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TABLE OF CONTENTS

| ABBREVIATIONS AND CONVERSION FACTORS                       | 1      |
|------------------------------------------------------------|--------|
|                                                       |   |
| GLOSSARY OF TERMS                                          | 2      |
|                                                       |   |
| FORWARD LOOKING STATEMENTS                                 | 3      |
|                                                       |   |
| CORPORATE STRUCTURE                                        | 4      |
|                                                       |   |
| BUSINESS AND STRATEGY                                      | 4      |
|                                                       |   |
| PRINCIPAL PROPERTIES                                  | 7      |
|                                                       |   |
| STATEMENT OF RESERVES DATA AND OTHER INFORMATION           | 8      |
|                                                       |   |
| ADDITIONAL INFORMATION RELATING TO RESERVES DATA           | 14     |
|                                                       |   |
| DIVIDENDS                                                  | 20     |
|                                                       |   |
| CAPITAL STRUCTURE                                          | 20     |
|                                                       |   |
| DIRECTORS AND OFFICERS                                     | 22     |
|                                                       |   |
| AUDIT COMMITTEE INFORMATION                                | 24     |
|                                                       |   |
| RISK FACTORS                                               | 25     |
|                                                       |   |
| REGISTRAR AND TRANSFER AGENT                          | 33     |
|                                                       |   |
| INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | 33     |
|                                                       |   |
| INTEREST OF EXPERTS                                        | 33     |
|                                                       |   |
| MATERIAL CONTRACTS                                         | 34     |
|                                                       |   |
| LEGAL PROCEEDINGS                                          | 34     |
|                                                       |   |
| ADDITIONAL INFORMATION                                     | 34     |
|                                                       |   |
| SCHEDULE 1                                                 | 35     |
|                                                       |   |
| SCHEDULE 2                                                 | 38     |
|                                                       |   |
| SCHEDULE 3                                            | 41     |

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ABBREVIATIONS AND CONVERSION FACTORS

| Oil and Natural Gas Liquids | Natural Gas                        |
|-----------------------------|------------------------------------|
| bbl                         | barrel                             | Bcf | billion cubic feet |
| bbls                        | barrels                            | CBM | coal bed methane |
| BOED                        | barrels of oil equivalent per day  | GJ | gigajoule |
| bpd                         | barrels per day                    | Mcf | thousand cubic feet |
| Mstb                        | thousand stock tank barrels        | Mcfd | thousand cubic feet per day |
| MBOE                        | thousand barrels of oil equivalent | Mcfe | thousand cubic feet equivalent |
| Mbbls                       | thousand barrels                   | MMcf | million cubic feet |
| NGL                         | natural gas liquids                | MMcfd | million cubic feet per day |
|                        |                               | MMBTU | Million British thermal units |

| AECO   | Intra-Alberta Nova Inventory Transfer Price (NIT net price of natural gas)                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                      |
| API    | an indication of the specific gravity of crude oil measured on the American Petroleum Institute gravity scale.  Liquid petroleum with a specified gravity of 28° API or higher is generally referred to as light crude oil |
|   |                                                                                                                                                                                                                                      |
| BOE    | barrel of oil equivalent of natural gas on the basis of 1 BOE for 6 Mcf of natural gas  (unless otherwise stated)                                                                                                               |
|   |                                                                                                                                                                                                                                      |
| WTI    | West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade                                                                                                                    |

| To Convert From  | To      | Multiply By                                                                                                         |
|-----------------------|--------------|--------------------------------------------------------------------------------------------------------------------------|
| Mcf                   | cubic metres |                    28.174 |
| cubic metres          | cubic feet   |                    35.494 |
| bbls                  | cubic metres |                    0.159  |
| cubic metres          | bbls         |                    6.289  |
| feet                  | metres       |                    0.305  |
| metres                | feet         |                    3.281  |
| miles                 | kilometres   |                    1.609  |
| kilometres            | miles        |                    0.621  |
| acres                 | hectares     |                    0.405  |
| hectares              | acres        |                    2.471  |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 1 |
|---------------------------------------------------|---|

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GLOSSARY OF TERMS

|   | (1) | in relation to the Company’s interest in reserves, Anderson’s working interest (operated and non-operated) share before deduction of royalties and without including any royalty interest owned by Anderson; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | in relation to wells, the total number of wells in which Anderson has an interest; and |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (3) | in relation to land, the total area in which Anderson has an interest. |
|--------|-----|------------------------------------------------------------------------|

|   | (a) | in relation to the Company’s interest in reserves, Anderson’s working interest (operated and non-operated) share after deduction of royalty obligations, plus Anderson’s royalty interests in reserves; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | in relation to wells, the total number of wells obtained by aggregating Anderson’s working interest in each of its gross wells; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | in relation to land, the total area in which Anderson has an interest multiplied by Anderson’s working interest. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 2 |
|---------------------------------------------------|---|

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FORWARD LOOKING STATEMENTS

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 3 |
|---------------------------------------------------|---|

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CORPORATE STRUCTURE

BUSINESS AND STRATEGY

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 4 |
|---------------------------------------------------|---|

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|   | — | risk capital required to secure or evaluate the investment opportunity; |
|--------|---------|-------------------------------------------------------------------------|

|   | — | the potential return on the project, if successful; |
|--------|---------|-----------------------------------------------------|

|   | — | the likelihood of success; and |
|--------|---------|--------------------------------|

|   | — | the risked return versus cost of capital. |
|--------|---------|-------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 5 |
|---------------------------------------------------|---|

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| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 6 |
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PRINCIPAL PROPERTIES

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 7 |
|---------------------------------------------------|---|

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STATEMENT OF RESERVES DATA AND OTHER INFORMATION

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 8 |
|---------------------------------------------------|---|

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|                           |   | Light and Medium Oil |   |   | Heavy Oil  |   |   | Natural Gas  |   |   | Natural Gas Liquids |   |   | Total Oil Equivalent |   |
|--------------------------------|--------|----------------------|--------|--------|------------|--------|--------|--------------|--------|--------|---------------------|--------|--------|----------------------|--------|
|                           |   | Gross (Mbbl)         |   |   | Net (Mbbl) |   |   | Gross (Mbbl) |   |   | Net (Mbbl)          |   |   | Gross (MMcf)         |   |   | Net(MMcf) |   |   | Gross (Mbbl) |   |   | Net(Mbbl) |   |   | Gross (MBOE) |   |   | Net(MBOE) |   |
| Proved Developed Producing     |   |                 | 2,541  |   |       |   | 2,196  |         |   |   | 35                  |   |   |                 | 31     |   |   |   | 50,783 |   |   |   | 44,174 |   |   |   | 1,534 |   |   |   | 1,054 |   |   |   | 12,573 |   |   |   | 10,643 |   |
| Proved Developed Non-Producing |   |                 | 41     |   |       |   | 37     |         |   |   | -                   |   |   |                 | -      |   |   |   | 6,532 |   |   |   | 5,953 |   |   |   | 22 |   |   |   | 18 |   |   |   | 1,151 |   |   |   | 1,048 |   |
| Proved Undeveloped             |   |                 | 1,507  |   |       |   | 1,317  |         |   |   | -                   |   |   |                 | -      |   |   |   | 31,727 |   |   |   | 28,084 |   |   |   | 426 |   |   |   | 325 |   |   |   | 7,221 |   |   |   | 6,323 |   |
| Total Proved                   |   |                 | 4,089  |   |       |   | 3,550  |         |   |   | 35                  |   |   |                 | 31     |   |   |   | 89,042 |   |   |   | 78,211 |   |   |   | 1,982 |   |   |   | 1,397 |   |   |   | 20,945 |   |   |   | 18,013 |   |
| Probable                       |   |                 | 3,284  |   |       |   | 2,806  |         |   |   | 36                  |   |   |                 | 32     |   |   |   | 52,347 |   |   |   | 46,087 |   |   |   | 1,335 |   |   |   | 935 |   |   |   | 13,379 |   |   |   | 11,454 |   |
| Total Proved Plus Probable     |   |                 | 7,373  |   |       |   | 6,356  |         |   |   | 71                  |   |   |                 | 63     |   |   |   | 141,389 |   |   |   | 124,298 |   |   |   | 3,316 |   |   |   | 2,332 |   |   |   | 34,325 |   |   |   | 29,467 |   |

