EXHIBIT 4.22



Ref.: 3391.18806



October 11, 2012



Eagleford Energy Inc.

c/o Mr. James Cassina, President

Suite 1505, 1 King Street West

Toronto, ON M5H 1A1



Re: Evaluation of the P&NG Reserves
of Eagleford Energy Inc.

(As of August 31, 2012) using Constant
Prices and Costs



Dear Sir:



As requested, Sproule Associates Limited
has prepared this letter report for Eagleford Energy Inc. which consists of an evaluation of the P&NG reserves of Eagleford
Energy (As of August 31, 2012) using Constant Prices and Costs.



The constant price used in this report
complies with the Securities & Exchange Commission’s (SEC) regulations. It was 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 end of the reporting period.



Table C-1, on the following page, summarizes
our evaluation, based on constant prices and costs, before income taxes, of the P&NG reserves of Eagleford Energy Inc., as
of August 31, 2012. The table presents summaries of the P&NG reserves for the various reserves categories valuation.



Table C-2 is also included and summarizes
the reserves and values by property for the constant price case, before income taxes. Tables C-3 through C-3B show the cash flow
forecasts for the constant price case for the various reserves categories.



The constant price used in this report is as follows:



Natural Gas:

AECO-C Spot 2.57 $/MMbtu

Exchange Rate 0.99 $US/Cdn



Appropriate adjustments have been made
to the natural gas price to account for quality and transportation, and to reflect actual historical prices received for each property.
This blending of constant prices may result in the appearance of varying constant prices in the Corporate cash flows.



The remaining assumptions relating to the calculation and evaluation
of the reserves are the same as those presented in the detailed evaluation.



It is important to note that the estimate
of the reserves to be recovered from a gas field is the sum of all the cumulative production until an economic limit is reached.
The economic limit is a function of the production forecast, future prices and operating costs (including royalties and taxes)
to maintain production.Consequently, when estimates of future prices and costs are changed, economic limits are also altered. In
the evaluation process, production forecasts are truncated at the economic limits and thus, reserves estimates vary with price
and cost sensitivities, as is the case between forecast and constant prices and cost forecasts.



1







Also, some entities may have reserves assigned
to them under one price and cost scenario, but under less favourable price and cost projections, the net present values of the
hydrocarbons that could be recovered may not be sufficient to offset the capital investment. Those entities whose undiscounted
net present value became negative under less favourable price and cost projections were not included in the summary tables.



The values of the reserves presented in
this constant price and cost evaluation should not be taken out of context, as they were prepared to comply with the Securities
& Exchange Commission’s (SEC) regulations; therefore, they do not reflect our opinion of the market value of these reserves.



Table C-4 presents the summary of pricing assumptions for constant
prices and costs.



Should you have any questions regarding
this letter report, please do not hesitate to contact us.



| | Sincerely,                             
| | ---------------------------------------
| | SPROULE ASSOCIATES LIMITED             
| |                                        
| | /s/ Attila A. Szabo                    
| |                                        
| | Attila A. Szabo, P.Eng.                
| | Manager, Engineering and Partner       
| |                                        
| | /s/ Cameron P. Six                     
| |                                        
| | Cameron P. Six, P.Eng.                 
| | Vice-President, Engineering and Partner



Enclosure

AAS:smr

P:\EAGLEFORD ENERGY 18806\LETTER REPORT\LETTERREPORT.DOC



900, 140 Fourth Avenue SW Calgary AB T2P
3N3 Canada Telephone: 1-403-294-5500 Fax: 1-403-294-5590 
Toll-Free: 1-877-777-6135

info@sproule.comwww.Sproule.com



2







Table C-1

Eagleford Energy Inc.

