Exhibit 99.1











Dejour Energy
(Alberta) Ltd.



Reserve estimation and

economic evaluation



Executive summary

SEC Compliant



Effective date: December 31, 2011















| | 700, 850 – 2 Street SW
| | ----------------------
| | Calgary AB T2P 0R8    
| | Canada                
| |                       
| | Tel: 403-267-1700     
| | Fax: 587-774-5398     
| | www.deloitte.ca       



October 31, 2012



Dejour Energy (Alberta) Ltd.

2600, 144 – 4th Avenue SW

Calgary, Alberta

T2P 3N4



Attention: Mr. Harrison (Hal) Blacker



|RE: | Dejour Energy (Alberta) Ltd.              
|--- | ------------------------------------------
|    | Reserve estimation and economic evaluation



At your request and authorization, Deloitte & Touche LLP
(“AJM Deloitte”) has prepared an independent evaluation of certain oil and gas assets of Dejour Energy (Alberta) Ltd.
(“Dejour Alberta”), effective December 31, 2011.



This report has been prepared for the use of Dejour Energy
(Alberta) Ltd. for corporate reporting purposes and AJM Deloitte hereby gives its consent to the use of its name and to the said
estimates for reporting in the United States. The evaluation was conducted in the months of January and February 2012; field information
obtained subsequent to the effective date was not used in the evaluation.



Pursuant to the requirements of Item 1202 (a) (8) of Regulation
S-K, this report documents the results of the evaluation with the following table summarizing the corporate reserves and value:



| | · | Table 1 –
                                                                                                                summary of corporate
                                                                                                                reserves and value
                                                                                                                using constant
                                                                                                                prices and costs
                                                                                                                (in Canadian dollars).
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The proportion of the Company’s total reserves represented
by the reserves included in this report is shown below:





|                     |  |                 |  |        |            |  | Company net proved reserves |     |     |        |           
|-------------------- |  | --------------- |  | ------ | ---------- |  | --------------------------- | --- | --- | ------ | ----------
|                     |  |                 |  |        |            |  |                             |     |     |        |           
|Location of reserves |  | Gas             |  |        | Condensate |  |                             | NGL |     |        | Equivalent
|Country              |  | Area            |  | (MMcf) |            |  | (Mbbl)                      |     |     | (Mbbl) |           
|Canada               |  | Alberta/British |  |        |            |  |                             |     |     |        |           
|                     |  | Columbia        |  |        | 752        |  |                             |     | 317 |        |           
|Total Company        |  |                 |  |        |            |  |                             |     |     |        |           









| | Notes: | (1) | Natural gas is converted to oil equivalent using a factor of
                                                               6,000 cubic feet of gas per one barrel of oil equivalent.
| | ------ | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | DejourAlberta
                                                                                         has indicated that these totals represent
                                                                                         100% of its Canadian interests as of
                                                                                         December 31, 2011.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











Dejour Energy (Alberta) Ltd.

Reserve estimation and economic evaluation

Page 2



The oil and gas reserves calculations and income projections,
upon which this report is based, were estimated in accordance with the SEC’s Regulation S-X Part 210.4-10(a). AJM Deloitte
used all methods and procedures it considered necessary under the circumstances to prepare the report. The Evaluation procedure
section included in this report details the reserves definitions, price and market demand forecasts and general procedure used
by AJM Deloitte in its determination of this evaluation and are appropriate for the purposes served by the report. In accordance
with SEC requirements all prices and costs (capital and operating) were held constant. Constant prices were based on an average
of market prices posted at or near the first of each month from January to December 2011. The extent and character of ownership
and all factual data supplied by Dejour Energy (Alberta) Ltd. were accepted as presented (see Representation Letter attached within).
A field inspection and environmental/safety assessment of the properties was not made by AJM Deloitte and the consultant makes
no representations and accepts no responsibilities in this regards.



This report contains forward looking statements including expectations
of future production and capital expenditures. Possible changes to the current government regulations may cause volumes of proved
reserves actually recovered to differ significantly from the estimated quantities. Information concerning reserves may also be
deemed to be forward looking as estimates imply that the reserves described can be profitably produced in the future. These statements
are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ
from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational
risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development
projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating
to production, costs and expenses, political and environmental factors), and commodity price and exchange rate fluctuation. Present
values for various discount rates documented in this report may not necessarily represent fair market value of the reserves.



A Boe conversion ratio of six (6) Mcf: one (1) barrel has been
used within this report. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.



Dejour Energy (Alberta) Ltd. (“Dejour Alberta”)
is a wholly-owned subsidiary of Dejour Energy Inc. (“Dejour” or “the Company”). The Company makes periodic
filings on Form 20-F under the 1934 Exchange Act. Furthermore, the Company has certain registration statements filed with the
SEC under the 1933 Securities Act which any subsequently filed Form 20-F is incorporated by reference. We have consented to the
incorporation by reference in the registration statements on Form S-X of the Company to the reference to our name as well as to
the reference to our third party report for the Company which appears in the December 31, 2011 annual report on Form 20-F of filings
made under the SEC by The Company.



Yours truly,



Original signed by: “Robin G. Bertram”



Robin G. Bertram, P. Eng.

Partner

Deloitte & Touche LLP



/ct











TABLE 1

Dejour Energy (Alberta) Ltd.

DETAILED ECONOMIC
SUMMARY

AJM Deloitte SEC December 1 2011 Constant
Pricing (CAD)



|Effective December 31, 2011 |  |      |  |     |          |  | Canada |  |       |     |  |  |     | 
|--------------------------- |  | ---- |  | --- | -------- |  | ------ |  | ----- | --- |  |  | --- | 
|                            |  |      |  |     |          |  |        |  |       |     |  |  |     | 
|                            |  |      |  | PDP |          |  | PDNP   |  |       | PUD |  |  | TP  | 
|Light and Medium Oil        |  | Mbbl |  |     |          |  |        |  |       |     |  |  |     | 
|Ultimate Remaining          |  |      |  |     | 530.0    |  |        |  | 0.0   |     |  |  | 0.0 | 
|WI Before Royalty           |  |      |  |     | 397.5    |  |        |  | 0.0   |     |  |  | 0.0 | 
|WI After Royalty            |  |      |  |     | 317.4    |  |        |  | 0.0   |     |  |  | 0.0 | 
|Royalty Interest            |  |      |  |     | 0.0      |  |        |  | 0.0   |     |  |  | 0.0 | 
|Total Net                   |  |      |  |     | 317.4    |  |        |  | 0.0   |     |  |  | 0.0 | 
|                            |  |      |  |     |          |  |        |  |       |     |  |  |     | 
|Total Oil                   |  | Mbbl |  |     |          |  |        |  |       |     |  |  |     | 
|Ultimate Remaining          |  |      |  |     | 530.0    |  |        |  | 0.0   |     |  |  | 0.0 | 
|WI Before Royalty           |  |      |  |     | 397.5    |  |        |  | 0.0   |     |  |  | 0.0 | 
|WI After Royalty            |  |      |  |     | 317.4    |  |        |  | 0.0   |     |  |  | 0.0 | 
|Royalty Interest            |  |      |  |     | 0.0      |  |        |  | 0.0   |     |  |  | 0.0 | 
|Total Net                   |  |      |  |     | 317.4    |  |        |  | 0.0   |     |  |  | 0.0 | 
|                            |  |      |  |     |          |  |        |  |       |     |  |  |     | 
|Sales Gas                   |  | MMcf |  |     |          |  |        |  |       |     |  |  |     | 
|Ultimate Remaining          |  |      |  |     | 1,349.1  |  |        |  | 248.6 |     |  |  | 0.0 | 
|WI Before Royalty           |  |      |  |     | 987.2    |  |        |  | 74.6  |     |  |  | 0.0 | 
|WI After Royalty            |  |      |  |     | 691.8    |  |        |  | 60.3  |     |  |  | 0.0 | 
|Royalty Interest            |  |      |  |     | 0.0      |  |        |  | 0.0   |     |  |  | 0.0 | 
|Total Net                   |  |      |  |     | 691.8    |  |        |  | 60.3  |     |  |  | 0.0 | 
|                            |  |      |  |     |          |  |        |  |       |     |  |  |     | 
|NGLs                        |  | Mbbl |  |     |          |  |        |  |       |     |  |  |     | 
|Ultimate Remaining          |  |      |  |     | 3.6      |  |        |  | 8.5   |     |  |  | 0.0 | 
|WI Before Royalty           |  |      |  |     | 2.6      |  |        |  | 2.6   |     |  |  | 0.0 | 
|WI After Royalty            |  |      |  |     | 1.9      |  |        |  | 1.6   |     |  |  | 0.0 | 
|Royalty Interest            |  |      |  |     | 0.0      |  |        |  | 0.0   |     |  |  | 0.0 | 
|Total Net                   |  |      |  |     | 1.9      |  |        |  | 1.6   |     |  |  | 0.0 | 
|                            |  |      |  |     |          |  |        |  |       |     |  |  |     | 
|MBOE                        |  | Mboe |  |     |          |  |        |  |       |     |  |  |     | 
|Ultimate Remaining          |  |      |  |     | 758.4    |  |        |  | 49.9  |     |  |  | 0.0 | 
|WI Before Royalty           |  |      |  |     | 564.7    |  |        |  | 15.0  |     |  |  | 0.0 | 
|WI After Royalty            |  |      |  |     | 434.7    |  |        |  | 11.7  |     |  |  | 0.0 | 
|Royalty Interest            |  |      |  |     | 0.0      |  |        |  | 0.0   |     |  |  | 0.0 | 
|Total Net                   |  |      |  |     | 434.7    |  |        |  | 11.7  |     |  |  | 0.0 | 
|                            |  |      |  |     |          |  |        |  |       |     |  |  |     | 
|Net Present Values - BTAX   |  | M$   |  |     |          |  |        |  |       |     |  |  |     | 
|Undiscounted                |  |      |  |     | 20,822.0 |  |        |  | 132.8 |     |  |  | 0.0 | 
|Discounted at 5%            |  |      |  |     | 19,954.8 |  |        |  | 106.4 |     |  |  | 0.0 | 
|Discounted at 10%           |  |      |  |     | 19,161.5 |  |        |  | 85.3  |     |  |  | 0.0 | 
|Discounted at 15%           |  |      |  |     | 18,438.4 |  |        |  | 68.4  |     |  |  | 0.0 | 
|Discounted at 20%           |  |      |  |     | 17,779.8 |  |        |  | 54.6  |     |  |  | 0.0 | 





Light & Medium Oil includes Shale Oil. Heavy Oil Includes
Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale
gas and Hydrates.



© Deloitte & Touche LLP and affiliated entities.















Independent petroleum consultants consent



The undersigned firm of Independent Qualified
Reserves Evaluators and Auditors of Calgary, Alberta, Canada has prepared an independent evaluation of reserves and future net
revenues derived therefrom, of the Petroleum and Natural Gas assets of the interests of Dejour Energy (Alberta) Inc. These reserves
and future net revenues were estimated using prior 12 month average constant prices and costs (before and after income taxes)
according to the requirements of SEC’s Regulation S-X, Part 210.4-10 (a). The effective date of this evaluation is December
31, 2011.



In the course of the evaluation, Dejour
Energy (Alberta) Inc. provided AJM Deloitte personnel with basic information which included land, well and accounting (product
prices and operating costs) information; reservoir and geological studies, estimates of on-stream dates for certain properties,
contract information, budget forecasts and financial data. Other engineering, geological or economic data required to conduct
the evaluation and upon which this report is based, were obtained from public records, other operators and from AJM Deloitte non
confidential files. The extent and character of ownership and accuracy of all factual data supplied for the independent evaluation,
from all sources, has been accepted.



