Exhibit
15.4 THIRD PARTY REPORT ON
RESERVES By GLJ Petroleum
Consultants Ltd. (GLJ) - (Independent Qualified Reserves
Evaluator) This report is provided
to satisfy the requirements contained in Item 1202(a)(8) of U.S. Securities and
Exchange Commission (SEC) Regulation S-K (Regulation S-K). The numbering of items
below corresponds to the requirements set out in Item 1202(a)(8) of Regulation
S-K. Terms to which a meaning is ascribed in Regulation S-K and U.S. Securities
and Exchange Commission Regulation S-X have the same meaning in this
report. i.
    We have prepared an
      independent evaluation of the oil and gas reserves of MFC Industrial Ltd.
      (the Company) for the management and the board of directors of the
      Company. The primary purpose of our evaluation report was to provide
      estimates of reserves information in support of the Companys year-end
      reserves reporting requirements under Regulation S-K and for other
      internal business and financial needs of the Company.ii.
    We have evaluated
      certain reserves of the Company as at December 31, 2013. The completion
      date of our report is February 18, 2014.iii.
    The following table
      sets forth the geographic area covered by our report, net proved reserves
      and net probable reserves estimated using constant prices and costs, and
      the proportion of the total company that we have evaluated. Company Net ReservesCanada(Western Canada)
    
    
    Crude OilMbbl
    
    Natural GasMMcf
    
    Natural GasLiquidsMbbl
    
    OilEquivalentMbbl
    
    Proportion ofOil
      EquivalentReservesProved ReservesDeveloped
      producing
    
    
    673
    
    
    
    115,474
    
    
    
    1,703
    
    
    
    21,622Developed
      non-producing
    
    
    3
    
    
    
    791
    
    
    
    11
    
    
    
    146Undeveloped
    
    
    143
    
    
    
    14,094
    
    
    
    399
    
    
    
    2,891Total Proved
    
    
    819
    
    
    
    130,359
    
    
    
    2,113
    
    
    
    24,660
    
    
    
    100
    %Probable ReservesDeveloped
    
    
    178
    
    
    
    30,936
    
    
    
    537
    
    
    
    5,870Undeveloped
    
    
    280
    
    
    
    25,175
    
    
    
    491
    
    
    
    4,967Total
      Probable
    
    
    458
    
    
    
    56,111
    
    
    
    1,028
    
    
    
    10,838
    
    
    
    100
    % iv.
    As required under
      Regulation S-K, reserves are those quantities of oil and gas that are
      estimated to be economically producible under existing economic
      conditions. As specified, in determining economic production, constant
      product reference prices have been based on a 12-month average price,
      calculated as the unweighted arithmetic average of the
      first-day-of-the-month price for each month within the 12-month period
      prior to the effective date of our report. The following table summarizes
      the average benchmark prices and the average realized prices. The
      following table summarizes the average benchmark prices and the average
      realized prices.


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Twelve Month
      Average Benchmark PricesBank of
      Canada Average Noon Exchange Rate ($US/$C)
    
    0.9714NYMEX WTI
      ($US/bbl)
    
    96.67Light,
      Sweet Crude Oil at Edmonton ($C/bbl)
    
    93.12Bow River Crude
      Oil at Hardisty ($C/bbl)
    
    77.27Henry Hub
      NYMEX ($US/MMbtu)
    
    3.67AECO/NIT Spot
      ($C/MMbtu)
    
    3.15Edmonton
      Propane ($C/bbl)
    
    36.78Edmonton Butane
      ($C/bbl)
    
    68.34Average
      Realized PricesLight/Medium Oil ($C/bbl)
    
    85.70Heavy Oil
      ($C/bbl)
    
    78.03Natural
      Gas ($/MMbtu)
    
    3.20Natural Gas
      Liquids ($C/bbl)
    
