| (a) | Net      proved oil and gas reserves |
|-----|--------------------------------------|

----

| Net      Proved Developed and     |            |             |             |                |   |            |             |                |   |            |             |             |
|-----------------------------------|-----------------|------------------|------------------|---------------------|--------|-----------------|------------------|---------------------|--------|-----------------|------------------|------------------|
| Proved      Undeveloped Reserves  |            |             |             |                |   |            |             |                |   |            |             |             |
|                              |            |             |             |                |   |            |             |                |   |            |             |             |   |
|                              |            |  Canada     |             | United      States  |   | Total           |
|                              | Light      and  | Natural      Gas |             | Barrels      of Oil |   | Light      and  |             | Barrels      of Oil |   | Light      and  | Natural      Gas |             | Barrels      of Oil |
|                              | Medium      Oil | Liquids          | Natural      Gas | Equivalent          |   | Medium      Oil | Natural      Gas | Equivalent          |   | Medium      Oil | Liquids          | Natural      Gas | Equivalent |
|                              | (Mbbl)          | (Mbbl)           | (MMcf)           | (Mboe)              |   | (Mbbl)          | (MMcf)           | (Mboe)              |   | (Mbbl)          | (Mbbl)           | (MMcf)           | (Mboe) |
| December      31, 2007            | -               | 3                | 1,486            | 251                 |   | 8               | 169              | 36                  |   | 8               | 3                | 1,655            | 287 |
| Extensions      & Discoveries | 102             | 1                | 335              | 159                 |   | -               | -                | -                   |   | 102             | 1                | 335              | 159 |
| Infill      Drilling              | 88              | -                | 38               | 94                  |   | -               | -                | -                   |   | 88              | -                | 38               | 94 |
| Technical      Revisions          | 50              | 6                | 153              | 81                  |   | -               | -                | -                   |   | 50              | 6                | 153              | 81 |
| Sales                             | -               | -                | -                | -                   |   | (8)             | (169)            | (36)                |   | (8)             | -                | (169)            | (36) |
| Production                        | (8)             | (1)              | (426)            | (80)                |   | -               | -                | -                   |   | (8)             | (1)              | (426)            | (80) |
| December      31, 2008            | 232             | 9                | 1,586            | 505                 |   | -               | -                | -                   |   | 232             | 9                | 1,586            | 505 |
|                              |            |             |             |                |   |            |             |                |   |            |             |             |   |
| Developed                         | 127             | 9                | 1,539            | 393                 |   | -               | -                | -                   |   | 127             | 9                | 1,539            | 393 |
| Undeveloped                       | 105             | -                | 47               | 113                 |   | -               | -                | -                   |   | 105             | -                | 47               | 113 |
| Total                             | 232             | 9                | 1,586            | 505                 |   | -               | -                | -                   |   | 232             | 9                | 1,586            | 505 |
|                              |            |             |             |                |   |            |             |                |   |            |             |             |   |