A “Representation Letter”
dated March 21, 2012 and signed by two Directors was received from Dejour Energy (Alberta) Inc. prior to the finalization of this
report. This letter specifically addressed the accuracy, completeness and materiality of all the data and information that was
supplied to us during the course of our evaluation of Dejour Energy (Alberta) Inc.’s reserves and net present values. This
letter is included within.



A field inspection and environmental/safety
assessment of the properties was beyond the scope of the engagement of AJM Deloitte and none was carried out. The “Representation
Letter” received from Dejour Energy (Alberta) Inc. provided assurance that no additional information necessary for the completion
of our assignment would have been obtained by a field inspection.



The accuracy of any reserve and production
estimates is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserve
and production estimates presented herein are considered reasonable, the estimates should be accepted with the understanding that
reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.



Revenue projections presented in this
report are subject to uncertainties and may in future differ materially from the forecasts herein. Present values of future net
revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.



|PERMIT
    TO PRACTICE                        | 
|--------------------------------------------- | 
|                                              | 
|Deloitte                                      | 
|Permit Number: P-11444                        | 
|                                              | 
|The Association of Professional
    Engineers | 
|and
    Geoscientists of Alberta              | 















Certificate of qualification



I, R. G. Bertram, a Professional Engineer,
of 700, 850 – 2nd Street S.W., Calgary, Alberta, Canada hereby certify that:



| | 1. | I am an associate partner of
                                                                 Deloitte & Touche LLP (“AJM Deloitte”), which
                                                                 did prepare an evaluation of certain oil and gas assets of the
                                                                 interests of Dejour Energy (Alberta) Ltd. The effective date
                                                                 of this evaluation is December 31, 2011.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I do not have, nor do I expect
                                                                 to receive any direct or indirect interest in the properties
                                                                 evaluated in this report or in the securities of Dejour Energy
                                                                 (Alberta) Ltd.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I attended the University of
                                                                 Alberta and graduated with a Bachelor of Science Degree in Petroleum
                                                                 Engineering in 1985; that I am a Registered Professional Engineer
                                                                 in the Province of Alberta; and I have in excess of twenty six
                                                                 years of engineering experience.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | I am a Qualified Reserves Auditor
                                                                 as defined in the Canadian Oil and Gas Evaluation Handbook, Volume
                                                                 1, Section 3.2.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | A personal field inspection of
                                                                 the properties was not made; however, such an inspection was
                                                                 not considered necessary in view of information available from
                                                                 the files of the interest owners of the properties and the appropriate
                                                                 provincial regulatory authorities.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Original signed by:  “R. G. Bertram”
| | ------------------------------------
| | R. G. Bertram, P. Eng.              
| |                                     
| | March 16, 2012                      
| | Date                                















Certificate of qualification



I, L. G. Mitchell, a Professional Engineer, of 700, 850 –
2nd Street S.W., Calgary, Alberta, Canada hereby certify that:



| | 1. | I am an employee of Deloitte
                                                                 & Touche LLP (“AJM Deloitte”), which did prepare
                                                                 an evaluation of certain oil and gas assets of the interests
                                                                 of Dejour Energy (Alberta) Ltd. The effective date of this evaluation
                                                                 is December 31, 2011.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I do not have, nor do I expect
                                                                 to receive any direct or indirect interest in the properties
                                                                 evaluated in this report or in the securities of Dejour Energy
                                                                 (Alberta) Ltd.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I attended the University of
                                                                 Calgary and graduated with a Bachelor of Science Degree in Chemical
                                                                 Engineering in 2008; that I am a Registered Professional Engineer
                                                                 in the Province of Alberta; and I have in excess of four years
                                                                 of engineering experience.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | A personal field inspection of
                                                                 the properties was not made; however, such an inspection was
                                                                 not considered necessary in view of information available from
                                                                 the files of the interest owners of the properties and the appropriate
                                                                 provincial regulatory authorities.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Original signed by:  “L. G. Mitchell”
| | -------------------------------------
| | L. G. Mitchell, P. Eng.              
| |                                      
| | March 16, 2012                       
| | Date                                 















Certificate of qualification



I, I. J. Olsen, a Professional Engineer,
of 700, 850 – 2nd Street Avenue S.W., Calgary, Alberta, Canada hereby certify that:



| | 1. | I am an employee of Deloitte
                                                                 & Touche LLP (“AJM Deloitte”), which did prepare
                                                                 an evaluation of certain oil and gas assets of the interests
                                                                 of Dejour Energy (Alberta) Ltd. The effective date of this evaluation
                                                                 is December 31, 2011.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I do not have, nor do I expect
                                                                 to receive any direct or indirect interest in the properties
                                                                 evaluated in this report or in the securities of Dejour Energy
                                                                 (Alberta) Ltd.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I attended the University of
                                                                 Alberta and graduated with a Bachelor of Science Degree in Chemical
                                                                 Engineering in 2007; that I am a Registered Professional Engineer
                                                                 in the Province of Alberta; and I have in excess of four years
                                                                 of engineering experience.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | A personal field inspection of
                                                                 the properties was not made; however, such an inspection was
                                                                 not considered necessary in view of information available from
                                                                 the files of the interest owners of the properties and the appropriate
                                                                 provincial regulatory authorities.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Original signed by:  “I. J. Olsen”
| | ----------------------------------
| | I. J. Olsen, P. Eng.              
| |                                   
| | March 16, 2012                    
| | Date                              















Certificate of qualification



I, D. E. Yee, a Professional Engineer,
of 700, 850 – 2nd Street Avenue S.W., Calgary, Alberta, Canada hereby certify that:



| | 1. | I am an employee of Deloitte
                                                                 & Touche LLP (“AJM Deloitte”), which did prepare
                                                                 an evaluation of certain oil and gas assets of the interests
                                                                 of Dejour Energy (Alberta) Ltd. The effective date of this evaluation
                                                                 is December 31, 2011.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I do not
                                                                                     have, nor do I expect to receive any direct
                                                                                     or indirect interest in the properties evaluated
                                                                                     in this report or in the securities of Dejour
                                                                                     Energy (Alberta) Ltd.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I attended the University of
                                                                 Calgary and graduated with a Bachelor of Science Degree in Mechanical
                                                                 Engineering in 1992; that I am a Registered Professional Engineer
                                                                 in the Province of Alberta; and I have in excess of fourteen
                                                                 years of engineering experience.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | A personal field inspection of
                                                                 the properties was not made; however, such an inspection was
                                                                 not considered necessary in view of information available from
                                                                 the files of the interest owners of the properties and the appropriate
                                                                 provincial regulatory authorities.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Original signed by:  “David E. Yee”
| | -----------------------------------
| | D. E. Yee, P. Eng.                 
| |                                    
| | March 16, 2012                     
| | Date                               















Certificate of qualification



I, L. D. Boyd, a Registered Professional Geologist, of 700,
850 – 2nd Street	S.W., Calgary, Alberta, Canada hereby certify that:



| | 1. | I am an employee of Deloitte & Touche LLP (“AJM
                                                                 Deloitte”), which did prepare an evaluation of certain
                                                                 oil and gas assets of the interests of Dejour Energy (Alberta)
                                                                 Ltd. The effective date of this evaluation is December 31, 2011.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I do not have, nor do I expect to receive any direct or indirect
                                                                 interest in the properties evaluated in this report or in the
                                                                 securities of Dejour Energy (Alberta) Ltd.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I attended the University of Calgary and graduated with a
                                                                 Bachelor of Science Degree in Geology in 1976; that I am a Registered
                                                                 Professional Geologist in the Province of Alberta; and I have
                                                                 in excess of thirty five years of geological experience.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | A personal field inspection of the properties was not made;
                                                                 however, such an inspection was not considered necessary in view
                                                                 of information available from the files of the interest owners
                                                                 of the properties and the appropriate provincial regulatory authorities.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Original signed by:  “L.
    D. Boyd”
| | -------------------------------------
| | L. D. Boyd, P. Geol.                 
| |                                      
| | March 16, 2012                       
| | Date                                 



















Certificate of qualification



I, K. White, a Professional Geologist, of 700, 850 –
2nd Street S.W., Calgary, Alberta, Canada hereby certify that:



| | 1. | I am an employee of Deloitte
                                                                 & Touche LLP (“AJM Deloitte”), which company
                                                                 did prepare an evaluation of certain oil and gas assets of the
                                                                 interests of Dejour Energy (Alberta) Ltd. The effective date
                                                                 of this evaluation is December 31, 2011.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | I do not have, nor do I expect
                                                                 to receive any direct or indirect interest in the properties
                                                                 evaluated in this report or in the securities of Dejour Energy
                                                                 (Alberta) Ltd.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | I attended the University of
                                                                 Manitoba and graduated with a Bachelor of Science Degree in Geology
                                                                 in 1981; that I am a Registered Professional Geologist in the
                                                                 Province of Alberta; and I have in excess of thirty years of
                                                                 geological experience.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | A personal field inspection of
                                                                 the properties was not made; however, such an inspection was
                                                                 not considered necessary in view of information available from
                                                                 the files of the interest owners of the properties and the appropriate
                                                                 provincial regulatory authorities.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Original signed by:  “K. White”
| | -------------------------------
| | K. White, P. Geol.             
| |                                
| | March 16, 2012                 
| | Date                           











| | Dejour Energy
                           (Alberta) Ltd.
        A subsidiary of Dejour Energy
        Inc.
        2600,
        144 4th Avenue SW
        Calgary,
        AB T2P 3N4
        P:
        (403) 266-3825
        F: (403) 470-7520
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



March
21, 2012



AJM
Deloitte

East
Tower, Fifth Avenue Place

6thFloor, 425 – lst Street S.W.

Calgary,
Alberta
T2P 3L8



| | Re: | Standard Representation
                                                                         Letter
| | --- | -------------------------------------------------------------------------------------------------------

| |  | Corporate Reserve Evaluation
| |  | ----------------------------



Regarding
the evaluation of our Company’s oil and gas reserves and independent appraisal of the economic value of these reserves effective
December 31, 2011 (the “effective date”), we herein confirm to the best of our knowledge and belief as of the effective
date of the reserves evaluation, the following representations and information made to you during the course and conduct of the
evaluation.