Consolidation

SUMMARY OF THE EVALUATION OF THE P.&N.G.
RESERVES

(As of Date: 2012-08-31)



|                             |  | Remaining Reserves |       |  | Net Present Values Before Income Taxes | 
|---------------------------- |  | ------------------ | ----- |  | -------------------------------------- | 
|                             |  | Gross              |       |  | Company                                | 
|                             |  | 100%               |       |  | Gross                                  | 
|                             |  |                    |       |  |                                        | 
|                             |  |                    |       |  |                                        | 
|Non-Assoc, Assoc Gas (MMcf)  |  |                    |       |  |                                        | 
|Proved Developed Producing   |  |                    | 2233  |  |                                        | 
|Probable Developed Producing |  |                    | 783   |  |                                        | 
|Total Proved + Probable      |  |                    | 3016  |  |                                        | 
|                             |  |                    |       |  |                                        | 
|Grand Total (Mboe)           |  |                    |       |  |                                        | 
|Proved Developed Producing   |  |                    | 372.1 |  |                                        | 
|Probable Developed Producing |  |                    | 130.5 |  |                                        | 
|Total Proved + Probable      |  |                    | 502.6 |  |                                        | 



Table C-2

Eagleford Energy Inc.

SAL X120831 Constant-0

SUMMARY OF THE EVALUATION OF THE P.&N.G.
RESERVES

(As of Date: 2012-08-31)



|                      |  | Lt, Med, Heavy Oil |  |  | Non-Assoc., Assoc. Gas/ Solution Gas |  |  | Natural Gas Liquids/Sulphur |  | Net Present Values Before Income Taxes |                 
|--------------------- |  | ------------------ |  |  | ------------------------------------ |  |  | --------------------------- |  | -------------------------------------- | ----------------
|                      |  | Remaining Reserves |  |  | Company Reserves                     |  |  | Remaining Reserves          |  |                                        | Company Reserves
|                      |  |                    |  |  | Gross                                |  |  | Net                         |  |                                        |                 
|                      |  | Mbbl               |  |  | Mbbl                                 |  |  | Mbbl                        |  |                                        | MMcf            
|                      |  |                    |  |  |                                      |  |  |                             |  |                                        | MMcf            
|                      |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|Eagleford Energy Inc. |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|PDP                   |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|TP                    |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|                      |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|PBDP                  |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|TPP                   |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|                      |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|Botha                 |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|PDP                   |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|TP                    |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|                      |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|PBDP                  |  |                    |  |  |                                      |  |  |                             |  |                                        |                 
|TPP                   |  |                    |  |  |                                      |  |  |                             |  |                                        |                 



3







Table C-3

Proved + Probable

Eagleford Energy Inc.

Prod. Start: 2012-09-01

SUMMARY OF RESERVES AND NET PRESENT VALUE

(As of Date: 2012-08-31)



|       |  | Reserves   |    
|------ |  | ---------- | ---
|       |  | Lt Med Oil |    
|       |  | Mbbl       |    
|       |  |            |    
|Gross  |  |            | 0.0
|Co Grs |  |            | 0.0
|Co Net |  |            | 0.0



|Net Present Value |     
|----------------- | ----
|Discount Rate     |     
|%                 |     
|                  |     
|                  | 0.0 
|                  | 5.0 
|                  | 8.0 
|                  | 10.0
|                  | 12.0
|                  | 15.0
|                  | 20.0
|                  | 25.0



| | Reserve Life = 13.8 yrs | Reserve Half Life = 4.8 yrs | BOE Reserve Index = 8.5 |  | 
| | ----------------------- | --------------------------- | ----------------------- |  | 



|YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE
|------------------------------------------------



|
|



|Proved + Probable       
|------------------------
|(As of Date: 2012-08-31)
|                        
|Year                    
|                        
|                        
|2012                    
|2013                    
|2014                    
|2015                    
|2016                    
|2017                    
|2018                    
|2019                    
|2020                    
|2021                    
|2022                    
|2023                    
|2024                    
|2025                    
|2026                    
|Total                   
|                        
|Discounted              
|Cash                    
|Stream                  
|                        