| Net      Proved Developed and     |            |             |             |                     |   |            |             |                |   |            |             |             |
|-----------------------------------|-----------------|------------------|------------------|--------------------------|--------|-----------------|------------------|---------------------|--------|-----------------|------------------|------------------|
| Proved      Undeveloped Reserves  |            |             |             |                     |   |            |             |                |   |            |             |             |
|                              |            |             |             |                     |   |            |             |                |   |            |             |             |   |
|                              |            |  Canada     |             |  United      States |   |  Total     |
|                              | Light      and  | Natural      Gas |             | Barrels      of Oil      |   | Light      and  |             | Barrels      of Oil |   | Light      and  | Natural      Gas |             | Barrels      of Oil |
|                              | Medium      Oil | Liquids          | Natural      Gas | Equivalent               |   | Medium      Oil | Natural      Gas | Equivalent          |   | Medium      Oil | Liquids          | Natural      Gas | Equivalent |
|                              | (Mbbl)          | (Mbbl)           | (MMcf)           | (Mboe)                   |   | (Mbbl)          | (MMcf)           | (Mboe)              |   | (Mbbl)          | (Mbbl)           | (MMcf)           | (Mboe) |
| December      31, 2008            | 232             | 9                | 1,586            | 505                      |   | -               | -                | -                   |   | 232             | 9                | 1,586            | 505 |
| Extensions      & Discoveries | -               | -                | -                | -                        |   | 397             | 60,197           | -                   |   | 397             | -                | 60,197           | - |
| Infill      Drilling              | -               | -                | -                | -                        |   | -               | -                | -                   |   | -               | -                | -                | - |
| Technical      Revisions          | 14              | 1                | 65               | 27                       |   | -               | -                | -                   |   | 14              | 1                | 65               | 27 |
| Sales                             | (82)            | (5)              | (383)            | (151)                    |   | -               | -                | -                   |   | (82)            | (5)              | (383)            | (151) |
| Production                        | (66)            | (1)              | (515)            | (154)                    |   | -               | -                | -                   |   | (66)            | (1)              | (515)            | (154) |
| December      31, 2009            | 98              | 4                | 753              | 227                      |   | 397             | 60,197           | -                   |   | 495             | 4                | 60,950           | 227 |
|                              |            |             |             |                     |   |            |             |                |   |            |             |             |   |
| Developed                         | 70              | 4                | 743              | 197                      |   | -               | -                | -                   |   | 70              | 4                | 743              | 197 |
| Undeveloped                       | 28              | -                | 10               | 30                       |   | 397             | 60,197           | -                   |   | 425             | -                | 60,207           | 30 |
| Total                             | 98              | 4                | 753              | 227                      |   | 397             | 60,197           | -                   |   | 495             | 4                | 60,950           | 227 |
|                              |            |             |             |                     |   |            |             |                |   |            |             |             |   |

----

| (b) | Capitalized      Costs |
|-----|------------------------|

|   |                    |                                        |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|--------|-------------------------|---------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | As      at December 31, |                                        |  2009 |                                                                                                                                                                                              |   |  2008 |                                                                                                                                                                                              |   |  2007 |                                                                                                                                                                                              |
|   |                    |                                        |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    | Canada                                      |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    | Proved      oil and gas properties          |  $    |                 17,535,742                                                                                        |   |  $    |                 22,132,700                                                                                        |   |  $    |                   2,996,418                                                                             |   |
|   |                    | Unproved      oil and gas properties        |       |                   9,047,242                                                                             |   |       |                   8,996,406                                                                             |   |       |                   4,272,314                                                                             |   |
|   |                    | Total      capital costs                    |       |                 26,582,984                                                                                        |   |       |                 31,129,106                                                                                        |   |       |                   7,268,732                                                                             |   |
|   |                    | Accumulated      depletion and depreciation |       |                   10,018,351                                                                            |   |       |                   3,635,777                                                                             |   |       |                                 - |   |
|   |                    | Impairment                                  |       | 3,955,854                                                                                                                                                                                         |   |       | -                                                                                                                                                                                                 |   |       | -                                                                                                                                                                                                 |   |
|   |                    | Net      capitalized costs                  |  $    |                 12,608,779                                                                                        |   |  $    |                 27,493,329                                                                                        |   |  $    |                   7,268,732                                                                             |   |
|   |                    |                                        |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    | United      States                          |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    | Proved      oil and gas properties          |  $    |                                 - |   |  $    |                                 - |   |  $    |                   2,082,025                                                                             |   |
|   |                    | Unproved      oil and gas properties        |       |               28,616,124                                                                                                    |   |       |                 29,493,398                                                                                        |   |       |                 25,363,742                                                                                        |   |
|   |                    | Total      capital costs                    |       |                 28,616,124                                                                                        |   |       |                 29,493,398                                                                                        |   |       |                 27,445,767                                                                                        |   |
|   |                    | Accumulated      depletion and depreciation |       |                                 - |   |       |                                 - |   |       |                                 - |   |
|   |                    | Net      capitalized costs                  |  $    |                 28,616,124                                                                                        |   |  $    |                 29,493,398                                                                                        |   |  $    |                 27,445,767                                                                                        |   |
|   |                    |                                        |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    | Total                                       |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    | Proved      oil and gas properties          |  $    |                 17,535,742                                                                                        |   |  $    |                 22,132,700                                                                                        |   |  $    |                   5,078,443                                                                             |   |
|   |                    | Unproved      oil and gas properties        |       |                 37,663,366                                                                                        |   |       |                 38,489,804                                                                                        |   |       |                 29,636,056                                                                                        |   |
|   |                    | Total      capital costs                    |       |                 55,199,108                                                                                        |   |       |                 60,622,504                                                                                        |   |       |                 34,714,499                                                                                        |   |
|   |                    | Accumulated      depletion and depreciation |       |                   10,018,351                                                                            |   |       |                   3,635,777                                                                             |   |       |                                 - |   |
|   |                    | Impairment                                  |       | 3,955,854                                                                                                                                                                                         |   |       | -                                                                                                                                                                                                 |   |       | -                                                                                                                                                                                                 |   |
|   |                    | Net      capitalized costs                  |  $    |                 41,224,903                                                                                        |   |  $    |                 56,986,727                                                                                        |   |  $    |                 34,714,499                                                                                        |   |
|   |                    |                                        |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |
|   |                    |                                        |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |       |                                                                                                                                                                                              |   |

