Exhibit 15.5 SEC CORPORATE SUMMARY THIRD PARTY REPORT  PageCOVERING LETTER


2DISCUSSION


4SUMMARY OF RESERVES AND VALUES


6COMPANY PRODUCTION, RESERVES AND PRESENT VALUE SUMMARY


7ECONOMIC FORECASTSProved Producing


9Proved Developed Nonproducing


13Proved Undeveloped


17Total Proved


21Total Probable


25Total Proved Plus Probable


29




| |  |                           |  |               
| |  | ------------------------- |  | --------------
| |  | GLJ Petroleum Consultants |  | March 04, 2014



---

|     |  |                                   |  |                                                                                                                                                                                                                                                                                        
|---- |  | --------------------------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|LOGO |  |                                   |  | Principal Officers: 
Keith M. Braaten, P. Eng.
President & CEO Jodi L. Anhorn, M.Sc., P. Eng. Executive Vice
President & COO  Officers/Vice
Presidents:                                                                                                                                
|     |  |                                  
|     |  | January 20, 2014 
Project 1132559 |  | Terry L. Aarsby, P. Eng. Caralyn P. Bennett, P. Eng. Leonard L. Herchen, P. Eng.
Myron J. Hladyshevsky, P. Eng. Todd J. Ikeda, P. Eng. Bryan M. Joa, P. Eng.
Mark Jobin, P. Geol. John E. Keith, P. Eng. John H. Stilling, P. Eng.
Douglas R. Sutton, P. Eng. James H. Willmon, P. Eng.

Ms. Anna Wu

Phoenix Energy Holdings Ltd.

1000, 150  9thAvenue SW

Calgary, Alberta T2P 3H9

Dear Madam:



| | Re: | Phoenix Energy Holdings Ltd.
| | --- | ----------------------------

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

| |  | Effective December 31, 2013
| |  | ---------------------------

GLJ Petroleum Consultants (GLJ) has completed an independent reserves assessment and evaluation of the Groundbirch property of Phoenix Energy Holdings Ltd. (the Company). The effective date of
this evaluation is December 31, 2013.

GLJ has prepared the reserves estimates utilizing reserves definitions contained
in National Instrument 51-101 (NI 51-101) and following standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH) as required for securities reporting in Canada. Proved reserves definitions provided in NI 51-101 are similar to the
U.S. SEC Reg. S-X (SEC) definitions, and guidance provided in COGEH is generally in keeping with SEC guidelines.

Economic forecasts provided herein have been prepared using the SEC mandated average of previous 12 months
first-day-of-the-month constant product pricing guidelines. for the subject evaluation, the application of the SEC definitions would cause no change to the proved reserves and economic forecasts prepared following COGEH using the SEC constant
product prices. Accordingly, the constant pricing proved reserves estimates and economic forecasts are considered appropriate for U.S. reporting purposes.

This report has been prepared for the Company for the purpose of annual disclosure and other financial requirements. This evaluation has been prepared in accordance with reserves definitions, standards
and procedures contained in the Canadian Oil and Gas Evaluation Handbook.

It was GLJs primary mandate in this
evaluation to provide an independent evaluation of the oil and gas reserves of the Company in aggregate. Accordingly it may not be appropriate to extract individual property or entity estimates for other purposes. Our engagement letter notes these
limitations on the use of this report.





4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada T2P 4H2  (403) 266-9500  Fax (403) 262-1855  GLJPC.com



---

|     |  |       
|---- |  | ------
|LOGO |  | Page 2

It is trusted that this evaluation meets your current requirements. Should you have any questions
regarding this analysis, please contact the undersigned.

Yours very truly,

GLJ PETROLEUM CONSULTANTS LTD.

Trisha S. MacDonald, P. Eng.

Senior Engineer

Jodi L. Anhorn, M. Sc., P. Eng.

Executive Vice President & COO

TSM/JLA/ljn

Attachments



---

CONSTANT PRICE ANALYSIS DISCUSSION This section provides economic
forecasts based on current costs and constant prices as follows: The average of the first day posted prices
in each of the 12 months of the Companys fiscal year (consistent with U.S. SEC rules). Historical price adjustments
relating to factors such as product quality and transportation were applied on an individual property basis in cash flow calculations.




| |  |                           |  | 
| |  | ------------------------- |  | 
| |  | GLJ Petroleum Consultants |  | 



---

GLJ Petroleum Consultants Crude Oil and Natural Gas Liquids SEC 2013-Dec-31 Posted (12 Month
Avg.) Effective January 01, 2014

Table 1  Inflation%

Bank ofCanadaAverage NoonExchangeRateUSD/CAD


NYMEX WTINear MonthFutures ContractCrude Oil atCushingOklahoma


Brent BlendCrude OilFOB North Sea


Light, SweetCrude Oil(40 API, 0.3%S)at Edmonton


Bow RiverCrude OilStreamQuality atHardisty


WCSCrude OilStreamQuality atHardisty


HeavyCrude OilProxy(12 API)at Hardisty


Light SourCrude Oil(35 API, 1.2%S)at Cromer


MediumCrude Oil(29 API, 2.0%S)at Cromer


Alberta Natural Gas Liquids(Then Current Dollars)Constant2014 $USD/bbl


ThenCurrentUSD/bbl


ThenCurrentUSD/bbl


ThenCurrentCAD/bbl


ThenCurrentCAD/bbl


ThenCurrentCAD/bbl


ThenCurrentCAD/bbl


ThenCurrentCAD/bbl


ThenCurrentCAD/bbl


SpecEthaneCAD/bbl


EdmontonPropaneCAD/bbl


EdmontonButaneCAD/bbl


EdmontonPentanesPlusCAD/bbl0.0


0.9714



96.67



96.67



108.30



93.12



77.27



74.87



64.51



91.44



86.10



10.24



36.78



68.34



105.09  GLJ Petroleum Consultants Natural Gas and Sulphur SEC 2013-Dec-31 Posted (12 Month
Avg.) Effective January 01, 2014

Table 2  MidwestPrice at Chicago





Alberta Plant GateHenry Hub NymexNear Month Contract




AECO/NITSpot


Spot








Saskatchewan Plant Gate





British Columbia


SulphurFOBVancouverUSD/lt


AlbertaSulphurat PlantGateCAD/ltConstant2014 $USD/
MMBtu

ThenCurrentUSD/MMBtu


ThenCurrentCAD/MMBtu


ThenCurrentCAD/MMBtu


Constant2014 $CAD/MMBtu


ThenCurrentCAD/MMBtu


ARPCAD/MMBtu


AllianceCAD/MMBtu


SaskEnergyUSD/MMBtu


SpotCAD/MMBtu


Sumas SpotCAD/MMBtu


WestcoastStation 2CAD/MMBtu


SpotPlant GateCAD/MMBtu3.67


3.67



3.78



3.15



2.94



2.94



2.94



2.56



3.04



3.07



3.65



3.11



2.92



120.81



74.37  GLJ Petroleum Consultants International and Frontier SEC 2013-Dec-31 Posted (12 Month
Avg.) Effective January 01, 2014

Table 3  Inflation%

Bank ofCanadaAverage NoonExchangeRateUSD/CAD








NYMEX WTI NearMonth FuturesContractCrude Oil atCushing Oklahoma


LightLouisianaSweetCrude Oil


MayaCrude Oil


Brent BlendCrude OilFOB North Sea


Henry HubSpot


Nova ScotiaGoldboro


NotionalBalancingPoint(UK)CAD - GBPExchangeRateCAD/GBP


CAD - EUROExchangeRateCAD/EUR


ThenCurrentUSD/bbl


ThenCurrentCAD/bbl


ThenCurrentUSD/bbl


ThenCurrentCAD/bbl


ThenCurrentUSD/bbl


ThenCurrentCAD/bbl


ThenCurrentUSD/bbl


ThenCurrentCAD/bbl


ThenCurrentUSD/MMBtu


ThenCurrentCAD/MMBtu


ThenCurrentUSD/MMBtu


ThenCurrentCAD/MMBtu


ThenCurrentUSD/MMBtu


ThenCurrentCAD/MMBtu0.0


0.971



1.6079



1.3642



96.67



99.52



107.27



110.43



98.11



101.00



108.30



111.49



3.67



3.78



5.54



5.70



10.41



10.72




| |  |                           |  | 
| |  | ------------------------- |  | 
| |  | GLJ Petroleum Consultants |  | 



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

VariousProperty:

Corporate

Development Class:

ClassificationsDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Summary of Reserves and Values  ProvedProducing


ProvedDevelopedNon-producing


ProvedUndeveloped


TotalProved


TotalProbable


TotalProvedPlusProbableMARKETABLE RESERVESGas (MMcf)Total Company Interest


98,174



374



112,642



211,189



146,038



357,227Working Interest


98,174



374



112,642



211,189



146,038



357,227Net After Royalty


82,123



327



101,273



183,723



128,868



312,591Natural Gas Liquids (Mbbl)Total Company Interest


589



2



1,657



2,248



1,470



3,718Working Interest


589



2



1,657



2,248



1,470



3,718Net After Royalty


471



2



1,420



1,894



1,232



3,125Oil Equivalent (Mboe)Total Company Interest


16,951



65



20,431



37,446



25,809



63,256Working Interest


16,951



65



20,431



37,446



25,809



63,256Net After Royalty


14,158



56



18,299



32,514



22,710



55,224BEFORE TAX PRESENT VALUE (M$)0%


109,071



297



84,967



194,335



123,043



317,3785%


88,210



276



46,183



134,668



56,683



191,3518%


79,283



265



31,253



110,801



36,143



146,94410%


74,356



258



23,488



98,102



26,665



124,76612%


70,073



251



17,032



87,356



19,454



106,80915%


64,613



242



9,230



74,085



11,604



85,68920%


57,429



228



-220



57,436



3,499



60,935AFTER TAX PRESENT VALUE (M$)0%


89,697



223



63,606



153,525



92,255



245,7805%


72,931



207



30,677



103,815



39,813



143,6288%


65,716



198



17,839



83,753



23,475



107,22810%


61,720



193



11,124



73,038



15,934



88,97212%


58,239



188



5,525



63,952



10,208



74,16015%


53,789



181



-1,259



52,711



4,008



56,71920%


47,912



171



-9,486



38,596



-2,292



36,304  BOE Factors:

HVY OIL

1.0

RES GAS

6.0

PROPANE

1.0

ETHANE

1.0COND

1.0

SLN GAS

6.0

BUTANE

1.0

SULPHUR

0.0Run Date: January 16, 2014 13:49:57




|                                                                    |  |                           |  |               
|------------------------------------------------------------------- |  | ------------------------- |  | --------------
|Class (A,B1,B2,C,F,I), SEC 2013-Dec-31 Posted (12 Month Avg.), psum |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

VariousProperty:

Corporate

Development Class:

ClassificationsDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Company Production, Reserves and Present Value Summary  2014 Company InterestProdn


Company Interest Reserves


Net After Royalty Reserves


ReserveLifeIndexyrs


Before Income TaxDiscounted Present Value (M$)Entity Description

GasMcf/d


Oilbbl/d


NGLbbl/d


Oil Eq.boe/d


GasMMcf


OilMbbl


NGLMbbl


SulphurMlt


Oil Eq.Mlboe


GasMMcf


OilMbbl


NGLMbbl


SulphurMlt


Oil Eq.Mboe



0%


5%


8%


10%


12%Proved ProducingSummaryGroundbirch Property


42,973



0



258



7,420



98,174



0



589



0



16,951



82,123



0



471



0



14,158



6.3



109,071



88,210



79,283



74,356



70,073Total: Summary


42,973



0



258



7,420



98,174



0



589



0



16,951



82,123



0



471



0



14,158







109,071



88,210



79,283



74,356



70,073Total: Proved Producing


42,973



0



258



7,420



98,174



0



589



0



16,951



82,123



0



471



0



14,158







109,071



88,210



79,283



74,356



70,073Proved Developed NonproducingSummaryGroundbirch Property


254



0



2



44



374



0



2



0



65



327



0



2



0



56



4.0



297



276



265



258



251Total: Summary


254



0



2



44



374



0



2



0



65



327



0



2



0



56







297



276



265



258



251Total: Proved Developed Nonproducing


254



0



2



44



374



0



2



0



65



327



0



2



0



56







297



276



265



258



251Proved UndevelopedSummaryGroundbirch Property


25,450



0



471



4,713



112,642



0



1,657



0



20,431



101,273



0



1,420



0



18,299



11.9



84,967



46,183



31,253



23,488



17,032Total: Summary


25,450



0



471



4,713



112,642



0



1,657



0



20,431



101,273



0



1,420



0



18,299







84,967



46,183



31,253



23,488



17,032Total: Proved Undeveloped


25,450



0



471



4,713



112,642



0



1,657



0



20,431



101,273



0



1,420



0



18,299







84,967



46,183



31,253



23,488



17,032Total ProvedSummaryGroundbirch Property


68,677



0



730



12,177



211,189



0



2,248



0



37,446



183,723



0



1,894



0



32,514



8.4



194,335



134,668



110,801



98,102



87,356Total: Summary


68,677



0



730



12,177



211,189



0



2,248



0



37,446



183,723



0



1,894



0



32,514







194,335



134,668



110,801



98,102



87,356Total: Total Proved


68,677



0



730



12,177



211,189



0



2,248



0



37,446



183,723



0



1,894



0



32,514







194,335



134,668



110,801



98,102



87,356Total ProbableSummaryGroundbirch Property


2,583



0



23



454



146,038



0



1,470



0



25,809



128,868



0



1,232



0



22,710



155.8



123,043



56,683



36,143



26,665



19,454Total: Summary


2,583



0



23



454



146,038



0



1,470



0



25,809



128,868



0



1,232



0



22,710







123,043



56,683



36,143



26,665



19,454Total: Total Probable


2,583



0



23



454



146,038



0



1,470



0



25,809



128,868



0



1,232



0



22,710







123,043



56,683



36,143



26,665



19,454




|                                                                   |  |                           |  |               
|------------------------------------------------------------------ |  | ------------------------- |  | --------------
|Class (A,B1,B2,C,F,I), SEC 2013-Dec-31 Posted (12 Month Avg.), crv |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company Production, Reserves and Present Value Summary


