Exhibit 15.2

THIRD PARTY REPORT

RESERVES ESTIMATION AND EVALUATION OF

CHAD, WEST QURNA AND KAZAKHSTAN ASSETS

AS OF 31st DECEMBER, 2014

Prepared for

PETROCHINA COMPANY LIMITED

APRIL 2, 2015

CONFIDENTIAL

This
document is confidential and has been prepared for the exclusive use of CNODCI/PetroChina or parties named herein, It may not be distributed or made available, in whole or in part, to any other company or person without the prior knowledge and
written consent of Ryder Scott. No person or company other than those for whom it is intended may directly or indirectly rely upon its contents. Ryder Scott is acting in an advisory capacity only and, to the fullest extent permitted by law,
disclaims all liability for actions or losses derived from any actual or purported reliance on this document (or any other statements or opinions of Ryder Scott) by CNODCI/PetroChina or by any other person or entity.



| |  |                                                                           |  |     
| |  | ------------------------------------------------------------------------- |  | ----
| |  | LOGO                                                                      |  | LOGO
| |  | Daniel R. Olds, RE.
TBPE License No. 60996
Managing Senior Vice President | 
| |  | RYDER SCOTT COMPANY, LR
TBPE Firm Registration No. F-1580                 | 



---

Table of Contents



|             |  |                           |   |          |   | 
|------------ |  | ------------------------- | - | -------- | - | 
|             |  |                           |   | Page No. |  
|INTRODUCTION |  |                           | 1 |         
|METHODOLOGY  |  |                           | 1 |         
|1.           |  | RESULTS SUMMARY           |   |          | 2 | 
|             |  | 1.1    Net Reserves       |   |          | 2 | 
|             |  | 1.2    Gross Volumes      |   |          | 3 | 
|             |  | 1.3    Net Present Values |   |          | 4 | 
|2.           |  | QUALIFICATIONS            |   |          | 4 | 
|3.           |  | BASIS OF OPINION          |   |          | 5 | 
|             | 
|APPENDICES   |  |                           |   |         
|I.           |  | SEC Reserve Definitions   |   |          |   | 
|II.          |  | Glossary                  |   |          |   | 



---

|     |  |  |  |  |  | 
|---- |  |  |  |  |  | 
|LOGO |  |  |  | 

|                                         |  |                           |  |                         
|---------------------------------------- |  | ------------------------- |  | ------------------------
|TBPE REGISTERED ENGINEERING FIRM F-1580  |  |                           |  | FAX (713) 651-0849      
|1100 LOUISIANA                SUITE 4600 |  | HOUSTON, TEXAS 77002-5294 |  | TELEPHONE (713) 651-9191

April 2, 2015

PetroChina Company Limited

9 Dongzhimen North Street

Dongcheng District

Beijing 100007

China

THIRD
PARTY REPORT

RESERVES ESTIMATION AND VALUATION OF

CHAD, WEST QURNA AND KAZAKHSTAN ASSETS

AS OF 31st DECEMBER, 2014

Ladies and Gentlemen,

Ryder
Scott Company, L.P. (Ryder Scott) was requested by China National Oil and Gas Exploration and Development Corporation International Holding Ltd. (CNODCI), to conduct reserves estimation and evaluation (as of December 31, 2014) of
selected petroleum assets in Chad, West Qurna, and Kazakhstan, in which CNODCI has current interests. These reserves were prepared in accordance with U.S. Securities and Exchange Commission (SEC) regulations.

The SEC Executive and SEC Technical Reports documenting this work were submitted to CNODCI in January and February 2015,
respectively. These reports are required for CNODCI internal management reporting purposes and are limited to proved reserves only. The report references are as follows:



|           |  |                      |  |                     
|---------- |  | -------------------- |  | --------------------
|Asset      |  | SEC Executive Report |  | SEC Technical Report
|West Qurna |  |                      |  |                     
|Chad       |  |                      |  |                     
|           |  |                     
|Kazakhstan |  |                      |  |                     

Recently, CNODCI requested Ryder Scott to prepare a Third Party Report intended to be
submitted to PetroChina Company Limited (PetroChina). This report is to summarize the results of reserves estimation and evaluations of December 31, 2014 as mentioned above of only selected petroleum assets. The selected petroleum
assets, as determined by CNODCI, are in Chad, West Qurna (Iraq), and Kazakhstan

METHODOLOGY

In carrying out the review, Ryder Scott relied upon information and data provided by CNODCI, which comprised basic engineering
data; geosciences information and engineering interpretation associated with such data; other technical reports; costs and commercial data; and development plans. The available data and interpretations were reviewed for reasonableness and the latter
adjusted where appropriate.



