc. Marathon Oil Corporation Apache Canada Ltd. Chevron Canada Limited Penn West Petroleum Ltd. ARC Resources Ltd. Crescent Point Energy Corp. Pengrowth Energy Corporation Peyto Exploration & Development Corp. Harvest Operations Corp. Tourmaline Oil Corp. Bonavista Energy Corporation Murphy Canada Exploration Company Talisman Energy Inc. Connacher Oil And Gas Limited BP Canada Energy Company Advantage Oil & Gas Ltd. Birchcliff Energy Ltd. Enerplus Corporation PetroBakken Energy Ltd. Baytex Energy Corp. Southern Pacific Resource Corp. Crew Energy Inc. Trilogy Energy Corp. Athabasca Oil Corporation Whitecap Resources Inc. NuVista Energy Ltd. Legacy Oil + Gas Inc. Bellatrix Exploration Ltd. Long Run Exploration Ltd. Paramount Resources Ltd. Cequence Energy Ltd. Quicksilver Resources Canada Inc.

CANADIAN PROVED OIL AND LIQUIDS RESERVES (MILLIONS OF BARRELS) Revisions

Improved Recovery

Asset Purchases

Asset Sales

Discov. & Ext.

Production

At Yr. End

Net Of Purchases

Reserve Life Index (yrs)

Production Replacement

954.72 409.41 497.89 1,380.48 953.16 602.21 828.47 2,051.09 -824.87 762.97

37.51 41.98 32.07 110.49 66.88 137.63 427.34 106.31 32.36 22.64

201.31 499.67 869.79 2,124.39 202.86 1,235.72 366.72 192.67 374.53 573.56

177.01 41.15 407.28 1,125.24 37.30 493.97 45.41 161.08 175.08 544.65

2,583.48 2,791.30 1,292.76 1,642.66 656.10 598.25 1,516.87 852.91 2,308.75 724.08

1,056.20 977.03 908.74 812.84 829.73 797.97 795.50 775.93 782.28 769.43

27,332.63 24,978.38 21,965.62 18,802.52 16,656.05 16,613.98 15,312.82 13,326.46 10,911.67 10,382.14

27,131.32 24,478.71 21,095.62 16,678.13 16,453.19 15,378.26 14,874.66 11,282.93 9,065.89 9,808.58

25.88 25.57 24.17 23.13 20.07 20.82 19.25 14.79 13.95 13.49

245% 286% 142% 202% 79% 75% 191% 110% 295% 94%

Production Replacement Including Revisions 335% 328% 197% 372% 194% 150% 295% 374% 190% 193%

CANADIAN PROVED NATURAL GAS RESERVES (BILLIONS OF CUBIC FEET) Improved Recovery

Asset Purchases

Asset Sales

Discov. & Ext.

Production

At Yr. End

Net Of Purchases

Reserve Life Index (yrs)

Production Replacement

-2,124.88 1,192.23 1,218.57 -1,224.60 409.18 203.23 20.85 168.95 -490.25 -1,724.96

7.37 11.06 101.16 42.38 483.93 133.42 248.55 182.69 266.12 85.39

1,162.12 1,653.11 3,286.17 2,720.14 1,742.10 1,246.56 5,196.58 1,063.25 2,001.85 1,795.51

1,437.49 1,004.16 3,101.80 2,257.77 479.42 782.94 199.71 930.77 1,220.18 557.34

3,616.25 6,280.20 5,260.97 4,345.62 3,905.34 3,779.31 4,537.49 6,066.11 6,026.24 4,751.41

4,187.92 4,580.61 4,257.81 4,342.68 4,439.34 4,485.11 4,558.95 4,933.26 4,867.05 4,677.51

36,532.04 43,359.35 41,254.89 36,272.90 37,765.38 36,981.75 38,727.69 39,899.45 38,038.42 37,239.54

35,369.92 41,706.24 37,968.72 33,552.76 36,023.28 35,735.19 33,531.12 38,836.21 36,235.29 35,444.04

8.72 9.5 9.1 8.4 8.5 8.2 8.49 8.09 7.82 7.96

86% 137% 116% 100% 88% 84% 100% 123% 124% 102%

Canadian proved gas reserve additions from drilling decline in 2012 Percentage replacement

7000

140

6000

130

5000

120

4000

110

Millions of barrels

3000 2500 2000

20,000

1500 1000

15,000

500

10,000

-500

2008

2009

2010

2011

2012

2011

x x

x x x x x

x x x

9.17 0.00 0.00 0.33 1.17 0.00 0.00 13.93 0.50 0.00 0.00 0.00 0.00 0.00 0.61 0.00 0.67 0.40 63.99 76.56 12.89 0.00 38.79 20.69 6.40 0.00 0.00 0.00 0.00 1.71 0.00 0.00 0.78 0.00 0.44 0.00 0.00 27.69 0.00 0.29 1.72 37.29 1.39 0.30 0.00

0.17 1.33 0.05 0.33 9.83 33.83 0.00 75.20 0.70 0.00 0.00 1.83 20.33 0.00 0.07 0.00 62.00 0.81 2.88 0.95 0.08 3.22 0.89 6.74 0.00 28.00 1.58 0.00 0.23 2.59 6.58 11.10 0.02 0.00 3.53 0.00 37.80 0.23 15.65 0.12 0.58 3.94 0.78 0.18 0.00

224.00 100.67 168.35 99.17 94.33 100.67 10.54 89.27 107.30 4.00 39.00 67.00 21.33 15.00 44.72 16.00 58.50 33.95 34.91 31.58 16.28 22.72 18.39 25.24 23.65 28.57 4.48 0.83 10.22 8.29 20.42 15.47 18.96 1.34 10.22 12.26 0.57 5.32 8.19 5.87 6.10 4.82 7.06 3.28 4.99

4,663.17 4,130.83 3,823.85 2,270.00 2,175.17 2,013.50 1,283.98 1,247.97 1,097.73 1,038.00 801.00 727.00 686.17 653.00 540.91 513.00 442.83 363.89 349.67 299.25 276.35 252.27 249.08 248.41 247.63 230.28 214.01 195.67 191.35 185.94 132.41 130.64 121.46 120.42 85.09 70.63 62.67 60.89 59.15 55.41 55.22 53.65 50.73 46.39 44.47

2012 Probable 2,696.83 1,993.50 2,613.10 0.00 893.33 0.00 1,359.57 594.77 1,667.57 0.00 895.00 0.00 986.17 0.00 0.00 0.00 232.17 243.11 178.56 211.66 115.64 241.68 188.79 123.81 0.00 0.00 237.40 0.00 114.55 131.85 54.82 75.04 135.63 128.52 67.89 26.33 301.73 26.56 34.92 38.75 48.52 29.51 129.04 44.59 0.00

R/P Ratio 1.85 4.78 1.84 5.01 3.53 0.37 55.63 1.28 0.68 14.50 -0.21 1.02 -0.05 3.00 -4.01 0.38 1.11 1.14 1.33 0.66 3.36 0.57 4.39 1.11 -0.33 0.33 9.62 16.60 4.67 4.70 0.28 2.48 0.30 0.73 2.23 1.57 105.03 2.47 1.65 1.48 3.02 -0.78 3.45 4.41 -1.13