| | 1. | We (the “Client”)
                                                                  have made available to you (the “Evaluator”) certain
                                                                  records, information and data relating to the evaluated properties
                                                                  that we confirm is, with the exception of immaterial items,
                                                                  complete and accurate as of the effective date of the reserves
                                                                  evaluation including the following:
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | accounting, financial and
                                                                       contractual data
| | -- | -----------------------------------------------------------------------------------------------------------------

| | b. | asset ownership and related
                                                                       encumbrance information
| | -- | --------------------------------------------------------------------------------------------------------------------------

| | c. | details concerning product
                                                                       marketing, transportation and processing arrangement
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | d. | all technical information
                                                                       including geological, engineering and production and test
                                                                       data
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | e. | estimates of future abandonment
                                                                       and reclamation costs.
| | -- | -----------------------------------------------------------------------------------------------------------------------------



| | 2. | We confirm that all financial
                                                                  and accounting information provided to you is, to the best of
                                                                  our knowledge, both on an individual entity basis and in total,
                                                                  entirely consistent with that reported by our Company for public
                                                                  disclosure and annual audit purposes.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | We confirm that our Company
                                                                  has satisfactory title to all of the assets, whether tangible,
                                                                  intangible or otherwise, for which accurate and current ownership
                                                                  information has been provided.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | With respect to all information
                                                                  provided to you regarding product marketing, transportation
                                                                  and processing arrangements, we confirm that we have disclosed
                                                                  to you all anticipated changes, terminations and additions to
                                                                  these arrangements that could reasonably be expected to have
                                                                  a material impact on the evaluation of our Company’s reserves
                                                                  and future net revenues.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | With the possible exception
                                                                  of items of an immaterial nature, we confirm as of the effective
                                                                  date of the evaluation that:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | a. | For all operated properties
                                                                       that you have evaluated, no changes have occurred or are
                                                                       reasonably expected to occur to the operating conditions
                                                                       or methods that have been used by our Company over the
                                                                       past twelve (12) months, except as disclosed to you. In
                                                                       the case of non-operated properties, we have advised you
                                                                       of any changes of which we have been made aware.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | This letter provides assurance
                                                                       that no additional information necessary for the completion
                                                                       of your assignment would have been obtained by a field
                                                                       inspection.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------











| | Dejour Energy
                           (Alberta) Ltd.
        A subsidiary of Dejour Energy
        Inc.
        2600,
        144 4th Avenue SW
        Calgary,
        AB T2P 3N4
        P:
        (403) 266-3825
        F: (403) 470-7520
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | c. | All regulatory approvals,
                                                                       permits and licenses required to allow continuity of future
                                                                       operations and production from the evaluated properties
                                                                       are in place and, except as disclosed to you, there are
                                                                       no directives, orders, penalties or regulatory rulings
                                                                       in effect or expected to come into effect relating to the
                                                                       evaluated properties.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | d. | Except as disclosed to
                                                                       you, the producing trend and status of each evaluated well
                                                                       or entity in effect throughout the three month period preceding
                                                                       the effective date of the evaluation are consistent with
                                                                       those that existed for the same well or entity immediately
                                                                       prior to this period.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | e. | Except as disclosed to
                                                                       you, we have no plans or intentions related to the ownership,
                                                                       development or operation of the evaluated properties that
                                                                       could reasonably be expected to materially affect the production
                                                                       levels or recovery of reserves from the evaluated properties.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | f. | If material changes of
                                                                       an adverse nature occur in the Company’s operating
                                                                       performance subsequent to the effective date and prior
                                                                       to the report date, we will undertake to inform you of
                                                                       such material changes prior to requesting your approval
                                                                       for any public disclosure of reserves information.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | g. | Between
                                                                       the effective date of the report and the date of this letter,
                                                                       nothing has come to our attention that has materially affected
                                                                       or could materially affect our reserves and the economic
                                                                       value of these reserves that has not been disclosed to
                                                                       you.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Yours truly,



|/s/
    Harrison F. Blacker |  | /s/
    Mathew Wong
|--------------------------- |  | -------------------
|Harrison
    F. Blacker     |  | Mathew
    Wong    
|Director                    |  | Director           















Table of contents





|Executive summary                                             | 
|------------------------------------------------------------- | 
|                                                              | 
|·Property
    location map                                    | 
|·AJM
    Deloitte SEC December 1, 2011 Constant pricing (CAD) | 
|·Corporate
    summary                                        | 
|·Property
    summary tables                                  | 
|                                                              | 
|Economics                                                     | 
|                                                              | 
|·AJM
    Deloitte SEC December 1, 2011 constant price (CAD)   | 
|                                                              | 
|Evaluation procedure                                          | 
|                                                              | 
|Effective date: December 31, 2011                             | 



© Deloitte LLP and affiliated entities.























Dejour Energy (Alberta) Ltd.

DETAILED ECONOMIC SUMMARY

AJM Deloitte SEC December 1 2011 Constant
Pricing (CAD)



|Effective December 31, 2011 |  |      |  | Canada |         
|--------------------------- |  | ---- |  | ------ | --------
|                            |  |      |  |        |         
|                            |  |      |  |        | PDP     
|Light and Medium Oil        |  | Mbbl |  |        |         
|Ultimate Remaining          |  |      |  |        | 530.0   
|WI Before Royalty           |  |      |  |        | 397.5   
|WI After Royalty            |  |      |  |        | 317.4   
|Royalty Interest            |  |      |  |        | 0.0     
|Total Net                   |  |      |  |        | 317.4   
|                            |  |      |  |        |         
|Total Oil                   |  | Mbbl |  |        |         
|Ultimate Remaining          |  |      |  |        | 530.0   
|WI Before Royalty           |  |      |  |        | 397.5   
|WI After Royalty            |  |      |  |        | 317.4   
|Royalty Interest            |  |      |  |        | 0.0     
|Total Net                   |  |      |  |        | 317.4   
|                            |  |      |  |        |         
|Sales Gas                   |  | MMcf |  |        |         
|Ultimate Remaining          |  |      |  |        | 1,349.1 
|WI Before Royalty           |  |      |  |        | 987.2   
|WI After Royalty            |  |      |  |        | 691.8   
|Royalty Interest            |  |      |  |        | 0.0     
|Total Net                   |  |      |  |        | 691.8   
|                            |  |      |  |        |         
|NGLs                        |  | Mbbl |  |        |         
|Ultimate Remaining          |  |      |  |        | 3.6     
|WI Before Royalty           |  |      |  |        | 2.6     
|WI After Royalty            |  |      |  |        | 1.9     
|Royalty Interest            |  |      |  |        | 0.0     
|Total Net                   |  |      |  |        | 1.9     
|                            |  |      |  |        |         
|MBOE                        |  | Mboe |  |        |         
|Ultimate Remaining          |  |      |  |        | 758.4   
|WI Before Royalty           |  |      |  |        | 564.7   
|WI After Royalty            |  |      |  |        | 434.7   
|Royalty Interest            |  |      |  |        | 0.0     
|Total Net                   |  |      |  |        | 434.7   
|                            |  |      |  |        |         
|Net Present Values - BTAX   |  | M$   |  |        |         
|Undiscounted                |  |      |  |        | 20,822.0
|Discounted at 5%            |  |      |  |        | 19,954.8
|Discounted at 10%           |  |      |  |        | 19,161.5
|Discounted at 15%           |  |      |  |        | 18,438.4
|Discounted at 20%           |  |      |  |        | 17,779.8








Light & Medium Oil includes Shale Oil. Heavy Oil Includes
Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale
gas and Hydrates.



© Deloitte & Touche LLP and affiliated entities.











Dejour Energy (Alberta) Ltd.

DETAILED RESERVES AND PRESENT VALUE

AJM Deloitte SEC December 1 2011 Constant
Pricing (CAD)

Canada



|Effective December
    31, 2011 |  | Proved
    Developed Producing | 
|------------------------------- |  | ------------------------------ | 
|                                |  |                                | 
|                                |  |                                | 
|                                |  |                                | 
|Location                        |  | Formation                      | 
|Canada                          |  |                                | 
|Alberta                         |  |                                | 
|Abandonments                    |  |                                | 
|Alberta                         |  |                                | 
|British
    Columbia            |  |                                | 
|Drake/Woodrush                  |  |                                | 
|British
    Columbia            |  |                                | 
|Canada                          |  |                                | 
|Total                           |  |                                | 



© Deloitte & Touche LLP and affiliated entities.











Dejour Energy (Alberta) Ltd.

DETAILED RESERVES AND PRESENT VALUE

AJM Deloitte SEC December 1 2011 Constant
Pricing (CAD)

Canada



|Effective December
    31, 2011 |  | Proved    | 
|------------------------------- |  | --------- | 
|                                |  |           | 
|                                |  |           | 
|                                |  |           | 
|Location                        |  | Formation | 
|Canada                          |  |           | 
|Alberta                         |  |           | 
|Abandonments                    |  |           | 
|Saddle Hills                    |  |           | 
|Alberta                         |  |           | 
|British
    Columbia            |  |           | 
|Drake/Woodrush                  |  |           | 
|British
    Columbia            |  |           | 
|Canada                          |  |           | 
|Total                           |  |           | 



© Deloitte & Touche LLP and affiliated entities.













Dejour Energy (Alberta) Ltd.

PRODUCTION AND REVENUE FORECAST

Company Share

AJM Deloitte SEC December 1 2011 Constant
Pricing (CAD)

2012



|Effective December
    31, 2011 |  | Proved
    Developed Producing | 
|------------------------------- |  | ------------------------------ | 
|                                |  |                                | 
|                                |  |                                | 
|Location                        |  | Formation                      | 
|Canada                          |  |                                | 
|British
    Columbia            |  |                                | 
|Drake/Woodrush                  |  |                                | 
|British
    Columbia            |  |                                | 
|Canada                          |  |                                | 
|Total                           |  |                                | 



© Deloitte & Touche LLP and affiliated entities.











Dejour Energy (Alberta) Ltd.

PRODUCTION AND REVENUE FORECAST

Company Share

AJM Deloitte SEC December 1 2011 Constant
Pricing (CAD)

2012





|Effective December
    31, 2011 |  | Proved    | 
|------------------------------- |  | --------- | 
|                                |  |           | 
|                                |  |           | 
|Location                        |  | Formation | 
|Canada                          |  |           | 
|Alberta                         |  |           | 
|Saddle Hills                    |  |           | 
|Alberta                         |  |           | 
|British
    Columbia            |  |           | 
|Drake/Woodrush                  |  |           | 
|British
    Columbia            |  |           | 
|Canada                          |  |           | 
|Total                           |  |           | 



© Deloitte & Touche LLP and affiliated entities.

















Dejour Energy
(Alberta) Ltd.

CASH FLOW TAX
POOL

AJM Deloitte SEC
December 1 2011 Constant Pricing (CAD)



|Selection :Canada           |                                          
|--------------------------- | -----------------------------------------
|Effective December 31, 2011 | Total Proved Developed Producing Reserves
|                            |                                          
|OIL, GAS & SULPHUR SUMMARY  |                                          



|      |  | COMPANY OIL |     |  | COMPANY SALES GAS |  |     | SULPHUR |  |  | TOTAL     | 
|----- |  | ----------- | --- |  | ----------------- |  | --- | ------- |  |  | --------- | 
|      |  |             |     |  | Pool              |  |     | Pool    |  |  | WI        | 
|      |  |             |     |  | Rates             |  |     | Volumes |  |  | Volume    | 
|      |  | Wells       |     |  | bbl/d             |  |     | bbl     |  |  | bbl       | 
|2012  |  |             | 3.0 |  |                   |  | 841 |         |  |  | 307,961.2 | 
|2013  |  |             | 3.0 |  |                   |  | 321 |         |  |  | 117,009.4 | 
|2014  |  |             | 3.0 |  |                   |  | 157 |         |  |  | 57,404.1  | 
|2015  |  |             | 3.0 |  |                   |  | 79  |         |  |  | 28,818.2  | 
|2016  |  |             | 3.0 |  |                   |  | 51  |         |  |  | 18,792.8  | 
|2017  |  |             | 0.0 |  |                   |  | 0   |         |  |  | 0.0       | 
|2018  |  |             | 0.0 |  |                   |  | 0   |         |  |  | 0.0       | 
|2019  |  |             | 0.0 |  |                   |  | 0   |         |  |  | 0.0       | 
|2020  |  |             | 0.0 |  |                   |  | 0   |         |  |  | 0.0       | 
|2021  |  |             | 0.0 |  |                   |  | 0   |         |  |  | 0.0       | 
|Sub   |  |             |     |  |                   |  |     |         |  |  | 529,985.8 | 
|Rem   |  |             |     |  |                   |  |     |         |  |  | 0.0       | 
|Total |  |             |     |  |                   |  |     |         |  |  | 529,985.8 | 