|                                |  |                              |  |                    |  |                   
|------------------------------- |  | ---------------------------- |  | ------------------ |  | ------------------
|SUITE 600, 1015 4TH STREET S.W. |  | CALGARY, ALBERTA T2R 1 J4    |  | TEL (403) 262-2799 |  | FAX (403) 262-2790
|621 17TH STREET, SUITE 1550     |  | DENVER, COLORADO 80293-1 501 |  | TEL (303)623-9147  |  | FAX (303) 623-4258



---

|                                                |  | 
|----------------------------------------------- |  | 
|PetroChina Company Limited
April 2, 2015 Page 2 |  | 



The results
presented in this report are based upon information and data made available to Ryder Scott in December 2014. The reserve estimates, future production and Net Present Value (NPV) computations as presented herein are based upon these data and
represent Ryder Scotts opinion as of December 31, 2014, as presented in the individual Ryder Scott reports for those areas.

Economic models were constructed based on terms of the applicable petroleum contracts as provided by CNODCI, in order to
calculate CNODCIs net revenue interest in the proved reserves. As of December 31, 2014, all proved SEC reserves were allocated up to the end of the license contract period only.

As per SEC guidelines (Appendix I), the oil prices which were used in the evaluation are the un-weighted 12-month
arithmetic averages of the first-day-of-the month price for each month within the 12-month period prior to the end of reporting period, unless prescribed by contract. Those prices were held constant throughout the evaluation period except where
alternate prices are prescribed by contract. The historical 12-month oil prices or contract prices, with supporting differentials, were supplied by CNODCI.

Future capital costs were derived from development program forecasts prepared by CNODCI for each production unit and
corresponding recent historical unit cost data. The recent historical cost data for each relevant production unit were utilized to determine current operating cost conditions. These costs were not escalated throughout the evaluation period.

CNODCIs net reserve volumes are derived by converting calculated net revenues accruing to CNODCI under the terms of the
relevant petroleum contract into equivalent barrels of oil utilizing the average 2014 oil pricing explained above. The CNODCI net revenue interest volumes reported in this document represent those amounts that are determined to be attributable to
CNODCIs net economic interest after the deduction of amounts attributable to third parties (government and other working interest partners).

Net Present Value (NPV) computations were also undertaken and derived using cost and production profiles input to the various
economic models established for the selected assets in Chad, West Qurna, and Kazakhstan. These NPVs represent future net revenue, after taxes, attributable to the interests of CNODCI, discounted over the economic life of the project at the SEC
specified discount rate of ten percent to a present value as of December 31, 2014. Unless otherwise stated, no opening tax positions were considered.

A glossary of abbreviations and key industry standard terms, some but not all of which have been used in this report, is
attached as Appendix II.



|1. | RESULTS SUMMARY
|-- | ---------------



|1.1 | Net Reserves
|--- | ------------

The following tables present the net entitlement Proved Developed, Proved Undeveloped and Total Proved oil reserves
attributable to CNODCIs working interests (WI) estimated in accordance with SEC guidelines.

As required under SEC
guidelines, these estimates were prepared under the prevailing fiscal terms and exclude any government share. The economic cut offs were applied using costs which are unescalated throughout the period of calculation and constant prices, except where
alternate prices are prescribed by contract. The oil prices used for these computations were the un-weighted 12-month arithmetic average of the first-day-of-the month price for each month within the 12-month period (January to December 2014) or the
applicable contract price, with appropriate differentials applied.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                                |  | 
|----------------------------------------------- |  | 
|PetroChina Company Limited
April 2, 2015 Page 3 |  | 



NET ENTITLEMENT PROVED OIL
RESERVES

AS OF DECEMBER 31, 2014



|                  |         |         |  |                        |         |  |                          |       |        |                    |  |        |         | 
|----------------- | ------- | ------- |  | ---------------------- | ------- |  | ------------------------ | ----- | ------ | ------------------ |  | ------ | ------- | 
|Country           |         | Company |  | Proved Developed(Mstb) |         |  | Proved Undeveloped(Mstb) |       |        | Total Proved(Mstb) | 
|Chad              |         |         |  |                        | 51,574  |  |                          |       | 31,202 |                    |  |        | 82,776  | 
|Iraq  West Qurna |         |         |  |                        | 9,656   |  |                          |       | 57,981 |                    |  |        | 67,637  | 
|Kazakhstan        |         | PKKR    |  |                        | 32,129  |  |                          |       | 5,176  |                    |  |        | 37,305  | 
|                  | Kolzhan |         |  | 9,718                  |         |  |                          | 3,447 |        |                    |  | 13,165 |        
|                  | PKVI    |         |  | 424                    |         |  |                          | 0     |        |                    |  | 424    |        
|                  |         |         |  |                        |         |  |                          |       |        |                    |  |        |         | 
|TOTAL CNODCI      |         |         |  |                        | 103,501 |  |                          |       | 97,806 |                    |  |        | 201,307 | 
|                  |         |         |  |                        |         |  |                          |       |        |                    |  |        |         | 