4







|Table C-3                    
|-----------------------------
|Proved + Probable            
|Eagleford Energy Inc.        
|Prod. Start: 2012-09-01      
|PRODUCTION AND PRICE FORECAST
|(As of Date: 2012-08-31)     



|Year  |  | Gas Wells |   |  | Gas Daily |  |     | Gas Gross |  |  | Gas Co Gross |  |  | Gas Co Net |     |  | Gas Price | 
|----- |  | --------- | - |  | --------- |  | --- | --------- |  |  | ------------ |  |  | ---------- | --- |  | --------- | 
|      |  |           |   |  | Mcf/d     |  |     | MMcf      |  |  | MMcf         |  |  | MMcf       |     |  | $/Mcf     | 
|      |  |           |   |  |           |  |     |           |  |  |              |  |  |            |     |  |           | 
|2012  |  |           | 2 |  |           |  | 993 |           |  |  | 121          |  |  |            | 6   |  |           | 
|2013  |  |           | 2 |  |           |  | 948 |           |  |  | 346          |  |  |            | 18  |  |           | 
|2014  |  |           | 2 |  |           |  | 884 |           |  |  | 323          |  |  |            | 17  |  |           | 
|2015  |  |           | 2 |  |           |  | 825 |           |  |  | 301          |  |  |            | 16  |  |           | 
|2016  |  |           | 2 |  |           |  | 769 |           |  |  | 282          |  |  |            | 15  |  |           | 
|2017  |  |           | 2 |  |           |  | 717 |           |  |  | 262          |  |  |            | 14  |  |           | 
|2018  |  |           | 2 |  |           |  | 669 |           |  |  | 244          |  |  |            | 13  |  |           | 
|2019  |  |           | 2 |  |           |  | 624 |           |  |  | 228          |  |  |            | 12  |  |           | 
|2020  |  |           | 2 |  |           |  | 583 |           |  |  | 213          |  |  |            | 11  |  |           | 
|2021  |  |           | 2 |  |           |  | 544 |           |  |  | 198          |  |  |            | 10  |  |           | 
|2022  |  |           | 2 |  |           |  | 507 |           |  |  | 185          |  |  |            | 10  |  |           | 
|2023  |  |           | 1 |  |           |  | 263 |           |  |  | 96           |  |  |            | 5   |  |           | 
|2024  |  |           | 1 |  |           |  | 248 |           |  |  | 91           |  |  |            | 5   |  |           | 
|2025  |  |           | 1 |  |           |  | 233 |           |  |  | 85           |  |  |            | 4   |  |           | 
|2026  |  |           | 1 |  |           |  | 218 |           |  |  | 40           |  |  |            | 2   |  |           | 
|Total |  |           |   |  |           |  |     |           |  |  | 3016         |  |  |            | 157 |  |           | 



5







|Table C-3                                       
|------------------------------------------------
|Proved + Probable                               
|Eagleford Energy Inc.                           
|Prod. Start: 2012-09-01                         
|YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE
|(As of Date: 2012-08-31)                        



|      |  | Revenue |   |  | Royalties |  |     |     |  |  |     | 
|----- |  | ------- | - |  | --------- |  | --- | --- |  |  | --- | 
|Year  |  | Oil     |   |  | Gas       |  |     | NGL |  |  | Sul | 
|      |  | M$      |   |  | M$        |  |     | M$  |  |  | M$  | 
|      |  |         |   |  |           |  |     |     |  |  |     | 
|2012  |  |         | 0 |  |           |  | 14  |     |  |  | 0   | 
|2013  |  |         | 0 |  |           |  | 41  |     |  |  | 0   | 
|2014  |  |         | 0 |  |           |  | 38  |     |  |  | 0   | 
|2015  |  |         | 0 |  |           |  | 36  |     |  |  | 0   | 
|2016  |  |         | 0 |  |           |  | 33  |     |  |  | 0   | 
|2017  |  |         | 0 |  |           |  | 31  |     |  |  | 0   | 
|2018  |  |         | 0 |  |           |  | 29  |     |  |  | 0   | 
|2019  |  |         | 0 |  |           |  | 27  |     |  |  | 0   | 
|2020  |  |         | 0 |  |           |  | 25  |     |  |  | 0   | 
|2021  |  |         | 0 |  |           |  | 23  |     |  |  | 0   | 
|2022  |  |         | 0 |  |           |  | 22  |     |  |  | 0   | 
|2023  |  |         | 0 |  |           |  | 11  |     |  |  | 0   | 
|2024  |  |         | 0 |  |           |  | 11  |     |  |  | 0   | 
|2025  |  |         | 0 |  |           |  | 10  |     |  |  | 0   | 
|2026  |  |         | 0 |  |           |  | 5   |     |  |  | 0   | 
|Total |  |         |   |  |           |  | 356 |     |  |  | 0   | 