Page 2  2014 Company InterestProdn


Company Interest Reserves


Net After Royalty Reserves


ReserveLifeIndexyrs


Before Income TaxDiscounted Present Value (M$)Entity Description

GasMcf/d


Oilbbl/d


NGLbbl/d


Oil Eq.boe/d


GasMMcf


OilMbbl


NGLMbbl


SulphurMlt


Oil Eq.Mboe


GasMMcf


OilMbbl


NGLMbbl


SulphurMlt


Oil Eq.Mboe



0%


5%


8%


10%


12%Total Proved Plus ProbableSummaryGroundbirch Property


71,260



0



754



12,630



357,227



0



3,718



0



63,256



312,591



0



3,125



0



55,224



13.7



317,378



191,351



146,944



124,766



106,809Total: Summary


71,260



0



754



12,630



357,227



0



3,718



0



63,256



312,591



0



3,125



0



55,224







317,378



191,351



146,944



124,766



106,809Total: Total Proved Plus Probable


71,260



0



754



12,630



357,227



0



3,718



0



63,256



312,591



0



3,125



0



55,224







317,378



191,351



146,944



124,766



106,809    BOE Factors:

HVY OIL

1.0

RES GAS

6.0

PROPANE

1.0

ETHANE

1.0COND

1.0

SLN GAS

6.0

BUTANE

1.0

SULPHUR

0.0




|                                                                   |  |                           |  |               
|------------------------------------------------------------------ |  | ------------------------- |  | --------------
|Class (A,B1,B2,C,F,I), SEC 2013-Dec-31 Posted (12 Month Avg.), crv |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

ProvedProperty:

Corporate

Development Class:

ProducingDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Economic Forecast PRODUCTION FORECAST  Residue Gas Production


Condensate Production


Butane ProductionYear

CompanyGasWells


CompanyDailyMcf/d


CompanyYearlyMMcf


NetYearlyMMcf


Price$/Mcf


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl2014


47.2



42,973



15,685



12,272



3.06



213



78



62



88.09



23



8



7



51.042015


43.2



31,302



11,425



9,004



3.06



155



57



45



88.09



16



6



5



51.042016


43.2



25,157



9,182



7,333



3.06



124



45



36



88.09



13



5



4



51.042017


42.4



20,949



7,647



6,200



3.06



104



38



30



88.09



11



4



3



51.042018


41.8



18,016



6,576



5,414



3.06



89



33



26



88.09



9



3



3



51.042019


41.4



15,819



5,774



4,824



3.06



78



29



23



88.09



8



3



2



51.042020


40.8



14,109



5,150



4,357



3.06



70



25



20



88.09



7



3



2



51.042021


40.2



12,650



4,617



3,954



3.06



63



23



18



88.09



7



2



2



51.042022


39.6



11,468



4,186



3,622



3.06



57



21



17



88.09



6



2



2



51.042023


38.6



10,403



3,797



3,316



3.06



51



19



15



88.09



5



2



2



51.042024


37.8



9,500



3,468



3,053



3.06



47



17



14



88.09



5



2



1



51.042025


37.0



8,628



3,149



2,797



3.06



43



16



12



88.09



5



2



1



51.04Sub.










80,656



66,146



3.06







399



319



88.09







42



34



51.04Rem.










17,518



15,977



3.06







87



69



88.09







9



7



51.04Tot.










98,174



82,123



3.06







486



389



88.09







52



41



51.04  Propane Production


Total NGL Production


Total Oil Equiv. ProductionYear

CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailyboe/d


CompanyYearlyMboe


NetYearlyMboe


Price$/boe2014


23



8



7



16.78



258



94



75



78.58



7,420



2,708



2,121



20.482015


16



6



5



16.78



188



69



55



78.58



5,405



1,973



1,556



20.482016


13



5



4



16.78



151



55



44



78.58



4,344



1,585



1,266



20.482017


11



4



3



16.78



126



46



37



78.58



3,617



1,320



1,070



20.482018


9



3



3



16.78



108



39



32



78.58



3,111



1,135



934



20.482019


8



3



2



16.78



95



35



28



78.58



2,731



997



832



20.482020


7



3



2



16.78



85



31



25



78.58



2,436



889



751



20.482021


7



2



2



16.78



76



28



22



78.58



2,184



797



681



20.482022


6



2



2



16.78



69



25



20



78.58



1,980



723



624



20.482023


5



2



2



16.78



62



23



18



78.58



1,796



656



571



20.482024


5



2



1



16.78



57



21



17



78.58



1,640



599



526



20.482025


5



2



1



16.78



52



19



15



78.58



1,490



544



481



20.48Sub.






42



34



16.78







484



387



78.58







13,927



11,411



20.48Rem.






9



7



16.78







105



84



78.58







3,025



2,747



20.48Tot.






52



41



16.78







589



471



78.58







16,951



14,158



20.48




|                                                              |  |                           |  |               
|------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Producing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE AND EXPENSE FORECAST


Page 2  Revenue Before Burdens


Royalty BurdensPre-Processing


Gas ProcessingAllowance


TotalRoyaltyAfterProcess.M$


NetRevenueAfterRoyaltyM$


Operating ExpensesWorking Interest


RoyaltyInterestTotalM$


CompanyInterestTotalM$Year

OilM$


GasM$


NGL+SulM$


TotalM$




CrownM$


OtherM$


CrownM$


OtherM$




FixedM$


VariableM$


TotalM$2014


0



48,062



7,396



55,458



0



55,458



11,939



0



0



0



11,939



43,519



4,531



16,470



21,0012015


0



35,008



5,387



40,395



0



40,395



8,495



0



0



0



8,495



31,900



4,147



11,996



16,1442016


0



28,136



4,330



32,466



0



32,466



6,534



0



0



0



6,534



25,932



4,147



9,642



13,7892017


0



23,430



3,605



27,035



0



27,035



5,153



0



0



0



5,153



21,883



4,070



8,029



12,0992018


0



20,150



3,101



23,250



0



23,250



4,179



0



0



0



4,179



19,071



4,013



6,905



10,9182019


0



17,692



2,722



20,415



0



20,415



3,456



0



0



0



3,456



16,959



3,974



6,063



10,0372020


0



15,779



2,428



18,207



0



18,207



2,913



0



0



0



2,913



15,294



3,917



5,407



9,3242021


0



14,148



2,177



16,325



0



16,325



2,468



0



0



0



2,468



13,858



3,859



4,848



8,7072022


0



12,826



1,974



14,799



0



14,799



2,122



0



0



0



2,122



12,677



3,802



4,395



8,1972023


0



11,635



1,790



13,425



0



13,425



1,833



0



0



0



1,833



11,592



3,706



3,987



7,6932024


0



10,625



1,635



12,260



0



12,260



1,597



0



0



0



1,597



10,664



3,629



3,641



7,2702025


0



9,650



1,485



11,135



0



11,135



1,378



0



0



0



1,378



9,757



3,552



3,307



6,859Sub.


0



247,141



38,030



285,171



0



285,171



52,066



0



0



0



52,066



233,105



47,347



84,689



132,036Rem.


0



53,677



8,260



61,937



0



61,937



6,374



0



0



0



6,374



55,563



25,862



18,394



44,256Tot.


0



300,818



46,290



347,108



0



347,108



58,440



0



0



0



58,440



288,667



73,210



103,082



176,292Disc


0



183,588



28,250



211,839



0



211,839



39,316



0



0



0



39,316



172,523



34,291



62,911



97,202  MineralTaxM$


CapitalTaxM$


NPIBurdenM$


Net ProdnRevenueM$


OtherIncomeM$


Aband.CostsM$


Oper.IncomeM$


Net Capital Investment


Before Tax Cash FlowYear








Dev.M$


PlantM$


Tang.M$


TotalM$


AnnualM$


Cum.M$


10.0% DcfM$2014


0



0



0



22,518



0



280



22,238



0



0



0



0



22,238



22,238



21,2032015


0



0



0



15,757



0



0



15,757



0



0



0



0



15,757



37,995



34,8612016


0



0



0



12,143



0



56



12,087



0



0



0



0



12,087



50,082



44,3852017


0



0



0



9,784



0



42



9,742



0



0



0



0



9,742



59,824



51,3642018


0



0



0



8,154



0



28



8,126



0



0



0



0



8,126



67,949



56,6552019


0



0



0



6,921



0



42



6,879



0



0



0



0



6,879



74,829



60,7282020


0



0



0



5,970



0



42



5,928



0



0



0



0



5,928



80,757



63,9192021


0



0



0



5,150



0



42



5,108



0



0



0



0



5,108



85,865



66,4182022


0



0



0



4,480



0



70



4,410



0



0



0



0



4,410



90,275



68,3802023


0



0



0



3,899



0



56



3,843



0



0



0



0



3,843



94,118



69,9342024


0



0



0



3,394



0



56



3,338



0



0



0



0



3,338



97,456



71,1612025


0



0



0



2,898



0



70



2,828



0



0



0



0



2,828



100,285



72,106Sub.


0



0



0



101,069



0



784



100,285



0



0



0



0



100,285



100,285



72,106Rem.


0



0



0



11,307



0



2,520



8,787



0



0



0



0



8,787



109,071



74,356Tot.


0



0



0



112,375



0



3,304



109,071



0



0



0



0



109,071



109,071



74,356Disc


0



0



0



75,321



0



965



74,356



0



0



0



0



74,356



74,356



74,356




|                                                              |  |                           |  |               
|------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Producing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

AFTER TAX ANALYSIS


Page 3  Oper.IncomeM$


Tax Pool Balances Incl. Current YearAdditions


Depreciation & WriteoffsYear


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


TotalM$2014


22,238



31,823



0



0



0



0



7,954



0



0



0



0



7,9542015


15,757



23,869



0



0



0



0



5,966



0



0



0



0



5,9662016


12,087



17,903



0



0



0



0



4,474



0



0



0



0



4,4742017


9,742



13,429



0



0



0



0



3,356



0



0



0



0



3,3562018


8,126



10,073



0



0



0



0



2,517



0



0



0



0



2,5172019


6,879



7,556



0



0



0



0



1,888



0



0



0



0



1,8882020


5,928



5,668



0



0



0



0



1,416



0



0



0



0



1,4162021


5,108



4,252



0



0



0



0



1,062



0



0



0



0



1,0622022


4,410



3,190



0



0



0



0



797



0



0



0



0



7972023


3,843



2,393



0



0



0



0



598



0



0



0



0



5982024


3,338



1,795



0



0



0



0



448



0



0



0



0



4482025


2,828



1,347



0



0



0



0



336



0



0



0



0



336Sub.


100,285



1,347



0



0



0



0



30,812



0



0



0



0



30,812Rem.


8,787



1,347



0



0



0



0



1,011



0



0



0



0



1,011Tot.


109,071



1,347



0



0



0



0



31,823



0



0



0



0



31,823Disc


74,356























23,838



0



0



0



0



23,838  TaxableIncomeM$


Federal


Provincial


ARTD &InvestmentCredits


IncomeTaxPayableM$


Net Cash FlowBefore Income Tax


Net Cash FlowAfter Income TaxYear


IncomeTaxM$


IncomeTaxM$




AnnualM$


Cum.M$


10.0%DcfM$


AnnualM$


Cum.M$


10.0%DcfM$2014


14,284



2,143



1,428



0



3,571



22,238



22,238



21,203



18,667



18,667



17,7982015


9,791



1,469



979



0



2,448



15,757



37,995



34,861



13,309



31,976



29,3342016


7,613



1,142



761



0



1,903



12,087



50,082



44,385



10,184



42,160



37,3592017


6,386



958



639



0



1,596



9,742



59,824



51,364



8,145



50,305



43,1942018


5,608



841



561



0



1,402



8,126



67,949



56,655



6,723



57,029



47,5732019


4,992



749



499



0



1,248



6,879



74,829



60,728



5,632



62,660



50,9072020


4,512



677



451



0



1,128



5,928



80,757



63,919



4,800



67,460



53,4902021


4,046



607



405



0



1,012



5,108



85,865



66,418



4,097



71,557



55,4942022


3,614



542



361



0



903



4,410



90,275



68,380



3,507



75,064



57,0542023


3,246



487



325



0



811



3,843



94,118



69,934



3,032



78,096



58,2802024


2,890



433



289



0



722



3,338



97,456



71,161



2,615



80,711



59,2422025


2,492



374



249



0



623



2,828



100,285



72,106



2,205



82,917



59,979Sub.


69,472



10,421



6,947



0



17,368



100,285



100,285



72,106



82,917



82,917



59,979Rem.


7,776



1,204



803



0



2,006



8,787



109,071



74,356



6,780



89,697



61,720Tot.


77,248



11,625



7,750



0



19,375



109,071



109,071



74,356



89,697



89,697



61,720Disc


50,518



7,581



5,054



0



12,636



74,356



74,356



74,356



61,720



61,720



61,720 SUMMARY OF RESERVES  Remaining Reserves at Jan 01, 2014


Oil Equivalents


Reserve Life Indic. (yr)Product

Units


WorkingInterest


Roy/NPIInterest


TotalCompany


Net


Oil Eq.Factor


CompanyMboe


% ofTotal


ReserveLife


LifeIndex


HalfLifeResidue Gas


MMcf



98,174



0



98,174



82,123



6.000



16,362



97



42.0



6.3



4.8Gas Heat Content


BBtu



103,082



0



103,082



86,229



0.000



0



0



42.0



6.3



4.8Condensate


Mbbl



486



0



486



389



1.000



486



3



42.0



6.3



4.8Butane


Mbbl



52



0



52



41



1.000



52



0



42.0



6.3



4.8Propane


Mbbl



52



0



52



41



1.000



52



0



42.0



6.3



4.8Total: NGL


Mbbl



589



0



589



471



1.000



589



3



42.0



6.3



4.8Total: Oil Eq.


Mboe



16,951



0



16,951



14,158



1.000



16,951



100



42.0



6.3



4.8




|                                                              |  |                           |  |               
|------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Producing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

PRODUCT REVENUE AND EXPENSES


Page 4  Average First Year Unit Values


Net Revenue After RoyaltiesProduct

Units


BasePrice


PriceAdjust.


