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| SPECIAL NOTES TO READER                                      |   |   | 1  |   |
|--------------------------------------------------------------|--------|--------|----|--------|
| GLOSSARY                                                     |   |   | 4  |   |
| SELECTED ABBREVIATIONS                                       |   |   | 6  |   |
| CURRENCY OF INFORMATION                                      |   |   | 7  |   |
| OUR ORGANIZATIONAL STRUCTURE                                 |   |   | 7  |   |
| GENERAL DEVELOPMENT OF THE BUSINESS OF THE CORPORATION       |   |   | 9  |   |
| DESCRIPTION OF OUR BUSINESS                                  |   |   | 11 |   |
| STATEMENT OF RESERVES DATA AND OTHER OIL AND GAS INFORMATION |   |   | 16 |   |
| ADDITIONAL INFORMATION RESPECTING CRESCENT POINT             |   |   | 40 |   |
| INDUSTRY CONDITIONS                                          |   |   | 50 |   |
| RISK FACTORS                                                 |   |   | 64 |   |
| DIVIDENDS                                                    |   |   | 79 |   |
| MARKET FOR SECURITIES                                        |   |   | 80 |   |
| CONFLICTS OF INTEREST                                        |   |   | 81 |   |
| LEGAL PROCEEDINGS                                            |   |   | 81 |   |
| AUDIT COMMITTEE                                              |   |   | 81 |   |
| TRANSFER AGENT AND REGISTRARS                                |   |   | 83 |   |
| MATERIAL CONTRACTS                                           |   |   | 83 |   |
| INTERESTS OF EXPERTS                                         |   |   | 84 |   |
| ADDITIONAL INFORMATION                                       |   |   | 84 |   |

| APPENDIX A                                   | -     | AUDIT COMMITTEE TERMS OF REFERENCE |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|------------------------------------|

| APPENDIX B                                   | -     | RESERVES COMMITTEE TERMS OF REFERENCE |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|---------------------------------------|

| APPENDIX C                                   | -     | REPORTS ON RESERVES DATA BY INDEPENDENT QUALIFIED RESERVES EVALUATOR OR AUDITOR |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|---------------------------------------------------------------------------------|

| APPENDIX D                                   | -     | REPORT OF MANAGEMENT AND DIRECTORS ON RESERVES DATA AND OTHER INFORMATION |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|---------------------------------------------------------------------------|

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| · | corporate strategy and anticipated financial and operational performance; |
|--------|---------------------------------------------------------------------------|

| · | business prospects; |
|--------|---------------------|

| · | the performance characteristics of Crescent Point's oil and natural gas properties, including but not limited to oil and natural gas production levels; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | anticipated future cash flows and oil and natural gas production levels; |
|--------|--------------------------------------------------------------------------|

| · | projected returns and exploration potential of our assets; |
|--------|------------------------------------------------------------|

| · | the potential of Crescent Point's plays; |
|--------|------------------------------------------|

| · | future development plans; |
|--------|---------------------------|

| · | capital expenditure programs and how they will be funded; |
|--------|-----------------------------------------------------------|

| · | corporate and asset acquisition opportunities; |
|--------|------------------------------------------------|

| · | drilling programs; |
|--------|--------------------|

| · | expected cost savings and efficiencies; |
|--------|-----------------------------------------|

| · | the future cost to drill wells, including anticipated cost savings associated therewith; |
|--------|------------------------------------------------------------------------------------------|

| · | the quantity of the oil and natural gas reserves; |
|--------|---------------------------------------------------|

| · | projections of commodity prices and costs; |
|--------|--------------------------------------------|

| · | our future waterflood programs; |
|--------|---------------------------------|

| · | the impact of the use of closable sliding sleeve completion technology; |
|--------|-------------------------------------------------------------------------|

| · | ongoing efforts to reduce or eliminate fresh water usage in Viewfield Bakken and Shaunavon completions; |
|--------|---------------------------------------------------------------------------------------------------------|

| · | future downspacing; |
|--------|---------------------|

| · | expected decommissioning, abandonment, remediation and reclamation costs; |
|--------|---------------------------------------------------------------------------|

| · | our tax horizon; |
|--------|------------------|

| · | expected trends in environmental regulation; |
|--------|----------------------------------------------|

| · | payment of monthly dividends; |
|--------|-------------------------------|

| · | supply and demand for oil and natural gas; |
|--------|--------------------------------------------|

| · | expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; and |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

| · | treatment under governmental regulatory regimes. |
|--------|--------------------------------------------------|

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|  Oil and Natural Gas Liquids  |  Natural Gas                             |
|-----------------------------------------|----------------------------------------------------|
| bbl                                     | Barrel                                             | Mcf | thousand cubic feet |
| bbls                                    | Barrels                                            | Mcf/d | thousand cubic feet per day |
| bbl/dMbblsNGLs                          | barrels per daythousand barrelsnatural gas liquids | Mcfe | thousand cubic feet of gas equivalent converting one barrel of oil to 6 Mcf of natural gas equivalent |
|                                    | MMcfMMcf/d                                         | million cubic feetmillion cubic feet per day |
| MMBTU                                   | million British Thermal Units                      |
| GJ                                      | gigajoule                                          |
| Other    |                                                                                                                                                                                                                                                   |
|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| AECO     | the natural gas storage facility located at Suffield, Alberta                                                                                                                                                                                     |
| boe      | barrel of oil equivalent of natural gas and crude oil on the basis of 1 boe for 6 (unless otherwise stated) Mcf of natural gas (this conversion factor is an industry accepted norm and is not based on either energy content or current prices)  |
| boe/d    | barrel of oil equivalent per day                                                                                                                                                                                                                  |
| m3  | cubic metres                                                                                                                                                                                                                                      |
| M$       | thousand dollars                                                                                                                                                                                                                                  |
| Mboe     | thousand barrels of oil equivalent                                                                                                                                                                                                                |
| MMboe    | million barrels of oil equivalent                                                                                                                                                                                                                 |
| MM$      | million dollars                                                                                                                                                                                                                                   |
| MW       | megawatt                                                                                                                                                                                                                                          |
| MW/h     | megawatt per hour                                                                                                                                                                                                                                 |
| WTI      | West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade                                                                                                                            |

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|        |   Percentage of Voting Securities (Directly or Indirectly)   |   |   Jurisdiction of Incorporation/Formation   |
|-------------|----------------------------------------------------------------------------------|--------|-----------------------------------------------------------------|
| CPHI        | 100%                                                                             |   | Alberta                                                         |
| Partnership | 100%                                                                             |   | Alberta                                                         |
| CPUSH       | 100%                                                                             |   | Nevada                                                          |
| CPEUS       | 100%                                                                             |   | Delaware                                                        |
| CPLux       | 100%                                                                             |   | Luxembourg                                                      |

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|  | (a) | world market forces, including world supply and consumption levels and the ability of the OPEC to set and maintain production levels and prices for crude oil; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | political conditions, including the risk of hostilities in the Middle East and other regions throughout the world; |
|--|-----|--------------------------------------------------------------------------------------------------------------------|

|  | (c) | increases or decreases in crude oil differentials and their implications for prices received by us; |
|--|-----|-----------------------------------------------------------------------------------------------------|

|  | (d) | the impact of changes in the exchange rate between Canadian and U.S. dollars on prices received by us for our crude oil and natural gas; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | North American market forces, most notably shifts in the balance between supply and demand for crude oil and natural gas and the implications for the prices of crude oil and natural gas; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | availability, proximity and capacity of oil and gas gathering systems, pipeline and processing facilities, railcars and railcar loading facilities; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | global and domestic economic and weather conditions; |
|--|-----|------------------------------------------------------|

|  | (h) | price and availability of alternative fuels; and |
|--|-----|--------------------------------------------------|

|  | (i) | the effect of energy conservation measures and government regulations. |
|--|-----|------------------------------------------------------------------------|

----

| Term                                            | Volume(bbls/d) | AverageSwap Price(Cdn$/bbl) |
|-------------------------------------------------|----------------|-----------------------------|
| 2016 Weighted Average(1)                        | 43,249         | 83.01                       |
| 2017 Weighted Average(2)                        | 13,727         | 80.62                       |
| January – September 2018 Weighted Average | 8,310          | 79.71                       |

| (1) | Includes 2,500 bbls/d which can be extended at the option of the counterparty for calendar 2017 at an average swap price of $90.39/bbl. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Includes 4,000 bbls/d which can be extended at the option of the counterparty for calendar 2018 at an average swap price of $86.16/bbl. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| Term | Volume(bbls/d) | Contract   | Basis | Fixed Differential ($/bbl) |
|------|----------------|------------|-------|----------------------------|
| 2016 | 500            | Basis Swap | MSW   | (4.50)                     |
| Term                                        | Contract | Volume(GJ/d) | Average Swap Price(Cdn$/GJ) |
|---------------------------------------------|----------|--------------|-----------------------------|
| 2016 Weighted Average                       | Swap     | 32,005       | 3.57                        |
| 2017 Weighted Average                       | Swap     | 16,425       | 3.55                        |
| January – March 2018 Weighted Average | Swap     | 11,000       | 3.55                        |
| Term | Contract | Volume(MW/h) | Fixed Rate(Cdn$/MW/h) |
|------|----------|--------------|-----------------------|
| 2016 | Swap     | 3.0          | 50.00                 |
| 2017 | Swap     | 3.0          | 52.50                 |
| Term                                | Contract | Notional Principal(Cdn$ millions) | Fixed AnnualRate (%) |
|-------------------------------------|----------|-----------------------------------|----------------------|
| January 2016 – September 2018 | Swap     | 50.0                              | 0.90                 |
| January 2016 – September 2018 | Swap     | 50.0                              | 0.87                 |
| January 2016 – August 2020    | Swap     | 50.0                              | 1.16                 |
| January 2016 – August 2020    | Swap     | 50.0                              | 1.16                 |
| January 2016 – August 2020    | Swap     | 100.0                             | 1.15                 |
| January 2016 – September 2020 | Swap     | 50.0                              | 1.14                 |
| January 2016 – September 2020 | Swap     | 50.0                              | 1.11                 |

----

| Term                               | Contract | Receive NotionalPrincipal(US$ millions) | Fixed Annual Rate(US%) | Pay Notional Principal(Cdn$ millions) | Fixed Annual Rate(Cdn%) |
|------------------------------------|----------|-----------------------------------------|------------------------|---------------------------------------|-------------------------|
| January 2016                       | Swap     | 200.0                                   | 2.37                   | 262.0                                 | 2.64                    |
| January 2016                       | Swap     | 100.0                                   | 2.47                   | 131.2                                 | 2.78                    |
| January 2016 – February 2016 | Swap     | 100.0                                   | 2.39                   | 131.6                                 | 2.63                    |
| January 2016 – March 2016    | Swap     | 160.0                                   | 2.51                   | 216.0                                 | 2.62                    |
| January 2016 – March 2016    | Swap     | 200.0                                   | 2.55                   | 273.8                                 | 2.63                    |
| January 2016 – March 2016    | Swap     | 200.0                                   | 2.55                   | 273.8                                 | 2.62                    |
| January 2016 – April 2016    | Swap     | 52.0                                    | 3.93                   | 50.1                                  | 4.84                    |
| January 2016 – March 2017    | Swap     | 67.5                                    | 5.48                   | 68.9                                  | 5.89                    |
| January 2016 – April 2018    | Swap     | 31.0                                    | 4.58                   | 29.9                                  | 5.32                    |
| January 2016 – June 2018     | Swap     | 20.0                                    | 2.65                   | 20.4                                  | 3.52                    |
| January 2016 – May 2019      | Swap     | 68.0                                    | 3.39                   | 66.7                                  | 4.53                    |
| January 2016 – March 2020    | Swap     | 155.0                                   | 6.03                   | 158.3                                 | 6.45                    |
| January 2016 – April 2021    | Swap     | 82.0                                    | 5.13                   | 79.0                                  | 5.83                    |
| January 2016 – June 2021     | Swap     | 52.5                                    | 3.29                   | 56.3                                  | 3.59                    |
| January 2016 – May 2022      | Swap     | 170.0                                   | 4.00                   | 166.9                                 | 5.03                    |
| January 2016 – June 2023     | Swap     | 270.0                                   | 3.78                   | 274.7                                 | 4.32                    |
| January 2016 – June 2024     | Swap     | 257.5                                   | 3.75                   | 276.4                                 | 4.03                    |
| January 2016 – April 2025    | Swap     | 230.0                                   | 4.08                   | 291.1                                 | 4.13                    |
| January 2016 – April 2027    | Swap     | 20.0                                    | 4.18                   | 25.3                                  | 4.25                    |

| Settlement Date | Contract | Receive NotionalPrincipal(US$ millions) | Pay Notional Principal(Cdn$ millions) |
|-----------------|----------|-----------------------------------------|---------------------------------------|
| May 22, 2022    | Swap     | 30.0                                    | 32.2                                  |

----

| For Year Ended | Crude Oil and NGLs | Natural Gas |
|----------------|--------------------|-------------|
| 2015           | 96%                | 4%          |
| 2014           | 97%                | 3%          |
| 2013           | 97%                | 3%          |

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|                                | Light and Medium Crude Oil | Heavy Crude Oil   |  Tight Oil(2)  | Natural Gas Liquids |  Shale Gas(3)  | ConventionalNatural Gas | Total               |
|-------------------------------------|----------------------------|-------------------|---------------------|---------------------|---------------------|-------------------------|---------------------|
| Reserves Category                   | Company Gross(Mbbls)       | CompanyNet(Mbbls) | CompanyGross(Mbbls) | CompanyNet(Mbbls)   | CompanyGross(Mbbls) | CompanyNet(Mbbls)       | CompanyGross(Mbbls) | CompanyNet(Mbbls) | Company Gross(MMcf) | CompanyNet(MMcf) | Company Gross(MMcf) | CompanyNet(MMcf) | CompanyGross(Mboe) | CompanyNet(Mboe) |
| Proved Developed Producing          |                       |              |                |                |                |                    |                |   |   |   |   |   |   |   |
| Canada                              | 112,359                    | 97,849            | 22,106              | 19,645              | 135,607             | 124,581                 | 31,563              | 28,230 | 68,747 | 64,662 | 100,892 | 92,025 | 329,908 | 296,419 |
| United States                       | 1,271                      | 1,037             | -                   | -                   | 24,486              | 20,042                  | 2,647               | 2,148 | 28,350 | 23,219 | 13 | 11 | 33,132 | 27,098 |
| Total                               | 113,630                    | 98,885            | 22,106              | 19,645              | 160,093             | 144,622                 | 34,211              | 30,377 | 97,097 | 87,881 | 100,904 | 92,036 | 363,040 | 323,517 |
| Proved Developed Non-Producing |                       |              |                |                |                |                    |                |   |   |   |   |   |   |   |
| Canada                              | 4,856                      | 4,291             | 282                 | 256                 | 5,278               | 4,821                   | 1,132               | 1,010 | 2,409 | 2,237 | 5,312 | 4,640 | 12,835 | 11,525 |
| United States                       | -                          | -                 | -                   | -                   | 187                 | 158                     | 26                  | 22 | 254 | 224 | - | - | 256 | 217 |
| Total                               | 4,856                      | 4,291             | 282                 | 256                 | 5,465               | 4,979                   | 1,158               | 1,032 | 2,663 | 2,460 | 5,312 | 4,640 | 13,091 | 11,741 |
| Proved Undeveloped                  |                       |              |                |                |                |                    |                |   |   |   |   |   |   |   |
| Canada                              | 45,641                     | 41,462            | 2,104               | 1,738               | 85,652              | 80,223                  | 13,988              | 12,593 | 43,628 | 40,498 | 27,061 | 25,044 | 159,166 | 146,939 |
| United States                       | -                          | -                 | -                   | -                   | 44,012              | 35,724                  | 4,752               | 3,831 | 47,977 | 38,991 | - | - | 56,760 | 46,054 |
| Total                               | 45,641                     | 41,462            | 2,104               | 1,738               | 129,664             | 115,947                 | 18,740              | 16,424 | 91,605 | 79,489 | 27,061 | 25,044 | 215,926 | 192,993 |
| Total Proved                        |                       |              |                |                |                |                    |                |   |   |   |   |   |   |   |
| Canada                              | 162,856                    | 143,601           | 24,492              | 21,639              | 226,536             | 209,625                 | 46,684              | 41,833 | 114,784 | 107,396 | 133,265 | 121,708 | 501,909 | 454,883 |
| United States                       | 1,271                      | 1,037             | -                   | -                   | 68,685              | 55,923                  | 7,426               | 6,001 | 76,581 | 62,434 | 13 | 11 | 90,148 | 73,368 |
| Total                               | 164,127                    | 144,638           | 24,492              | 21,639              | 295,222             | 265,548                 | 54,109              | 47,834 | 191,365 | 169,831 | 133,278 | 121,719 | 592,056 | 528,251 |
| Total Probable                      |                       |              |                |                |                |                    |                |   |   |   |   |   |   |   |
| Canada                              | 93,782                     | 81,682            | 8,356               | 7,145               | 131,386             | 119,357                 | 24,136              | 21,426 | 60,112 | 55,784 | 68,428 | 62,134 | 279,083 | 249,262 |
| United States                       | 5,448                      | 4,476             | -                   | -                   | 46,680              | 38,120                  | 4,510               | 3,645 | 47,165 | 38,468 | 104 | 91 | 64,516 | 52,667 |
| Total                               | 99,230                     | 86,158            | 8,356               | 7,145               | 178,066             | 157,477                 | 28,646              | 25,070 | 107,277 | 94,251 | 68,532 | 62,224 | 343,599 | 301,929 |
| Total Proved Plus Probable          |                       |              |                |                |                |                    |                |   |   |   |   |   |   |   |
| Canada                              | 256,637                    | 225,283           | 32,847              | 28,784              | 357,923             | 328,982                 | 70,820              | 63,259 | 174,896 | 163,180 | 201,693 | 183,842 | 780,992 | 704,144 |
| United States                       | 6,719                      | 5,513             | -                   | -                   | 115,365             | 94,043                  | 11,936              | 9,646 | 123,746 | 100,902 | 117 | 102 | 154,664 | 126,036 |
| Total                               | 263,356                    | 230,796           | 32,847              | 28,784              | 473,288             | 423,025                 | 82,755              | 72,904 | 298,642 | 264,082 | 201,810 | 183,944 | 935,656 | 830,180 |