|      |  |          |   |  | Capital |  |   |     |  |  |     |  |  |       |   |  |               |  |   |         |  |  |                 |  |  |      |  
|----- |  | -------- | - |  | ------- |  | - | --- |  |  | --- |  |  | ----- | - |  | ------------- |  | - | ------- |  |  | --------------- |  |  | ---- | -
|Year  |  | Oper Inc |   |  | CEE     |  |   | CDE |  |  | CCA |  |  | COGPE |   |  | Total Capital |  |   | Net Rev |  |  | Cum Net Revenue |  |  | ARTC |  
|      |  | M$       |   |  | M$      |  |   | M$  |  |  | M$  |  |  | M$    |   |  | M$            |  |   | M$      |  |  | M$              |  |  | M$   |  
|      |  |          |   |  |         |  |   |     |  |  |     |  |  |       |   |  |               |  |   |         |  |  |                 |  |  |      |  
|2012  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2013  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2014  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2015  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2016  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2017  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2018  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2019  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2020  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2021  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2022  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2023  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2024  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2025  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2026  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|Total |  |          | 9 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 9



|             |  | Discounted Cash Streams NPV (M$) |  
|------------ |  | -------------------------------- | -
|discR%       |  |                                  | 5
|BT Net       |  |                                  | 7
|BT Cash Flow |  |                                  | 6
|             |  |                                  |  



6







|Table C-3A                               
|-----------------------------------------
|Proved Developed Producing               
|Eagleford Energy Inc.                    
|Prod. Start: 2012-09-01                  
|SUMMARY OF RESERVES AND NET PRESENT VALUE
|(As of Date: 2012-08-31)                 



|       |  | Reserves   |    
|------ |  | ---------- | ---
|       |  | Lt Med Oil |    
|       |  | Mbbl       |    
|       |  |            |    
|Gross  |  |            | 0.0
|Co Grs |  |            | 0.0
|Co Net |  |            | 0.0



|Net Present Value |     
|----------------- | ----
|Discount Rate     |     
|%                 |     
|                  |     
|                  | 0.0 
|                  | 5.0 
|                  | 8.0 
|                  | 10.0
|                  | 12.0
|                  | 15.0
|                  | 20.0
|                  | 25.0



| | Reserve Life = 10.7 yrs | Reserve Half Life = 3.5 yrs | BOE Reserve Index = 6.4 |  | 
| | ----------------------- | --------------------------- | ----------------------- |  | 



|YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE
|------------------------------------------------
|                                                





|Proved Developed Producing
|--------------------------
|(As of Date: 2012-08-31)  
|Year                      
|                          
|                          
|2012                      
|2013                      
|2014                      
|2015                      
|2016                      
|2017                      
|2018                      
|2019                      
|2020                      
|2021                      
|2022                      
|2023                      
|Total                     
|                          
|Discounted                
|Cash                      
|Streams                   
|                          