WellheadPrice


NetBurdens


OperatingExpenses


OtherExpenses


ProdnRevenue


UndiscM$


% ofTotal


10% DiscM$


% ofTotalResidue Gas


$/Mcf



2.94



0.12



3.06



0.67



1.34



0.00



1.06



251,636



87



149,922



87Condensate


$/bbl



105.09



-17.00



88.09



17.62



0.00



0.00



70.47



34,228



12



20,889



12Butane


$/bbl



68.34



-17.30



51.04



10.21



0.00



0.00



40.83



2,110



1



1,288



1Propane


$/bbl



36.78



-20.00



16.78



3.36



0.00



0.00



13.42



694



0



423



0Total: NGL


$/bbl



95.87



-17.29



78.58



15.72



0.00



0.00



62.87



37,032



13



22,600



13Total: Oil Eq.


$/boe



20.37



0.11



20.48



4.41



7.75



0.00



8.31



288,667



100



172,523



100 REVENUE BURDENS AND NET PRESENT VALUE SUMMARY  Net Present Value Before Income Tax


Net Present Value After Income TaxRevenue Burdens (%)


Disc.Rate%


ProdnRevenueM$


OperatingIncomeM$


CapitalInvest.M$


Cash Flow


OperatingIncomeM$


CapitalInvest.M$


Cash FlowInitial


Average






M$


$/boe




M$


$/boeCrown Royalty


21.5278



16.8364



0.0



112,375



109,071



0.0



109,071



6.43



89,697



0



89,697



5.29Non-crown Royalty


0.0000



0.0000



5.0



89,853



88,210



0.0



88,210



5.20



72,931



0



72,931



4.30Mineral Tax


0.0000



0.0000



8.0



80,454



79,283



0.0



79,283



4.68



65,716



0



65,716



3.8810.0



75,321



74,356



0.0



74,356



4.39



61,720



0



61,720



3.6412.0



70,887



70,073



0.0



70,073



4.13



58,239



0



58,239



3.4415.0



65,271



64,613



0.0



64,613



3.81



53,789



0



53,789



3.1720.0



57,933



57,429



0.0



57,429



3.39



47,912



0



47,912



2.83  Evaluator:

Anhorn, Jodi L.Run Date:

January 16, 2014 13:49:57




|                                                              |  |                           |  |               
|------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Producing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

ProvedProperty:

Corporate

Development Class:

Developed NonproducingDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Economic Forecast PRODUCTION FORECAST  Residue Gas Production


Condensate Production


Butane ProductionYear

CompanyGas Wells


CompanyDailyMcf/d


CompanyYearlyMMcf


Net YearlyMMcf


Price$/Mcf


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl2014


0.6



253.8



92.7



75.1



3.06



1.3



0.5



0.4



88.09



0.1



0.0



0.0



51.042015


0.6



201.1



73.4



62.6



3.06



1.0



0.4



0.3



88.09



0.1



0.0



0.0



51.042016


0.6



145.2



53.0



47.1



3.06



0.7



0.3



0.2



88.09



0.1



0.0



0.0



51.042017


0.6



116.6



42.6



38.6



3.06



0.6



0.2



0.2



88.09



0.1



0.0



0.0



51.042018


0.6



98.6



36.0



33.1



3.06



0.5



0.2



0.1



88.09



0.1



0.0



0.0



51.042019


0.4



62.9



22.9



21.2



3.06



0.3



0.1



0.1



88.09



0.0



0.0



0.0



51.042020


0.2



34.8



12.7



11.7



3.06



0.2



0.1



0.1



88.09



0.0



0.0



0.0



51.042021


0.2



31.5



11.5



10.7



3.06



0.2



0.1



0.0



88.09



0.0



0.0



0.0



51.042022


0.2



28.9



10.6



9.8



3.06



0.1



0.1



0.0



88.09



0.0



0.0



0.0



51.042023


0.2



26.6



9.7



9.1



3.06



0.1



0.0



0.0



88.09



0.0



0.0



0.0



51.042024


0.2



24.5



9.0



8.4



3.06



0.1



0.0



0.0



88.09



0.0



0.0



0.0



51.042025


0.0



0.0



0.0



0.0



0.00



0.0



0.0



0.0



0.00



0.0



0.0



0.0



0.00Sub.










374.0



327.4



3.06







1.9



1.5



88.09







0.2



0.2



51.04Rem.










0.0



0.0



0.00







0.0



0.0



0.00







0.0



0.0



0.00Tot.










374.0



327.4



3.06







1.9



1.5



88.09







0.2



0.2



51.04  Propane Production


Total NGL Production


Total Oil Equiv. ProductionYear

CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailyboe/d


CompanyYearlyMboe


Net YearlyMboe


Price$/boe2014


0.1



0.0



0.0



16.78



1.5



0.6



0.4



78.58



43.8



16.0



13.0



20.482015


0.1



0.0



0.0



16.78



1.2



0.4



0.4



78.58



34.7



12.7



10.8



20.482016


0.1



0.0



0.0



16.78



0.9



0.3



0.3



78.58



25.1



9.2



8.1



20.482017


0.1



0.0



0.0



16.78



0.7



0.3



0.2



78.58



20.1



7.3



6.6



20.482018


0.1



0.0



0.0



16.78



0.6



0.2



0.2



78.58



17.0



6.2



5.7



20.482019


0.0



0.0



0.0



16.78



0.4



0.1



0.1



78.58



10.9



4.0



3.6



20.482020


0.0



0.0



0.0



16.78



0.2



0.1



0.1



78.58



6.0



2.2



2.0



20.482021


0.0



0.0



0.0



16.78



0.2



0.1



0.1



78.58



5.4



2.0



1.8



20.482022


0.0



0.0



0.0



16.78



0.2



0.1



0.1



78.58



5.0



1.8



1.7



20.482023


0.0



0.0



0.0



16.78



0.2



0.1



0.0



78.58



4.6



1.7



1.6



20.482024


0.0



0.0



0.0



16.78



0.1



0.1



0.0



78.58



4.2



1.5



1.5



20.482025


0.0



0.0



0.0



0.00



0.0



0.0



0.0



0.00



0.0



0.0



0.0



0.00Sub.






0.2



0.2



16.78







2.2



1.8



78.58







64.6



56.4



20.48Rem.






0.0



0.0



0.00







0.0



0.0



0.00







0.0



0.0



0.00Tot.






0.2



0.2



16.78







2.2



1.8



78.58







64.6



56.4



20.48




|                                                                           |  |                           |  |               
|-------------------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Developed Nonproducing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE AND EXPENSE FORECAST


Page 2  Revenue Before Burdens














TotalRoyaltyAfterProcess.M$


NetRevenueAfterRoyaltyM$Working Interest


RoyaltyInterestTotalM$


CompanyInterestTotalM$


Royalty BurdensPre-Processing


Gas ProcessingAllowance




Operating ExpensesYear

OilM$


GasM$


NGL+SulM$


TotalM$




CrownM$


OtherM$


CrownM$


OtherM$




FixedM$


VariableM$


TotalM$2014


0.0



283.9



43.7



327.6



0.0



327.6



62.6



0.0



0.0



0.0



62.6



265.0



48.1



97.3



145.42015


0.0



224.9



34.6



259.5



0.0



259.5



40.0



0.0



0.0



0.0



40.0



219.6



57.6



77.1



134.72016


0.0



162.4



25.0



187.4



0.0



187.4



23.2



0.0



0.0



0.0



23.2



164.2



57.6



55.6



113.22017


0.0



130.4



20.1



150.5



0.0



150.5



16.1



0.0



0.0



0.0



16.1



134.4



57.6



44.7



102.32018


0.0



110.3



17.0



127.3



0.0



127.3



12.2



0.0



0.0



0.0



12.2



115.1



57.6



37.8



95.42019


0.0



70.3



10.8



81.1



0.0



81.1



7.5



0.0



0.0



0.0



7.5



73.6



38.4



24.1



62.52020


0.0



38.9



6.0



44.9



0.0



44.9



4.3



0.0



0.0



0.0



4.3



40.6



19.2



13.3



32.52021


0.0



35.3



5.4



40.7



0.0



40.7



3.7



0.0



0.0



0.0



3.7



37.0



19.2



12.1



31.32022


0.0



32.4



5.0



37.3



0.0



37.3



3.2



0.0



0.0



0.0



3.2



34.1



19.2



11.1



30.32023


0.0



29.8



4.6



34.3



0.0



34.3



2.8



0.0



0.0



0.0



2.8



31.6



19.2



10.2



29.42024


0.0



27.5



4.2



31.7



0.0



31.7



2.4



0.0



0.0



0.0



2.4



29.3



19.2



9.4



28.62025


0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0Sub.


0.0



1,146.0



176.3



1,322.4



0.0



1,322.4



178.0



0.0



0.0



0.0



178.0



1,144.4



412.9



392.7



805.6Rem.


0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0Tot.


0.0



1,146.0



176.3



1,322.4



0.0



1,322.4



178.0



0.0



0.0



0.0



178.0



1,144.4



412.9



392.7



805.6Disc


0.0



875.2



134.7



1,009.9



0.0



1,009.9



144.1



0.0



0.0



0.0



144.1



865.8



285.8



299.9



585.7  Net Capital Investment


Before Tax Cash FlowYear

Mineral TaxM$


Capital TaxM$


NPI BurdenM$


Net ProdnRevenueM$


OtherIncomeM$


Aband.CostsM$


Oper.IncomeM$


Dev.M$


PlantM$


Tang.M$


TotalM$


AnnualM$


Cum.M$


10.0% DcfM$2014


0.0



0.0



0.0



119.6



0.0



0.0



119.6



0.0



0.0



0.0



0.0



119.6



119.6



114.12015


0.0



0.0



0.0



84.9



0.0



0.0



84.9



0.0



0.0



0.0



0.0



84.9



204.5



187.62016


0.0



0.0



0.0



51.0



0.0



0.0



51.0



0.0



0.0



0.0



0.0



51.0



255.5



227.82017


0.0



0.0



0.0



32.1



0.0



0.0



32.1



0.0



0.0



0.0



0.0



32.1



287.6



250.82018


0.0



0.0



0.0



19.7



0.0



14.0



5.7



0.0



0.0



0.0



0.0



5.7



293.3



254.52019


0.0



0.0



0.0



11.1



0.0



14.0



-2.9



0.0



0.0



0.0



0.0



-2.9



290.3



252.82020


0.0



0.0



0.0



8.0



0.0



0.0



8.0



0.0



0.0



0.0



0.0



8.0



298.4



257.12021


0.0



0.0



0.0



5.7



0.0



0.0



5.7



0.0



0.0



0.0



0.0



5.7



304.1



259.92022


0.0



0.0



0.0



3.9



0.0



0.0



3.9



0.0



0.0



0.0



0.0



3.9



308.0



261.62023


0.0



0.0



0.0



2.2



0.0



0.0



2.2



0.0



0.0



0.0



0.0



2.2



310.1



262.52024


0.0



0.0



0.0



0.6



0.0



14.0



-13.4



0.0



0.0



0.0



0.0



-13.4



296.8



257.62025


0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



296.8



257.6Sub.


0.0



0.0



0.0



338.8



0.0



42.0



296.8



0.0



0.0



0.0



0.0



296.8



296.8



257.6Rem.


0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



296.8



257.6Tot.


0.0



0.0



0.0



338.8



0.0



42.0



296.8



0.0



0.0



0.0



0.0



296.8



296.8



257.6Disc


0.0



0.0



0.0



280.1



0.0



22.6



257.6



0.0



0.0



0.0



0.0



257.6



257.6



257.6




|                                                                           |  |                           |  |               
|-------------------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Developed Nonproducing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

AFTER TAX ANALYSIS


Page 3  Oper.IncomeM$


Tax Pool Balances Incl. Current Year Additions


Depreciation & WriteoffsYear


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


TotalM$2014


119.6



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02015


84.9



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02016


51.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02017


32.1



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02018


5.7



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02019


-2.9



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02020


8.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02021


5.7



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02022


3.9



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02023


2.2



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02024


-13.4



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.02025


0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0Sub.


296.8



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0Rem.


0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0Tot.


296.8



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0



0.0Disc


257.6























0.0



0.0



0.0



0.0



0.0



0.0  Federal


Provincial


ARTD &InvestmentCredits


IncomeTaxPayableM$


Net Cash FlowBefore Income Tax


Net Cash Flow After Income TaxYear

TaxableIncomeM$


IncomeTaxM$


IncomeTaxM$




AnnualM$


Cum.M$


10.0% DcfM$


AnnualM$


Cum.M$


10.0% DcfM$2014


119.6



17.9



12.0



0.0



29.9



119.6



119.6



114.1



89.7



89.7



85.62015


84.9



12.7



8.5



0.0



21.2



84.9



204.5



187.6



63.7



153.4



140.72016


51.0



7.6



5.1



0.0



12.7



51.0



255.5



227.8



38.2



191.6



170.92017


32.1



4.8



3.2



0.0



8.0



32.1



287.6



250.8



24.1



215.7



188.12018


5.7



0.9



0.6



0.0



1.4



5.7



293.3



254.5



4.3



219.9



190.92019


-2.9



-0.4



-0.3



0.0



-0.7



-2.9



290.3



252.8



-2.2



217.7



189.62020


8.0



1.2



0.8



0.0



2.0



8.0



298.4



257.1



6.0



223.8



192.82021


5.7



0.9



0.6



0.0



1.4



5.7



304.1



259.9



4.3



228.1



194.92022


3.9



0.6



0.4



0.0



1.0



3.9



308.0



261.6



2.9



231.0



196.22023


2.2



0.3



0.2



0.0



0.5



2.2



310.1



262.5



1.6



232.6



196.92024


-13.4



-2.0



-1.3



0.0



-3.3



-13.4



296.8



257.6



-10.0



222.6



193.22025


0.0



0.0



0.0



0.0



0.0



0.0



296.8



257.6



0.0



222.6



193.2Sub.


296.8



44.5



29.7



0.0



74.2



296.8



296.8



257.6



222.6



222.6



193.2Rem.


0.0



0.0



0.0



0.0



0.0



0.0



296.8



257.6



0.0



222.6



193.2Tot.