|                 |   | Before Income Taxes Discounted at (%/year) |    |   | Unit Value Before Income Taxes (discounted at 10%/year)(8) |   |
|--------------------------------|--------|--------------------------------------------|---------|--------|------------------------------------------------------------|--------|
| (thousands of dollars)         |   |                                       | 0%      |   |                                                       |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |   | $/BOE |   |
| Proved Developed Producing     |   |                                       | 308,576 |   |                                                       |   | 247,604 |   |   |   | 207,906 |   |   |   | 180,236 |   |   |   | 159,918 |   |   |   | 19.53 |   |
| Proved Developed Non-Producing |   |                                       | 13,942  |   |                                                       |   | 10,000 |   |   |   | 7,366 |   |   |   | 5,541 |   |   |   | 4,240 |   |   |   | 7.03 |   |
| Proved Undeveloped             |   |                                       | 78,161  |   |                                                       |   | 40,082 |   |   |   | 17,806 |   |   |   | 4,082 |   |   |   | (4,713 | ) |   |   | 2.82 |   |
| Total Proved                   |   |                                       | 400,679 |   |                                                       |   | 297,687 |   |   |   | 233,078 |   |   |   | 189,858 |   |   |   | 159,445 |   |   |   | 12.94 |   |
| Probable                       |   |                                       | 346,038 |   |                                                       |   | 195,982 |   |   |   | 122,234 |   |   |   | 81,541 |   |   |   | 56,965 |   |   |   | 10.67 |   |
| Total Proved Plus Probable     |   |                                       | 746,717 |   |                                                       |   | 493,669 |   |   |   | 355,311 |   |   |   | 271,399 |   |   |   | 216,410 |   |   |   | 12.06 |   |

|                           |   | After Income Taxes Discounted at (%/year)(9) |    |
|--------------------------------|--------|----------------------------------------------|---------|
| (thousands of dollars)         |   |                                         | 0%      |   |   |   | 5% |   |   |   | 10% |   |   |   | 15% |   |   |   | 20% |   |
| Proved Developed Producing     |   |                                         | 308,576 |   |   |   | 247,604 |   |   |   | 207,906 |   |   |   | 180,236 |   |   |   | 159,918 |   |
| Proved Developed Non-Producing |   |                                         | 13,942  |   |   |   | 10,000 |   |   |   | 7,366 |   |   |   | 5,541 |   |   |   | 4,240 |   |
| Proved Undeveloped             |   |                                         | 78,161  |   |   |   | 40,082 |   |   |   | 17,806 |   |   |   | 4,082 |   |   |   | (4,713 | ) |
| Total Proved                   |   |                                         | 400,679 |   |   |   | 297,687 |   |   |   | 233,078 |   |   |   | 189,858 |   |   |   | 159,445 |   |
| Probable                       |   |                                         | 283,504 |   |   |   | 166,971 |   |   |   | 107,654 |   |   |   | 73,731 |   |   |   | 52,560 |   |
| Total Proved Plus Probable     |   |                                         | 684,183 |   |   |   | 464,658 |   |   |   | 340,732 |   |   |   | 263,589 |   |   |   | 212,005 |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 9 |
|---------------------------------------------------|---|

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|                                          |   | Revenue |      |   | Royalties |   |    | Operating Costs |   |   | Development Costs |   |   | Abandonment Costs |    |   | Future Net Revenue Before IncomeTaxes |   |   | Future Income Taxes(9) |   |   | Future Net Revenue After Future Income Taxes |   |
|-----------------------------------------------|--------|---------|-----------|--------|-----------|--------|---------|-----------------|--------|--------|-------------------|--------|--------|-------------------|---------|--------|---------------------------------------|--------|--------|------------------------|--------|--------|----------------------------------------------|--------|
| (in thousands of dollars)                     |   |    |      |   |      |   |    |            |   |   |              |   |   |              |    |   |                                  |   |   |                   |   |   |                                         |   |
| Total Proved                                  |   |    | 1,115,803 |   |      |   | 136,688 |            |   |   | 409,156           |   |   |              | 149,767 |   |                                  |   | 19,513 |                   |   |   | 400,679                                      |   |   |   | - |   |   |   | 400,679 |   |
| Total Proved Plus     Probable |   |    | 1,945,436 |   |      |   | 253,823 |            |   |   | 654,947           |   |   |              | 264,891 |   |                                  |   | 25,057 |                   |   |   | 746,717                                      |   |   |   | 62,533 |   |   |   | 684,183 |   |

|                       | Production Group                        |   | Future Net Revenue Before Income Taxes(discounted at 10%/year)(iii) |    |   | Unit Value BeforeIncome Taxes(discounted at 10%/year)(iii) |   |
|----------------------------|-----------------------------------------|--------|---------------------------------------------------------------------|---------|--------|------------------------------------------------------------|--------|
|                       |                                    |   | (in thousands of dollars)                                           |    |   | ($/BOE)                                                    |   |
| Total Proved               | Light and Medium Crude Oil (i)          |   |                                                                | 137,305 |   |                                                       |   | 26.32 |   |
|                       | Heavy Oil (i)                           |   |                                                                | 1,506   |   |                                                       |   | 16.04 |   |
|                       | Natural Gas (ii)                        |   |                                                                | 91,996  |   |                                                       |   | 7.48 |   |
|                       | Non-conventional Oil and Gas Activities |   |                                                                | 2,271   |   |                                                       |   | 5.74 |   |
|                       |                                    |   |                                                                | 233,078 |   |                                                       |   | 12.94 |   |
|                       |                                    |   |                                                                |    |   |                                                       |   |   |   |
| Total Proved Plus Probable | Light and Medium Crude Oil (i)          |   |                                                                | 200,907 |   |                                                       |   | 21.50 |   |
|                       | Heavy Oil (i)                           |   |                                                                | 2,083   |   |                                                       |   | 14.72 |   |
|                       | Natural Gas (ii)                        |   |                                                                | 148,223 |   |                                                       |   | 7.70 |   |
|                       | Non-conventional Oil and Gas Activities |   |                                                                | 4,099   |   |                                                       |   | 5.53 |   |
|                       |                                    |   |                                                                | 355,311 |   |                                                       |   | 12.06 |   |

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

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

|   | (iii) | Other Company revenue and costs not related to a specific production group have been allocated proportionately to production groups.  Unit values are based on net reserves. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 10 |
|---------------------------------------------------|----|

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|          |   |                               |   |   |                                          |   |   |                                      |   |   |                                     |   |   |                      |   |
|---------------|--------|------------------------------------|--------|--------|-----------------------------------------------|--------|--------|-------------------------------------------|--------|--------|------------------------------------------|--------|--------|---------------------------|--------|
|          |   | Oil                                |   |   | Natural Gas                                   |   |   | Natural Gas Liquids                       |   |   |                                     |   |   |                      |   |
| Year          |   | WTI Cushing Oklahoma($US/bbl) |   |   | Edmonton Par Price40° API($Cdn/bbl) |   |   | Hardisty Heavy12° API($Cdn/bbl) |   |   | Cromer Medium29° API($Cdn/bbl) |   |   | AECO Gas Price ($Cdn/Mcf) |   |   | EdmontonPropane ($Cdn/bbl) |   |   | EdmontonButane ($Cdn/bbl) |   |   | EdmontonPentanes Plus ($Cdn/bbl) |   |   | Inflation Rates(3a)%/Year |   |   | Exchange Rates(3b)($US/$Cdn) |   |
| 2012          |   |                               | 97.00  |   |                                          |   | 97.96  |                                      |   |   | 72.37                                    |   |   |                      | 90.12  |   |   |   | 3.49 |   |   |   | 58.78 |   |   |   | 76.41 |   |   |   | 107.76 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2013          |   |                               | 100.00 |   |                                          |   | 101.02 |                                      |   |   | 73.60                                    |   |   |                      | 92.94  |   |   |   | 4.13 |   |   |   | 60.61 |   |   |   | 78.80 |   |   |   | 108.09 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2014          |   |                               | 100.00 |   |                                          |   | 101.02 |                                      |   |   | 74.51                                    |   |   |                      | 91.93  |   |   |   | 4.59 |   |   |   | 60.61 |   |   |   | 78.80 |   |   |   | 105.06 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2015          |   |                               | 100.00 |   |                                          |   | 101.02 |                                      |   |   | 74.51                                    |   |   |                      | 91.93  |   |   |   | 5.05 |   |   |   | 60.61 |   |   |   | 78.80 |   |   |   | 105.06 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2016          |   |                               | 100.00 |   |                                          |   | 101.02 |                                      |   |   | 74.51                                    |   |   |                      | 91.93  |   |   |   | 5.51 |   |   |   | 60.61 |   |   |   | 78.80 |   |   |   | 105.06 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2017          |   |                               | 100.00 |   |                                          |   | 101.02 |                                      |   |   | 74.51                                    |   |   |                      | 91.93  |   |   |   | 5.97 |   |   |   | 60.61 |   |   |   | 78.80 |   |   |   | 105.06 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2018          |   |                               | 101.35 |   |                                          |   | 102.40 |                                      |   |   | 75.54                                    |   |   |                      | 93.18  |   |   |   | 6.21 |   |   |   | 61.44 |   |   |   | 79.87 |   |   |   | 106.49 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2019          |   |                               | 103.38 |   |                                          |   | 104.47 |                                      |   |   | 77.09                                    |   |   |                      | 95.07  |   |   |   | 6.33 |   |   |   | 62.68 |   |   |   | 81.49 |   |   |   | 108.65 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2020          |   |                               | 105.45 |   |                                          |   | 106.58 |                                      |   |   | 78.67                                    |   |   |                      | 96.99  |   |   |   | 6.46 |   |   |   | 63.95 |   |   |   | 83.13 |   |   |   | 110.84 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| 2021          |   |                               | 107.56 |   |                                          |   | 108.73 |                                      |   |   | 80.28                                    |   |   |                      | 98.95  |   |   |   | 6.58 |   |   |   | 65.24 |   |   |   | 84.81 |   |   |   | 113.08 |   |   |   | 2.0 |   |   |   | 0.98 |   |
| Thereafter 2% |   |                               |   |   |                                          |   |   |                                      |   |   |                                     |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 11 |
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| (1) | Columns may not add due to rounding. |
|-----|--------------------------------------|