NGL SUMMARY



|      |  | CONDENSATE |         |  | ETHANE |  |     | PROPANE |  |  | BUTANE    |  |  | TOTAL NGL |      
|----- |  | ---------- | ------- |  | ------ |  | --- | ------- |  |  | --------- |  |  | --------- | -----
|      |  | WI         |         |  | RI     |  |     |         |  |  | Co. Share |  |  | WI        |      
|      |  | Volume     |         |  | Volume |  |     | Price   |  |  | Revenue   |  |  | Volume    |      
|      |  | bbl        |         |  | bbl    |  |     | $/bbl   |  |  | M$        |  |  | bbl       |      
|2012  |  |            | 990.5   |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 88.2 
|2013  |  |            | 626.0   |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 55.7 
|2014  |  |            | 415.8   |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 37.0 
|2015  |  |            | 289.0   |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 25.7 
|2016  |  |            | 202.3   |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 18.0 
|2017  |  |            | 97.5    |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 8.7  
|2018  |  |            | 8.9     |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 0.8  
|2019  |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|2020  |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|2021  |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|Sub   |  |            | 2,630.0 |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 234.1
|Rem   |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|Total |  |            | 2,630.0 |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 234.1



CASH FLOW BTAX



|      |  |         |        |  |         |  |         |          |  |  |         |  |  |         |       |  | Total   |  |     | Net Rev   |  |  |        |  |  | Sask    |        |  | Fixed   |  |     | Variable  |  |  |          |  |  | Total     |         |  | Abandon |  |         | Net       |  |  |            |  |  | NET  |          |  | CUM  |  |       | Disc Cash | 
|----- |  | ------- | ------ |  | ------- |  | ------- | -------- |  |  | ------- |  |  | ------- | ----- |  | ------- |  | --- | --------- |  |  | ------ |  |  | ------- | ------ |  | ------- |  | --- | --------- |  |  | -------- |  |  | --------- | ------- |  | ------- |  | ------- | --------- |  |  | ---------- |  |  | ---- | -------- |  | ---- |  | ----- | --------- | 
|      |  | Company |        |  | Crown   |  |         | Freehold |  |  | ORR     |  |  | Mineral |       |  | Royalty |  |     | After     |  |  | Other  |  |  | Corp    |        |  | Oper    |  |     | Operating |  |  | Other    |  |  | Operating |         |  | Cost &  |  |         | Operating |  |  | Total      |  |  | Cash |          |  | Cash |  |       | Flow      | 
|      |  | Revenue |        |  | Royalty |  |         | Royalty  |  |  | Royalty |  |  | Tax     |       |  | Burden  |  |     | Royalties |  |  | Income |  |  | Cap Tax |        |  | Expense |  |     | Expense   |  |  | Expenses |  |  | Costs     |         |  | Salvage |  |         | Income    |  |  | Investment |  |  | Flow |          |  | Flow |  |       | (10%)     | 
|      |  | M$      |        |  | M$      |  |         | M$       |  |  | M$      |  |  | M$      |       |  | %       |  |     | M$        |  |  | M$     |  |  | M$      |        |  | M$      |  |     | M$        |  |  | M$       |  |  | M$        |         |  | M$      |  |         | M$        |  |  | M$         |  |  | M$   |          |  | M$   |  |       | M$        | 
|2012  |  |         | 22,448 |  |         |  | 5,054.0 |          |  |  | 0.0     |  |  |         | 75.9  |  |         |  | 0.0 |           |  |  | 23     |  |  |         | 17,318 |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 897.8   |  |         |  | 2,924.5 |           |  |  | 0.0        |  |  |      | 3,822.3  |  |      |  | 0.0   |           | 
|2013  |  |         | 8,831  |  |         |  | 1,814.3 |          |  |  | 0.0     |  |  |         | 45.9  |  |         |  | 0.0 |           |  |  | 21     |  |  |         | 6,971  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 880.6   |  |         |  | 1,266.2 |           |  |  | 0.0        |  |  |      | 2,146.7  |  |      |  | 74.2  |           | 
|2014  |  |         | 4,486  |  |         |  | 775.9   |          |  |  | 0.0     |  |  |         | 30.7  |  |         |  | 0.0 |           |  |  | 18     |  |  |         | 3,679  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 871.8   |  |         |  | 688.6   |           |  |  | 0.0        |  |  |      | 1,560.4  |  |      |  | 0.0   |           | 
|2015  |  |         | 2,365  |  |         |  | 275.3   |          |  |  | 0.0     |  |  |         | 22.8  |  |         |  | 0.0 |           |  |  | 13     |  |  |         | 2,067  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 871.8   |  |         |  | 395.5   |           |  |  | 0.0        |  |  |      | 1,267.3  |  |      |  | 0.0   |           | 
|2016  |  |         | 1,562  |  |         |  | 130.5   |          |  |  | 0.0     |  |  |         | 17.0  |  |         |  | 0.0 |           |  |  | 9      |  |  |         | 1,414  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 871.8   |  |         |  | 266.5   |           |  |  | 0.0        |  |  |      | 1,138.3  |  |      |  | 56.2  |           | 
|2017  |  |         | 137    |  |         |  | 19.6    |          |  |  | 0.0     |  |  |         | 4.5   |  |         |  | 0.0 |           |  |  | 18     |  |  |         | 113    |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 40.6    |  |         |  | 60.5    |           |  |  | 0.0        |  |  |      | 101.1    |  |      |  | 56.2  |           | 
|2018  |  |         | 13     |  |         |  | 1.4     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 11     |  |  |         | 11     |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 5.4     |  |         |  | 5.5     |           |  |  | 0.0        |  |  |      | 10.9     |  |      |  | 56.2  |           | 
|2019  |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 461.2 |           | 
|2020  |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 0.0   |           | 
|2021  |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 0.0   |           | 
|Sub   |  |         | 39,841 |  |         |  | 8,070.9 |          |  |  | 0.0     |  |  |         | 196.9 |  |         |  | 0.0 |           |  |  | 21     |  |  |         | 31,573 |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 4,439.6 |  |         |  | 5,607.3 |           |  |  | 0.0        |  |  |      | 10,047.0 |  |      |  | 704.2 |           | 
|Rem   |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 0.0   |           | 
|Total |  |         | 39,841 |  |         |  | 8,070.9 |          |  |  | 0.0     |  |  |         | 196.9 |  |         |  | 0.0 |           |  |  | 21     |  |  |         | 31,573 |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 4,439.6 |  |         |  | 5,607.3 |           |  |  | 0.0        |  |  |      | 10,047.0 |  |      |  | 704.2 |           | 



CO. SHARE RESERVES LIFE (years)



|Reserves Half Life      |  |  | 1.0 | 
|----------------------- |  |  | --- | 
|RLI (Principal Product) |  |  | 1.9 | 
|Reserves Life           |  |  | 7.0 | 
|RLI (BOE)               |  |  | 1.9 | 



TOTAL RESERVES - SALES



|            |  | GROSS |         |  | WI |  |         | CO SH |  |  | NET     | 
|----------- |  | ----- | ------- |  | -- |  | ------- | ----- |  |  | ------- | 
|Oil (bbl)   |  |       | 529,986 |  |    |  | 397,489 |       |  |  | 397,489 | 
|Gas (MMcf)  |  |       | 1,349   |  |    |  | 987     |       |  |  | 987     | 
|Gas (boe)   |  |       | 224,857 |  |    |  | 164,536 |       |  |  | 164,536 | 
|*NGL (bbl)  |  |       | 0       |  |    |  | 0       |       |  |  | 0       | 
|Cond (bbl)  |  |       | 3,602   |  |    |  | 2,630   |       |  |  | 2,630   | 
|Total (boe) |  |       | 758,445 |  |    |  | 564,655 |       |  |  | 564,655 | 



*This NGL Value includes only Ethane, Propane and Butane. Condensate
and Field Condensate are included in the Condensate line.



NET PRESENT VALUES BEFORE TAX



|Discount |  |           |        |  |            |  |     |           |  |  |         | 
|-------- |  | --------- | ------ |  | ---------- |  | --- | --------- |  |  | ------- | 
|Rate     |  | Op Income |        |  | Investment |  |     | Cash Flow |  |  | NPV/BOE | 
|%        |  | M$        |        |  | M$         |  |     | M$        |  |  | $/BOE   | 
|0        |  |           | 20,822 |  |            |  | 0.0 |           |  |  | 20,822  | 
|5        |  |           | 19,955 |  |            |  | 0.0 |           |  |  | 19,955  | 
|10       |  |           | 19,162 |  |            |  | 0.0 |           |  |  | 19,162  | 
|12       |  |           | 18,864 |  |            |  | 0.0 |           |  |  | 18,864  | 
|15       |  |           | 18,438 |  |            |  | 0.0 |           |  |  | 18,438  | 
|20       |  |           | 17,780 |  |            |  | 0.0 |           |  |  | 17,780  | 



CAPITAL (undisc)



|                 |  |  |         |  | Unrisked |  |        | Risked | 
|---------------- |  |  | ------- |  | -------- |  | ------ | ------ | 
|Cost Of Prod.    |  |  | $/BOEPD |  |          |  | 0.00   |        | 
|Cost Of Reserves |  |  | $/BOE   |  |          |  | 0.00   |        | 
|Prob Of Success  |  |  | %       |  |          |  | 100.00 |        | 
|Chance Of        |  |  | %       |  |          |  | 100.00 |        | 



ECONOMIC INDICATORS



|                     |  |  |            |  | BTAX     |  |   | ATAX   | 
|-------------------- |  |  | ---------- |  | -------- |  | - | ------ | 
|                     |  |  |            |  | Unrisked |  |   | Risked | 
|Discount Rate        |  |  | (%)        |  |          |  |   |        | 
|Payout               |  |  | (Yrs)      |  |          |  |   |        | 
|Discounted Payout    |  |  | (Yrs)      |  |          |  |   |        | 
|DCF Rate of Return   |  |  | (%)        |  |          |  | > |        | 
|NPV/Undisc Invest    |  |  |            |  |          |  |   |        | 
|NPV/Disc Invest      |  |  |            |  |          |  |   |        | 
|NPV/DIS Cap Exposure |  |  |            |  |          |  |   |        | 
|NPV/BOEPD            |  |  | (M$/boepd) |  |          |  |   |        | 



FIRST 12 MONTHS AVG. PERFORMANCE (undisc)



|                |  |  |         |  | WI       |  |       | Co. Share | 
|--------------- |  |  | ------- |  | -------- |  | ----- | --------- | 
|                |  |  |         |  | Unrisked |  |       | Risked    | 
|Production      |  |  | (BOEPD) |  |          |  | 819   |           | 
|Price           |  |  | ($/BOE) |  |          |  | 75.06 |           | 
|Royalties       |  |  | ($/BOE) |  |          |  | 17.15 |           | 
|Operating Costs |  |  | ($/BOE) |  |          |  | 12.78 |           | 
|NetBack         |  |  | ($/BOE) |  |          |  | 45.12 |           | 
|Recycle Ratio   |  |  | (ratio) |  |          |  | 0.00  |           | 





© Deloitte & Touche LLP and affiliated entities.













Dejour Energy
(Alberta) Ltd.