CANADIAN COMPANIES PROVED NATURAL GAS LIQUIDS AT END OF 2012 (MILLIONS OF BARRELS)

Drilling Additions 450.00 135.00 207.40 295.00 313.00 2.00 597.20 15.00 -39.80 -15.00 76.00 -23.43 31.00 43.13 5.80 26.59 15.46 2.90 13.84 30.10 7.38 19.35 2,364.38

x x x

x x

3,703.00 3,753.00 3,529.00 1,745.00 1,520.00 1,770.00 708.16 984.00 848.00 757.00 623.00 643.00 564.00 523.00 254.99 367.00 175.96 209.10 173.04 131.88 166.10 123.15 106.50 121.39 101.68 23,600.94

50.00 242.00 96.60 34.00 190.00 135.00 (10.84) 43.00 (8.00) 14.80 45.00 (10.00) 5.00 6.00 20.25 12.00 -2.40 (7.15) 3.15 (8.70) 5.83 0.10 (3.00) 8.68 866.12

Improved Recovery -5.00 -------15.90 -----4.00 ---1.42 ---0.28 -26.61

Economic Acquisitions Dispositions Production 2012 Proved Factors (26.00) --91.00 4,086.00 13.00 2.00 -151.00 3,999.00 (0.30) --151.20 3,681.50 -1.00 -59.00 2,016.00 ---47.00 1,976.00 --2.00 60.00 1,845.00 ---10.54 1,283.98 ---4.00 1,038.00 ---39.00 801.00 (1.50) 0.50 0.70 73.50 752.30 ---15.00 653.00 ---14.00 634.00 4.00 --36.00 613.00 ---16.00 513.00 (2.33) 57.54 0.65 31.67 321.56 (2.00) -60.00 38.00 314.00 --0.70 4.39 214.01 --2.50 15.20 199.60 -0.20 -8.08 184.60 (1.58) 37.25 0.31 16.83 170.44 -6.00 -10.40 155.90 (2.66) 0.37 0.14 13.18 127.21 (2.20) 0.10 2.70 5.60 126.30 (0.45) 0.78 0.02 16.34 110.02 0.47 -10.50 12.99 106.69 (21.55) 105.74 80.21 939.92 25,922.11

2012 Probable 1,969.00 2,432.00 2,569.00 837.00 --1,359.57 -895.00 1,588.50 -905.00 --163.79 163.00 237.40 216.00 -149.55 -58.34 70.60 130.12 62.33 13,806.20

R/P Ratio

Company

5.21 2.62 2.01 5.58 10.70 2.28 55.63 14.50 (0.21) 0.94 3.00 0.36 2.36 0.38 1.31 1.18 9.83 0.54 2.41 1.10 (0.56) 1.29 5.00 0.26 2.19 3.44

Drilling Additions 880.00 74.00 252.13 145.20 75.00 62.80 336.33 326.81 65.40 85.41 84.00 163.30 29.00 76.99 6.80 27.00 15.36 34.00 25.80 2.55 20.10 -85.28 3.00 48.48 2,924.73

7,067.00 4,266.00 3,547.51 2,252.60 2,113.00 1,418.90 1,103.28 782.46 1,292.70 844.52 2,045.00 791.20 1,203.00 838.50 924.90 783.00 614.34 979.00 638.90 425.08 336.30 516.00 273.93 291.00 260.21 35,608.32

x x

217.00 79.00 (1,443.99) 14.10 (111.00) 224.20 (47.20) 96.76 (101.40) 136.13 (683.00) 53.80 51.00 19.74 61.00 138.00 26.95 (33.00) (37.20) 14.82 9.00 (17.00) (14.23) 41.00 2.53 (1,302.97)

Improved Recovery ---0.30 ---0.48 -----(4.75) -2.00 0.22 --------(1.75)

Economic Acquisitions Dispositions Production 2012 Proved Factors (580.00) 83.00 435.00 502.00 6,730.00 (38.00) 43.00 1.00 438.00 3,985.00 -2.50 0.42 219.85 2,137.88 (136.80) --202.80 2,072.60 -2.00 2.00 313.00 1,764.00 (157.40) 0.20 4.00 124.60 1,420.10 -71.91 0.29 87.22 1,376.81 -212.84 4.59 96.93 1,317.83 --97.20 137.20 1,022.30 (3.46) -0.89 47.95 1,013.77 --191.00 244.00 1,011.00 (2.60) 10.00 15.30 38.60 961.80 (58.00) 1.00 59.00 212.00 955.00 (10.18) 106.93 14.13 92.14 920.97 (35.40) -0.30 102.90 854.10 (46.00) 4.00 12.00 123.00 773.00 (27.51) 235.84 3.82 88.52 772.86 (99.00) -11.00 186.00 684.00 -2.40 -79.50 550.40 (19.60) -1.51 70.80 350.55 --4.30 45.10 316.00 (20.00) -122.00 44.00 313.00 (3.00) 2.27 15.14 29.19 299.92 --8.00 58.00 269.00 ---44.01 267.21 (1,236.94) 777.90 1,002.89 3,627.29 32,139.10

2012 Probable 3,145.00 1,589.00 -474.40 -1,108.60 595.65 1,001.97 -590.87 -668.90 338.00 451.32 264.60 415.00 372.66 --168.40 154.10 487.00 255.02 147.00 102.00 12,329.50

Company

2011 Proved Revisions 7

x x

x x x

3,634.00 3,436.20 3,093.00 1,439.00 1,735.00 1,455.00 708.16 984.00 848.00 623.00 643.00 457.00 523.00 308.50 175.19 129.50 93.60 18.04 4.44

47.00 76.20 203.00 187.00 132.00 30.00 (10.84) 43.00 (8.00) 45.00 (10.00) 7.00 6.00 1.10 -(5.30) 0.50 0.13 0.00

Drilling Additions 447.00 206.50 78.00 307.00 1.00 265.00 597.20 15.00 --15.00 67.00 -1.70 43.13 --1.17 8.68

Improved Recovery -------------12.70 ------

Economic Acquisitions Dispositions Production 2012 Proved Factors (25.00) --82.00 4,021.00 ---132.20 3,586.70 14.00 --67.00 3,321.00 ---33.00 1,900.00 --1.00 55.00 1,812.00 ---33.00 1,717.00 ---10.54 1,283.98 ---4.00 1,038.00 ---39.00 801.00 ---15.00 653.00 ---14.00 634.00 14.00 --17.00 528.00 ---16.00 513.00 ---13.20 310.80 ---4.31 214.01 ---5.10 119.10 ----94.10 (0.02) 0.73 -0.56 19.48 ---0.33 12.79

2011 Proved Revisions

BP Canada Energy Company

Production

R/P Ratio

Encana Corporation

880.00

502.00

1.03

Peyto Exploration & Development Corp.

336.33

87.22

3.31

Tourmaline Oil Corp.

326.81

0.48

96.93

4.37

252.13

219.85

-5.42

Birchcliff Energy Ltd.

163.30

38.60

5.56

Husky Energy Inc.

145.20

0.30

202.80

0.11

Canadian Natural Resources Limited

Advantage Oil & Gas Ltd.

85.41

47.95

4.55

Devon Canada Corporation

Crew Energy Inc.