296.8



44.5



29.7



0.0



74.2



296.8



296.8



257.6



222.6



222.6



193.2Disc


257.6



38.6



25.8



0.0



64.4



257.6



257.6



257.6



193.2



193.2



193.2




|                                                                           |  |                           |  |               
|-------------------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Developed Nonproducing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

SUMMARY OF RESERVES


Page 4  Remaining Reserves at Jan 01, 2014


Oil Equivalents


Reserve Life Indic. (yr)Product

Units


WorkingInterest


Roy/NPIInterest


TotalCompany


Net


Oil Eq.Factor


CompanyMboe


% ofTotal


ReserveLife


LifeIndex


HalfLifeResidue Gas


MMcf



374.0



0.0



374.0



327.4



6.0000



62.3



96.5



11.00



4.04



2.40Gas Heat Content


BBtu



392.7



0.0



392.7



343.8



0.0000



0.0



0.0



11.00



4.04



2.40Condensate


Mbbl



1.9



0.0



1.9



1.5



1.0000



1.9



2.9



11.00



4.04



2.40Butane


Mbbl



0.2



0.0



0.2



0.2



1.0000



0.2



0.3



11.00



4.04



2.40Propane


Mbbl



0.2



0.0



0.2



0.2



1.0000



0.2



0.3



11.00



4.04



2.40Total: NGL


Mbbl



2.2



0.0



2.2



1.8



1.0000



2.2



3.5



11.00



4.04



2.40Total: Oil Eq.


Mboe



64.6



0.0



64.6



56.4



1.0000



64.6



100.0



11.00



4.04



2.40 PRODUCT REVENUE AND EXPENSES  Average First Year Unit Values


Net Revenue After RoyaltiesProduct

Units


Base Price


Price Adjust.


WellheadPrice


Net Burdens


OperatingExpenses


OtherExpenses


ProdnRevenue


UndiscM$


% ofTotal


10% DiscM$


% ofTotalResidue Gas

$
/Mcf



2.942



0.122



3.064



0.581



1.569



0.000



0.914



1,003



87.7



758



87.6Condensate


$/bbl



105.090



-17.000



88.090



17.618



0.000



0.000



70.472



130



11.4



100



11.5Butane


$/bbl



68.340



-17.300



51.040



10.208



0.000



0.000



40.832



8



0.7



6



0.7Propane


$/bbl



36.780



-20.000



16.780



3.356



0.000



0.000



13.424



3



0.2



2



0.2Total: NGL


$/bbl



95.874



-17.289



78.585



15.717



0.000



0.000



62.868



141



12.3



108



12.4Total: Oil Eq.


$/boe



20.368



0.109



20.477



3.912



9.086



0.000



7.478



1,144



100.0



866



100.0 REVENUE BURDENS AND NET PRESENT VALUE SUMMARY  Net Present Value Before Income Tax


Net Present Value After Income TaxRevenue Burdens (%)


Disc.Rate%


ProdnRevenueM$


OperatingIncomeM$


CapitalInvest.M$


Cash Flow


OperatingIncomeM$


CapitalInvest.M$


Cash FlowInitial


Average






M$


$/boe




M$


$/boeCrown Royalty


19.10528



13.46040



0.00



339



297



0.0



297



4.60



223



0



223



3.45Non-crown Royalty


0.00000



0.00000



5.00



306



276



0.0



276



4.27



207



0



207



3.20Mineral Tax


0.00000



0.00000



8.00



290



265



0.0



265



4.10



198



0



198



3.0710.00



280



258



0.0



258



3.99



193



0



193



2.9912.00



271



251



0.0



251



3.89



188



0



188



2.9115.00



259



242



0.0



242



3.74



181



0



181



2.8120.00



241



228



0.0



228



3.52



171



0



171



2.64  Evaluator:

Anhorn, Jodi L.Run Date:

January 16, 2014 13:49:57




|                                                              |  |                           |  |               
|------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Producing, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

ProvedProperty:

Corporate

Development Class:

UndevelopedDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013  Economic ForecastPRODUCTION FORECASTResidue Gas Production


Condensate Production


Butane ProductionYear

CompanyGasWells


CompanyDailyMcf/d


CompanyYearlyMMcf


NetYearlyMMcf


Price$/Mcf


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl2014


10.2



25,449.9



9,289.2



9,006.9



3.06



362.8



132.4



128.5



88.09



55.6



20.3



19.7



51.042015


23.8



50,083.4



18,280.4



16,973.3



3.07



590.7



215.6



198.6



88.09



83.6



30.5



28.0



51.042016


25.8



42,622.1



15,557.1



14,007.0



3.08



439.9



160.6



139.9



88.09



63.1



23.0



20.1



51.042017


25.8



26,654.7



9,729.0



8,572.0



3.07



286.3



104.5



89.0



88.09



41.2



15.0



12.8



51.042018


25.8



20,098.2



7,335.8



6,257.6



3.07



219.1



80.0



66.8



88.09



31.5



11.5



9.5



51.042019


25.8



16,348.2



5,967.1



5,051.6



3.07



179.6



65.6



54.4



88.09



25.9



9.4



7.8



51.042020


25.8



13,911.1



5,077.5



4,326.3



3.07



153.7



56.1



46.2



88.09



22.1



8.1



6.6



51.042021


25.8



12,103.1



4,417.6



3,774.6



3.07



134.2



49.0



40.0



88.09



19.3



7.1



5.7



51.042022


25.8



10,769.2



3,930.7



3,383.6



3.07



119.7



43.7



35.5



88.09



17.3



6.3



5.1



51.042023


25.8



9,728.7



3,551.0



3,068.7



3.07



108.4



39.5



32.0



88.09



15.6



5.7



4.6



51.042024


25.8



8,914.1



3,253.7



2,830.4



3.07



99.5



36.3



29.3



88.09



14.3



5.2



4.2



51.042025


25.8



8,170.3



2,982.1



2,618.0



3.07



91.2



33.3



26.8



88.09



13.2



4.8



3.9



51.04Sub.










89,371.3



79,870.1



3.07







1,016.4



886.8



88.09







147.0



128.1



51.04Rem.










23,270.5



21,403.0



3.07







275.4



220.9



88.09







39.6



31.7



51.04Tot.










112,641.8



101,273.1



3.07







1,291.9



1,107.8



88.09







186.6



159.8



51.04  Propane Production


Total NGL Production


Total Oil Equiv. ProductionYear

CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailyboe/d


CompanyYearlyMboe


NetYearlyMboe


Price$/boe2014


52.6



19.2



18.6



16.78



471.0



171.9



166.9



75.75



4,712.7



1,720.1



1,668.1



24.122015


80.7



29.5



27.1



16.78



755.0



275.6



253.7



76.36



9,102.3



3,322.3



3,082.6



23.222016


60.2



22.0



19.1



16.78



563.1



205.5



179.0



76.32



7,666.8



2,798.4



2,513.5



22.712017


39.3



14.3



12.2



16.78



366.7



133.9



114.0



76.29



4,809.2



1,755.3



1,542.6



22.862018


30.1



11.0



9.1



16.78



280.7



102.5



85.5



76.28



3,630.4



1,325.1



1,128.4



22.912019


24.7



9.0



7.4



16.78



230.2



84.0



69.6



76.27



2,954.9



1,078.6



911.5



22.942020


21.2



7.7



6.3



16.78



196.9



71.9



59.2



76.26



2,515.5



918.1



780.2



22.972021


18.5



6.7



5.5



16.78



172.0



62.8



51.2



76.26



2,189.2



799.0



680.3



22.982022


16.5



6.0



4.9



16.78



153.4



56.0



45.5



76.26



1,948.3



711.1



609.5



22.992023


14.9



5.5



4.4



16.78



138.9



50.7



41.0



76.25



1,760.4



642.5



552.5



23.002024


13.7



5.0



4.0



16.78



127.5



46.5



37.5



76.25



1,613.2



588.8



509.2



23.012025


12.6



4.6



3.7



16.78



116.9



42.7



34.3



76.25



1,478.6



539.7



470.6



23.01Sub.






140.5



122.4



16.78







1,304.0



1,137.4



76.23







16,199.2



14,449.1



23.08Rem.






38.0



30.5



16.78







353.0



283.1



76.26







4,231.4



3,850.3



23.25Tot.






178.5



152.9



16.78







1,656.9



1,420.5



76.24







20,430.6



18,299.3



23.12




|                                                                 |  |                           |  |               
|---------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Undeveloped, SEC 2013-Dec-31 Posted (12 Month Avg.), 
pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE AND EXPENSE FORECAST


Page 2Revenue Before Burdens


RoyaltyBurdens Pre-Processing


Gas ProcessingAllowanceWorking Interest


RoyaltyInterestTotalM$


CompanyInterestTotalM$




TotalRoyaltyAfterProcess.M$


NetRevenueAfterRoyaltyM$


Operating ExpensesYear

OilM$


GasM$


NGL+SulM$


TotalM$




CrownM$


OtherM$


CrownM$


OtherM$




FixedM$


VariableM$


TotalM$2014


0.0



28,463.5



13,022.4



41,485.9



0.0



41,485.9



1,244.6



0.0



0.0



0.0



1,244.6



40,241.3



534.8



9,753.7



10,288.52015


0.0



56,089.7



21,044.3



77,134.0



0.0



77,134.0



5,673.4



0.0



0.0



0.0



5,673.4



71,460.6



1,688.9



19,194.5



20,883.32016


0.0



47,855.8



15,687.2



63,543.0



0.0



63,543.0



6,777.4



0.0



0.0



0.0



6,777.4



56,765.6



2,461.0



16,334.9



18,795.92017


0.0



29,908.4



10,211.5



40,119.8



0.0



40,119.8



5,065.1



0.0



0.0



0.0



5,065.1



35,054.7



2,476.8



10,215.4



12,692.22018


0.0



22,546.6



7,815.3



30,361.9



0.0



30,361.9



4,604.2



0.0



0.0



0.0



4,604.2



25,757.7



2,476.8



7,702.6



10,179.42019


0.0



18,337.7



6,409.4



24,747.1



0.0



24,747.1



3,912.4



0.0



0.0



0.0



3,912.4



20,834.6



2,476.8



6,265.5



8,742.32020


0.0



15,602.8



5,482.3



21,085.1



0.0



21,085.1



3,276.9



0.0



0.0



0.0



3,276.9



17,808.3



2,476.8



5,331.4



7,808.22021


0.0



13,574.3



4,787.0



18,361.2



0.0



18,361.2



2,855.7



0.0



0.0



0.0



2,855.7



15,505.5



2,476.8



4,638.5



7,115.32022


0.0



12,077.8



4,270.6



16,348.4



0.0



16,348.4



2,477.5



0.0



0.0



0.0



2,477.5



13,870.9



2,476.8



4,127.3



6,604.12023


0.0



10,910.7



3,866.4



14,777.1



0.0



14,777.1



2,220.9



0.0



0.0



0.0



2,220.9



12,556.2



2,476.8



3,728.5



6,205.32024


0.0



9,996.9



3,549.4



13,546.3



0.0



13,546.3



1,989.2



0.0



0.0



0.0



1,989.2



11,557.1



2,476.8



3,416.3



5,893.12025


0.0



9,162.6



3,254.2



12,416.8



0.0



12,416.8



1,756.5



0.0



0.0



0.0



1,756.5



10,660.3



2,476.8



3,131.2



5,608.0Sub.


0.0



274,526.6



99,399.9



373,926.6



0.0



373,926.6



41,853.9



0.0



0.0



0.0



41,853.9



332,072.7



26,975.8



93,839.9



120,815.7Rem.


0.0



71,476.2



26,917.6



98,393.8



0.0



98,393.8



11,061.7



0.0



0.0



0.0



11,061.7



87,332.1



33,523.2



24,434.0



57,957.2Tot.


0.0



346,002.9



126,317.5



472,320.4



0.0



472,320.4



52,915.6



0.0



0.0



0.0



52,915.6



419,404.7



60,499.0



118,273.8



178,772.9Disc


0.0



206,083.7



75,518.1



281,601.9



0.0



281,601.9



29,133.5



0.0



0.0



0.0



29,133.5



252,468.4



20,983.5



70,453.9



91,437.3  Year

MineralTaxM$


CapitalTaxM$


NPIBurdenM$


NetProdnRevenueM$


OtherIncomeM$


Aband.CostsM$


Oper.IncomeM$


Net Capital Investment


Before Tax Cash FlowDev.M$


PlantM$


Tang.M$


TotalM$


AnnualM$


Cum.M$


10.0%Dcf M$2014


0.0



0.0



0.0



29,952.9



0.0



0.0



29,952.9



44,481.0



5,916.0



5,385.6



55,782.6



-25,829.7



-25,829.7



-24,627.72015


0.0



0.0



0.0



50,577.2



0.0



0.0



50,577.2



72,441.2



7,888.0



7,180.8



87,510.0



-36,932.8



-62,762.5



-56,640.42016


0.0



0.0



0.0



37,969.7



0.0



0.0



37,969.7



8,571.6



1,044.0



950.4



10,566.0



27,403.7



-35,358.8



-35,046.72017


0.0



0.0



0.0



22,362.5



0.0



0.0



22,362.5



0.0



0.0



0.0



0.0



22,362.5



-12,996.3



-19,027.32018


0.0



0.0



0.0



15,578.3



0.0



0.0



15,578.3



0.0



0.0



0.0



0.0



15,578.3



2,581.9



-8,882.32019


0.0



0.0



0.0



12,092.4



0.0



0.0



12,092.4



0.0



0.0



0.0



0.0



12,092.4



14,674.3



-1,723.32020


0.0



0.0



0.0



10,000.1



0.0



0.0



10,000.1



0.0



0.0



0.0



0.0



10,000.1



24,674.4



3,658.72021


0.0



0.0



0.0



8,390.2



0.0



0.0



8,390.2



0.0



0.0



0.0



0.0



8,390.2



33,064.6



7,763.92022


0.0



0.0



0.0



7,266.8



0.0



0.0



7,266.8



0.0



0.0



0.0



0.0



7,266.8



40,331.4



10,996.12023


0.0



0.0



0.0



6,350.8



0.0



0.0



6,350.8



0.0



0.0



0.0



0.0



6,350.8



46,682.2



13,564.22024


0.0



0.0



0.0



5,663.9



0.0



0.0



5,663.9



0.0



0.0



0.0



0.0



5,663.9



52,346.2



15,646.22025


0.0



0.0



0.0



5,052.2



0.0



0.0



5,052.2



0.0



0.0



0.0



0.0



5,052.2



57,398.4



17,334.6Sub.