7







|Table C-3A                   
|-----------------------------
|Proved Developed Producing   
|Eagleford Energy Inc.        
|Prod. Start: 2012-09-01      
|PRODUCTION AND PRICE FORECAST
|(As of Date: 2012-08-31)     



|Year  |  | Gas Wells |   |  | Gas Daily |  |     | Gas Gross |  |  | Gas Co Gross |  |  | Gas Co Net |     |  | Gas Price | 
|----- |  | --------- | - |  | --------- |  | --- | --------- |  |  | ------------ |  |  | ---------- | --- |  | --------- | 
|      |  |           |   |  | Mcf/d     |  |     | MMcf      |  |  | MMcf         |  |  | MMcf       |     |  | $/Mcf     | 
|      |  |           |   |  |           |  |     |           |  |  |              |  |  |            |     |  |           | 
|2012  |  |           | 2 |  |           |  | 987 |           |  |  | 120          |  |  |            | 6   |  |           | 
|2013  |  |           | 2 |  |           |  | 926 |           |  |  | 338          |  |  |            | 18  |  |           | 
|2014  |  |           | 2 |  |           |  | 842 |           |  |  | 307          |  |  |            | 16  |  |           | 
|2015  |  |           | 2 |  |           |  | 766 |           |  |  | 280          |  |  |            | 15  |  |           | 
|2016  |  |           | 2 |  |           |  | 697 |           |  |  | 255          |  |  |            | 13  |  |           | 
|2017  |  |           | 2 |  |           |  | 634 |           |  |  | 231          |  |  |            | 12  |  |           | 
|2018  |  |           | 2 |  |           |  | 577 |           |  |  | 211          |  |  |            | 11  |  |           | 
|2019  |  |           | 2 |  |           |  | 507 |           |  |  | 185          |  |  |            | 10  |  |           | 
|2020  |  |           | 1 |  |           |  | 274 |           |  |  | 100          |  |  |            | 5   |  |           | 
|2021  |  |           | 1 |  |           |  | 254 |           |  |  | 93           |  |  |            | 5   |  |           | 
|2022  |  |           | 1 |  |           |  | 235 |           |  |  | 86           |  |  |            | 4   |  |           | 
|2023  |  |           | 1 |  |           |  | 217 |           |  |  | 26           |  |  |            | 1   |  |           | 
|Total |  |           |   |  |           |  |     |           |  |  | 2233         |  |  |            | 116 |  |           | 



8







|Table C-3A                               
|-----------------------------------------
|Proved Developed Producing               
|Eagleford Energy Inc.                    
|Prod. Start: 2012-09-01                  
|SUMMARY OF RESERVES AND NET PRESENT VALUE
|(As of Date: 2012-08-31)                 



|      |  | Revenue |   |  | Royalties |  |     |     |  |  |     | 
|----- |  | ------- | - |  | --------- |  | --- | --- |  |  | --- | 
|Year  |  | Oil     |   |  | Gas       |  |     | NGL |  |  | Sul | 
|      |  | M$      |   |  | M$        |  |     | M$  |  |  | M$  | 
|      |  |         |   |  |           |  |     |     |  |  |     | 
|2012  |  |         | 0 |  |           |  | 14  |     |  |  | 0   | 
|2013  |  |         | 0 |  |           |  | 40  |     |  |  | 0   | 
|2014  |  |         | 0 |  |           |  | 36  |     |  |  | 0   | 
|2015  |  |         | 0 |  |           |  | 33  |     |  |  | 0   | 
|2016  |  |         | 0 |  |           |  | 30  |     |  |  | 0   | 
|2017  |  |         | 0 |  |           |  | 27  |     |  |  | 0   | 
|2018  |  |         | 0 |  |           |  | 25  |     |  |  | 0   | 
|2019  |  |         | 0 |  |           |  | 22  |     |  |  | 0   | 
|2020  |  |         | 0 |  |           |  | 12  |     |  |  | 0   | 
|2021  |  |         | 0 |  |           |  | 11  |     |  |  | 0   | 
|2022  |  |         | 0 |  |           |  | 10  |     |  |  | 0   | 
|2023  |  |         | 0 |  |           |  | 3   |     |  |  | 0   | 
|Total |  |         |   |  |           |  | 263 |     |  |  | 0   | 