CASH FLOW TAX
POOL

AJM Deloitte SEC
December 1 2011 Constant Pricing (CAD)



|Selection :Canada           |                                          
|--------------------------- | -----------------------------------------
|Effective December 31, 2011 | Total Proved Developed Producing Reserves
|                            |                                          
|CASH FLOW ATAX              |                                          



|      |  | Income   |         |  |           |  |         |          |  |  | Federal |  |  | Basic   |         |  | Federal |  |       |         |  |  |            |  |  | Federal |     |  | Attributed |  |     | Provincial |  |  | Basic      |  |  | Provincial |     |  | Provincial |  |         | Total  |  |  |           |  |  |           |     |  | CUM  |  |       | Disc Cash | 
|----- |  | -------- | ------- |  | --------- |  | ------- | -------- |  |  | ------- |  |  | ------- | ------- |  | ------- |  | ----- | ------- |  |  | ---------- |  |  | ------- | --- |  | ---------- |  | --- | ---------- |  |  | ---------- |  |  | ---------- | --- |  | ---------- |  | ------- | ------ |  |  | --------- |  |  | --------- | --- |  | ---- |  | ----- | --------- | 
|      |  | Before   |         |  | Tax Loss  |  |         | Tax Loss |  |  | Taxable |  |  | Federal |         |  | M&P Tax |  |       | Federal |  |  | Invest Tax |  |  | Income  |     |  | Royalty    |  |     | Taxable    |  |  | Provincial |  |  | M&P Tax    |     |  | Income     |  |         | Income |  |  | BTAX      |  |  | ATAX      |     |  | Cash |  |       | Flow      | 
|      |  | Tax Loss |         |  | Generated |  |         | Claim    |  |  | Income  |  |  | Tax     |         |  | Credit  |  |       | Surtax  |  |  | Credit     |  |  | Tax     |     |  | Income     |  |     | Income     |  |  | Tax        |  |  | Credit     |     |  | Tax        |  |         | Tax    |  |  | Cash Flow |  |  | Cash Flow |     |  | Flow |  |       | (10%)     | 
|      |  | M$       |         |  | M$        |  |         | M$       |  |  | M$      |  |  | M$      |         |  | M$      |  |       | M$      |  |  | M$         |  |  | M$      |     |  | M$         |  |     | M$         |  |  | M$         |  |  | M$         |     |  | M$         |  |         | M$     |  |  | M$        |  |  | M$        |     |  | M$   |  |       | M$        | 
|2012  |  |          | 0.0     |  |           |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2013  |  |          | 2,851.9 |  |           |  | 0.0     |          |  |  | 0.0     |  |  |         | 2,851.9 |  |         |  | 427.8 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 427.8      |  |  |            | 0.0 |  |            |  | 2,851.9 |        |  |  | 285.2     |  |  |           | 0.0 |  |      |  | 285.2 |           | 
|2014  |  |          | 756.5   |  |           |  | 0.0     |          |  |  | 0.0     |  |  |         | 756.5   |  |         |  | 113.5 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 113.5      |  |  |            | 0.0 |  |            |  | 756.5   |        |  |  | 75.7      |  |  |           | 0.0 |  |      |  | 75.7  |           | 
|2015  |  |          | -204.9  |  |           |  | 204.9   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2016  |  |          | -521.6  |  |           |  | 521.6   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2017  |  |          | -591.8  |  |           |  | 591.8   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2018  |  |          | -461.0  |  |           |  | 461.0   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2019  |  |          | -761.0  |  |           |  | 761.0   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2020  |  |          | -222.1  |  |           |  | 222.1   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2021  |  |          | -164.7  |  |           |  | 164.7   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|Sub   |  |          | 681.4   |  |           |  | 2,927.0 |          |  |  | 0.0     |  |  |         | 3,608.4 |  |         |  | 541.3 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 541.3      |  |  |            | 0.0 |  |            |  | 3,608.4 |        |  |  | 360.8     |  |  |           | 0.0 |  |      |  | 360.8 |           | 
|Rem   |  |          | -481.3  |  |           |  | 481.3   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|Total |  |          | 200.1   |  |           |  | 3,408.3 |          |  |  | 0.0     |  |  |         | 3,608.4 |  |         |  | 541.3 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 541.3      |  |  |            | 0.0 |  |            |  | 3,608.4 |        |  |  | 360.8     |  |  |           | 0.0 |  |      |  | 360.8 |           | 



TAXABLE INCOME



|      |  |          |        |  |          |  |         | Plus Non- |  |  |           |  |  | Resource  |     |  |          |  |          |          |  |  | Net        |  |  | Net Resource |     |  | Net Other |  |     |       |  |  |        |  |  |     |     |  |           |  |      | Resource | 
|----- |  | -------- | ------ |  | -------- |  | ------- | --------- |  |  | --------- |  |  | --------- | --- |  | -------- |  | -------- | -------- |  |  | ---------- |  |  | ------------ | --- |  | --------- |  | --- | ----- |  |  | ------ |  |  | --- | --- |  | --------- |  | ---- | -------- | 
|      |  | Resource |        |  | Resource |  |         | Deduct    |  |  | Resource  |  |  | Operating |     |  | Resource |  |          | Resource |  |  | Production |  |  | Royalty      |     |  | Resource  |  |     |       |  |  |        |  |  |     |     |  | Depletion |  |      | Taxable  | 
|      |  | Revenue  |        |  | Royalty  |  |         | Royalty   |  |  | Allowance |  |  | Cost      |     |  | CCA      |  |          | Overhead |  |  | Royalty    |  |  | Income       |     |  | Income    |  |     | COGPE |  |  | CDE    |  |  | CEE |     |  | Allowance |  |      | Income   | 
|      |  | M$       |        |  | M$       |  |         | M$        |  |  | M$        |  |  | M$        |     |  | M$       |  |          | M$       |  |  | M$         |  |  | M$           |     |  | M$        |  |     | M$    |  |  | M$     |  |  | M$  |     |  | M$        |  |      | M$       | 
|2012  |  |          | 22,448 |  |          |  | 5,054.0 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 3,822.3  |          |  |  | 1,792.8    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -75.9  |  |  |     | 0.0 |  |           |  | 2.9  |          | 
|2013  |  |          | 8,831  |  |          |  | 1,814.3 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 2,221.0  |          |  |  | 1,344.6    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -45.9  |  |  |     | 0.0 |  |           |  | 2.6  |          | 
|2014  |  |          | 4,486  |  |          |  | 775.9   |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 1,560.4  |          |  |  | 1,008.4    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -30.7  |  |  |     | 0.0 |  |           |  | 2.3  |          | 
|2015  |  |          | 2,365  |  |          |  | 275.3   |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 1,267.3  |          |  |  | 756.3      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -22.8  |  |  |     | 0.0 |  |           |  | 2.1  |          | 
|2016  |  |          | 1,562  |  |          |  | 130.5   |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 1,194.5  |          |  |  | 567.2      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -17.0  |  |  |     | 0.0 |  |           |  | 1.9  |          | 
|2017  |  |          | 137    |  |          |  | 19.6    |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 157.4    |          |  |  | 425.4      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -4.5   |  |  |     | 0.0 |  |           |  | 1.7  |          | 
|2018  |  |          | 13     |  |          |  | 1.4     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 67.2     |          |  |  | 319.1      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.5  |          | 
|2019  |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 461.2    |          |  |  | 239.3      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.4  |          | 
|2020  |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 0.0      |          |  |  | 179.5      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.2  |          | 
|2021  |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 0.0      |          |  |  | 134.6      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.1  |          | 
|Sub   |  |          | 39,841 |  |          |  | 8,070.9 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 10,751.2 |          |  |  | 6,767.2    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -196.9 |  |  |     | 0.0 |  |           |  | 18.9 |          | 
|Rem   |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 0.0      |          |  |  | 403.8      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 10.0 |          | 
|Total |  |          | 39,841 |  |          |  | 8,070.9 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 10,751.2 |          |  |  | 7,171.0    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -196.9 |  |  |     | 0.0 |  |           |  | 28.9 |          | 



TAX LOSS POOL



|      |  | Net        |     |  |          |  |     |            |  |  | M&P     |  |  | Other    |     |  |         |  |     |         |  |  | Non      |  |  | Other   |     |  |          |  |     |          |  |  |       |  |  |      |     |  |      |  |     |           |  |  |      |  |  |          |        
|----- |  | ---------- | --- |  | -------- |  | --- | ---------- |  |  | ------- |  |  | -------- | --- |  | ------- |  | --- | ------- |  |  | -------- |  |  | ------- | --- |  | -------- |  | --- | -------- |  |  | ----- |  |  | ---- | --- |  | ---- |  | --- | --------- |  |  | ---- |  |  | -------- | -------
|      |  | Processing |     |  | Class 41 |  |     | Processing |  |  | Taxable |  |  | Business |     |  | Class 1 |  |     | Class 2 |  |  | Resource |  |  | Taxable |     |  | Overhead |  |     | Overhead |  |  | COGPE |  |  | CDE  |     |  | CEE  |  |     | Depletion |  |  | Acri |  |  | Tax Loss |        
|      |  | Income     |     |  | CCA      |  |     | Overhead   |  |  | Income  |  |  | Income   |     |  | CCA     |  |     | CCA     |  |  | Overhead |  |  | Income  |     |  | to CEE   |  |     | to CDE   |  |  | Pool  |  |  | Pool |     |  | Pool |  |     | Pool      |  |  | Pool |  |  | Pool     |        
|      |  | M$         |     |  | M$       |  |     | M$         |  |  | M$      |  |  | M$       |     |  | M$      |  |     | M$      |  |  | M$       |  |  | M$      |     |  | M$       |  |     | M$       |  |  | M$    |  |  | M$   |     |  | M$   |  |     | M$        |  |  | M$   |  |  | M$       |        
|2012  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 26.1 |  |  |          | 1,673.0
|2013  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 23.5 |  |  |          | 1,171.1
|2014  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 21.1 |  |  |          | 819.8  
|2015  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 19.0 |  |  |          | 573.8  
|2016  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 17.1 |  |  |          | 401.7  
|2017  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 15.4 |  |  |          | 281.2  
|2018  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 13.9 |  |  |          | 196.8  
|2019  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 12.5 |  |  |          | 137.8  
|2020  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 11.2 |  |  |          | 96.4   
|2021  |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 10.1 |  |  |          | 67.5   
|Sub   |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 10.1 |  |  |          | 67.5   
|Rem   |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 0.1  |  |  |          | 0.0    
|Total |  |            | 0.0 |  |          |  | 0.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 0.1  |  |  |          | 0.0    



NET PRESENT VALUES AFTER TAX



|Discount |  |           |        |  |            |  |     |           |  |  |         | 
|-------- |  | --------- | ------ |  | ---------- |  | --- | --------- |  |  | ------- | 
|Rate     |  | Op Income |        |  | Investment |  |     | Cash Flow |  |  | NPV/BOE | 
|%        |  | M$        |        |  | M$         |  |     | M$        |  |  | $/BOE   | 
|0        |  |           | 19,920 |  |            |  | 0.0 |           |  |  | 19,920  | 
|5        |  |           | 19,126 |  |            |  | 0.0 |           |  |  | 19,126  | 
|10       |  |           | 18,397 |  |            |  | 0.0 |           |  |  | 18,397  | 
|12       |  |           | 18,123 |  |            |  | 0.0 |           |  |  | 18,123  | 
|15       |  |           | 17,731 |  |            |  | 0.0 |           |  |  | 17,731  | 
|20       |  |           | 17,122 |  |            |  | 0.0 |           |  |  | 17,122  | 



CORPORATE OPENING TAX POOLS (M$)



|Class 1 Pool               |  |  | 0.00      |  
|-------------------------- |  |  | --------- | -
|Class 2 Pool               |  |  | 0.00      |  
|Class 6 Pool               |  |  | 0.00      |  
|Class 8 Pool               |  |  | 0.00      |  
|Class 10 Pool              |  |  | 0.00      |  
|Class 12 Pool              |  |  | 0.00      |  
|Class 41 Pool              |  |  | 7,171.00  |  
|Class 43 Pool              |  |  | 0.00      |  
|Declining Balance Pool     |  |  | 0.00      |  
|Declining Balance Rate     |  |  | 0.00      |  
|Straight Line Decline Pool |  |  | 0.00      |  
|Straight Line Decline      |  |  | 0.00      | %
|COGPE Pool                 |  |  | 29.00     |  
|CDE Pool                   |  |  | 2,390.00  |  
|CEE Pool                   |  |  | 11,032.00 |  
|Depletion Pool             |  |  | 0.00      |  
|ACRI Pool                  |  |  | 0.00      |  
|Tax Loss Pool              |  |  | 0.00      |  





© Deloitte & Touche LLP and affiliated entities.