----

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

| (2) | Volumes reported as "Tight Oil" under revised guidelines previously would have been previously reported as "Light & Medium Oil" based on product quality.  These volumes are now considered "Tight Oil" due to reservoir characteristics as well as drilling and completion techniques. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Volumes reported as "Shale Gas" under revised guidelines include gas volumes that have been produced in association with "Tight Oil" or as non-associated shale gas volumes.  These volumes would have previously been reported as "Natural Gas". |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                          | Before Income Taxes Discounted at (%/year) | After Income Taxes Discounted at(%/year) |
|-------------------------------|-------------------------------------------------|------------------------------------------|
| ReservesCategory              | 0%(MM$)                                         | 5%(MM$)                                  | 10%(MM$) | 15%(MM$) | 20%(MM$) | 0%(MM$) | 5%(MM$) | 10%(MM$) | 15%(MM$) | 20%(MM$) |
| Proved Developed Producing    |                                            |                                     |   |   |   |   |   |   |   |   |
| Canada                        | 11,712                                          | 8,612                                    | 6,819 | 5,655 | 4,842 | 11,005 | 8,201 | 6,564 | 5,490 | 4,730 |
| United States                 | 903                                             | 683                                      | 548 | 458 | 395 | 859 | 650 | 521 | 436 | 375 |
| Total                         | 12,615                                          | 9,295                                    | 7,367 | 6,113 | 5,236 | 11,864 | 8,851 | 7,086 | 5,926 | 5,106 |
| Proved DevelopedNon-Producing |                                            |                                     |   |   |   |   |   |   |   |   |
| Canada                        | 408                                             | 313                                      | 249 | 205 | 173 | 279 | 218 | 176 | 146 | 124 |
| United States                 | 5                                               | 4                                        | 3 | 2 | 2 | 5 | 4 | 3 | 2 | 2 |
| Total                         | 414                                             | 317                                      | 252 | 207 | 175 | 285 | 222 | 179 | 149 | 126 |
| Proved Undeveloped            |                                            |                                     |   |   |   |   |   |   |   |   |
| Canada                        | 4,514                                           | 2,928                                    | 1,954 | 1,329 | 909 | 3,272 | 2,066 | 1,326 | 853 | 538 |
| United States                 | 1,111                                           | 617                                      | 346 | 187 | 88 | 956 | 539 | 304 | 163 | 74 |
| Total                         | 5,626                                           | 3,545                                    | 2,300 | 1,515 | 997 | 4,228 | 2,605 | 1,629 | 1,016 | 612 |
| Total Proved                  |                                            |                                     |   |   |   |   |   |   |   |   |
| Canada                        | 16,635                                          | 11,852                                   | 9,022 | 7,189 | 5,924 | 14,556 | 10,484 | 8,066 | 6,489 | 5,393 |
| United States                 | 2,020                                           | 1,305                                    | 897 | 647 | 485 | 1,821 | 1,193 | 828 | 601 | 452 |
| Total                         | 18,654                                          | 13,157                                   | 9,919 | 7,836 | 6,409 | 16,376 | 11,677 | 8,894 | 7,090 | 5,844 |
| Total Probable                |                                            |                                     |   |   |   |   |   |   |   |   |
| Canada                        | 11,905                                          | 7,025                                    | 4,700 | 3,395 | 2,580 | 8,673 | 5,082 | 3,371 | 2,414 | 1,820 |
| United States                 | 2,067                                           | 1,120                                    | 692 | 465 | 328 | 1,281 | 692 | 433 | 296 | 212 |
| Total                         | 13,972                                          | 8,144                                    | 5,392 | 3,859 | 2,908 | 9,954 | 5,774 | 3,804 | 2,710 | 2,032 |
| Total Proved Plus Probable    |                                            |                                     |   |   |   |   |   |   |   |   |
| Canada                        | 28,540                                          | 18,877                                   | 13,722 | 10,584 | 8,504 | 23,229 | 15,566 | 11,437 | 8,903 | 7,213 |
| United States                 | 4,086                                           | 2,424                                    | 1,589 | 1,112 | 812 | 3,101 | 1,885 | 1,261 | 897 | 664 |
| Total                         | 32,626                                          | 21,301                                   | 15,311 | 11,695 | 9,317 | 26,330 | 17,452 | 12,698 | 9,799 | 7,876 |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

----

| Reserves Category    | Revenue(MM$) | Royalties(2)(MM$) | OperatingCosts(MM$) | DevelopmentCosts(MM$) | Abandonment and ReclamationCosts(MM$) | Future NetRevenue BeforeIncome Taxes(MM$) | Income Tax(MM$) | Future NetRevenue AfterIncome Taxes(MM$) |
|----------------------|--------------|-------------------|---------------------|-----------------------|---------------------------------------|-------------------------------------------|-----------------|------------------------------------------|
| Proved               |         |              |                |                  |                                  |                                      |            |                                     |
| Canada               | 37,350       | 4,154             | 12,368              | 3,341                 | 853                                   | 16,635                                    | 2,079           | 14,556                                   |
| United States        | 6,606        | 1,562             | 1,881               | 1,064                 | 79                                    | 2,020                                     | 199             | 1,821                                    |
| Total                | 43,956       | 5,716             | 14,249              | 4,405                 | 932                                   | 18,654                                    | 2,278           | 16,376                                   |
| Proved Plus Probable |         |              |                |                  |                                  |                                      |            |                                     |
| Canada               | 60,958       | 7,037             | 19,044              | 5,302                 | 1,036                                 | 28,540                                    | 5,311           | 23,229                                   |
| United States        | 12,084       | 2,851             | 3,349               | 1,686                 | 113                                   | 4,086                                     | 985             | 3,101                                    |
| Total                | 73,042       | 9,888             | 22,393              | 6,987                 | 1,149                                 | 32,626                                    | 6,296           | 26,330                                   |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

| (2) | Ad valorem and severance taxes payable in the United States and Saskatchewan Capital Resource Surcharge have been included under royalties. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|                          | Future Net RevenueBefore Income Taxes(5)(Discounted at 10% per year) | Percentage |  Unit Value |
|-------------------------------|----------------------------------------------------------------------|------------|------------------|
|                          | (MM$)                                                                | (%)        | ($/boe)          | ($/Mcfe) |
| Proved                        |                                                                 |       |             |   |
| CANADA                        |                                                                 |       |             |   |
| Light and Medium Crude Oil(1) | 2,856                                                                | 31.7       | 17.62            | 2.94 |
| Heavy Crude Oil(1)            | 416                                                                  | 4.6        | 19.11            | 3.19 |
| Tight Oil(3)(7)               | 5,652                                                                | 62.6       | 21.92            | 3.65 |
| Natural Gas Liquids           | -                                                                    | -          | -                | - |
| Shale Gas(4)                  | -                                                                    | -          | -                | - |
| Conventional Natural Gas(2)   | 99                                                                   | 1.1        | 7.43             | 1.24 |
| Total Canada                  | 9,022                                                                | 100.0      | 19.83            | 3.31 |
| UNITED STATES                 |                                                                 |       |             |   |
| Light and Medium Crude Oil(1) | 17                                                                   | 1.9        | 16.57            | 2.76 |
| Heavy Crude Oil(1)            | -                                                                    | -          | -                | - |
| Tight Oil(3)(7)               | 879                                                                  | 98.1       | 12.16            | 2.03 |
| Natural Gas Liquids           | -                                                                    | -          | -                |   |
| Shale Gas(2)                  | <1                                                                | <0.1    | 2.44             | 0.41 |
| Conventional Natural Gas(2)   | <1                                                                | <0.1    | 2.47             | 0.41 |
| Total United States           | 897                                                                  | 100.0      | 12.22            | 2.04 |
| TOTAL                         |                                                                 |       |             |   |
| Light and Medium Crude Oil(1) | 2,874                                                                | 29.0       | 17.62            | 2.94 |
| Heavy Crude Oil(1)            | 416                                                                  | 4.2        | 19.11            | 3.18 |
| Tight Oil(3)(7)               | 6,531                                                                | 65.8       | 19.79            | 3.30 |
| Natural Gas Liquids           | -                                                                    | -          | -                | - |
| Shale Gas(2)(4)               | <1                                                                | <0.1    | 2.44             | 0.41 |
| Conventional Natural Gas(2)   | 99                                                                   | 1.0        | 7.43             | 1.24 |
| Total Proved                  | 9,919                                                                | 100.0      | 18.78            | 3.13 |

| (1) | Including solution gas and other by-products. |
|-----|-----------------------------------------------|

| (2) | Including by-products, but excluding solution gas. |
|-----|----------------------------------------------------|

| (3) | Including solution gas (categorized as "Shale Gas") and other by-products. |
|-----|----------------------------------------------------------------------------|

| (4) | Volumes of Shale Natural Gas has been included in "Tight Oil" as it is solution gas relating to oil production. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (5) | Other company revenue and costs not related to a specific production type have been allocated proportionately to production types.  Unit values are based on Company Net Reserves. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

| (7) | Volumes reported as "Tight Oil" under revised guidelines previously would have been previously reported as "Light & Medium Oil" based on product quality.  These volumes are now considered "Tight Oil" due to reservoir characteristics as well as drilling and completion techniques. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                          |  Future Net RevenueBefore Income Taxes(5)(Discounted at 10% per year) |  Percentage |  Unit Value  |
|-------------------------------|----------------------------------------------------------------------------|------------------|------------------------|
|                          | (MM$)                                                                      | (%)              | ($/boe)                | ($/Mcfe) |
| Proved Plus Probable          |                                                                       |             |                   |   |
| CANADA                        |                                                                       |             |                   |   |
| Light and Medium Crude Oil(1) | 4,372                                                                      | 31.9             | 17.04                  | 2.84 |
| Heavy Crude Oil(1)            | 510                                                                        | 3.7              | 17.75                  | 2.96 |
| Tight Oil(3)(7)               | 8,724                                                                      | 63.6             | 21.72                  | 3.62 |
| Natural Gas Liquids           | -                                                                          | -                | -                      | - |
| Shale Gas(4)                  | -                                                                          | -                | -                      | - |
| Conventional Natural Gas(2)   | 116                                                                        | 0.8              | 6.77                   | 1.13 |
| Total Canada                  | 13,722                                                                     | 100.0            | 19.49                  | 3.25 |
| UNITED STATES                 |                                                                       |             |                   |   |
| Light and Medium Crude Oil(1) | 42                                                                         | 2.7              | 7.66                   | 1.28 |
| Heavy Crude Oil(1)            | -                                                                          | -                | -                      | - |
| Tight Oil(3)(7)               | 1,547                                                                      | 97.3             | 12.84                  | 2.14 |
| Natural Gas Liquids           | -                                                                          | -                | -                      | - |
| Shale Gas(2)                  | <1                                                                      | <0.1          | 3.12                   | 0.52 |
| Conventional Natural Gas(2)   | <1                                                                      | <0.1          | -0.69                  | -0.11 |
| Total United States           | 1,589                                                                      | 100.0            | 12.61                  | 2.10 |
| TOTAL                         |                                                                       |             |                   |   |
| Light and Medium Crude Oil(1) | 4,415                                                                      | 28.8             | 16.84                  | 2.81 |
| Heavy Crude Oil(1)            | 510                                                                        | 3.3              | 17.75                  | 2.96 |
| Tight Oil(3)(7)               | 10,270                                                                     | 67.1             | 19.67                  | 3.28 |
| Natural Gas Liquids           | -                                                                          | -                | -                      | - |
| Shale Gas(2)(4)               | <1                                                                      | <0.1          | 3.12                   | 0.52 |
| Conventional Natural Gas(2)   | 116                                                                        | 0.8              | 6.76                   | 1.13 |
| Total Proved Plus Probable    | 15,311                                                                     | 100.0            | 18.44                  | 3.07 |

| (1) | Including solution gas and other by-products. |
|-----|-----------------------------------------------|

| (2) | Including by-products, but excluding solution gas. |
|-----|----------------------------------------------------|

| (3) | Including solution gas (categorized as "Shale Gas") and other by-products. |
|-----|----------------------------------------------------------------------------|

| (4) | Volumes of Shale Natural Gas has been included in "Tight Oil" as it is solution gas relating to oil production. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (5) | Other company revenue and costs not related to a specific production type have been allocated proportionately to production types.  Unit values are based on Company Net Reserves. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

| (7) | Volumes reported as "Tight Oil" under revised guidelines previously would have been previously reported as "Light & Medium Oil" based on product quality.  These volumes are now considered "Tight Oil" due to reservoir characteristics as well as drilling and completion techniques. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | "Reserves" are estimated remaining economic quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on (a) analysis of drilling, geological, geophysical, and engineering data; (b) the use of established technology; and (c) specified economic conditions, which are generally accepted as being reasonable and shall be disclosed. Reserves are classified according to the degree of certainty associated with the estimates. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | "Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | "Developed Producing" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | "Developed Non-Producing" reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | "Undeveloped" reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. In multi-well pools, it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to sub-divide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | "Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | At least a 90% probability that the quantities actually recovered will equal or exceed the estimated Proved reserves; and |
|--------|---------------------------------------------------------------------------------------------------------------------------|

| · | At least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated Proved plus Probable reserves. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | "associated gas" means the gas cap overlying a crude oil accumulation in a reservoir. |
|--|-----|---------------------------------------------------------------------------------------|

|  | (b) | "crude oil" or "oil" means a mixture that consists mainly of pentanes and heavier hydrocarbons, which may contain small amounts of sulphur and other non-hydrocarbons, that exists in the liquid phase in reservoirs and remains liquid at atmospheric pressure and temperature. It does not include liquids obtained from the processing of natural gas. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | "development costs" means costs incurred to obtain access to reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas from the reserves. More specifically, development costs, including applicable operating costs of support equipment and facilities and other costs of development activities, are costs incurred to: |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | gain access to and prepare well locations for drilling, including surveying well locations for the purpose of determining specific development drilling sites, clearing ground, draining, road building, and relocating public roads, gas lines and power lines, to the extent necessary in developing the reserves; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | drill and equip development wells, development type stratigraphic test wells and service wells, including the costs of platforms and of well equipment such as casing, tubing, pumping equipment and the wellhead assembly; |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | acquire, construct and install production facilities such as flow lines, separators, treaters, heaters, manifolds measuring devices and production storage, natural gas cycling and processing plants, and central utility and waste disposal system; and |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | provide improved recovery systems. |
|--|------|------------------------------------|

|  | (d) | "development well" means a well drilled inside the established limits of an oil or gas reservoir, or in close proximity to the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | "exploration costs" means costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects that may contain oil and gas reserves, including costs of drilling exploratory wells and exploratory type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as "prospecting costs") and after acquiring the property. Exploration costs, which include applicable operating costs of support equipment and facilities and other costs of exploration activities, are: |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | costs of topographical, geochemical, geological and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews and others conducting those studies (collectively sometimes referred to as "geological and geophysical costs"); |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | costs of carrying and retaining unproved properties, such as delay rentals, taxes (other than income and capital taxes) on properties, legal costs for title defence, and the maintenance of land and lease records; |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | dry hole contributions and bottom hole contributions; |
|--|-------|-------------------------------------------------------|

|  | (iv) | costs of drilling and equipping exploratory wells; and |
|--|------|--------------------------------------------------------|

|  | (v) | costs of drilling exploratory type stratigraphic test wells. |
|--|-----|--------------------------------------------------------------|

----

|  | (f) | "exploratory well" means a well that is not a development well, a service well or a stratigraphic test well. |
|--|-----|--------------------------------------------------------------------------------------------------------------|

|  | (g) | "field" means an area consisting of a single reservoir or multiple reservoirs all grouped on or related to the same individual geological structural feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated vertically by intervening impervious strata or laterally by local geologic barriers, or both. Reservoirs that are associated by being in overlapping or adjacent fields may be treated as a single or common operational field. The geological terms "structural feature" and "stratigraphic condition" are intended to denote localized geological features, in contrast to broader terms such as "basin", "trend", "province", "play" or "area of interest". |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | "future prices and costs" means future prices and costs that are: |
|--|-----|-------------------------------------------------------------------|

|  | (i) | generally accepted as being a reasonable outlook of the future; |
|--|-----|-----------------------------------------------------------------|

|  | (ii) | if, and only to the extent that, there are fixed or presently determinable future prices or costs to which the Corporation is legally bound by a contractual or other obligation to supply a physical product, including those for an extension period of a contract that is likely to be extended, those prices or costs rather than the prices and costs referred to in paragraph (i). |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | "future income tax expenses" means future income tax expenses estimated (generally, year-by-year): |
|--|-----|----------------------------------------------------------------------------------------------------|

|  | (i) | making appropriate allocations of estimated unclaimed costs and losses carried forward for tax purposes, between oil and gas activities and other business activities; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | without deducting estimated future costs that are not deductible in computing taxable income; |
|--|------|-----------------------------------------------------------------------------------------------|

|  | (iii) | taking into account estimated tax credits and allowances (for example, royalty tax credits); and |
|--|-------|--------------------------------------------------------------------------------------------------|

|  | (iv) | applying to the future pre-tax net cash flows relating to the Corporation's oil and gas activities the appropriate year end statutory tax rates, taking into account future tax rates already legislated. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (j) | "future net revenue" means the estimated net amount to be received with respect to the anticipated development and production of reserves (including synthetic oil, coal bed methane and other non-conventional reserves) estimated using future prices and costs. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (k) | "gross" means: |
|--|-----|----------------|

|  | (i) | in relation to the Corporation's interest in production or reserves, its "company gross reserves", which are its working interest (operated or non-operated) share before deduction of royalties and without including any royalty interests of the Corporation; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | in relation to wells, the total number of wells in which the Corporation has an interest; and |
|--|------|-----------------------------------------------------------------------------------------------|

|  | (iii) | in relation to properties, the total area of properties in which the Corporation has an interest. |
|--|-------|---------------------------------------------------------------------------------------------------|