85.28

29.19

2.33

84.00

244.00

-2.45

76.99

(4.75)

92.14

0.89

75.00

313.00

-0.12

74.40

36.00

2.03

Bonavista Energy Corporation x

Paramount Resources Ltd. Canadian Natural Resources Limited

Company MEG Energy Corp. Imperial Oil Limited

ConocoPhillips Canada

Drilling Additions

Improved Recovery

Production

R/P Ratio

597.20

10.54

55.63

450.00

91.00

5.21

313.00

47.00

10.70

Cenovus Energy Inc.

295.00

59.00

5.58

Suncor Energy Inc.

207.40

151.20

2.01

95.00

5.00

3.00

0.00

-1.00

1.00

0.00

9.00

94.00

93.00

-1.05

10.44

0.78

53.45

2.16

5.51

3.28

-0.21

2.74

0.66

5.14

61.13

58.39

14.36

11.90

2.09

57.00

1.00

3.00

0.00

9.00

52.00

-8.77

5.78

0.44

41.18

0.53

5.97

0.00

0.89

0.03

1.73

46.82

45.93

13.68

27.12

3.77

22.48

0.76

0.71

0.15

-0.52

8.78

0.07

3.92

28.38

19.60

26.25

7.25

0.28 1.00

195.00

Southern Pacific Resource Corp.

120.78

0.97

1.33

120.42

128.52

0.73

Athabasca Oil Corporation

39.50

51.30

2.70

37.80

0.20

55.50

295.50

270.00

Birchcliff Energy Ltd.

24.29

1.11

2.11

(0.02)

0.05

0.04

1.86

25.64

20.36

1.72

Bonterra Energy Corp.

21.16

(0.88)

1.14

4.48

(0.16)

0.77

1.59

24.92

8.74

2.88

Renegade Petroleum Ltd.

7.80

(0.12)

5.02

(0.03)

10.93

1.34

22.26

9.28

3.63

Arcan Resources Ltd.

20.28

1.62

4.51

2.74

1.71

21.96

14.28

3.58

Surge Energy Inc.

12.43

(0.25)

6.15

(0.48)

3.19

0.09

2.27

18.69

13.23

2.39

Longview Oil Corp.

16.25

0.69

1.40

(0.02)

1.74

16.59

13.25

1.20

Penn West Petroleum Ltd.

28.00

2.00

1.00

2.00

-1.00

0.00

1.00

4.00

27.00

-3.57

6.75

BlackPearl Resources Inc.

15.16

(1.44)

5.39

(0.04)

0.20

3.42

15.85

197.44

1.14

Tourmaline Oil Corp.

12.19

1.36

5.89

0.01

0.00

3.32

0.11

1.43

21.22

17.91

74.17

14.89

5.09

Novus Energy Inc.

7.21

(0.27)

6.12

(0.08)

0.03

0.87

12.09

6.51

6.65

ARC Resources Ltd.

19.09

2.28

2.00

0.00

-1.22

0.01

0.14

1.80

20.21

20.20

5.90

11.23

1.70

DeeThree Exploration Ltd.

4.04

(0.34)

8.45

0.00

1.00

11.14

4.53

8.09

Devon Canada Corporation x

27.00

0.00

2.00

0.00

-5.00

0.00

4.00

20.00

-25.93

5.00

-0.75

11.01

5.31

Paramount Resources Ltd.

3.73

3.47

9.03

0.00

0.24

0.12

0.68

15.66

15.42

320.46

23.07

18.40

Canadian Natural Resources Limited Bonavista Energy Corporation ConocoPhillips Canada Peyto Exploration & Development Corp. Pengrowth Energy Corporation

Zargon Oil & Gas Ltd.

11.74

0.61

0.97

0.12

0.93

1.70

10.82

8.91

0.93

Harvest Operations Corp.

14.20

2.00

1.20

0.00

0.10

2.30

15.00

5.63

6.52

1.39

Pinecrest Energy Inc.

5.24

(0.47)

5.47

(0.00)

0.32

1.14

9.41

6.72

4.37

Crew Energy Inc.

10.14

-0.28

6.80

0.00

-0.06

0.01

1.00

1.13

14.48

14.47

42.84

12.82

5.72

Crescent Point Energy Corp.

10.37

3.77

0.94

0.00

-0.10

1.31

0.52

1.62

14.16

12.85

36.52

8.76

2.85

Angle Energy Inc.

13.15

-0.27

2.66

0.02

0.00

1.73

13.82

5.14

7.98

1.39

NuVista Energy Ltd.

9.05

0.23

4.25

1.14

-0.22

0.00

1.96

1.16

11.32

25.09

9.74

4.64

8.78

0.53

0.94

0.02

0.34

1.98

8.63

5.98

0.75

Torc Oil & Gas Ltd.

0.45

0.23

2.97

(0.01)

4.43

0.39

7.69

6.05

8.23

Crocotta Energy Inc.

4.95

0.03

2.57

(0.10)

0.36

0.81

7.00

4.11

3.08

Painted Pony Petroleum Ltd.

6.00

(1.01)

0.99

(0.03)

1.27

0.57

6.66

15.71

(0.08)

Trilogy Energy Corp.

9.29

2.40

1.14

0.00

1.58

11.25

21.05

7.12

2.24

TriOil Resources Ltd.

3.01

0.17

4.34

(0.01)

0.29

0.57

6.65

3.93

7.86

Bellatrix Exploration Ltd.

5.71

1.46

2.52

0.00

-0.08

0.30

0.00

0.91

9.01

8.71

57.82

9.96

4.31

RMP Energy Inc.

5.86

(0.19)

1.66

0.01

0.85

6.46

5.91

1.73

PetroBakken Energy Ltd.

6.28

0.95

1.47

0.00

0.10

0.00

0.49

0.80

7.50

19.49

9.34

3.13

Cequence Energy Ltd.

4.65

0.45

1.85

(0.15)

0.06

0.03

0.40

6.42

6.37

5.32

Suncor Energy Inc.

6.60

2.00

0.20

0.00

-0.20

0.00

1.10

7.50

13.64

6.82

1.82

Delphi Energy Corp.

5.94

0.08

1.53

(0.09)

1.16

0.74

5.57

4.86

2.07

Enerplus Corporation

7.68

0.44

0.04

0.00

-0.23

0.00

1.14

6.79

-11.63

5.95

0.22

Palliser Oil & Gas Corporation

1.64

0.93

3.37

(0.00)

0.28

0.76

5.46

2.31

5.68

Legacy Oil + Gas Inc.

6.37

0.75

0.09

0.00

-0.03

0.02

0.00

0.50

6.70

6.69

5.22

13.43

1.63

Second Wave Petroleum Inc.

4.07

(0.15)

1.55

0.03

0.49

4.96

3.16

2.85

Advantage Oil & Gas Ltd.

4.17

0.44

2.02

0.00

-0.15

0.00

0.47

6.02

44.17

12.81

4.93

529.24

70.59

71.19

4.48

(1.20)

33.33

43.12

27.72

636.78

790.98

5.23

Birchcliff Energy Ltd.

4.84

0.12

0.94

0.00

-0.03

0.05

0.04

0.25

5.62

5.58

16.24

22.34

4.07

Whitecap Resources Inc.

0.96

0.38

0.64

0.00

3.45

0.00

0.39

5.04

1.59

427.24

13.00

2.63

Delphi Energy Corp.