0.0



0.0



0.0



211,257.0



0.0



0.0



211,257.0



125,493.8



14,848.0



13,516.8



153,858.6



57,398.4



57,398.4



17,334.6Rem.


0.0



0.0



0.0



29,374.9



0.0



1,806.0



27,568.9



0.0



0.0



0.0



0.0



27,568.9



84,967.2



23,487.9Tot.


0.0



0.0



0.0



240,631.8



0.0



1,806.0



238,825.8



125,493.8



14,848.0



13,516.8



153,858.6



84,967.2



84,967.2



23,487.9Disc


0.0



0.0



0.0



161,031.1



0.0



178.4



160,852.7



111,956.2



13,300.5



12,108.1



137,364.8



23,487.9



23,487.9



23,487.9  AFTER TAX ANALYSISTax Pool Balances Incl. Current Year Additions


Depreciation & WriteoffsYear

Oper.IncomeM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


TotalM$2014


29,952.9



11,301.6



0.0



44,481.0



0.0



0.0



1,412.7



0.0



13,344.3



0.0



0.0



14,757.02015


50,577.2



24,957.7



0.0



103,577.9



0.0



0.0



4,355.8



0.0



31,073.4



0.0



0.0



35,429.22016


37,969.7



22,596.3



0.0



81,076.1



0.0



0.0



5,399.8



0.0



24,322.8



0.0



0.0



29,722.62017


22,362.5



17,196.5



0.0



56,753.3



0.0



0.0



4,299.1



0.0



17,026.0



0.0



0.0



21,325.12018


15,578.3



12,897.4



0.0



39,727.3



0.0



0.0



3,224.3



0.0



11,918.2



0.0



0.0



15,142.52019


12,092.4



9,673.0



0.0



27,809.1



0.0



0.0



2,418.3



0.0



8,342.7



0.0



0.0



10,761.02020


10,000.1



7,254.8



0.0



19,466.4



0.0



0.0



1,813.7



0.0



5,839.9



0.0



0.0



7,653.62021


8,390.2



5,441.1



0.0



13,626.5



0.0



0.0



1,360.3



0.0



4,087.9



0.0



0.0



5,448.22022


7,266.8



4,080.8



0.0



9,538.5



0.0



0.0



1,020.2



0.0



2,861.6



0.0



0.0



3,881.82023


6,350.8



3,060.6



0.0



6,677.0



0.0



0.0



765.2



0.0



2,003.1



0.0



0.0



2,768.22024


5,663.9



2,295.5



0.0



4,673.9



0.0



0.0



573.9



0.0



1,402.2



0.0



0.0



1,976.02025


5,052.2



1,721.6



0.0



3,271.7



0.0



0.0



430.4



0.0



981.5



0.0



0.0



1,411.9Sub.


211,257.0



1,721.6



0.0



3,271.7



0.0



0.0



27,073.6



0.0



123,203.6



0.0



0.0



150,277.2Rem.


27,568.9



1,721.6



0.0



3,271.7



0.0



0.0



1,291.0



0.0



2,290.1



0.0



0.0



3,581.1Tot.


238,825.8



1,721.6



0.0



3,271.7



0.0



0.0



28,364.6



0.0



125,493.7



0.0



0.0



153,858.3Disc


160,852.7























19,056.5



0.0



92,363.8



0.0



0.0



111,420.3




|                                                                 |  |                           |  |               
|---------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Undeveloped, SEC 2013-Dec-31 Posted (12 Month Avg.), 
pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Page 3  Federal


Provincial


ARTD &InvestmentCredits


IncomeTaxPayableM$



Net Cash Flow Before IncomeTax


Net Cash Flow After IncomeTaxYear

TaxableIncomeM$


IncomeTaxM$


IncomeTaxM$




AnnualM$


Cum.M$


10.0%Dcf M$


AnnualM$


Cum.M$


10.0%Dcf M$2014


15,195.9



2,279.4



1,519.6



0.0



3,799.0



-25,829.7



-25,829.7



-24,627.7



-29,628.7



-29,628.7



-28,249.92015


15,148.0



2,272.2



1,514.8



0.0



3,787.0



-36,932.8



-62,762.5



-56,640.4



-40,719.8



-70,348.5



-63,545.12016


8,247.1



1,237.1



824.7



0.0



2,061.8



27,403.7



-35,358.8



-35,046.7



25,341.9



-45,006.6



-43,576.12017


1,037.4



155.6



103.7



0.0



259.4



22,362.5



-12,996.3



-19,027.3



22,103.2



-22,903.4



-27,742.52018


435.7



65.4



43.6



0.0



108.9



15,578.3



2,581.9



-8,882.3



15,469.3



-7,434.1



-17,668.42019


1,331.4



199.7



133.1



0.0



332.8



12,092.4



14,674.3



-1,723.3



11,759.5



4,325.5



-10,706.42020


2,346.5



352.0



234.6



0.0



586.6



10,000.1



24,674.4



3,658.7



9,413.4



13,738.9



-5,640.12021


2,942.0



441.3



294.2



0.0



735.5



8,390.2



33,064.6



7,763.9



7,654.7



21,393.6



-1,894.82022


3,385.1



507.8



338.5



0.0



846.3



7,266.8



40,331.4



10,996.1



6,420.6



27,814.2



961.02023


3,582.6



537.4



358.3



0.0



895.6



6,350.8



46,682.2



13,564.2



5,455.2



33,269.3



3,166.92024


3,687.9



553.2



368.8



0.0



922.0



5,663.9



52,346.2



15,646.2



4,741.9



38,011.3



4,910.02025


3,640.3



546.0



364.0



0.0



910.1



5,052.2



57,398.4



17,334.6



4,142.1



42,153.4



6,294.3Sub.


60,979.8



9,147.0



6,098.0



0.0



15,244.9



57,398.4



57,398.4



17,334.6



42,153.4



42,153.4



6,294.3Rem.


23,987.8



3,669.9



2,446.6



0.0



6,116.6



27,568.9



84,967.2



23,487.9



21,452.3



63,605.7



11,124.5Tot.


84,967.5



12,816.9



8,544.6



0.0



21,361.5



84,967.2



84,967.2



23,487.9



63,605.7



63,605.7



11,124.5Disc


49,432.4



7,418.1



4,945.4



0.0



12,363.5



23,487.9



23,487.9



23,487.9



11,124.5



11,124.5



11,124.5  SUMMARY OF RESERVESRemaining Reserves at Jan 01, 2014


Oil Equivalents


Reserve Life Indic. (yr)Product

Units


WorkingInterest


Roy/NPIInterest


TotalCompany


Net


OilEq.Factor


CompanyMboe


% ofTotal


ReserveLife


LifeIndex


HalfLifeResidue Gas


MMcf



112,641.8



0.0



112,641.8



101,273.1



6.0000



18,773.6



91.9



30.00



12.13



4.47Gas Heat Content


BBtu



118,566.0



0.0



118,566.0



106,604.9



0.0000



0.0



0.0



30.00



12.13



4.47Condensate


Mbbl



1,291.9



0.0



1,291.9



1,107.8



1.0000



1,291.9



6.3



30.00



9.76



4.41Butane


Mbbl



186.6



0.0



186.6



159.8



1.0000



186.6



0.9



30.00



9.19



4.38Propane


Mbbl



178.5



0.0



178.5



152.9



1.0000



178.5



0.9



30.00



9.30



4.39Total: NGL


Mbbl



1,656.9



0.0



1,656.9



1,420.5



1.0000



1,656.9



8.1



30.00



9.64



4.41Total: Oil Eq.


Mboe



20,430.6



0.0



20,430.6



18,299.3



1.0000



20,430.6



100.0



30.00



11.88



4.47 PRODUCT REVENUE AND EXPENSES  Average First Year Unit Values


Net Revenue After RoyaltiesProduct

Units


Base Price


Price Adjust.


WellheadPrice


Net Burdens


OperatingExpenses


OtherExpenses


ProdnRevenue


UndiscM$


% ofTotal


10% DiscM$


% ofTotalResidue Gas


$/Mcf



2.942



0.122



3.064



0.093



1.108



0.000



1.863



311,098



74.2



186,015



73.7Condensate


$/bbl



105.090



-17.000



88.090



2.568



0.000



0.000



85.522



97,584



23.3



59,857



23.7Butane


$/bbl



68.340



-17.300



51.040



1.480



0.000



0.000



49.560



8,158



1.9



5,019



2.0Propane


$/bbl



36.780



-20.000



16.780



0.488



0.000



0.000



16.292



2,565



0.6



1,577



0.6Total: NGL


$/bbl



93.120



-17.371



75.749



2.207



0.000



0.000



73.542



108,307



25.8



66,453



26.3Total: Oil Eq.


$/boe



25.193



-1.075



24.118



0.724



5.981



0.000



17.413



419,405



100.0



252,468



100.0




|                                                                 |  |                           |  |               
|---------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Undeveloped, SEC 2013-Dec-31 Posted (12 Month Avg.), 
pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY


Page 4  Net Present Value Before Income Tax


Net Present Value After Income TaxRevenue Burdens (%)


Disc.Rate%


ProdnRevenueM$


OperatingIncomeM$


CapitalInvest.M$


Cash Flow


OperatingIncomeM$


CapitalInvest.M$


Cash FlowInitial


Average






M$


$/boe




M$


$/boeCrown Royalty


3.00000



11.20334



0.00



240,632



238,826



153,859



84,967



4.16



217,464



153,859



63,606



3.11Non-crown Royalty


0.00000



0.00000



5.00



191,850



191,308



145,125



46,183



2.26



175,802



145,125



30,677



1.50Mineral Tax


0.00000



0.00000



8.00



171,891



171,616



140,363



31,253



1.53



158,201



140,363



17,839



0.8710.00



161,031



160,853



137,365



23,488



1.15



148,489



137,365



11,124



0.5412.00



151,647



151,530



134,498



17,032



0.83



140,023



134,498



5,525



0.2715.00



139,721



139,658



130,427



9,230



0.45



129,168



130,427



-1,259



-0.0620.00



123,996



123,971



124,192



-220



-0.01



114,706



124,192



-9,486



-0.46  Evaluator:

Anhorn, Jodi L.Run Date:

January 16, 2014 13:49:57




|                                                                 |  |                           |  |               
|---------------------------------------------------------------- |  | ------------------------- |  | --------------
|Proved Undeveloped, SEC 2013-Dec-31 Posted (12 Month Avg.), 
pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

ProvedProperty:

Corporate

Development Class:

TotalDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Economic Forecast PRODUCTION FORECAST  Residue Gas Production


Condensate Production


Butane ProductionYear

CompanyGasWells


CompanyDailyMcf/d


CompanyYearlyMMcf


NetYearlyMMcf


Price$/Mcf


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl2014


58.0



68,677



25,067



21,354



3.06



577



210



191



88.09



78



29



26



51.042015


67.6



81,586



29,779



26,040



3.07



747



272



244



88.09



100



37



33



51.042016


69.6



67,925



24,792



21,387



3.07



565



206



176



88.09



76



28



24



51.042017


68.8



47,721



17,418



14,811



3.07



390



143



119



88.09



52



19



16



51.042018


68.2



38,213



13,948



11,705



3.07



309



113



93



88.09



41



15



12



51.042019


67.6



32,230



11,764



9,897



3.07



258



94



77



88.09



34



12



10



51.042020


66.8



28,055



10,240



8,695



3.07



224



82



67



88.09



30



11



9



51.042021


66.2



24,785



9,046



7,739



3.07



197



72



58



88.09



26



9



8



51.042022


65.6



22,266



8,127



7,015



3.07



177



64



52



88.09



23



9



7



51.042023


64.6



20,158



7,358



6,393



3.07



160



58



47



88.09



21



8



6



51.042024


63.8



18,439



6,730



5,892



3.07



147



54



43



88.09



19



7



6



51.042025


62.8



16,798



6,131



5,415



3.07



134



49



39



88.09



18



6



5



51.04Sub.










170,401



146,343



3.07







1,417



1,208



88.09







190



162



51.04Rem.










40,788



37,380



3.07







362



290



88.09







49



39



51.04Tot.










211,189



183,723



3.07







1,779



1,498



88.09







238



201



51.04  Propane Production


Total NGL Production


Total Oil Equiv. ProductionYear

CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailyboe/d


CompanyYearlyMboe


NetYearlyMboe


Price$/boe2014


75



28



25



16.78



730



267



243



76.76



12,177



4,444



3,802



21.892015


97



36



32



16.78



944



345



309



76.81



14,542



5,308



4,649



22.192016


73



27



23



16.78



715



261



223



76.80



12,036



4,393



3,788



21.902017


50



18



15



16.78



493



180



151



76.88



8,447



3,083



2,619



21.832018


40



14



12



16.78



389



142



117



76.92



6,758



2,467



2,068



21.792019


33



12



10



16.78



326



119



97



76.95



5,697



2,079



1,747



21.762020


29



10



9



16.78



282



103



84



76.96



4,958



1,810



1,533



21.742021


25



9



7



16.78



248



91



73



76.97



4,379



1,598



1,363



21.732022


23



8



7



16.78



222



81



66



76.98



3,933



1,436



1,235



21.722023


20



7



6



16.78



201



74



59



76.98



3,561



1,300



1,125



21.722024


19



7



5



16.78



185



67



54



76.97



3,258



1,189



1,036



21.732025


17



6



5



16.78



169



62



49



76.97



2,968



1,083



952



21.74Sub.






183



157



16.78







1,790



1,526



76.87







30,190



25,917



21.88Rem.






47



38



16.78







458



367



76.80







7,256



6,597



22.10Tot.