Dejour Energy
(Alberta) Ltd.

CASH FLOW TAX
POOL

AJM Deloitte SEC
December 1 2011 Constant Pricing (CAD)



|Selection :Canada           |                      
|--------------------------- | ---------------------
|Effective December 31, 2011 | Total Proved Reserves
|                            |                      
|OIL, GAS & SULPHUR SUMMARY  |                      



|      |  |       |     |  | COMPANY OIL |  |     | COMPANY SALES GAS |  |  | SULPHUR   |  |  | TOTAL  |          
|----- |  | ----- | --- |  | ----------- |  | --- | ----------------- |  |  | --------- |  |  | ------ | ---------
|      |  |       |     |  | Pool        |  |     | Pool              |  |  | WI        |  |  | RI     |          
|      |  |       |     |  | Rates       |  |     | Volumes           |  |  | Volume    |  |  | Volume |          
|      |  | Wells |     |  | bbl/d       |  |     | bbl               |  |  | bbl       |  |  | bbl    |          
|2012  |  |       | 3.0 |  |             |  | 841 |                   |  |  | 307,961.2 |  |  |        | 230,970.9
|2013  |  |       | 3.0 |  |             |  | 321 |                   |  |  | 117,009.4 |  |  |        | 87,757.1 
|2014  |  |       | 3.0 |  |             |  | 157 |                   |  |  | 57,404.1  |  |  |        | 43,053.1 
|2015  |  |       | 3.0 |  |             |  | 79  |                   |  |  | 28,818.2  |  |  |        | 21,613.7 
|2016  |  |       | 3.0 |  |             |  | 51  |                   |  |  | 18,792.8  |  |  |        | 14,094.6 
|2017  |  |       | 0.0 |  |             |  | 0   |                   |  |  | 0.0       |  |  |        | 0.0      
|2018  |  |       | 0.0 |  |             |  | 0   |                   |  |  | 0.0       |  |  |        | 0.0      
|2019  |  |       | 0.0 |  |             |  | 0   |                   |  |  | 0.0       |  |  |        | 0.0      
|2020  |  |       | 0.0 |  |             |  | 0   |                   |  |  | 0.0       |  |  |        | 0.0      
|2021  |  |       | 0.0 |  |             |  | 0   |                   |  |  | 0.0       |  |  |        | 0.0      
|Sub   |  |       |     |  |             |  |     |                   |  |  | 529,985.8 |  |  |        | 397,489.3
|Rem   |  |       |     |  |             |  |     |                   |  |  | 0.0       |  |  |        | 0.0      
|Total |  |       |     |  |             |  |     |                   |  |  | 529,985.8 |  |  |        | 397,489.3



NGL SUMMARY



|      |  | CONDENSATE |         |  | ETHANE |  |     | PROPANE |  |  | BUTANE    |  |  | TOTAL NGL |      
|----- |  | ---------- | ------- |  | ------ |  | --- | ------- |  |  | --------- |  |  | --------- | -----
|      |  | WI         |         |  | RI     |  |     |         |  |  | Co. Share |  |  | WI        |      
|      |  | Volume     |         |  | Volume |  |     | Price   |  |  | Revenue   |  |  | Volume    |      
|      |  | bbl        |         |  | bbl    |  |     | $/bbl   |  |  | M$        |  |  | bbl       |      
|2012  |  |            | 990.5   |  |        |  | 0.0 |         |  |  | 89.01     |  |  |           | 88.2 
|2013  |  |            | 975.9   |  |        |  | 0.0 |         |  |  | 91.88     |  |  |           | 89.7 
|2014  |  |            | 637.0   |  |        |  | 0.0 |         |  |  | 91.79     |  |  |           | 58.5 
|2015  |  |            | 436.9   |  |        |  | 0.0 |         |  |  | 91.72     |  |  |           | 40.1 
|2016  |  |            | 305.9   |  |        |  | 0.0 |         |  |  | 91.72     |  |  |           | 28.1 
|2017  |  |            | 172.1   |  |        |  | 0.0 |         |  |  | 92.48     |  |  |           | 15.9 
|2018  |  |            | 21.9    |  |        |  | 0.0 |         |  |  | 93.75     |  |  |           | 2.1  
|2019  |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|2020  |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|2021  |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|Sub   |  |            | 3,540.1 |  |        |  | 0.0 |         |  |  | 91.07     |  |  |           | 322.4
|Rem   |  |            | 0.0     |  |        |  | 0.0 |         |  |  | 0.00      |  |  |           | 0.0  
|Total |  |            | 3,540.1 |  |        |  | 0.0 |         |  |  | 91.07     |  |  |           | 322.4



CASH FLOW BTAX



|      |  |         |        |  |         |  |         |          |  |  |         |  |  |         |       |  | Total   |  |     | Net Rev   |  |  |        |  |  | Sask    |        |  | Fixed   |  |     | Variable  |  |  |          |  |  | Total     |         |  | Abandon |  |         | Net       |  |  |            |  |  | NET  |          |  | CUM  |  |       | Disc Cash | 
|----- |  | ------- | ------ |  | ------- |  | ------- | -------- |  |  | ------- |  |  | ------- | ----- |  | ------- |  | --- | --------- |  |  | ------ |  |  | ------- | ------ |  | ------- |  | --- | --------- |  |  | -------- |  |  | --------- | ------- |  | ------- |  | ------- | --------- |  |  | ---------- |  |  | ---- | -------- |  | ---- |  | ----- | --------- | 
|      |  | Company |        |  | Crown   |  |         | Freehold |  |  | ORR     |  |  | Mineral |       |  | Royalty |  |     | After     |  |  | Other  |  |  | Corp    |        |  | Oper    |  |     | Operating |  |  | Other    |  |  | Operating |         |  | Cost &  |  |         | Operating |  |  | Total      |  |  | Cash |          |  | Cash |  |       | Flow      | 
|      |  | Revenue |        |  | Royalty |  |         | Royalty  |  |  | Royalty |  |  | Tax     |       |  | Burden  |  |     | Royalties |  |  | Income |  |  | Cap Tax |        |  | Expense |  |     | Expense   |  |  | Expenses |  |  | Costs     |         |  | Salvage |  |         | Income    |  |  | Investment |  |  | Flow |          |  | Flow |  |       | (10%)     | 
|      |  | M$      |        |  | M$      |  |         | M$       |  |  | M$      |  |  | M$      |       |  | %       |  |     | M$        |  |  | M$     |  |  | M$      |        |  | M$      |  |     | M$        |  |  | M$       |  |  | M$        |         |  | M$      |  |         | M$        |  |  | M$         |  |  | M$   |          |  | M$   |  |       | M$        | 
|2012  |  |         | 22,448 |  |         |  | 5,054.0 |          |  |  | 0.0     |  |  |         | 75.9  |  |         |  | 0.0 |           |  |  | 23     |  |  |         | 17,318 |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 897.8   |  |         |  | 2,924.5 |           |  |  | 0.0        |  |  |      | 3,822.3  |  |      |  | 0.0   |           | 
|2013  |  |         | 9,019  |  |         |  | 1,823.0 |          |  |  | 0.0     |  |  |         | 59.9  |  |         |  | 0.0 |           |  |  | 21     |  |  |         | 7,136  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 896.3   |  |         |  | 1,292.0 |           |  |  | 0.0        |  |  |      | 2,188.3  |  |      |  | 74.2  |           | 
|2014  |  |         | 4,604  |  |         |  | 787.9   |          |  |  | 0.0     |  |  |         | 37.8  |  |         |  | 0.0 |           |  |  | 18     |  |  |         | 3,779  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 887.5   |  |         |  | 704.9   |           |  |  | 0.0        |  |  |      | 1,592.4  |  |      |  | 0.0   |           | 
|2015  |  |         | 2,444  |  |         |  | 281.3   |          |  |  | 0.0     |  |  |         | 26.3  |  |         |  | 0.0 |           |  |  | 13     |  |  |         | 2,137  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 887.5   |  |         |  | 406.4   |           |  |  | 0.0        |  |  |      | 1,293.9  |  |      |  | 0.0   |           | 
|2016  |  |         | 1,617  |  |         |  | 133.0   |          |  |  | 0.0     |  |  |         | 18.5  |  |         |  | 0.0 |           |  |  | 9      |  |  |         | 1,466  |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 887.5   |  |         |  | 274.2   |           |  |  | 0.0        |  |  |      | 1,161.7  |  |      |  | 56.2  |           | 
|2017  |  |         | 177    |  |         |  | 20.3    |          |  |  | 0.0     |  |  |         | 5.0   |  |         |  | 0.0 |           |  |  | 14     |  |  |         | 152    |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 56.4    |  |         |  | 66.0    |           |  |  | 0.0        |  |  |      | 122.4    |  |      |  | 56.2  |           | 
|2018  |  |         | 20     |  |         |  | 1.4     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 7      |  |  |         | 18     |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 8.8     |  |         |  | 6.5     |           |  |  | 0.0        |  |  |      | 15.3     |  |      |  | 56.2  |           | 
|2019  |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 461.2 |           | 
|2020  |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 0.0   |           | 
|2021  |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 0.0   |           | 
|Sub   |  |         | 40,330 |  |         |  | 8,100.9 |          |  |  | 0.0     |  |  |         | 223.4 |  |         |  | 0.0 |           |  |  | 21     |  |  |         | 32,005 |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 4,521.8 |  |         |  | 5,674.5 |           |  |  | 0.0        |  |  |      | 10,196.2 |  |      |  | 704.2 |           | 
|Rem   |  |         | 0      |  |         |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0   |  |         |  | 0.0 |           |  |  | 0      |  |  |         | 0      |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 0.0     |  |         |  | 0.0     |           |  |  | 0.0        |  |  |      | 0.0      |  |      |  | 0.0   |           | 
|Total |  |         | 40,330 |  |         |  | 8,100.9 |          |  |  | 0.0     |  |  |         | 223.4 |  |         |  | 0.0 |           |  |  | 21     |  |  |         | 32,005 |  |         |  | 0.0 |           |  |  | 0.0      |  |  |           | 4,521.8 |  |         |  | 5,674.5 |           |  |  | 0.0        |  |  |      | 10,196.2 |  |      |  | 704.2 |           | 



CO. SHARE RESERVES LIFE (years)



|Reserves Half Life      |  |  | 1.0 | 
|----------------------- |  |  | --- | 
|RLI (Principal Product) |  |  | 1.9 | 
|Reserves Life           |  |  | 7.0 | 
|RLI (BOE)               |  |  | 1.9 | 



TOTAL RESERVES - SALES



|            |  | GROSS |         |  | WI |  |         | CO SH |  |  | NET     | 
|----------- |  | ----- | ------- |  | -- |  | ------- | ----- |  |  | ------- | 
|Oil (bbl)   |  |       | 529,986 |  |    |  | 397,489 |       |  |  | 397,489 | 
|Gas (MMcf)  |  |       | 1,598   |  |    |  | 1,062   |       |  |  | 1,062   | 
|Gas (boe)   |  |       | 266,297 |  |    |  | 176,968 |       |  |  | 176,968 | 
|*NGL (bbl)  |  |       | 5,470   |  |    |  | 1,641   |       |  |  | 1,641   | 
|Cond (bbl)  |  |       | 6,635   |  |    |  | 3,540   |       |  |  | 3,540   | 
|Total (boe) |  |       | 808,388 |  |    |  | 579,638 |       |  |  | 579,638 | 



*This NGL Value includes only Ethane, Propane and Butane. Condensate
and Field Condensate are included in the Condensate line.