4.02

0.03

1.53

0.00

-0.09

0.00

0.14

0.48

4.87

21.12

10.13

3.05

Crocotta Energy Inc.

3.12

0.10

1.66

0.00

-0.09

0.10

0.00

0.50

4.39

4.29

40.63

8.84

3.34

Painted Pony Petroleum Ltd.

3.11

-1.00

0.55

0.00

-0.01

1.27

0.00

0.08

3.85

2.58

23.98

51.36

-6.01

Vermilion Energy Inc.

3.36

0.17

0.49

0.00

0.45

3.57

6.16

7.90

1.46

Long Run Exploration Ltd.

4.82

-1.81

0.00

-0.05

0.85

0.03

0.37

3.41

2.56

-29.31

9.24

-5.04

Santonia Energy Inc.

4.59

-0.25

0.40

0.00

1.38

0.28

3.08

-32.94

10.84

0.55

Perpetual Energy Inc.

2.82

0.37

0.94

0.00

-0.04

0.00

0.79

0.29

3.02

6.91

10.52

4.43

17.35

Drilling Additions 63.84

Improved Recovery --

Economic Factors (7.24)

0.89

17.27

239.81

2012 Probable 229.36

152.18

11.09

48.31

(0.95)

114.47

1.37

19.60

(5.06)

18.35

11.07

217.91

794.74

5.28

7.59

13.74

109.03

86.33

1.16

Crocotta Energy Inc.

75.14

3.15

23.26

(2.04)

Artek Exploration Ltd.

58.26

0.40

20.96

(0.51)

1.81

10.26

91.07

70.98

2.38

0.10

3.65

75.36

58.54

5.71

Terra Energy Corp.

83.99

7.05

0.01

Storm Resources Ltd.

17.93

(0.02)

17.87

(11.79)

0.06

6.29

9.27

63.76

64.54

(0.51)

27.38

1.08

3.07

59.00

66.60

5.81

(1.20)

3.30

57.70

36.90

0.70

Yoho Resources Inc.

Corridor Resources Inc.

58.70

3.50

Surge Energy Inc.

48.53

0.37

15.21

(1.46)

0.02

5.93

56.71

28.54

2.38

RMP Energy Inc.

51.25

1.43

4.59

0.21

6.68

50.38

25.92

0.90

41.82 35.27

0.40

1.28

7.77

(0.56)

2.69

4.14

49.26

18.96

2.15

Chinook Energy Inc.

2.55

0.05

0.07

0.00

-0.10

0.01

0.41

0.42

0.74

14.14

1.01

0.78

3.56

46.82

63.57

4.18

Surge Energy Inc.

1.47

-0.09

0.54

0.00

-0.04

0.00

0.15

12.10

0.60

32.50

2.20

43.00

37.40

15.05

Storm Resources Ltd.

32.56

0.77

0.81

(0.02)

11.77

7.15

38.74

20.21

0.22

Totals

Insignia Energy Ltd.

35.12

5.87

1.93

0.16

(2.36)

5.14

35.58

40.49

1.09

Anderson Energy Ltd.

89.04

(3.47)

1.73

(10.68)

32.77

8.74

35.12

20.36

(1.42)

TriOil Resources Ltd.

16.86

6.17

12.86

(1.07)

1.24

33.58

24.18

14.46

Manitok Energy Inc.

22.79

6.30

4.67

(0.27)

3.13

30.36

24.68

3.42

Zargon Oil & Gas Ltd.

39.37

0.34

0.43

(4.00)

0.06

6.29

29.92

18.90

(0.51)

Longview Oil Corp.

26.74

(0.37)

4.82

(0.50)

3.27

27.43

20.76

1.21

Waldron Energy Corporation

26.28

0.01

1.28

0.00

(1.22)

3.98

22.37

24.82

0.02

Sonde Resources Corp.

28.29

(2.94)

0.31

3.50

22.17

13.38

(0.75)

Yangarra Resources Ltd.

17.40

0.67

5.15

(0.19)

2.12

20.91

16.84

2.66

DeeThree Exploration Ltd.

20.15

(1.74)

4.88

(0.76)

3.26

19.29

7.78

0.73

18.03 1,304.86

1.26 60.28

2.61 303.03

-7.93

(0.82) (52.68)

-64.57

-49.72

2.58 144.51

18.50 1,493.76

8.95 1,823.74

1.18 2.20

2011 Proved

Revisions

Cequence Energy Ltd.

182.57

Painted Pony Petroleum Ltd. Delphi Energy Corp.

Bonterra Energy Corp. Yoho Resources Inc.

Athabasca Oil Corporation Freehold Royalties Ltd.

Shoreline Energy Corp. Totals

Acquisitions Dispositions Production 2012 Proved 1.45

R/P Ratio 4.28

Baytex Energy Corp.

2.94

0.14

0.37

0.00

-0.04

0.00

0.60

2.81

-4.56

4.66

0.78

Cequence Energy Ltd.

2.14

0.11

0.64

0.00

-0.08

0.06

0.03

0.18

2.66

2.60

24.16

15.10

3.78

1.56

1.08

0.00

0.02

0.00

0.10

2.56

2.54

64.55

26.85

11.32

1.11

-0.04

1.42

0.00

0.02

0.09

2.37

114.84

26.09

15.10

Athabasca Oil Corporation

0.50

0.00

1.50

0.00

2.00

300.00

0.00

Artek Exploration Ltd.

0.39

0.67

1.02

0.00

-0.01

0.00

0.01

0.08

1.98

410.32

24.01

20.41

1.76

1.75

-30.98

4.24

0.05

1.72

17.00

11.15

2.62

Twin Butte Energy Ltd.

JUNIORS WITH PROVED OILSANDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS) Company BP Canada Energy Company

2011 Proved

Revisions

Drilling Additions

Improved Recovery

Economic Factors

Acquisitions Dispositions Production 2012 Proved

2012 Probable

Reserve Life Index

178.00

17.00

195.00

Southern Pacific Resource Corp.

112.20

0.07

112.27

124.56

Athabasca Oil Corporation

37.80

51.40

37.80

51.40

290.80

BlackPearl Resources Inc.

1.75

0.00

0.12

1.64

180.14

1,567.06

Sunshine Oilsands Ltd.

0.08

0.36

0.25

0.13

1.09

0.00

0.25

0.01

0.07

1.64

1.39

556.79

23.98

17.82

506.67

32.60

75.22

6.59

-10.48

24.68

9.05

59.89

566.33

541.65

11.77%

9.46

1.74

Junior companies are defined by production of less than 10,000 barrels of oil equivalent per day. Reserves for international players does not include U.S. reserves. In some cases company reserves switch from net to gross between years. (X) Companies reporting net, after royalty reserves. (1) R/P ratio is revisions, additions, improved recovery plus economic factors divided by production. (2) R/P ratios exclude acquisitions and dispositions. (3) Reserve life index includes proved year-end, divided by production. (4) Year-end September 30. (5) Year-end November 30. (6) Year-end March 31. (7) Bitumen reserves include in situ and mining combined. (8) Weighted average. (9) Fully diluted.

TOP 20 BUYERS OF PROVED NATURAL GAS RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET) Company

2012 Sellers

TOP 20 BUYERS OF PROVED OIL AND LIQUIDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

TOP 20 SELLERS OF PROVED NATURAL GAS RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET) Production

Dispositions

Production

435.00

502.00

Penn West Petroleum Ltd.