|      |  |          |   |  | Capital |  |   |     |  |  |     |  |  |       |   |  |               |  |   |         |  |  |                 |  |  |      |  
|----- |  | -------- | - |  | ------- |  | - | --- |  |  | --- |  |  | ----- | - |  | ------------- |  | - | ------- |  |  | --------------- |  |  | ---- | -
|Year  |  | Oper Inc |   |  | CEE     |  |   | CDE |  |  | CCA |  |  | COGPE |   |  | Total Capital |  |   | Net Rev |  |  | Cum Net Revenue |  |  | ARTC |  
|      |  | M$       |   |  | M$      |  |   | M$  |  |  | M$  |  |  | M$    |   |  | M$            |  |   | M$      |  |  | M$              |  |  | M$   |  
|      |  |          |   |  |         |  |   |     |  |  |     |  |  |       |   |  |               |  |   |         |  |  |                 |  |  |      |  
|2012  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2013  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2014  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2015  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2016  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2017  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2018  |  |          | 1 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 1
|2019  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2020  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2021  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2022  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2023  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|Total |  |          | 7 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 7



|             |  | Discounted Cash Streams NPV (M$) |  
|------------ |  | -------------------------------- | -
|discR%       |  |                                  | 5
|BT Net       |  |                                  | 6
|BT Cash Flow |  |                                  | 4



9







|Table C-3B                               
|-----------------------------------------
|Probable                                 
|Eagleford Energy Inc.                    
|Prod. Start: 2012-09-01                  
|SUMMARY OF RESERVES AND NET PRESENT VALUE
|(As of Date: 2012-08-31)                 



|       |  | Reserves   |    
|------ |  | ---------- | ---
|       |  | Lt Med Oil |    
|       |  | Mbbl       |    
|       |  |            |    
|Gross  |  |            | 0.0
|Co Grs |  |            | 0.0
|Co Net |  |            | 0.0



|Net Present Value |     
|----------------- | ----
|Discount Rate     |     
|%                 |     
|                  |     
|                  | 0.0 
|                  | 5.0 
|                  | 8.0 
|                  | 10.0
|                  | 12.0
|                  | 15.0
|                  | 20.0
|                  | 25.0



| | Reserve Life = 13.8 yrs | Reserve Half Life = 9.2 yrs | BOE Reserve Index = 150.4 |  | 
| | ----------------------- | --------------------------- | ------------------------- |  | 



|YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE
|------------------------------------------------



|
|



|Probable                
|------------------------
|(As of Date: 2012-08-31)
|Year                    
|                        
|                        
|2012                    
|2013                    
|2014                    
|2015                    
|2016                    
|2017                    
|2018                    
|2019                    
|2020                    
|2021                    
|2022                    
|2023                    
|2024                    
|2025                    
|2026                    
|Total                   
|                        
|Discounted              
|Cash                    
|Stream                  
|                        



10







|Table C-3B                   
|-----------------------------
|Probable                     
|Eagleford Energy Inc.        
|Prod. Start: 2012-09-01      
|PRODUCTION AND PRICE FORECAST
|(As of Date: 2012-08-31)     



|Year  |  | Gas Wells |   |  | Gas Daily |  |     | Gas Gross |  |  | Gas Co Gross |  |  | Gas Co Net |    |  | Gas Price | 
|----- |  | --------- | - |  | --------- |  | --- | --------- |  |  | ------------ |  |  | ---------- | -- |  | --------- | 
|      |  |           |   |  | Mcf/d     |  |     | MMcf      |  |  | MMcf         |  |  | MMcf       |    |  | $/Mcf     | 
|      |  |           |   |  |           |  |     |           |  |  |              |  |  |            |    |  |           | 
|2012  |  |           | 0 |  |           |  | 6   |           |  |  | 1            |  |  |            | 0  |  |           | 
|2013  |  |           | 0 |  |           |  | 22  |           |  |  | 8            |  |  |            | 0  |  |           | 
|2014  |  |           | 0 |  |           |  | 42  |           |  |  | 15           |  |  |            | 1  |  |           | 
|2015  |  |           | 0 |  |           |  | 59  |           |  |  | 21           |  |  |            | 1  |  |           | 
|2016  |  |           | 0 |  |           |  | 72  |           |  |  | 26           |  |  |            | 1  |  |           | 
|2017  |  |           | 0 |  |           |  | 83  |           |  |  | 30           |  |  |            | 2  |  |           | 
|2018  |  |           | 0 |  |           |  | 92  |           |  |  | 34           |  |  |            | 2  |  |           | 
|2019  |  |           | 0 |  |           |  | 118 |           |  |  | 43           |  |  |            | 2  |  |           | 
|2020  |  |           | 1 |  |           |  | 309 |           |  |  | 113          |  |  |            | 6  |  |           | 
|2021  |  |           | 1 |  |           |  | 290 |           |  |  | 106          |  |  |            | 6  |  |           | 
|2022  |  |           | 1 |  |           |  | 273 |           |  |  | 100          |  |  |            | 5  |  |           | 
|2023  |  |           | 0 |  |           |  | 191 |           |  |  | 70           |  |  |            | 4  |  |           | 
|2024  |  |           | 1 |  |           |  | 248 |           |  |  | 91           |  |  |            | 5  |  |           | 
|2025  |  |           | 1 |  |           |  | 233 |           |  |  | 85           |  |  |            | 4  |  |           | 
|2026  |  |           | 1 |  |           |  | 218 |           |  |  | 40           |  |  |            | 2  |  |           | 
|Total |  |           |   |  |           |  |     |           |  |  | 783          |  |  |            | 41 |  |           | 



11







|Table C-3B                               
|-----------------------------------------
|Probable                                 
|Eagleford Energy Inc.                    
|Prod. Start: 2012-09-01                  
|SUMMARY OF RESERVES AND NET PRESENT VALUE
|(As of Date: 2012-08-31)                 



|      |  | Revenue |   |  | Royalties |  |    |     |  |  |     | 
|----- |  | ------- | - |  | --------- |  | -- | --- |  |  | --- | 
|Year  |  | Oil     |   |  | Gas       |  |    | NGL |  |  | Sul | 
|      |  | M$      |   |  | M$        |  |    | M$  |  |  | M$  | 
|      |  |         |   |  |           |  |    |     |  |  |     | 
|2012  |  |         | 0 |  |           |  | 0  |     |  |  | 0   | 
|2013  |  |         | 0 |  |           |  | 1  |     |  |  | 0   | 
|2014  |  |         | 0 |  |           |  | 2  |     |  |  | 0   | 
|2015  |  |         | 0 |  |           |  | 3  |     |  |  | 0   | 
|2016  |  |         | 0 |  |           |  | 3  |     |  |  | 0   | 
|2017  |  |         | 0 |  |           |  | 4  |     |  |  | 0   | 
|2018  |  |         | 0 |  |           |  | 4  |     |  |  | 0   | 
|2019  |  |         | 0 |  |           |  | 5  |     |  |  | 0   | 
|2020  |  |         | 0 |  |           |  | 13 |     |  |  | 0   | 
|2021  |  |         | 0 |  |           |  | 12 |     |  |  | 0   | 
|2022  |  |         | 0 |  |           |  | 12 |     |  |  | 0   | 
|2023  |  |         | 0 |  |           |  | 8  |     |  |  | 0   | 
|2024  |  |         | 0 |  |           |  | 11 |     |  |  | 0   | 
|2025  |  |         | 0 |  |           |  | 10 |     |  |  | 0   | 
|2026  |  |         | 0 |  |           |  | 5  |     |  |  | 0   | 
|Total |  |         |   |  |           |  | 92 |     |  |  | 0   | 