| (2) | “Gross” or “gross” means Anderson’s working interest (operated and non-operated) share before deduction of royalties and without including any royalty interest owned by Anderson. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The forecast cost and price assumptions assume the continuance of current laws and regulations and increases in wellhead selling prices, and take into account inflation with respect to future operating and capital costs.  In the GLJ Report, operating costs are assumed to escalate at 2% per annum.  Crude oil and natural gas base case prices as forecast by GLJ effective December 31, 2011 consider the following: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a)  | Inflation rates for forecasting prices and costs; and |
|--------|-----------|-------------------------------------------------------|

|   | (b)  | Exchange rates used to generate the benchmark reference prices in this table. |
|--------|-----------|-------------------------------------------------------------------------------|

| (4) | Future net revenue is attributed to a product group based on each field’s primary producing product. |
|-----|------------------------------------------------------------------------------------------------------------|

| (5) | Substantially all of the proved producing reserves evaluated in the GLJ Report were on production at December 31, 2011. |
|-----|-------------------------------------------------------------------------------------------------------------------------|

| (6) | The extent and character of all factual data supplied to GLJ were accepted by GLJ as represented. The crude oil and natural gas reserves calculations and any projections upon which the GLJ Report is based were determined in accordance with generally accepted evaluation practices. No field inspections were conducted. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | GLJ includes well abandonment costs for all wells with reserves at the property level.  Additional abandonment costs associated with non-reserves wells, lease reclamation costs and facility abandonment and reclamation expenses have not been included in the analysis. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Unit values for future net revenue are calculated using net reserves. |
|-----|-----------------------------------------------------------------------|

| (9) | Canadian income taxes were calculated based on currently legislated federal and provincial tax rates, tax regulations and estimated tax pools.  The after-tax net present value of Anderson’s oil and gas properties here reflects the tax burden on the properties on a stand-alone basis.  It does not consider the business-entity-level tax situation, tax planning or future changes to tax rates or tax regulations. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 12 |
|---------------------------------------------------|----|

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|                             |   | Total Proved           |   |   | Total Probable |   |   | Total Proved Plus Probable |   |
|----------------------------------|--------|------------------------|--------|--------|----------------|--------|--------|----------------------------|--------|
|                             |   | Light & Medium Oil |   |   | HeavyOil       |   |   | Conventional Natural Gas   |   |   | CBMGas |   |   | NGL |   |   | Total |   |   | Light & Medium Oil |   |   | HeavyOil |   |   | Conventional Natural Gas |   |   | CBM Gas |   |   | NGL |   |   | Total |   |   | Light & Medium Oil |   |   | HeavyOil |   |   | Conventional Natural Gas |   |   | CBM Gas |   |   | NGL |   |   | Total |   |
|                             |   | (Mbbl)                 |   |   | (Mbbl)         |   |   | (MMcf)                     |   |   | (MMcf) |   |   | (Mbbl) |   |   | (MBOE) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (MMcf) |   |   | (MMcf) |   |   | (Mbbl) |   |   | (MBOE) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (MMcf) |   |   | (MMcf) |   |   | (Mbbl) |   |   | (MBOE) |   |
| December 31, 2010                |   | 1,975                  |   |   | 251            |   |   | 92,873                     |   |   | 4,440 |   |   | 1,673 |   |   | 20,117 |   |   | 1,542 |   |   | 140 |   |   | 49,388 |   |   | 3,920 |   |   | 1,003 |   |   | 11,570 |   |   | 3,517 |   |   | 391 |   |   | 142,261 |   |   | 8,360 |   |   | 2,676 |   |   | 31,687 |   |
| Extensions and Improved Recovery |   | 2,716                  |   |   | -              |   |   | 9,253                      |   |   | - |   |   | 434 |   |   | 4,692 |   |   | 1,941 |   |   | - |   |   | 8,991 |   |   | - |   |   | 395 |   |   | 3,834 |   |   | 4,656 |   |   | - |   |   | 18,244 |   |   | - |   |   | 829 |   |   | 8,526 |   |
| Dispositions                     |   | -                      |   |   | (177           | )      |   | (768                       | )      |   | (78 | ) |   | (19 | ) |   | (337 | ) |   | (37 | ) |   | (99 | ) |   | (226 | ) |   | (132 | ) |   | (5 | ) |   | (200 | ) |   | (37 | ) |   | (276 | ) |   | (994 | ) |   | (210 | ) |   | (24 | ) |   | (537 | ) |
| Technical revisions              |   | (20                    | )      |   | 15             |   |   | 4,587                      |   |   | - |   |   | 142 |   |   | 901 |   |   | (162 | ) |   | (5 | ) |   | 227 |   |   | - |   |   | (59 | ) |   | (187 | ) |   | (182 | ) |   | 10 |   |   | 4,814 |   |   | - |   |   | 83 |   |   | 714 |   |
| Economic factors                 |   | -                      |   |   | -              |   |   | (8,350                     | )      |   | (1,373 | ) |   | - |   |   | (1,621 | ) |   | - |   |   | - |   |   | (8,407 | ) |   | (1,415 | ) |   | - |   |   | (1,637 | ) |   | - |   |   | - |   |   | (16,757 | ) |   | (2,788 | ) |   | - |   |   | (3,258 | ) |
| Production                       |   | (582                   | )      |   | (54            | )      |   | (11,252                    | )      |   | (290 | ) |   | (248 | ) |   | (2,807 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (582 | ) |   | (54 | ) |   | (11,252 | ) |   | (290 | ) |   | (248 | ) |   | (2,807 | ) |
| December 31, 2011                |   | 4,089                  |   |   | 35             |   |   | 86,343                     |   |   | 2,699 |   |   | 1,982 |   |   | 20,945 |   |   | 3,284 |   |   | 36 |   |   | 49,973 |   |   | 2,374 |   |   | 1,335 |   |   | 13,379 |   |   | 7,373 |   |   | 71 |   |   | 136,316 |   |   | 5,073 |   |   | 3,316 |   |   | 34,325 |   |

| (1) | Columns and rows may not add due to rounding. |
|-----|-----------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 13 |
|---------------------------------------------------|----|

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Table of Contents

ADDITIONAL INFORMATION RELATING TO RESERVES DATA

|          |   | Natural gas        |   |   | Oil                  |   |   | NGL                |   |
|---------------|--------|--------------------|--------|--------|----------------------|--------|--------|--------------------|--------|
|          |   | Proved Undeveloped |   |   | Probable Undeveloped |   |   | Proved Undeveloped |   |   | Probable Undeveloped |   |   | Proved Undeveloped |   |   | Probable Undeveloped |   |
|          |   | First attributed   |   |   | Total at year end    |   |   | First attributed   |   |   | Total at year end |   |   | First attributed |   |   | Total at year end |   |   | Firstattributed |   |   | Total at year end |   |   | First attributed |   |   | Total at year end |   |   | First attributed |   |   | Total at year end |   |
|          |   | (Bcf)              |   |   | (Bcf)                |   |   | (Bcf)              |   |   | (Bcf) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (Mbbl) |   |   | (Mbbl) |   |
| Prior to 2009 |   | 58.3               |   |   | 58.3                 |   |   | 28.1               |   |   | 28.1 |   |   | 142 |   |   | 142 |   |   | 89 |   |   | 89 |   |   | 503 |   |   | 503 |   |   | 157 |   |   | 157 |   |
| 2009          |   | 24.4               |   |   | 66.9                 |   |   | 13.6               |   |   | 40.3 |   |   | 122 |   |   | 219 |   |   | 289 |   |   | 454 |   |   | 93 |   |   | 306 |   |   | 135 |   |   | 343 |   |
| 2010          |   | 5.0                |   |   | 37.4                 |   |   | 6.5                |   |   | 36.5 |   |   | 686 |   |   | 755 |   |   | 1,014 |   |   | 1,110 |   |   | 142 |   |   | 248 |   |   | 280 |   |   | 494 |   |
| 2011          |   | 3.8                |   |   | 31.7                 |   |   | 9.9                |   |   | 34.5 |   |   | 1,091 |   |   | 1,507 |   |   | 1,950 |   |   | 2,292 |   |   | 201 |   |   | 426 |   |   | 429 |   |   | 725 |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 14 |
|---------------------------------------------------|----|

