Operational
Statistics

RESERVES

GLJ Petroleum Consultants Ltd. (GLJ), an independent petroleum engineering firm, has evaluated the crude oil, natural gas and natural gas liquids reserves of the Company as at December 31, 2014 and prepared a reserves report in accordance with National Instrument 51-101 “standards of Disclosure for Oil and Gas Activities” and with the Canadian Oil and Gas Evaluation Handbook. Full and complete disclosure information as required by NI 51-101 can be referenced in the Company’s Annual Information Form (AIF).

GLJ based its evaluation on land data, well and geological information, reservoir studies, estimates of on-stream dates, contract information, operating cost data, capital budgets and future operating plans provided by the Company, information obtained from public records and GLJ’s internal non-confidential files and commodity price forecast. The Reserves Committee, with the mandate of reviewing the independent engineering report, recommended the acceptance of the GLJ reserve estimates and it has been approved by the Board of Directors for the purposes of the Annual Report and AIF.