----

|  | (l) | "natural gas" means a naturally occurring mixture of hydrocarbon gases and other gases. |
|--|-----|-----------------------------------------------------------------------------------------|

|  | (m) | "natural gas liquids" means those hydrocarbon components that can be recovered from natural gas as liquids including, but not limited to, ethane, propane, butanes, pentanes plus, condensate and small quantities of non-hydrocarbons. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (n) | "net" means: |
|--|-----|--------------|

|  | (i) | in relation to the Corporation's interest in production or reserves, its working interest (operated or non-operated) share after deduction of royalty obligations, plus its royalty interests in production or reserves; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | in relation to the Corporation's interest in wells, the number of wells obtained by aggregating the Corporation's working interest in each of its gross wells; and |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | in relation to the Corporation's interest in a property, the total area in which the Corporation has an interest multiplied by the working interest owned by the Corporation. |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (o) | "non-associated gas" means an accumulation of natural gas in a reservoir where there is no crude oil. |
|--|-----|-------------------------------------------------------------------------------------------------------|

|  | (p) | "operating costs" or "production costs" means costs incurred to operate and maintain wells and related equipment and facilities, including applicable operating costs of support equipment and facilities as well as other costs of operating and maintaining those wells and related equipment and facilities. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (q) | "production" means recovering, gathering, treating, field or plant processing (for example, processing gas to extract natural gas liquids) and field storage of oil and gas. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (r) | "property" includes: |
|--|-----|----------------------|

|  | (i) | fee ownership or a lease, concession, agreement, permit, license or other interest representing the right to extract oil or gas subject to such terms as may be imposed by the conveyance of that interest; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | royalty interests, production payments payable in oil or gas, and other non-operated interests in properties operated by others; and |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | an agreement with a foreign government or authority under which the Corporation participates in the operation of properties or otherwise serves as "producer" of the underlying reserves (in contrast to being an independent purchaser, broker, dealer or importer). |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | A property does not include supply agreements, or contracts that represent a right to purchase, rather than extract, oil or gas. |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

----

|  | (s) | "property acquisition costs" means costs incurred to acquire a property (directly by purchase or lease, or indirectly by acquiring another corporate entity with an interest in the property), including: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | costs of lease bonuses and options to purchase or lease a property; |
|--|-----|---------------------------------------------------------------------|

|  | (ii) | the portion of the costs applicable to hydrocarbons when land including rights to hydrocarbons is purchased in fee; and |
|--|------|-------------------------------------------------------------------------------------------------------------------------|

|  | (iii) | brokers' fees, recording and registration fees, legal costs and other costs incurred in acquiring properties. |
|--|-------|---------------------------------------------------------------------------------------------------------------|

|  | (t) | "proved property" means a property or part of a property to which reserves have been specifically attributed. |
|--|-----|---------------------------------------------------------------------------------------------------------------|

|  | (u) | "reservoir" means a subsurface rock unit that contains an accumulation of petroleum. |
|--|-----|--------------------------------------------------------------------------------------|

|  | (v) | "service well" means a well drilled or completed for the purpose of supporting production in an existing field. Wells in this class are drilled for the following specific purposes: gas injection (natural gas, propane, butane or flue gas), water injection, steam injection, air injection, salt-water disposal, water supply for injection, observation, or injection for combustion. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (w) | "solution gas" means natural gas dissolved in crude oil. |
|--|-----|----------------------------------------------------------|

|  | (x) | "stratigraphic test well" means a drilling effort, geologically directed, to obtain information pertaining to a specific geologic condition. Ordinarily, such wells are drilled without the intention of being completed for hydrocarbon production. They include wells for the purpose of core tests and all types of expendable holes related to hydrocarbon exploration. Stratigraphic test wells are classified as (i) "exploratory type" if not drilled into a proved property; or (ii) "development type", if drilled into a proved property. Development type stratigraphic wells are also referred to as "evaluation wells". |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (y) | "support equipment and facilities" means equipment and facilities used in oil and gas activities, including seismic equipment, drilling equipment, construction and grading equipment, vehicles, repair shops, warehouses, supply points, camps, and division, district or field offices. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (z) | "unproved property" means a property or part of a property to which no reserves have been specifically attributed. |
|--|-----|--------------------------------------------------------------------------------------------------------------------|

|  | (aa) | "well abandonment and reclamation costs" means costs of abandoning a well (net of salvage value) and of disconnecting the well from the surface gathering system and reclaiming the site to original conditions. They do not include costs of abandoning the gathering system. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Year     | Conventional Natural Gas  | Crude Oil                | NGLs                                 |               |                           |                      |
|----------|---------------------------|--------------------------|--------------------------------------|--------------------|--------------------------------|---------------------------|
|     | Henry HubNYMEX($US/MMBTU) | AECO/NITSpot($Cdn/MMBTU) |  WTI atCushingOklahoma($US/bbl) | Edmonton($Cdn/bbl) | PentanesPlusEdmonton($Cdn/bbl) | ButanesEdmonton($Cdn/bbl) | PropaneEdmonton($Cdn/bbl) | Operating Cost Inflation Rate(%/yr) |  Capital Cost Inflation Rate(%/yr) | ExchangeRate($US/$Cdn) |
| Forecast |                      |                     |                                 |               |                           |                      |   |   |   |   |
| 2016     | 2.25                      | 2.25                     | 45.00                                | 55.20              | 59.10                          | 39.09                     | 9.09 | 0.0 | 0.0 | 0.750 |
| 2017     | 3.00                      | 2.95                     | 60.00                                | 69.00              | 73.88                          | 51.43                     | 13.64 | 0.0 | 4.0 | 0.800 |
| 2018     | 3.50                      | 3.42                     | 70.00                                | 78.43              | 83.98                          | 58.46                     | 25.84 | 1.5 | 4.0 | 0.830 |
| 2019     | 4.00                      | 3.91                     | 80.00                                | 89.41              | 95.73                          | 66.64                     | 35.35 | 1.5 | 4.0 | 0.850 |
| 2020     | 4.25                      | 4.20                     | 81.20                                | 91.71              | 98.19                          | 68.35                     | 42.30 | 1.5 | 1.5 | 0.850 |
| 2021     | 4.31                      | 4.28                     | 82.42                                | 93.08              | 99.66                          | 69.38                     | 42.94 | 1.5 | 1.5 | 0.850 |
| 2022     | 4.38                      | 4.35                     | 83.65                                | 94.48              | 101.16                         | 70.42                     | 43.58 | 1.5 | 1.5 | 0.850 |
| 2023     | 4.44                      | 4.43                     | 84.91                                | 95.90              | 102.68                         | 71.48                     | 44.24 | 1.5 | 1.5 | 0.850 |
| 2024     | 4.51                      | 4.51                     | 86.18                                | 97.34              | 104.22                         | 72.55                     | 44.90 | 1.5 | 1.5 | 0.850 |
| 2025     | 4.58                      | 4.59                     | 87.48                                | 98.80              | 105.78                         | 73.64                     | 45.57 | 1.5 | 1.5 | 0.850 |
| 2026     | 4.65                      | 4.67                     | 88.79                                | 100.28             | 107.37                         | 74.74                     | 46.26 | 1.5 | 1.5 | 0.850 |
| 2027+    | +1.5%/yr                  | +1.5%/yr                 | +1.5%/yr                             | +1.5%/yr           | +1.5%/yr                       | +1.5%/yr                  | +1.5%/yr | 1.5 | 1.5 | 0.850 |

----

| CANADA                           |   | Light and Medium Crude Oil(2)(4)(5)(Mbbls) |    |   | Heavy Crude Oil(4)(Mbbls) |   |   | Tight Oil(2)(5)(Mbbls) |   |   | Natural Gas Liquids(Mbbls) |   |
|----------------------------------|--------|--------------------------------------------|---------|--------|---------------------------|--------|--------|------------------------|--------|--------|----------------------------|--------|
| Factors                          |   | Proved                                     |    |   | Probable                  |   |   | Proved+Probable        |   |   | Proved                     |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |
| January 1, 2015                  |   |                                       | 138,535 |   |                      |   | 72,617 |                   |   |   | 211,151                    |   |   |   | 27,616 |   |   |   | 8,097 |   |   |   | 35,713 |   |   |   | 225,691 |   |   |   | 117,735 |   |   |   | 343,426 |   |   |   | 32,165 |   |   |   | 15,973 |   |   |   | 48,137 |   |
| Discoveries                      |   |                                       | -       |   |                      |   | -      |                   |   |   | -                          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions and Improved Recovery |   |                                       | 7,513   |   |                      |   | 4,179  |                   |   |   | 11,692                     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15,390 |   |   |   | 12,079 |   |   |   | 27,469 |   |   |   | 1,643 |   |   |   | 1,203 |   |   |   | 2,846 |   |
| Technical Revisions              |   |                                       | 3,584   |   |                      |   | (2,699 | )                      |   |   | 885                        |   |   |   | (870 | ) |   |   | 340 |   |   |   | (530 | ) |   |   | (1,130 | ) |   |   | (7,415 | ) |   |   | (8,545 | ) |   |   | 5,585 |   |   |   | 1,485 |   |   |   | 7,070 |   |
| Acquisitions                     |   |                                       | 31,820  |   |                      |   | 19,938 |                   |   |   | 51,758                     |   |   |   | 23 |   |   |   | 8 |   |   |   | 31 |   |   |   | 13,482 |   |   |   | 9,130 |   |   |   | 22,612 |   |   |   | 10,924 |   |   |   | 5,508 |   |   |   | 16,432 |   |
| Dispositions                     |   |                                       | (45     | )      |                      |   | (14    | )                      |   |   | (60                        | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Economic Factors                 |   |                                       | (3,299  | )      |                      |   | (239   | )                      |   |   | (3,537                     | )      |   |   | (160 | ) |   |   | (89 | ) |   |   | (249 | ) |   |   | (651 | ) |   |   | (143 | ) |   |   | (794 | ) |   |   | (242 | ) |   |   | (32 | ) |   |   | (274 | ) |
| Production                       |   |                                       | (15,252 | )      |                      |   | -      |                   |   |   | (15,252                    | )      |   |   | (2,117 | ) |   |   | - |   |   |   | (2,117 | ) |   |   | (26,245 | ) |   |   | - |   |   |   | (26,245 | ) |   |   | (3,392 | ) |   |   | - |   |   |   | (3,392 | ) |
| December 31, 2015                |   |                                       | 162,856 |   |                      |   | 93,782 |                   |   |   | 256,637                    |   |   |   | 24,492 |   |   |   | 8,356 |   |   |   | 32,847 |   |   |   | 226,536 |   |   |   | 131,386 |   |   |   | 357,923 |   |   |   | 46,684 |   |   |   | 24,136 |   |   |   | 70,820 |   |

| CANADA                           |   | Shale Gas(3)(6)(Natural Gas) (MMcf) |    |   | Conventional Natural Gas(3)(6)(Natural Gas) (MMcf) |   |   | BOE(Mboe)       |   |
|----------------------------------|--------|-------------------------------------|---------|--------|----------------------------------------------------|--------|--------|-----------------|--------|
| Factors                          |   | Proved                              |    |   | Probable                                           |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |
| January 1, 2015                  |   |                                | 97,841  |   |                                               |   | 44,791 |            |   |   | 142,632 |   |   |   | 70,406 |   |   |   | 45,115 |   |   |   | 115,521 |   |   |   | 452,047 |   |   |   | 229,406 |   |   |   | 681,453 |   |
| Discoveries                      |   |                                | -       |   |                                               |   | -      |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions and Improved Recovery |   |                                | 4,949   |   |                                               |   | 3,599  |            |   |   | 8,548 |   |   |   | 1,881 |   |   |   | 1,624 |   |   |   | 3,505 |   |   |   | 25,684 |   |   |   | 18,331 |   |   |   | 44,015 |   |
| Technical Revisions              |   |                                | (4,150  | )      |                                               |   | (9,973 | )               |   |   | (14,122 | ) |   |   | 21,550 |   |   |   | 1,549 |   |   |   | 23,099 |   |   |   | 10,069 |   |   |   | (9,693 | ) |   |   | 376 |   |
| Acquisitions                     |   |                                | 32,191  |   |                                               |   | 21,765 |            |   |   | 53,955 |   |   |   | 56,500 |   |   |   | 22,399 |   |   |   | 78,898 |   |   |   | 71,031 |   |   |   | 41,945 |   |   |   | 112,975 |   |
| Dispositions                     |   |                                | -       |   |                                               |   | -      |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (45 | ) |   |   | (14 | ) |   |   | (60 | ) |
| Economic Factors                 |   |                                | (105    | )      |                                               |   | (70    | )               |   |   | (175 | ) |   |   | (5,331 | ) |   |   | (2,259 | ) |   |   | (7,590 | ) |   |   | (5,257 | ) |   |   | (891 | ) |   |   | (6,148 | ) |
| Production                       |   |                                | (15,942 | )      |                                               |   | -      |            |   |   | (15,942 | ) |   |   | (11,739 | ) |   |   | - |   |   |   | (11,739 | ) |   |   | (51,619 | ) |   |   | - |   |   |   | (51,619 | ) |
| December 31, 2015                |   |                                | 114,784 |   |                                               |   | 60,112 |            |   |   | 174,896 |   |   |   | 133,265 |   |   |   | 68,428 |   |   |   | 201,693 |   |   |   | 501,909 |   |   |   | 279,083 |   |   |   | 780,992 |   |

----

| UNITED STATES                    |   | Light and Medium Crude Oil(2)(7) (Mbbls) |   |   | Heavy Crude Oil(Mbbls) |   |   | Tight Oil(2)(7)(Mbbls) |   |   | Natural Gas Liquids(Mbbls) |   |
|----------------------------------|--------|------------------------------------------|--------|--------|------------------------|--------|--------|------------------------|--------|--------|----------------------------|--------|
| Factors                          |   | Proved                                   |   |   | Probable               |   |   | Proved+Probable        |   |   | Proved                     |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |
| January 1, 2015                  |   |                                     | 204    |   |                   |   | 318    |                   |   |   | 522                        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 61,687 |   |   |   | 40,841 |   |   |   | 102,528 |   |   |   | 4,429 |   |   |   | 2,741 |   |   |   | 7,169 |   |
| Discoveries                      |   |                                     | -      |   |                   |   | -      |                   |   |   | -                          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions and Improved Recovery |   |                                     | -      |   |                   |   | -      |                   |   |   | -                          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12,232 |   |   |   | 13,463 |   |   |   | 25,694 |   |   |   | 1,198 |   |   |   | 1,139 |   |   |   | 2,336 |   |
| Technical Revisions              |   |                                     | (68    | )      |                   |   | (287   | )                      |   |   | (355                       | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 5,313 |   |   |   | (12,049 | ) |   |   | (6,736 | ) |   |   | 2,725 |   |   |   | 503 |   |   |   | 3,228 |   |
| Acquisitions                     |   |                                     | 1,469  |   |                   |   | 5,417  |                   |   |   | 6,886                      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1,043 |   |   |   | 3,161 |   |   |   | 4,205 |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dispositions                     |   |                                     | -      |   |                   |   | -      |                   |   |   | -                          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (58 | ) |   |   | (998 | ) |   |   | (1,056 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Economic Factors                 |   |                                     | (39    | )      |                   |   | -      |                   |   |   | (39                        | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (5,434 | ) |   |   | 2,262 |   |   |   | (3,172 | ) |   |   | (386 | ) |   |   | 129 |   |   |   | (257 | ) |
| Production                       |   |                                     | (295   | )      |                   |   | -      |                   |   |   | (295                       | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,098 | ) |   |   | - |   |   |   | (6,098 | ) |   |   | (540 | ) |   |   | - |   |   |   | (540 | ) |
| December 31, 2015                |   |                                     | 1,271  |   |                   |   | 5,448  |                   |   |   | 6,719                      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 68,685 |   |   |   | 46,680 |   |   |   | 115,365 |   |   |   | 7,426 |   |   |   | 4,510 |   |   |   | 11,936 |   |

| UNITED STATES                    |   | Shale Gas(3)(8)(Natural Gas) (MMcf) |   |   | Conventional Natural Gas(3)(8)(Natural Gas) (MMcf) |   |   | BOE(Mboe)       |   |
|----------------------------------|--------|-------------------------------------|--------|--------|----------------------------------------------------|--------|--------|-----------------|--------|
| Factors                          |   | Proved                              |   |   | Probable                                           |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |
| January 1, 2015                  |   |                                | 57,822 |   |                                               |   | 35,247 |            |   |   | 93,069 |   |   |   | 718 |   |   |   | 498 |   |   |   | 1,216 |   |   |   | 76,077 |   |   |   | 49,856 |   |   |   | 125,933 |   |
| Discoveries                      |   |                                | -      |   |                                               |   | -      |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions and Improved Recovery |   |                                | 9,812  |   |                                               |   | 10,942 |            |   |   | 20,754 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 15,065 |   |   |   | 16,425 |   |   |   | 31,489 |   |
| Technical Revisions              |   |                                | 19,640 |   |                                               |   | 464    |            |   |   | 20,104 |   |   |   | (629 | ) |   |   | (394 | ) |   |   | (1,023 | ) |   |   | 11,138 |   |   |   | (11,822 | ) |   |   | (683 | ) |
| Acquisitions                     |   |                                | -      |   |                                               |   | -      |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,512 |   |   |   | 8,578 |   |   |   | 11,091 |   |
| Dispositions                     |   |                                | -      |   |                                               |   | -      |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (58 | ) |   |   | (998 | ) |   |   | (1,056 | ) |
| Economic Factors                 |   |                                | (3,730 | )      |                                               |   | 513    |            |   |   | (3,217 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6,481 | ) |   |   | 2,477 |   |   |   | (4,004 | ) |
| Production                       |   |                                | (6,964 | )      |                                               |   | -      |            |   |   | (6,964 | ) |   |   | (76 | ) |   |   | - |   |   |   | (76 | ) |   |   | (8,106 | ) |   |   | - |   |   |   | (8,106 | ) |
| December 31, 2015                |   |                                | 76,581 |   |                                               |   | 47,165 |            |   |   | 123,746 |   |   |   | 13 |   |   |   | 104 |   |   |   | 117 |   |   |   | 90,148 |   |   |   | 64,516 |   |   |   | 154,664 |   |