Notes:

|1. | The net entitlement In Kazakhstan assets is attributable to CNODCIs 67% net interest.
|-- | --------------------------------------------------------------------------------------

|2. | CNODCI holds 100% WI in Chad and 34.413 % WI in West Qurna assets. Royalty of 121⁄2% in Permit H (Chad) is paid in kind; therefore, it is deducted from the Gross Reserves volumes.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Both Chad and West Qurna assets produce oil only. Gas has been discovered in some structures in Chad, but at this time there is no market available
for the gas.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | Totals may not add exactly due to rounding errors.
|-- | --------------------------------------------------



|1.2 | Gross Volumes
|--- | -------------

Gross production volumes are presented for reference information only. Gross volumes include volumes attributable to third
parties, government and other working interest partners.

GROSS PROVED OIL RESERVES

AS OF DECEMBER 31, 2014



|                  |         |         |  |                       |         |  |                         |       |         |                    |  |        |           | 
|----------------- | ------- | ------- |  | --------------------- | ------- |  | ----------------------- | ----- | ------- | ------------------ |  | ------ | --------- | 
|Country           |         | Company |  | ProvedDeveloped(Mstb) |         |  | ProvedUndeveloped(Mstb) |       |         | Total Proved(Mstb) | 
|Chad              |         |         |  |                       | 60,143  |  |                         |       | 36,388  |                    |  |        | 96,531    | 
|Iraq  West Qurna |         |         |  |                       | 645,039 |  |                         |       | 914,952 |                    |  |        | 1,559,991 | 
|Kazakhstan        |         | PKKR    |  |                       | 47,954  |  |                         |       | 7,724   |                    |  |        | 55,678    | 
|                  | Kolzhan |         |  | 22,761                |         |  |                         | 8,547 |         |                    |  | 31,308 |          
|                  | PKVI    |         |  | 843                   |         |  |                         | 0     |         |                    |  | 843    |          
|                  |         |         |  |                       |         |  |                         |       |         |                    |  |        |           | 
|TOTAL CNODCI      |         |         |  |                       | 776,740 |  |                         |       | 967,611 |                    |  |        | 1,744,351 | 
|                  |         |         |  |                       |         |  |                         |       |         |                    |  |        |           | 

Note:Totals may not add exactly due to rounding errors.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                                |  | 
|----------------------------------------------- |  | 
|PetroChina Company Limited
April 2, 2015 Page 4 |  | 





|1.3 | Net Present Values
|--- | ------------------

The NPVs as of December 31, 2014 of estimated cash flows discounted at 10%, attributable to CNODCIs working interest
in the projects identified above (excluding any balance sheet adjustments or financing costs), are summarized below.

NET PRESENT VALUES
ATTRIBUTABLE TO CNODCI

AS OF DECEMBER 31, 2014

DISCOUNT RATE 10%



|                  |         |           |  |                        |           |  |                          |        |         |                    |  |         |           | 
|----------------- | ------- | --------- |  | ---------------------- | --------- |  | ------------------------ | ------ | ------- | ------------------ |  | ------- | --------- | 
|Country           |         | Oil field |  | Proved Developed(US$M) |           |  | Proved Undeveloped(US$M) |        |         | Total Proved(US$M) | 
|Chad              |         |           |  |                        | 2,999,021 |  |                          |        | 241,397 |                    |  |         | 3,240,418 | 
|Iraq  West Qurna |         |           |  |                        | 129,221   |  |                          |        | 214,538 |                    |  |         | 343,759   | 
|Kazakhstan        |         | PKKR      |  |                        | 1,065,737 |  |                          |        | 156,635 |                    |  |         | 1,089,870 | 
|                  | Kolzhan |           |  | 294,452                |           |  |                          | 88,356 |         |                    |  | 348,044 |          
|                  | PKVI    |           |  | 12,512                 |           |  |                          |       |         |                    |  | 11,400  |          
|                  |         |           |  |                        |           |  |                          |        |         |                    |  |         |           | 
|TOTAL CNODCI      |         |           |  |                        | 4,500,943 |  |                          |        | 700,926 |                    |  |         | 5,033,491 | 
|                  |         |           |  |                        |           |  |                          |        |         |                    |  |         |           | 