----

| (c) | Costs      Incurred |
|-----|---------------------|

|   |                                 |                                 |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|--------|--------------------------------------|--------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   | For      the years ended December 31 |                                 |   |  2009 |                                                                                                                                  |   |  2008 |                                                                                                                                  |   |  2007 |                                                                                                                                              |
|   |                                 |                                 |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Canada                               |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Property      acquisition costs (1)  |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Proved      oil and gas properties   |   |  $    |             434,434                                                       |   |  $    |             11,978                                                        |   |  $    |             701,360                                                                   |   |
|   |                                 | Unproved      oil and gas properties |   |       |           -                                                                         |   |       |           920,926                                                                   |   |       |             753,333                                                                   |   |
|   |                                 | Exploration      costs (2)           |   |       |        1,620,802                                                                                   |   |       |        6,643,126                                                                                   |   |       |          4,971,693                                                                                   |   |
|   |                                 | Development      costs (3)           |   |       |      -                                                                                                       |   |       |      15,810,717                                                                                              |   |       |          1,513,138                                                                                   |   |
|   |                                 | Capital      Expenditures            |   |  $    |      2,055,236                                                                                               |   |  $    |      23,386,747                                                                                              |   |  $    |          7,939,524                                                                                   |   |
|   |                                 |                                 |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | United      States                   |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Property      acquisition costs (1)  |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Proved      oil and gas properties   |   |  $    |          32,122                                                                          |   |  $    |                       - |   |  $    |             285,176                                                                   |   |
|   |                                 | Unproved      oil and gas properties |   |       |        161,770                                                                                     |   |       |        3,938,032                                                                                   |   |       |               37,404                                                        |   |
|   |                                 | Exploration      costs (2)           |   |       |           19,186                                                                    |   |       |           139,541                                                                   |   |       |          1,940,653                                                                                   |   |
|   |                                 | Development      costs (3)           |   |       |                      313,577 |   |       |                       - |   |       |                         - |   |
|   |                                 | Capital      Expenditures            |   |  $    |        526,655                                                                                     |   |  $    |        4,077,573                                                                                   |   |  $    |          2,263,233                                                                                   |   |
|   |                                 |                                 |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Total                                |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Property      acquisition costs (1)  |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 | Proved      oil and gas properties   |   |  $    |             466,556                                                       |   |  $    |             11,978                                                        |   |  $    | 986,536                                                                                                                                           |   |
|   |                                 | Unproved      oil and gas properties |   |       |        161,770                                                                                     |   |       |        4,858,958                                                                                   |   |       | 790,737                                                                                                                                           |   |
|   |                                 | Exploration      costs (2)           |   |       |        1,639,988                                                                                   |   |       |        6,782,667                                                                                   |   |       | 6,912,346                                                                                                                                         |   |
|   |                                 | Development      costs (3)           |   |       |      313,577                                                                                                 |   |       |      15,810,717                                                                                              |   |       | 1,513,138                                                                                                                                         |   |
|   |                                 | Capital      Expenditures            |   |  $    |      2,581,891                                                                                               |   |  $    |      27,464,320                                                                                              |   |  $    | 10,202,757                                                                                                                                        |   |
|   |                                 |                                 |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |
|   |                                 |                                 |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                                              |   |

|  | (1) | Acquisitions      are net of disposition ofproperties. |
|--|-----|--------------------------------------------------------|

|  | (2) | Geological      and geophysical capital expenditures and drilling costs for exploration      wells drilled. |
|--|-----|-------------------------------------------------------------------------------------------------------------|

|  | (3) | Includes      equipping and facilities capitalexpenditures. |
|--|-----|-------------------------------------------------------------|

----

| (d) | Results      of Operations of ProducingActivities |
|-----|---------------------------------------------------|

|   |                                 |                                                             |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|--------|--------------------------------------|------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------------------------|--------|
|   | For      the years ended December 31 |                                                             |   |  2009 |                                                                                                                                  |   |  2008 |                                                                                                                                  |   |  2007 |                                                                                                                      |
|   |                                 |                                                             |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 | Canada                                                           |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 | Oil      and gas sales, net of royalties and commodity contracts |   |  $    |        6,470,725                                                                                   |   |  $    |        4,600,959                                                                                   |   |  $    |                     - |   |
|   |                                 | Lease      operating costs and capital taxes                     |   |       |        (2,503,571)                                                                                 |   |       |        (1,639,245)                                                                                 |   |       |                     - |   |
|   |                                 | Transportation      costs                                        |   |       |           (411,432)                                                                 |   |       |           (331,996)                                                                 |   |       |                     - |   |
|   |                                 | Depletion,      depreciation and accretion                       |   |       |        (6,427,454)                                                                                 |   |       |        (3,685,397)                                                                                 |   |       |                     - |   |
|   |                                 | Income      taxes (1)                                            |   |       |                       - |   |       |                       - |   |       |                     - |   |
|   |                                 | Results      of operations                                       |   |  $    |        (2,871,732)                                                                                 |   |  $    |        (1,055,679)                                                                                 |   |  $    |                     - |   |
|   |                                 |                                                             |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 | United      States                                               |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 | Oil      and gas sales, net of royalties and commodity contracts |   |  $    |             -                                                             |   |  $    |             13,883                                                        |   |  $    |                     - |   |
|   |                                 | Lease      operating costs and capital taxes                     |   |       |                       - |   |       |                       - |   |       |                     - |   |
|   |                                 | Transportation      costs                                        |   |       |                       - |   |       |                       - |   |       |                     - |   |
|   |                                 | Depletion,      depreciation and accretion                       |   |       |               (9,099)                                           |   |       |               (5,542)                                           |   |       |                     - |   |
|   |                                 | Income      taxes (1)                                            |   |       |                       - |   |       |                       - |   |       |                     - |   |
|   |                                 | Results      of operations                                       |   |  $    |               (9,099)                                           |   |  $    |               8,341                                             |   |  $    |                     - |   |
|   |                                 |                                                             |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 | Total                                                            |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 | Oil      and gas sales, net of royalties and commodity contracts |   |  $    |        6,470,725                                                                                   |   |  $    |        4,614,842                                                                                   |   |  $    |                     - |   |
|   |                                 | Lease      operating costs and capital taxes                     |   |       |        (2,503,571)                                                                                 |   |       |        (1,639,245)                                                                                 |   |       |                     - |   |
|   |                                 | Transportation      costs                                        |   |       |           (411,432)                                                                 |   |       |           (331,996)                                                                 |   |       |                     - |   |
|   |                                 | Depletion,      depreciation and accretion                       |   |       |        (6,436,553)                                                                                 |   |       |        (3,690,939)                                                                                 |   |       |                     - |   |
|   |                                 | Income      taxes (1)                                            |   |       |                       - |   |       |                       - |   |       |                     - |   |
|   |                                 | Results      of operations                                       |   |  $    |       (2,880,831)                                                                                       |   |  $    |       (1,047,338)                                                                                       |   |  $    |                     - |   |
|   |                                 |                                                             |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |
|   |                                 |                                                             |   |       |                                                                                                                                  |   |       |                                                                                                                                  |   |       |                                                                                                                      |   |

|  | (1) | Dejour      is currently not taxable. |
|--|-----|---------------------------------------|

----

| (e) | Standardized      Measure of Discounted Future Net Cash Flows and Changes      Therein |
|-----|----------------------------------------------------------------------------------------|

| As      at December 31, 2009                                 |   |   |   |   |   |   |    |   |   |
|--------------------------------------------------------------|--------|--------|--------|--------|--------|--------|---------|--------|--------|
|                                                         |   |   |   |   |   |   |    |   |   |
| (in      thousands of Canadian dollars)                      |   | Canada |   |   | USA    |   |    | Total  |   |
|                                                         |   |   |   |   |   |   |    |   |   |
| Future      cash inflow                                      |   | $      | 9,033  |   |   | $      | 253,455 |   |   | $ | 262,488 |   |
| Future      production costs                                 |   |   | (5,364 | )      |   |   | (50,009 | )      |   |   | (55,373 | ) |
| Future      development costs                                |   |   | (1,225 | )      |   |   | (86,140 | )      |   |   | (87,365 | ) |
| Undiscounted      pre-tax cash flows                         |   |   | 2,444  |   |   |   | 117,306 |   |   |   | 119,750 |   |
| Future      income taxes (1)                                 |   |   | -      |   |   |   | (17,742 | )      |   |   | (17,742 | ) |
| Future      net cash flows                                   |   |   | 2,444  |   |   |   | 99,564  |   |   |   | 102,008 |   |
| Less:  10%      annual discount factor             |   |   | (331   | )      |   |   | (84,057 | )      |   |   | (84,388 | ) |
|                                                         |   |   |   |   |   |   |    |   |   |   |   |   |
| Standardized      measure of discounted future net cash flow |   | $      | 2,113  |   |   | $      | 15,507  |   |   | $ | 17,620 |   |
|                                                         |   |   |   |   |   |   |    |   |   |   |   |   |

| As      at December 31, 2008                                 |   |   |    |   |   |   |   |   |   |
|--------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
|                                                         |   |   |    |   |   |   |   |   |   |
| (in      thousands of Canadian dollars)                      |   | Canada |    |   | USA    |   |   | Total  |   |
|                                                         |   |   |    |   |   |   |   |   |   |
| Future      cash inflow                                      |   | $      | 19,720  |   |   | $      | -      |   |   | $ | 19,720 |   |
| Future      production costs                                 |   |   | (11,114 | )      |   |   | -      |   |   |   | (11,114 | ) |
| Future      development costs                                |   |   | (1,375  | )      |   |   | -      |   |   |   | (1,375 | ) |
| Undiscounted      pre-tax cash flows                         |   |   | 7,231   |   |   |   | -      |   |   |   | 7,231 |   |
| Future      income taxes (2)                                 |   |   | -       |   |   |   | -      |   |   |   | - |   |
| Future      net cash flows                                   |   |   | 7,231   |   |   |   | -      |   |   |   | 7,231 |   |
| Less:  10%      annual discount factor             |   |   | (1,153  | )      |   |   | -      |   |   |   | (1,153 | ) |
|                                                         |   |   |    |   |   |   |   |   |   |   |   |   |
| Standardized      measure of discounted future net cash flow |   | $      | 6,078   |   |   | $      | -      |   |   | $ | 6,078 |   |
|                                                         |   |   |    |   |   |   |   |   |   |   |   |   |

----

| FY      2009                                                                 |   |   |   |   |   |   |   |   |   |
|------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                         |   |   |   |   |   |   |   |   |   |
| (in      thousands of Canadian dollars)                                      |   | Canada |   |   | USA    |   |   | Total  |   |
|                                                                         |   |   |   |   |   |   |   |   |   |
| Present      Value January 1, 2009                                           |   | $      | 6,078  |   |   | $      | -      |   |   | $ | 6,078 |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Sales      and transfers of oil and gas produced, net of production    costs |   |   | (2,986 | )      |   |   | -      |   |   |   | (2,986 | ) |
| Net      changes in prices and production costs                              |   |   | 827    |   |   |   | -      |   |   |   | 827 |   |
| Extensions,      discovery, less related costs                               |   |   | -      |   |   |   | 15,507 |   |   |   | 15,507 |   |
| Development      costs incurred during the period                            |   |   | 1,262  |   |   |   | -      |   |   |   | 1,262 |   |
| Revisions      of previous quantity estimates                                |   |   | 138    |   |   |   | -      |   |   |   | 138 |   |
| Accretion      of discount                                                   |   |   | 608    |   |   |   | -      |   |   |   | 608 |   |
| Net      change in income taxes                                              |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Other                                                                        |   |   | (3,814 | )      |   |   | -      |   |   |   | (3,814 | ) |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |
| Present      Value December 31, 2009                                         |   | $      | 2,113  |   |   | $      | 15,507 |   |   | $ | 17,620 |   |
|                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |

| FY      2008                                                                 |   |   |    |   |   |   |   |   |   |
|------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|
|                                                                         |   |   |    |   |   |   |   |   |   |
| (in      thousands of Canadian dollars)                                      |   | Canada |    |   | USA    |   |   | Total  |   |
|                                                                         |   |   |    |   |   |   |   |   |   |
| Present      Value January 1, 2008                                           |   | $      | 372     |   |   | $      | 872    |   |   | $ | 1,244 |   |
|                                                                         |   |   |    |   |   |   |   |   |   |   |   |   |
| Sales      and transfers of oil and gas produced, net of production    costs |   |   | (2,644  | )      |   |   | (872   | )      |   |   | (3,516 | ) |
| Net      changes in prices and production costs                              |   |   | 353     |   |   |   | -      |   |   |   | 353 |   |
| Extensions,      discovery, less related costs                               |   |   | 2,661   |   |   |   | -      |   |   |   | 2,661 |   |
| Development      costs incurred during the period                            |   |   | 18,132  |   |   |   | -      |   |   |   | 18,132 |   |
| Revisions      of previous quantity estimates                                |   |   | 1,834   |   |   |   | -      |   |   |   | 1,834 |   |
| Accretion      of discount                                                   |   |   | 37      |   |   |   | -      |   |   |   | 37 |   |
| Net      change in income taxes                                              |   |   | -       |   |   |   | -      |   |   |   | - |   |
| Other                                                                        |   |   | (14,667 | )      |   |   | -      |   |   |   | (14,667 | ) |
|                                                                         |   |   |    |   |   |   |   |   |   |   |   |   |
| Present      Value December 31, 2008                                         |   | $      | 6,078   |   |   | $      | -      |   |   | $ | 6,078 |   |
|                                                                         |   |   |    |   |   |   |   |   |   |   |   |   |

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