NET PRESENT VALUES BEFORE TAX



|Discount |  |           |        |  |            |  |       |           |  |  |         | 
|-------- |  | --------- | ------ |  | ---------- |  | ----- | --------- |  |  | ------- | 
|Rate     |  | Op Income |        |  | Investment |  |       | Cash Flow |  |  | NPV/BOE | 
|%        |  | M$        |        |  | M$         |  |       | M$        |  |  | $/BOE   | 
|0        |  |           | 21,105 |  |            |  | 150.0 |           |  |  | 20,955  | 
|5        |  |           | 20,204 |  |            |  | 143.1 |           |  |  | 20,061  | 
|10       |  |           | 19,384 |  |            |  | 136.9 |           |  |  | 19,247  | 
|12       |  |           | 19,077 |  |            |  | 134.6 |           |  |  | 18,942  | 
|15       |  |           | 18,638 |  |            |  | 131.2 |           |  |  | 18,507  | 
|20       |  |           | 17,960 |  |            |  | 126.0 |           |  |  | 17,834  | 



|CAPITAL (undisc) |  |  |         |  |          |  |        |        | 
|---------------- |  |  | ------- |  | -------- |  | ------ | ------ | 
|                 |  |  |         |  |          |  |        |        | 
|                 |  |  |         |  | Unrisked |  |        | Risked | 
|Cost Of Prod.    |  |  | $/BOEPD |  |          |  | 183.19 |        | 
|Cost Of Reserves |  |  | $/BOE   |  |          |  | 0.26   |        | 
|Prob Of Success  |  |  | %       |  |          |  | 100.00 |        | 
|Chance Of        |  |  | %       |  |          |  | 100.00 |        | 



ECONOMIC INDICATORS



|                     |  |            |  | BTAX     |       |  | ATAX   |  
|-------------------- |  | ---------- |  | -------- | ----- |  | ------ | -
|                     |  |            |  | Unrisked |       |  | Risked |  
|Discount Rate        |  | (%)        |  |          | 10.0  |  |        |  
|Payout               |  | (Yrs)      |  |          | 0.0   |  |        |  
|Discounted Payout    |  | (Yrs)      |  |          | 0.0   |  |        |  
|DCF Rate of Return   |  | (%)        |  | >        | 200.0 |  |        | >
|NPV/Undisc Invest    |  |            |  |          | 128.3 |  |        |  
|NPV/Disc Invest      |  |            |  |          | 140.6 |  |        |  
|NPV/DIS Cap Exposure |  |            |  |          | 140.6 |  |        |  
|NPV/BOEPD            |  | (M$/boepd) |  |          | 23.5  |  |        |  



FIRST 12 MONTHS AVG. PERFORMANCE (undisc)



|                |  |  |         |  | WI       |  |        | Co. Share | 
|--------------- |  |  | ------- |  | -------- |  | ------ | --------- | 
|                |  |  |         |  | Unrisked |  |        | Risked    | 
|Production      |  |  | (BOEPD) |  |          |  | 819    |           | 
|Price           |  |  | ($/BOE) |  |          |  | 75.06  |           | 
|Royalties       |  |  | ($/BOE) |  |          |  | 17.15  |           | 
|Operating Costs |  |  | ($/BOE) |  |          |  | 12.78  |           | 
|NetBack         |  |  | ($/BOE) |  |          |  | 45.12  |           | 
|Recycle Ratio   |  |  | (ratio) |  |          |  | 174.37 |           | 





© Deloitte & Touche LLP and affiliated entities.













Dejour Energy
(Alberta) Ltd.

CASH FLOW TAX
POOL

AJM Deloitte SEC
December 1 2011 Constant Pricing (CAD)



|Selection :Canada           |                      
|--------------------------- | ---------------------
|Effective December 31, 2011 | Total Proved Reserves
|                            |                      
|CASH FLOW ATAX              |                      



|      |  | Income   |         |  |           |  |         |          |  |  | Federal |  |  | Basic   |         |  | Federal |  |       |         |  |  |            |  |  | Federal |     |  | Attributed |  |     | Provincial |  |  | Basic      |  |  | Provincial |     |  | Provincial |  |         | Total  |  |  |           |  |  |           |     |  | CUM  |  |       | Disc Cash | 
|----- |  | -------- | ------- |  | --------- |  | ------- | -------- |  |  | ------- |  |  | ------- | ------- |  | ------- |  | ----- | ------- |  |  | ---------- |  |  | ------- | --- |  | ---------- |  | --- | ---------- |  |  | ---------- |  |  | ---------- | --- |  | ---------- |  | ------- | ------ |  |  | --------- |  |  | --------- | --- |  | ---- |  | ----- | --------- | 
|      |  | Before   |         |  | Tax Loss  |  |         | Tax Loss |  |  | Taxable |  |  | Federal |         |  | M&P Tax |  |       | Federal |  |  | Invest Tax |  |  | Income  |     |  | Royalty    |  |     | Taxable    |  |  | Provincial |  |  | M&P Tax    |     |  | Income     |  |         | Income |  |  | BTAX      |  |  | ATAX      |     |  | Cash |  |       | Flow      | 
|      |  | Tax Loss |         |  | Generated |  |         | Claim    |  |  | Income  |  |  | Tax     |         |  | Credit  |  |       | Surtax  |  |  | Credit     |  |  | Tax     |     |  | Income     |  |     | Income     |  |  | Tax        |  |  | Credit     |     |  | Tax        |  |         | Tax    |  |  | Cash Flow |  |  | Cash Flow |     |  | Flow |  |       | (10%)     | 
|      |  | M$       |         |  | M$        |  |         | M$       |  |  | M$      |  |  | M$      |         |  | M$      |  |       | M$      |  |  | M$         |  |  | M$      |     |  | M$         |  |     | M$         |  |  | M$         |  |  | M$         |     |  | M$         |  |         | M$     |  |  | M$        |  |  | M$        |     |  | M$   |  |       | M$        | 
|2012  |  |          | 0.0     |  |           |  | 0.0     |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2013  |  |          | 2,923.9 |  |           |  | 0.0     |          |  |  | 0.0     |  |  |         | 2,923.9 |  |         |  | 438.6 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 438.6      |  |  |            | 0.0 |  |            |  | 2,923.9 |        |  |  | 292.4     |  |  |           | 0.0 |  |      |  | 292.4 |           | 
|2014  |  |          | 799.5   |  |           |  | 0.0     |          |  |  | 0.0     |  |  |         | 799.5   |  |         |  | 119.9 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 119.9      |  |  |            | 0.0 |  |            |  | 799.5   |        |  |  | 79.9      |  |  |           | 0.0 |  |      |  | 79.9  |           | 
|2015  |  |          | -180.0  |  |           |  | 180.0   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2016  |  |          | -507.3  |  |           |  | 507.3   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2017  |  |          | -584.5  |  |           |  | 584.5   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2018  |  |          | -466.2  |  |           |  | 466.2   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2019  |  |          | -766.8  |  |           |  | 766.8   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2020  |  |          | -226.4  |  |           |  | 226.4   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|2021  |  |          | -168.0  |  |           |  | 168.0   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|Sub   |  |          | 824.1   |  |           |  | 2,899.2 |          |  |  | 0.0     |  |  |         | 3,723.4 |  |         |  | 558.5 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 558.5      |  |  |            | 0.0 |  |            |  | 3,723.4 |        |  |  | 372.3     |  |  |           | 0.0 |  |      |  | 372.3 |           | 
|Rem   |  |          | -491.2  |  |           |  | 491.2   |          |  |  | 0.0     |  |  |         | 0.0     |  |         |  | 0.0   |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 0.0        |  |  |            | 0.0 |  |            |  | 0.0     |        |  |  | 0.0       |  |  |           | 0.0 |  |      |  | 0.0   |           | 
|Total |  |          | 332.9   |  |           |  | 3,390.4 |          |  |  | 0.0     |  |  |         | 3,723.4 |  |         |  | 558.5 |         |  |  | 0.0        |  |  |         | 0.0 |  |            |  | 0.0 |            |  |  | 558.5      |  |  |            | 0.0 |  |            |  | 3,723.4 |        |  |  | 372.3     |  |  |           | 0.0 |  |      |  | 372.3 |           | 



TAXABLE INCOME



|      |  |          |        |  |          |  |         | Plus Non- |  |  |           |  |  | Resource  |     |  |          |  |          |          |  |  | Net        |  |  | Net Resource |     |  | Net Other |  |     |       |  |  |        |  |  |     |     |  |           |  |      | Resource | 
|----- |  | -------- | ------ |  | -------- |  | ------- | --------- |  |  | --------- |  |  | --------- | --- |  | -------- |  | -------- | -------- |  |  | ---------- |  |  | ------------ | --- |  | --------- |  | --- | ----- |  |  | ------ |  |  | --- | --- |  | --------- |  | ---- | -------- | 
|      |  | Resource |        |  | Resource |  |         | Deduct    |  |  | Resource  |  |  | Operating |     |  | Resource |  |          | Resource |  |  | Production |  |  | Royalty      |     |  | Resource  |  |     |       |  |  |        |  |  |     |     |  | Depletion |  |      | Taxable  | 
|      |  | Revenue  |        |  | Royalty  |  |         | Royalty   |  |  | Allowance |  |  | Cost      |     |  | CCA      |  |          | Overhead |  |  | Royalty    |  |  | Income       |     |  | Income    |  |     | COGPE |  |  | CDE    |  |  | CEE |     |  | Allowance |  |      | Income   | 
|      |  | M$       |        |  | M$       |  |         | M$        |  |  | M$        |  |  | M$        |     |  | M$       |  |          | M$       |  |  | M$         |  |  | M$           |     |  | M$        |  |     | M$    |  |  | M$     |  |  | M$  |     |  | M$        |  |      | M$       | 
|2012  |  |          | 22,448 |  |          |  | 5,054.0 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 3,822.3  |          |  |  | 1,811.5    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -75.9  |  |  |     | 0.0 |  |           |  | 2.9  |          | 
|2013  |  |          | 9,019  |  |          |  | 1,823.0 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 2,262.5  |          |  |  | 1,377.4    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -59.9  |  |  |     | 0.0 |  |           |  | 2.6  |          | 
|2014  |  |          | 4,604  |  |          |  | 787.9   |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 1,592.4  |          |  |  | 1,033.0    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -37.8  |  |  |     | 0.0 |  |           |  | 2.3  |          | 
|2015  |  |          | 2,444  |  |          |  | 281.3   |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 1,293.9  |          |  |  | 774.8      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -26.3  |  |  |     | 0.0 |  |           |  | 2.1  |          | 
|2016  |  |          | 1,617  |  |          |  | 133.0   |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 1,217.9  |          |  |  | 581.1      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -18.5  |  |  |     | 0.0 |  |           |  | 1.9  |          | 
|2017  |  |          | 177    |  |          |  | 20.3    |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 178.6    |          |  |  | 435.8      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -5.0   |  |  |     | 0.0 |  |           |  | 1.7  |          | 
|2018  |  |          | 20     |  |          |  | 1.4     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 71.5     |          |  |  | 326.9      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -0.0   |  |  |     | 0.0 |  |           |  | 1.5  |          | 
|2019  |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 461.2    |          |  |  | 245.1      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.4  |          | 
|2020  |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 0.0      |          |  |  | 183.9      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.2  |          | 
|2021  |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 0.0      |          |  |  | 137.9      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 1.1  |          | 
|Sub   |  |          | 40,330 |  |          |  | 8,100.9 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 10,900.5 |          |  |  | 6,907.3    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -223.4 |  |  |     | 0.0 |  |           |  | 18.9 |          | 
|Rem   |  |          | 0      |  |          |  | 0.0     |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 0.0      |          |  |  | 413.7      |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | 0.0    |  |  |     | 0.0 |  |           |  | 10.0 |          | 
|Total |  |          | 40,330 |  |          |  | 8,100.9 |           |  |  | 0.0       |  |  |           | 0.0 |  |          |  | 10,900.5 |          |  |  | 7,321.0    |  |  |              | 0.0 |  |           |  | 0.0 |       |  |  | -223.4 |  |  |     | 0.0 |  |           |  | 28.9 |          | 



TAX LOSS POOL



|      |  | Net        |     |  |          |  |       |            |  |  | M&P     |  |  | Other    |     |  |         |  |     |         |  |  | Non      |  |  | Other   |     |  |          |  |     |          |  |  |       |  |  |      |     |  |      |  |     |           |  |  |      |  |  |          |        
|----- |  | ---------- | --- |  | -------- |  | ----- | ---------- |  |  | ------- |  |  | -------- | --- |  | ------- |  | --- | ------- |  |  | -------- |  |  | ------- | --- |  | -------- |  | --- | -------- |  |  | ----- |  |  | ---- | --- |  | ---- |  | --- | --------- |  |  | ---- |  |  | -------- | -------
|      |  | Processing |     |  | Class 41 |  |       | Processing |  |  | Taxable |  |  | Business |     |  | Class 1 |  |     | Class 2 |  |  | Resource |  |  | Taxable |     |  | Overhead |  |     | Overhead |  |  | COGPE |  |  | CDE  |     |  | CEE  |  |     | Depletion |  |  | Acri |  |  | Tax Loss |        
|      |  | Income     |     |  | CCA      |  |       | Overhead   |  |  | Income  |  |  | Income   |     |  | CCA     |  |     | CCA     |  |  | Overhead |  |  | Income  |     |  | to CEE   |  |     | to CDE   |  |  | Pool  |  |  | Pool |     |  | Pool |  |     | Pool      |  |  | Pool |  |  | Pool     |        
|      |  | M$         |     |  | M$       |  |       | M$         |  |  | M$      |  |  | M$       |     |  | M$      |  |     | M$      |  |  | M$       |  |  | M$      |     |  | M$       |  |     | M$       |  |  | M$    |  |  | M$   |     |  | M$   |  |     | M$        |  |  | M$   |  |  | M$       |        
|2012  |  |            | 0.0 |  |          |  | 18.8  |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 26.1 |  |  |          | 1,673.0
|2013  |  |            | 0.0 |  |          |  | 32.8  |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 23.5 |  |  |          | 1,171.1
|2014  |  |            | 0.0 |  |          |  | 24.6  |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 21.1 |  |  |          | 819.8  
|2015  |  |            | 0.0 |  |          |  | 18.5  |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 19.0 |  |  |          | 573.8  
|2016  |  |            | 0.0 |  |          |  | 13.8  |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 17.1 |  |  |          | 401.7  
|2017  |  |            | 0.0 |  |          |  | 10.4  |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 15.4 |  |  |          | 281.2  
|2018  |  |            | 0.0 |  |          |  | 7.8   |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 13.9 |  |  |          | 196.8  
|2019  |  |            | 0.0 |  |          |  | 5.8   |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 12.5 |  |  |          | 137.8  
|2020  |  |            | 0.0 |  |          |  | 4.4   |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 11.2 |  |  |          | 96.4   
|2021  |  |            | 0.0 |  |          |  | 3.3   |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 10.1 |  |  |          | 67.5   
|Sub   |  |            | 0.0 |  |          |  | 140.1 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 10.1 |  |  |          | 67.5   
|Rem   |  |            | 0.0 |  |          |  | 9.9   |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 0.1  |  |  |          | 0.0    
|Total |  |            | 0.0 |  |          |  | 150.0 |            |  |  | 0.0     |  |  |          | 0.0 |  |         |  | 0.0 |         |  |  | 0.0      |  |  |         | 0.0 |  |          |  | 0.0 |          |  |  | 0.0   |  |  |      | 0.0 |  |      |  | 0.0 |           |  |  | 0.1  |  |  |          | 0.0    



|NET PRESENT VALUES AFTER TAX |  |           |       
|---------------------------- |  | --------- | ------
|                             |  |           |       
|Discount                     |  |           |       
|Rate                         |  | Op Income |       
|%                            |  | M$        |       
|0                            |  |           | 20,174
|5                            |  |           | 19,350
|10                           |  |           | 18,596
|12                           |  |           | 18,313
|15                           |  |           | 17,908
|20                           |  |           | 17,282



|CORPORATE OPENING TAX POOLS (M$) |  |  |          
|-------------------------------- |  |  | ---------
|                                 |  |  |          
|Class 1 Pool                     |  |  | 0.00     
|Class 2 Pool                     |  |  | 0.00     
|Class 6 Pool                     |  |  | 0.00     
|Class 8 Pool                     |  |  | 0.00     
|Class 10 Pool                    |  |  | 0.00     
|Class 12 Pool                    |  |  | 0.00     
|Class 41 Pool                    |  |  | 7,171.00 
|Class 43 Pool                    |  |  | 0.00     
|Declining Balance Pool           |  |  | 0.00     
|Declining Balance Rate           |  |  | 0.00     
|Straight Line Decline Pool       |  |  | 0.00     
|Straight Line Decline            |  |  | 0.00     
|COGPE Pool                       |  |  | 29.00    
|CDE Pool                         |  |  | 2,390.00 
|CEE Pool                         |  |  | 11,032.00
|Depletion Pool                   |  |  | 0.00     
|ACRI Pool                        |  |  | 0.00     
|Tax Loss Pool                    |  |  | 0.00     





© Deloitte & Touche LLP and affiliated entities.















Evaluation procedure



Definitions and methodology



Effective as of December 2011





© Deloitte LLP and affiliated entities.













Table of Contents



|Definitions                          | 
|------------------------------------ | 
|                                     | 
|·Procedure                           | 
|·Reserve
    evaluation              | 
|·Reserve
    classification          | 
|                                     | 
|Reserve estimation methodology       | 
|                                     | 
|Production forecasts                 | 
|                                     | 
|Land schedules and maps              | 
|                                     | 
|Geology                              | 
|                                     | 
|Royalties and taxes                  | 
|                                     | 
|Capital and operating considerations | 
|                                     | 
|Pricing overview                     | 



© Deloitte LLP and affiliated entities.











Procedure



AJM Deloitte has prepared estimates of
reserves in accordance with the SEC Regulation S-K, 229.1202 and Regulation S-X, 210.4-10.



Reserve evaluation



A “Reserves evaluation” is
the process whereby a qualified reserves evaluator estimates the quantities and values of oil and gas reserves by interpreting
and assessing all available pertinent data. The value of an oil and gas asset is a function of the ability or potential ability
of that asset to generate future net revenue, and it is measured using a set of forward-looking assumptions regarding reserves,
production, prices, and costs. Evaluations of oil and gas reserves, include a discounted cash flow analysis of estimated future
net revenue.



Reserve classification



Reserves are classified by AJM Deloitte
in accordance with the definitions that are described in the United States Securities and Exchange Commission Regulation S-X Part
210.4-10(a).



© Deloitte LLP and affiliated entities.











Reserve estimation methodology



AJM Deloitte has assigned all reserves
via deterministic methods.



Production forecasts



Production forecasts are based on historical
trends or by comparison with other wells in the immediate area producing from analogous reservoirs. Non-producing gas reserves
were forecast to come on-stream within the first two years from the effective date under direct sales pricing and deliverability
assumptions, if a tie-in point to an existing gathering system was in close proximity (approximately two miles). If the tie-in
point was of a greater distance (and dependent on the reserve volume and risk) the reserves were forecast to come on-stream in
years three or four from the effective date. These on-stream dates were used when the company could not provide specific on-stream
date information.



© Deloitte LLP and affiliated entities.











Land schedule and maps



The Company provided schedules of land
ownership which included lessor and lessee royalty burdens. The land data was accepted as factual and no investigation of title
by AJM Deloitte was made to verify the records.



Well maps included within this report
represent all of the Company’s interests that were evaluated in the specified area.



Geology



An initial review of each property is
undertaken to establish the produced maturity of the reservoir being evaluated. Where extensive production history exists a geologic
analysis is not conducted since the remaining hydrocarbons can be determined by productivity analysis.



For properties that are not of a mature
production nature a geologic review is conducted. This work consists of:



| | · | developing
                                                                                                                                       a
                                                                                                                                       regional
                                                                                                                                       understanding
                                                                                                                                       of
                                                                                                                                       the
                                                                                                                                       play,
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

| | · | assessing
                                                                                                                                       reservoir
                                                                                                                                       parameters
                                                                                                                                       from
                                                                                                                                       the
                                                                                                                                       nearest
                                                                                                                                       analogous
                                                                                                                                       production,
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

| | · | analysis
                                                                                                                                       of
                                                                                                                                       all
                                                                                                                                       relevant
                                                                                                                                       well
                                                                                                                                       data
                                                                                                                                       including
                                                                                                                                       logs,
                                                                                                                                       cores,
                                                                                                                                       and
                                                                                                                                       tests
                                                                                                                                       to
                                                                                                                                       measure
                                                                                                                                       net
                                                                                                                                       formation
                                                                                                                                       thickness
                                                                                                                                       (pay),
                                                                                                                                       porosity,
                                                                                                                                       and
                                                                                                                                       initial
                                                                                                                                       water
                                                                                                                                       saturation,
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

| | · | auditing
                                                                                                                     of client
                                                                                                                     mapping or
                                                                                                                     developing
                                                                                                                     maps to meet
                                                                                                                     AJM Deloitte’s
                                                                                                                     need to establish
                                                                                                                     volumetric
                                                                                                                     hydrocarbons-in-place.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Procedures specific to the individual
properties are discussed in the body of the property report.



© Deloitte LLP and affiliated entities.











Royalties and taxes



All royalties and taxes, including the
lessor and overriding royalties, are based on government regulations, negotiated leases or farmout agreements, that were in effect
as of the evaluation effective date. If regulations change, the net after royalty recoverable reserve volumes may differ materially.



AJM Deloitte utilizes a variety of reserves
and valuation products in determining the result sets.



Capital and operating considerations



Reserves estimated to meet the standards
for constant prices and costs, are based on Regulation S-X 210.4-10(a).



Capital costs were provided by the Company
and reviewed by AJM Deloitte for reasonableness.



Operating costs were determined from historical
data on the property as provided by the evaluated Company.



© Deloitte LLP and affiliated entities.











Pricing overview



The following table contains the constant
dollar evaluation of the Company. Prices were calculated in accordance with the definition (22)(v) of Regulation S-X, 210.4-10(a)
and were determined by taking the un-weighted average of the prices on the first day of the month for the preceding 12 months.



The effects of derivative instruments
designated as price hedges of oil and gas quantities if any, are not reflected in AJM Deloitte’s individual property evaluations.





|           |  |                     |  |                 |  | Weighted average     
|---------- |  | ------------------- |  | --------------- |  | ---------------------
|           |  |                     |  | Benchmark price |  | realized report price
|           |  | Benchmark           |  | ($CAD)          |  | ($CAD)               
|Oil        |  | NYMEX WTI @ Cushing |  | $96.27/bbl      |  | $90.15/bbl           
|Gas        |  | NYMEX Henry Hub LA  |  | $4.15/MMbtu     |  | $3.84/Mcf            
|Condensate |  | Condensate US       |  | $96.27/bbl      |  | $91.07/bbl           





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