60.00

38.00

191.00

244.00

Athabasca Oil Corporation

37.80

0.20

Santonia Energy Inc.

129.86

21.59

Talisman Energy Inc.

4.52

Nexen Inc.

122.00

44.00

11.34

3.14

Talisman Energy Inc.

Raging River Exploration Inc.

11.01

10.34

Renegade Petroleum Ltd.

10.93

1.34

6.00

10.40

Production

Acquisitions

Production

235.84

88.52

Crescent Point Energy Corp.

57.54

31.67

Encana Corporation

Tourmaline Oil Corp.

212.84

96.93

Pengrowth Energy Corporation

37.25

16.83

Shell Canada Limited

Long Run Exploration Ltd.

155.67

10.09

Whitecap Resources Inc.

18.28

3.60

Bonavista Energy Corporation

106.93

92.14

Twin Butte Energy Ltd.

12.03

Encana Corporation

83.00

502.00

Long Run Exploration Ltd.

Peyto Exploration & Development Corp.

71.91

87.22

Whitecap Resources Inc.

56.46

Bonavista Energy Corporation

14.13

92.14

Crescent Point Energy Corp.

13.37

19.41

Penn West Petroleum Ltd.

12.00

123.00

Shell Canada Limited

2.00

60.00

11.00

186.00

Lone Pine Resources Inc.

1.99

1.60

9.58

15.92

Anderson Energy Ltd.

1.61

0.77

8.50

34.60

EOG Resources Canada Inc.

1.42

2.88

27.38

3.07

Tourmaline Oil Corp.

3.32

2.24

Penn West Petroleum Ltd.

31.00

4.00

38.00

1.18

Painted Pony Petroleum Ltd.

18.35

11.07

Surge Energy Inc.

3.19

2.27

Encana Corporation

30.10

5.60

5.00

Torc Oil & Gas Ltd.

12.80

0.33

Bonavista Energy Corporation

2.87

9.88

26.59

8.08

2.41

Freehold Royalties Ltd.

11.77

7.15

Storm Resources Ltd.

2.80

0.31

Crescent Point Energy Corp.

23.43

31.67

1.31

Pine Cliff Energy Ltd.

11.42

1.40

Canadian Natural Resources Limited

2.00

151.00

Birchcliff Energy Ltd.

10.00

38.60

Tamarack Valley Energy Ltd.

1.76

0.36

Paramount Resources Ltd.

6.90

36.00

LGX Oil + Gas Inc.

1.54

0.09

Devon Canada Corporation

Bellatrix Exploration Ltd.

6.80

24.05

Painted Pony Petroleum Ltd.

1.27

0.57

Chinook Energy Inc.

Tamarack Valley Energy Ltd.

5.10

2.61

Tallgrass Energy Corp.

1.08

0.07

EOG Resources Canada Inc.

62.80

124.60

1.04

Total S.A.

15.00

4.00

14.50

Bellatrix Exploration Ltd.

60.60

24.05

3.03

Nexen Inc.

15.00

14.00

0.36

15.20

29.19

Storm Resources Ltd.

ARC Resources Ltd.

2.50

15.14

0.94

1.10

5.60

Harvest Operations Corp.

Crew Energy Inc.

73.50

16.83

2.70

38.60

15.90

1.42

1.71

Encana Corporation

15.30

39.80

15.46

2.74

Birchcliff Energy Ltd.

Husky Energy Inc.

Pengrowth Energy Corporation

1.07

Arcan Resources Ltd.

1.17

0.39

4.28

2.77

21.91

4.43

17.27

0.32

Chinook Energy Inc.

Rock Energy Inc.

Torc Oil & Gas Ltd.

2.91

36.33

19.41

63.84

0.74

Equal Energy Ltd.

30.05

38.68

Cequence Energy Ltd.

3.40

Perpetual Energy Inc.

Crescent Point Energy Corp.

2.19

3.14

Santonia Energy Inc.

8.74

9.83

12.99

3.67

32.77

4.39

9.88

Long Run Exploration Ltd.

Anderson Energy Ltd.

19.35

4.39

212.00

43.13

PetroBakken Energy Ltd.

2.45

Bonavista Energy Corporation

59.00

Connacher Oil And Gas Limited

-0.26

8.62

5.47

Cenovus Energy Inc.

Murphy Canada Exploration Company

137.20

6.33

NuVista Energy Ltd.

34.46

438.00

Enerplus Corporation

61.04

43.00

65.40

12.99

NuVista Energy Ltd.

Canadian Natural Resources Limited

0.26

10.50

22.04

2.36

438.00

5.70

PetroBakken Energy Ltd.

137.20

36.00

11.80

78.27

97.20

76.00

Company

Lone Pine Resources Inc.

2.62

TOP 20 SELLERS OF PROVED OIL AND LIQUIDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

Dispositions

Company

Acquisitions

Pengrowth Energy Corporation

151.00

Apache Canada Ltd.

Life Index R/P Ratio Years

5.00

Percent Change (%)

Revisions

135.00

74.00 x

Net Of Discoveries/ Improved Economic Acquisitions Dispositions Production End Of Year Extensions Recovery Factors Purchases

Start Of Year

Company

2012 Reserve Life Probable Index 1,944.00 72.74 2,294.30 44.49 2,152.00 81.69 -57.58 -32.95 676.00 72.52 1,359.57 250.81 -259.50 895.00 43.49 -43.53 905.00 109.93 -31.06 -32.06 1,413.80 130.65 237.40 104.78 -23.35 165.10 -82.09 181.36 82.00 290.77

Company

TOP 25 JUNIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET)

TOP 20 COMPANIES ADDING PROVED OIL AND LIQUIDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

Improved Recovery

R/P Ratio

2012 Buyers

Drilling Additions

Company

2012 Probable

2012 Finders TOP 20 COMPANIES ADDING PROVED NATURAL GAS RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET)

Economic Acquisitions Dispositions Production 2012 Proved Factors

Totals

1.03 0.26 (5.42) 0.11 (0.12) 1.04 3.31 4.37 (0.26) 4.55 (2.45) 5.56 0.10 0.89 0.31 0.98 0.17 (0.53) (0.14) (0.03) 0.65 (0.84) 2.33 0.76 1.16 0.11

Improved Recovery

17.00

Freehold Royalties Ltd.

R/P Ratio

Drilling Additions

178.00

Raging River Exploration Inc.

TOP 25 SENIORS WITH PROVED OILSANDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

Talisman Energy Inc.