|      |  |          |   |  | Capital |  |   |     |  |  |     |  |  |       |   |  |               |  |   |         |  |  |                 |  |  |      |  
|----- |  | -------- | - |  | ------- |  | - | --- |  |  | --- |  |  | ----- | - |  | ------------- |  | - | ------- |  |  | --------------- |  |  | ---- | -
|Year  |  | Oper Inc |   |  | CEE     |  |   | CDE |  |  | CCA |  |  | COGPE |   |  | Total Capital |  |   | Net Rev |  |  | Cum Net Revenue |  |  | ARTC |  
|      |  | M$       |   |  | M$      |  |   | M$  |  |  | M$  |  |  | M$    |   |  | M$            |  |   | M$      |  |  | M$              |  |  | M$   |  
|      |  |          |   |  |         |  |   |     |  |  |     |  |  |       |   |  |               |  |   |         |  |  |                 |  |  |      |  
|2012  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2013  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2014  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2015  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2016  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|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
|2022  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2023  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2024  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2025  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|2026  |  |          | 0 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 0
|Total |  |          | 2 |  |         |  | 0 |     |  |  | 0   |  |  |       | 0 |  |               |  | 0 |         |  |  | 0               |  |  |      | 2



|             |  | Discounted Cash Streams NPV (M$) |  
|------------ |  | -------------------------------- | -
|discR%       |  |                                  | 5
|BT Net       |  |                                  | 2
|BT Cash Flow |  |                                  | 2
|             |  |                                  |  



12







|Table C4                      
|------------------------------
|NI 51-101                     
|Summary of Pricing Assumptions
|As of August 31, 2012         
|Constant Prices and Costs     



|              |  | Oil                            |        |  | Gas                               |  |        | NGLs                            |  |  |                                              | 
|------------- |  | ------------------------------ | ------ |  | --------------------------------- |  | ------ | ------------------------------- |  |  | -------------------------------------------- | 
|Year          |  | WTI Cushing Oklahoma ($US/bbl) |        |  | EdmontonPar Price40oAPI($Cdn/bbl) |  |        | CromerMedium29.3o API($Cdn/bbl) |  |  | Natural Gas (1) AECO Gas Prices ($Cdn/MMBtu) | 
|              |  |                                |        |  |                                   |  |        |                                 |  |  |                                              | 
|Historical    |  |                                |        |  |                                   |  |        |                                 |  |  |                                              | 
|Aug. 31, 2005 |  |                                | 68.95  |  |                                   |  | 87.14  |                                 |  |  | 57.68                                        | 
|Aug. 31, 2006 |  |                                | 70.27  |  |                                   |  | 70.98  |                                 |  |  | 83.11                                        | 
|Aug. 31, 2007 |  |                                | 74.04  |  |                                   |  | 76.44  |                                 |  |  | 73.52                                        | 
|Aug. 31, 2008 |  |                                | 115.46 |  |                                   |  | 122.15 |                                 |  |  | 113.47                                       | 
|Aug. 31, 2009 |  |                                | 69.96  |  |                                   |  | 73.41  |                                 |  |  | 67.48                                        | 
|Aug. 31, 2010 |  |                                | 71.92  |  |                                   |  | 73.22  |                                 |  |  | 70.05                                        | 
|Aug. 31, 2011 |  |                                | 96.20  |  |                                   |  | 90.95  |                                 |  |  | 87.74                                        | 
|              |  |                                |        |  |                                   |  |        |                                 |  |  |                                              | 
|Constant      |  |                                |        |  |                                   |  |        |                                 |  |  |                                              | 
|Aug. 31, 2012 |  |                                | 94.28  |  |                                   |  | 90.56  |                                 |  |  | 84.78                                        | 



| | (1) | This summary table indentifies benchmark reference pricing schedules that might apply to a reporting issuer.
| | --- | ------------------------------------------------------------------------------------------------------------



Notes: Product sale prices will reflect
these reference prices with further adjustments for quality and transportation to point of sale



13