Notes:

|1. | NPVs in Chad, West Qurna and Kazakhstan assets represent CNODCIs 100%, 34.413% and 67% WI, respectively.
|-- | ---------------------------------------------------------------------------------------------------------

|2. | For Kazakhstan, Proved Developed and Proved Undeveloped are before consideration of the property and mineral extraction taxes, which are calculated
on a Total Proved basis. The Total Proved NPV includes these taxes.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Reserves are those quantities of
petroleum that are anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered,
recoverable, and commercial and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified
based on project maturity and/or characterized by development and production status. All categories of reserve volumes quoted herein have been determined within the context of an economic limit test (pre-tax and exclusive of accumulated depreciation
amounts) assessment prior to any NPV analysis.



|2. | STANDARDS OF INDEPENDENCE AND PROFESSIONAL QUALIFICATION
|-- | --------------------------------------------------------

Ryder Scott is an independent petroleum engineering consulting firm that has been providing petroleum consulting services
throughout the world since 1937. Ryder Scott is employee-owned and maintains offices in Houston, Texas; Denver, Colorado; and Calgary, Alberta, Canada. We have over eighty engineers and geoscientists on our permanent staff. By virtue of the size of
our firm and the large number of clients for which we provide services, no single client or job represents a material portion of our annual revenue. We do not serve as officers or directors of any privately-owned or publicly-traded oil and gas
company and are separate and independent from the operating and investment decision-making process of our clients. This allows us to bring the highest level of independence and objectivity to each engagement for our services.

Ryder Scott actively participates in industry-related professional societies and organizes an annual public forum focused on
the subject of reserves evaluations and SEC regulations. Many of our staff have authored or co-authored technical papers on the subject of reserves related topics. We encourage our staff to maintain and enhance their professional skills by actively
participating in ongoing continuing education.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                                |  | 
|----------------------------------------------- |  | 
|PetroChina Company Limited
April 2, 2015 Page 5 |  | 



Prior to becoming
an officer of the Company, Ryder Scott requires that staff engineers and geoscientists have received professional accreditation in the form of a registered or certified professional engineers license or a registered or certified professional
geoscientists license, or the equivalent thereof, from an appropriate governmental authority or a recognized self-regulating professional organization.

We are independent petroleum engineers with respect to CNODCI. Neither we nor any of our employees have any financial interest
in the subject properties and neither the employment to do this work nor the compensation is contingent on our estimates of reserves for the properties which were reviewed.

The results of this study, presented herein, are based on technical analysis conducted by teams of geoscientists and engineers
from Ryder Scott. The professional qualifications of the undersigned, the technical person primarily responsible for overseeing the evaluation of the reserves information discussed in this report, are included as an attachment to this letter.



|3. | BASIS OF OPINION
|-- | ----------------

This document must be considered in its entirety. It reflects Ryder Scotts informed professional judgment based on
accepted standards of professional investigation and, as applicable, the data and information provided by the CNODCI, and/or obtained from other sources e.g. public domain, the limited scope of engagement, and the time permitted to conduct the
evaluation.

In line with those accepted standards, this document does not in any way constitute or make a guarantee or
prediction of results, and no warranty is implied or expressed that actual outcome will conform to the outcomes presented herein. Ryder Scott has not independently verified any information provided by or at the direction of the CNODCI, and has
accepted the accuracy and completeness of these data. Ryder Scott has no reason to believe that any material facts have been withheld from it, but does not warrant that its inquiries have revealed all of the matters that a more extensive examination
might otherwise disclose.

The opinions expressed herein are subject to and fully qualified by the generally accepted
uncertainties associated with the interpretation of engineering and geoscience data and do not reflect the totality of circumstances, scenarios and information that could potentially affect decisions made by the reports recipients and/or
actual results. The opinions and statements contained in this report are made in good faith and in the belief that such opinions and statements are representative of prevailing physical and economic circumstances as of December 31, 2014.

This assessment has been conducted within the context of Ryder Scotts understanding of the effects of petroleum
legislation and other regulations that currently apply to these properties. However, Ryder Scott is not in a position to attest to property title or rights, conditions of these rights including environmental and abandonment obligations, and any
necessary licenses and consents including planning permission, financial interest relationships or encumbrances thereon for any part of the appraised properties.

In carrying out this study, Ryder Scott is not aware that any conflict of interest has existed. As an independent consultancy,
Ryder Scott is providing impartial technical, commercial and strategic advice within the energy sector. Ryder Scotts remuneration was not in any way contingent on the contents of this report. In the preparation of this document, Ryder Scott
has maintained, and continues to maintain, a strict independent consultant-client relationship with CNODCI. Furthermore, the management and employees of Ryder Scott have no interest in any of the assets evaluated or related with the analysis carried
out as part of this report.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                                |  | 
|----------------------------------------------- |  | 
|PetroChina Company Limited
April 2, 2015 Page 6 |  | 



Staff members who
prepared this report are professionally-qualified with appropriate educational qualifications and levels of experience and expertise to perform the scope of work set out in the Proposal for Services.