Acquisitions Dispositions Production 2012 Proved

TOP 25 JUNIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

2011 Proved Revisions

ConocoPhillips Canada

Economic Factors 6.67 -26.00 -6.20 0.00 -9.67 0.00 0.00 -98.87 -24.30 0.00 0.00 -12.50 -3.33 0.00 0.00 0.00 -9.67 -28.89 -2.88 -6.16 0.00 0.00 0.00 -2.11 0.00 0.00 -0.05 0.00 -0.72 -0.46 -3.61 0.46 -0.82 0.00 -0.63 0.00 0.00 0.00 -2.76 -0.40 -0.89 -0.54 0.00 -1.36 0.00

TOP 25 SENIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

Company

Shell Canada Limited

255.17 56.83 106.77 171.50 42.50 21.17 -10.84 36.27 17.15 43.00 -8.00 -0.50 -12.83 45.00 -247.81 6.00 35.00 43.20 23.86 7.64 -7.37 3.90 16.26 5.79 -14.90 -11.80 0.00 13.83 23.93 10.08 4.00 13.38 -2.54 0.97 -1.19 3.56 51.40 2.39 0.52 4.62 4.82 -4.78 2.92 3.34 -5.66

Improved Recovery 5.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.33 0.00 0.00 1.46 0.00 0.00 0.09 2.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.28 0.00 0.00 0.00 0.00 0.00 1.14 0.00 0.00 1.28 0.00 0.00 0.00

Canadian NGL Reserves

TOP 25 SENIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET)

Apache Canada Ltd.

4,464.00 3,751.50 3,683.15 1,872.17 1,945.50 2,110.83 708.16 1,284.33 1,132.43 984.00 848.00 727.17 729.00 623.00 764.29 523.00 497.50 359.63 276.97 234.27 225.17 265.15 148.85 231.76 272.58 277.45 176.99 182.67 161.15 156.16 153.69 118.89 133.98 120.78 75.62 63.66 41.52 25.63 69.46 52.40 41.76 28.90 32.81 35.08 55.12

Drilling Additions 147.33 450.50 208.53 325.50 299.83 16.00 597.20 176.77 64.00 15.00 0.00 81.67 15.00 0.00 68.61 0.00 35.50 24.31 25.52 18.02 62.03 9.15 64.38 21.61 7.20 21.20 43.13 0.00 17.44 29.33 5.32 24.49 8.75 0.00 24.59 15.67 8.12 10.73 14.63 4.48 14.49 0.27 21.44 12.49 0.00

Juniors – Canadian Reserves

2011 Proved Revisions

Imperial Oil Limited Suncor Energy Inc. Canadian Natural Resources Limited ConocoPhillips Canada Shell Canada Limited Cenovus Energy Inc. MEG Energy Corp. Total S.A. Canadian Oil Sands Limited Marathon Oil Corporation Nexen Inc. Devon Canada Corporation Chevron Canada Limited Husky Energy Inc. Connacher Oil And Gas Limited Murphy Canada Exploration Company Harvest Operations Corp. Baytex Energy Corp. Pengrowth Energy Corporation

Revisions

Seniors – Canadian Reserves Company

Encana Corporation Canadian Natural Resources Limited Apache Canada Ltd. Husky Energy Inc. ConocoPhillips Canada ARC Resources Ltd. Peyto Exploration & Development Corp. Tourmaline Oil Corp. Talisman Energy Inc. Advantage Oil & Gas Ltd. Shell Canada Limited Birchcliff Energy Ltd. Cenovus Energy Inc. Bonavista Energy Corporation Suncor Energy Inc. Penn West Petroleum Ltd. Pengrowth Energy Corporation Devon Canada Corporation Murphy Canada Exploration Company Enerplus Corporation Harvest Operations Corp. Nexen Inc. Crew Energy Inc. Imperial Oil Limited Trilogy Energy Corp. Totals

2010

2009

2008

2007

2006

2005

2004

Reserves added from drilling and improved recovery Revisions to reserves Production

0 2007

2003

-1000 5,000

Reserves added from drilling Production replacement rate, excluding revisions, economic factors

Imperial Oil Limited Canadian Natural Resources Limited Suncor Energy Inc. Cenovus Energy Inc. ConocoPhillips Canada Shell Canada Limited MEG Energy Corp. Total S.A. Canadian Oil Sands Limited Husky Energy Inc. Marathon Oil Corporation Nexen Inc. Devon Canada Corporation Chevron Canada Limited Crescent Point Energy Corp. Penn West Petroleum Ltd. Connacher Oil And Gas Limited Harvest Operations Corp. Apache Canada Ltd. Pengrowth Energy Corporation Murphy Canada Exploration Company ARC Resources Ltd. Encana Corporation Baytex Energy Corp. PetroBakken Energy Ltd. Totals

Millions of barrels

25,000

2012

2011

2009

2010

70 2008

0 2007

80 2006

1000 2005

2004

2000

2003

100

2002

3000

Production Replacement Including Revisions 36% 163% 143% 72% 97% 88% 100% 126% 114% 65%

Canadian proved oil reserve growth in 2012 declines from prior year

2001

Billions of cubic feet

Proved oilsands reserves climb again

2002

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

Revisions

2011 Proved

LEGEND

2012 2011 2010 2009 2008 2007 2006 2005 2004 2003

2001

2012 CANADIAN OIL & GAS RESERVES CHART - JULY 2013

CANADA’S LARGEST OIL & GAS COMPANIES PROVED BARRELS OF OIL EQUIVALENT AT END OF 2012 (IN MILLIONS)

x x

NuVista Energy Ltd.

59.85

34.46

1.53

ARC Resources Ltd.

13.84

13.18

1.29

Trilogy Energy Corp.

48.48

44.01

1.16

Crew Energy Inc.

10.38

5.36

2.13

Madalena Ventures Inc.

4.28

0.11

Cenovus Energy Inc.

1.00

59.00

Imperial Oil Limited

8.00

58.00

Perpetual Energy Inc.

1.34

1.24

Painted Pony Petroleum Ltd.

48.31

11.07

5.28

Talisman Energy Inc.

10.30

5.70

2.70

Penn West Petroleum Ltd.

4.00

123.00

Chinook Energy Inc.

0.95

1.07

Delphi Energy Corp.

7.59

13.74

Delphi Energy Corp.

1.16

0.74

International Players

Oilsands Players

TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN OIL & LIQUIDS RESERVES AT END OF 2012 (MILLIONS OF BARRELS)

2012 OILSANDS SYNTHETIC/BITUMEN RESERVES - MINING (MILLIONS OF BARRELS) Company

Canadian Natural Resources Limited

2011 Proved 337.00

2011 Probable 177.00

2012 Proved 330.00

2012 Probable 160.00

2012 Production 14.00

Reserve Life Index 23.57

Pacific Rubiales Energy Corp.

298.90

109.50

294.07

174.35

40.54

7.25

Suncor Energy Inc.

287.00

155.60

274.40

160.50

32.50

8.44

234.00

137.00

213.00

117.00

41.00

5.20

371.80

0.00

178.00

0.00

40.60

4.38

Bankers Petroleum Ltd.

172.43

94.75

139.42

86.28

5.50

25.35

Gran Tierra Energy Inc.

39.98

13.36

49.75

19.53

8.36

5.95

Vermilion Energy Inc.

36.88

16.66

42.91

21.14

5.99

7.16

TransGlobe Energy Corporation

28.15

16.06

32.77

15.95

6.39

5.13

Husky Energy Inc.

12.10

4.90

21.70

8.70

3.10

7.00

Sherritt International Corporation

23.29

4.49

18.11

4.54

7.50

2.41

Company

Nexen Inc. Talisman Energy Inc.

Stream Oil & Gas Ltd.

16.54

4.16

17.75

6.04

0.61

29.06

Mart Resources Inc.

11.16

13.49

13.93

5.37

1.54

9.03

Calvalley Petroleum Inc.

14.96

14.62

12.72

12.82

0.91

14.00

Parex Resources Inc.