230



194



16.78







2,248



1,894



76.85







37,446



32,514



21.92




|                                                          |  |                           |  |               
|--------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Proved, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE AND EXPENSE FORECAST


Page 2  Revenue Before BurdensWorking Interest


RoyaltyInterestTotalM$


CompanyInterestTotalM$


Royalty BurdensPre-Processing


Gas ProcessingAllowance


TotalRoyaltyAfterProcess.M$


NetRevenueAfterRoyaltyM$


Operating ExpensesYear

OilM$


GasM$


NGL+SulM$


TotalM$




CrownM$


OtherM$


CrownM$


OtherM$




FixedM$


VariableM$


TotalM$2014


0



76,809



20,462



97,271



0



97,271



13,246



0



0



0



13,246



84,025



5,114



26,320



31,4352015


0



91,323



26,466



117,789



0



117,789



14,209



0



0



0



14,209



103,580



5,894



31,268



37,1622016


0



76,154



20,042



96,196



0



96,196



13,334



0



0



0



13,334



82,862



6,666



26,032



32,6982017


0



53,469



13,837



67,306



0



67,306



10,234



0



0



0



10,234



57,072



6,605



18,289



24,8942018


0



42,806



10,933



53,739



0



53,739



8,795



0



0



0



8,795



44,944



6,547



14,645



21,1922019


0



36,100



9,143



45,243



0



45,243



7,376



0



0



0



7,376



37,867



6,490



12,352



18,8422020


0



31,421



7,916



39,337



0



39,337



6,195



0



0



0



6,195



33,143



6,413



10,752



17,1652021


0



27,758



6,969



34,727



0



34,727



5,327



0



0



0



5,327



29,400



6,355



9,499



15,8542022


0



24,936



6,249



31,185



0



31,185



4,603



0



0



0



4,603



26,582



6,298



8,533



14,8312023


0



22,575



5,661



28,236



0



28,236



4,057



0



0



0



4,057



24,179



6,202



7,726



13,9272024


0



20,650



5,189



25,838



0



25,838



3,588



0



0



0



3,588



22,250



6,125



7,067



13,1922025


0



18,812



4,739



23,552



0



23,552



3,134



0



0



0



3,134



20,417



6,029



6,438



12,467Sub.


0



522,814



137,606



660,420



0



660,420



94,098



0



0



0



94,098



566,322



74,736



178,921



253,657Rem.


0



125,153



35,177



160,331



0



160,331



17,436



0



0



0



17,436



142,895



59,386



42,828



102,213Tot.


0



647,967



172,784



820,751



0



820,751



111,534



0



0



0



111,534



709,217



134,122



221,749



355,870Disc


0



390,547



103,903



494,451



0



494,451



68,594



0



0



0



68,594



425,857



55,560



133,665



189,225  Net Capital Investment


Before Tax Cash FlowYear

MineralTaxM$


CapitalTaxM$


NPIBurdenM$


NetProdnRevenueM$


OtherIncomeM$


Aband.CostsM$


Oper.IncomeM$


Dev.M$


PlantM$


Tang.M$


TotalM$


AnnualM$


Cum.M$


10.0% DcfM$2014


0



0



0



52,591



0



280



52,311



44,481



5,916



5,386



55,783



-3,472



-3,472



-3,3102015


0



0



0



66,419



0



0



66,419



72,441



7,888



7,181



87,510



-21,091



-24,563



-21,5922016


0



0



0



50,164



0



56



50,108



8,572



1,044



950



10,566



39,542



14,979



9,5662017


0



0



0



32,178



0



42



32,136



0



0



0



0



32,136



47,115



32,5872018


0



0



0



23,751



0



42



23,709



0



0



0



0



23,709



70,824



48,0272019


0



0



0



19,025



0



56



18,969



0



0



0



0



18,969



89,793



59,2582020


0



0



0



15,978



0



42



15,936



0



0



0



0



15,936



105,729



67,8352021


0



0



0



13,546



0



42



13,504



0



0



0



0



13,504



119,234



74,4422022


0



0



0



11,751



0



70



11,681



0



0



0



0



11,681



130,915



79,6372023


0



0



0



10,252



0



56



10,196



0



0



0



0



10,196



141,111



83,7602024


0



0



0



9,058



0



70



8,988



0



0



0



0



8,988



150,099



87,0652025


0



0



0



7,951



0



70



7,881



0



0



0



0



7,881



157,980



89,698Sub.


0



0



0



312,664



0



826



311,838



125,494



14,848



13,517



153,859



157,980



157,980



89,698Rem.


0



0



0



40,682



0



4,326



36,356



0



0



0



0



36,356



194,335



98,102Tot.


0



0



0



353,346



0



5,152



348,194



125,494



14,848



13,517



153,859



194,335



194,335



98,102Disc


0



0



0



236,632



0



1,166



235,466



111,956



13,301



12,108



137,365



98,102



98,102



98,102




|                                                          |  |                           |  |               
|--------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Proved, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

AFTER TAX ANALYSIS


Page 3  Tax Pool Balances Incl. Current YearAdditions


Depreciation & WriteoffsYear

Oper.IncomeM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


TotalM$2014


52,311



43,125



0



44,481



0



0



9,367



0



13,344



0



0



22,7112015


66,419



48,827



0



103,578



0



0



10,322



0



31,073



0



0



41,3952016


50,108



40,500



0



81,076



0



0



9,874



0



24,323



0



0



34,1972017


32,136



30,625



0



56,753



0



0



7,655



0



17,026



0



0



24,6812018


23,709



22,970



0



39,727



0



0



5,741



0



11,918



0



0



17,6602019


18,969



17,229



0



27,809



0



0



4,306



0



8,343



0



0



12,6492020


15,936



12,923



0



19,466



0



0



3,230



0



5,840



0



0



9,0702021


13,504



9,693



0



13,626



0



0



2,422



0



4,088



0



0



6,5102022


11,681



7,270



0



9,539



0



0



1,817



0



2,862



0



0



4,6782023


10,196



5,454



0



6,677



0



0



1,363



0



2,003



0



0



3,3662024


8,988



4,091



0



4,674



0



0



1,022



0



1,402



0



0



2,4242025


7,881



3,069



0



3,272



0



0



767



0



982



0



0



1,748Sub.


311,838



3,069



0



3,272



0



0



57,886



0



123,204



0



0



181,090Rem.


36,356



3,069



0



3,272



0



0



2,302



0



2,290



0



0



4,592Tot.


348,194



3,069



0



3,272



0



0



60,188



0



125,494



0



0



185,681Disc


235,466























42,894



0



92,364



0



0



135,258  Federal


Provincial








Net Cash FlowBefore Income Tax


Net Cash Flow After IncomeTaxYear

TaxableIncomeM$


IncomeTaxM$


IncomeTax M$


ARTD &InvestmentCredits


IncomeTaxPayableM$


AnnualM$


Cum.M$


10.0% DcfM$


AnnualM$


Cum.M$


10.0% DcfM$2014


29,599



4,440



2,960



0



7,400



-3,472



-3,472



-3,310



-10,872



-10,872



-10,3662015


25,024



3,754



2,502



0



6,256



-21,091



-24,563



-21,592



-27,347



-38,219



-34,0702016


15,911



2,387



1,591



0



3,978



39,542



14,979



9,566



35,564



-2,655



-6,0462017


7,455



1,118



746



0



1,864



32,136



47,115



32,587



30,272



27,618



15,6402018


6,050



907



605



0



1,512



23,709



70,824



48,027



22,197



49,815



30,0952019


6,320



948



632



0



1,580



18,969



89,793



59,258



17,389



67,203



40,3902020


6,867



1,030



687



0



1,717



15,936



105,729



67,835



14,220



81,423



48,0432021


6,994



1,049



699



0



1,748



13,504



119,234



74,442



11,756



93,179



53,7952022


7,003



1,050



700



0



1,751



11,681



130,915



79,637



9,930



103,109



58,2122023


6,830



1,025



683



0



1,708



10,196



141,111



83,760



8,489



111,598



61,6442024


6,564



985



656



0



1,641



8,988



150,099



87,065



7,347



118,945



64,3452025


6,132



920



613



0



1,533



7,881



157,980



89,698



6,348



125,293



66,466Sub.


130,749



19,612



13,075



0



32,687



157,980



157,980



89,698



125,293



125,293



66,466Rem.


31,764



4,874



3,249



0



8,123



36,356



194,335



98,102



28,233



153,525



73,038Tot.


162,513



24,486



16,324



0



40,810



194,335



194,335



98,102



153,525



153,525



73,038Disc


100,208



15,038



10,025



0



25,064



98,102



98,102



98,102



73,038



73,038



73,038 SUMMARY OF RESERVES  Remaining Reserves at Jan 01, 2014


Oil Equivalents


Reserve Life Indic. (yr)Product

Units


WorkingInterest


Roy/NPIInterest


TotalCompany


Net


Oil Eq.Factor


CompanyMboe


% ofTotal


ReserveLife


LifeIndex


HalfLifeResidue Gas


MMcf



211,189



0



211,189



183,723



6.000



35,198



94



42.0



8.4



4.6Gas Heat Content


BBtu



222,041



0



222,041



193,178



0.000



0



0



42.0



8.4



4.6Condensate


Mbbl



1,779



0



1,779



1,498



1.000



1,779



5



42.0



8.5



4.5Butane


Mbbl



238



0



238



201



1.000



238



1



42.0



8.3



4.5Propane


Mbbl



230



0



230



194



1.000



230



1



42.0



8.4



4.5Total: NGL


Mbbl



2,248



0



2,248



1,894



1.000



2,248



6



42.0



8.4



4.5Total: Oil Eq.


Mboe



37,446



0



37,446



32,514



1.000



37,446



100



42.0



8.4



4.6




|                                                          |  |                           |  |               
|--------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Proved, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

PRODUCT REVENUE AND EXPENSES


Page 4  Average First Year Unit Values


Net Revenue After RoyaltiesProduct

Units


BasePrice


PriceAdjust.


WellheadPrice


NetBurdens


OperatingExpenses


OtherExpenses


ProdnRevenue


UndiscM$


% ofTotal


10% DiscM$


% ofTotalResidue Gas


$/Mcf



2.94



0.12



3.06



0.45



1.25



0.00



1.36



563,737



79



336,695



79Condensate


$/bbl



105.09



-17.00



88.09



8.15



0.00



0.00



79.94



131,942



19



80,846



19Butane


$/bbl



68.34



-17.30



51.04



4.01



0.00



0.00



47.03



10,276



1



6,313



1Propane


$/bbl



36.78



-20.00



16.78



1.35



0.00



0.00



15.43



3,262



0



2,002



0Total: NGL


$/bbl



94.10



-17.34



76.76



7.00



0.00



0.00



69.75



145,480



21



89,162



21Total: Oil Eq.


$/boe



22.24



-0.35



21.89



2.98



7.07



0.00



11.83



709,217



100



425,857



100 REVENUE BURDENS AND NET PRESENT VALUE SUMMARY  Net Present Value Before Income Tax


Net Present Value After Income TaxRevenue Burdens (%)


Disc.Rate%


ProdnRevenueM$


OperatingIncomeM$


CapitalInvest.M$


Cash Flow


OperatingIncomeM$


CapitalInvest.M$


Cash FlowInitial


Average






M$


$/boe




M$


$/boeCrown Royalty


13.6175



13.5893



0.0



353,346



348,194



153,859



194,335



5.19



307,384



153,859



153,525



4.10Non-crown Royalty


0.0000



0.0000



5.0



282,009



279,793



145,125



134,668



3.60



248,940



145,125



103,815



2.77Mineral Tax


0.0000



0.0000



8.0



252,635



251,163



140,363



110,801



2.96



224,115



140,363



83,753



2.2410.0



236,632



235,466



137,365



98,102



2.62



210,403



137,365



73,038



1.9512.0



222,806



221,854



134,498



87,356



2.33



198,450



134,498



63,952



1.7115.0



205,251



204,512



130,427



74,085



1.98



183,138



130,427



52,711



1.4120.0



182,170



181,628



124,192



57,436



1.53



162,788



124,192



38,596



1.03  Evaluator:

Anhorn, Jodi L.Run Date:

January 16, 2014




|                                                          |  |                           |  |               
|--------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Proved, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

ProbableProperty:

Corporate

Development Class:

TotalDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Economic Forecast PRODUCTION FORECAST  Residue Gas Production


Condensate Production


Butane ProductionYear

CompanyGas Wells


CompanyDailyMcf/d


CompanyYearlyMMcf


Net YearlyMMcf


Price$/Mcf


CompanyDailybbl/d


CompanyYearlyMbbl


NetYearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl2014


0.2



2,583



943



790



3.07



19



7



6



88.09



2



1



1



51.042015


0.2



5,078



1,853



1,496



3.07



42



15



12



88.09



5



2



2



51.042016


7.4



17,168



6,266



5,756



3.07



117



43



39



88.09



21



8



7



51.042017


16.8



37,780



13,790



13,011



3.09



254



93



87



88.09



45



17



16



51.042018


19.6



38,107



13,909



12,859



3.08



303



110



103



88.09



52



19



18



51.042019


19.8



25,548



9,325



8,050



3.08



197



72



62



88.09



34



12



10



51.042020


20.4



20,397



7,445



6,083



3.08



156



57



47



88.09



26



10



8



51.042021


20.2



17,253



6,298



5,063



3.08



131



48



39



88.09



22



8



7



51.042022


20.6



15,249



5,566



4,487



3.08



115



42



34



88.09



19



7



6



51.042023


21.0



13,803



5,038



4,118



3.08



104



38



31



88.09



17



6



5



51.042024


21.0



12,712



4,640



3,831



3.08



95



35



28



88.09



16



6



5



51.042025


21.6



11,901



4,344



3,620



3.08



89



32



26



88.09



15



5



4



51.04Sub.










79,416



69,164



3.08







592



515



88.09







101



87



51.04Rem.










66,622



59,703



3.08







530



425



88.09







83



66



51.04Tot.










146,038



128,868



3.08







1,122



940



88.09







183



154



51.04  Propane Production


Total NGL Production


Total Oil Equiv. ProductionYear

CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailyboe/d


CompanyYearlyMboe


Net YearlyMboe


Price$/boe2014


2



1



1



16.78



23



9



8



77.10



454



166



139



21.452015


5



2



2



16.78



52



19



15



77.03



899



328



265



21.832016


18



7



6



16.78



155



57



52



74.93



3,017



1,101



1,011



21.352017


39



14



13



16.78



338



123



116



74.91



6,635



2,422



2,285



21.412018


46



17



16



16.78



401



146



136



75.06



6,752



2,465



2,279



21.862019


30



11



9



16.78



261



95



82



75.14



4,519



1,649



1,424



21.772020


23



9



7



16.78



206



75



62



75.21



3,605



1,316



1,076



21.732021


20



7



6



16.78



173



63



52



75.27



3,048



1,113



895



21.712022


17



6



5



16.78



152



55



45



75.32



2,693



983



793



21.702023


15



6



5



16.78



137



50



40



75.37



2,437



890



727



21.682024


14



5



4



16.78



125



46



37



75.41



2,244



819



676



21.672025


13



5



4



16.78



117



43



34



75.47



2,100



767



638



21.65Sub.