Ryder Scott has not undertaken a site visit and inspection because it is not included in the scope of work and its related
budget. As such, Ryder Scott is not in a position to comment on the operations or facilities in place, their appropriateness and condition and whether they are in compliance with the regulations pertaining to such operations. Further, Ryder Scott is
not in a position to comment on any aspect of health, safety or environment of such operation.

It should be clearly noted
that the Net Present Values (NPVs) contained herein do not represent a Ryder Scott opinion as to the market value of the subject property, nor any interest in it.

In assessing a likely market value, it would be necessary to take into account a number of additional factors including:
reserves risk (i.e. that Proved and/or Probable and/or Possible Reserves may not be realized within the anticipated time frame for their exploitation); perceptions of economic and sovereign risk; potential upside, such as in this case exploitation
of reserves beyond the Proved and the Probable level; other benefits, encumbrances or charges that may pertain to a particular interest; and the competitive state of the market at the time. Ryder Scott has explicitly not taken such factors into
account in deriving the referenced NPVs presented herein.

In the preparation of this report Ryder Scott has used Part 210
Rule 4-10(a) of Regulation S-X of the United States Securities and Exchange Commission (Appendix I).

There
are numerous uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognized as
a subjective process of estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. Estimates of oil and gas reserves or resources prepared by other parties may differ, perhaps materially, from those contained within
this report. The accuracy of any reserve estimate is a function of the quality of the available data and of engineering and geological interpretation. Results of drilling, testing and production that post-date the preparation of the estimates may
justify revisions, some or all of which may be material. Accordingly, reserve estimates are often different from the quantities of oil and gas that are ultimately recovered, and the timing and cost of those volumes that are recovered may vary from
that assumed.

Oil and condensate volumes appearing in this report have been quoted at stock tank conditions. Typically
these volumes have been referred to in thousand barrel increments (Mstb). Natural gas volumes have been quoted in billions at standard cubic feet (Bscf) and are volumes of sales gas, after an allocation has been made for fuel and process shrinkage
losses, at the standard conditions appropriate for the area.

Ryder Scott prepared an independent assessment of the
reserves based on data and interpretations provided by CNODCI.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                                |  | 
|----------------------------------------------- |  | 
|PetroChina Company Limited
April 2, 2015 Page 7 |  | 



It is Ryder
Scotts opinion that the estimates of Proved Developed and Total Proved oil and gas volumes at December 31, 2014, are, in the aggregate, reasonable and the reserves classification and categorization is appropriate and consistent with the
definitions and guidelines for reserves.



| |  |  |  |                   |  | 
| |  |  |  | ----------------- |  | 
| |  |  |  | Very truly yours, |  | 



| |  |      |                                                                            |                                                            
| |  | ---- | -------------------------------------------------------------------------- | -----------------------------------------------------------
| |  | LOGO |                                                                            | RYDER SCOTT COMPANY, L.P. TBPE Firm
Registration No. F-1580
| |  |      | LOGO                                                                      
| |  |      | Daniel R. Olds, P.E. TBPE License
No. 60996 Managing Senior Vice President



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

Professional Qualifications of Primary Technical Person

The conclusions presented in this report are the result of technical analysis conducted by teams of geoscientists and
engineers from Ryder Scott Company, L.P. Daniel R. Olds was the primary technical person responsible for overseeing the estimate of the reserves, future production, and income prepared by Ryder Scott presented herein.

Mr. Olds, an employee of Ryder Scott Company, L.P. (Ryder Scott) since 2001, is a Managing Senior Vice President and also
serves as an Engineering Group Coordinator responsible for coordinating and supervising staff and consulting engineers of the company in ongoing reservoir evaluation studies worldwide. He is a member of Ryder Scotts Board of Directors. Before
joining Ryder Scott, Mr. Olds served in a number of engineering and evaluation positions with PricewaterhouseCoopers, Wintershall Oil and Gas Company and Cities Service Oil Company. For more information regarding Mr. Olds geographic
and job specific experience, please refer to the Ryder Scott Company website at www.ryderscott.com/Company/Employees.

Mr. Olds earned a Bachelor of Science degree in Petroleum Engineering from West Virginia University in 1981, an MBA
from the University of Houston in 1991 and is a licensed Professional Engineer in the State of Texas, He is also a member of the Society of Petroleum Evaluation Engineers (past president) and the Society of Petroleum Engineers.