4.95

5.76

10.06

6.04

4.18

2.41

Chinook Energy Inc.

6.04

9.53

8.91

10.21

0.68

13.14

Sterling Resources Ltd.

0.57

1.25

3.26

1.85

0.00

Winstar Resources Ltd.

2.75

5.59

2.65

5.39

0.41

6.53

Antrim Energy Inc.

1.55

12.35

0.84

15.79

0.14

6.19

Candax Energy Inc.

1.84

1.93

0.75

2.44

0.14

5.29

TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN NATURAL GAS RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET) 2011 Proved

2011 Probable

2012 Proved

2012 Probable

2012 Production

Reserve Life Index

1,465.80

0.00

1,295.60

0.00

155.10

8.35

Pacific Rubiales Energy Corp.

481.50

2.30

546.35

207.17

23.20

23.55

Husky Energy Inc.

167.20

39.40

434.30

283.90

0.00

Company Talisman Energy Inc.

Niko Resources Ltd.

767.73

419.92

205.90

161.69

76.22

2.70

Canadian Natural Resources Limited

181.00

82.00

151.00

62.00

8.00

18.88

Sterling Resources Ltd.

138.48

46.15

132.56

48.61

0.00

Vermilion Energy Inc.

125.36

45.73

129.94

68.38

13.80

9.42

Nexen Inc.

65.00

41.00

66.00

39.00

14.00

4.71

20.33

28.29

14.07

6.48

1.73

8.14

3.96

1.35

10.52

16.86

0.00

Winstar Resources Ltd.

7.42

13.01

6.21

13.01

0.84

7.39

Chinook Energy Inc.

5.39

2.10

5.81

2.12

0.38

15.29

Valeura Energy Inc.

5.05

5.33

5.71

20.72

2.59

2.21

Suncor Energy Inc.

341.60

408.40

5.00

3.80

2.20

2.27

Sherritt International Corporation

2.08

0.54

1.60

0.47

0.88

1.82

Madalena Ventures Inc.

1.03

0.77

0.32

0.21

0.05

5.95

Gran Tierra Energy Inc. Stream Oil & Gas Ltd.

DualEx Energy International Inc.

0.04

0.71

0.09

0.53

0.14

0.63

Antrim Energy Inc.

17.99

10.64

0.00

1.03

0.00

junewarren-nickles.com

Canadian Natural Resources Limited Suncor Energy Inc. Shell Canada Limited Total S.A. Canadian Oil Sands Limited Marathon Oil Corporation Chevron Canada Limited Nexen Inc. Murphy Canada Exploration Company

x x

x x x

2011 Proved

Revisions

2,119.00 2,022.50 1,680.00 984.00 848.00 623.00 523.00 324.00 129.50

153.00 25.20 131.00 43.00 (8.00) 45.00 6.00 -(5.30)

Drilling Additions ---15.00 ---8.00 --

Improved Recovery ----------

Economic Factors 14.00 ---------

Fastest Growers

Acquisitions

Dispositions

Production

2012 Proved

----------

31.00 89.60 48.00 4.00 39.00 15.00 16.00 8.00 5.10

2,255.00 1,958.10 1,763.00 1,038.00 801.00 653.00 513.00 324.00 119.10

Net of Purchase 2,255.00 1,958.10 1,763.00 1,038.00 801.00 653.00 513.00 324.00 119.10

TOP 25 COMPANIES RANKED BY RESERVES PER SHARE GROWTH IN 2012

Percent Reserve Life Change (%) Index 6.42 72.74 -3.18 21.85 4.94 36.73 5.49 259.50 -5.54 20.54 4.82 43.53 -1.91 32.06 -40.50 -8.03 23.35

2012 OILSANDS SYNTHETIC/BITUMEN RESERVES - IN SITU (MILLIONS OF BARRELS) Company Imperial Oil Limited ConocoPhillips Canada Cenovus Energy Inc. Suncor Energy Inc. MEG Energy Corp. Canadian Natural Resources Limited Devon Canada Corporation Chevron Canada Limited Husky Energy Inc. Nexen Inc. Connacher Oil And Gas Limited BP Canada Energy Company Southern Pacific Resource Corp. Harvest Operations Corp. Athabasca Oil Corporation Shell Canada Limited Baytex Energy Corp. Pengrowth Energy Corporation BlackPearl Resources Inc. Sunshine Oilsands Ltd.

x x

2011 Proved

Revisions

3,634.00 1,439.00 1,455.00 1,413.70 708.16 974.00 457.00 523.00 308.50 319.00 175.19 178.00 112.20 93.60 37.80 55.00 18.04 4.44 1.75 0.08

47.00 187.00 30.00 51.00 (10.84) 50.00 7.00 6.00 1.10 (10.00) -17.00 0.07 0.50 51.40 1.00 0.13 0.00 0.00 --

Drilling Additions 447.00 307.00 265.00 206.50 597.20 -67.00 -1.70 7.00 43.13 ----1.00 1.17 8.68 ---

Improved Recovery --------12.70 ------------

Economic Factors (25.00) -----14.00 ---------(0.02) ----

Acquisitions Dispositions ----------------0.73 ----

Production

2012 Proved

82.00 33.00 33.00 42.60 10.54 36.00 17.00 16.00 13.20 6.00 4.31 ----7.00 0.56 0.33 0.12 --

4,021.00 1,900.00 1,717.00 1,628.60 1,283.98 1,066.00 528.00 513.00 310.80 310.00 214.01 195.00 112.27 94.10 51.40 49.00 19.48 12.79 1.64 0.08

--------------37.80 1.00 -----

Net of Purchase 4,021.00 1,900.00 1,717.00 1,628.60 1,283.98 1,066.00 528.00 513.00 310.80 310.00 214.01 195.00 112.27 94.10 51.40 49.00 18.75 12.79 1.64 0.08

Percent Reserve Life Change (%) Index 10.65 49.04 32.04 57.58 18.01 52.03 15.20 38.23 81.31 121.82 9.45 29.61 15.54 31.06 -1.91 32.06 0.75 23.55 -2.82 51.67 22.16 49.68 9.55 -0.07 -0.53 -35.98 --10.91 7.00 7.99 34.78 188.30 39.23 -6.39 14.15 ---

Coalbed Methane Players Encana Corporation Pengrowth Energy Corporation Nexen Inc. Vermilion Energy Inc. Crew Energy Inc. Sonde Resources Corp. Nordic Oil And Gas Ltd. Sinopec Daylight Energy Ltd. Elkwater Resources Ltd. PetroBakken Energy Ltd. Terra Energy Corp. DualEx Energy International Inc. Anderson Energy Ltd. Yoho Resources Inc. Arsenal Energy Inc. TriOil Resources Ltd. Santonia Energy Inc.

2011 Proved

1,819.00 47.58 69.00 24.92 8.75 3.22 1.08 1.49 0.53 0.36 0.92 0.09 2.70 0.06 0.04 0.02 36.82

Revisions (260.00) 2.05 (11.00) 2.03 (4.03) (1.01) (0.28) (0.09) (0.02) 0.17 (0.33) 0.01 (0.01) (0.00) (0.00) (0.00) 0.00

Drilling Additions 125.00 -----------------

Improved Recovery ------------------

Economic Factors (88.00) (2.18) (11.00) (3.25) (0.04) --(0.65) --(0.01) -(0.01) -(0.00) (0.00) --

Acquisitions -2.93 ----------------

Dispositions -0.61 ----------2.40 ---34.44

2012 MMBOE

2011 MMBOE

2012 Shares

2011 Shares

2012 BOE/Share

2011 BOE/Share

Tamarack Valley Energy Ltd.

6.60

2.76

25,815,366

14,836,809

0.256

0.016

1547.69

Torc Oil & Gas Ltd.

10.53

0.56

115,802,518

83,375,451

0.091

0.007

1265.16

Production 134.00 3.42 11.00 1.66 0.14 0.15 0.03 0.13 0.01 0.03 0.08 0.02 0.22 0.00 0.02 0.00 2.37

2012 Proved 1,462.00 46.36 36.00 22.04 4.55 2.06 0.77 0.62 0.51 0.51 0.50 0.08 0.06 0.05 0.02 0.01 0.01

2012 Probable 294.00 12.54 12.00 11.94 5.95 2.38 1.78 1.73 0.13 0.17 0.17 0.02 0.02 0.20 0.01 0.00 0.00

R/P Ratio -1.66 -0.04 -2.00 -0.74 -29.66 -6.80 -9.76 -5.92 -4.00 6.69 -4.16 0.43 -0.11 -1.50 -0.45 -1.00 0.00

Percent Change (%)

Pine Cliff Energy Ltd.

2.49

0.19

79,247,000

46,145,695

0.031

0.004

648.92

Renegade Petroleum Ltd.

23.87

8.50

92,229,000

72,059,532

0.259

0.118

119.31

MEG Energy Corp.

1,283.98

708.16

199,952,387

197,774,504

6.421

3.581

79.34

Storm Resources Ltd.

13.82

3.71

56,067,000

26,377,000

0.247

0.141

75.09

DeeThree Exploration Ltd.

14.36

7.40

68,130,000

56,407,000

0.211

0.131

60.69

Pinecrest Energy Inc.

9.48

5.32

238,373,000

208,103,830

0.040

0.026

55.49

Tourmaline Oil Corp.

249.08

148.85

167,028,522

152,315,296

1.491

0.977

52.59

Athabasca Oil Corporation

62.67

41.52

400,668,005

401,905,297

0.156

0.103

51.41

Whitecap Resources Inc.

60.89

25.63

115,484,000

65,007,000

0.527

0.394

33.76

Hyperion Exploration Corp.

4.92

3.25

54,190,359

47,205,475

0.091

0.069

31.81

Paramount Resources Ltd.

50.87

35.67

86,607,000

78,462,000

0.587

0.455

29.18

Yangarra Resources Ltd.

6.55

4.84

120,663,095

113,781,122

0.054

0.043

27.63

TriOil Resources Ltd.

12.24

5.82

53,852,000

32,359,000

0.227

0.179

26.72

Bellatrix Exploration Ltd.

55.22

41.76

109,125,094

103,857,689

0.506

0.402

25.83

Connacher Oil And Gas Limited

214.01

176.99

449,160,138

448,024,574

0.476

0.395

20.61

Yoho Resources Inc.

10.66

7.56

44,922,728

38,183,816

0.237

0.198

19.92

Crescent Point Energy Corp.

349.67

276.97

331,781,233

278,214,171

1.207

1.010

19.46

Painted Pony Petroleum Ltd.

42.98

31.37

70,824,894

60,829,382

0.607

0.516

17.69

Advantage Oil & Gas Ltd.

191.35

161.15

167,509,131

165,370,777

1.142

0.974

17.23

Bonterra Energy Corp.

33.13

28.13

19,793,934

19,554,157

1.674

1.439

16.36

Peyto Exploration & Development Corp.

276.35

225.17

141,093,829

133,196,103

1.959

1.690

15.86

Crocotta Energy Inc. Surge Energy Inc.

8 8

9 9

22.18 28.14

17.48 20.52

90,705,000 70,962,463

81,166,000 58,757,843

0.244 0.397

0.215 0.349

13.54 13.53

TOP 20 JUNIORS GROSS PROVED RESERVES TWO-YEAR GROWTH

TOP 20 COMPANIES PROVED RESERVES TWO-YEAR GROWTH

Barrels Of Oil Equivalent (Millions of Barrels)

Painted Pony Petroleum Ltd.

42.98

11.34

Growth From 2010 31.64

Renegade Petroleum Ltd.

23.87

4.18

19.68

MEG Energy Corp.

1,283.98

605.85

678.13

Surge Energy Inc.

28.14

14.36

13.78

Canadian Natural Resources Limited

4,663.17

4,105.00

558.17

Company

COMPANIES WITH PROVED COALBED METHANE RESERVES AT END OF 2012 (BILLIONS OF CUBIC FEET) Company

Company

2012 Proved

2010 Proved

Company Imperial Oil Limited

DeeThree Exploration Ltd.

14.36

1.33

13.03

Cenovus Energy Inc.

Crocotta Energy Inc.

22.18

9.81

12.37

ConocoPhillips Canada

Arcan Resources Ltd.

23.41

13.82

9.59

Total S.A.

Pinecrest Energy Inc.

9.48

1.11

8.37

Suncor Energy Inc.

TriOil Resources Ltd.

12.24

6.52

5.73

Tourmaline Oil Corp.

Yoho Resources Inc.

10.66

5.53

5.13

Shell Canada Limited

2012 Proved

2010 Proved

4,130.83

2,549.00

Growth From 2010 1,581.83

2,175.17

1,665.67

509.50

2,270.00

1,763.17

506.83

1,038.00

789.00

249.00

3,823.85

3,586.33

237.52

249.08

93.02

156.06

2,013.50

1,871.00

142.50 113.61

Tamarack Valley Energy Ltd.

6.60

1.57

4.94

Southern Pacific Resource Corp.

120.42

6.81

Bonterra Energy Corp.

33.13

28.58

4.56

Crescent Point Energy Corp.

349.67

250.81

98.86

RMP Energy Inc.

14.86

10.53

4.32

Peyto Exploration & Development Corp.

276.35

179.70

96.65

BlackPearl Resources Inc.

15.88

11.71

4.18

Marathon Oil Corporation

Hyperion Exploration Corp.

4.92

1.26

3.66

Pengrowth Energy Corporation

653.00

572.00

81.00

299.25

220.32

78.93

Second Wave Petroleum Inc.

6.32

3.55

2.77

Birchcliff Energy Ltd.

185.94

113.98

71.96

Invicta Energy Corp.

3.09

0.38

2.71

Husky Energy Inc.

1,097.73

1,030.12

67.62

1,247.97

1,187.73

60.23

60.89

8.26

52.63

Pine Cliff Energy Ltd.

2.49

0.18

2.31

Encana Corporation

Arsenal Energy Inc.

3.91

1.76

2.15

Whitecap Resources Inc.

Marquee Energy Ltd.

6.49

4.81

1.68

Advantage Oil & Gas Ltd.

Strategic Oil & Gas Ltd.

4.00

2.61

1.39

Chevron Canada Limited

Every precaution has been taken to prevent errors or omissions and the publisher assumes no responsibility for damages caused by any errors or omissions.

191.35

143.37

47.98

513.00

466.00

47.00