89



77



16.78







781



680



75.22







14,017



12,207



21.66Rem.






75



60



16.78







688



552



75.84







11,792



10,503



21.81Tot.






164



138



16.78







1,470



1,232



75.51







25,809



22,710



21.73




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE AND EXPENSE FORECAST


Page 2  Revenue Before Burdens


Royalty BurdensPre-Processing


Gas ProcessingAllowance


TotalRoyaltyAfterProcess.M$


NetRevenueAfterRoyaltyM$


Operating ExpensesWorking Interest


RoyaltyInterestTotalM$


CompanyInterestTotalM$Year

OilM$


GasM$


NGL+SulM$


TotalM$




CrownM$


OtherM$


CrownM$


OtherM$




FixedM$


VariableM$


TotalM$2014


0



2,894



659



3,553



0



3,553



536



0



0



0



536



3,017



11



990



1,0012015


0



5,687



1,473



7,160



0



7,160



1,385



0



0



0



1,385



5,776



43



1,946



1,9892016


0



19,258



4,248



23,506



0



23,506



1,937



0



0



0



1,937



21,569



341



6,580



6,9212017


0



42,599



9,241



51,840



0



51,840



2,923



0



0



0



2,923



48,917



1,242



14,479



15,7212018


0



42,897



10,989



53,886



0



53,886



4,027



0



0



0



4,027



49,859



1,859



14,604



16,4642019


0



28,754



7,154



35,908



0



35,908



4,888



0



0



0



4,888



31,020



1,901



9,791



11,6922020


0



22,952



5,643



28,595



0



28,595



5,143



0



0



0



5,143



23,452



1,958



7,817



9,7752021


0



19,412



4,749



24,161



0



24,161



4,673



0



0



0



4,673



19,488



1,939



6,612



8,5522022


0



17,154



4,176



21,330



0



21,330



4,125



0



0



0



4,125



17,205



1,978



5,844



7,8222023


0



15,526



3,762



19,287



0



19,287



3,550



0



0



0



3,550



15,737



2,016



5,290



7,3062024


0



14,296



3,449



17,746



0



17,746



3,149



0



0



0



3,149



14,597



2,016



4,872



6,8882025


0



13,382



3,215



16,597



0



16,597



2,842



0



0



0



2,842



13,756



2,074



4,561



6,635Sub.


0



244,811



58,758



303,569



0



303,569



39,177



0



0



0



39,177



264,392



17,378



83,387



100,765Rem.


0



204,976



52,208



257,184



0



257,184



31,624



0



0



0



31,624



225,560



77,760



69,953



147,713Tot.


0



449,787



110,966



560,753



0



560,753



70,801



0



0



0



70,801



489,952



95,138



153,340



248,477Disc


0



174,765



41,803



216,569



0



216,569



26,554



0



0



0



26,554



190,015



17,732



59,546



77,278  MineralTaxM$


CapitalTaxM$


NPIBurdenM$


Net ProdnRevenueM$


OtherIncomeM$


Aband.CostsM$


Oper.IncomeM$


Net Capital Investment


Before Tax Cash FlowYear








Dev.M$


PlantM$


Tang.M$


TotalM$


AnnualM$


Cum.M$


10.0% DcfM$2014


0



0



0



2,016



0



0



2,016



520



116



106



742



1,275



1,275



1,2152015


0



0



0



3,786



0



14



3,772



0



0



0



0



3,772



5,047



4,4852016


0



0



0



14,648



0



-42



14,690



38,859



4,292



3,907



47,058



-32,368



-27,321



-21,0202017


0



0



0



33,197



0



0



33,197



42,552



5,104



4,646



52,302



-19,105



-46,426



-34,7062018


0



0



0



33,395



0



-14



33,409



13,884



1,624



1,478



16,986



16,423



-30,003



-24,0112019


0



0



0



19,328



0



-42



19,370



0



0



0



0



19,370



-10,633



-12,5442020


0



0



0



13,676



0



14



13,662



0



0



0



0



13,662



3,029



-5,1912021


0



0



0



10,936



0



-28



10,964



0



0



0



0



10,964



13,993



1742022


0



0



0



9,383



0



-28



9,411



0



0



0



0



9,411



23,405



4,3602023


0



0



0



8,431



0



0



8,431



0



0



0



0



8,431



31,836



7,7692024


0



0



0



7,709



0



-42



7,751



0



0



0



0



7,751



39,587



10,6182025


0



0



0



7,121



0



-14



7,135



0



0



0



0



7,135



46,722



13,003Sub.


0



0



0



163,627



0



-182



163,809



95,814



11,136



10,138



117,088



46,722



46,722



13,003Rem.


0



0



0



77,847



0



1,526



76,321



0



0



0



0



76,321



123,043



26,665Tot.


0



0



0



241,474



0



1,344



240,130



95,814



11,136



10,138



117,088



123,043



123,043



26,665Disc


0



0



0



112,737



0



-244



112,981



70,639



8,206



7,471



86,316



26,665



26,665



26,665




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

AFTER TAX ANALYSIS


Page 3  Oper.IncomeM$


Tax Pool Balances Incl. Current YearAdditions


Depreciation & WriteoffsYear


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


TotalM$2014


2,016



222



0



520



0



0



28



0



156



0



0



1842015


3,772



194



0



364



0



0



48



0



109



0



0



1582016


14,690



8,345



0



39,114



0



0



1,061



0



11,734



0



0



12,7952017


33,197



17,034



0



69,931



0



0



3,040



0



20,979



0



0



24,0192018


33,409



17,097



0



62,835



0



0



3,886



0



18,851



0



0



22,7372019


19,370



13,210



0



43,985



0



0



3,303



0



13,195



0



0



16,4982020


13,662



9,908



0



30,789



0



0



2,477



0



9,237



0



0



11,7142021


10,964



7,431



0



21,553



0



0



1,858



0



6,466



0



0



8,3232022


9,411



5,573



0



15,087



0



0



1,393



0



4,526



0



0



5,9192023


8,431



4,180



0



10,561



0



0



1,045



0



3,168



0



0



4,2132024


7,751



3,135



0



7,393



0



0



784



0



2,218



0



0



3,0012025


7,135



2,351



0



5,175



0



0



588



0



1,552



0



0



2,140Sub.


163,809



2,351



0



5,175



0



0



19,510



0



92,192



0



0



111,702Rem.


76,321



2,351



0



5,175



0



0



1,764



0



3,622



0



0



5,386Tot.


240,130



2,351



0



5,175



0



0



21,274



0



95,814



0



0



117,088Disc


112,981























11,758



0



58,277



0



0



70,035  TaxableIncomeM$


Federal


Provincial


ARTD &InvestmentCredits


IncomeTaxPayableM$


Net Cash FlowBefore Income Tax


Net Cash FlowAfter Income TaxYear


IncomeTaxM$


IncomeTaxM$




AnnualM$


Cum.M$


10.0%Dcf M$


AnnualM$


Cum.M$


10.0%Dcf M$2014


1,833



275



183



0



458



1,275



1,275



1,215



817



817



7792015


3,615



542



361



0



904



3,772



5,047



4,485



2,869



3,685



3,2652016


1,895



284



190



0



474



-32,368



-27,321



-21,020



-32,841



-29,156



-22,6142017


9,178



1,377



918



0



2,294



-19,105



-46,426



-34,706



-21,400



-50,556



-37,9432018


10,672



1,601



1,067



0



2,668



16,423



-30,003



-24,011



13,755



-36,801



-28,9862019


2,872



431



287



0



718



19,370



-10,633



-12,544



18,652



-18,149



-17,9432020


1,948



292



195



0



487



13,662



3,029



-5,191



13,175



-4,974



-10,8522021


2,641



396



264



0



660



10,964



13,993



174



10,304



5,330



-5,8112022


3,492



524



349



0



873



9,411



23,405



4,360



8,538



13,869



-2,0132023


4,218



633



422



0



1,054



8,431



31,836



7,769



7,377



21,245



9702024


4,749



712



475



0



1,187



7,751



39,587



10,618



6,563



27,808



3,3832025


4,995



749



499



0



1,249



7,135



46,722



13,003



5,886



33,695



5,350Sub.


52,107



7,816



5,211



0



13,027



46,722



46,722



13,003



33,695



33,695



5,350Rem.


70,935



10,656



7,104



0



17,761



76,321



123,043



26,665



58,560



92,255



15,934Tot.


123,042



18,472



12,315



0



30,787



123,043



123,043



26,665



92,255



92,255



15,934Disc


42,946



6,438



4,292



0



10,730



26,665



26,665



26,665



15,934



15,934



15,934 SUMMARY OF RESERVES  Remaining Reserves at Jan 01, 2014


Oil Equivalents


Reserve Life Indic. (yr)Product

Units


WorkingInterest


Roy/NPIInterest


TotalCompany


Net


Oil Eq.Factor


CompanyMboe


% ofTotal


ReserveLife


LifeIndex


HalfLifeResidue Gas


MMcf



146,038



0



146,038



128,868



6.000



24,340



94



50.0



154.9



10.6Gas Heat Content


BBtu



154,130



0



154,130



136,024



0.000



0



0



50.0



154.9



10.6Condensate


Mbbl



1,122



0



1,122



940



1.000



1,122



4



50.0



164.9



11.1Butane


Mbbl



183



0



183



154



1.000



183



1



50.0



206.3



10.4Propane


Mbbl



164



0



164



138



1.000



164



1



50.0



191.5



10.6Total: NGL


Mbbl



1,470



0



1,470



1,232



1.000



1,470



6



50.0



171.8



10.9Total: Oil Eq.


Mboe



25,809



0



25,809



22,710



1.000



25,809



100



50.0



155.8



10.6




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

PRODUCT REVENUE AND EXPENSES


Page 4  Average First Year Unit Values


Net Revenue After RoyaltiesProduct

Units


Base Price


Price Adjust.


WellheadPrice


Net Burdens


OperatingExpenses


OtherExpenses


ProdnRevenue


UndiscM$


% ofTotal


10% DiscM$


% ofTotalResidue Gas

$
/Mcf



2.94



0.13



3.07



0.50



1.06



0.00



1.51



396,950



81



153,787



81Condensate

$
/bbl



105.09



-17.00



88.09



9.29



0.00



0.00



78.80



82,848



17



32,186



17Butane

$
/bbl



68.34



-17.30



51.04



4.66



0.00



0.00



46.38



7,845



2



3,131



2Propane

$
/bbl



36.78



-20.00



16.78



1.57



0.00



0.00



15.21



2,309



0



911



0Total: NGL

$
/bbl



94.43



-17.33



77.10



8.04



0.00



0.00



69.06



93,002



19



36,228



19Total: Oil Eq.

$
/boe



21.61



-0.17



21.45



3.24



6.04



0.00



12.17



489,952



100



190,015



100 REVENUE BURDENS AND NET PRESENT VALUE SUMMARY  Net Present Value Before Income Tax


Net Present Value After Income TaxRevenue Burdens (%)


Disc.Rate%


ProdnRevenueM$


OperatingIncomeM$


CapitalInvest.M$


Cash Flow


OperatingIncomeM$


CapitalInvest.M$


Cash FlowInitial


Average






M$


$/boe




M$


$/boeCrown Royalty


15.0869



12.6261



0.0



241,474



240,130



117,088



123,043



4.77



209,343



117,088



92,255



3.57Non-crown Royalty


0.0000



0.0000



5.0



156,631



156,790



100,107



56,683



2.20



139,920



100,107



39,813



1.54Mineral Tax


0.0000



0.0000



8.0



127,390



127,644



91,501



36,143



1.40



114,976



91,501



23,475



0.9110.0



112,737



112,981



86,316



26,665



1.03



102,251



86,316



15,934



0.6212.0



100,762



100,979



81,525



19,454



0.75



91,733



81,525



10,208



0.4015.0



86,430



86,602



74,997



11,604



0.45



79,005



74,997



4,008



0.1620.0



69,005



69,116



65,617



3,499



0.14



63,324



65,617



-2,292



-0.09  Evaluator:

Anhorn, Jodi L.Run Date:

January 16, 2014 13:49:57




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

Company:

Phoenix Energy Holdings Ltd.

Reserve Class:

Proved Plus ProbableProperty:

Corporate

Development Class:

TotalDescription:

After Tax Analysis

Pricing:

SEC 2013-Dec-31 Posted (12 Month Avg.)Effective Date:

December 31, 2013 Economic Forecast PRODUCTION FORECAST  Residue Gas Production


Condensate Production


Butane ProductionYear

CompanyGas Wells


CompanyDailyMcf/d


CompanyYearlyMMcf


Net YearlyMMcf


Price$/Mcf


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl2014


58.2



71,260



26,010



22,144



3.06



595



217



197



88.09



81



29



27



51.042015


67.8



86,664



31,632



27,536



3.07



788



288



256



88.09



106



39



34



51.042016


77.0



85,092



31,059



27,143



3.07



682



249



215



88.09



97



35



31



51.042017


85.6



85,500



31,208



27,821



3.08



644



235



207



88.09



97



36



32



51.042018


87.8



76,320



27,857



24,564



3.08



611



223



195



88.09



93



34



30



51.042019


87.4



57,778



21,089



17,947



3.08



455



166



140



88.09



68



25



21



51.042020


87.2



48,451



17,685



14,778



3.07



379



138



114



88.09



56



20



17



51.042021


86.4



42,038



15,344



12,802



3.07



328



120



97



88.09



48



18



14



51.042022


86.2



37,515



13,693



11,503



3.07



292



107



86



88.09



43



16



13



51.042023


85.6



33,962



12,396



10,512



3.07



264



96



78



88.09



38



14



11



51.042024


84.8



31,151



11,370



9,723



3.07



242



88



71



88.09



35



13



10



51.042025


84.4



28,700



10,475



9,035



3.07



223



81



66



88.09



32



12



9



51.04Sub.