| TOTAL                            |   | Light and Medium Crude Oil(2)(4)(9)(10) (Mbbls) |    |   | Heavy Crude Oil(4)(9)(Mbbls) |   |   | Tight Oil(2)(10) (Mbbls) |   |   | Natural Gas Liquids(Mbbls) |   |
|----------------------------------|--------|-------------------------------------------------|---------|--------|------------------------------|--------|--------|--------------------------|--------|--------|----------------------------|--------|
| Factors                          |   | Proved                                          |    |   | Probable                     |   |   | Proved+Probable          |   |   | Proved                     |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |
| January 1, 2015                  |   |                                            | 138,739 |   |                         |   | 72,935 |                     |   |   | 211,673                    |   |   |   | 27,616 |   |   |   | 8,097 |   |   |   | 35,713 |   |   |   | 287,378 |   |   |   | 158,576 |   |   |   | 445,954 |   |   |   | 36,594 |   |   |   | 18,713 |   |   |   | 55,307 |   |
| Discoveries                      |   |                                            | -       |   |                         |   | -      |                     |   |   | -                          |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions and Improved Recovery |   |                                            | 7,513   |   |                         |   | 4,179  |                     |   |   | 11,692                     |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 27,622 |   |   |   | 25,542 |   |   |   | 53,164 |   |   |   | 2,840 |   |   |   | 2,341 |   |   |   | 5,182 |   |
| Technical Revisions              |   |                                            | 3,516   |   |                         |   | (2,986 | )                        |   |   | 530                        |   |   |   | (870 | ) |   |   | 340 |   |   |   | (530 | ) |   |   | 4,183 |   |   |   | (19,465 | ) |   |   | (15,282 | ) |   |   | 8,310 |   |   |   | 1,988 |   |   |   | 10,298 |   |
| Acquisitions                     |   |                                            | 33,289  |   |                         |   | 25,355 |                     |   |   | 58,644                     |   |   |   | 23 |   |   |   | 8 |   |   |   | 31 |   |   |   | 14,525 |   |   |   | 12,291 |   |   |   | 26,817 |   |   |   | 10,924 |   |   |   | 5,508 |   |   |   | 16,432 |   |
| Dispositions                     |   |                                            | (45     | )      |                         |   | (14    | )                        |   |   | (60                        | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (58 | ) |   |   | (998 | ) |   |   | (1,056 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Economic Factors                 |   |                                            | (3,338  | )      |                         |   | (239   | )                        |   |   | (3,576                     | )      |   |   | (160 | ) |   |   | (89 | ) |   |   | (249 | ) |   |   | (6,085 | ) |   |   | 2,119 |   |   |   | (3,966 | ) |   |   | (628 | ) |   |   | 97 |   |   |   | (531 | ) |
| Production                       |   |                                            | (15,546 | )      |                         |   | -      |                     |   |   | (15,546                    | )      |   |   | (2,117 | ) |   |   | - |   |   |   | (2,117 | ) |   |   | (32,343 | ) |   |   | - |   |   |   | (32,343 | ) |   |   | (3,932 | ) |   |   | - |   |   |   | (3,932 | ) |
| December 31, 2015                |   |                                            | 164,127 |   |                         |   | 99,230 |                     |   |   | 263,356                    |   |   |   | 24,492 |   |   |   | 8,356 |   |   |   | 32,847 |   |   |   | 295,222 |   |   |   | 178,066 |   |   |   | 473,288 |   |   |   | 54,109 |   |   |   | 28,646 |   |   |   | 82,755 |   |

| TOTAL                            |   | Shale Gas(3)(11)(Natural Gas) (MMcf) |    |   | Conventional Natural Gas(3)(11)(Natural Gas) (MMcf) |   |    | BOE(Mboe)       |   |
|----------------------------------|--------|--------------------------------------|---------|--------|-----------------------------------------------------|--------|---------|-----------------|--------|
| Factors                          |   | Proved                               |    |   | Probable                                            |   |    | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |   | Proved |   |   | Probable |   |   | Proved+Probable |   |
| January 1, 2015                  |   |                                 | 155,663 |   |                                                |   | 80,038  |            |   |   | 235,701 |   |   |   | 71,124 |   |   |   | 45,613 |   |   |   | 116,737 |   |   |   | 528,124 |   |   |   | 279,262 |   |   |   | 807,386 |   |
| Discoveries                      |   |                                 | -       |   |                                                |   | -       |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Extensions and Improved Recovery |   |                                 | 14,761  |   |                                                |   | 14,541  |            |   |   | 29,302 |   |   |   | 1,881 |   |   |   | 1,624 |   |   |   | 3,505 |   |   |   | 40,749 |   |   |   | 34,756 |   |   |   | 75,505 |   |
| Technical Revisions              |   |                                 | 15,490  |   |                                                |   | (9,509  | )               |   |   | 5,982 |   |   |   | 20,921 |   |   |   | 1,156 |   |   |   | 22,076 |   |   |   | 21,208 |   |   |   | (21,515 | ) |   |   | (307 | ) |
| Acquisitions                     |   |                                 | 32,191  |   |                                                |   | 21,765  |            |   |   | 53,955 |   |   |   | 56,500 |   |   |   | 22,399 |   |   |   | 78,898 |   |   |   | 73,543 |   |   |   | 50,523 |   |   |   | 124,066 |   |
| Dispositions                     |   |                                 | -       |   |                                                |   | -       |            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (103 | ) |   |   | (1,012 | ) |   |   | (1,116 | ) |
| Economic Factors                 |   |                                 | (3,835  | )      |                                                |   | 443     |            |   |   | (3,392 | ) |   |   | (5,331 | ) |   |   | (2,259 | ) |   |   | (7,590 | ) |   |   | (11,738 | ) |   |   | 1,586 |   |   |   | (10,152 | ) |
| Production                       |   |                                 | (22,905 | )      |                                                |   | -       |            |   |   | (22,905 | ) |   |   | (11,816 | ) |   |   | - |   |   |   | (11,816 | ) |   |   | (59,725 | ) |   |   | - |   |   |   | (59,725 | ) |
| December 31, 2015                |   |                                 | 191,365 |   |                                                |   | 107,277 |            |   |   | 298,642 |   |   |   | 133,278 |   |   |   | 68,532 |   |   |   | 201,810 |   |   |   | 592,056 |   |   |   | 343,599 |   |   |   | 935,656 |   |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

| (2) | Volumes reported as "Tight Oil" under revised guidelines would have been previously reported as "Light & Medium Oil" based on product quality.  These volumes are now considered "Tight Oil" due to reservoir characteristics as well as drilling and completion techniques. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Volumes reported as "Shale Gas" under revised guidelines relate to gas volumes that have been produced in association with "Tight Oil" or as non-associated shale gas volumes.  These volumes would have been previously reported as "Associated and Non-Associated Gas". |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Opening balance for Light and Medium Crude Oil represents the reported December 31, 2014 closing less Proved 26,602 Mbbls; Probable 7,358 Mbbls; and Proved plus Probable 33,960 Mbbls transferred to the respective reserve categories in Heavy Crude Oil as a result of a clarification on oil produced in southwest Saskatchewan.  The quoted values included in the opening balance of Heavy Crude Oil reflect these respective inclusions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Opening balance for Light and Medium Crude Oil represents the reported December 31, 2014 closing less Proved 225,691 Mbbls; Probable 117,735 Mbbls; and Proved plus Probable 343,426 Mbbls transferred to the respective reserve categories in Tight Oil as a result of revised reporting requirements under NI 51-101 for that product.  These volumes are now considered Tight Oil due to reservoir characteristics as well as drilling and completion techniques.  The quoted values included in the opening balance of Tight Oil reflect these respective inclusions. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Opening balance for Associated and Non-Associated Gas represents the reported December 31, 2014 closing less Proved 97,841 MMcf; Probable 44,791 MMcf; and Proved plus Probable 142,632 MMcf transferred to the respective reserve categories in Shale Gas as a result of revised reporting requirements under NI 51-101 for that product.  These volumes are now considered Shale Gas due to their association with the production of Tight Oil.  The quoted values included in the opening balance of Shale Gas reflect these respective inclusions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Opening balance for Light and Medium Crude Oil represents the reported December 31, 2014 closing less Proved 61,687 Mbbls; Probable 40,841 Mbbls; and Proved plus Probable 102,528 Mbbls transferred to the respective reserve categories in Tight Oil as a result of revised reporting requirements under NI 51-101 for that product.  These volumes are now considered Tight Oil due to reservoir characteristics as well as drilling and completion techniques.  The quoted values included in the opening balance of Tight Oil reflect these respective inclusions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Opening balance for Associated and Non-Associated Gas represents the reported December 31, 2014 closing less Proved 57,822 MMcf; Probable 35,247 MMcf; and Proved plus Probable 93,069 MMcf transferred to the respective reserve categories in Shale Gas as a result of revised reporting requirements under NI 51-101 for that product. These volumes are now considered Shale Gas due to their association with the production of Tight Oil, or inclusion as non-associated shale gas volumes.  The quoted values included in the opening balance of Shale Gas reflect these respective inclusions. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (9) | Opening balance for Light and Medium Crude Oil represents the reported December 31, 2014 closing less Proved 26,602 Mbbls; Probable 7,358 Mbbls; and Proved plus Probable 33,960 Mbbls transferred to the respective reserve categories in Heavy Crude Oil as a result of a clarification on oil produced in southwest Saskatchewan.  The quoted values included in the opening balance of Heavy Crude Oil reflect these respective inclusions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Opening balance for Light and Medium Crude Oil represents the reported December 31, 2014 closing less Proved 287,378 Mbbls; Probable 158,576 Mbbls; and Proved plus Probable 445,954 Mbbls transferred to the respective reserve categories in Tight Oil as a result of revised reporting requirements under NI 51-101 for that product.  These volumes are now considered Tight Oil due to reservoir characteristics as well as drilling and completion techniques.  The quoted values included in the opening balance of Tight Oil reflect these respective inclusions. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Opening balance for Associated and Non-Associated Gas represents the reported December 31, 2014 closing less Proved 155,663 MMcf; Probable 80,038 MMcf; and Proved plus Probable 235,701 MMcf transferred to the respective reserve categories in Shale Gas as a result of revised reporting requirements under NI 51-101 for that product. These volumes are now considered Shale Gas due to their association with the production of Tight Oil, or inclusion as non-associated shale gas volumes.  The quoted values included in the opening balance of Shale Gas reflect these respective inclusions. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | Light & Medium Crude Oil (Mbbl) |   |   | Heavy Crude Oil (Mbbl) |   |    | Tight Oil(Mbbl)     |   |   | Natural Gas Liquids(Mbbl) |   |   | Shale Gas(MMcf)     |   |   | ConventionalNatural Gas (MMcf) |   |   | Oil Equivalent(Mboe) |   |
|--------|--------|-------------------------------------|--------|--------|------------------------|--------|---------|---------------------|--------|--------|---------------------------|--------|--------|---------------------|--------|--------|--------------------------------|--------|--------|----------------------|--------|
|   |   | FirstAttributed(1)                  |   |   | Total at Year-End      |   |    | First Attributed(1) |   |   | Total at Year-End         |   |   | First Attributed(1) |   |   | Total at Year-End              |   |   | First Attributed(1)  |   |   | Total atYear-End |   |   | First Attributed(1) |   |   | Total atYear-End |   |   | First Attributed(1) |   |   | Total at Year-End |   |   | First Attributed(1) |   |   | Total at Year-End |   |
| 2013   |   |                                | 37,482 |   |                   |   | 157,511 |                |   |   | 39                        |   |   |                | 146    |   |                           |   | -      |                 |   |   | - |   |   |   | 1,481 |   |   |   | 8,867 |   |   |   | - |   |   |   | - |   |   |   | 25,491 |   |   |   | 88,495 |   |   |   | 43,250 |   |   |   | 181,272 |   |
| 2014   |   |                                | 31,264 |   |                   |   | 175,824 |                |   |   | -                         |   |   |                | 132    |   |                           |   | -      |                 |   |   | - |   |   |   | 5,406 |   |   |   | 16,343 |   |   |   | - |   |   |   | - |   |   |   | 14,771 |   |   |   | 95,273 |   |   |   | 39,133 |   |   |   | 208,178 |   |
| 2015   |   |                                | 8,793  |   |                   |   | 45,641  |                |   |   | -                         |   |   |                | 2,104  |   |                           |   | 11,854 |                 |   |   | 129,664 |   |   |   | 2,590 |   |   |   | 18,740 |   |   |   | 13,891 |   |   |   | 91,605 |   |   |   | 7,949 |   |   |   | 27,061 |   |   |   | 26,877 |   |   |   | 215,926 |   |

| (1) | "First attributed" refers to reserves first attributed at year-end to corresponding fiscal year.  Prior year Tight Oil and Shale Gas values are included with light and medium crude oil and conventional natural gas, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | Light & Medium Crude Oil (Mbbl) |   |   | Heavy Crude Oil (Mbbl) |   |    | Tight Oil(Mbbl)     |   |   | Natural Gas Liquids(Mbbl) |   |   | Shale Gas(MMcf)     |   |   | ConventionalNatural Gas (MMcf) |   |   | Oil Equivalent(Mboe) |   |
|--------|--------|-------------------------------------|--------|--------|------------------------|--------|---------|---------------------|--------|--------|---------------------------|--------|--------|---------------------|--------|--------|--------------------------------|--------|--------|----------------------|--------|
|   |   | FirstAttributed(1)                  |   |   | Total at Year-End      |   |    | First Attributed(1) |   |   | Total at Year-End         |   |   | First Attributed(1) |   |   | Total at Year-End              |   |   | First Attributed(1)  |   |   | Total atYear-End |   |   | First Attributed(1) |   |   | Total atYear-End |   |   | First Attributed(1) |   |   | Total at Year-End |   |   | First Attributed(1) |   |   | Total at Year-End |   |
| 2013   |   |                                | 42,447 |   |                   |   | 118,895 |                |   |   | 8                         |   |   |                | 214    |   |                           |   | -      |                 |   |   | - |   |   |   | 1,482 |   |   |   | 4,985 |   |   |   | - |   |   |   | - |   |   |   | 23,412 |   |   |   | 64,916 |   |   |   | 47,839 |   |   |   | 134,913 |   |
| 2014   |   |                                | 41,979 |   |                   |   | 135,421 |                |   |   | -                         |   |   |                | 267    |   |                           |   | -      |                 |   |   | - |   |   |   | 5,198 |   |   |   | 9,602 |   |   |   | - |   |   |   | - |   |   |   | 18,753 |   |   |   | 73,398 |   |   |   | 50,303 |   |   |   | 157,522 |   |
| 2015   |   |                                | 14,585 |   |                   |   | 58,775  |                |   |   | -                         |   |   |                | 1,803  |   |                           |   | 16,008 |                 |   |   | 106,175 |   |   |   | 2,906 |   |   |   | 14,524 |   |   |   | 13,363 |   |   |   | 64,188 |   |   |   | 7,930 |   |   |   | 34,032 |   |   |   | 37,048 |   |   |   | 197,647 |   |

| (1) | "First attributed" refers to reserves first attributed at year end of the corresponding fiscal year.  Prior year Tight Oil and Shale Gas values are included with light and medium crude oil and conventional natural gas, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Company Annual Capital Expenditures (MM$) |
|-------------------------------------------|
|                                      | Canada | US | Total |
| Year                                      | Total Proved | Total ProvedPlus Probable | Total Proved | Total Proved Plus Probable | TotalProved | Total Proved Plus Probable |
| 2016                                      | 601 | 849 | 93 | 162 | 694 | 1,011 |
| 2017                                      | 757 | 1,168 | 187 | 328 | 944 | 1,497 |
| 2018                                      | 843 | 1,259 | 320 | 453 | 1,163 | 1,712 |
| 2019                                      | 587 | 1,101 | 218 | 354 | 805 | 1,455 |
| 2020                                      | 450 | 814 | 155 | 246 | 605 | 1,059 |
| 2021                                      | 8 | 11 | 91 | 126 | 99 | 137 |
| 2022                                      | 10 | 8 | - | 15 | 10 | 23 |
| 2023                                      | 7 | 6 | - | - | 7 | 6 |
| 2024                                      | 6 | 8 | - | - | 6 | 8 |
| 2025                                      | 9 | 6 | - | 2 | 9 | 7 |
| 2026                                      | 5 | 4 | - | - | 5 | 4 |
| 2027                                      | 4 | 6 | - | - | 4 | 6 |
| Subtotal(1)                               | 3,287 | 5,240 | 1,064 | 1,686 | 4,351 | 6,925 |
| Remainder                                 | 54 | 62 | - | - | 54 | 62 |
| Total(1)                                  | 3,341 | 5,302 | 1,064 | 1,686 | 4,405 | 6,987 |
| 10% Discounted                            | 2,638 | 4,165 | 815 | 1,293 | 3,453 | 5,458 |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

----

----

----

----

----

| Producing Wells                           |   |
|-------------------------------------------|--------|
| Area                                      |   | Oil |   |   | Gas |   |
|                                      |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |
| CANADA                                    |   |  |   |   |  |   |   |  |   |   |  |   |
| Southeast Saskatchewan and  Manitoba |   |   | 6,214 |   |   |   | 4,299 |   |   |   | - |   |   |   | - |   |
| Southwest Saskatchewan                    |   |   | 1,580 |   |   |   | 1,242 |   |   |   | 20 |   |   |   | 4 |   |
| Alberta and West Central Saskatchewan     |   |   | 1,201 |   |   |   | 961 |   |   |   | 199 |   |   |   | 150 |   |
| TOTAL CANADA                              |   |   | 8,995 |   |   |   | 6,502 |   |   |   | 219 |   |   |   | 154 |   |
| U.S.                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| North Dakota and Montana                  |   |   | 381 |   |   |   | 143 |   |   |   | 1 |   |   | <1 |   |
| Utah                                      |   |   | 765 |   |   |   | 372 |   |   |   | 4 |   |   |   | 1 |   |
| TOTAL U.S.                                |   |   | 1,146 |   |   |   | 515 |   |   |   | 5 |   |   |   | 1 |   |
| Total(1)                                  |   |   | 10,141 |   |   |   | 7,017 |   |   |   | 224 |   |   |   | 155 |   |

| Non-Producing Wells                       |   |
|-------------------------------------------|--------|
| Area                                      |   | Oil |   |   | Gas |   |
|                                      |   | Gross |   |   | Net |   |   | Gross |   |   | Net |   |
| CANADA                                    |   |  |   |   |  |   |   |  |   |   |  |   |
| Southeast Saskatchewan and  Manitoba |   |   | 172 |   |   |   | 137 |   |   |   | - |   |   |   | - |   |
| Southwest Saskatchewan                    |   |   | 43 |   |   |   | 39 |   |   |   | 1 |   |   | <1 |   |
| Alberta and West Central Saskatchewan     |   |   | 27 |   |   |   | 23 |   |   |   | - |   |   |   | - |   |
| TOTAL CANADA                              |   |   | 242 |   |   |   | 199 |   |   |   | 1 |   |   | <1 |   |
| U.S.                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| North Dakota and Montana                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Utah                                      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| TOTAL U.S.                                |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total(1)                                  |   |   | 242 |   |   |   | 199 |   |   |   | 1 |   |   | <1 |   |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

|             |   | As of December 31, 2015 |      |
|------------------|--------|-------------------------|-----------|
|             |   | Gross Acres             |      |   | Net Acres |   |   | Net Acres Expiring Within One Year |   |
| CANADA           |   |                         |      |   |  |   |   |  |   |
| Alberta          |   |                    | 683,999   |   |   |   | 567,589 |   |   |   | 201,143 |   |
| Saskatchewan     |   |                    | 1,556,045 |   |   |   | 1,499,796 |   |   |   | 499,577 |   |
| Manitoba         |   |                    | 177,653   |   |   |   | 173,011 |   |   |   | 35,110 |   |
| British Columbia |   |                    | 59,739    |   |   |   | 36,541 |   |   |   | 27,693 |   |
| Total            |   |                    | 2,477,436 |   |   |   | 2,276,937 |   |   |   | 763,523 |   |
| U.S.             |   |                    |      |   |   |   |   |   |   |   |   |   |
| Montana          |   |                    | 140,193   |   |   |   | 111,547 |   |   |   | 41,901 |   |
| North Dakota     |   |                    | 56,279    |   |   |   | 53,889 |   |   |   | 14,568 |   |
| Utah             |   |                    | 246,981   |   |   |   | 111,388 |   |   |   | - |   |
| Colorado         |   |                    | 6,686     |   |   |   | 6,094 |   |   |   | 12,662 |   |
| Total            |   |                    | 450,139   |   |   |   | 282,918 |   |   |   | 69,131 |   |
| Total            |   |                    | 2,927,575 |   |   |   | 2,559,855 |   |   |   | 832,654 |   |