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Table of Contents

|                      |   | Forecast Prices and Costs |    |
|---------------------------|--------|---------------------------|---------|
| (in thousands of dollars) |   | Proved Reserves           |    |   | Proved Plus Probable Reserves |   |
| 2012                      |   |                      | 39,052  |   |   |   | 53,663 |   |
| 2013                      |   |                      | 44,587  |   |   |   | 85,269 |   |
| 2014                      |   |                      | 6,244   |   |   |   | 30,048 |   |
| 2015                      |   |                      | 36,393  |   |   |   | 44,558 |   |
| 2016                      |   |                      | 9,292   |   |   |   | 26,061 |   |
| Thereafter                |   |                      | 14,199  |   |   |   | 25,292 |   |
| Total (undiscounted)      |   |                      | 149,767 |   |   |   | 264,891 |   |
| Total (discounted at 10%) |   |                      | 121,080 |   |   |   | 212,302 |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 15 |
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Table of Contents

|             |   | Oil Wells |   |   | Natural Gas Wells |   |
|------------------|--------|-----------|--------|--------|-------------------|--------|
|             |   | Producing |   |   | Non-Producing     |   |   | Producing |   |   | Non-Producing |   |
|             |   | Gross(1)  |   |   | Net(2)            |   |   | Gross(1) |   |   | Net(2) |   |   | Gross(1) |   |   | Net(2) |   |   | Gross(1) |   |   | Net(2) |   |
| Alberta          |   |      | 163    |   |              |   | 87.2 |   |   |   | 2 |   |   |   | 2.0 |   |   |   | 690 |   |   |   | 373.5 |   |   |   | 59 |   |   |   | 42.7 |   |
| British Columbia |   |      | -      |   |              |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 0.8 |   |
| Total            |   |      | 163    |   |              |   | 87.2 |   |   |   | 2 |   |   |   | 2.0 |   |   |   | 690 |   |   |   | 373.5 |   |   |   | 60 |   |   |   | 43.5 |   |

|   | (1) | “Gross” wells are defined as the total number of wells in which Anderson has an interest. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (2) | “Net” wells are defined as the aggregate of the numbers obtained by multiplying each gross well by Anderson’s working interest therein. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|             |   | Gross Acres |   |   | Net Acres |   |
|------------------|--------|-------------|--------|--------|-----------|--------|
| Alberta          |   |        | 94,375 |   |      |   | 42,593 |   |
| British Columbia |   |        | 1,992  |   |      |   | 822 |   |
| Total            |   |        | 96,367 |   |      |   | 43,415 |   |

|                               |   | Total Abandonment Costs |   |
|------------------------------------|--------|-------------------------|--------|
| (in thousands of dollars)          |   | Proved                  |   |   | Proved Plus Probable |   |
| 2012                               |   |                    | 595    |   |   |   | 499 |   |
| 2013                               |   |                    | 182    |   |   |   | 114 |   |
| 2014                               |   |                    | 133    |   |   |   | 231 |   |
| 2015                               |   |                    | 315    |   |   |   | 80 |   |
| 2016                               |   |                    | 423    |   |   |   | 247 |   |
| Remainder                          |   |                    | 17,865 |   |   |   | 23,886 |   |
| Total                              |   |                    | 19,513 |   |   |   | 25,057 |   |
| Total (discounted at 10% per year) |   |                    | 6,198  |   |   |   | 5,952 |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 16 |
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|                                      |   |  Year EndedDecember 31, 2011 |    |   |  Year EndedDecember 31, 2010 |   |
|-------------------------------------------|--------|-----------------------------------|---------|--------|-----------------------------------|--------|
| (in thousands of dollars)                 |   |                              |    |   | (restated)                        |   |
| Property acquisition costs (dispositions) |   |                              |    |   |                              |   |
| Unproved properties (1)                   |   |                              | 4,319   |   |                              |   | 416 |   |
| Proved properties                         |   |                              | (11,525 | )      |                              |   | (464 | ) |
| Exploration costs (2)                     |   |                              | 193     |   |                              |   | 2,747 |   |
| Development costs (3)                     |   |                              | 166,100 |   |                              |   | 110,344 |   |
| Total                                     |   |                              | 159,087 |   |                              |   | 113,043 |   |

|   | (1) | Cost of land acquired and non-producing lease rentals on those lands. |
|--------|-----|-----------------------------------------------------------------------|

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

|   | (3) | Drilling costs for development wells and costs for equipping, tie-in and facilities for all wells. |
|--------|-----|----------------------------------------------------------------------------------------------------|

| December 31, 2011    |   |              |   |   |              |   |
|----------------------|--------|-------------------|--------|--------|-------------------|--------|
|                 |   | Exploratory Wells |   |   | Development Wells |   |
|                 |   | Gross(1)          |   |   | Net(2)            |   |   | Gross(1) |   |   | Net(2) |   |
| Light and Medium Oil |   |              | -      |   |              |   | - |   |   |   | 51 |   |   |   | 43.8 |   |
| Natural Gas          |   |              | -      |   |              |   | - |   |   |   | - |   |   |   | - |   |
| Service              |   |              | -      |   |              |   | - |   |   |   | - |   |   |   | - |   |
| Dry                  |   |              | -      |   |              |   | - |   |   |   | 1 |   |   |   | 1.0 |   |
| Total                |   |              | -      |   |              |   | - |   |   |   | 52 |   |   |   | 44.8 |   |

|   | (1) | “Gross” wells are defined as the total number of wells in which Anderson has an interest. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (2) | “Net” wells are defined as the aggregate of the numbers obtained by multiplying each gross well by Anderson’s working interest therein. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| December 31, 2010    |   |              |   |   |              |   |
|----------------------|--------|-------------------|--------|--------|-------------------|--------|
|                 |   | Exploratory Wells |   |   | Development Wells |   |
|                 |   | Gross(1)          |   |   | Net(2)            |   |   | Gross(1) |   |   | Net(2) |   |
| Light and Medium Oil |   |              | 1      |   |              |   | 0.7 |   |   |   | 21 |   |   |   | 15.6 |   |
| Natural Gas          |   |              | -      |   |              |   | - |   |   |   | 23 |   |   |   | 19.0 |   |
| Service              |   |              | -      |   |              |   | - |   |   |   | - |   |   |   | - |   |
| Dry                  |   |              | -      |   |              |   | - |   |   |   | 4 |   |   |   | 2.8 |   |
| Total                |   |              | 1      |   |              |   | 0.7 |   |   |   | 48 |   |   |   | 37.4 |   |

|   | (1) | “Gross” wells are defined as the total number of wells in which Anderson has an interest. |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | (2) | “Net” wells are defined as the aggregate of the numbers obtained by multiplying each gross well by Anderson’s working interest therein. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 17 |
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|                         |   | Fiscal 2011 Three months ended |   |   |         |   |
|------------------------------|--------|--------------------------------|--------|--------|--------------|--------|
|                         |   | March 31,2011                  |   |   | June 30,2011 |   |   | September 30, 2011 |   |   | December 31,2011 |   |   | Total |   |
| Average daily production:    |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcfd)           |   |                           | 33,931 |   |         |   | 31,990 |   |   |   | 30,038 |   |   |   | 30,576 |   |   |   | 31,620 |   |
| NGL (bpd)                    |   |                           | 699    |   |         |   | 667 |   |   |   | 636 |   |   |   | 715 |   |   |   | 679 |   |
| Oil (bpd)                    |   |                           | 1,372  |   |         |   | 1,759 |   |   |   | 1,709 |   |   |   | 2,122 |   |   |   | 1,743 |   |
| Combined (BOED)              |   |                           | 7,726  |   |         |   | 7,758 |   |   |   | 7,351 |   |   |   | 7,933 |   |   |   | 7,692 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average price received:      |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas ($/Mcf)          |   |                           | 3.58   |   |         |   | 3.79 |   |   |   | 3.85 |   |   |   | 3.20 |   |   |   | 3.60 |   |
| NGL ($/bbl)                  |   |                           | 65.97  |   |         |   | 74.24 |   |   |   | 66.07 |   |   |   | 72.71 |   |   |   | 69.81 |   |
| Oil ($/bbl) (1)              |   |                           | 84.71  |   |         |   | 99.39 |   |   |   | 89.05 |   |   |   | 96.33 |   |   |   | 93.05 |   |
| Combined ($/BOE)(1)          |   |                           | 36.80  |   |         |   | 44.71 |   |   |   | 42.16 |   |   |   | 44.70 |   |   |   | 42.13 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Royalties paid:              |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas and NGL ($/Mcfe) |   |                           | 0.34   |   |         |   | 0.54 |   |   |   | 0.48 |   |   |   | 0.50 |   |   |   | 0.46 |   |
| Oil ($/bbl)                  |   |                           | 9.18   |   |         |   | 12.68 |   |   |   | 13.10 |   |   |   | 13.11 |   |   |   | 12.24 |   |
| Combined ($/BOE)             |   |                           | 3.31   |   |         |   | 5.37 |   |   |   | 5.24 |   |   |   | 5.71 |   |   |   | 4.92 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Production costs:            |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas and NGL ($/Mcfe) |   |                           | 1.80   |   |         |   | 2.01 |   |   |   | 1.91 |   |   |   | 1.46 |   |   |   | 1.80 |   |
| Oil ($/bbl)                  |   |                           | 11.72  |   |         |   | 14.03 |   |   |   | 10.39 |   |   |   | 7.88 |   |   |   | 10.73 |   |
| Combined ($/BOE)             |   |                           | 10.96  |   |         |   | 12.70 |   |   |   | 12.11 |   |   |   | 8.74 |   |   |   | 11.10 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Netback received:            |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas and NGL ($/Mcfe) |   |                           | 2.25   |   |         |   | 2.19 |   |   |   | 2.27 |   |   |   | 2.34 |   |   |   | 2.26 |   |
| Oil ($/bbl) (1)              |   |                           | 63.81  |   |         |   | 72.68 |   |   |   | 65.56 |   |   |   | 75.34 |   |   |   | 70.08 |   |
| Combined ($/BOE) (2)         |   |                           | 21.96  |   |         |   | 25.47 |   |   |   | 26.10 |   |   |   | 29.88 |   |   |   | 25.89 |   |

| (1) | Excludes realized and unrealized losses on derivative contracts. |
|-----|------------------------------------------------------------------|

| (2) | Includes royalty and other income classified with oil and gas sales and realized loss on derivative contracts, but excludes unrealized gains (losses) on derivative contracts. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 18 |
|---------------------------------------------------|----|

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Table of Contents

|                         |   | Fiscal 2010 Three months ended |   |   |         |   |
|------------------------------|--------|--------------------------------|--------|--------|--------------|--------|
|                         |   | March 31, 2010                 |   |   | June 30,2010 |   |   | September 30, 2010 |   |   | December 31,2010 |   |   | Total |   |
| Average daily production:    |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |
| Natural gas (Mcfd)           |   |                           | 35,221 |   |         |   | 38,998 |   |   |   | 35,778 |   |   |   | 38,479 |   |   |   | 37,124 |   |
| NGL (bpd)                    |   |                           | 785    |   |         |   | 741 |   |   |   | 761 |   |   |   | 823 |   |   |   | 778 |   |
| Oil (bpd)                    |   |                           | 345    |   |         |   | 491 |   |   |   | 568 |   |   |   | 992 |   |   |   | 601 |   |
| Combined (BOED)              |   |                           | 7,000  |   |         |   | 7,732 |   |   |   | 7,292 |   |   |   | 8,228 |   |   |   | 7,566 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Average price received:      |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas ($/Mcf)          |   |                           | 5.22   |   |         |   | 3.78 |   |   |   | 3.43 |   |   |   | 3.48 |   |   |   | 3.96 |   |
| NGL ($/bbl)                  |   |                           | 56.68  |   |         |   | 53.55 |   |   |   | 51.41 |   |   |   | 58.87 |   |   |   | 55.22 |   |
| Oil ($/bbl) (1)         |   |                           | 75.47  |   |         |   | 70.45 |   |   |   | 68.24 |   |   |   | 77.62 |   |   |   | 73.62 |   |
| Combined ($/BOE)(1)          |   |                           | 36.93  |   |         |   | 28.88 |   |   |   | 28.21 |   |   |   | 31.63 |   |   |   | 31.31 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Royalties paid:              |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas and NGL ($/Mcfe) |   |                           | 0.80   |   |         |   | 0.33 |   |   |   | 0.36 |   |   |   | 0.33 |   |   |   | 0.45 |   |
| Oil ($/bbl)                  |   |                           | 16.16  |   |         |   | 8.61 |   |   |   | 6.48 |   |   |   | 10.19 |   |   |   | 9.83 |   |
| Combined ($/BOE)             |   |                           | 5.39   |   |         |   | 2.41 |   |   |   | 2.48 |   |   |   | 2.98 |   |   |   | 3.26 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Production costs:            |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas and NGL ($/Mcfe) |   |                           | 1.74   |   |         |   | 1.62 |   |   |   | 1.56 |   |   |   | 1.85 |   |   |   | 1.70 |   |
| Oil ($/bbl)                  |   |                           | 11.21  |   |         |   | 13.61 |   |   |   | 13.33 |   |   |   | 14.05 |   |   |   | 13.38 |   |
| Combined ($/BOE)             |   |                           | 10.91  |   |         |   | 9.89 |   |   |   | 9.71 |   |   |   | 11.62 |   |   |   | 10.56 |   |
|                         |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Netback received:            |   |                           |   |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas and NGL ($/Mcfe) |   |                           | 3.18   |   |         |   | 2.36 |   |   |   | 2.09 |   |   |   | 2.02 |   |   |   | 2.39 |   |
| Oil ($/bbl) (1)              |   |                           | 48.10  |   |         |   | 48.23 |   |   |   | 48.43 |   |   |   | 53.38 |   |   |   | 50.41 |   |
| Combined ($/BOE) (2)    |   |                           | 20.63  |   |         |   | 16.58 |   |   |   | 16.02 |   |   |   | 16.86 |   |   |   | 17.44 |   |

| (1) | Excludes realized and unrealized losses on derivative contracts. |
|-----|------------------------------------------------------------------|

| (2) | Includes royalty and other income classified with oil and gas sales and realized loss on derivative contracts, but excludes unrealized loss on derivative contracts. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| December 31, 2011     |   |                                    |   |   |              |   |   |           |   |
|-----------------------|--------|-----------------------------------------|--------|--------|-------------------|--------|--------|----------------|--------|
|                  |   | Light and Medium Crude Oil and NGL(bpd) |   |   | Natural Gas(Mcfd) |   |   | Combined(BOED) |   |
|                  |   |                                    |   |   |              |   |   |           |   |
| Central Alberta       |   |                                    | 2,302  |   |              |   | 30,225 |           |   |   | 7,340 |   |
| North Central Alberta |   |                                    | 47     |   |              |   | 1,359  |           |   |   | 273 |   |
| Other                 |   |                                    | 73     |   |              |   | 36     |           |   |   | 79 |   |
| Total                 |   |                                    | 2,422  |   |              |   | 31,620 |           |   |   | 7,692 |   |

| December 31, 2010     |   |                                    |   |   |              |   |   |           |   |
|-----------------------|--------|-----------------------------------------|--------|--------|-------------------|--------|--------|----------------|--------|
|                  |   | Light and Medium Crude Oil and NGL(bpd) |   |   | Natural Gas(Mcfd) |   |   | Combined(BOED) |   |
|                  |   |                                    |   |   |              |   |   |           |   |
| Central Alberta       |   |                                    | 1,243  |   |              |   | 35,609 |           |   |   | 7,177 |   |
| North Central Alberta |   |                                    | 37     |   |              |   | 1,463  |           |   |   | 281 |   |
| Other                 |   |                                    | 99     |   |              |   | 52     |           |   |   | 108 |   |
| Total                 |   |                                    | 1,379  |   |              |   | 37,124 |           |   |   | 7,566 |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 19 |
|---------------------------------------------------|----|

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DIVIDENDS

CAPITAL STRUCTURE

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 20 |
|---------------------------------------------------|----|

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Table of Contents

| Period        |   | High ($) |   |   | Low ($) |   |   | Trading Volume |   |
|---------------|--------|---------------|--------|--------|---------|--------|--------|----------------|--------|
| 2011          |   |          |   |   |    |   |   |           |   |
| January       |   |          | 1.20   |   |    |   | 1.00   |           |   |   | 13,368,132 |   |
| February      |   |          | 1.25   |   |    |   | 1.13   |           |   |   | 21,150,067 |   |
| March         |   |          | 1.36   |   |    |   | 1.10   |           |   |   | 27,057,640 |   |
| April         |   |          | 1.23   |   |    |   | 1.02   |           |   |   | 9,067,999 |   |
| May           |   |          | 1.12   |   |    |   | 0.91   |           |   |   | 7,534,912 |   |
| June          |   |          | 1.02   |   |    |   | 0.77   |           |   |   | 6,789,336 |   |
| July          |   |          | 0.87   |   |    |   | 0.78   |           |   |   | 4,957,484 |   |
| August        |   |          | 0.79   |   |    |   | 0.62   |           |   |   | 9,115,156 |   |
| September     |   |          | 0.69   |   |    |   | 0.42   |           |   |   | 9,667,355 |   |
| October       |   |          | 0.63   |   |    |   | 0.35   |           |   |   | 15,386,363 |   |
| November      |   |          | 0.71   |   |    |   | 0.50   |           |   |   | 11,068,776 |   |
| December      |   |          | 0.60   |   |    |   | 0.50   |           |   |   | 6,748,342 |   |
| 2012          |   |          |   |   |    |   |   |           |   |   |   |   |
| January       |   |          | 0.60   |   |    |   | 0.48   |           |   |   | 4,622,146 |   |
| February      |   |          | 0.65   |   |    |   | 0.48   |           |   |   | 6,385,515 |   |
| March 1 to 16 |   |          | 0.68   |   |    |   | 0.59   |           |   |   | 2,540,091 |   |