249,817



215,508



3.07







2,009



1,723



88.09







290



250



51.04Rem.










107,410



97,083



3.07







893



716



88.09







131



105



51.04Tot.










357,227



312,591



3.07







2,902



2,438



88.09







422



355



51.04  Propane Production


Total NGL Production


Total Oil Equiv. ProductionYear

CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailybbl/d


CompanyYearlyMbbl


Net YearlyMbbl


Price$/bbl


CompanyDailyboe/d


CompanyYearlyMboe


Net YearlyMboe


Price$/boe2014


78



28



26



16.78



754



275



250



76.77



12,630



4,610



3,941



21.872015


103



37



33



16.78



996



364



324



76.82



15,440



5,636



4,914



22.172016


91



33



29



16.78



870



318



275



76.47



15,052



5,494



4,799



21.792017


89



33



29



16.78



831



303



267



76.08



15,081



5,505



4,904



21.642018


86



31



27



16.78



790



289



253



75.98



13,510



4,931



4,347



21.822019


63



23



19



16.78



586



214



180



76.14



10,216



3,729



3,171



21.762020


52



19



16



16.78



487



178



146



76.22



8,563



3,125



2,609



21.742021


45



16



13



16.78



421



154



125



76.27



7,427



2,711



2,259



21.722022


40



14



12



16.78



374



137



110



76.31



6,627



2,419



2,028



21.712023


36



13



11



16.78



338



123



100



76.33



5,999



2,189



1,852



21.712024


33



12



10



16.78



310



113



91



76.34



5,502



2,008



1,712



21.702025


30



11



9



16.78



285



104



84



76.36



5,069



1,850



1,590



21.70Sub.






272



234



16.78







2,571



2,206



76.37







44,208



38,124



21.81Rem.






123



98



16.78







1,146



919



76.22







19,048



17,100



21.92Tot.






395



332



16.78







3,718



3,125



76.32







63,256



55,224



21.84




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

REVENUE AND EXPENSE FORECAST


Page 2  Revenue Before Burdens


Royalty BurdensPre-Processing


Gas ProcessingAllowance


TotalRoyaltyAfterProcess.M$


NetRevenueAfterRoyaltyM$


Operating ExpensesWorking Interest


RoyaltyInterestTotalM$


CompanyInterestTotalM$Year

OilM$


GasM$


NGL+SulM$


TotalM$




CrownM$


OtherM$


CrownM$


OtherM$




FixedM$


VariableM$


TotalM$2014


0



79,703



21,121



100,824



0



100,824



13,782



0



0



0



13,782



87,042



5,125



27,310



32,4362015


0



97,010



27,939



124,949



0



124,949



15,593



0



0



0



15,593



109,356



5,937



33,214



39,1512016


0



95,412



24,290



119,702



0



119,702



15,271



0



0



0



15,271



104,431



7,007



32,612



39,6192017


0



96,068



23,078



119,146



0



119,146



13,156



0



0



0



13,156



105,989



7,846



32,768



40,6142018


0



85,704



21,922



107,625



0



107,625



12,823



0



0



0



12,823



94,803



8,406



29,250



37,6562019


0



64,854



16,296



81,151



0



81,151



12,264



0



0



0



12,264



68,887



8,390



22,143



30,5342020


0



54,373



13,559



67,932



0



67,932



11,337



0



0



0



11,337



56,595



8,371



18,569



26,9402021


0



47,169



11,718



58,888



0



58,888



10,000



0



0



0



10,000



48,888



8,294



16,111



24,4062022


0



42,090



10,426



52,515



0



52,515



8,728



0



0



0



8,728



43,787



8,275



14,378



22,6532023


0



38,101



9,423



47,524



0



47,524



7,607



0



0



0



7,607



39,917



8,218



13,016



21,2332024


0



34,946



8,638



43,584



0



43,584



6,738



0



0



0



6,738



36,847



8,141



11,939



20,0792025


0



32,195



7,954



40,149



0



40,149



5,976



0



0



0



5,976



34,173



8,102



10,999



19,102Sub.


0



767,625



196,364



963,989



0



963,989



133,275



0



0



0



133,275



830,714



92,114



262,308



354,422Rem.


0



330,129



87,386



417,515



0



417,515



49,060



0



0



0



49,060



368,455



137,146



112,780



249,926Tot.


0



1,097,754



283,750



1,381,503



0



1,381,503



182,335



0



0



0



182,335



1,199,168



229,259



375,089



604,348Disc


0



565,313



145,707



711,019



0



711,019



95,147



0



0



0



95,147



615,872



73,292



193,211



266,503  MineralTaxM$


CapitalTaxM$


NPIBurdenM$


Net 
ProdnRevenueM$


OtherIncomeM$


Aband.CostsM$


Oper.IncomeM$


Net Capital Investment


Before Tax Cash FlowDev.M$


PlantM$


Tang.M$


TotalM$


AnnualM$


Cum.M$


10.0% DcfM$Year2014


0



0



0



54,607



0



280



54,327



45,001



6,032



5,491



56,524



-2,197



-2,197



-2,0952015


0



0



0



70,205



0



14



70,191



72,441



7,888



7,181



87,510



-17,319



-19,517



-17,1072016


0



0



0



64,812



0



14



64,798



47,430



5,336



4,858



57,624



7,174



-12,342



-11,4542017


0



0



0



65,375



0



42



65,333



42,552



5,104



4,646



52,302



13,031



689



-2,1192018


0



0



0



57,147



0



28



57,119



13,884



1,624



1,478



16,986



40,133



40,821



24,0162019


0



0



0



38,353



0



14



38,339



0



0



0



0



38,339



79,160



46,7142020


0



0



0



29,654



0



56



29,598



0



0



0



0



29,598



108,759



62,6442021


0



0



0



24,482



0



14



24,468



0



0



0



0



24,468



133,227



74,6162022


0



0



0



21,135



0



42



21,093



0



0



0



0



21,093



154,319



83,9982023


0



0



0



18,683



0



56



18,627



0



0



0



0



18,627



172,947



91,5302024


0



0



0



16,767



0



28



16,739



0



0



0



0



16,739



189,686



97,6832025


0



0



0



15,072



0



56



15,016



0



0



0



0



15,016



204,701



102,701Sub.


0



0



0



476,292



0



644



475,648



221,308



25,984



23,654



270,946



204,701



204,701



102,701Rem.


0



0



0



118,529



0



5,852



112,677



0



0



0



0



112,677



317,378



124,766Tot.


0



0



0



594,820



0



6,496



588,324



221,308



25,984



23,654



270,946



317,378



317,378



124,766Disc


0



0



0



349,369



0



922



348,447



182,595



21,507



19,579



223,681



124,766



124,766



124,766




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

AFTER TAX ANALYSIS


Page 3  Tax Pool Balances Incl. Current Year Additions


Depreciation & WriteoffsYear

Oper.IncomeM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


CCAM$


COGPEM$


CDEM$


CEEM$


OtherM$


TotalM$2014


54,327



43,347



0



45,001



0



0



9,395



0



13,500



0



0



22,8952015


70,191



49,021



0



103,942



0



0



10,370



0



31,183



0



0



41,5532016


64,798



48,844



0



120,190



0



0



10,936



0



36,057



0



0



46,9922017


65,333



47,659



0



126,684



0



0



10,695



0



38,005



0



0



48,7002018


57,119



40,067



0



102,563



0



0



9,628



0



30,769



0



0



40,3972019


38,339



30,439



0



71,794



0



0



7,609



0



21,538



0



0



29,1472020


29,598



22,830



0



50,256



0



0



5,707



0



15,077



0



0



20,7832021


24,468



17,124



0



35,179



0



0



4,280



0



10,554



0



0



14,8342022


21,093



12,844



0



24,625



0



0



3,210



0



7,388



0



0



10,5982023


18,627



9,633



0



17,238



0



0



2,408



0



5,171



0



0



7,5792024


16,739



7,226



0



12,066



0



0



1,806



0



3,620



0



0



5,4262025


15,016



5,420



0



8,446



0



0



1,354



0



2,534



0



0



3,888Sub.


475,648



5,420



0



8,446



0



0



77,396



0



215,395



0



0



292,792Rem.


112,677



5,420



0



8,446



0



0



4,065



0



5,913



0



0



9,978Tot.


588,324



5,420



0



8,446



0



0



81,462



0



221,308



0



0



302,769Disc


348,447























54,652



0



150,641



0



0



205,293  TaxableIncomeM$


Federal


Provincial


ARTD &InvestmentCredits


IncomeTaxPayableM$


Net Cash FlowBefore Income Tax


Net Cash FlowAfter Income TaxYear


Income TaxM$


IncomeTax M$




AnnualM$


Cum.M$


10.0% DcfM$


AnnualM$


Cum.M$


10.0% DcfM$2014


31,432



4,715



3,143



0



7,858



-2,197



-2,197



-2,095



-10,055



-10,055



-9,5872015


28,638



4,296



2,864



0



7,160



-17,319



-19,517



-17,107



-24,479



-34,534



-30,8052016


17,806



2,671



1,781



0



4,451



7,174



-12,342



-11,454



2,723



-31,811



-28,6602017


16,633



2,495



1,663



0



4,158



13,031



689



-2,119



8,873



-22,939



-22,3042018


16,722



2,508



1,672



0



4,181



40,133



40,821



24,016



35,952



13,014



1,1092019


9,192



1,379



919



0



2,298



38,339



79,160



46,714



36,041



49,054



22,4462020


8,815



1,322



882



0



2,204



29,598



108,759



62,644



27,395



76,449



37,1902021


9,635



1,445



963



0



2,409



24,468



133,227



74,616



22,060



98,509



47,9842022


10,495



1,574



1,049



0



2,624



21,093



154,319



83,998



18,469



116,978



56,1992023


11,048



1,657



1,105



0



2,762



18,627



172,947



91,530



15,865



132,843



62,6142024


11,313



1,697



1,131



0



2,828



16,739



189,686



97,683



13,911



146,754



67,7272025


11,127



1,669



1,113



0



2,782



15,016



204,701



102,701



12,234



158,987



71,816Sub.


182,856



27,428



18,286



0



45,714



204,701



204,701



102,701



158,987



158,987



71,816Rem.


102,699



15,530



10,353



0



25,884



112,677



317,378



124,766



86,793



245,780



88,972Tot.


285,555



42,959



28,639



0



71,598



317,378



317,378



124,766



245,780



245,780



88,972Disc


143,154



21,476



14,318



0



35,794



124,766



124,766



124,766



88,972



88,972



88,972 SUMMARY OF RESERVES  Remaining Reserves at Jan 01, 2014


Oil Equivalents


Reserve Life Indic. (yr)Product

Units


WorkingInterest


Roy/NPIInterest


TotalCompany


Net


Oil Eq.Factor


CompanyMboe


% ofTotal


ReserveLife


LifeIndex


HalfLifeResidue Gas


MMcf



357,227



0



357,227



312,591



6.000



59,538



94



50.0



13.7



6.6Gas Heat Content


BBtu



376,171



0



376,171



329,202



0.000



0



0



50.0



13.7



6.6Condensate


Mbbl



2,902



0



2,902



2,438



1.000



2,902



5



50.0



13.4



6.5Butane


Mbbl



422



0



422



355



1.000



422



1



50.0



14.3



6.6Propane


Mbbl



395



0



395



332



1.000



395



1



50.0



13.9



6.6Total: NGL


Mbbl



3,718



0



3,718



3,125



1.000



3,718



6



50.0



13.5



6.5Total: Oil Eq.


Mboe



63,256



0



63,256



55,224



1.000



63,256



100



50.0



13.7



6.6




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014



---

PRODUCT REVENUE AND EXPENSES


Page 4  Average First Year Unit Values


Net Revenue After RoyaltiesProduct

Units


Base Price


PriceAdjust.


WellheadPrice


NetBurdens


OperatingExpenses


OtherExpenses


ProdnRevenue


UndiscM$


% ofTotal


10% DiscM$


% ofTotalResidue Gas


$/Mcf



2.94



0.12



3.06



0.46



1.25



0.00



1.36



960,686



80



490,482



80Condensate


$/bbl



105.09



-17.00



88.09



8.19



0.00



0.00



79.90



214,791



18



113,032



18Butane


$/bbl



68.34



-17.30



51.04



4.03



0.00



0.00



47.01



18,121



2



9,444



2Propane


$/bbl



36.78



-20.00



16.78



1.36



0.00



0.00



15.42



5,571



0



2,914



0Total: NGL


$/bbl



94.11



-17.34



76.77



7.04



0.00



0.00



69.73



238,482



20



125,390



20Total: Oil Eq.


$/boe



22.21



-0.34



21.87



2.99



7.04



0.00



11.85



1,199,168



100



615,872



100 REVENUE BURDENS AND NET PRESENT VALUE SUMMARY  Net Present Value Before Income Tax


Net Present Value After Income TaxRevenue Burdens (%)


Disc.Rate%


ProdnRevenueM$


OperatingIncomeM$


CapitalInvest.M$


Cash Flow


OperatingIncomeM$


CapitalInvest.M$


Cash FlowInitial


Average






M$


$/boe




M$


$/boeCrown Royalty


13.6693



13.1983



0.0



594,820



588,324



270,946



317,378



5.02



516,727



270,946



245,780



3.89Non-crown Royalty


0.0000



0.0000



5.0



438,641



436,584



245,233



191,351



3.03



388,860



245,233



143,628



2.27Mineral Tax


0.0000



0.0000



8.0



380,025



378,807



231,863



146,944



2.32



339,091



231,863



107,228



1.7010.0



349,369



348,447



223,681



124,766



1.97



312,653



223,681



88,972



1.4112.0



323,568



322,833



216,024



106,809



1.69



290,184



216,024



74,160



1.1715.0



291,680



291,114



205,424



85,689



1.35



262,143



205,424



56,719



0.9020.0



251,174



250,744



189,808



60,935



0.96



226,113



189,808



36,304



0.57  Evaluator:

Anhorn, Jodi L.Run Date:

January 16, 2014




|                                                            |  |                           |  |               
|----------------------------------------------------------- |  | ------------------------- |  | --------------
|Total Probable, SEC 2013-Dec-31 Posted (12 Month Avg.), pri |  | GLJ Petroleum Consultants |  | March 04, 2014