----

|               |   | Development Wells |   |   | Exploration Wells |   |   | Total Wells |   |
|--------------------|--------|-------------------|--------|--------|-------------------|--------|--------|-------------|--------|
|               |   | Gross             |   |   | Net               |   |   | Gross       |   |   | Net |   |   | Gross |   |   | Net |   |
| CANADA             |   |                   |   |   |                   |   |   |             |   |   |  |   |   |  |   |   |  |   |
| Oil wells          |   |              | 665    |   |              |   | 598    |        |   |   | 50 |   |   |   | 46 |   |   |   | 715 |   |   |   | 644 |   |
| Natural Gas wells  |   |              | 2      |   |              | <1  |   |        |   | - |   |   |   | - |   |   |   | 2 |   |   | <1 |   |
| Service wells      |   |              | 1      |   |              |   | 1      |        |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 1 |   |
| Stratigraphic test |   |              | -      |   |              |   | -      |        |   |   | 1 |   |   |   | 1 |   |   |   | 1 |   |   |   | 1 |   |
| Dry Holes          |   |              | -      |   |              |   | -      |        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total              |   |              | 668    |   |              |   | 599    |        |   |   | 51 |   |   |   | 47 |   |   |   | 719 |   |   |   | 646 |   |

|               |   | Development Wells |   |   | Exploration Wells |   |   | Total Wells |   |
|--------------------|--------|-------------------|--------|--------|-------------------|--------|--------|-------------|--------|
|               |   | Gross             |   |   | Net               |   |   | Gross       |   |   | Net |   |   | Gross |   |   | Net |   |
| U.S.               |   |                   |   |   |                   |   |   |             |   |   |  |   |   |  |   |   |  |   |
| Oil wells          |   |              | 73     |   |              |   | 47     |        |   |   | 11 |   |   |   | 7 |   |   |   | 84 |   |   |   | 54 |   |
| Natural Gas wells  |   |              | -      |   |              |   | -      |        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Service wells      |   |              | -      |   |              |   | -      |        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Stratigraphic test |   |              | -      |   |              |   | -      |        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Dry Holes          |   |              | -      |   |              |   | -      |        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Total              |   |              | 73     |   |              |   | 47     |        |   |   | 11 |   |   |   | 7 |   |   |   | 84 |   |   |   | 54 |   |

| ($ millions) Acquisition Costs |   |              |         |   |
|--------------------------------|--------|-------------------|---------|--------|
|                           |   | Proved Properties |    |   | Unproved Properties |   |   | Exploration Costs |   |   | Development Costs |   |
| Canada                         |   |              | 1,525.5 |   |   |   | 162.7 |   |   |   | 94.4 |   |   |   | 1,172.7 |   |
| U.S.                           |   |              | 72.6    |   |   |   | (0.4 | ) |   |   | 19.5 |   |   |   | 275.2 |   |
| Total                          |   |              | 1,598.1 |   |   |   | 162.3 |   |   |   | 113.9 |   |   |   | 1,447.9 |   |
|                           |   |              |    |   |   |   |   |   |   |   |   |   |   |   |   |   |

| (1) | Costs incurred exclude capitalized administration. |
|-----|----------------------------------------------------|

----

| Region                                    |   | Light and MediumCrude Oil |   |   | Heavy Crude Oil |   |   | Tight Oil |   |   | NGLs     |   |   | Shale Gas |   |   | Conventional Natural Gas |   |   | Total   |   |
|-------------------------------------------|--------|---------------------------|--------|--------|-----------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------|--------|--------|--------------------------|--------|--------|---------|--------|
|                                      |   | (bbls/d)                  |   |   | (bbls/d)        |   |   | (bbls/d)  |   |   | (bbls/d) |   |   | (Mcf/d)   |   |   | (Mcf/d)                  |   |   | (boe/d) |   |
| CANADA                                    |   |                           |   |   |                 |   |   |           |   |   |          |   |   |           |   |   |                          |   |   |         |   |
| Southeast Saskatchewan and  Manitoba |   |                      | 25,113 |   |            |   | -      |      |   |   | 53,553   |   |   |      | 12,679 |   |                     |   | 35,117 |    |   |   | 4,290 |   |   |   | 97,914 |   |
| Southwest Saskatchewan                    |   |                      | 3,691  |   |            |   | 4,996  |      |   |   | 20,908   |   |   |      | 186    |   |                     |   | 5,521  |    |   |   | 828 |   |   |   | 30,840 |   |
| Alberta and West Central Saskatchewan     |   |                      | 15,283 |   |            |   | 26     |      |   |   | -        |   |   |      | 2,409  |   |                     |   | -      |    |   |   | 27,341 |   |   |   | 22,276 |   |
| Total CANADA(1)                           |   |                      | 44,088 |   |            |   | 5,023  |      |   |   | 74,461   |   |   |      | 15,275 |   |                     |   | 40,638 |    |   |   | 32,460 |   |   |   | 151,030 |   |
| U.S.                                      |   |                      |   |   |            |   |   |      |   |   |     |   |   |      |   |   |                     |   |   |    |   |   |   |   |   |   |   |   |
| North Dakota and Montana                  |   |                      | 999    |   |            |   | -      |      |   |   | 3,409    |   |   |      | 507    |   |                     |   | 2,137  |    |   |   | 8 |   |   |   | 5,273 |   |
| Utah                                      |   |                      | -      |   |            |   | -      |      |   |   | 9,792    |   |   |      | 806    |   |                     |   | 13,307 |    |   |   | - |   |   |   | 12,815 |   |
| Total U.S.(1)                             |   |                      | 999    |   |            |   | -      |      |   |   | 13,201   |   |   |      | 1,312  |   |                     |   | 15,444 |    |   |   | 8 |   |   |   | 18,088 |   |
| Total(1)                                  |   |                      | 45,088 |   |            |   | 5,023  |      |   |   | 87,662   |   |   |      | 16,587 |   |                     |   | 56,082 |    |   |   | 32,469 |   |   |   | 169,118 |   |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

| Region                                    |   | Light and MediumCrude Oil |   |   | Heavy Crude Oil |   |   | Tight Oil |   |   | NGLs     |   |   | Shale Gas |   |   | Conventional Natural Gas |   |   | Total   |   |
|-------------------------------------------|--------|---------------------------|--------|--------|-----------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------|--------|--------|--------------------------|--------|--------|---------|--------|
|                                      |   | (bbls/d)                  |   |   | (bbls/d)        |   |   | (bbls/d)  |   |   | (bbls/d) |   |   | (Mcf/d)   |   |   | (Mcf/d)                  |   |   | (boe/d) |   |
| CANADA                                    |   |                           |   |   |                 |   |   |           |   |   |          |   |   |           |   |   |                          |   |   |         |   |
| Southeast Saskatchewan and  Manitoba |   |                      | 27,763 |   |            |   | -      |      |   |   | 64,442   |   |   |      | 15,016 |   |                     |   | 42,822 |    |   |   | 4,563 |   |   |   | 115,118 |   |
| Southwest Saskatchewan                    |   |                      | 3,858  |   |            |   | 5,094  |      |   |   | 25,101   |   |   |      | 215    |   |                     |   | 6,423  |    |   |   | 955 |   |   |   | 35,498 |   |
| Alberta and West Central Saskatchewan     |   |                      | 17,284 |   |            |   | 28     |      |   |   | -        |   |   |      | 2,580  |   |                     |   | -      |    |   |   | 29,835 |   |   |   | 24,865 |   |
| Total CANADA(1)                           |   |                      | 48,905 |   |            |   | 5,121  |      |   |   | 89,542   |   |   |      | 17,811 |   |                     |   | 49,245 |    |   |   | 35,352 |   |   |   | 175,479 |   |
| U.S.                                      |   |                      |   |   |            |   |   |      |   |   |     |   |   |      |   |   |                     |   |   |    |   |   |   |   |   |   |   |   |
| North Dakota and Montana                  |   |                      | 1,077  |   |            |   | -      |      |   |   | 3,817    |   |   |      | 568    |   |                     |   | 2,397  |    |   |   | 80 |   |   |   | 5,875 |   |
| Utah                                      |   |                      | -      |   |            |   | -      |      |   |   | 11,789   |   |   |      | 927    |   |                     |   | 15,215 |    |   |   | - |   |   |   | 15,252 |   |
| Total U.S.(1)                             |   |                      | 1,077  |   |            |   | -      |      |   |   | 15,606   |   |   |      | 1,495  |   |                     |   | 17,613 |    |   |   | 80 |   |   |   | 21,127 |   |
| Total(1)                                  |   |                      | 49,982 |   |            |   | 5,121  |      |   |   | 105,148  |   |   |      | 19,306 |   |                     |   | 66,857 |    |   |   | 35,432 |   |   |   | 196,605 |   |

| (1) | Numbers may not add due to rounding |
|-----|-------------------------------------|

----

|                                |   | Three Months Ended |    |   | Year Ended    |   |
|-------------------------------------|--------|--------------------|---------|--------|---------------|--------|
|                                |   | March 31, 2015     |    |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                              |   |                    |    |   |               |   |   |  |   |   |  |   |   |  |   |
| Light and Medium Crude Oil (bbls/d) |   |               | 37,738  |   |          |   | 35,442 |   |   |   | 45,282 |   |   |   | 48,519 |   |   |   | 41,785 |   |
| Heavy Crude Oil (bbls/d)            |   |               | 6,093   |   |          |   | 5,840 |   |   |   | 5,699 |   |   |   | 5,579 |   |   |   | 5,801 |   |
| Tight Oil (bbls/d)                  |   |               | 71,254  |   |          |   | 69,550 |   |   |   | 73,918 |   |   |   | 72,853 |   |   |   | 71,904 |   |
| NGLs (bbls/d)                       |   |               | 6,507   |   |          |   | 7,114 |   |   |   | 9,855 |   |   |   | 13,609 |   |   |   | 9,293 |   |
| Shale Gas (Mcf/d)                   |   |               | 39,629  |   |          |   | 41,005 |   |   |   | 44,416 |   |   |   | 49,544 |   |   |   | 43,676 |   |
| Conventional Natural Gas (Mcf/d)    |   |               | 26,838  |   |          |   | 24,629 |   |   |   | 40,085 |   |   |   | 36,903 |   |   |   | 32,163 |   |
| Total (boe/d)                       |   |               | 132,670 |   |          |   | 128,885 |   |   |   | 148,838 |   |   |   | 154,968 |   |   |   | 141,423 |   |
| U.S.                                |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Light and Medium Crude Oil (bbls/d) |   |               | 49      |   |          |   | 60 |   |   |   | 1,600 |   |   |   | 1,496 |   |   |   | 807 |   |
| Heavy Crude Oil (bbls/d)            |   |               | -       |   |          |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Tight Oil (bbls/d)                  |   |               | 17,135  |   |          |   | 18,332 |   |   |   | 17,083 |   |   |   | 14,303 |   |   |   | 16,706 |   |
| NGLs (bbls/d)                       |   |               | 1,267   |   |          |   | 1,404 |   |   |   | 1,600 |   |   |   | 1,644 |   |   |   | 1,480 |   |
| Shale Gas (Mcf/d)                   |   |               | 16,227  |   |          |   | 17,577 |   |   |   | 20,494 |   |   |   | 21,933 |   |   |   | 19,079 |   |
| Conventional Natural Gas (Mcf/d)    |   |               | 173     |   |          |   | 155 |   |   |   | 254 |   |   |   | 251 |   |   |   | 209 |   |
| Total (boe/d)                       |   |               | 21,184  |   |          |   | 22,751 |   |   |   | 23,741 |   |   |   | 21,140 |   |   |   | 22,208 |   |
| TOTAL                               |   |               |    |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Light and Medium Crude Oil (bbls/d) |   |               | 37,787  |   |          |   | 35,502 |   |   |   | 46,882 |   |   |   | 50,015 |   |   |   | 42,592 |   |
| Heavy Crude Oil (bbls/d)            |   |               | 6,093   |   |          |   | 5,840 |   |   |   | 5,699 |   |   |   | 5,579 |   |   |   | 5,801 |   |
| Tight Oil (bbls/d)                  |   |               | 88,389  |   |          |   | 87,882 |   |   |   | 91,001 |   |   |   | 87,156 |   |   |   | 88,610 |   |
| NGLs (bbls/d)                       |   |               | 7,774   |   |          |   | 8,518 |   |   |   | 11,455 |   |   |   | 15,253 |   |   |   | 10,773 |   |
| Shale Gas (Mcf/d)                   |   |               | 55,856  |   |          |   | 58,582 |   |   |   | 64,910 |   |   |   | 71,477 |   |   |   | 62,755 |   |
| Conventional Natural Gas (Mcf/d)    |   |               | 27,011  |   |          |   | 24,784 |   |   |   | 40,339 |   |   |   | 37,154 |   |   |   | 32,372 |   |
| Total (boe/d)                       |   |               | 153,854 |   |          |   | 151,636 |   |   |   | 172,579 |   |   |   | 176,108 |   |   |   | 163,631 |   |

| (1) | Numbers may not add due to rounding. |
|-----|--------------------------------------|

|                                   |   | Three Months Ended |   |   | Year Ended    |   |
|----------------------------------------|--------|--------------------|--------|--------|---------------|--------|
| ($ per bbl)                            |   | March 31, 2015     |   |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                                 |   |                    |   |   |               |   |   |  |   |   |  |   |   |  |   |
| Prices Received – net of hedging |   |               | 70.33  |   |          |   | 84.23 |   |   |   | 54.37 |   |   |   | 65.30 |   |   |   | 67.44 |   |
| Royalties                              |   |               | (7.95  | )      |          |   | (10.00 | ) |   |   | (7.80 | ) |   |   | (7.48 | ) |   |   | (8.21 | ) |
| Production Costs(1)                    |   |               | (13.63 | )      |          |   | (14.35 | ) |   |   | (11.58 | ) |   |   | (12.43 | ) |   |   | (12.87 | ) |
| Transportation Costs(1)                |   |               | (2.88  | )      |          |   | (3.18 | ) |   |   | (2.28 | ) |   |   | (2.63 | ) |   |   | (2.71 | ) |
| Netback                                |   |               | 45.87  |   |          |   | 56.70 |   |   |   | 32.71 |   |   |   | 42.76 |   |   |   | 43.65 |   |
| U.S.                                   |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received – net of hedging |   |               | 43.19  |   |          |   | 60.98 |   |   |   | 45.87 |   |   |   | 41.85 |   |   |   | 44.26 |   |
| Royalties                              |   |               | (9.52  | )      |          |   | (12.03 | ) |   |   | (9.95 | ) |   |   | (12.96 | ) |   |   | (11.39 | ) |
| Production Costs(1)                    |   |               | (12.53 | )      |          |   | (13.89 | ) |   |   | (10.87 | ) |   |   | (10.09 | ) |   |   | (10.59 | ) |
| Transportation Costs(1)                |   |               | (1.01  | )      |          |   | (0.77 | ) |   |   | (0.26 | ) |   |   | (0.41 | ) |   |   | (0.35 | ) |
| Netback                                |   |               | 20.13  |   |          |   | 34.29 |   |   |   | 24.79 |   |   |   | 18.39 |   |   |   | 21.93 |   |
| TOTAL                                  |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received – net of hedging |   |               | 70.29  |   |          |   | 84.19 |   |   |   | 54.08 |   |   |   | 64.60 |   |   |   | 67.00 |   |
| Royalties                              |   |               | (7.95  | )      |          |   | (10.01 | ) |   |   | (7.88 | ) |   |   | (7.65 | ) |   |   | (8.27 | ) |
| Production Costs(1)                    |   |               | (13.63 | )      |          |   | (14.35 | ) |   |   | (11.55 | ) |   |   | (12.36 | ) |   |   | (12.83 | ) |
| Transportation Costs(1)                |   |               | (2.88  | )      |          |   | (3.18 | ) |   |   | (2.21 | ) |   |   | (2.56 | ) |   |   | (2.66 | ) |
| Netback                                |   |               | 45.83  |   |          |   | 56.65 |   |   |   | 32.44 |   |   |   | 42.03 |   |   |   | 43.24 |   |