|          |   | Series A Convertible Debentures |   |   | Series B Convertible Debentures(1) |   |
|---------------|--------|---------------------------------|--------|--------|------------------------------------|--------|
| Period        |   | High ($)                   |   |   | Low ($)                            |   |   | Trading Volume(2) |   |   | High ($) |   |   | Low ($) |   |   | Trading Volume(2) |   |
| 2011          |   |                            |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January       |   |                            | 108.00 |   |                               |   | 101.99 |   |   |   | 38,440 |   |   |   |   |   |   |   |   |   |   |
| February      |   |                            | 110.00 |   |                               |   | 107.00 |   |   |   | 12,080 |   |   |   |   |   |   |   |   |   |   |
| March         |   |                            | 113.00 |   |                               |   | 108.00 |   |   |   | 29,890 |   |   |   |   |   |   |   |   |   |   |
| April         |   |                            | 112.00 |   |                               |   | 106.25 |   |   |   | 110,390 |   |   |   |   |   |   |   |   |   |   |
| May           |   |                            | 108.00 |   |                               |   | 104.00 |   |   |   | 32,400 |   |   |   |   |   |   |   |   |   |   |
| June          |   |                            | 105.00 |   |                               |   | 101.75 |   |   |   | 48,300 |   |   |   | 99.20 |   |   |   | 95.00 |   |   |   | 44,640 |   |
| July          |   |                            | 103.88 |   |                               |   | 102.00 |   |   |   | 4,000 |   |   |   | 100.00 |   |   |   | 96.50 |   |   |   | 25,550 |   |
| August        |   |                            | 101.81 |   |                               |   | 95.15 |   |   |   | 14,800 |   |   |   | 99.24 |   |   |   | 93.25 |   |   |   | 17,710 |   |
| September     |   |                            | 96.00  |   |                               |   | 83.00 |   |   |   | 9,930 |   |   |   | 95.00 |   |   |   | 85.00 |   |   |   | 6,010 |   |
| October       |   |                            | 92.00  |   |                               |   | 76.76 |   |   |   | 35,101 |   |   |   | 91.00 |   |   |   | 74.00 |   |   |   | 8,840 |   |
| November      |   |                            | 97.00  |   |                               |   | 92.00 |   |   |   | 7,652 |   |   |   | 94.50 |   |   |   | 87.50 |   |   |   | 3,610 |   |
| December      |   |                            | 96.00  |   |                               |   | 93.50 |   |   |   | 11,060 |   |   |   | 93.50 |   |   |   | 90.00 |   |   |   | 6,910 |   |
| 2012          |   |                            |   |   |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| January       |   |                            | 98.00  |   |                               |   | 96.00 |   |   |   | 6,950 |   |   |   | 96.50 |   |   |   | 92.00 |   |   |   | 9,920 |   |
| February      |   |                            | 98.00  |   |                               |   | 93.00 |   |   |   | 7,890 |   |   |   | 97.00 |   |   |   | 90.00 |   |   |   | 20,280 |   |
| March 1 to 16 |   |                            | 99.26  |   |                               |   | 98.00 |   |   |   | 1,670 |   |   |   | 97.50 |   |   |   | 96.50 |   |   |   | 5,420 |   |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 21 |
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DIRECTORS AND OFFICERS

| Name and Municipalityof Residence               |    Office Held                                  | Principal Occupation for the Last Five Years                                                                                            |   | Director Since (5) |   |   | Common Shares of Anderson Owned (6) |       |
|-------------------------------------------------|----------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|------------------------------------------|------------|
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |
| J.C. Anderson(4)Calgary, Alberta                | Chairman of the Board                                          | Chairman of the Board of Anderson since January 2002                                                                                    |   | 2002               |   |   |                                     | 12,000,000 |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| Brian H. DauCalgary, Alberta                    | President and Chief Executive Officer and Director             | President and Chief Executive Officer of Anderson since February 2002                                                                   |   | 2002               |   |   |                                     | 2,232,454  |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| Christopher L. Fong(1)(2)(3)(4)Calgary, Alberta | Director                                                       | Corporate Director since June 2009; Global Head, Corporate Banking, Energy, with RBC Capital Markets until May 2009                     |   | 2009               |   |   |                                     | 25,000     |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| Glenn D. Hockley(1)(3)(4)Calgary, Alberta       | Director                                                       | Independent Businessman since 2005; Chairman of the Aquest Board from January 2004 to September 2005                                    |   | 2005               |   |   |                                     | 1,603,539  |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| David J. Sandmeyer(2)(3)(4)Calgary, Alberta     | Director                                                       | Corporate Director since May 2009; President and CEO of Freehold Royalty Trust and Rife Resources Ltd. until May 2009                   |   | 2010               |   |   |                                     | 30,000     |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| David G. Scobie(1)(2)(4)Calgary, Alberta        | Director                                                       | Corporate Director since April 2002                                                                                                     |   | 2002               |   |   |                                     | 242,424    |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| David M. SpykerDewinton, Alberta                | Chief Operating Officer                                        | Chief Operating Officer since July 2009, prior thereto Vice President, Business Development of Anderson from February 2002 to July 2009 |   | N/A                |   |   |                                     | 454,596    |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| M. Darlene WongCalgary, Alberta                 | Vice President, Finance, Chief Financial Officer and Secretary | Vice President, Finance, Chief Financial Officer and Secretary of Anderson since February 2002                                          |   | N/A                |   |   |                                     | 694,177    |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| Blaine M. ChicoineCalgary, Alberta              | Vice President, Drilling and Completions                       | Vice President, Operations of Anderson since June 2002                                                                                  |   | N/A                |   |   |                                     | 457,065    |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| Sandra M. DrinnanCalgary, Alberta               | Vice President, Land                                           | Vice President, Land of Anderson since October 2010, prior thereto Manager, Land of Anderson since March 2003                           |   | N/A                |   |   |                                     | 44,858     |   |
|                                            |                                                           |                                                                                                                                    |   |               |   |   |                                     |       |   |
| Philip A. HarveyCochrane, Alberta               |  Vice President, Exploitation                             |  Vice President, Exploitation of Anderson since February 2002                                                                      |   | N/A                |   |   |                                     | 494,309    |   |

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| Name and Municipalityof Residence         |    Office Held | Principal Occupation for the Last Five Years                                                                                                                                                                                                                                                      |   | Director Since (5) |   |   | Common Shares of Anderson Owned (6) |   |
|-------------------------------------------|-------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|------------------------------------------|--------|
|                                      |                          |                                                                                                                                                                                                                                                                                              |   |               |   |   |                                     |   |
| Jamie A. MarshallCalgary, Alberta         | Vice President, Exploration   | Vice President, Exploration of Anderson since July 2008, prior thereto Manager, Exploration of Anderson from March 2006 to June 2008                                                                                                                                                              |   |               | N/A    |   |                                     |   | 59,498 |   |
|                                      |                          |                                                                                                                                                                                                                                                                                              |   |               |   |   |                                     |   |   |   |
| Patrick M. O’RourkeAirdrie, Alberta | Vice President, Production    | Vice President, Production of Anderson since February 2011, prior thereto Facility Manager/Senior Production Engineer of Birchcliff Energy Ltd. from April 2009 to February 2011, prior thereto Production Manager of Burlington Resources Ltd./ConocoPhillips Canada from May 2004 to April 2009 |   |               | N/A    |   |                                     |   | 31,462 |   |

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

|   | (2) | Member of the Compensation and Corporate Governance Committee. |
|--------|-----|----------------------------------------------------------------|

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

|   | (4) | Member of the Special Committee. |
|--------|-----|----------------------------------|

|   | (5) | The term of office of all directors will expire on the date of the next annual meeting of shareholders. |
|--------|-----|---------------------------------------------------------------------------------------------------------|

|   | (6) | Common shares held as of February 29, 2012. |
|--------|-----|---------------------------------------------|

| (i) | was the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (ii) | was subject to an event that resulted, after the person ceased to be a director or executive officer, in the company being the subject of a cease trade or similar order or an order that denied the relevant company access to any exemption under securities legislation for a period of more than 30 consecutive days; or |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (iii) | within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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AUDIT COMMITTEE INFORMATION

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|                                                                                                                                                                                    |   | December 31, 2011 |    |   | December 31, 2010 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|---------|--------|-------------------|--------|
| Audit fees:                                                                                                                                                                             |   |              |    |   |              |   |
| Audit of the Company’s annual consolidated financial     statements and review of the Company’s interim     consolidated financial statements |   | $                 | 184,000 |   |              | $      | 150,000 |   |
| Fee associated with U.S. registration                                                                                                                                                   |   |              | 28,000  |   |              |   | - |   |
| Fee associated with the adoption of International     Financial Reporting Standards                                                                                      |   |              | 60,000  |   |              |   | - |   |
| Fees associated with the issuance of shares or     convertible debentures                                                                                                |   |              | 60,000  |   |              |   | 30,000 |   |
|                                                                                                                                                                                    |   |              |    |   |              |   |   |   |
| Tax fees:                                                                                                                                                                               |   |              |    |   |              |   |   |   |
| Tax consultations                                                                                                                                                                       |   |              | 9,450   |   |              |   | 18,280 |   |
|                                                                                                                                                                                    |   |              |    |   |              |   |   |   |
| All other fees:                                                                                                                                                                         |   |              |    |   |              |   |   |   |
| French translation services                                                                                                                                                             |   |              | 120,000 |   |              |   | 25,000 |   |
|                                                                                                                                                                                    |   |              |    |   |              |   |   |   |
| Total                                                                                                                                                                                   |   | $                 | 461,450 |   |              | $      | 223,280 |   |

RISK FACTORS

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|   | — | Timely access to surface locations; |
|--------|---------|-------------------------------------|

|   | — | The availability of processing capacity; |
|--------|---------|------------------------------------------|

|   | — | The availability and proximity of pipeline capacity; |
|--------|---------|------------------------------------------------------|

|   | — | The supply and demand for oil and natural gas; |
|--------|---------|------------------------------------------------|

|   | — | The effects of inclement weather; |
|--------|---------|-----------------------------------|

|   | — | The availability of drilling and related equipment; |
|--------|---------|-----------------------------------------------------|

|   | — | Unexpected cost increases; |
|--------|---------|----------------------------|

|   | — | Accidental events; and |
|--------|---------|------------------------|

|   | — | The availability, cost and productivity of skilled labor. |
|--------|---------|-----------------------------------------------------------|

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REGISTRAR AND TRANSFER AGENT

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS

INTEREST OF EXPERTS

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 33 |
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MATERIAL CONTRACTS

LEGAL PROCEEDINGS

ADDITIONAL INFORMATION

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 34 |
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SCHEDULE 1

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|   | 1. | We have evaluated the Company’s reserves data as at December 31, 2011. The reserves data are estimates of proved reserves and probable reserves and related future net revenue as at December 31, 2011, estimated using forecast prices and costs. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 3. | Those standards require that we plan and perform an evaluation to obtain reasonable assurance as to whether the reserves data are free of material misstatement. An evaluation also includes assessing whether the reserves data are in accordance with principles and definitions presented in the COGE Handbook. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | The following table sets forth the estimated future net revenue (before deduction of income taxes) attributed to proved plus probable reserves, estimated using forecast prices and costs and calculated using a discount rate of 10 percent, included in the reserves data of the Company evaluated by us for the year ended December 31, 2011, and identifies the respective portions thereof that we have audited, evaluated and reviewed and reported on to the Company's board of directors: |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                     |   |   Description and                |   | Location of Reserves                |   | Net Present Value of Future Net Revenue(before income taxes, 10% discount rate - $M) |   |
|------------------------------------------|--------|---------------------------------------|--------|-------------------------------------|--------|--------------------------------------------------------------------------------------|--------|
| Independent Qualified Reserves Evaluator |   | Preparation Date of Evaluation Report |   | (Country or ForeignGeographic Area) |   | Audited                                                                              |   |   | Evaluated |   |   | Reviewed |   |   | Total |   |
|                                     |   |                                  |   |                                |   |                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GLJ Petroleum Consultants                |   | March 5, 2012                         |   | Canada                              |   |                                                                                 | -      |   |   |   | 355,311 |   |   |   | - |   |   |   | 355,311 |   |

|   | 5. | In our opinion, the reserves data respectively evaluated by us have, in all material respects, been determined and are in accordance with the COGE Handbook, consistently applied. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | We have no responsibility to update our reports referred to in paragraph 4 for events and circumstances occurring after their respective preparation dates. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 7. | Because the reserves data are based on judgements regarding future events, actual results will vary and the variations may be material. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------|

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SCHEDULE 2

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| (signed) “Brian H. Dau”               |
|---------------------------------------------------|
| Brian H. DauPresident and Chief Executive Officer |

| (signed) “Philip A. Harvey”      |
|----------------------------------------------|
| Philip A. HarveyVice President, Exploitation |

| (signed) “Glenn D. Hockley” |
|-----------------------------------------|
| Glenn D. HockleyDirector                |

| (signed) “David J.Sandmeyer” |
|------------------------------------------|
| David J. SandmeyerDirector               |

| ANDERSON ENERGY LTD. 2011 ANNUAL INFORMATION FORM | 40 |
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SCHEDULE 3

| 1. | Establishment of Audit Committee |
|----|----------------------------------|

| 2. | Composition of Audit Committee |
|----|--------------------------------|

|   | (a) | The Audit Committee shall be composed of not less than three members or such greater number as the Board may from time to time determine. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All members of the Audit Committee shall be independent within the meaning set forth under Multilateral Instrument 52-110 Audit Committees as amended from time to time ("MI 52-110").  Currently, a member of the Audit Committee is independent if the member has no direct or indirect material relationship with Anderson.  A "material relationship" means a relationship which could, in the view of the Board, reasonably interfere with the exercise of a member's independent judgment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Each member of the Audit Committee shall be financially literate within the meaning set forth under MI 52-110.  Currently, "financially literate" means the ability to read and understand a set of financial statements that present the breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can be reasonably expected to be raised by Anderson's financial statements.  An Audit Committee member who is not financially literate may be appointed to the Audit Committee provided that the member becomes financially literate within a reasonable period of time following his or her appointment. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Members shall be appointed annually by the Board from among directors of Anderson.  The Chair of the Audit Committee shall be appointed by the Board.  A member of the Audit Committee shall ipso facto cease to be a member of the Audit Committee upon ceasing to be a director of Anderson. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Relationship with External Auditors |
|----|-------------------------------------|

| 4. | Duties and Responsibilities of Audit Committee |
|----|------------------------------------------------|

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|   | (a) | The primary responsibility of the Audit Committee shall be to assist the Board in the proper discharge of its duties and responsibilities to Anderson relating to the review of: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Anderson's financial statements; |
|--------|-----|----------------------------------|

|   | (ii) | any other financial information relating to Anderson to be provided to shareholders; and |
|--------|------|------------------------------------------------------------------------------------------|

|   | (iii) | all audit processes. |
|--------|-------|----------------------|

|   | (b) | The Audit Committee shall be responsible for reviewing Anderson's financial statements, management's discussion and analysis and annual and interim earnings press releases before Anderson publicly discloses this information.  The Audit Committee shall recommend for approval to the Board Anderson's audited annual financial statements, related management's discussion and analysis and annual earnings press releases.  The Audit Committee shall approve on behalf of the Board Anderson's interim financial statements and related management's discussion and analysis and interim earnings press releases. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Audit Committee shall be responsible for ensuring that adequate procedures are in place for the review of Anderson's public disclosure of financial information extracted or derived from Anderson's financial statements, other than the public disclosure referred to in paragraph (b) above and must periodically assess the adequacy of those procedures. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | The Audit Committee shall be responsible for establishing procedures for: |
|--------|-----|---------------------------------------------------------------------------|

|   | (i) | the receipt, retention and treatment of complaints received by Anderson regarding accounting, internal accounting controls or auditing matters; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the confidential, anonymous submission by employees of Anderson of concerns regarding questionable accounting or auditing matters. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | The Audit Committee shall review with the external auditors of Anderson: |
|--------|-----|--------------------------------------------------------------------------|

|   | (i) | the scope of the audit; |
|--------|-----|-------------------------|

|   | (ii) | significant changes to Anderson's accounting principles, practices or policies; |
|--------|------|---------------------------------------------------------------------------------|

|   | (iii) | new or pending developments in accounting principles, reporting matters or industry practices which may materially affect Anderson; and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | the quality of Anderson's accounting principles, practices or policies as applied in Anderson's financial statements in terms of disclosure quality and evaluation methods, including the degree of conservatism or aggressiveness of such accounting principles, practices or policies and the underlying estimates and other significant decisions made by management of Anderson in preparing Anderson's financial statements. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | The Audit Committee shall review with the external auditors of Anderson and/or management of Anderson the results of the annual audit, and make appropriate recommendations to the Board having regard to, among other things: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the financial statements; |
|--------|-----|---------------------------|

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|   | (ii) | management's discussion and analysis and related financial disclosure contained in continuous disclosure documents; |
|--------|------|---------------------------------------------------------------------------------------------------------------------|

|   | (iii) | significant changes, if any, to the initial audit plan; |
|--------|-------|---------------------------------------------------------|

|   | (iv) | accounting and reporting decisions relating to significant current year events and transactions; |
|--------|------|--------------------------------------------------------------------------------------------------|

|   | (v) | the management letter, if any, outlining the external auditors' findings and recommendations, together with management's response, with respect to internal controls and accounting procedures; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (vi) | any other matters relating to the conduct of the audit, including such other matters which should be communicated to the Audit Committee under generally accepted auditing standards. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The Audit Committee shall review with management of Anderson and, if requested by the Audit Committee, the external auditors of Anderson, the interim financial statements and any other matters relating thereto. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | The Audit Committee shall be responsible for adopting formal written terms of reference which sets out its mandate and responsibilities.  The terms of reference must be approved by the Board.  The Audit Committee shall review and assess the adequacy of the terms of reference on an annual basis and recommend for approval to the Board any amendments thereto. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The Audit Committee must recommend to the Board: |
|--------|-----|--------------------------------------------------|

|   | (i) | the external auditors to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for Anderson; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the compensation of the external auditors. |
|--------|------|--------------------------------------------|

|   | (j) | The Audit Committee shall be directly responsible for overseeing the work of the external auditors engaged for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services for Anderson, including the resolution of disagreements between management of Anderson and the external auditors regarding financial reporting. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (k) | The Audit Committee shall be responsible for pre-approving all types of non-audit services to be provided to Anderson or its subsidiary entities by Anderson's external auditors.  The Audit Committee shall adopt specific policies and procedures for the engagement of non-audit services and any pre-approval policies and procedures shall be detailed as to the particular service and require that the Audit Committee be informed of each type of non-audit service.  Such policies and procedures shall not include delegation of the Audit Committee's responsibilities to management of Anderson.  The Audit Committee may delegate to one or more independent members the authority to pre-approve non-audit services.  The pre-approval of non-audit services by any member of the Audit Committee to whom authority has been delegated must be presented to the Audit Committee at its first scheduled meeting following such pre-approval. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (l) | The Audit Committee shall be responsible for reviewing the disclosure contained in Anderson's annual information form as required by Form 52-110F1 Audit Committee Information Required in an AIF attached to MI 52-110.  If management of Anderson solicits proxies from shareholders of Anderson for the purpose of recommending persons to be elected as directors of Anderson, the Audit Committee shall be responsible for ensuring that Anderson's information circular includes a cross-reference to the sections in Anderson's annual information form that contain the information required by Form 52-110F1. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (m) | The Audit Committee shall be responsible for: |
|--------|-----|-----------------------------------------------|

|   | (i) | ensuring compliance by Anderson's external auditors with the requirements set forth in National Instrument 52-108 Auditor Oversight; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | ensuring that Anderson's external auditors are participants in good standing with the Canadian Public Accountability Board ("CPAB") and participate in the oversight programs established by the CPAB from time to time and that the external auditors have complied with any restrictions or sanctions imposed by the CPAB as of the date of the applicable auditor's report relating to Anderson's annual audited financial statements; and |
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|   | (iii) | obtaining from the external auditors of Anderson a formal written statement describing in detail all of the relationships between the external auditors and Anderson, determining whether the non-audit services performed by the external auditors during the year have impacted their independence, ensuring that no relationship between the external auditors and Anderson exists which may affect the independence of the external auditors and taking appropriate action to ensure the independence of the external auditors. |
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|   | (n) | The Audit Committee shall have the authority: |
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|   | (i) | to engage independent counsel and other advisors as it determines necessary to carry out its duties; |
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|   | (ii) | to set and pay the compensation for any advisors employed by the Audit Committee; and |
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|   | (iii) | to communicate directly with the internal (if any) and external auditors of Anderson. |
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|   | (o) | The Audit Committee shall review with the external auditors of Anderson the adequacy of internal control procedures and management information systems and make inquiries to management of Anderson and the external auditors of Anderson about significant risks and exposures to Anderson that may have a material adverse impact on Anderson's financial statements and about the efforts of the management of Anderson to mitigate such risks and exposures. |
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|   | (p) | The Audit Committee shall be responsible for supervising the preparation and filing of each annual certificate in Form 52-109F1 and each interim certificate in Form 52-109F2 to be signed by each of the Chief Executive Officer and Chief Financial Officer of Anderson in accordance with the requirements set forth under Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings as amended from time to time ("MI 52-109").  These certificates require each of the Chief Executive Officer and the Chief Financial Officer of Anderson to certify, among other things, that, based on their knowledge: |
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|   | (i) | the annual filings and interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made with respect to the period covered by the annual filings or interim filings; and |
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|   | (ii) | the annual financial statements and the interim financial statements of Anderson, together with the other financial information included in the annual filings or interim filings, fairly present in all material respects the financial condition, results of operations and cash flows of Anderson as of the date and for the periods presented in the annual filings or interim filings. |
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|   | (q) | The Audit Committee is responsible for ensuring that management of Anderson establishes and maintains disclosure controls and procedures for Anderson that are designed to provide reasonable assurance that material information relating to Anderson, including its consolidated subsidiaries, is made known to management of Anderson by others within those entities, particularly during the period in which the annual filings or interim filings are being prepared and that management of Anderson establishes and maintains internal control over financial reporting for Anderson that has been designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Anderson's generally accepted accounting principles.  The Audit Committee is also responsible for ensuring that management of the Corporation evaluates the effectiveness of Anderson's disclosure controls and procedures as of the end of the period covered by the annual filings and has caused Anderson to disclose in the annual management's discussion and analysis its conclusions about the effectiveness of the disclosure controls and procedures |
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|   | (r) | The Audit Committee is also responsible for monitoring any changes in Anderson's internal control over financial reporting and for ensuring that any change that occurred during Anderson's most recent interim period that has materially affected, or is reasonably likely to materially affect, Anderson's internal control over financial reporting is disclosed in Anderson's annual management's discussion and analysis. |
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|   | (s) | The Audit Committee must review and approve Anderson's hiring policies regarding partners, employees and former partners and employees of the present and former external auditors of Anderson. |
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|   | (t) | The Audit Committee shall monitor policies and procedures relating to directors' and officers' expenses and the reimbursement thereof and relating to any prerequisites paid to directors and officers. |
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| 5. | Administrative Matters |
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|   | (a) | A quorum of the Audit Committee shall be the attendance of a majority of members thereof present in person or by telephone.  No business may be transacted by the Audit Committee except at a meeting of its members at which a quorum of the Audit Committee is present or by a resolution in writing signed by all the members of the Audit Committee.  Meetings of the Audit Committee shall be held at least quarterly and more often as the Chair of the Audit Committee may determine or upon the request of the Board, a member of the Audit Committee, an officer of Anderson or the external auditors of Anderson. |
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|   | (b) | Any member of the Audit Committee may be removed or replaced at any time by resolution of the Board.  The Board, upon recommendation of the Corporate Governance Committee, may fill vacancies on the Audit Committee by appointment from among the members of the Board.  If and whenever a vacancy shall exist on the Audit Committee, the remaining members may exercise all its powers so long as a quorum remains.  Subject to the foregoing, each member of the Audit Committee shall hold such office until the close of the annual meeting of shareholders of Anderson next following the date of appointment as a member of the Audit Committee or until a successor is duly appointed.  Any member of the Board who has served as a member of the Audit Committee may be re-appointed as a member of the Audit Committee following the expiration of his or her term. |
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|   | (c) | The Audit Committee may invite such officers, directors and employees of Anderson and its subsidiary entities as it may see fit from time to time to attend at meetings of the Audit Committee and to assist thereat in the discussion of matters being considered by the Audit Committee. The external auditors of Anderson shall appear before the Audit Committee when requested to do so by the Audit Committee.  The Audit Committee shall meet with the external auditors of Anderson independent of management of Anderson at least annually and at such other times as the Chair of the Audit Committee may determine or upon the request of a member of the Audit Committee or the external auditors of Anderson. |
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|   | (d) | The time at which and the place where the meetings of the Audit Committee shall be held, the calling of meetings and the procedure at such meetings shall be determined by the Audit Committee, having regard to the by-laws of Anderson.  Notice of each meeting of the Audit Committee shall be given to each member of the Audit Committee and to the external auditors of Anderson who shall be entitled to attend and to be heard at each |
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|   | (e) | The Chair shall preside at all meetings of the Audit Committee.  In the absence of the Chair, the other members of the Audit Committee shall appoint one of their members to act as Chair for the particular meeting. |
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|   | (f) | The Audit Committee shall report to the Board on such matters and questions relating to the financial position of Anderson and its subsidiary entities as the Board may from time to time refer to the Audit Committee. |
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|   | (g) | The members of the Audit Committee shall, for the purpose of performing their duties, have the right to inspect all the books and records of Anderson and its subsidiary entities and to discuss such books and records that are in any way related to the financial position of Anderson and its subsidiary entities with the officers, directors and employees of Anderson and its subsidiary entities and with the external auditor of Anderson. |
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|   | (h) | The Chair of each meeting of the Audit Committee shall appoint a person to act as recording secretary to keep the minutes of the meeting.  The recording secretary need not be a member of the Audit Committee. |
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|   | (i) | Minutes of the Audit Committee will be recorded and maintained and signed by the Chair and the secretary of the meeting.  The Chair of the Audit Committee will report to the Board on the activities of the Audit Committee and/or the minutes will promptly be circulated to the members of the Board who are not members of the Audit Committee or otherwise made available at the next meeting of the Board. |
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|   | (j) | Unless the Audit Committee has been provided with express instructions from the Board, the Audit Committee shall function primarily to make assessments and determinations with respect to the purposes mandated herein and its decisions shall serve as recommendations for consideration by the Board. |
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