In addition to gaining experience and competency through prior work experience, the Texas Board of Professional Engineers
requires a minimum of fifteen hours of continuing education annually, including at least one hour in the area of professional ethics, which Mr. Olds fulfills. For 2014, Mr. Olds had over 35 hours of continuing education hours related to
reserves, reserve evaluation, and ethics. More specifically, 2014 training included short courses on unconventional reservoirs and specialized data analysis. Mr. Olds was a speaker at a national accounting conference. Mr. Olds has had at
least 30 hours of continuing education for each of the last 5 years.

Based on his educational background,
professional training and more than 33 years of practical experience in the estimation and evaluation of petroleum reserves, Mr. Olds has attained the professional qualifications as a Reserves Estimator and Reserves Auditor set forth in Article
III of the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers as of February 19, 2007.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

APPENDIX I

PETROLEUM RESERVES DEFINITIONS

As Adapted From:

RULE
4-10(a) of REGULATION S-X PART 210

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (SEC)

PREAMBLE

On
January 14, 2009, the United States Securities and Exchange Commission (SEC) published the Modernization of Oil and Gas Reporting; Final Rule in the Federal Register of National Archives and Records Administration (NARA). The
Modernization of Oil and Gas Reporting; Final Rule includes revisions and additions to the definition section in Rule 4-10 of Regulation S-X, revisions and additions to the oil and gas reporting requirements in Regulation S-K, and amends
and codifies Industry Guide 2 in Regulation S-K. The Modernization of Oil and Gas Reporting; Final Rule, including all references to Regulation S-X and Regulation S-K, shall be referred to herein collectively as the SEC
regulations. The SEC regulations take effect for all filings made with the United States Securities and Exchange Commission as of December 31, 2009, or after January 1, 2010. Reference should be made to the full text under Title 17,
Code of Federal Regulations, Regulation S-X Part 210, Rule 4-10(a) for the complete definitions (direct passages excerpted in part or wholly from the aforementioned SEC document are denoted in italics herein).

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically
producible, as of a given date, by application of development projects to known accumulations.All reserve estimates involve an assessment of the uncertainty relating the likelihood that the actual remaining quantities recovered will be greater
or less than the estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the time of the estimate and the interpretation of these data.
The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be recovered than proved reserves and may be further sub-classified as
probable and possible reserves to denote progressively increasing uncertainty in their recoverability. Under the SEC regulations as of December 31, 2009, or after January 1, 2010, a company may optionally disclose estimated quantities of
probable or possible oil and gas reserves in documents publicly filed with the SEC. The SEC regulations continue to prohibit disclosure of estimates of oil and gas resources other than reserves and any estimated values of such resources in any
document publicly filed with the SEC unless such information is required to be disclosed in the document by foreign or state law as noted in §229.1202 Instruction to Item 1202.

Reserves estimates will generally be revised only as additional geologic or engineering data become available or as economic
conditions change.

Reserves may be attributed to either natural energy or improved recovery methods. Improved recovery
methods include all methods for supplementing natural energy or altering natural forces in the reservoir to increase ultimate recovery. Examples of such methods are pressure maintenance, natural gas cycling, waterflooding, thermal methods, chemical
flooding, and the use of miscible and immiscible displacement fluids. Other improved recovery methods may be developed in the future as petroleum technology continues to evolve.

Reserves may be attributed to either conventional or unconventional petroleum accumulations. Petroleum accumulations are
considered as either conventional or unconventional based on the nature of their in-place characteristics, extraction method applied, or degree of processing prior to sale. Examples of unconventional petroleum accumulations include coalbed or
coalseam methane (CBM/CSM), basin-centered gas, shale gas, gas hydrates, natural bitumen and oil shale deposits. These unconventional accumulations may require specialized extraction technology and/or significant processing prior to sale.



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                      |  | 
|------------------------------------- |  | 
|PETROLEUM RESERVES DEFINITIONS
Page 2 |  | 



Reserves do not
include quantities of petroleum being held in inventory.

Because of the differences in uncertainty, caution should be
exercised when aggregating quantities of petroleum from different reserves categories.

RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §210.4-10(a)(26) defines reserves as follows:

Reserves.Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be
economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue
interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note to paragraph (a)(26): Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults
until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir (i.e., absence of reservoir,
structurally low reservoir or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

PROVED RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §210.4-10(a)(22) defines proved oil and gas reserves as follows:

Proved oil and gas reserves.Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to be economically producible  from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations
 prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to
extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.



| | (i) | The area of the reservoir considered as proved includes:
| | --- | --------------------------------------------------------



| | (A) | The area identified by drilling and limited by fluid contacts, if any, and
| | --- | --------------------------------------------------------------------------



| | (B) | Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically
producible oil or gas on the basis of available geoscience and engineering data.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well
penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas
cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                      |  | 
|------------------------------------- |  | 
|PETROLEUM RESERVES DEFINITIONS
Page 3 |  | 





| | (iv) | Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection)
are included in the proved classification when:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the
operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | The project has been approved for development by all necessary parties and entities, including governmental entities.
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (v) | Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be
the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are
defined by contractual arrangements, excluding escalations based upon future conditions.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

PROBABLE RESERVES
(SEC DEFINITIONS)

Securities and Exchange Commission Regulation S-X §210.4-10(a)(18) defines probable oil and
gas reserves as follows:

Probable reserves.Probable reserves are those additional reserves that are less certain
to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.



| | (i) | When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved
plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data
are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas
are in communication with the proved reservoir.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in
place than assumed for proved reserves.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | See also guidelines in paragraphs (a)(17)(iv) and (a)(17)(vi) of this section.
| | ---- | ------------------------------------------------------------------------------

POSSIBLE RESERVES (SEC DEFINITIONS)

Securities and Exchange Commission Regulation S.X §210.4-10(a)(17) defines possible oil and gas reserves as follows:

Possible reserves.Possible reserves are those additional reserves that are less certain to be recovered than probable
reserves.



| | (i) | When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus
probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|                                      |  | 
|------------------------------------- |  | 
|PETROLEUM RESERVES DEFINITIONS
Page 4 |  | 





| | (ii) | Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data
are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the
recovery quantities assumed for probable reserves.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and
commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (v) | Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same
accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent
portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (vi) | Pursuant to paragraph (a)(22)(iii) of this section, where direct observation has defined a highest known oil (HKO) elevation and the
potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable
technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