| (1) | Production costs and transportation costs consist of direct costs incurred to operate both oil and gas wells. Costs are allocated between all product types based on a number of assumptions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                   |   | Three Months Ended |   |   | Year Ended    |   |
|----------------------------------------|--------|--------------------|--------|--------|---------------|--------|
| ($ per bbl)                            |   | March 31, 2015     |   |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                                 |   |                    |   |   |               |   |   |  |   |   |  |   |   |  |   |
| Prices Received – net of hedging |   |               | 40.54  |   |          |   | 55.98 |   |   |   | 49.31 |   |   |   | 37.72 |   |   |   | 45.90 |   |
| Royalties                              |   |               | (10.08 | )      |          |   | (14.78 | ) |   |   | (11.47 | ) |   |   | (9.21 | ) |   |   | (11.39 | ) |
| Production Costs(1)                    |   |               | (10.53 | )      |          |   | (11.26 | ) |   |   | (13.63 | ) |   |   | (9.64 | ) |   |   | (11.26 | ) |
| Transportation Costs(1)                |   |               | (2.22  | )      |          |   | (2.50 | ) |   |   | (2.69 | ) |   |   | (2.04 | ) |   |   | (2.36 | ) |
| Netback                                |   |               | 17.71  |   |          |   | 27.44 |   |   |   | 21.52 |   |   |   | 16.83 |   |   |   | 20.89 |   |
| U.S.                                   |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received – net of hedging |   |               | -      |   |          |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Royalties                              |   |               | -      |   |          |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Production Costs(1)                    |   |               | -      |   |          |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Transportation Costs(1)                |   |               | -      |   |          |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Netback                                |   |               | -      |   |          |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| TOTAL                                  |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received – net of hedging |   |               | 40.54  |   |          |   | 55.98 |   |   |   | 49.31 |   |   |   | 37.72 |   |   |   | 45.90 |   |
| Royalties                              |   |               | (10.08 | )      |          |   | (14.78 | ) |   |   | (11.47 | ) |   |   | (9.21 | ) |   |   | (11.39 | ) |
| Production Costs(1)                    |   |               | (10.53 | )      |          |   | (11.26 | ) |   |   | (13.63 | ) |   |   | (9.64 | ) |   |   | (11.26 | ) |
| Transportation Costs(1)                |   |               | (2.22  | )      |          |   | (2.50 | ) |   |   | (2.69 | ) |   |   | (2.04 | ) |   |   | (2.36 | ) |
| Netback                                |   |               | 17.71  |   |          |   | 27.44 |   |   |   | 21.52 |   |   |   | 16.83 |   |   |   | 20.89 |   |

| (1) | Production costs and transportation costs consist of direct costs incurred to operate both oil and gas wells. Costs are allocated between all product types based on a number of assumptions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                   |   | Three Months Ended |   |   | Year Ended    |   |
|----------------------------------------|--------|--------------------|--------|--------|---------------|--------|
| ($ per bbl)                            |   | March 31, 2015     |   |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                                 |   |                    |   |   |               |   |   |  |   |   |  |   |   |  |   |
| Prices Received – net of hedging |   |               | 63.71  |   |          |   | 70.49 |   |   |   | 76.10 |   |   |   | 65.28 |   |   |   | 68.95 |   |
| Royalties                              |   |               | (6.60  | )      |          |   | (8.02 | ) |   |   | (7.19 | ) |   |   | (6.47 | ) |   |   | (7.06 | ) |
| Production Costs(1)                    |   |               | (12.35 | )      |          |   | (12.01 | ) |   |   | (16.20 | ) |   |   | (12.43 | ) |   |   | (13.29 | ) |
| Transportation Costs(1)                |   |               | (2.61  | )      |          |   | (2.66 | ) |   |   | (3.19 | ) |   |   | (2.63 | ) |   |   | (2.78 | ) |
| Netback                                |   |               | 42.15  |   |          |   | 47.80 |   |   |   | 49.52 |   |   |   | 43.75 |   |   |   | 45.82 |   |
| U.S.                                   |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received – net of hedging |   |               | 47.60  |   |          |   | 60.14 |   |   |   | 50.14 |   |   |   | 48.85 |   |   |   | 51.96 |   |
| Royalties                              |   |               | (13.30 | )      |          |   | (14.25 | ) |   |   | (12.66 | ) |   |   | (12.87 | ) |   |   | (13.30 | ) |
| Production Costs(1)                    |   |               | (13.81 | )      |          |   | (13.70 | ) |   |   | (11.88 | ) |   |   | (11.78 | ) |   |   | (12.85 | ) |
| Transportation Costs(1)                |   |               | (1.12  | )      |          |   | (0.76 | ) |   |   | (0.28 | ) |   |   | (0.48 | ) |   |   | (0.67 | ) |
| Netback                                |   |               | 19.37  |   |          |   | 31.43 |   |   |   | 25.32 |   |   |   | 23.72 |   |   |   | 25.14 |   |
| TOTAL                                  |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received – net of hedging |   |               | 60.58  |   |          |   | 68.33 |   |   |   | 71.22 |   |   |   | 62.59 |   |   |   | 65.75 |   |
| Royalties                              |   |               | (7.90  | )      |          |   | (9.32 | ) |   |   | (8.21 | ) |   |   | (7.52 | ) |   |   | (8.24 | ) |
| Production Costs(1)                    |   |               | (12.63 | )      |          |   | (12.36 | ) |   |   | (15.39 | ) |   |   | (12.32 | ) |   |   | (13.20 | ) |
| Transportation Costs(1)                |   |               | (2.32  | )      |          |   | (2.27 | ) |   |   | (2.65 | ) |   |   | (2.27 | ) |   |   | (2.38 | ) |
| Netback                                |   |               | 37.73  |   |          |   | 44.38 |   |   |   | 44.97 |   |   |   | 40.48 |   |   |   | 41.93 |   |

| (1) | Production costs and transportation costs consist of direct costs incurred to operate both oil and gas wells. Costs are allocated between all product types based on a number of assumptions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                    |   | Three Months Ended |   |   | Year Ended    |   |
|-------------------------|--------|--------------------|--------|--------|---------------|--------|
| ($ per bbl)             |   | March 31, 2015     |   |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                  |   |                    |   |   |               |   |   |  |   |   |  |   |   |  |   |
| Prices Received         |   |               | 14.85  |   |          |   | 19.33 |   |   |   | 15.58 |   |   |   | 15.56 |   |   |   | 16.16 |   |
| Royalties               |   |               | (0.47  | )      |          |   | (1.73 | ) |   |   | (1.47 | ) |   |   | (1.31 | ) |   |   | (1.29 | ) |
| Production Costs(1)     |   |               | (3.86  | )      |          |   | (3.89 | ) |   |   | (4.31 | ) |   |   | (3.98 | ) |   |   | (4.03 | ) |
| Transportation Costs(1) |   |               | (0.82  | )      |          |   | (0.86 | ) |   |   | (0.85 | ) |   |   | (0.84 | ) |   |   | (0.84 | ) |
| Netback                 |   |               | 9.70   |   |          |   | 12.85 |   |   |   | 8.95 |   |   |   | 9.43 |   |   |   | 10.00 |   |
| U.S.                    |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received         |   |               | 21.69  |   |          |   | 17.28 |   |   |   | 15.08 |   |   |   | 15.42 |   |   |   | 17.09 |   |
| Royalties               |   |               | (5.18  | )      |          |   | (4.04 | ) |   |   | (3.79 | ) |   |   | (2.69 | ) |   |   | (3.84 | ) |
| Production Costs(1)     |   |               | (5.96  | )      |          |   | (3.90 | ) |   |   | (3.51 | ) |   |   | (3.72 | ) |   |   | (4.18 | ) |
| Transportation Costs(1) |   |               | (0.48  | )      |          |   | (0.22 | ) |   |   | (0.08 | ) |   |   | (0.15 | ) |   |   | (0.22 | ) |
| Netback                 |   |               | 10.07  |   |          |   | 9.12 |   |   |   | 7.70 |   |   |   | 8.86 |   |   |   | 8.85 |   |
| TOTAL                   |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received         |   |               | 15.97  |   |          |   | 18.99 |   |   |   | 15.51 |   |   |   | 15.54 |   |   |   | 16.29 |   |
| Royalties               |   |               | (1.24  | )      |          |   | (2.11 | ) |   |   | (1.79 | ) |   |   | (1.46 | ) |   |   | (1.64 | ) |
| Production Costs(1)     |   |               | (4.20  | )      |          |   | (3.89 | ) |   |   | (4.20 | ) |   |   | (3.95 | ) |   |   | (4.05 | ) |
| Transportation Costs(1) |   |               | (0.76  | )      |          |   | (0.76 | ) |   |   | (0.74 | ) |   |   | (0.77 | ) |   |   | (0.76 | ) |
| Netback                 |   |               | 9.77   |   |          |   | 12.23 |   |   |   | 8.78 |   |   |   | 9.36 |   |   |   | 9.84 |   |

| (1) | Production costs and transportation costs consist of direct costs incurred to operate both oil and gas wells. Costs are allocated between all product types based on a number of assumptions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                             |   | Three Months Ended |   |   | Year Ended    |   |
|----------------------------------|--------|--------------------|--------|--------|---------------|--------|
| ($ per Mcf)                      |   | March 31, 2015     |   |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                           |   |                    |   |   |               |   |   |  |   |   |  |   |   |  |   |
| Prices Received - net of hedging |   |               | 3.65   |   |          |   | 3.42 |   |   |   | 4.04 |   |   |   | 3.04 |   |   |   | 3.52 |   |
| Royalties                        |   |               | (0.36  | )      |          |   | (0.26 | ) |   |   | (0.35 | ) |   |   | (0.27 | ) |   |   | (0.31 | ) |
| Production Costs(1)              |   |               | (1.10  | )      |          |   | (0.76 | ) |   |   | (1.12 | ) |   |   | (0.96 | ) |   |   | (0.99 | ) |
| Transportation Costs(1)          |   |               | (0.28  | )      |          |   | (0.23 | ) |   |   | (0.33 | ) |   |   | (0.23 | ) |   |   | (0.27 | ) |
| Netback                          |   |               | 1.91   |   |          |   | 2.17 |   |   |   | 2.24 |   |   |   | 1.58 |   |   |   | 1.95 |   |
| U.S.                             |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received - net of hedging |   |               | 2.83   |   |          |   | 3.28 |   |   |   | 2.91 |   |   |   | 2.81 |   |   |   | 2.95 |   |
| Royalties                        |   |               | (0.65  | )      |          |   | (0.80 | ) |   |   | (0.83 | ) |   |   | (0.50 | ) |   |   | (0.69 | ) |
| Production Costs(1)              |   |               | (1.62  | )      |          |   | (2.12 | ) |   |   | (2.52 | ) |   |   | (1.83 | ) |   |   | (2.04 | ) |
| Transportation Costs(1)          |   |               | (0.66  | )      |          |   | (0.25 | ) |   |   | (1.31 | ) |   |   | (0.59 | ) |   |   | (0.72 | ) |
| Netback                          |   |               | (0.10  | )      |          |   | 0.11 |   |   |   | (1.75 | ) |   |   | (0.11 | ) |   |   | (0.50 | ) |
| TOTAL                            |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received - net of hedging |   |               | 3.41   |   |          |   | 3.38 |   |   |   | 3.69 |   |   |   | 2.97 |   |   |   | 3.35 |   |
| Royalties                        |   |               | (0.45  | )      |          |   | (0.42 | ) |   |   | (0.50 | ) |   |   | (0.34 | ) |   |   | (0.42 | ) |
| Production Costs(1)              |   |               | (1.25  | )      |          |   | (1.17 | ) |   |   | (1.56 | ) |   |   | (1.23 | ) |   |   | (1.31 | ) |
| Transportation Costs(1)          |   |               | (0.39  | )      |          |   | (0.23 | ) |   |   | (0.64 | ) |   |   | (0.34 | ) |   |   | (0.40 | ) |
| Netback                          |   |               | 1.32   |   |          |   | 1.56 |   |   |   | 0.99 |   |   |   | 1.06 |   |   |   | 1.22 |   |

| (1) | Production costs and transportation costs consist of direct costs incurred to operate both oil and gas wells. Costs are allocated between all product types based on a number of assumptions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                             |   | Three Months Ended |   |   | Year Ended    |   |
|----------------------------------|--------|--------------------|--------|--------|---------------|--------|
| ($ per Mcf)                      |   | March 31, 2015     |   |   | June 30, 2015 |   |   | Sept. 30, 2015 |   |   | Dec. 31, 2015 |   |   | 2015 |   |
| CANADA                           |   |                    |   |   |               |   |   |  |   |   |  |   |   |  |   |
| Prices Received - net of hedging |   |               | 3.48   |   |          |   | 3.63 |   |   |   | 2.82 |   |   |   | 2.88 |   |   |   | 3.13 |   |
| Royalties                        |   |               | 0.09   |   |          |   | (0.06 | ) |   |   | (0.49 | ) |   |   | 0.34 |   |   |   | (0.05 | ) |
| Production Costs(1)              |   |               | (1.05  | )      |          |   | (0.81 | ) |   |   | (0.78 | ) |   |   | (0.91 | ) |   |   | (0.88 | ) |
| Transportation Costs(1)          |   |               | (0.26  | )      |          |   | (0.24 | ) |   |   | (0.23 | ) |   |   | (0.22 | ) |   |   | (0.24 | ) |
| Netback                          |   |               | 2.26   |   |          |   | 2.52 |   |   |   | 1.32 |   |   |   | 2.09 |   |   |   | 1.96 |   |
| U.S.                             |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received - net of hedging |   |               | 1.33   |   |          |   | 0.61 |   |   |   | 1.94 |   |   |   | 0.73 |   |   |   | 1.20 |   |
| Royalties                        |   |               | (0.29  | )      |          |   | (0.14 | ) |   |   | (0.45 | ) |   |   | (0.16 | ) |   |   | (0.27 | ) |
| Production Costs(1)              |   |               | (0.76  | )      |          |   | (0.40 | ) |   |   | (1.68 | ) |   |   | (0.48 | ) |   |   | (0.89 | ) |
| Transportation Costs(1)          |   |               | (0.31  | )      |          |   | (0.05 | ) |   |   | (0.87 | ) |   |   | (0.15 | ) |   |   | (0.39 | ) |
| Netback                          |   |               | (0.03  | )      |          |   | 0.02 |   |   |   | (1.06 | ) |   |   | (0.06 | ) |   |   | (0.35 | ) |
| TOTAL                            |   |               |   |   |          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prices Received - net of hedging |   |               | 3.47   |   |          |   | 3.61 |   |   |   | 2.81 |   |   |   | 2.87 |   |   |   | 3.11 |   |
| Royalties                        |   |               | 0.08   |   |          |   | (0.06 | ) |   |   | (0.49 | ) |   |   | 0.33 |   |   |   | (0.05 | ) |
| Production Costs(1)              |   |               | (1.05  | )      |          |   | (0.81 | ) |   |   | (0.79 | ) |   |   | (0.91 | ) |   |   | (0.88 | ) |
| Transportation Costs(1)          |   |               | (0.26  | )      |          |   | (0.24 | ) |   |   | (0.24 | ) |   |   | (0.22 | ) |   |   | (0.24 | ) |
| Netback                          |   |               | 2.24   |   |          |   | 2.50 |   |   |   | 1.29 |   |   |   | 2.07 |   |   |   | 1.94 |   |

| (1) | Production costs and transportation costs consist of direct costs incurred to operate both oil and gas wells. Costs are allocated between all product types based on a number of assumptions. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Region                                |   | Light and MediumCrude Oil |   |   | Heavy Crude Oil |   |   | Tight Oil |   |   | NGLs     |   |   | Shale Gas |   |   | Conventional Natural Gas |   |   | Total   |   |
|---------------------------------------|--------|---------------------------|--------|--------|-----------------|--------|--------|-----------|--------|--------|----------|--------|--------|-----------|--------|--------|--------------------------|--------|--------|---------|--------|
|                                  |   | (bbls/d)                  |   |   | (bbls/d)        |   |   | (bbls/d)  |   |   | (bbls/d) |   |   | (Mcf/d)   |   |   | (Mcf/d)                  |   |   | (boe/d) |   |
| CANADA                                |   |                           |   |   |                 |   |   |           |   |   |          |   |   |           |   |   |                          |   |   |         |   |
| Southeast Saskatchewan & Manitoba |   |                      | 25,749 |   |            |   | -      |      |   |   | 52,189   |   |   |      | 7,909  |   |                     |   | 37,792 |    |   |   | 4,838 |   |   |   | 92,952 |   |
| Southwest Saskatchewan                |   |                      | 3,938  |   |            |   | 5,750  |      |   |   | 19,715   |   |   |      | 196    |   |                     |   | 5,884  |    |   |   | 3,506 |   |   |   | 31,164 |   |
| Alberta and West Central Saskatchewan |   |                      | 12,098 |   |            |   | 51     |      |   |   | -        |   |   |      | 1,188  |   |                     |   | -      |    |   |   | 23,819 |   |   |   | 17,307 |   |
| Total CANADA(1)                       |   |                      | 41,785 |   |            |   | 5,801  |      |   |   | 71,904   |   |   |      | 9,293  |   |                     |   | 43,676 |    |   |   | 32,163 |   |   |   | 141,423 |   |
| U.S.                                  |   |                      |   |   |            |   |   |      |   |   |     |   |   |      |   |   |                     |   |   |    |   |   |   |   |   |   |   |   |
| North Dakota & Montana            |   |                      | 807    |   |            |   | -      |      |   |   | 4,440    |   |   |      | 697    |   |                     |   | 3,118  |    |   |   | 209 |   |   |   | 6,499 |   |
| Utah                                  |   |                      | -      |   |            |   | -      |      |   |   | 12,266   |   |   |      | 783    |   |                     |   | 15,961 |    |   |   | - |   |   |   | 15,709 |   |
| Total U.S.(1)                         |   |                      | 807    |   |            |   | -      |      |   |   | 16,706   |   |   |      | 1,480  |   |                     |   | 19,079 |    |   |   | 209 |   |   |   | 22,208 |   |
| Total(1)                              |   |                      | 42,592 |   |            |   | 5,801  |      |   |   | 88,610   |   |   |      | 10,773 |   |                     |   | 62,755 |    |   |   | 32,372 |   |   |   | 163,631 |   |

| (1) | Numbers may not add due to rounding |
|-----|-------------------------------------|

----

|   Name and Municipality of Residence        |   Position Held with the Corporation              |   Date First Elected or Appointed as Director   |
|-----------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------------------------------------------|
|  Scott Saxberg (4) Calgary, Alberta                   |  President, Chief Executive Officer and Director            |  2003                                                     |
|  Kenneth R. Lamont (6) Calgary, Alberta               |  Chief Financial Officer                                    |  Not applicable                                           |
|  C. Neil Smith Calgary, Alberta                       |  Chief Operating Officer                                    |  Not applicable                                           |
|  Tamara MacDonald Calgary, Alberta                    |  Sr. Vice President, Corporate and Business Development     |  Not applicable                                           |
|  Trent Stangl Calgary, Alberta                        |  Sr. Vice President, Investor Relations and Communications  |  Not applicable                                           |
|  Brad Borggard Calgary, Alberta                       |  Vice President, Corporate Planning                         |  Not applicable                                           |
|  Derek Christie Calgary, Alberta                      |  Vice President, Exploration & Geosciences              |  Not applicable                                           |
|  Mark G. Eade Calgary, Alberta                        |  Vice President, General Counsel and Corporate Secretary    |  Not applicable                                           |
|  Ryan Gritzfeldt Calgary, Alberta                     |  Vice President, Marketing and Innovation                   |  Not applicable                                           |
|  Steven Toews Calgary, Alberta                        |  Vice President, Engineering and Operations                 |  Not applicable                                           |
|  Peter Bannister (1), (3) Calgary, Alberta            |  Director and Chairman                                      |  2003                                                     |
|  Rene Amirault (2), (4) Calgary, Alberta              |  Director                                                   |  2014                                                     |
|  Laura A. Cillis (1), (2) , (4) Calgary, Alberta      |  Director                                                   |  2014                                                     |
|  D. Hugh Gillard (1), (2), (5) Calgary, Alberta       |  Director                                                   |  2003                                                     |
|  Robert F. Heinemann (2), (3), (4), (5) Plano, Texas  |  Director                                                   |  2014                                                     |
|  Barbara Munroe (5) Calgary, Alberta                  |  Director                                                   |  2016                                                     |
|  Gerald A. Romanzin (1), (3) Calgary, Alberta         |  Director                                                   |  2004                                                     |
|  Gregory G. Turnbull, QC (3), (5) Calgary, Alberta    |  Director                                                   |  2001                                                     |

| (1) | Member of the Audit Committee. |
|-----|--------------------------------|

| (2) | Member of the Compensation Committee. |
|-----|---------------------------------------|

| (3) | Member of the Reserves Committee. |
|-----|-----------------------------------|

| (4) | Member of the Environmental, Health and Safety Committee. |
|-----|-----------------------------------------------------------|

| (5) | Member of Corporate Governance and Nominating Committee. |
|-----|----------------------------------------------------------|

| (6) | Mr. Gregory T. Tisdale stepped down as Chief Financial Officer effective December 31, 2015, but remains an employee of Crescent Point. Mr. Kenneth R. Lamont was appointed as Chief Financial Officer effective January 1, 2016. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| · | Vertical Well Incentive provides licensees of a vertical development well or exploratory well drilled between December 31, 2013 and January 1, 2019 with 500 m3 of holiday oil volume. To qualify the well must be drilled less than 1.6 km from the nearest well cased for production from the same or a deeper zone. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Exploration and Deep Well Incentive provides licensees who drill an exploration well or a deep development well between December 31, 2013 and January 1, 2019 with a holiday oil volume as follows: (i) for a well drilled more than 1.6 km from a well cased for production from the same zone or a deeper zone, a holiday oil volume of 4,000 m3 is earned; (ii) for a well drilled below the Birdbear Formation, a holiday oil volume of 8,000 m3  is earned; and (iii) for a well completed for production in the Birdbear or deeper formation, a holiday oil volume of 8,000 m3  is earned. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Horizontal Well Initiative provides licensees of horizontal wells drilled between December 31, 2013 and January 1, 2019 with a holiday oil volume of 8,000 m3; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Marginal Well Major Workover Incentive provides licensees of marginal wells where a major workover is completed prior to January 1, 2019 with a holiday oil volume of 500 m3, with a marginal oil well defined as an abandoned well or a well that was either not operated over the previous 12 months or produced oil at an average rate of less than 3 m3 per operating day; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Pressure Maintenance Project Incentive provides a one year exemption from the payment of Crown royalty or freehold production tax on production allocated to a unit tract in which an injection well is drilled or a well is converted to water injection. Wells eligible for the incentive include those wells drilled for the purpose of injection in an approved enhanced recovery project as well as vertical or horizontal wells that are converted to injection. For wells converted to injection between December 31, 2013 and January 1, 2019 the exemption period will be extended to 18 months. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Solution Gas Incentive provides an exemption from the payment of Crown royalties and production taxes for new solution gas projects effective until December 31, 2018 and subject to approval from the Director of Petroleum; |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

| · | Complying with government regulations and standards; |
|--------|------------------------------------------------------|

----

| · | Conducting operations consistent with industry codes, practices and guidelines; |
|--------|---------------------------------------------------------------------------------|

| · | Ensuring prompt, effective response and repair to emergency situations and environmental incidents; |
|--------|-----------------------------------------------------------------------------------------------------|

| · | Providing training to employees and contractors to ensure compliance with Corporation safety and environmental rules and procedures; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|

| · | Promoting the aspects of careful planning, good judgment, implementation of the Corporation's procedures, and monitoring Corporation activities; |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Communicating openly with members of the public regarding our activities; and |
|--------|-------------------------------------------------------------------------------|

| · | Amending the Corporation's policies and procedures as may be required from time to time. |
|--------|------------------------------------------------------------------------------------------|

| · | historical production in the area compared with production rates from similar producing areas; |
|--------|------------------------------------------------------------------------------------------------|

| · | future commodity prices, production and development costs, royalties and capital expenditures; |
|--------|------------------------------------------------------------------------------------------------|

| · | initial production rates; |
|--------|---------------------------|

| · | production decline rates; |
|--------|---------------------------|

| · | ultimate recovery of reserves; |
|--------|--------------------------------|

| · | success of future development activities; |
|--------|-------------------------------------------|

----

| · | marketability of production; |
|--------|------------------------------|

| · | availability, proximity and capacity of oil and gas gathering systems, pipelines and processing facilities; |
|--------|-------------------------------------------------------------------------------------------------------------|

| · | effects of government regulation; and |
|--------|---------------------------------------|

| · | other government levies that may be imposed over the producing life of reserves. |
|--------|----------------------------------------------------------------------------------|

----

----

| · | restrictions imposed by lenders; |
|--------|----------------------------------|

| · | delays in the sale or delivery of products; |
|--------|---------------------------------------------|

| · | delays in the connection of wells to a gathering system; |
|--------|----------------------------------------------------------|

| · | restrictions due to limited pipeline capacity; |
|--------|------------------------------------------------|

| · | blowouts or other accidents; |
|--------|------------------------------|

| · | accounting delays; |
|--------|--------------------|

| · | adjustments for prior periods; |
|--------|--------------------------------|

| · | recovery by the operator of expenses incurred in the operation of the properties; or |
|--------|--------------------------------------------------------------------------------------|

| · | the establishment by the operator of reserves for these expenses. |
|--------|-------------------------------------------------------------------|

----

----

----

----

| • | the levels and location of oil and natural gas supply and demand and expectations regarding supply and demand; |
|---------|----------------------------------------------------------------------------------------------------------------|

| • | the level of consumer product demand; |
|---------|---------------------------------------|

| • | weather conditions; |
|---------|---------------------|

| • | political conditions or hostilities in oil and natural gas producing regions, including the Middle East, Africa and South America; |
|---------|------------------------------------------------------------------------------------------------------------------------------------|

| • | the ability of the members of the Organization of Petroleum Exporting Countries and other exporting nations to agree to and maintain oil price and production controls; |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | the price level of foreign imports; |
|---------|-------------------------------------|

| • | actions of governmental authorities; |
|---------|--------------------------------------|

| • | the availability, proximity and capacity of gathering, transportation, processing and/or refining facilities in regional or localized areas that may affect the realized price for oil and natural gas; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| • | inventory storage levels; |
|---------|---------------------------|

| • | the nature and extent of domestic and foreign governmental regulations and taxation, including environmental and climate change regulation; |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------|

| • | the price, availability and acceptance of alternative fuels; |
|---------|--------------------------------------------------------------|

| • | technological advances affecting energy consumption; |
|---------|------------------------------------------------------|

| • | speculation by investors in oil and natural gas; |
|---------|--------------------------------------------------|

| • | variations between product prices at sales points and applicable index prices; and |
|---------|------------------------------------------------------------------------------------|

| • | overall economic conditions, including the value of the U.S. dollar relative to other major currencies. |
|---------|---------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

----

|               |                                                | Dividend per Common Share |
|--------------------|-----------------------------------------------------|---------------------------|
| January 2013       | –      December 2013 | $0.23                     |
| January 2014  | –      December 2014 | $0.23                     |
| January 2015  | –      August 2015   | $0.23                     |
| September 2015     | –      December 2015 | $0.10                |

| TSX       |   | High ($) |   |   | Low ($) |   |   | Volume (000's) |   |
|-----------|--------|----------|--------|--------|---------|--------|--------|----------------|--------|
| 2015      |   |          |   |   |         |   |   |                |   |
| January   |   |     | 31.66  |   |    |   | 24.68  |           |   |   | 57,388 |   |
| February  |   |     | 33.85  |   |    |   | 30.16  |           |   |   | 44,325 |   |
| March     |   |     | 30.95  |   |    |   | 26.57  |           |   |   | 43,097 |   |
| April     |   |     | 33.15  |   |    |   | 28.22  |           |   |   | 29,579 |   |
| May       |   |     | 32.02  |   |    |   | 27.85  |           |   |   | 39,591 |   |
| June      |   |     | 28.53  |   |    |   | 25.41  |           |   |   | 41,134 |   |
| July      |   |     | 26.18  |   |    |   | 18.48  |           |   |   | 69,011 |   |
| August    |   |     | 20.05  |   |    |   | 11.31  |           |   |   | 84,717 |   |
| September |   |     | 17.84  |   |    |   | 14.58  |           |   |   | 80,812 |   |
| October   |   |     | 20.87  |   |    |   | 15.14  |           |   |   | 70,272 |   |
| November  |   |     | 19.79  |   |    |   | 16.60  |           |   |   | 52,648 |   |
| December  |   |     | 18.14  |   |    |   | 14.77  |           |   |   | 62,059 |   |
| 2016      |   |     |   |   |    |   |   |           |   |   |   |   |
| January   |   |     | 16.53  |   |    |   | 11.42  |           |   |   | 85,107 |   |
| February  |   |     | 16.71  |   |    |   | 13.05  |           |   |   | 57,960 |   |

| NYSE      |   | High (US$) |   |   | Low (US$) |   |   | Volume (000's) |   |
|-----------|--------|------------|--------|--------|-----------|--------|--------|----------------|--------|
| 2015      |   |            |   |   |           |   |   |                |   |
| January   |   |       | 25.53  |   |      |   | 21.06  |           |   |   | 2,359 |   |
| February  |   |       | 27.30  |   |      |   | 23.96  |           |   |   | 2,271 |   |
| March     |   |       | 24.74  |   |      |   | 20.81  |           |   |   | 2,391 |   |
| April     |   |       | 26.97  |   |      |   | 22.33  |           |   |   | 1,843 |   |
| May       |   |       | 26.51  |   |      |   | 22.25  |           |   |   | 2,666 |   |
| June      |   |       | 23.03  |   |      |   | 20.44  |           |   |   | 3,612 |   |
| July      |   |       | 20.57  |   |      |   | 14.22  |           |   |   | 6,127 |   |
| August    |   |       | 15.26  |   |      |   | 9.28   |           |   |   | 10,017 |   |
| September |   |       | 13.45  |   |      |   | 10.93  |           |   |   | 8,165 |   |
| October   |   |       | 16.07  |   |      |   | 11.42  |           |   |   | 8,562 |   |
| November  |   |       | 15.15  |   |      |   | 12.45  |           |   |   | 8,314 |   |
| December  |   |       | 13.62  |   |      |   | 10.73  |           |   |   | 9,673 |   |
| 2016      |   |       |   |   |      |   |   |           |   |   |   |   |
| January   |   |       | 11.89  |   |      |   | 7.83   |           |   |   | 7,637 |   |
| February  |   |       | 12.35  |   |      |   | 9.35   |           |   |   | 6,181 |   |

----

----

|  Name of Audit Committee Member  |  Relevant Education and Experience                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Gerald A. Romanzin              |  Gerald Romanzin is an independent Calgary businessman who serves as a director of Petrowest Corporation, Athabasca Minerals Inc. and of Trimac Transportation Ltd. Previously, he held a variety of senior roles with the TSX Venture Exchange, including Executive Vice President and Acting President, and was the Executive Vice President of the Alberta Stock Exchange, prior to its conversion. He has been on the board of Crescent Point since 2004.                                                                                                |
|                                       |  Formerly, Mr. Romanzin served as a director of FET Resources Ltd., Ketch Resources Ltd., Ketch Resources Trust, Cadence Energy Inc., Kereco Energy Ltd., Flowing Energy Corporation and Porto Energy Corp. Mr. Romanzin is a Chartered Professional Accountant, has held a number of senior roles with the Alberta Stock Exchange and, subsequent to its conversion, with the TSX Venture Exchange.                                                                                                                                                         |
|                                       |  He is a member of the Chartered Professional Accountants of Alberta and holds a Bachelor of Commerce degree from the University of Calgary.                                                                                                                                                                                                                                                                                                                                                                                                                 |
|  Peter N. Bannister              |  Peter Bannister is Chairman of Crescent Point's board of directors and is president of Destiny Energy Inc., a private oil and gas company. Mr. Bannister has worked in the oil and gas industry since 1982, having held a variety of roles with companies such as Mission Oil and Gas Inc., StarPoint Energy Inc., Impact Energy Inc., Startech Energy, Boomerang Resources Ltd., Laurasia Resources Ltd. and Sproule Associates Limited. He has been on the board of Crescent Point and its predecessor since 2003.                                        |
|                                       |  Mr. Bannister is a member of APEGA and serves on the board of directors of Cequence Energy Ltd. Formerly, he was a director of Surge Energy Inc., Shelter Bay Energy Inc., Mission Oil and Gas Inc., Breaker Energy Ltd., Impact Energy Inc., Boomerang Resources Ltd., Laurasia Resources Ltd. and New Star Energy Ltd. Mr. Bannister holds a Bachelor of Science degree in geology with a minor in economics.                                                                                                                                             |
|  Laura A. Cillis                 |  Laura Cillis has more than 25 years of financial experience in the oilfield services industry. Most recently, she held the role of Senior Vice President, Finance and Chief Financial Officer of Calfrac Well Services Ltd. from 2008 until 2013, and Chief Financial Officer of Canadian Energy Services L.P. from 2006 to 2008. Prior thereto, she held various positions at Precision Drilling Corporation and Schlumberger Canada. She is currently a director of Solium Capital Inc. She has been on the board of Crescent Point since November 2014.  |
|                                       |  Ms. Cillis is a Chartered Professional Accountant and holds a Bachelor of Commerce degree in accounting from the University of Alberta. She also holds the ICD.D designation granted by the Institute of Corporate Directors.                                                                                                                                                                                                                                                                                                                               |
|  D. Hugh Gillard                 |  D. Hugh Gillard is the principal of Saddleback Resources Ltd., a private company involved in equity investments and advisory roles in the energy sector. He has worked in the oil and gas industry since 1972, having led companies such as Kelso Energy Inc., PrimeWest Energy Trust and CanWest Gas Marketing Inc. He has also held a number of senior roles with companies such as Ashland Oil Canada, Dome Petroleum and Amoco Canada. Mr. Gillard has been on the board of Crescent Point since 2003.                                                  |
|                                       |  Mr. Gillard has served as director of the board of Petrowest Energy Services Trust (chairman), of Creststreet Power Income Fund and of Point North Energy Ltd. He is a past member of the Management Advisory Council for the University of Calgary, past chairman of the board of Hospice Calgary and past chairman of the Calgary Zoological Society.                                                                                                                                                                                                     |
|                                       |  He holds a Bachelor of Commerce degree from the University of Calgary and is a graduate of the Stanford Business School Executive Program.                                                                                                                                                                                                                                                                                                                                                                                                                  |

----

|                   |   | Year ended December 31 |      |
|------------------------|--------|------------------------|-----------|
|                   |   | 2015                   |      |   | 2014 |   |
| PricewaterhouseCoopers |        |                        |      |  |  |   |
| Audit fees             |   | $                      | 1,098,698 |   |   | $ | 917,696 |   |
| Audit-related fees(1)  |   | $                      | 164,550   |   |   | $ | 130,985 |   |
| Tax Fees               |   | $                      | 51,975    |   |   | $ | 24,500 |   |
| All other fees         |   | $                      | 85,050    |   |   | $ | 98,000 |   |
| Total                  |   | $                      | 1,400,273 |   |   | $ | 1,171,181 |   |

| (1) | Fees include the costs related to public financings and related reporting to regulators. |
|-----|------------------------------------------------------------------------------------------|

----

----

| Corporate Policies & Procedures |
|-------------------------------------|

| I. | The Board of Directors' Mandate for the Audit Committee |
|----|---------------------------------------------------------|

| 1. | The Board of Directors ("Board") has responsibility for the stewardship of Crescent Point Corp. ("Crescent Point") and its subsidiaries or related entities (collectively referred to herein as the "Corporation"). To discharge that responsibility, the Board is obligated by the Business Corporations Act (Alberta) to supervise the management of the business and affairs of the Corporation. The Board's supervisory function involves Board oversight or monitoring of all significant aspects of the management of the Corporation's business and affairs. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | that the Corporation complies with all applicable laws, regulations, rules, policies and other requirement of governments, regulatory agencies and stock exchanges relating to financial reporting and disclosure; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | that the accounting principles, significant judgements and disclosures which underlie or are incorporated in the Corporation's consolidated financial statements are the most appropriate in the prevailing circumstances; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | that the Corporation's quarterly and annual consolidated financial statements and Annual Information Forms ("AIF") are accurate within a reasonable level of materiality and present fairly the Corporation's financial position and performance in accordance with the recognition and measurement principles of International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"); and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | that appropriate information concerning the financial position and performance of the Corporation is disseminated to the public in a timely manner in accordance with corporate and securities law and with stock exchange regulations. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (i) | the Corporation's accounting functions are performed in accordance with a system of internal financial controls designed to capture and record properly and accurately all of the Corporation's financial transactions and properly certified; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | the internal financial controls are regularly assessed for effectiveness and efficiency; |
|--|------|------------------------------------------------------------------------------------------|

|  | (iii) | the Corporation's quarterly and annual consolidated financial statements are properly prepared by management to comply with IFRS; and |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | the Corporation's quarterly and annual consolidated financial statements and Management Discussion and Analysis ("MD&A") are reported on by an external auditor appointed by the securityholders of the Corporation. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Role of the Committee |
|----|-----------------------|

| 3. | Composition of Committee |
|----|--------------------------|

|  | (a) | Size. The Committee shall be appointed annually by the Board and consist of at least three members from among the directors of the Corporation. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Qualifications – All members of the committee (the "Members") must be "independent" under Multilateral Instrument 52-110. All Members must be "financially literate" (i.e., have the ability to read and understand a balance sheet, an income statement and a cash flow statement). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Committee members may not, other than in their respective capacities as members of the Committee, the Board or any other committee of the Board, accept directly or indirectly any consulting, advisory or other compensatory fee from the Corporation or any subsidiary of the Corporation, or be an "affiliated person" (as such term is defined in the United States Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules, if any, adopted by the U.S. Securities and Exchange Commission ("SEC") thereunder) of the Corporation or any subsidiary of the Corporation. For greater certainty, directors' fees and fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the Corporation that are not contingent on continued service should be the only compensation a Committee member receives from the Corporation. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | The Board shall designate the Chair of the Committee. |
|--|-----|-------------------------------------------------------|

|  | (e) | In the event of a vacancy arising in the Committee or a loss of independence of any Member, the Committee will fill the vacancy within six weeks or by the following annual shareholders' meeting if sooner. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | Reliance on Experts |
|----|---------------------|

|  | (a) | consolidated financial statements of the Corporation represented to him by an officer of the Corporation or in a written report of the external auditors to present fairly the financial position of the Corporation in accordance with IFRS; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | any report of a lawyer, accountant, engineer, appraiser or other person whose profession lends credibility to a statement made by any such person. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Limitations on The Committee's Duties |
|----|---------------------------------------|

| II. | Audit Committee Terms of Reference |
|-----|------------------------------------|

| 1. | Operating Principles |
|----|----------------------|

----

----

| 2. | Operating Procedures |
|----|----------------------|

----

| 3. | Specific Responsibilities and Duties |
|----|--------------------------------------|

|  | (a) | Review, prior to public release, the Corporation's annual and quarterly consolidated financial statements with management and the external auditors to gain reasonable assurance that the statements are accurate within reasonable levels of materiality, complete, represent fairly the Corporation's financial position and performance and are in accordance with IFRS and report thereon to the Board before such consolidated financial statements are approved by the Board; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Receive from the external auditors reports on their review of the annual and quarterly consolidated financial statements; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Receive from management a copy of the representation letter provided to the external auditors and receive from management any additional representations required by the Committee; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Review, prior to public release, all news releases issued by the Corporation with respect to the Corporation's annual and quarterly consolidated financial statements; and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | Review prospectuses, material change disclosures of a financial nature, management discussion and analysis, AIF and similar disclosure documents to be issued by the Corporation. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Review with management and the external auditors the appropriateness of the Corporation's accounting policies, disclosures, reserves, key estimates and judgments, including changes or variations thereto; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Obtain reasonable assurance that the accounting policies, disclosures, reserves, key estimates and judgments are in compliance with IFRS from management and external auditors and report thereon to the Board; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Review with management and the external auditors the degree of conservatism of the Corporation's underlying accounting policies, key estimates and judgments and reserves along with quality of financial reporting; and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Participate, if requested, in the resolution of disagreements between management and the external auditors. |
|--|-----|-------------------------------------------------------------------------------------------------------------|

----

|  | (a) | Acknowledging that it is the responsibility of the Board, in consultation with management, to identify the principal business risks facing the Corporation, determine the Corporation's tolerance for risk and approve risk management policies, the Committee shall focus on financial risk and gain reasonable assurance that financial risk is being effectively managed or controlled by: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | reviewing with management the Corporation's tolerance for financial risks; |
|--|-----|----------------------------------------------------------------------------|

|  | (ii) | reviewing with management its assessment of the significant financial risks facing the Corporation; |
|--|------|-----------------------------------------------------------------------------------------------------|

|  | (iii) | reviewing with management the Corporation's policies and any proposed changes thereto for managing those significant financial risks; and |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | reviewing with management its plans, processes and programs to manage and control such risks. |
|--|------|-----------------------------------------------------------------------------------------------|

|  | (b) | Review policies and compliance therewith that require significant actual or potential liabilities, contingent or otherwise, to be reported to the Board in a timely fashion; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Review foreign currency, interest rate and commodity price risk mitigation strategies, including the use of derivative financial instruments; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Review the adequacy of insurance coverages maintained by the Corporation; and |
|--|-----|-------------------------------------------------------------------------------|

|  | (e) | Review regularly with management, the external auditors and the Corporation's legal counsel, any legal claim or other contingency, including tax assessments, that could have a material effect upon the financial position or operating results of the Corporation and the manner in which these matters have been disclosed in the consolidated financial statements. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Review the plans of the external auditors to gain reasonable assurance that the evaluation and testing of internal financial controls is comprehensive, coordinated and cost effective; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Receive regular reports from management and the external auditors on all significant deviations from IFRS or other Corporation internal control processes or indications which may suggest fraud and the corrective activity undertaken in respect thereto; and |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | Institute a procedure that will permit any employee, including management employees, to bring to the attention of the Board or the Committee concerns relating to financial controls and reporting which are material in scope and which cannot be addressed, in the employee's judgement, through existing reporting structures in the Corporation. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Receive and review regular reports from management and others (e.g. external auditors) with respect to the Corporation's compliance with laws and regulations having a material impact on the consolidated financial statements including: |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | tax and financial reporting laws and regulations; |
|--|-----|---------------------------------------------------|

|  | (ii) | legal withholding requirements; and |
|--|------|-------------------------------------|

|  | (iii) | other laws and regulations which expose directors to liability; and |
|--|-------|---------------------------------------------------------------------|

|  | (b) | Review the filing status of the Corporation's tax returns and those of its subsidiaries or related entities. |
|--|-----|--------------------------------------------------------------------------------------------------------------|

----

|  | (a) | Be directly responsible, in the Committee's capacity as a committee of the Board and subject to the rights of shareholders and applicable law, for the appointment, compensation, retention and oversight of the work of the external auditors (including resolution of disagreements between management and the external auditors regarding financial reporting) for the purpose of preparing or issuing an audit report, or performing other audit, review or attest services for the Corporation. The external auditors shall report directly to the Committee; |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Recommend to the Board the nomination of the external auditors; |
|--|-----|-----------------------------------------------------------------|

|  | (c) | Pre approve the remuneration and the terms of engagement of the external auditors as set forth in the Engagement Letter. The Chair of the Committee hereby has the authority to pre approve non audit services which may be required from time to time; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Review the performance of the external auditors annually or more frequently as required; |
|--|-----|------------------------------------------------------------------------------------------|

|  | (e) | Receive annually from the external auditors an acknowledgement in writing that the securityholders, as represented by the Board and the Committee, are their primary client; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (f) | Receive a report annually from the external auditors with respect to their independence, such report to include a disclosure of all engagements (and fees related thereto) for non audit services by the Corporation; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (g) | Review with the external auditors the scope of the audit, the areas of special emphasis to be addressed in the audit, and the materiality levels which the external auditors propose to employ; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (h) | Meet with the external auditors at least once a year in the absence of management to determine, inter alia, that no management restrictions have been placed on the scope and extent of the audit examinations by the external auditors or the reporting of their findings to the Committee; |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | Establish effective communication processes with management and the Corporation's external auditors to assist the Committee to monitor objectively the quality and effectiveness of the relationship among the external auditors, management and the Committee; and |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (j) | Establish a reporting relationship between the external auditors and the Committee such that the external auditors can bring directly to the Committee matters that, in the judgement of the external auditors, merit the Committee's attention. In particular, the external auditors will advise the Committee of any disagreements between management and the external auditors regarding financial reporting and how such disagreements were resolved. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (a) | Review the internal audit staff functions, including: |
|--|-----|-------------------------------------------------------|

|  | (i) | the purpose, authority and organizational reporting lines; |
|--|-----|------------------------------------------------------------|

|  | (ii) | the annual audit plan, budget and staffing; and |
|--|------|-------------------------------------------------|

|  | (iii) | the appointment and compensation of any person with the responsibility for the Internal Audit; and |
|--|-------|----------------------------------------------------------------------------------------------------|

|  | (b) | Review, with the Chief Financial Officer, controller or others, as appropriate, the Corporation's internal system of audit controls and the results of internal audits. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (a) | After consultation with the Chief Financial Officer and the external auditors, gain reasonable assurance, at least annually, of the quality and sufficiency of the Corporation's accounting and financial personnel and other resources; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Investigate any matters that, in the Committee's discretion, fall within the Committee's duties; |
|--|-----|--------------------------------------------------------------------------------------------------|

|  | (c) | Determine the appropriate funding for payment by the Corporation (i) of compensation to the external auditors for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Corporation, (ii) of compensation to any advisors employed by the Committee, and (iii) of ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties; and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | Perform such other functions as may from time to time be assigned to the Committee by the Board. |
|--|-----|--------------------------------------------------------------------------------------------------|

| III. | Hiring Guidelines for Independent Auditor Employees |
|------|-----------------------------------------------------|

| 1. | Guidelines |
|----|------------|

|  | (a) | No senior member of the audit team that is auditing a business of the Corporation can be hired into that business or into a position to which that business reports for a period of two years after the audit; and |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | No former partner or employee of the external auditor may be made an officer of the Corporation or any of its subsidiaries for two years following association with the external auditor: |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | The Chief Executive Officer must approve all office hires from the external auditor; and |
|--|-----|------------------------------------------------------------------------------------------|

|  | (ii) | The Chief Financial Officer must report annually to the Committee on any hires within these guidelines during the preceding year. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------|

| 2. | Audit Partner Rotation |
|----|------------------------|

----

| 3. | Process for Handling Complaints about Accounting Matters |
|----|----------------------------------------------------------|

|  | (a) | The Corporation will publish on its website special mail and e-mail addresses and a toll-free telephone number for receiving complaints regarding accounting, internal accounting controls or auditing matters; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | Copies of complaints received will be sent to the Members of the Committee; |
|--|-----|-----------------------------------------------------------------------------|

|  | (c) | All complaints will be investigated by the Corporation's finance and legal staffs in the normal manner, except as otherwise directed by the Committee. The Committee may request that outside advisors be retained to investigate any complaint; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | The status of each complaint will be reported on a quarterly basis to the Committee and, if the Committee so directs, to the full board. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------|

----

| Corporate Policies & Procedures |
|-------------------------------------|

| 1. | Reserves Committee Purpose |
|----|----------------------------|

| 2. | Reserves Committee Composition, Procedures and Organization |
|----|-------------------------------------------------------------|

| 3. | Reserves Committee Responsibilities and Duties |
|----|------------------------------------------------|

|  | (a) | in conjunction with the Corporation's senior engineering management, meet with the independent evaluating engineers being considered for appointment to review their qualifications and independence to ensure the independent evaluating engineers being considered for appointment are technically qualified and competent, are independent of management and to establish the terms of their engagement; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | after consultation with the Corporation's senior engineering management, recommend to the Board the appointment of the independent evaluating engineers to assist the Corporation in the annual review of its petroleum and natural gas reserves; |
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|  | (c) | in consultation with the Corporation's senior engineering management determine the scope of the annual review of the petroleum and natural gas reserves by the independent evaluating engineers, having regard to regulatory reporting requirements; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (d) | review, with reasonable frequency, the Corporation's procedures for providing petroleum and natural gas reserves information to the qualified independent evaluating engineers who report on reserves data for the purposes of NI 51 - 101, and the information used by the independent evaluating engineers to enable the independent evaluating engineers to provide a report that will meet regulatory reporting requirements; |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (e) | in consultation with the Corporation's senior engineering management and the independent evaluating engineers: |
|--|-----|----------------------------------------------------------------------------------------------------------------|

|  | · | determine whether any restrictions affect the ability of the independent evaluating engineers to report on reserve data without reservations; and |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | review the reserves data and the report of the independent evaluating engineers. |
|--|--------|----------------------------------------------------------------------------------|

|  | (f) | ensure the disclosure to the public on the Corporation's petroleum and natural gas reserves is in compliance with regulatory requirements: |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | review any proposal to change the independent evaluating engineers and/or resolve any differences between the independent evaluating engineers and management; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | meet on an annual basis with the Corporation's senior engineering management and/or the independent evaluating engineers of the Corporation to review and consider the evaluation of the Corporation's petroleum and natural gas reserves; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | meet separately with the independent evaluating engineers and/or senior engineering management when the Committee deems it desirable and advise the Board on the results of such meeting; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | coordinate meetings with the Audit Committee of the Corporation, the Corporation's senior engineering management, independent evaluating engineers and auditors as required to address matters of mutual concern in respect of the Corporation's evaluation of petroleum and natural gas reserves; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | review annually the Committee charter and recommend any changes to the Board; and |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | to maintain minutes of meetings and periodically report to the Board on significant results of the foregoing activities. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------|

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| 1. | We have evaluated the Company's reserves data as at December 31, 2015. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2015, estimated using forecast prices and costs. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The reserves data are the responsibility of the Company's management. Our responsibility is to express an opinion on the reserves data based on our evaluation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, as amended from time to time, (the "COGE Handbook") maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated by us for the year ended December 31, 2015, and identifies the respective portions thereof that we have evaluated and reported on to the Company's board of directors: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |                                |                                            |   | Net Present Value of Future Net Revenue (before income taxes, 10% discount rate - $M) |   |
|------------------------------------------|-------------------------------------|-----------------------------------------------------------|--------|---------------------------------------------------------------------------------------|--------|
| Independent Qualified Reserves Evaluator | Effective Date of Evaluation Report | Location of Reserves (Country or Foreign Geographic Area) |   | Audited                                                                               |   |   | Evaluated |   |   | Reviewed |   |   | Total |   |
| GLJ Petroleum Consultants                | December 31, 2015                   | Canada                                                    |   |                                                                                  | -      |   |   |   | 3,359,742 |   |   |   | - |   |   |   | 3,359,742 |   |

| 6. | In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | We have no responsibility to update our report referred to in paragraph 5 for events and circumstances occurring after the effective date of our report. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | We have evaluated the Company's reserves data as at December 31, 2015. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2015, estimated using forecast prices and costs. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The reserves data are the responsibility of the Company's management. Our responsibility is to express an opinion on the reserves data based on our evaluation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, as amended from time to time, (the "COGE Handbook") maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated by us for the year ended December 31, 2015, and identifies the respective portions thereof that we have evaluated and reported on to the Company's board of directors: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |                                |                                            |   | Net Present Value of Future Net Revenue (before income taxes, 10% discount rate - Cdn. $M) |   |
|------------------------------------------|-------------------------------------|-----------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|--------|
| Independent Qualified Reserves Evaluator | Effective Date of Evaluation Report | Location of Reserves (Country or Foreign Geographic Area) |   | Audited                                                                                    |   |   | Evaluated |   |   | Reviewed |   |   | Total |   |
| GLJ Petroleum Consultants                | December 31, 2015                   | U.S.A.                                                    |   |                                                                                       | -      |   |   |   | 1,589,073 |   |   |   | - |   |   |   | 1,589,073 |   |

| 6. | In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | We have no responsibility to update our report referred to in paragraph 5 for events and circumstances occurring after the effective date of our report. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | We have evaluated the Company's reserves data as at December 31, 2015. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2015, estimated using forecast prices and costs. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The reserves data are the responsibility of the Company's management. Our responsibility is to express an opinion on the reserves data based on our evaluation. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | We carried out our evaluation in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, as amended from time to time, (the "COGE Handbook"),  maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The following table shows the net present value of future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated for the year ended December 31, 2015, and identifies the respective portions thereof that we have evaluated and reported on to the Company's management and Board of Directors: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                |                                |                           | Net Present Value of Future Net Revenue (before income taxes, 10% discount rate - Cdn. $M) |
|-----------------------------------------------------|-------------------------------------|--------------------------------|--------------------------------------------------------------------------------------------|
| Independent Qualified Reserves Evaluator or Auditor | Effective Date of Evaluation Report | Location of Reserves (Country) | Audited (M$)                                                                               | Evaluated (M$) | Reviewed (M$) | Total (M$) |
| Sproule                                             | December 31, 2015                   | Canada                         |                                                                                       |   |   |   |
| Total                                               |                                |                           | Nil                                                                                        | 10,362,293 | Nil | 10,362,393 |

| 6. | In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. We express no opinion on the reserves data that we reviewed but did not audit or evaluate. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | We have no responsibility to update our report referred to in paragraph 5 for events and circumstances occurring after the effective date of our report, entitled "Evaluation of Certain Saskatchewan P&NG Reserves of Crescent Point Energy Corp. (As of December 31, 2015)". |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

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|  | (a) | reviewed the Corporation's procedures for providing information to the independent qualified reserves evaluators; |
|--|-----|-------------------------------------------------------------------------------------------------------------------|

|  | (b) | met with the independent qualified reserves evaluators to determine whether any restrictions affected the ability of the independent qualified reserves evaluators to report without reservation; and |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (c) | reviewed the reserves data with management and the independent qualified reserves evaluators. |
|--|-----|-----------------------------------------------------------------------------------------------|

|  | (a) | the content and filing with securities regulatory authorities of Form 51-101F1 containing the reserves data and other oil and gas information; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (b) | the filing of Form 51-101F2 which is the report of the independent qualified reserves evaluators on the reserves data; and |
|--|-----|----------------------------------------------------------------------------------------------------------------------------|

|  | (c) | the content and filing of this report. |
|--|-----|----------------------------------------|

| "Scott Saxberg"                                     |   | "C. Neil Smith"                       |
|-----------------------------------------------------|--------|---------------------------------------|
| SCOTT SAXBERG President and Chief Executive Officer |   | C. NEIL SMITH Chief Operating Officer |
|                                                |   |                                  |
| "Gerald A. Romanzin"                                |   | "Peter Bannister"                     |
| Gerald A. Romanzin Director                         |   | Peter BannisterDirector          |

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