    79.13  v.
    In our economic
      analysis, operating and capital costs are those costs estimated as
      applicable at the effective date of our report, with no future escalation.
      Where deemed appropriate, the capital costs and revised operating costs
      associated with the implementation of committed projects designed to
      modify specific field operations in the future may be included in economic
      projections.vi.
    Our report has been
      prepared assuming the continuation existing regulatory and fiscal
      conditions subject to the guidance in the Canadian Oil and Gas Evaluation
      Handbook and SEC regulations. Notwithstanding that
      the Company currently has regulatory approval to produce the reserves
      identified in our report, there is no assurance that changes in regulation
      will not occur; such changes, which cannot reliably be predicted, could
      impact the Companys ability to recovery the estimated
  reserves.vii.
    Oil and gas reserves
      estimates have an inherent degree of associated uncertainty the degree of
      which is affected by many factors. Reserves estimates will vary due to the
      limited and imprecise nature of data upon which the estimates of reserves
      are predicated. Moreover, the methods and data used in estimating reserves
      are often necessarily indirect or analogical in character rather than
      direct or deductive. Furthermore, the persons involved in the preparation
      of reserves estimates and associated information are required, in applying
      geosciences, petroleum engineering and evaluation principles, to make
      numerous unbiased judgments based upon their educational background,
      professional training, and professional experience. The extent and
      significance of the judgments to be made are, in themselves, sufficient to
      render reserves estimates inherently imprecise. Reserves estimates may
      change substantially as additional data becomes available and as economic
      conditions impacting oil and gas prices and costs change. Reserves
      estimates will also change over time due to other factors such as
      knowledge and technology, fiscal and economic conditions, contractual,
      statutory and regulatory provisions.viii.
    To estimate the
      economically recoverable crude oil, natural gas and natural gas products
      reserves and related future net cash flows, we consider many factors and
      make assumptions including:expected reservoir
        characteristics based on geological, geophysical and engineering
        assessments;future production rates based on
        historical performance and expected future operating and investment activities;future products prices adjusted
        for quality and transportation differentials based on historical
        data;future operating costs based on
        historical data;assumed effects of regulation by
        governmental agencies; andfuture development capital
        costs.


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Our estimates are
      prepared using standard geological and engineering methods generally
      accepted by the petroleum industry, and the reserves definitions and
      standards required by the SEC. The methods we used for estimating reserves
      were volumetric calculations, material balance techniques, production and
      pressure decline curve analysis, analogy with similar reservoirs, and
      reservoir simulation. The method or combination of methods used is based
      on our professional judgment and experience. Estimates may change
      substantially as additional data from ongoing development activities and
      production performance becomes available and as economic conditions
      impacting oil and gas prices and costs change. The assumptions, data,
      method, and procedures that GLJ has used for the preparation of our report
      are appropriate for the purposes served by the report.ix.
    In our opinion, the
      reserves information evaluated by us have, in all material respects, been
      determined in accordance with all appropriate industry standards, methods
      and procedures applicable for the filing of reserves information under
      Regulation S-K.x.
    A summary of the
      Company reserves evaluated by us is provided in item iii.xi.
    Myron J.
      Hladyshevsky, P. Eng. was the technical person primarily responsible for
      overseeing the preparation of the Companys reserves estimates. His
      certification of qualification has been attached as an Appendix to this
      report. GLJ Petroleum Consultants
Ltd.Calgary, Alberta, CanadaMarch 24, 2014   Myron J. Hladyshevsky, P.
Eng.Vice President


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CERTIFICATION OF
QUALIFICATION I, Myron J. Hladyshevsky,
Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada
hereby certify: 1.
    
    That I am
      an employee of GLJ Petroleum Consultants Ltd., which company did prepare a
      detailed analysis of Canadian oil and gas properties of MFC Industrial
      Ltd. (the Company). The effective date of this evaluation is December
      31, 2013.2.
    
    That I do
      not have, nor do I expect to receive any direct or indirect interest in
      the securities of the Company or its affiliated companies.3.
    
    That I
      attended the University of Calgary and graduated with a Bachelor of
      Science Degree in Chemical Engineering in 1979; that I am a Registered
      Professional Engineer in the Province of Alberta; and, that I have in
      excess of thirty-four years experience in engineering evaluations of
      Western Canadian oil and gas fields.4.
    
    That a
      personal field inspection of the properties was not made; however, such an
      inspection was not considered necessary in view of the information
      available from public information and records, the files of the Company,
      and the appropriate provincial regulatory
authorities.


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