APPENDIX II

GLOSSARY



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

List of Standard Oil Industry Terms and Abbreviations



ABEX

Abandonment ExpenditureACQ

Annual Contract Quantity°API

Degrees API (American Petroleum Institute)AAPG

American Association of PetroleumAVO

Amplitude versus OffsetA$

Australian DollarsB

Billion (109)Bbl

Barrels/BbI

per barrelBBbl

Billion BarrelsBHA

Bottom Hole AssemblyBHC

Bottom Hole CompensatedBscf or Bcf

Billion standard cubic feetBscfd or Bcfd

Billion standard cubic feet per dayBm3

Billion cubic metersBcpd

Barrels of condensate per dayBHP

Bottom Hole PressureBlpd

Barrels of liquid per dayBpd

Barrels per dayBoe

Barrels of oil equivalent @ xxx mcf/BblBoepd

Barrels of oil equivalent per day @ xxxmcf/BblBOP

Blow Out PreventerBopd

Barrels oil per dayBwpd

Barrels of water per dayBS&W

Bottom sediment and waterBTU

Bottom sediment and waterBwpd

Barrels water per dayCBM

Coal Bed MethaneCO2

Carbon DioxideCAPEX

Capital ExpenditureCCGT

Combined Cycle Gas TurbineCm

centimetersCMM

Coal Mine MethaneCNG

Compressed Natural GasCp

Centipoise (a measure of viscosity)CSG

Coal Seam GasCT

Corporation TaxDCQ

Daily Contract QuantityDeg C

Degrees CelsiusDeg F

Degrees FahrenheitDHI

Direct Hydrocarbon IndicatorDST

Drill Stem TestDWT

Dead-weight tonE&A

Exploration & Appraisal


EMV

Expected Monetary ValueEOR

Enhanced Oil RecoveryEUR

Estimated Ultimate RecoveryFEED

Front End Engineering and DesignFPSO

Floating Production, Storage and OffloadingFSO

Floating Storage and OffloadingFt

Foot/feetFx

Foreign Exchange RateG

gramg/cc

grams per cubic centimeterGal

gallongal/d

gallons per dayG&A

General and Administrative costsGBP

Pounds SterlingGDT

Gas Down toGIIP

Gas initially in placeGJ

Gigajoules (one billion Joules)GOR

Gas Oil RatioGTL

Gas to LiquidsGWC

Gas water contactHDT

Hydrocarbons Down toHSE

Health, Safety and EnvironmentHSFO

High Sulphur Fuel OilHUT

Hydrocarbons up toH2S

Hydrogen SulphideIOR

Improved Oil RecoveryIPP

Independent Power ProducerIRR

Internal Rate of ReturnJ

Joule (Metric measurement of energy) 1 kilojoule =0.9478 BTU)k

PermeabilityKB

Kelly BushingKJ

Kilojoules (one Thousand Joules)KI

KilolitresKm

Kilometerskm2

Square kilometerskPa

Thousands of Pascals (measurement of pressure)KW

KilowattKWh

Kilowatt hourLKG

Lowest Known GasLKH

Lowest Known HydrocarbonsLKO

Lowest Known OilLNG

Liquefied Natural GasLoF

Life of FieldLPG

Liquefied Petroleum Gas






AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

E&P

Exploration and ProductionEBIT

Earnings before Interest and TaxEBITDA

Earnings before interest, tax, depreciation and amortizationE1

Entitlement InterestEIA

Environmental Impact AssessmentMcf or Mscf

Thousand standard cubic feetMCM

Management Committee MeetingMMcf or MMscf

Million standard cubic feetm3d

Cubic meters per daymD

Measure of Permeability in millidarciesMD

Measured DepthMDT

Modular Dynamic TesterMean

Arithmetic average of a set of numbersMedian

Middle value in a set of valuesMFT

Multi Formation Testermg/l

milligrams per litreMJ

Megajoules (One Million Joules)Mm3

Thousand Cubic metersMm3d

Thousand Cubic meters per dayMM

MillionMMBbl

Millions of barrelsMMBTU

Millions of British Thermal UnitsMode

Value that exists most frequently in a set of values=most likelyMscfd

Thousand standard cubic feet per dayMMscfd

Million standard cubic feet per dayMW

MegawattMWD

Measuring While DrillingMWh

Megawatt hourRw

Resistivity of waterSCAL

Special core analysiscf or scf

Standard Cubic Feetcfd or scfd

Standard Cubic Feet per dayscf/ton

Standard cubic foot per tonSL

Straight line (for depreciation)So

Oil SaturationSPE

Society of Petroleum EngineersSPEE

Society of Petroleum Evaluation EngineersSs

SubseaStb

Stock tank barrel


STOIIP

Stock tank oil initially in placeSw

Water SaturationT

TonnesTD

Total DepthTe

Tonnes equivalentTHP

Tubing Head PressureTJ

Terajoules (1012 Joules)LTI

Lost Time InjuryLWD

Logging while drillingm

MetersM

Thousandm3

Cubic metersMya

Million years agoNGL

Natural Gas LiquidsN2

NitrogenNPV

Net Present ValueOBM

Oil Based MudOCM

Operating Committee MeetingODT

Oil down toOPEX

Operating ExpenditureOWC

Oil Water Contactp.a.

Per annumPa

Pascals (metric measurement of pressure)p.a.

Per annumPa

Pascals (metric measurement of pressure)P&A

Plugged and AbandonedPDP

Proved Developed ProducingPI

Productivity IndexPJ

Petajoules (1015 Joules)PSDM

Post Stack Depth MigrationPsi

Pounds per square inchPsia

Pounds per square inch absolutePsig

Pounds per square inch gaugePUD

Proved UndevelopedPVT

Pressure volume temperatureP10

10% ProbabilityP50

50% ProbabilityP90

90% ProbabilityRf

Recovery factorRFT

Repeat Formation TesterRT

Rotary Table






AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS



---

|            |  |                                                     |  |       |  |                                
|----------- |  | --------------------------------------------------- |  | ----- |  | -------------------------------
|Tscf or Tcf |  | Trillion standard cubic feet                        |  | TVD   |  | True Vertical Depth            
|TCM         |  | Technical Committee Meeting                         |  | TVDss |  | True Vertical Depth Subsea     
|TOC         |  | Total Organic Carbon                                |  | USGS  |  | United States Geological Survey
|TOP         |  | Take or Pay                                         |  | US$   |  | United States Dollar           
|Tpd         |  | Tonnes per day                                      |  |       |  |                                
|VSP         |  | Vertical Seismic Profiling                          |  |       |  |                                
|WC          |  | Water Cut                                           |  |       |  |                                
|WI          |  | Working Interest                                    |  |       |  |                                
|WPC         |  | World Petroleum Council                             |  |       |  |                                
|WTI         |  | West Texas Intermediate                             |  |       |  |                                
|wt%         |  | Weight percent                                      |  |       |  |                                
|1 H05       |  | First half (6 months) of 2005 (example of date)     |  |       |  |                                
|2Q06        |  | Second quarter (3 months) of 2006 (example of date) |  |       |  |                                
|2D          |  | Two dimensional                                     |  |       |  |                                
|3D          |  | Three dimensional                                   |  |       |  |                                
|4D          |  | Four dimensional                                    |  |       |  |                                
|1P          |  | Proved Reserves                                     |  |       |  |                                
|2P          |  | Proved plus Probable Reserves                       |  |       |  |                                
|3P          |  | Proved plus Probable plus Possible Reserves         |  |       |  |                                
|%           |  | Proved plus Probable plus Possible Reserves         |  |       |  |                                



AYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS