Exhibit 15.3





BRION ENERGY CORPORATION

RESERVES ASSESSMENT AND EVALUATION OF

CANADIAN OIL AND GAS PROPERTIES

THIRD PARTY CORPORATE SUMMARY

Effective December 31, 2015













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BRION ENERGY
CORPORATION

RESERVES ASSESSMENT AND EVALUATION OF

CANADIAN OIL AND GAS PROPERTIES

CORPORATE SUMMARY (SEC)

Effective December 31, 2015





1150508



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CORPORATE SUMMARY (SEC)

TABLE OF CONTENTS



|                                           |  |      |    | 
|------------------------------------------ |  | ---- | -- | 
|                                           |  | Page |   
|COVERING LETTER                            |  |      | 2  | 
|                                           | 
|INDEPENDENT PETROLEUM CONSULTANTS CONSENT |  |      | 4  | 
|                                           | 
|INTRODUCTION                               |  |      | 5  | 
|                                           | 
|SUMMARY                                    |  |      | 6  | 
|                                           | 
|RESERVES DEFINITIONS                       |  |      | 45 | 
|                                           | 
|EVALUATION PROCEDURE                       |  |      | 49 | 
|                                           | 
|PRODUCT PRICE AND MARKET FORECASTS         |  |      |    | 
|                                           | 
|APPENDIX                                   |  |      | 56 | 
|Certificates of Qualification              |  |      | 56 | 



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|     |  |                                |  | 
|---- |  | ------------------------------ |  | 
|LOGO |  |                                |  | 
|     |  | March 8, 2016 
Project 1150508 |  | 

Mr. Michael Fox

Brion Energy
Corporation

1000, 150  9th Avenue SW

Calgary, Alberta T2P 3H9

Dear Sir:



| | Re: | Brion Energy Corporation
| | --- | ------------------------

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

| |  | Effective December 31, 2015
| |  | ---------------------------

GLJ Petroleum Consultants (GLJ) has completed an independent
reserves assessment and evaluation of the oil and gas properties of Brion Energy Corporation (the Company). The effective date of this evaluation is December 31, 2015.

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 of the United States Securities and Exchange Commission (SEC).

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.

Reserves included in this report represent the consolidation of the Groundbirch Montney, Duvernay Joint Venture and CNPC International conventional and insitu
Canadian assets.

Our engagement letter notes these limitations on the use of this report.





4100, 400 - 3rd Ave SW Calgary, AB, Canada T2P 4H2 | tel 403-266-9500 |
gljpc.com



2



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

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.



LOGO

Trisha S. MacDonald, P. Eng.

Senior Engineer



LOGO

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

Executive Vice President & COO

TSM/JLA/ljn

Attachments



3



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INDEPENDENT PETROLEUM CONSULTANTS CONSENT

The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an independent evaluation of the Brion Energy
Corporation(the Company) Canadian oil and gas properties and hereby gives consent to the use of its name and to the said estimates. The effective date of the evaluation is December 31, 2015.

In the course of the evaluation, the Companyprovided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well
information, geological information, reservoir studies, estimates of on-stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and future operating plans. Other
engineering, geological or economic data required to conduct the evaluation and upon which this report is based, were obtained from public records, other operators and from GLJ Petroleum Consultants Ltd. nonconfidential files. The Company has
provided a representation letter confirming that all information provided to GLJ Petroleum Consultants Ltd. is correct and complete to the best of its knowledge. Procedures recommended in the United States Securities and Exchange Commission (SEC) to
verify certain interests and financial information were applied in this evaluation. In applying these procedures and tests, nothing came to GLJ Petroleum Consultants Ltd.s attention that would suggest that information provided by the Company
was not complete and accurate. GLJ Petroleum Consultants Ltd. reserves the right to review all calculations referred to or included in this report and to revise the estimates in light of erroneous data supplied or information existing but not made
available which becomes known subsequent to the preparation of this report.

The accuracy of any reserves and production estimate is a function of the
quality and quantity of available data and of engineering interpretationand judgment. While reserves and production estimates presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir
performance subsequent to the date of the estimate may justify revision, either upward or downward.

Revenue projections presented in this report are
based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of
revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.



|                                                                       |  |               |  | 
|---------------------------------------------------------------------- |  | ------------- |  | 
|PERMIT TO PRACTICE                                                     |  |              
|GLJ PETROLEUM CONSULTANTS LTD.                                         |  |              
|Signature:                                                             |  | LOGO          |  | 
|                                                                       |  |               |  | 
|Date:                                                                  |  | March 8, 2016 |  | 
|                                                                       |  |               |  | 
|                                                                       | 
|PERMIT NUMBER:    P  2066                                              |  |              
|The
Association of Professional Engineers and Geoscientists of Alberta |  |              



LOGO



4



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INTRODUCTION

GLJ Petroleum Consultants (GLJ) was commissioned by Brion Energy Corporation (the Company) to prepare an independent evaluation of its oil and gas
reserves effective December 31, 2015. The locations of the most significant reserves properties are indicated on the attached index map.

The evaluation
was initiated in October 2015 and completed by March 2016. Estimates of reserves and projections of production were generally prepared using well information and production data available from public sources to approximately December 31, 2015. The
Company provided land, accounting data and other technical information not available in the public domain to approximately December 31, 2015. In certain instances, the Company also provided recent engineering, geological and other information up to
December 31, 2015. The Company has confirmed that, to the best of its knowledge, all information provided to GLJ is correct and complete as of the effective date.

The reserves definitions used in preparing this report (included herein under Reserves Definitions) are those required by the United States
Securities Exchange Commission (SEC). The summary of reserves and value, using the SEC reserves definitions, uses the average historical prices derived from the first day of the month for January to December 2015.

The evaluation was conducted on the basis of the average of the first day posted prices in each of the 12 months of the Companys fiscal year
summarized in the Product Price and Market Forecasts section of this report.

Tables summarizing production, royalties, costs, revenue projections,
reserves and present value estimates for various reserves categories for individual properties and the Company total are provided in the tabbed sections of this Summary Report.

The Evaluation Procedure section outlines general procedures used in preparing this evaluation. The individual property reports, provided under separate
cover, provide additional evaluation details. The following summarizes evaluation matters that have been included/excluded in cash flow projections:



| |  |  | in accordance with NI 51-101, the effect on projected revenues of the Companys financial hedging activity has not been included,
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------



| |  |  | provisions for the abandonment and reclamation of all of the Companys existing and future wells to which reserves have been attributed have been included; all other abandonment and reclamation costs have not been
included,
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | general and administrative (G&A) costs and overhead recovery have not been included,
| | - |  | ------------------------------------------------------------------------------------



| |  |  | undeveloped land values have not been included.
| | - |  | -----------------------------------------------

Economic forecasts are provided on an after tax basis
including tax pools provided by the Company in the Evaluation Procedure section.



5



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SUMMARY

TABLE OF CONTENTS



|                 |  |                                                                                             |    |      |    | 
|---------------- |  | ------------------------------------------------------------------------------------------- | -- | ---- | -- | 
|                 |  |                                                                                             |    | Page |   
|LIST OF TABLES   |  |                                                                                             |    |     
|Table 1          |  | Summary of Reserves and Values                                                              |    |      | 7  | 
|Table 2          |  | Gross and Net Reserves and Present Value Summary                                            |    |      | 8  | 
|LIST OF DRAWINGS |  |                                                                                             |    |     
|Drawing 1        |  | Historical and Forecast Company Interest Oil Equivalent Production                          |    |      | 12 | 
|Drawing 2        |  | Historical and Forecast Company Interest Production Total Oil/Total Gas/Natural Gas Liquids |    |      | 13 | 
|                 | 
|PROVED RESERVES  |  |                                                                                             | 15 |     



6



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|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Table 1     
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Various                               
|Property:    |  | Corporate                |  | Development Class: |  | Classifications                       
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Summary of Reserves and Values



|                              |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|----------------------------- |  | --------------- | ------- |  | ---------------------------- |  | ----- | ----------------- |  |  | ----------- |  |  |  | ------- | 
|                              |  | ProvedProducing |         |  | ProvedDevelopedNon-Producing |  |       | ProvedUndeveloped |  |  | TotalProved | 
|MARKETABLE RESERVES           |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|                              |  |                 |         | 
|Light & Medium Oil (Mbbl)     |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 61      |  |                              |  | 0     |                   |  |  | 0           |  |  |  | 61      | 
|Working Interest              |  |                 | 61      |  |                              |  | 0     |                   |  |  | 0           |  |  |  | 61      | 
|Net After Royalty             |  |                 | 60      |  |                              |  | 0     |                   |  |  | 0           |  |  |  | 60      | 
|                              |  |                 |         | 
|Tight Oil (Mbbl)              |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 403     |  |                              |  | 50    |                   |  |  | 0           |  |  |  | 453     | 
|Working Interest              |  |                 | 403     |  |                              |  | 50    |                   |  |  | 0           |  |  |  | 453     | 
|Net After Royalty             |  |                 | 338     |  |                              |  | 48    |                   |  |  | 0           |  |  |  | 386     | 
|                              |  |                 |         | 
|Total Oil (Mbbl)              |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 464     |  |                              |  | 50    |                   |  |  | 0           |  |  |  | 514     | 
|Working Interest              |  |                 | 464     |  |                              |  | 50    |                   |  |  | 0           |  |  |  | 514     | 
|Net After Royalty             |  |                 | 398     |  |                              |  | 48    |                   |  |  | 0           |  |  |  | 446     | 
|                              |  |                 |         | 
|Residue Gas (MMcf)            |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 618     |  |                              |  | 0     |                   |  |  | 0           |  |  |  | 618     | 
|Working Interest              |  |                 | 616     |  |                              |  | 0     |                   |  |  | 0           |  |  |  | 616     | 
|Net After Royalty             |  |                 | 569     |  |                              |  | 0     |                   |  |  | 0           |  |  |  | 569     | 
|                              |  |                 |         | 
|Shale Gas (MMcf)              |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 126,751 |  |                              |  | 1,257 |                   |  |  | 45,640      |  |  |  | 173,648 | 
|Working Interest              |  |                 | 126,751 |  |                              |  | 1,257 |                   |  |  | 45,640      |  |  |  | 173,648 | 
|Net After Royalty             |  |                 | 119,666 |  |                              |  | 1,178 |                   |  |  | 42,326      |  |  |  | 163,171 | 
|                              |  |                 |         | 
|Total Gas (MMcf)              |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 127,369 |  |                              |  | 1,257 |                   |  |  | 45,640      |  |  |  | 174,265 | 
|Working Interest              |  |                 | 127,367 |  |                              |  | 1,257 |                   |  |  | 45,640      |  |  |  | 174,264 | 
|Net After Royalty             |  |                 | 120,235 |  |                              |  | 1,178 |                   |  |  | 42,326      |  |  |  | 163,740 | 
|                              |  |                 |         | 
|Condensate (Mbbl)             |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 6,653   |  |                              |  | 97    |                   |  |  | 5,537       |  |  |  | 12,287  | 
|Working Interest              |  |                 | 6,653   |  |                              |  | 97    |                   |  |  | 5,537       |  |  |  | 12,287  | 
|Net After Royalty             |  |                 | 5,440   |  |                              |  | 79    |                   |  |  | 4,660       |  |  |  | 10,179  | 
|                              |  |                 |         | 
|Natural Gas Liquids (Mbbl)    |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 8,420   |  |                              |  | 110   |                   |  |  | 7,094       |  |  |  | 15,625  | 
|Working Interest              |  |                 | 8,420   |  |                              |  | 110   |                   |  |  | 7,094       |  |  |  | 15,625  | 
|Net After Royalty             |  |                 | 6,935   |  |                              |  | 91    |                   |  |  | 5,984       |  |  |  | 13,010  | 
|                              |  |                 |         | 
|Oil Equivalent (Mboe)         |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|Total Company Interest        |  |                 | 30,113  |  |                              |  | 370   |                   |  |  | 14,701      |  |  |  | 45,184  | 
|Working Interest              |  |                 | 30,113  |  |                              |  | 370   |                   |  |  | 14,701      |  |  |  | 45,183  | 
|Net After Royalty             |  |                 | 27,372  |  |                              |  | 335   |                   |  |  | 13,039      |  |  |  | 40,746  | 
|BEFORE TAX PRESENT VALUE (M$) |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|0%                            |  |                 | 272,048 |  |                              |  | 7,043 |                   |  |  | 164,775     |  |  |  | 443,865 | 
|5%                            |  |                 | 252,592 |  |                              |  | 6,449 |                   |  |  | 132,971     |  |  |  | 392,012 | 
|8%                            |  |                 | 242,190 |  |                              |  | 6,170 |                   |  |  | 118,015     |  |  |  | 366,375 | 
|10%                           |  |                 | 235,768 |  |                              |  | 6,007 |                   |  |  | 109,394     |  |  |  | 351,169 | 
|12%                           |  |                 | 229,732 |  |                              |  | 5,860 |                   |  |  | 101,682     |  |  |  | 337,273 | 
|15%                           |  |                 | 221,348 |  |                              |  | 5,662 |                   |  |  | 91,554      |  |  |  | 318,564 | 
|20%                           |  |                 | 208,950 |  |                              |  | 5,381 |                   |  |  | 77,729      |  |  |  | 292,060 | 
|AFTER TAX PRESENT VALUE (M$)  |  |                 |         |  |                              |  |       |                   |  |  |             |  |  |  |         | 
|0%                            |  |                 | 272,048 |  |                              |  | 7,043 |                   |  |  | 164,775     |  |  |  | 443,865 | 
|5%                            |  |                 | 252,592 |  |                              |  | 6,449 |                   |  |  | 132,971     |  |  |  | 392,012 | 
|8%                            |  |                 | 242,190 |  |                              |  | 6,170 |                   |  |  | 118,015     |  |  |  | 366,375 | 
|10%                           |  |                 | 235,768 |  |                              |  | 6,007 |                   |  |  | 109,394     |  |  |  | 351,169 | 
|12%                           |  |                 | 229,732 |  |                              |  | 5,860 |                   |  |  | 101,682     |  |  |  | 337,273 | 
|15%                           |  |                 | 221,348 |  |                              |  | 5,662 |                   |  |  | 91,554      |  |  |  | 318,564 | 
|20%                           |  |                 | 208,950 |  |                              |  | 5,381 |                   |  |  | 77,729      |  |  |  | 292,060 | 



|                                                                                                                        |  |                         |  |         |  |     |  |         |  |     |  |         |  |     |  |         |  |     |  | 
|----------------------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | 
|                                                                                                                        |  | BOE Factors:            |  | HVY OIL |  | 1.0 |  | RES GAS |  | 6.0 |  | PROPANE |  | 1.0 |  | ETHANE  |  | 1.0 |  | 
|                                                                                                                        |  |                         |  | COND    |  | 1.0 |  | SLN GAS |  | 6.0 |  | BUTANE  |  | 1.0 |  | SULPHUR |  | 0.0 |  | 
|                                                                                                                        | 
|Run Date: February 25, 2016 11:46:00
1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.),
psum |  | March 09, 2016 09:04:02



7



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Table 2

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Various                               
|Property:    |  | Corporate                |  | Development Class: |  | Classifications                       
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Gross and Net Reserves and Present Value Summary



|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ------------ | - |  | -------------------- |  | ------- | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ------ |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------- |  | ---------- |  | --- | ----------- |  |  | ----- |  |  | -- | - |  | --- |  | ------ | --- |  |  | ------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  |              |   |  | Gross Lease Reserves |  |         | Net After Royalty Reserves |  |  | Before Income TaxDiscounted Present Value (M$) |  |  | After Income TaxDiscounted Present Value (M$) |       
|Entity Description                    |  | ReserveClass |   |  | GasMMcf              |  |         | OilMbbl                    |  |  | NGLMbbl                                        |  |  | SulphurMlt                                    |        |  | Oil Eq.Mboe |  |   | GasMMcf |  |  | OilMbbl |  |  | NGLMbbl |         |  | SulphurMlt |  |     | Oil Eq.Mboe |  |  | 0%    |  |  | 8% |   |  | 10% |  |        | 12% |  |  | 0%      |  |  | 5% |         |  | 8% |  |         | 10% |  |  | 12%     | 
|Proved Producing                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |              |   |  |                      |  | 94,114  |                            |  |  | 239                                            |  |  |                                               | 15,418 |  |             |  | 0 |         |  |  | 31,342  |  |  |         | 43,522  |  |            |  | 99  |             |  |  | 6,331 |  |  |    | 0 |  |     |  | 13,684 |     |  |  | 231,095 |  |  |    | 205,660 |  |    |  | 200,265 |     |  |  | 195,209 |  |  |  | 231,095 |  |  |  | 214,444 |  |  |  | 205,660 |  |  |  | 200,265 |  |  |  | 195,209 | 
|Simonette Montney                     |  |              |   |  |                      |  | 2,564   |                            |  |  | 0                                              |  |  |                                               | 281    |  |             |  | 0 |         |  |  | 708     |  |  |         | 1,167   |  |            |  | 0   |             |  |  | 102   |  |  |    | 0 |  |     |  | 296    |     |  |  | 6,757   |  |  |    | 5,217   |  |    |  | 4,958   |     |  |  | 4,733   |  |  |  | 6,757   |  |  |  | 5,681   |  |  |  | 5,217   |  |  |  | 4,958   |  |  |  | 4,733   | 
|Willesden Green Duvernay              |  |              |   |  |                      |  | 5,246   |                            |  |  | 570                                            |  |  |                                               | 377    |  |             |  | 0 |         |  |  | 1,820   |  |  |         | 2,478   |  |            |  | 239 |             |  |  | 150   |  |  |    | 0 |  |     |  | 801    |     |  |  | 8,201   |  |  |    | 7,469   |  |    |  | 7,292   |     |  |  | 7,120   |  |  |  | 8,201   |  |  |  | 7,744   |  |  |  | 7,469   |  |  |  | 7,292   |  |  |  | 7,120   | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |              |   |  |                      |  | 101,924 |                            |  |  | 808                                            |  |  |                                               | 16,076 |  |             |  | 0 |         |  |  | 33,871  |  |  |         | 47,167  |  |            |  | 338 |             |  |  | 6,582 |  |  |    | 0 |  |     |  | 14,782 |     |  |  | 246,053 |  |  |    | 218,346 |  |    |  | 212,515 |     |  |  | 207,062 |  |  |  | 246,053 |  |  |  | 227,870 |  |  |  | 218,346 |  |  |  | 212,515 |  |  |  | 207,062 | 
|Groundbirch                           |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |              | A |  |                      |  | 20,621  |                            |  |  | 0                                              |  |  |                                               | 107    |  |             |  | 0 |         |  |  | 3,544   |  |  |         | 3,990   |  |            |  | 0   |             |  |  | 20    |  |  |    | 0 |  |     |  | 685    |     |  |  | 386     |  |  |    | 575     |  |    |  | 596     |     |  |  | 611     |  |  |  | 386     |  |  |  | 528     |  |  |  | 575     |  |  |  | 596     |  |  |  | 611     | 
|Greater Saturn Area Montney           |  |              | A |  |                      |  | 120,537 |                            |  |  | 0                                              |  |  |                                               | 628    |  |             |  | 0 |         |  |  | 20,717  |  |  |         | 23,434  |  |            |  | 0   |             |  |  | 116   |  |  |    | 0 |  |     |  | 4,022  |     |  |  | 8,495   |  |  |    | 8,192   |  |    |  | 8,051   |     |  |  | 7,902   |  |  |  | 8,495   |  |  |  | 8,372   |  |  |  | 8,192   |  |  |  | 8,051   |  |  |  | 7,902   | 
|Greater Sunset Area Montney           |  |              | A |  |                      |  | 238,299 |                            |  |  | 0                                              |  |  |                                               | 1,241  |  |             |  | 0 |         |  |  | 40,958  |  |  |         | 45,075  |  |            |  | 0   |             |  |  | 214   |  |  |    | 0 |  |     |  | 7,727  |     |  |  | 16,230  |  |  |    | 14,277  |  |    |  | 13,826  |     |  |  | 13,397  |  |  |  | 16,230  |  |  |  | 14,991  |  |  |  | 14,277  |  |  |  | 13,826  |  |  |  | 13,397  | 
|Groundbirch Resources                 |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney)         |  |              | A |  |                      |  | 2,079   |                            |  |  | 0                                              |  |  |                                               | 11     |  |             |  | 0 |         |  |  | 357     |  |  |         | 379     |  |            |  | 0   |             |  |  | 2     |  |  |    | 0 |  |     |  | 65     |     |  |  | 125     |  |  |    | 129     |  |    |  | 129     |     |  |  | 129     |  |  |  | 125     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |              |   |  |                      |  | 381,536 |                            |  |  | 0                                              |  |  |                                               | 1,987  |  |             |  | 0 |         |  |  | 65,576  |  |  |         | 72,879  |  |            |  | 0   |             |  |  | 352   |  |  |    | 0 |  |     |  | 12,498 |     |  |  | 25,236  |  |  |    | 23,173  |  |    |  | 22,602  |     |  |  | 22,039  |  |  |  | 25,236  |  |  |  | 24,020  |  |  |  | 23,173  |  |  |  | 22,602  |  |  |  | 22,039  | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |              |   |  |                      |  | 483,460 |                            |  |  | 808                                            |  |  |                                               | 18,063 |  |             |  | 0 |         |  |  | 99,448  |  |  |         | 120,046 |  |            |  | 338 |             |  |  | 6,934 |  |  |    | 0 |  |     |  | 27,280 |     |  |  | 271,289 |  |  |    | 241,519 |  |    |  | 235,118 |     |  |  | 229,101 |  |  |  | 271,289 |  |  |  | 251,889 |  |  |  | 241,519 |  |  |  | 235,118 |  |  |  | 229,101 | 
|CNPC International Canada Ltd.        |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |              | A |  |                      |  | 598     |                            |  |  | 58                                             |  |  |                                               | 5      |  |             |  | 0 |         |  |  | 163     |  |  |         | 63      |  |            |  | 9   |             |  |  | 0     |  |  |    | 0 |  |     |  | 20     |     |  |  | 92      |  |  |    | 108     |  |    |  | 108     |     |  |  | 109     |  |  |  | 92      |  |  |  | 105     |  |  |  | 108     |  |  |  | 108     |  |  |  | 109     | 
|Lone Rock (Sask)                      |  |              | A |  |                      |  | 0       |                            |  |  | 132                                            |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 132     |  |  |         | 0       |  |            |  | 31  |             |  |  | 0     |  |  |    | 0 |  |     |  | 31     |     |  |  | 357     |  |  |    | 305     |  |    |  | 294     |     |  |  | 284     |  |  |  | 357     |  |  |  | 323     |  |  |  | 305     |  |  |  | 294     |  |  |  | 284     | 
|Twining                               |  |              | A |  |                      |  | 562     |                            |  |  | 126                                            |  |  |                                               | 3      |  |             |  | 0 |         |  |  | 223     |  |  |         | 127     |  |            |  | 20  |             |  |  | 0     |  |  |    | 0 |  |     |  | 42     |     |  |  | 309     |  |  |    | 258     |  |    |  | 248     |     |  |  | 239     |  |  |  | 309     |  |  |  | 275     |  |  |  | 258     |  |  |  | 248     |  |  |  | 239     | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |              |   |  |                      |  | 1,160   |                            |  |  | 317                                            |  |  |                                               | 8      |  |             |  | 0 |         |  |  | 518     |  |  |         | 190     |  |            |  | 60  |             |  |  | 1     |  |  |    | 0 |  |     |  | 92     |     |  |  | 758     |  |  |    | 671     |  |    |  | 650     |     |  |  | 631     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|Insitu                                |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |              |   |  |                      |  | 1,160   |                            |  |  | 317                                            |  |  |                                               | 8      |  |             |  | 0 |         |  |  | 518     |  |  |         | 190     |  |            |  | 60  |             |  |  | 1     |  |  |    | 0 |  |     |  | 92     |     |  |  | 758     |  |  |    | 671     |  |    |  | 650     |     |  |  | 631     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |              |   |  |                      |  | 484,619 |                            |  |  | 1,125                                          |  |  |                                               | 18,071 |  |             |  | 0 |         |  |  | 99,966  |  |  |         | 120,235 |  |            |  | 398 |             |  |  | 6,935 |  |  |    | 0 |  |     |  | 27,372 |     |  |  | 272,048 |  |  |    | 242,190 |  |    |  | 235,768 |     |  |  | 229,732 |  |  |  | 272,048 |  |  |  | 252,592 |  |  |  | 242,190 |  |  |  | 235,768 |  |  |  | 229,732 | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Producing               |  |              |   |  |                      |  | 484,619 |                            |  |  | 1,125                                          |  |  |                                               | 18,071 |  |             |  | 0 |         |  |  | 99,966  |  |  |         | 120,235 |  |            |  | 398 |             |  |  | 6,935 |  |  |    | 0 |  |     |  | 27,372 |     |  |  | 272,048 |  |  |    | 242,190 |  |    |  | 235,768 |     |  |  | 229,732 |  |  |  | 272,048 |  |  |  | 252,592 |  |  |  | 242,190 |  |  |  | 235,768 |  |  |  | 229,732 | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 



|                                                                                  |  |                           
|--------------------------------------------------------------------------------- |  | --------------------------
|1150508            Class
(A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv |  | February 25, 2016 15:04:54



8



---

Gross and Net Reserves and Present Value Summary



|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ------------ | -- |  | -------------------- |  | ------ | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ------ |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------ |  | ---------- |  | -- | ----------- |  |  | ----- |  |  | -- | - |  | --- |  | ------ | --- |  |  | ------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  |              |    |  | Gross Lease Reserves |  |        | Net After Royalty Reserves |  |  | Before Income TaxDiscounted Present Value (M$) |  |  | After Income TaxDiscounted Present Value (M$) |       
|Entity Description                    |  | ReserveClass |    |  | GasMMcf              |  |        | OilMbbl                    |  |  | NGLMbbl                                        |  |  | SulphurMlt                                    |        |  | Oil Eq.Mboe |  |   | GasMMcf |  |  | OilMbbl |  |  | NGLMbbl |        |  | SulphurMlt |  |    | Oil Eq.Mboe |  |  | 0%    |  |  | 8% |   |  | 10% |  |        | 12% |  |  | 0%      |  |  | 5% |         |  | 8% |  |         | 10% |  |  | 12%     | 
|Proved Developed Non-Producing        |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Simonette Montney                     |  |              |    |  |                      |  | 1,328  |                            |  |  | 0                                              |  |  |                                               | 192    |  |             |  | 0 |         |  |  | 413     |  |  |         | 607    |  |            |  | 0  |             |  |  | 77    |  |  |    | 0 |  |     |  | 178    |     |  |  | 4,915   |  |  |    | 4,151   |  |    |  | 4,016   |     |  |  | 3,895   |  |  |  | 4,915   |  |  |  | 4,389   |  |  |  | 4,151   |  |  |  | 4,016   |  |  |  | 3,895   | 
|Willesden Green Duvernay              |  |              |    |  |                      |  | 401    |                            |  |  | 100                                            |  |  |                                               | 25     |  |             |  | 0 |         |  |  | 193     |  |  |         | 192    |  |            |  | 48 |             |  |  | 12    |  |  |    | 0 |  |     |  | 92     |     |  |  | 2,013   |  |  |    | 1,900   |  |    |  | 1,874   |     |  |  | 1,847   |  |  |  | 2,013   |  |  |  | 1,942   |  |  |  | 1,900   |  |  |  | 1,874   |  |  |  | 1,847   | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |              |    |  |                      |  | 1,729  |                            |  |  | 100                                            |  |  |                                               | 217    |  |             |  | 0 |         |  |  | 606     |  |  |         | 799    |  |            |  | 48 |             |  |  | 89    |  |  |    | 0 |  |     |  | 270    |     |  |  | 6,928   |  |  |    | 6,052   |  |    |  | 5,889   |     |  |  | 5,743   |  |  |  | 6,928   |  |  |  | 6,331   |  |  |  | 6,052   |  |  |  | 5,889   |  |  |  | 5,743   | 
|Groundbirch                           |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |              | B1 |  |                      |  | 477    |                            |  |  | 0                                              |  |  |                                               | 2      |  |             |  | 0 |         |  |  | 82      |  |  |         | 88     |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 15     |     |  |  | -4      |  |  |    | 5       |  |    |  | 7       |     |  |  | 8       |  |  |  | -4      |  |  |  | 2       |  |  |  | 5       |  |  |  | 7       |  |  |  | 8       | 
|Greater Saturn Area Montney           |  |              | B1 |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Sunset Area Montney           |  |              | B1 |  |                      |  | 1,493  |                            |  |  | 0                                              |  |  |                                               | 8      |  |             |  | 0 |         |  |  | 257     |  |  |         | 291    |  |            |  | 0  |             |  |  | 1     |  |  |    | 0 |  |     |  | 50     |     |  |  | 119     |  |  |    | 113     |  |    |  | 111     |     |  |  | 109     |  |  |  | 119     |  |  |  | 116     |  |  |  | 113     |  |  |  | 111     |  |  |  | 109     | 
|Groundbirch Resources                 |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney)         |  |              | B1 |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |              |    |  |                      |  | 1,970  |                            |  |  | 0                                              |  |  |                                               | 10     |  |             |  | 0 |         |  |  | 339     |  |  |         | 380    |  |            |  | 0  |             |  |  | 2     |  |  |    | 0 |  |     |  | 65     |     |  |  | 115     |  |  |    | 118     |  |    |  | 118     |     |  |  | 117     |  |  |  | 115     |  |  |  | 118     |  |  |  | 118     |  |  |  | 118     |  |  |  | 117     | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |              |    |  |                      |  | 3,699  |                            |  |  | 100                                            |  |  |                                               | 227    |  |             |  | 0 |         |  |  | 944     |  |  |         | 1,178  |  |            |  | 48 |             |  |  | 91    |  |  |    | 0 |  |     |  | 335    |     |  |  | 7,043   |  |  |    | 6,170   |  |    |  | 6,007   |     |  |  | 5,860   |  |  |  | 7,043   |  |  |  | 6,449   |  |  |  | 6,170   |  |  |  | 6,007   |  |  |  | 5,860   | 
|CNPC International Canada Ltd.        |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Lone Rock (Sask)                      |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Twining                               |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Insitu                                |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |              |    |  |                      |  | 0      |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0  |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |              |    |  |                      |  | 3,699  |                            |  |  | 100                                            |  |  |                                               | 227    |  |             |  | 0 |         |  |  | 944     |  |  |         | 1,178  |  |            |  | 48 |             |  |  | 91    |  |  |    | 0 |  |     |  | 335    |     |  |  | 7,043   |  |  |    | 6,170   |  |    |  | 6,007   |     |  |  | 5,860   |  |  |  | 7,043   |  |  |  | 6,449   |  |  |  | 6,170   |  |  |  | 6,007   |  |  |  | 5,860   | 
|                                      |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Developed Non-Producing |  |              |    |  |                      |  | 3,699  |                            |  |  | 100                                            |  |  |                                               | 227    |  |             |  | 0 |         |  |  | 944     |  |  |         | 1,178  |  |            |  | 48 |             |  |  | 91    |  |  |    | 0 |  |     |  | 335    |     |  |  | 7,043   |  |  |    | 6,170   |  |    |  | 6,007   |     |  |  | 5,860   |  |  |  | 7,043   |  |  |  | 6,449   |  |  |  | 6,170   |  |  |  | 6,007   |  |  |  | 5,860   | 
|Proved Undeveloped                    |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |              |    |  |                      |  |        |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |    |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |              |    |  |                      |  | 91,462 |                            |  |  | 0                                              |  |  |                                               | 14,217 |  |             |  | 0 |         |  |  | 29,461  |  |  |         | 42,326 |  |            |  | 0  |             |  |  | 5,984 |  |  |    | 0 |  |     |  | 13,039 |     |  |  | 164,775 |  |  |    | 118,015 |  |    |  | 109,394 |     |  |  | 101,682 |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 



|                                                                                  |  |  |                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|--------------------------------------------------------------------------------- |  |  | -------------------------- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv |  |  | February 25, 2016 15:04:54 | 



9



---

Gross and Net Reserves and Present Value Summary



|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ------------ | -- |  | -------------------- |  | ------- | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ------ |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------ |  | ---------- |  | --- | ----------- |  |  | ------ |  |  | -- | - |  | --- |  | ------ | --- |  |  | ------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  |              |    |  | Gross Lease Reserves |  |         | Net After Royalty Reserves |  |  | Before Income TaxDiscounted Present Value (M$) |  |  | After Income TaxDiscounted Present Value (M$) |       
|Entity Description                    |  | ReserveClass |    |  | GasMMcf              |  |         | OilMbbl                    |  |  | NGLMbbl                                        |  |  | SulphurMlt                                    |        |  | Oil Eq.Mboe |  |   | GasMMcf |  |  | OilMbbl |  |  | NGLMbbl |        |  | SulphurMlt |  |     | Oil Eq.Mboe |  |  | 0%     |  |  | 8% |   |  | 10% |  |        | 12% |  |  | 0%      |  |  | 5% |         |  | 8% |  |         | 10% |  |  | 12%     | 
|Proved Undeveloped (Cont.)            |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC) (Cont.)                 |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation. (Cont.)     |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture (Cont.)        |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Simonette Montney                     |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Willesden Green Duvernay              |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |              |    |  |                      |  | 91,462  |                            |  |  | 0                                              |  |  |                                               | 14,217 |  |             |  | 0 |         |  |  | 29,461  |  |  |         | 42,326 |  |            |  | 0   |             |  |  | 5,984  |  |  |    | 0 |  |     |  | 13,039 |     |  |  | 164,775 |  |  |    | 118,015 |  |    |  | 109,394 |     |  |  | 101,682 |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|Groundbirch                           |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Saturn Area Montney           |  |              | B2 |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Sunset Area Montney           |  |              | B2 |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Groundbirch Resources                 |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney)         |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |              |    |  |                      |  | 91,462  |                            |  |  | 0                                              |  |  |                                               | 14,217 |  |             |  | 0 |         |  |  | 29,461  |  |  |         | 42,326 |  |            |  | 0   |             |  |  | 5,984  |  |  |    | 0 |  |     |  | 13,039 |     |  |  | 164,775 |  |  |    | 118,015 |  |    |  | 109,394 |     |  |  | 101,682 |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|CNPC International Canada Ltd.        |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Lone Rock (Sask)                      |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Twining                               |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Insitu                                |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |              |    |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0      |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |              |    |  |                      |  | 91,462  |                            |  |  | 0                                              |  |  |                                               | 14,217 |  |             |  | 0 |         |  |  | 29,461  |  |  |         | 42,326 |  |            |  | 0   |             |  |  | 5,984  |  |  |    | 0 |  |     |  | 13,039 |     |  |  | 164,775 |  |  |    | 118,015 |  |    |  | 109,394 |     |  |  | 101,682 |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Undeveloped             |  |              |    |  |                      |  | 91,462  |                            |  |  | 0                                              |  |  |                                               | 14,217 |  |             |  | 0 |         |  |  | 29,461  |  |  |         | 42,326 |  |            |  | 0   |             |  |  | 5,984  |  |  |    | 0 |  |     |  | 13,039 |     |  |  | 164,775 |  |  |    | 118,015 |  |    |  | 109,394 |     |  |  | 101,682 |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|Total Proved                          |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |              |    |  |                      |  | 185,576 |                            |  |  | 239                                            |  |  |                                               | 29,635 |  |             |  | 0 |         |  |  | 60,803  |  |  |         | 85,848 |  |            |  | 99  |             |  |  | 12,315 |  |  |    | 0 |  |     |  | 26,722 |     |  |  | 395,869 |  |  |    | 323,675 |  |    |  | 309,659 |     |  |  | 296,891 |  |  |  | 395,869 |  |  |  | 347,415 |  |  |  | 323,675 |  |  |  | 309,659 |  |  |  | 296,891 | 
|Simonette Montney                     |  |              |    |  |                      |  | 3,892   |                            |  |  | 0                                              |  |  |                                               | 473    |  |             |  | 0 |         |  |  | 1,121   |  |  |         | 1,774  |  |            |  | 0   |             |  |  | 179    |  |  |    | 0 |  |     |  | 475    |     |  |  | 11,672  |  |  |    | 9,368   |  |    |  | 8,974   |     |  |  | 8,628   |  |  |  | 11,672  |  |  |  | 10,070  |  |  |  | 9,368   |  |  |  | 8,974   |  |  |  | 8,628   | 
|Willesden Green Duvernay              |  |              |    |  |                      |  | 5,647   |                            |  |  | 670                                            |  |  |                                               | 402    |  |             |  | 0 |         |  |  | 2,013   |  |  |         | 2,670  |  |            |  | 286 |             |  |  | 162    |  |  |    | 0 |  |     |  | 893    |     |  |  | 10,214  |  |  |    | 9,370   |  |    |  | 9,165   |     |  |  | 8,967   |  |  |  | 10,214  |  |  |  | 9,686   |  |  |  | 9,370   |  |  |  | 9,165   |  |  |  | 8,967   | 
|                                      |  |              |    |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |        |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |              |    |  |                      |  | 195,115 |                            |  |  | 909                                            |  |  |                                               | 30,510 |  |             |  | 0 |         |  |  | 63,937  |  |  |         | 90,292 |  |            |  | 386 |             |  |  | 12,656 |  |  |    | 0 |  |     |  | 28,090 |     |  |  | 417,756 |  |  |    | 342,413 |  |    |  | 327,798 |     |  |  | 314,486 |  |  |  | 417,756 |  |  |  | 367,171 |  |  |  | 342,413 |  |  |  | 327,798 |  |  |  | 314,486 | 



|                                                                                  |  |  |                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|--------------------------------------------------------------------------------- |  |  | -------------------------- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv |  |  | February 25, 2016 15:04:54 | 



10



---

Gross and Net Reserves and Present Value Summary



|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ------------ | - |  | -------------------- |  | ------- | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ------ |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------- |  | ---------- |  | --- | ----------- |  |  | ------ |  |  | -- | - |  | --- |  | ------ | --- |  |  | ------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  |              |   |  | Gross Lease Reserves |  |         | Net After Royalty Reserves |  |  | Before Income TaxDiscounted Present Value (M$) |  |  | After Income TaxDiscounted Present Value (M$) |       
|Entity Description                    |  | ReserveClass |   |  | GasMMcf              |  |         | OilMbbl                    |  |  | NGLMbbl                                        |  |  | SulphurMlt                                    |        |  | Oil Eq.Mboe |  |   | GasMMcf |  |  | OilMbbl |  |  | NGLMbbl |         |  | SulphurMlt |  |     | Oil Eq.Mboe |  |  | 0%     |  |  | 8% |   |  | 10% |  |        | 12% |  |  | 0%      |  |  | 5% |         |  | 8% |  |         | 10% |  |  | 12%     | 
|Total Proved (Cont.)                  |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC) (Cont.)                 |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation. (Cont.)     |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Groundbirch                           |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |              |   |  |                      |  | 21,098  |                            |  |  | 0                                              |  |  |                                               | 110    |  |             |  | 0 |         |  |  | 3,626   |  |  |         | 4,078   |  |            |  | 0   |             |  |  | 20     |  |  |    | 0 |  |     |  | 700    |     |  |  | 382     |  |  |    | 580     |  |    |  | 603     |     |  |  | 619     |  |  |  | 382     |  |  |  | 530     |  |  |  | 580     |  |  |  | 603     |  |  |  | 619     | 
|Greater Saturn Area Montney           |  |              |   |  |                      |  | 120,537 |                            |  |  | 0                                              |  |  |                                               | 628    |  |             |  | 0 |         |  |  | 20,717  |  |  |         | 23,434  |  |            |  | 0   |             |  |  | 116    |  |  |    | 0 |  |     |  | 4,022  |     |  |  | 8,495   |  |  |    | 8,192   |  |    |  | 8,051   |     |  |  | 7,902   |  |  |  | 8,495   |  |  |  | 8,372   |  |  |  | 8,192   |  |  |  | 8,051   |  |  |  | 7,902   | 
|Greater Sunset Area Montney           |  |              |   |  |                      |  | 239,792 |                            |  |  | 0                                              |  |  |                                               | 1,249  |  |             |  | 0 |         |  |  | 41,214  |  |  |         | 45,366  |  |            |  | 0   |             |  |  | 215    |  |  |    | 0 |  |     |  | 7,777  |     |  |  | 16,350  |  |  |    | 14,390  |  |    |  | 13,937  |     |  |  | 13,506  |  |  |  | 16,350  |  |  |  | 15,106  |  |  |  | 14,390  |  |  |  | 13,937  |  |  |  | 13,506  | 
|Groundbirch Resources                 |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non- Montney)        |  |              | C |  |                      |  | 2,079   |                            |  |  | 0                                              |  |  |                                               | 11     |  |             |  | 0 |         |  |  | 357     |  |  |         | 379     |  |            |  | 0   |             |  |  | 2      |  |  |    | 0 |  |     |  | 65     |     |  |  | 125     |  |  |    | 129     |  |    |  | 129     |     |  |  | 129     |  |  |  | 125     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |              |   |  |                      |  | 383,506 |                            |  |  | 0                                              |  |  |                                               | 1,997  |  |             |  | 0 |         |  |  | 65,915  |  |  |         | 73,258  |  |            |  | 0   |             |  |  | 354    |  |  |    | 0 |  |     |  | 12,563 |     |  |  | 25,351  |  |  |    | 23,291  |  |    |  | 22,720  |     |  |  | 22,156  |  |  |  | 25,351  |  |  |  | 24,138  |  |  |  | 23,291  |  |  |  | 22,720  |  |  |  | 22,156  | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |              |   |  |                      |  | 578,621 |                            |  |  | 909                                            |  |  |                                               | 32,507 |  |             |  | 0 |         |  |  | 129,852 |  |  |         | 163,550 |  |            |  | 386 |             |  |  | 13,009 |  |  |    | 0 |  |     |  | 40,654 |     |  |  | 443,107 |  |  |    | 365,704 |  |    |  | 350,518 |     |  |  | 336,642 |  |  |  | 443,107 |  |  |  | 391,309 |  |  |  | 365,704 |  |  |  | 350,518 |  |  |  | 336,642 | 
|CNPC International Canada Ltd.        |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |              | A |  |                      |  | 598     |                            |  |  | 58                                             |  |  |                                               | 5      |  |             |  | 0 |         |  |  | 163     |  |  |         | 63      |  |            |  | 9   |             |  |  | 0      |  |  |    | 0 |  |     |  | 20     |     |  |  | 92      |  |  |    | 108     |  |    |  | 108     |     |  |  | 109     |  |  |  | 92      |  |  |  | 105     |  |  |  | 108     |  |  |  | 108     |  |  |  | 109     | 
|Lone Rock (Sask)                      |  |              | A |  |                      |  | 0       |                            |  |  | 132                                            |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 132     |  |  |         | 0       |  |            |  | 31  |             |  |  | 0      |  |  |    | 0 |  |     |  | 31     |     |  |  | 357     |  |  |    | 305     |  |    |  | 294     |     |  |  | 284     |  |  |  | 357     |  |  |  | 323     |  |  |  | 305     |  |  |  | 294     |  |  |  | 284     | 
|Twining                               |  |              | A |  |                      |  | 562     |                            |  |  | 126                                            |  |  |                                               | 3      |  |             |  | 0 |         |  |  | 223     |  |  |         | 127     |  |            |  | 20  |             |  |  | 0      |  |  |    | 0 |  |     |  | 42     |     |  |  | 309     |  |  |    | 258     |  |    |  | 248     |     |  |  | 239     |  |  |  | 309     |  |  |  | 275     |  |  |  | 258     |  |  |  | 248     |  |  |  | 239     | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |              |   |  |                      |  | 1,160   |                            |  |  | 317                                            |  |  |                                               | 8      |  |             |  | 0 |         |  |  | 518     |  |  |         | 190     |  |            |  | 60  |             |  |  | 1      |  |  |    | 0 |  |     |  | 92     |     |  |  | 758     |  |  |    | 671     |  |    |  | 650     |     |  |  | 631     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|Insitu                                |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |              |   |  |                      |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |              |   |  |                      |  | 1,160   |                            |  |  | 317                                            |  |  |                                               | 8      |  |             |  | 0 |         |  |  | 518     |  |  |         | 190     |  |            |  | 60  |             |  |  | 1      |  |  |    | 0 |  |     |  | 92     |     |  |  | 758     |  |  |    | 671     |  |    |  | 650     |     |  |  | 631     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |              |   |  |                      |  | 579,780 |                            |  |  | 1,225                                          |  |  |                                               | 32,515 |  |             |  | 0 |         |  |  | 130,371 |  |  |         | 163,740 |  |            |  | 446 |             |  |  | 13,010 |  |  |    | 0 |  |     |  | 40,746 |     |  |  | 443,865 |  |  |    | 366,375 |  |    |  | 351,169 |     |  |  | 337,273 |  |  |  | 443,865 |  |  |  | 392,012 |  |  |  | 366,375 |  |  |  | 351,169 |  |  |  | 337,273 | 
|                                      |  |              |   |  |                      |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Total Proved                   |  |              |   |  |                      |  | 579,780 |                            |  |  | 1,225                                          |  |  |                                               | 32,515 |  |             |  | 0 |         |  |  | 130,371 |  |  |         | 163,740 |  |            |  | 446 |             |  |  | 13,010 |  |  |    | 0 |  |     |  | 40,746 |     |  |  | 443,865 |  |  |    | 366,375 |  |    |  | 351,169 |     |  |  | 337,273 |  |  |  | 443,865 |  |  |  | 392,012 |  |  |  | 366,375 |  |  |  | 351,169 |  |  |  | 337,273 | 



| |  |              |  |         |  |     |  |         |  |     |  |         |  |     |  |         |  |     |  | 
| |  | ------------ |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | 
| |  | BOE Factors: |  | HVY OIL |  | 1.0 |  | RES GAS |  | 6.0 |  | PROPANE |  | 1.0 |  | ETHANE  |  | 1.0 |  | 
| |  |              |  | COND    |  | 1.0 |  | SLN GAS |  | 6.0 |  | BUTANE  |  | 1.0 |  | SULPHUR |  | 0.0 |  | 



|                                                                                  |  |  |                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|--------------------------------------------------------------------------------- |  |  | -------------------------- |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 
|1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv |  |  | February 25, 2016 15:04:54 | 



11



---

Historical and Forecast Production

|             |  |                          |  |                 |  |                                       
|------------ |  | ------------------------ |  | --------------- |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Pricing:        |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|Property:    |  | Corporate                |  | Effective Date: |  | December 31, 2015                     
|Description: |  | After Tax Analysis (SEC) |  |                 |  |                                       

Company* Interest Oil Equivalent



LOGO

Company* Interest Oil Equivalent - Total Proved



LOGO

*Note: Historical company interest production is based on current interests in the evaluated reserves entities applied to
reported actual gross lease production. Consequently, company actuals may differ from the history shown due to changes in ownership.



|                                                       |  |          
|------------------------------------------------------ |  | ---------
|Company Interest Oil Equivalent 1150508 / Feb 25,
2016 |  | Drawing 1



12



---

Historical and Forecast Production

|             |  |                          |  |                 |  |                                       
|------------ |  | ------------------------ |  | --------------- |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Pricing:        |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|Property:    |  | Corporate                |  | Effective Date: |  | December 31, 2015                     
|Description: |  | After Tax Analysis (SEC) |  |                 |  |                                       

Company* Interest Total Oil



LOGO

Company* Interest Total Gas



LOGO



13



---

Company* Interest Natural Gas Liquids



LOGO

*Note: Historical company interest production is based on current interests in the evaluated reserves entities applied to
reported actual gross lease production. Consequently, company actuals may differ from the history shown due to changes in ownership.



|                                                  |  |          
|------------------------------------------------- |  | ---------
|Company Interest Total Oil 1150508 / Feb 25,
2016 |  | Drawing 2



14



---

PROVED RESERVES

TABLE OF CONTENTS



|                                                       |  |      |    | 
|------------------------------------------------------ |  | ---- | -- | 
|                                                       |  | Page |   
|                                                       | 
|SUMMARY OF RESERVES AND VALUES                         |  |      | 16 | 
|                                                       | 
|COMPANY PRODUCTION, RESERVES AND PRESENT VALUE SUMMARY |  |      | 17 | 
|                                                       | 
|ECONOMIC FORECASTS                                     |  |      | 22 | 
|Proved Producing                                       |  |      | 22 | 
|Proved Developed Non-Producing                         |  |      | 27 | 
|Proved Undeveloped                                     |  |      | 32 | 
|Total Proved Non-Producing                             |  |      | 36 | 
|Total Proved                                           |  |      | 40 | 



15



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Various                               
|Property:    |  | Corporate                |  | Development Class: |  | Classifications                       
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Summary of Reserves and Values



|                              |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|----------------------------- |  | --------------- | ------- |  | ---------------------------- |  | ----- | ----------------- |  |  | ------------------------ |  |  | ----------- | ------- |  |  |  | ------- | 
|                              |  | ProvedProducing |         |  | ProvedDevelopedNon-Producing |  |       | ProvedUndeveloped |  |  | TotalProvedNon-Producing |  |  | TotalProved |        
|MARKETABLE RESERVES           |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|                              |  |                 |         |  |                             
|Light & Medium Oil (Mbbl)     |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 61      |  |                              |  | 0     |                   |  |  | 0                        |  |  |             | 0       |  |  |  | 61      | 
|Working Interest              |  |                 | 61      |  |                              |  | 0     |                   |  |  | 0                        |  |  |             | 0       |  |  |  | 61      | 
|Net After Royalty             |  |                 | 60      |  |                              |  | 0     |                   |  |  | 0                        |  |  |             | 0       |  |  |  | 60      | 
|                              |  |                 |         |  |                             
|Tight Oil (Mbbl)              |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 403     |  |                              |  | 50    |                   |  |  | 0                        |  |  |             | 50      |  |  |  | 453     | 
|Working Interest              |  |                 | 403     |  |                              |  | 50    |                   |  |  | 0                        |  |  |             | 50      |  |  |  | 453     | 
|Net After Royalty             |  |                 | 338     |  |                              |  | 48    |                   |  |  | 0                        |  |  |             | 48      |  |  |  | 386     | 
|                              |  |                 |         |  |                             
|Total Oil (Mbbl)              |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 464     |  |                              |  | 50    |                   |  |  | 0                        |  |  |             | 50      |  |  |  | 514     | 
|Working Interest              |  |                 | 464     |  |                              |  | 50    |                   |  |  | 0                        |  |  |             | 50      |  |  |  | 514     | 
|Net After Royalty             |  |                 | 398     |  |                              |  | 48    |                   |  |  | 0                        |  |  |             | 48      |  |  |  | 446     | 
|                              |  |                 |         |  |                             
|Residue Gas (MMcf)            |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 618     |  |                              |  | 0     |                   |  |  | 0                        |  |  |             | 0       |  |  |  | 618     | 
|Working Interest              |  |                 | 616     |  |                              |  | 0     |                   |  |  | 0                        |  |  |             | 0       |  |  |  | 616     | 
|Net After Royalty             |  |                 | 569     |  |                              |  | 0     |                   |  |  | 0                        |  |  |             | 0       |  |  |  | 569     | 
|                              |  |                 |         |  |                             
|Shale Gas (MMcf)              |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 126,751 |  |                              |  | 1,257 |                   |  |  | 45,640                   |  |  |             | 46,896  |  |  |  | 173,648 | 
|Working Interest              |  |                 | 126,751 |  |                              |  | 1,257 |                   |  |  | 45,640                   |  |  |             | 46,896  |  |  |  | 173,648 | 
|Net After Royalty             |  |                 | 119,666 |  |                              |  | 1,178 |                   |  |  | 42,326                   |  |  |             | 43,504  |  |  |  | 163,171 | 
|                              |  |                 |         |  |                             
|Total Gas (MMcf)              |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 127,369 |  |                              |  | 1,257 |                   |  |  | 45,640                   |  |  |             | 46,896  |  |  |  | 174,265 | 
|Working Interest              |  |                 | 127,367 |  |                              |  | 1,257 |                   |  |  | 45,640                   |  |  |             | 46,896  |  |  |  | 174,264 | 
|Net After Royalty             |  |                 | 120,235 |  |                              |  | 1,178 |                   |  |  | 42,326                   |  |  |             | 43,504  |  |  |  | 163,740 | 
|                              |  |                 |         |  |                             
|Condensate (Mbbl)             |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 6,653   |  |                              |  | 97    |                   |  |  | 5,537                    |  |  |             | 5,634   |  |  |  | 12,287  | 
|Working Interest              |  |                 | 6,653   |  |                              |  | 97    |                   |  |  | 5,537                    |  |  |             | 5,634   |  |  |  | 12,287  | 
|Net After Royalty             |  |                 | 5,440   |  |                              |  | 79    |                   |  |  | 4,660                    |  |  |             | 4,738   |  |  |  | 10,179  | 
|                              |  |                 |         |  |                             
|Natural Gas Liquids (Mbbl)    |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 8,420   |  |                              |  | 110   |                   |  |  | 7,094                    |  |  |             | 7,205   |  |  |  | 15,625  | 
|Working Interest              |  |                 | 8,420   |  |                              |  | 110   |                   |  |  | 7,094                    |  |  |             | 7,205   |  |  |  | 15,625  | 
|Net After Royalty             |  |                 | 6,935   |  |                              |  | 91    |                   |  |  | 5,984                    |  |  |             | 6,076   |  |  |  | 13,010  | 
|                              |  |                 |         |  |                             
|Oil Equivalent (Mboe)         |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|Total Company Interest        |  |                 | 30,113  |  |                              |  | 370   |                   |  |  | 14,701                   |  |  |             | 15,071  |  |  |  | 45,184  | 
|Working Interest              |  |                 | 30,113  |  |                              |  | 370   |                   |  |  | 14,701                   |  |  |             | 15,071  |  |  |  | 45,183  | 
|Net After Royalty             |  |                 | 27,372  |  |                              |  | 335   |                   |  |  | 13,039                   |  |  |             | 13,374  |  |  |  | 40,746  | 
|                              |  |                 |         |  |                             
|BEFORE TAX PRESENT VALUE (M$) |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|0%                            |  |                 | 272,048 |  |                              |  | 7,043 |                   |  |  | 164,775                  |  |  |             | 171,817 |  |  |  | 443,865 | 
|5%                            |  |                 | 252,592 |  |                              |  | 6,449 |                   |  |  | 132,971                  |  |  |             | 139,420 |  |  |  | 392,012 | 
|8%                            |  |                 | 242,190 |  |                              |  | 6,170 |                   |  |  | 118,015                  |  |  |             | 124,185 |  |  |  | 366,375 | 
|10%                           |  |                 | 235,768 |  |                              |  | 6,007 |                   |  |  | 109,394                  |  |  |             | 115,401 |  |  |  | 351,169 | 
|12%                           |  |                 | 229,732 |  |                              |  | 5,860 |                   |  |  | 101,682                  |  |  |             | 107,541 |  |  |  | 337,273 | 
|15%                           |  |                 | 221,348 |  |                              |  | 5,662 |                   |  |  | 91,554                   |  |  |             | 97,216  |  |  |  | 318,564 | 
|20%                           |  |                 | 208,950 |  |                              |  | 5,381 |                   |  |  | 77,729                   |  |  |             | 83,110  |  |  |  | 292,060 | 
|                              |  |                 |         |  |                             
|AFTER TAX PRESENT VALUE (M$)  |  |                 |         |  |                              |  |       |                   |  |  |                          |  |  |             |         |  |  |  |         | 
|0%                            |  |                 | 272,048 |  |                              |  | 7,043 |                   |  |  | 164,775                  |  |  |             | 171,817 |  |  |  | 443,865 | 
|5%                            |  |                 | 252,592 |  |                              |  | 6,449 |                   |  |  | 132,971                  |  |  |             | 139,420 |  |  |  | 392,012 | 
|8%                            |  |                 | 242,190 |  |                              |  | 6,170 |                   |  |  | 118,015                  |  |  |             | 124,185 |  |  |  | 366,375 | 
|10%                           |  |                 | 235,768 |  |                              |  | 6,007 |                   |  |  | 109,394                  |  |  |             | 115,401 |  |  |  | 351,169 | 
|12%                           |  |                 | 229,732 |  |                              |  | 5,860 |                   |  |  | 101,682                  |  |  |             | 107,541 |  |  |  | 337,273 | 
|15%                           |  |                 | 221,348 |  |                              |  | 5,662 |                   |  |  | 91,554                   |  |  |             | 97,216  |  |  |  | 318,564 | 
|20%                           |  |                 | 208,950 |  |                              |  | 5,381 |                   |  |  | 77,729                   |  |  |             | 83,110  |  |  |  | 292,060 | 



|                                                                                                                          |  |                         |  |         |  |     |  |         |  |     |  |         |  |     |  |         |  |     |  | 
|------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | 
|                                                                                                                          |  | BOE Factors:            |  | HVY OIL |  | 1.0 |  | RES GAS |  | 6.0 |  | PROPANE |  | 1.0 |  | ETHANE  |  | 1.0 |  | 
|                                                                                                                          |  |                         |  | COND    |  | 1.0 |  | SLN GAS |  | 6.0 |  | BUTANE  |  | 1.0 |  | SULPHUR |  | 0.0 |  | 
|                                                                                                                          | 
|Run Date: February 25, 2016 11:46:00
1150508            Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.),
psum |  | March 09, 2016 09:05:02



16



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Various                               
|Property:    |  | Corporate                |  | Development Class: |  | Classifications                       
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Company Production, Reserves and Present Value Summary



|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ---------------------------- | ------ |  | ------------------------- |  | --- | -------------------------- |  |  | ------------------- |  |  | ---------------------------------------------- | ------ |  | ------- |  | ------- | ------- |  |  | ---------- |  |  | ----------- | ----- |  | ------- |  | - | ------- |  |  | ------- |  |  | ---------- | ------- |  | ----------- |  | --- |  | -- |  | ----- | -- |  |  | -- |  |  | --- | ------ |  | --- |  | --- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  | 2016 Company Interest Prod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% | 
|Proved Producing                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |                              | 31,786 |  |                           |  | 99  |                            |  |  | 6,126               |  |  |                                                | 11,522 |  |         |  | 46,963  |         |  |  | 119        |  |  |             | 7,693 |  |         |  | 0 |         |  |  | 15,640  |  |  |            | 43,522  |  |             |  | 99  |  |    |  | 6,331 |    |  |  | 0  |  |  |     | 13,684 |  |     |  |     |  |  |  | 231,095 |  |  |  | 214,444 |  |  |  | 205,660 |  |  |  | 200,265 |  |  |  | 195,209 | 
|Simonette Montney                     |  |                              | 643    |  |                           |  | 0   |                            |  |  | 105                 |  |  |                                                | 212    |  |         |  | 1,279   |         |  |  | 0          |  |  |             | 140   |  |         |  | 0 |         |  |  | 354     |  |  |            | 1,167   |  |             |  | 0   |  |    |  | 102   |    |  |  | 0  |  |  |     | 296    |  |     |  |     |  |  |  | 6,757   |  |  |  | 5,681   |  |  |  | 5,217   |  |  |  | 4,958   |  |  |  | 4,733   | 
|Willesden Green Duvernay              |  |                              | 1,807  |  |                           |  | 204 |                            |  |  | 118                 |  |  |                                                | 624    |  |         |  | 2,618   |         |  |  | 284        |  |  |             | 188   |  |         |  | 0 |         |  |  | 908     |  |  |            | 2,478   |  |             |  | 239 |  |    |  | 150   |    |  |  | 0  |  |  |     | 801    |  |     |  |     |  |  |  | 8,201   |  |  |  | 7,744   |  |  |  | 7,469   |  |  |  | 7,292   |  |  |  | 7,120   | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |                              | 34,236 |  |                           |  | 303 |                            |  |  | 6,349               |  |  |                                                | 12,358 |  |         |  | 50,860  |         |  |  | 403        |  |  |             | 8,022 |  |         |  | 0 |         |  |  | 16,902  |  |  |            | 47,167  |  |             |  | 338 |  |    |  | 6,582 |    |  |  | 0  |  |  |     | 14,782 |  |     |  |     |  |  |  | 246,053 |  |  |  | 227,870 |  |  |  | 218,346 |  |  |  | 212,515 |  |  |  | 207,062 | 
|Groundbirch                           |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |                              | 3,279  |  |                           |  | 0   |                            |  |  | 17                  |  |  |                                                | 564    |  |         |  | 4,124   |         |  |  | 0          |  |  |             | 21    |  |         |  | 0 |         |  |  | 709     |  |  |            | 3,990   |  |             |  | 0   |  |    |  | 20    |    |  |  | 0  |  |  |     | 685    |  |     |  | 3.4 |  |  |  | 386     |  |  |  | 528     |  |  |  | 575     |  |  |  | 596     |  |  |  | 611     | 
|Greater Saturn Area Montney           |  |                              | 17,203 |  |                           |  | 0   |                            |  |  | 90                  |  |  |                                                | 2,957  |  |         |  | 24,107  |         |  |  | 0          |  |  |             | 126   |  |         |  | 0 |         |  |  | 4,143   |  |  |            | 23,434  |  |             |  | 0   |  |    |  | 116   |    |  |  | 0  |  |  |     | 4,022  |  |     |  | 3.8 |  |  |  | 8,495   |  |  |  | 8,372   |  |  |  | 8,192   |  |  |  | 8,051   |  |  |  | 7,902   | 
|Greater Sunset Area Montney           |  |                              | 28,069 |  |                           |  | 0   |                            |  |  | 146                 |  |  |                                                | 4,824  |  |         |  | 47,660  |         |  |  | 0          |  |  |             | 248   |  |         |  | 0 |         |  |  | 8,192   |  |  |            | 45,075  |  |             |  | 0   |  |    |  | 214   |    |  |  | 0  |  |  |     | 7,727  |  |     |  | 4.7 |  |  |  | 16,230  |  |  |  | 14,991  |  |  |  | 14,277  |  |  |  | 13,826  |  |  |  | 13,397  | 
|Groundbirch Resources                 |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non- Montney)        |  |                              | 481    |  |                           |  | 0   |                            |  |  | 3                   |  |  |                                                | 83     |  |         |  | 416     |         |  |  | 0          |  |  |             | 2     |  |         |  | 0 |         |  |  | 71      |  |  |            | 379     |  |             |  | 0   |  |    |  | 2     |    |  |  | 0  |  |  |     | 65     |  |     |  | 2.4 |  |  |  | 125     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |                              | 49,031 |  |                           |  | 0   |                            |  |  | 255                 |  |  |                                                | 8,427  |  |         |  | 76,307  |         |  |  | 0          |  |  |             | 397   |  |         |  | 0 |         |  |  | 13,115  |  |  |            | 72,879  |  |             |  | 0   |  |    |  | 352   |    |  |  | 0  |  |  |     | 12,498 |  |     |  |     |  |  |  | 25,236  |  |  |  | 24,020  |  |  |  | 23,173  |  |  |  | 22,602  |  |  |  | 22,039  | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |                              | 83,268 |  |                           |  | 303 |                            |  |  | 6,604               |  |  |                                                | 20,785 |  |         |  | 127,167 |         |  |  | 403        |  |  |             | 8,419 |  |         |  | 0 |         |  |  | 30,017  |  |  |            | 120,046 |  |             |  | 338 |  |    |  | 6,934 |    |  |  | 0  |  |  |     | 27,280 |  |     |  |     |  |  |  | 271,289 |  |  |  | 251,889 |  |  |  | 241,519 |  |  |  | 235,118 |  |  |  | 229,101 | 
|CNPC International Canada Ltd.        |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |                              | 51     |  |                           |  | 5   |                            |  |  | 0                   |  |  |                                                | 14     |  |         |  | 67      |         |  |  | 9          |  |  |             | 1     |  |         |  | 0 |         |  |  | 21      |  |  |            | 63      |  |             |  | 9   |  |    |  | 0     |    |  |  | 0  |  |  |     | 20     |  |     |  | 4.0 |  |  |  | 92      |  |  |  | 105     |  |  |  | 108     |  |  |  | 108     |  |  |  | 109     | 
|Lone Rock (Sask)                      |  |                              | 0      |  |                           |  | 21  |                            |  |  | 0                   |  |  |                                                | 21     |  |         |  | 0       |         |  |  | 32         |  |  |             | 0     |  |         |  | 0 |         |  |  | 32      |  |  |            | 0       |  |             |  | 31  |  |    |  | 0     |    |  |  | 0  |  |  |     | 31     |  |     |  | 4.2 |  |  |  | 357     |  |  |  | 323     |  |  |  | 305     |  |  |  | 294     |  |  |  | 284     | 
|Twining                               |  |                              | 138    |  |                           |  | 5   |                            |  |  | 1                   |  |  |                                                | 29     |  |         |  | 134     |         |  |  | 20         |  |  |             | 1     |  |         |  | 0 |         |  |  | 43      |  |  |            | 127     |  |             |  | 20  |  |    |  | 0     |    |  |  | 0  |  |  |     | 42     |  |     |  | 4.1 |  |  |  | 309     |  |  |  | 275     |  |  |  | 258     |  |  |  | 248     |  |  |  | 239     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |                              | 189    |  |                           |  | 31  |                            |  |  | 1                   |  |  |                                                | 64     |  |         |  | 202     |         |  |  | 61         |  |  |             | 1     |  |         |  | 0 |         |  |  | 96      |  |  |            | 190     |  |             |  | 60  |  |    |  | 1     |    |  |  | 0  |  |  |     | 92     |  |     |  |     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|Insitu                                |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |                              | 189    |  |                           |  | 31  |                            |  |  | 1                   |  |  |                                                | 64     |  |         |  | 202     |         |  |  | 61         |  |  |             | 1     |  |         |  | 0 |         |  |  | 96      |  |  |            | 190     |  |             |  | 60  |  |    |  | 1     |    |  |  | 0  |  |  |     | 92     |  |     |  |     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |                              | 83,456 |  |                           |  | 334 |                            |  |  | 6,605               |  |  |                                                | 20,849 |  |         |  | 127,369 |         |  |  | 464        |  |  |             | 8,420 |  |         |  | 0 |         |  |  | 30,113  |  |  |            | 120,235 |  |             |  | 398 |  |    |  | 6,935 |    |  |  | 0  |  |  |     | 27,372 |  |     |  |     |  |  |  | 272,048 |  |  |  | 252,592 |  |  |  | 242,190 |  |  |  | 235,768 |  |  |  | 229,732 | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Producing               |  |                              | 83,456 |  |                           |  | 334 |                            |  |  | 6,605               |  |  |                                                | 20,849 |  |         |  | 127,369 |         |  |  | 464        |  |  |             | 8,420 |  |         |  | 0 |         |  |  | 30,113  |  |  |            | 120,235 |  |             |  | 398 |  |    |  | 6,935 |    |  |  | 0  |  |  |     | 27,372 |  |     |  |     |  |  |  | 272,048 |  |  |  | 252,592 |  |  |  | 242,190 |  |  |  | 235,768 |  |  |  | 229,732 | 
|Proved Developed Non-Producing        |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 



|        |  |                                                                  |  |                           
|------- |  | ---------------------------------------------------------------- |  | --------------------------
|1150508 |  | Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv |  | February 25, 2016 15:04:55



17



---

Company Production, Reserves and Present Value Summary



|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|-------------------------------------- |  | ---------------------------- | ------ |  | ------------------------- |  | -- | -------------------------- |  |  | ------------------- |  |  | ---------------------------------------------- | ----- |  | ------- |  | ------ | ------- |  |  | ---------- |  |  | ----------- | ----- |  | ------- |  | - | ------- |  |  | ------- |  |  | ---------- | ------ |  | ----------- |  | -- |  | -- |  | ----- | -- |  |  | -- |  |  | --- | ------ |  | --- |  | --- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                       |  | 2016 Company Interest Prod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% | 
|Proved Developed Non-Producing (Cont.) |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC) (Cont.)                  |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation. (Cont.)      |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture (Cont.)         |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Simonette Montney                      |  |                              | 471    |  |                           |  | 0  |                            |  |  | 125                 |  |  |                                                | 203   |  |         |  | 663    |         |  |  | 0          |  |  |             | 96    |  |         |  | 0 |         |  |  | 206     |  |  |            | 607    |  |             |  | 0  |  |    |  | 77    |    |  |  | 0  |  |  |     | 178    |  |     |  |     |  |  |  | 4,915   |  |  |  | 4,389   |  |  |  | 4,151   |  |  |  | 4,016   |  |  |  | 3,895   | 
|Willesden Green Duvernay               |  |                              | 267    |  |                           |  | 79 |                            |  |  | 17                  |  |  |                                                | 141   |  |         |  | 200    |         |  |  | 50         |  |  |             | 13    |  |         |  | 0 |         |  |  | 96      |  |  |            | 192    |  |             |  | 48 |  |    |  | 12    |    |  |  | 0  |  |  |     | 92     |  |     |  |     |  |  |  | 2,013   |  |  |  | 1,942   |  |  |  | 1,900   |  |  |  | 1,874   |  |  |  | 1,847   | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture          |  |                              | 738    |  |                           |  | 79 |                            |  |  | 142                 |  |  |                                                | 344   |  |         |  | 863    |         |  |  | 50         |  |  |             | 108   |  |         |  | 0 |         |  |  | 302     |  |  |            | 799    |  |             |  | 48 |  |    |  | 89    |    |  |  | 0  |  |  |     | 270    |  |     |  |     |  |  |  | 6,928   |  |  |  | 6,331   |  |  |  | 6,052   |  |  |  | 5,889   |  |  |  | 5,743   | 
|Groundbirch                            |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney       |  |                              | 99     |  |                           |  | 0  |                            |  |  | 1                   |  |  |                                                | 17    |  |         |  | 95     |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 16      |  |  |            | 88     |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 15     |  |     |  | 2.0 |  |  |  | -4      |  |  |  | 2       |  |  |  | 5       |  |  |  | 7       |  |  |  | 8       | 
|Greater Saturn Area Montney            |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Sunset Area Montney            |  |                              | 245    |  |                           |  | 0  |                            |  |  | 1                   |  |  |                                                | 42    |  |         |  | 299    |         |  |  | 0          |  |  |             | 2     |  |         |  | 0 |         |  |  | 51      |  |  |            | 291    |  |             |  | 0  |  |    |  | 1     |    |  |  | 0  |  |  |     | 50     |  |     |  | 3.3 |  |  |  | 119     |  |  |  | 116     |  |  |  | 113     |  |  |  | 111     |  |  |  | 109     | 
|Groundbirch Resources                  |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney)          |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                     |  |                              | 344    |  |                           |  | 0  |                            |  |  | 2                   |  |  |                                                | 59    |  |         |  | 394    |         |  |  | 0          |  |  |             | 2     |  |         |  | 0 |         |  |  | 68      |  |  |            | 380    |  |             |  | 0  |  |    |  | 2     |    |  |  | 0  |  |  |     | 65     |  |     |  |     |  |  |  | 115     |  |  |  | 118     |  |  |  | 118     |  |  |  | 118     |  |  |  | 117     | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.       |  |                              | 1,082  |  |                           |  | 79 |                            |  |  | 143                 |  |  |                                                | 403   |  |         |  | 1,257  |         |  |  | 50         |  |  |             | 110   |  |         |  | 0 |         |  |  | 370     |  |  |            | 1,178  |  |             |  | 48 |  |    |  | 91    |    |  |  | 0  |  |  |     | 335    |  |     |  |     |  |  |  | 7,043   |  |  |  | 6,449   |  |  |  | 6,170   |  |  |  | 6,007   |  |  |  | 5,860   | 
|CNPC International Canada Ltd.         |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                           |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                             |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Lone Rock (Sask)                       |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Twining                                |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                    |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Insitu                                 |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                  |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                             |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                          |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd.  |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                   |  |                              | 1,082  |  |                           |  | 79 |                            |  |  | 143                 |  |  |                                                | 403   |  |         |  | 1,257  |         |  |  | 50         |  |  |             | 110   |  |         |  | 0 |         |  |  | 370     |  |  |            | 1,178  |  |             |  | 48 |  |    |  | 91    |    |  |  | 0  |  |  |     | 335    |  |     |  |     |  |  |  | 7,043   |  |  |  | 6,449   |  |  |  | 6,170   |  |  |  | 6,007   |  |  |  | 5,860   | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Developed Non-Producing  |  |                              | 1,082  |  |                           |  | 79 |                            |  |  | 143                 |  |  |                                                | 403   |  |         |  | 1,257  |         |  |  | 50         |  |  |             | 110   |  |         |  | 0 |         |  |  | 370     |  |  |            | 1,178  |  |             |  | 48 |  |    |  | 91    |    |  |  | 0  |  |  |     | 335    |  |     |  |     |  |  |  | 7,043   |  |  |  | 6,449   |  |  |  | 6,170   |  |  |  | 6,007   |  |  |  | 5,860   | 
|Proved Undeveloped                     |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                          |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.              |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                 |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                        |  |                              | 12,688 |  |                           |  | 0  |                            |  |  | 2,625               |  |  |                                                | 4,739 |  |         |  | 45,640 |         |  |  | 0          |  |  |             | 7,094 |  |         |  | 0 |         |  |  | 14,701  |  |  |            | 42,326 |  |             |  | 0  |  |    |  | 5,984 |    |  |  | 0  |  |  |     | 13,039 |  |     |  |     |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|Simonette Montney                      |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Willesden Green Duvernay               |  |                              | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                       |  |                              |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture          |  |                              | 12,688 |  |                           |  | 0  |                            |  |  | 2,625               |  |  |                                                | 4,739 |  |         |  | 45,640 |         |  |  | 0          |  |  |             | 7,094 |  |         |  | 0 |         |  |  | 14,701  |  |  |            | 42,326 |  |             |  | 0  |  |    |  | 5,984 |    |  |  | 0  |  |  |     | 13,039 |  |     |  |     |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 



|        |  |                                                                  |  |                           
|------- |  | ---------------------------------------------------------------- |  | --------------------------
|1150508 |  | Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv |  | February 25, 2016 15:04:55



18



---

Company Production, Reserves and Present Value Summary



|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | --------------------------- | ------ |  | ------------------------- |  | -- | -------------------------- |  |  | ------------------- |  |  | ---------------------------------------------- | ----- |  | ------- |  | ------ | ------- |  |  | ---------- |  |  | ----------- | ----- |  | ------- |  | - | ------- |  |  | ------- |  |  | ---------- | ------ |  | ----------- |  | -- |  | -- |  | ----- | -- |  |  | -- |  |  | --- | ------ |  | --- |  | --- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  | 2016 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% | 
|Proved Undeveloped (Cont.)            |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC) (Cont.)                 |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation. (Cont.)     |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Groundbirch                           |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Saturn Area Montney           |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Sunset Area Montney           |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Groundbirch Resources                 |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney )        |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |                             | 12,688 |  |                           |  | 0  |                            |  |  | 2,625               |  |  |                                                | 4,739 |  |         |  | 45,640 |         |  |  | 0          |  |  |             | 7,094 |  |         |  | 0 |         |  |  | 14,701  |  |  |            | 42,326 |  |             |  | 0  |  |    |  | 5,984 |    |  |  | 0  |  |  |     | 13,039 |  |     |  |     |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|CNPC International Canada Ltd.        |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Lone Rock (Sask)                      |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Twining                               |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Insitu                                |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |                             | 12,688 |  |                           |  | 0  |                            |  |  | 2,625               |  |  |                                                | 4,739 |  |         |  | 45,640 |         |  |  | 0          |  |  |             | 7,094 |  |         |  | 0 |         |  |  | 14,701  |  |  |            | 42,326 |  |             |  | 0  |  |    |  | 5,984 |    |  |  | 0  |  |  |     | 13,039 |  |     |  |     |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Undeveloped             |  |                             | 12,688 |  |                           |  | 0  |                            |  |  | 2,625               |  |  |                                                | 4,739 |  |         |  | 45,640 |         |  |  | 0          |  |  |             | 7,094 |  |         |  | 0 |         |  |  | 14,701  |  |  |            | 42,326 |  |             |  | 0  |  |    |  | 5,984 |    |  |  | 0  |  |  |     | 13,039 |  |     |  |     |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|Total Proved Non-Producing            |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |                             | 12,688 |  |                           |  | 0  |                            |  |  | 2,625               |  |  |                                                | 4,739 |  |         |  | 45,640 |         |  |  | 0          |  |  |             | 7,094 |  |         |  | 0 |         |  |  | 14,701  |  |  |            | 42,326 |  |             |  | 0  |  |    |  | 5,984 |    |  |  | 0  |  |  |     | 13,039 |  |     |  |     |  |  |  | 164,775 |  |  |  | 132,971 |  |  |  | 118,015 |  |  |  | 109,394 |  |  |  | 101,682 | 
|Simonette Montney                     |  |                             | 471    |  |                           |  | 0  |                            |  |  | 125                 |  |  |                                                | 203   |  |         |  | 663    |         |  |  | 0          |  |  |             | 96    |  |         |  | 0 |         |  |  | 206     |  |  |            | 607    |  |             |  | 0  |  |    |  | 77    |    |  |  | 0  |  |  |     | 178    |  |     |  |     |  |  |  | 4,915   |  |  |  | 4,389   |  |  |  | 4,151   |  |  |  | 4,016   |  |  |  | 3,895   | 
|Willesden Green Duvernay              |  |                             | 267    |  |                           |  | 79 |                            |  |  | 17                  |  |  |                                                | 141   |  |         |  | 200    |         |  |  | 50         |  |  |             | 13    |  |         |  | 0 |         |  |  | 96      |  |  |            | 192    |  |             |  | 48 |  |    |  | 12    |    |  |  | 0  |  |  |     | 92     |  |     |  |     |  |  |  | 2,013   |  |  |  | 1,942   |  |  |  | 1,900   |  |  |  | 1,874   |  |  |  | 1,847   | 
|                                      |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |                             | 13,426 |  |                           |  | 79 |                            |  |  | 2,766               |  |  |                                                | 5,083 |  |         |  | 46,503 |         |  |  | 50         |  |  |             | 7,203 |  |         |  | 0 |         |  |  | 15,003  |  |  |            | 43,125 |  |             |  | 48 |  |    |  | 6,074 |    |  |  | 0  |  |  |     | 13,309 |  |     |  |     |  |  |  | 171,702 |  |  |  | 139,301 |  |  |  | 124,066 |  |  |  | 115,283 |  |  |  | 107,424 | 
|Groundbirch                           |  |                             |        |  |                           |  |    |                            |  |  |                     |  |  |                                                |       |  |         |  |        |         |  |  |            |  |  |             |       |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |    |  |    |  |       |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |                             | 99     |  |                           |  | 0  |                            |  |  | 1                   |  |  |                                                | 17    |  |         |  | 95     |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 16      |  |  |            | 88     |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 15     |  |     |  | 2.0 |  |  |  | -4      |  |  |  | 2       |  |  |  | 5       |  |  |  | 7       |  |  |  | 8       | 
|Greater Saturn Area Montney           |  |                             | 0      |  |                           |  | 0  |                            |  |  | 0                   |  |  |                                                | 0     |  |         |  | 0      |         |  |  | 0          |  |  |             | 0     |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0  |  |    |  | 0     |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Greater Sunset Area Montney           |  |                             | 245    |  |                           |  | 0  |                            |  |  | 1                   |  |  |                                                | 42    |  |         |  | 299    |         |  |  | 0          |  |  |             | 2     |  |         |  | 0 |         |  |  | 51      |  |  |            | 291    |  |             |  | 0  |  |    |  | 1     |    |  |  | 0  |  |  |     | 50     |  |     |  | 3.3 |  |  |  | 119     |  |  |  | 116     |  |  |  | 113     |  |  |  | 111     |  |  |  | 109     | 



|        |  |                                                                  |  |                           
|------- |  | ---------------------------------------------------------------- |  | --------------------------
|1150508 |  | Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv |  | February 25, 2016 15:04:55



19



---

Company Production, Reserves and Present Value Summary



|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ---------------------------- | ------ |  | ------------------------- |  | --- | -------------------------- |  |  | ------------------- |  |  | ---------------------------------------------- | ------ |  | ------- |  | ------ | ------- |  |  | ---------- |  |  | ----------- | ------ |  | ------- |  | - | ------- |  |  | ------- |  |  | ---------- | ------ |  | ----------- |  | --- |  | -- |  | ------ | -- |  |  | -- |  |  | --- | ------ |  | --- |  | --- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  | 2016 Company Interest Prod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 Non-Producing (Cont.)    |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC) (Cont.)                 |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation. (Cont.)     |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Groundbirch (Cont.)                   |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Groundbirch Resources                 |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney)         |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |                              | 344    |  |                           |  | 0   |                            |  |  | 2                   |  |  |                                                | 59     |  |         |  | 394    |         |  |  | 0          |  |  |             | 2      |  |         |  | 0 |         |  |  | 68      |  |  |            | 380    |  |             |  | 0   |  |    |  | 2      |    |  |  | 0  |  |  |     | 65     |  |     |  |     |  |  |  | 115     |  |  |  | 118     |  |  |  | 118     |  |  |  | 118     |  |  |  | 117     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |                              | 13,770 |  |                           |  | 79  |                            |  |  | 2,768               |  |  |                                                | 5,142  |  |         |  | 46,896 |         |  |  | 50         |  |  |             | 7,205  |  |         |  | 0 |         |  |  | 15,071  |  |  |            | 43,504 |  |             |  | 48  |  |    |  | 6,076  |    |  |  | 0  |  |  |     | 13,374 |  |     |  |     |  |  |  | 171,817 |  |  |  | 139,420 |  |  |  | 124,185 |  |  |  | 115,401 |  |  |  | 107,541 | 
|CNPC International Canada Ltd.        |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Lone Rock (Sask)                      |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Twining                               |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Insitu                                |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0      |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0      |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |                              | 13,770 |  |                           |  | 79  |                            |  |  | 2,768               |  |  |                                                | 5,142  |  |         |  | 46,896 |         |  |  | 50         |  |  |             | 7,205  |  |         |  | 0 |         |  |  | 15,071  |  |  |            | 43,504 |  |             |  | 48  |  |    |  | 6,076  |    |  |  | 0  |  |  |     | 13,374 |  |     |  |     |  |  |  | 171,817 |  |  |  | 139,420 |  |  |  | 124,185 |  |  |  | 115,401 |  |  |  | 107,541 | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Total Proved Non-Producing     |  |                              | 13,770 |  |                           |  | 79  |                            |  |  | 2,768               |  |  |                                                | 5,142  |  |         |  | 46,896 |         |  |  | 50         |  |  |             | 7,205  |  |         |  | 0 |         |  |  | 15,071  |  |  |            | 43,504 |  |             |  | 48  |  |    |  | 6,076  |    |  |  | 0  |  |  |     | 13,374 |  |     |  |     |  |  |  | 171,817 |  |  |  | 139,420 |  |  |  | 124,185 |  |  |  | 115,401 |  |  |  | 107,541 | 
|Total Proved                          |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC)                         |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation.             |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay Joint Venture                |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                       |  |                              | 44,474 |  |                           |  | 99  |                            |  |  | 8,750               |  |  |                                                | 16,261 |  |         |  | 92,603 |         |  |  | 119        |  |  |             | 14,788 |  |         |  | 0 |         |  |  | 30,341  |  |  |            | 85,848 |  |             |  | 99  |  |    |  | 12,315 |    |  |  | 0  |  |  |     | 26,722 |  |     |  |     |  |  |  | 395,869 |  |  |  | 347,415 |  |  |  | 323,675 |  |  |  | 309,659 |  |  |  | 296,891 | 
|Simonette Montney                     |  |                              | 1,114  |  |                           |  | 0   |                            |  |  | 229                 |  |  |                                                | 415    |  |         |  | 1,942  |         |  |  | 0          |  |  |             | 236    |  |         |  | 0 |         |  |  | 560     |  |  |            | 1,774  |  |             |  | 0   |  |    |  | 179    |    |  |  | 0  |  |  |     | 475    |  |     |  |     |  |  |  | 11,672  |  |  |  | 10,070  |  |  |  | 9,368   |  |  |  | 8,974   |  |  |  | 8,628   | 
|Willesden Green Duvernay              |  |                              | 2,074  |  |                           |  | 283 |                            |  |  | 135                 |  |  |                                                | 764    |  |         |  | 2,818  |         |  |  | 334        |  |  |             | 201    |  |         |  | 0 |         |  |  | 1,005   |  |  |            | 2,670  |  |             |  | 286 |  |    |  | 162    |    |  |  | 0  |  |  |     | 893    |  |     |  |     |  |  |  | 10,214  |  |  |  | 9,686   |  |  |  | 9,370   |  |  |  | 9,165   |  |  |  | 8,967   | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay Joint Venture         |  |                              | 47,663 |  |                           |  | 382 |                            |  |  | 9,115               |  |  |                                                | 17,441 |  |         |  | 97,362 |         |  |  | 453        |  |  |             | 15,224 |  |         |  | 0 |         |  |  | 31,905  |  |  |            | 90,292 |  |             |  | 386 |  |    |  | 12,656 |    |  |  | 0  |  |  |     | 28,090 |  |     |  |     |  |  |  | 417,756 |  |  |  | 367,171 |  |  |  | 342,413 |  |  |  | 327,798 |  |  |  | 314,486 | 
|Groundbirch                           |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |        |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |        |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Greater Groundbirch Area Montney      |  |                              | 3,378  |  |                           |  | 0   |                            |  |  | 18                  |  |  |                                                | 581    |  |         |  | 4,220  |         |  |  | 0          |  |  |             | 22     |  |         |  | 0 |         |  |  | 725     |  |  |            | 4,078  |  |             |  | 0   |  |    |  | 20     |    |  |  | 0  |  |  |     | 700    |  |     |  | 3.4 |  |  |  | 382     |  |  |  | 530     |  |  |  | 580     |  |  |  | 603     |  |  |  | 619     | 
|Greater Saturn Area Montney           |  |                              | 17,203 |  |                           |  | 0   |                            |  |  | 90                  |  |  |                                                | 2,957  |  |         |  | 24,107 |         |  |  | 0          |  |  |             | 126    |  |         |  | 0 |         |  |  | 4,143   |  |  |            | 23,434 |  |             |  | 0   |  |    |  | 116    |    |  |  | 0  |  |  |     | 4,022  |  |     |  | 3.8 |  |  |  | 8,495   |  |  |  | 8,372   |  |  |  | 8,192   |  |  |  | 8,051   |  |  |  | 7,902   | 
|Greater Sunset Area Montney           |  |                              | 28,313 |  |                           |  | 0   |                            |  |  | 147                 |  |  |                                                | 4,866  |  |         |  | 47,958 |         |  |  | 0          |  |  |             | 250    |  |         |  | 0 |         |  |  | 8,243   |  |  |            | 45,366 |  |             |  | 0   |  |    |  | 215    |    |  |  | 0  |  |  |     | 7,777  |  |     |  | 4.6 |  |  |  | 16,350  |  |  |  | 15,106  |  |  |  | 14,390  |  |  |  | 13,937  |  |  |  | 13,506  | 



|        |  |                                                                  |  |                           
|------- |  | ---------------------------------------------------------------- |  | --------------------------
|1150508 |  | Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv |  | February 25, 2016 15:04:55



20



---

Company Production, Reserves and Present Value Summary



|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|------------------------------------- |  | ---------------------------- | ------ |  | ------------------------- |  | --- | -------------------------- |  |  | ------------------- |  |  | ---------------------------------------------- | ------ |  | ------- |  | ------- | ------- |  |  | ---------- |  |  | ----------- | ------ |  | ------- |  | - | ------- |  |  | ------- |  |  | ---------- | ------- |  | ----------- |  | --- |  | -- |  | ------ | -- |  |  | -- |  |  | --- | ------ |  | --- |  | --- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                      |  | 2016 Company Interest Prod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 (Cont.)                  |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Summary (SEC) (Cont.)                 |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corporation. (Cont.)     |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Groundbirch (Cont.)                   |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Groundbirch Resources                 |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|Other Intervals (Non-Montney)         |  |                              | 481    |  |                           |  | 0   |                            |  |  | 3                   |  |  |                                                | 83     |  |         |  | 416     |         |  |  | 0          |  |  |             | 2      |  |         |  | 0 |         |  |  | 71      |  |  |            | 379     |  |             |  | 0   |  |    |  | 2      |    |  |  | 0  |  |  |     | 65     |  |     |  | 2.4 |  |  |  | 125     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     |  |  |  | 129     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Groundbirch                    |  |                              | 49,375 |  |                           |  | 0   |                            |  |  | 257                 |  |  |                                                | 8,486  |  |         |  | 76,701  |         |  |  | 0          |  |  |             | 399    |  |         |  | 0 |         |  |  | 13,183  |  |  |            | 73,258  |  |             |  | 0   |  |    |  | 354    |    |  |  | 0  |  |  |     | 12,563 |  |     |  |     |  |  |  | 25,351  |  |  |  | 24,138  |  |  |  | 23,291  |  |  |  | 22,720  |  |  |  | 22,156  | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corporation.      |  |                              | 97,037 |  |                           |  | 382 |                            |  |  | 9,372               |  |  |                                                | 25,927 |  |         |  | 174,063 |         |  |  | 453        |  |  |             | 15,624 |  |         |  | 0 |         |  |  | 45,088  |  |  |            | 163,550 |  |             |  | 386 |  |    |  | 13,009 |    |  |  | 0  |  |  |     | 40,654 |  |     |  |     |  |  |  | 443,107 |  |  |  | 391,309 |  |  |  | 365,704 |  |  |  | 350,518 |  |  |  | 336,642 | 
|CNPC International Canada Ltd.        |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional                          |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                            |  |                              | 51     |  |                           |  | 5   |                            |  |  | 0                   |  |  |                                                | 14     |  |         |  | 67      |         |  |  | 9          |  |  |             | 1      |  |         |  | 0 |         |  |  | 21      |  |  |            | 63      |  |             |  | 9   |  |    |  | 0      |    |  |  | 0  |  |  |     | 20     |  |     |  | 4.0 |  |  |  | 92      |  |  |  | 105     |  |  |  | 108     |  |  |  | 108     |  |  |  | 109     | 
|Lone Rock (Sask)                      |  |                              | 0      |  |                           |  | 21  |                            |  |  | 0                   |  |  |                                                | 21     |  |         |  | 0       |         |  |  | 32         |  |  |             | 0      |  |         |  | 0 |         |  |  | 32      |  |  |            | 0       |  |             |  | 31  |  |    |  | 0      |    |  |  | 0  |  |  |     | 31     |  |     |  | 4.2 |  |  |  | 357     |  |  |  | 323     |  |  |  | 305     |  |  |  | 294     |  |  |  | 284     | 
|Twining                               |  |                              | 138    |  |                           |  | 5   |                            |  |  | 1                   |  |  |                                                | 29     |  |         |  | 134     |         |  |  | 20         |  |  |             | 1      |  |         |  | 0 |         |  |  | 43      |  |  |            | 127     |  |             |  | 20  |  |    |  | 0      |    |  |  | 0  |  |  |     | 42     |  |     |  | 4.1 |  |  |  | 309     |  |  |  | 275     |  |  |  | 258     |  |  |  | 248     |  |  |  | 239     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional                   |  |                              | 189    |  |                           |  | 31  |                            |  |  | 1                   |  |  |                                                | 64     |  |         |  | 202     |         |  |  | 61         |  |  |             | 1      |  |         |  | 0 |         |  |  | 96      |  |  |            | 190     |  |             |  | 60  |  |    |  | 1      |    |  |  | 0  |  |  |     | 92     |  |     |  |     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|Insitu                                |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Hoole                                 |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|MacKay III                            |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  | 0.0 |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Insitu                         |  |                              | 0      |  |                           |  | 0   |                            |  |  | 0                   |  |  |                                                | 0      |  |         |  | 0       |         |  |  | 0          |  |  |             | 0      |  |         |  | 0 |         |  |  | 0       |  |  |            | 0       |  |             |  | 0   |  |    |  | 0      |    |  |  | 0  |  |  |     | 0      |  |     |  |     |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Ltd. |  |                              | 189    |  |                           |  | 31  |                            |  |  | 1                   |  |  |                                                | 64     |  |         |  | 202     |         |  |  | 61         |  |  |             | 1      |  |         |  | 0 |         |  |  | 96      |  |  |            | 190     |  |             |  | 60  |  |    |  | 1      |    |  |  | 0  |  |  |     | 92     |  |     |  |     |  |  |  | 758     |  |  |  | 703     |  |  |  | 671     |  |  |  | 650     |  |  |  | 631     | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Summary (SEC)                  |  |                              | 97,226 |  |                           |  | 413 |                            |  |  | 9,373               |  |  |                                                | 25,991 |  |         |  | 174,265 |         |  |  | 514        |  |  |             | 15,625 |  |         |  | 0 |         |  |  | 45,184  |  |  |            | 163,740 |  |             |  | 446 |  |    |  | 13,010 |    |  |  | 0  |  |  |     | 40,746 |  |     |  |     |  |  |  | 443,865 |  |  |  | 392,012 |  |  |  | 366,375 |  |  |  | 351,169 |  |  |  | 337,273 | 
|                                      |  |                              |        |  |                           |  |     |                            |  |  |                     |  |  |                                                |        |  |         |  |         |         |  |  |            |  |  |             |        |  |         |  |   |         |  |  |         |  |  |            |         |  |             |  |     |  |    |  |        |    |  |  |    |  |  |     |        |  |     |  |     |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Total Proved                   |  |                              | 97,226 |  |                           |  | 413 |                            |  |  | 9,373               |  |  |                                                | 25,991 |  |         |  | 174,265 |         |  |  | 514        |  |  |             | 15,625 |  |         |  | 0 |         |  |  | 45,184  |  |  |            | 163,740 |  |             |  | 446 |  |    |  | 13,010 |    |  |  | 0  |  |  |     | 40,746 |  |     |  |     |  |  |  | 443,865 |  |  |  | 392,012 |  |  |  | 366,375 |  |  |  | 351,169 |  |  |  | 337,273 | 



| |  |              |  |         |  |     |  |         |  |     |  |         |  |     |  |         |  |     |  | 
| |  | ------------ |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | 
| |  | BOE Factors: |  | HVY OIL |  | 1.0 |  | RES GAS |  | 6.0 |  | PROPANE |  | 1.0 |  | ETHANE  |  | 1.0 |  | 
| |  |              |  | COND    |  | 1.0 |  | SLN GAS |  | 6.0 |  | BUTANE  |  | 1.0 |  | SULPHUR |  | 0.0 |  | 



|        |  |                                                                  |  |                           
|------- |  | ---------------------------------------------------------------- |  | --------------------------
|1150508 |  | Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv |  | February 25, 2016 15:04:55



21



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Proved                                
|Property:    |  | Corporate                |  | Development Class: |  | Producing                             
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Economic Forecast

PRODUCTION FORECAST



|     |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      |    |  |                   |  |    |                   |  |  |                |  |  |            |     |  |                   |  |     |                   |  |  |                |  |  |            |       |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |       | 
|---- |  | ------------- | -- |  | ----------------- |  | --- | ----------------------------- |  |  | -------------------- |  |  | -------------------- | -- |  | ----------------- |  | -- | ----------------- |  |  | -------------- |  |  | ---------- | --- |  | ----------------- |  | --- | ----------------- |  |  | -------------- |  |  | ---------- | ----- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | ----- | 
|     |  |               |    |  |                   |  |     | Light & Medium Oil Production |  |  | Tight Oil Production |  |  | Total Oil Production |   
|     |  | Company Wells |    |  | CompanyDailybbl/d |  |     | CompanyYearlyMbbl             |  |  | Net YearlyMbbl       |  |  | Price$/bbl           |    |  | CompanyDailybbl/d |  |    | CompanyYearlyMbbl |  |  | Net YearlyMbbl |  |  | Price$/bbl |     |  | CompanyDailybbl/d |  |     | CompanyYearlyMbbl |  |  | Net YearlyMbbl |  |  | Price$/bbl |      
|Year |  | Oil           |    |  | Gas               |  |     |                               |  |  |                      |  |  |                      |    |  |                   | 
|2016 |  |               | 11 |  |                   |  | 101 |                               |  |  | 31                   |  |  |                      | 11 |  |                   |  | 11 |                   |  |  | 41.91          |  |  |            | 303 |  |                   |  | 111 |                   |  |  | 105            |  |  |            | 58.11 |  |  |  | 334 |  |  |  | 122 |  |  |  | 116 |  |  |  | 56.59 | 
|2017 |  |               | 9  |  |                   |  | 96  |                               |  |  | 24                   |  |  |                      | 9  |  |                   |  | 9  |                   |  |  | 42.31          |  |  |            | 183 |  |                   |  | 67  |                   |  |  | 63             |  |  |            | 58.04 |  |  |  | 207 |  |  |  | 76  |  |  |  | 71  |  |  |  | 56.19 | 
|2018 |  |               | 9  |  |                   |  | 90  |                               |  |  | 20                   |  |  |                      | 7  |  |                   |  | 7  |                   |  |  | 42.71          |  |  |            | 142 |  |                   |  | 52  |                   |  |  | 45             |  |  |            | 58.00 |  |  |  | 162 |  |  |  | 59  |  |  |  | 52  |  |  |  | 56.11 | 
|2019 |  |               | 8  |  |                   |  | 84  |                               |  |  | 17                   |  |  |                      | 6  |  |                   |  | 6  |                   |  |  | 43.11          |  |  |            | 100 |  |                   |  | 36  |                   |  |  | 29             |  |  |            | 58.03 |  |  |  | 117 |  |  |  | 43  |  |  |  | 35  |  |  |  | 55.88 | 
|2020 |  |               | 8  |  |                   |  | 78  |                               |  |  | 15                   |  |  |                      | 5  |  |                   |  | 5  |                   |  |  | 43.27          |  |  |            | 87  |  |                   |  | 32  |                   |  |  | 21             |  |  |            | 58.01 |  |  |  | 102 |  |  |  | 37  |  |  |  | 27  |  |  |  | 55.83 | 
|2021 |  |               | 8  |  |                   |  | 74  |                               |  |  | 13                   |  |  |                      | 5  |  |                   |  | 5  |                   |  |  | 43.43          |  |  |            | 76  |  |                   |  | 28  |                   |  |  | 19             |  |  |            | 58.00 |  |  |  | 90  |  |  |  | 33  |  |  |  | 24  |  |  |  | 55.82 | 
|2022 |  |               | 6  |  |                   |  | 56  |                               |  |  | 8                    |  |  |                      | 3  |  |                   |  | 3  |                   |  |  | 43.53          |  |  |            | 66  |  |                   |  | 24  |                   |  |  | 17             |  |  |            | 58.00 |  |  |  | 74  |  |  |  | 27  |  |  |  | 20  |  |  |  | 56.42 | 
|2023 |  |               | 6  |  |                   |  | 50  |                               |  |  | 7                    |  |  |                      | 2  |  |                   |  | 2  |                   |  |  | 43.23          |  |  |            | 58  |  |                   |  | 21  |                   |  |  | 15             |  |  |            | 58.00 |  |  |  | 65  |  |  |  | 24  |  |  |  | 18  |  |  |  | 56.44 | 
|2024 |  |               | 5  |  |                   |  | 44  |                               |  |  | 6                    |  |  |                      | 2  |  |                   |  | 2  |                   |  |  | 43.10          |  |  |            | 52  |  |                   |  | 19  |                   |  |  | 14             |  |  |            | 58.00 |  |  |  | 58  |  |  |  | 21  |  |  |  | 16  |  |  |  | 56.43 | 
|2025 |  |               | 1  |  |                   |  | 33  |                               |  |  | 4                    |  |  |                      | 1  |  |                   |  | 1  |                   |  |  | 45.40          |  |  |            | 11  |  |                   |  | 4   |                   |  |  | 3              |  |  |            | 58.88 |  |  |  | 15  |  |  |  | 5   |  |  |  | 4   |  |  |  | 55.47 | 
|2026 |  |               | 1  |  |                   |  | 27  |                               |  |  | 4                    |  |  |                      | 1  |  |                   |  | 1  |                   |  |  | 45.46          |  |  |            | 10  |  |                   |  | 4   |                   |  |  | 3              |  |  |            | 58.88 |  |  |  | 14  |  |  |  | 5   |  |  |  | 4   |  |  |  | 55.38 | 
|2027 |  |               | 1  |  |                   |  | 23  |                               |  |  | 3                    |  |  |                      | 1  |  |                   |  | 1  |                   |  |  | 45.51          |  |  |            | 9   |  |                   |  | 3   |                   |  |  | 2              |  |  |            | 58.88 |  |  |  | 12  |  |  |  | 5   |  |  |  | 4   |  |  |  | 55.28 | 
|Sub. |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      | 56 |  |                   |  | 55 |                   |  |  | 42.92          |  |  |            |     |  |                   |  | 400 |                   |  |  | 336            |  |  |            | 58.06 |  |  |  |     |  |  |  | 456 |  |  |  | 391 |  |  |  | 56.21 | 
|Rem. |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      | 5  |  |                   |  | 5  |                   |  |  | 48.00          |  |  |            |     |  |                   |  | 3   |                   |  |  | 2              |  |  |            | 58.88 |  |  |  |     |  |  |  | 8   |  |  |  | 8   |  |  |  | 51.92 | 
|Tot. |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      | 61 |  |                   |  | 60 |                   |  |  | 43.37          |  |  |            |     |  |                   |  | 403 |                   |  |  | 338            |  |  |            | 58.07 |  |  |  |     |  |  |  | 464 |  |  |  | 398 |  |  |  | 56.14 | 



|     |  |                        |     |  |                      |  |     |                      |  |  |            |  |  |                   |      |  |                   |  |        |                |  |  |            |  |  |                   |         |  |                   |  |      |                |  |  |            |  |  |  |         |  |  |  |         |  |  |  |      | 
|---- |  | ---------------------- | --- |  | -------------------- |  | --- | -------------------- |  |  | ---------- |  |  | ----------------- | ---- |  | ----------------- |  | ------ | -------------- |  |  | ---------- |  |  | ----------------- | ------- |  | ----------------- |  | ---- | -------------- |  |  | ---------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ---- | 
|     |  | Residue Gas Production |     |  | Shale Gas Production |  |     | Total Gas Production | 
|Year |  | CompanyDailyMcf/d      |     |  | CompanyYearlyMMcf    |  |     | Net YearlyMMcf       |  |  | Price$/Mcf |  |  | CompanyDailyMcf/d |      |  | CompanyYearlyMMcf |  |        | Net YearlyMMcf |  |  | Price$/Mcf |  |  | CompanyDailyMcf/d |         |  | CompanyYearlyMMcf |  |      | Net YearlyMMcf |  |  | Price$/Mcf | 
|2016 |  |                        | 669 |  |                      |  | 244 |                      |  |  | 225        |  |  |                   | 1.99 |  |                   |  | 82,787 |                |  |  | 30,217     |  |  |                   | 28,882  |  |                   |  | 2.26 |                |  |  | 83,456     |  |  |  | 30,461  |  |  |  | 29,107  |  |  |  | 2.25 | 
|2017 |  |                        | 405 |  |                      |  | 148 |                      |  |  | 136        |  |  |                   | 2.01 |  |                   |  | 58,226 |                |  |  | 21,252     |  |  |                   | 20,320  |  |                   |  | 2.08 |                |  |  | 58,631     |  |  |  | 21,400  |  |  |  | 20,456  |  |  |  | 2.08 | 
|2018 |  |                        | 290 |  |                      |  | 106 |                      |  |  | 97         |  |  |                   | 2.00 |  |                   |  | 45,141 |                |  |  | 16,476     |  |  |                   | 15,811  |  |                   |  | 1.99 |                |  |  | 45,430     |  |  |  | 16,582  |  |  |  | 15,908  |  |  |  | 1.99 | 
|2019 |  |                        | 222 |  |                      |  | 81  |                      |  |  | 75         |  |  |                   | 1.98 |  |                   |  | 36,481 |                |  |  | 13,316     |  |  |                   | 12,613  |  |                   |  | 1.89 |                |  |  | 36,703     |  |  |  | 13,397  |  |  |  | 12,688  |  |  |  | 1.89 | 
|2020 |  |                        | 40  |  |                      |  | 15  |                      |  |  | 14         |  |  |                   | 2.54 |  |                   |  | 30,231 |                |  |  | 11,034     |  |  |                   | 10,222  |  |                   |  | 2.03 |                |  |  | 30,271     |  |  |  | 11,049  |  |  |  | 10,236  |  |  |  | 2.03 | 
|2021 |  |                        | 36  |  |                      |  | 13  |                      |  |  | 12         |  |  |                   | 2.54 |  |                   |  | 25,389 |                |  |  | 9,267      |  |  |                   | 8,561   |  |                   |  | 2.04 |                |  |  | 25,424     |  |  |  | 9,280   |  |  |  | 8,574   |  |  |  | 2.04 | 
|2022 |  |                        | 23  |  |                      |  | 9   |                      |  |  | 8          |  |  |                   | 2.56 |  |                   |  | 17,969 |                |  |  | 6,559      |  |  |                   | 6,084   |  |                   |  | 2.01 |                |  |  | 17,992     |  |  |  | 6,567   |  |  |  | 6,092   |  |  |  | 2.01 | 
|2023 |  |                        | 6   |  |                      |  | 2   |                      |  |  | 2          |  |  |                   | 2.50 |  |                   |  | 14,600 |                |  |  | 5,329      |  |  |                   | 4,934   |  |                   |  | 2.04 |                |  |  | 14,606     |  |  |  | 5,331   |  |  |  | 4,936   |  |  |  | 2.04 | 
|2024 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 11,578 |                |  |  | 4,226      |  |  |                   | 3,900   |  |                   |  | 2.06 |                |  |  | 11,578     |  |  |  | 4,226   |  |  |  | 3,900   |  |  |  | 2.06 | 
|2025 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 8,751  |                |  |  | 3,194      |  |  |                   | 2,942   |  |                   |  | 2.05 |                |  |  | 8,751      |  |  |  | 3,194   |  |  |  | 2,942   |  |  |  | 2.05 | 
|2026 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 6,421  |                |  |  | 2,344      |  |  |                   | 2,142   |  |                   |  | 2.10 |                |  |  | 6,421      |  |  |  | 2,344   |  |  |  | 2,142   |  |  |  | 2.10 | 
|2027 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 5,092  |                |  |  | 1,858      |  |  |                   | 1,696   |  |                   |  | 2.11 |                |  |  | 5,092      |  |  |  | 1,858   |  |  |  | 1,696   |  |  |  | 2.11 | 
|Sub. |  |                        |     |  |                      |  | 618 |                      |  |  | 569        |  |  |                   | 2.03 |  |                   |  |        |                |  |  | 125,072    |  |  |                   | 118,108 |  |                   |  | 2.08 |                |  |  |            |  |  |  | 125,690 |  |  |  | 118,677 |  |  |  | 2.08 | 
|Rem. |  |                        |     |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  |        |                |  |  | 1,679      |  |  |                   | 1,559   |  |                   |  | 2.06 |                |  |  |            |  |  |  | 1,679   |  |  |  | 1,559   |  |  |  | 2.06 | 
|Tot. |  |                        |     |  |                      |  | 618 |                      |  |  | 569        |  |  |                   | 2.03 |  |                   |  |        |                |  |  | 126,751    |  |  |                   | 119,666 |  |                   |  | 2.08 |                |  |  |            |  |  |  | 127,369 |  |  |  | 120,235 |  |  |  | 2.08 | 



|                                                                                 |  |                           
|-------------------------------------------------------------------------------- |  | --------------------------
|1150508            Proved Producing,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  | February 25, 2016 13:41:39



22



---

|     |  |                       |       |  |                   |  |       |                    |  |  |            |  |  |                   |       |  |                   |  |     |                |  |  |            |  |  |                   |     |  |                   |  |       |                |  |  |            |  |  |  |     |  |  |  |     |  |  |  |      | 
|---- |  | --------------------- | ----- |  | ----------------- |  | ----- | ------------------ |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | --- | -------------- |  |  | ---------- |  |  | ----------------- | --- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  |  | --- |  |  |  | --- |  |  |  | ---- | 
|     |  | Condensate Production |       |  | Butane Production |  |       | Propane Production | 
|Year |  | CompanyDailybbl/d     |       |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl     |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |     | Net YearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailybbl/d |     |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl |  |  | Price$/bbl | 
|2016 |  |                       | 5,419 |  |                   |  | 1,978 |                    |  |  | 1,875      |  |  |                   | 57.53 |  |                   |  | 631 |                |  |  | 230        |  |  |                   | 218 |  |                   |  | 32.02 |                |  |  | 555        |  |  |  | 203 |  |  |  | 193 |  |  |  | 1.54 | 
|2017 |  |                       | 2,961 |  |                   |  | 1,081 |                    |  |  | 1,014      |  |  |                   | 57.39 |  |                   |  | 413 |                |  |  | 151        |  |  |                   | 142 |  |                   |  | 31.95 |                |  |  | 359        |  |  |  | 131 |  |  |  | 124 |  |  |  | 1.48 | 
|2018 |  |                       | 2,127 |  |                   |  | 777   |                    |  |  | 707        |  |  |                   | 57.32 |  |                   |  | 321 |                |  |  | 117        |  |  |                   | 108 |  |                   |  | 31.74 |                |  |  | 279        |  |  |  | 102 |  |  |  | 95  |  |  |  | 1.32 | 
|2019 |  |                       | 1,674 |  |                   |  | 611   |                    |  |  | 485        |  |  |                   | 57.30 |  |                   |  | 264 |                |  |  | 96         |  |  |                   | 81  |  |                   |  | 31.80 |                |  |  | 230        |  |  |  | 84  |  |  |  | 70  |  |  |  | 1.30 | 
|2020 |  |                       | 1,388 |  |                   |  | 507   |                    |  |  | 317        |  |  |                   | 57.28 |  |                   |  | 227 |                |  |  | 83         |  |  |                   | 60  |  |                   |  | 31.78 |                |  |  | 199        |  |  |  | 73  |  |  |  | 52  |  |  |  | 1.31 | 
|2021 |  |                       | 1,179 |  |                   |  | 430   |                    |  |  | 264        |  |  |                   | 57.27 |  |                   |  | 198 |                |  |  | 72         |  |  |                   | 52  |  |                   |  | 31.76 |                |  |  | 175        |  |  |  | 64  |  |  |  | 45  |  |  |  | 1.31 | 
|2022 |  |                       | 768   |  |                   |  | 280   |                    |  |  | 173        |  |  |                   | 57.06 |  |                   |  | 123 |                |  |  | 45         |  |  |                   | 32  |  |                   |  | 31.48 |                |  |  | 108        |  |  |  | 40  |  |  |  | 28  |  |  |  | 1.38 | 
|2023 |  |                       | 675   |  |                   |  | 246   |                    |  |  | 151        |  |  |                   | 57.08 |  |                   |  | 107 |                |  |  | 39         |  |  |                   | 28  |  |                   |  | 31.44 |                |  |  | 96         |  |  |  | 35  |  |  |  | 24  |  |  |  | 1.39 | 
|2024 |  |                       | 593   |  |                   |  | 217   |                    |  |  | 133        |  |  |                   | 57.10 |  |                   |  | 93  |                |  |  | 34         |  |  |                   | 24  |  |                   |  | 31.38 |                |  |  | 84         |  |  |  | 31  |  |  |  | 21  |  |  |  | 1.40 | 
|2025 |  |                       | 485   |  |                   |  | 177   |                    |  |  | 108        |  |  |                   | 57.76 |  |                   |  | 69  |                |  |  | 25         |  |  |                   | 18  |  |                   |  | 32.34 |                |  |  | 61         |  |  |  | 22  |  |  |  | 16  |  |  |  | 1.16 | 
|2026 |  |                       | 410   |  |                   |  | 149   |                    |  |  | 91         |  |  |                   | 57.81 |  |                   |  | 58  |                |  |  | 21         |  |  |                   | 15  |  |                   |  | 32.33 |                |  |  | 52         |  |  |  | 19  |  |  |  | 13  |  |  |  | 1.16 | 
|2027 |  |                       | 342   |  |                   |  | 125   |                    |  |  | 76         |  |  |                   | 57.83 |  |                   |  | 47  |                |  |  | 17         |  |  |                   | 12  |  |                   |  | 32.33 |                |  |  | 42         |  |  |  | 15  |  |  |  | 11  |  |  |  | 1.16 | 
|Sub. |  |                       |       |  |                   |  | 6,577 |                    |  |  | 5,394      |  |  |                   | 57.39 |  |                   |  |     |                |  |  | 931        |  |  |                   | 790 |  |                   |  | 31.86 |                |  |  |            |  |  |  | 817 |  |  |  | 691 |  |  |  | 1.39 | 
|Rem. |  |                       |       |  |                   |  | 76    |                    |  |  | 47         |  |  |                   | 57.91 |  |                   |  |     |                |  |  | 10         |  |  |                   | 7   |  |                   |  | 32.18 |                |  |  |            |  |  |  | 9   |  |  |  | 6   |  |  |  | 1.18 | 
|Tot. |  |                       |       |  |                   |  | 6,653 |                    |  |  | 5,440      |  |  |                   | 57.40 |  |                   |  |     |                |  |  | 941        |  |  |                   | 797 |  |                   |  | 31.86 |                |  |  |            |  |  |  | 826 |  |  |  | 697 |  |  |  | 1.39 | 



|     |  |                                |       |  |                          |  |       |                           |  |  |            |  |  |                   |       |  |                   |  |       |                |  |  |            |  |  |                   |       |  |                   |  |       |                |  |  |            |  |  |  |        |  |  |  |        |  |  |  |       | 
|---- |  | ------------------------------ | ----- |  | ------------------------ |  | ----- | ------------------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  |  | ------ |  |  |  | ------ |  |  |  | ----- | 
|     |  | Natural Gas Liquids Production |       |  | Oil + Liquids Production |  |       | Oil Equivalent Production | 
|Year |  | CompanyDailybbl/d              |       |  | CompanyYearlyMbbl        |  |       | Net YearlyMbbl            |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailyboe/d |       |  | CompanyYearlyMboe |  |       | Net YearlyMboe |  |  | Price$/boe | 
|2016 |  |                                | 6,605 |  |                          |  | 2,411 |                           |  |  | 2,286      |  |  |                   | 50.39 |  |                   |  | 6,940 |                |  |  | 2,533      |  |  |                   | 2,402 |  |                   |  | 50.69 |                |  |  | 20,849     |  |  |  | 7,610  |  |  |  | 7,253  |  |  |  | 25.89 | 
|2017 |  |                                | 3,733 |  |                          |  | 1,362 |                           |  |  | 1,280      |  |  |                   | 49.20 |  |                   |  | 3,940 |                |  |  | 1,438      |  |  |                   | 1,352 |  |                   |  | 49.56 |                |  |  | 13,711     |  |  |  | 5,005  |  |  |  | 4,761  |  |  |  | 23.15 | 
|2018 |  |                                | 2,727 |  |                          |  | 996   |                           |  |  | 910        |  |  |                   | 48.58 |  |                   |  | 2,889 |                |  |  | 1,055      |  |  |                   | 962   |  |                   |  | 49.00 |                |  |  | 10,461     |  |  |  | 3,818  |  |  |  | 3,614  |  |  |  | 22.18 | 
|2019 |  |                                | 2,167 |  |                          |  | 791   |                           |  |  | 636        |  |  |                   | 48.26 |  |                   |  | 2,284 |                |  |  | 834        |  |  |                   | 671   |  |                   |  | 48.65 |                |  |  | 8,401      |  |  |  | 3,066  |  |  |  | 2,785  |  |  |  | 21.48 | 
|2020 |  |                                | 1,814 |  |                          |  | 662   |                           |  |  | 429        |  |  |                   | 47.94 |  |                   |  | 1,916 |                |  |  | 699        |  |  |                   | 455   |  |                   |  | 48.36 |                |  |  | 6,961      |  |  |  | 2,541  |  |  |  | 2,161  |  |  |  | 22.13 | 
|2021 |  |                                | 1,552 |  |                          |  | 566   |                           |  |  | 360        |  |  |                   | 47.71 |  |                   |  | 1,641 |                |  |  | 599        |  |  |                   | 385   |  |                   |  | 48.15 |                |  |  | 5,879      |  |  |  | 2,146  |  |  |  | 1,814  |  |  |  | 22.27 | 
|2022 |  |                                | 999   |  |                          |  | 365   |                           |  |  | 233        |  |  |                   | 47.89 |  |                   |  | 1,074 |                |  |  | 392        |  |  |                   | 253   |  |                   |  | 48.48 |                |  |  | 4,072      |  |  |  | 1,486  |  |  |  | 1,268  |  |  |  | 21.68 | 
|2023 |  |                                | 878   |  |                          |  | 320   |                           |  |  | 204        |  |  |                   | 47.88 |  |                   |  | 943   |                |  |  | 344        |  |  |                   | 221   |  |                   |  | 48.47 |                |  |  | 3,377      |  |  |  | 1,233  |  |  |  | 1,044  |  |  |  | 22.33 | 
|2024 |  |                                | 770   |  |                          |  | 281   |                           |  |  | 178        |  |  |                   | 47.93 |  |                   |  | 828   |                |  |  | 302        |  |  |                   | 194   |  |                   |  | 48.53 |                |  |  | 2,758      |  |  |  | 1,007  |  |  |  | 844    |  |  |  | 23.24 | 
|2025 |  |                                | 615   |  |                          |  | 225   |                           |  |  | 142        |  |  |                   | 49.30 |  |                   |  | 630   |                |  |  | 230        |  |  |                   | 146   |  |                   |  | 49.44 |                |  |  | 2,089      |  |  |  | 762    |  |  |  | 636    |  |  |  | 23.52 | 
|2026 |  |                                | 519   |  |                          |  | 189   |                           |  |  | 119        |  |  |                   | 49.33 |  |                   |  | 533   |                |  |  | 194        |  |  |                   | 123   |  |                   |  | 49.48 |                |  |  | 1,603      |  |  |  | 585    |  |  |  | 480    |  |  |  | 24.86 | 
|2027 |  |                                | 430   |  |                          |  | 157   |                           |  |  | 98         |  |  |                   | 49.54 |  |                   |  | 443   |                |  |  | 162        |  |  |                   | 102   |  |                   |  | 49.70 |                |  |  | 1,291      |  |  |  | 471    |  |  |  | 385    |  |  |  | 25.38 | 
|Sub. |  |                                |       |  |                          |  | 8,326 |                           |  |  | 6,875      |  |  |                   | 49.04 |  |                   |  |       |                |  |  | 8,782      |  |  |                   | 7,265 |  |                   |  | 49.41 |                |  |  |            |  |  |  | 29,730 |  |  |  | 27,045 |  |  |  | 23.38 | 
|Rem. |  |                                |       |  |                          |  | 95    |                           |  |  | 60         |  |  |                   | 49.88 |  |                   |  |       |                |  |  | 103        |  |  |                   | 68    |  |                   |  | 50.04 |                |  |  |            |  |  |  | 383    |  |  |  | 327    |  |  |  | 22.50 | 
|Tot. |  |                                |       |  |                          |  | 8,420 |                           |  |  | 6,935      |  |  |                   | 49.05 |  |                   |  |       |                |  |  | 8,885      |  |  |                   | 7,333 |  |                   |  | 49.42 |                |  |  |            |  |  |  | 30,113 |  |  |  | 27,372 |  |  |  | 23.37 | 

REVENUE AND EXPENSE FORECAST



|     |  |                        |        |  |                                  |  |         |                        |  |  |         |                               |  |  |                         |  |                             |  |   |                          |  |  |         |  |  |         |   |  |  |  |         |  |  |            |   |  |         |  |        |  |  |  |   |  |  |  |        |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | ---------------------- | ------ |  | -------------------------------- |  | ------- | ---------------------- |  |  | ------- | ----------------------------- |  |  | ----------------------- |  | --------------------------- |  | - | ------------------------ |  |  | ------- |  |  | ------- | - |  |  |  | ------- |  |  | ---------- | - |  | ------- |  | ------ |  |  |  | - |  |  |  | ------ |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  | Revenue Before Burdens |        |  | RoyaltyInterestProcess.ExpenseM$ |  |         |                        |  |  |         |                               |  |  |                         |  | TotalRoyaltyAfterProcess.M$ |  |   | NetRevenueAfterRoyaltyM$ |  |  |         |  |  |         |   |  |  | 
|     |  | Working Interest       |        |  | RoyaltyInterestTotalM$           |  |         | CompanyInterestTotalM$ |  |  |         | Royalty BurdensPre-Processing |  |  | Gas ProcessingAllowance |  |                             |  |   | Operating Expenses       | 
|Year |  | OilM$                  |        |  | GasM$                            |  |         | NGL+SulM$              |  |  | TotalM$ |                               |  |  |                         |  | CrownM$                     |  |   | OtherM$                  |  |  | CrownM$ |  |  | OtherM$ |   |  |  |  | FixedM$ |  |  | VariableM$ |   |  | TotalM$ | 
|2016 |  |                        | 6,905  |  |                                  |  | 68,633  |                        |  |  | 121,483 |                               |  |  | 197,021                 |  |                             |  | 2 |                          |  |  | 197,023 |  |  |         | 0 |  |  |  | 9,898   |  |  |            | 0 |  |         |  | 703    |  |  |  | 0 |  |  |  | 9,195  |  |  |  | 187,828 |  |  |  | 20,165  |  |  |  | 35,918  |  |  |  | 56,083  | 
|2017 |  |                        | 4,246  |  |                                  |  | 44,572  |                        |  |  | 67,026  |                               |  |  | 115,844                 |  |                             |  | 2 |                          |  |  | 115,847 |  |  |         | 0 |  |  |  | 6,514   |  |  |            | 0 |  |         |  | 550    |  |  |  | 0 |  |  |  | 5,965  |  |  |  | 109,882 |  |  |  | 19,725  |  |  |  | 25,026  |  |  |  | 44,751  | 
|2018 |  |                        | 3,313  |  |                                  |  | 33,031  |                        |  |  | 48,358  |                               |  |  | 84,702                  |  |                             |  | 0 |                          |  |  | 84,702  |  |  |         | 0 |  |  |  | 6,183   |  |  |            | 0 |  |         |  | 571    |  |  |  | 0 |  |  |  | 5,613  |  |  |  | 79,089  |  |  |  | 19,157  |  |  |  | 19,415  |  |  |  | 38,572  | 
|2019 |  |                        | 2,379  |  |                                  |  | 25,300  |                        |  |  | 38,175  |                               |  |  | 65,854                  |  |                             |  | 0 |                          |  |  | 65,854  |  |  |         | 0 |  |  |  | 10,004  |  |  |            | 0 |  |         |  | 1,041  |  |  |  | 0 |  |  |  | 8,963  |  |  |  | 56,891  |  |  |  | 18,232  |  |  |  | 15,710  |  |  |  | 33,942  | 
|2020 |  |                        | 2,071  |  |                                  |  | 22,422  |                        |  |  | 31,742  |                               |  |  | 56,234                  |  |                             |  | 0 |                          |  |  | 56,234  |  |  |         | 0 |  |  |  | 14,550  |  |  |            | 0 |  |         |  | 1,570  |  |  |  | 0 |  |  |  | 12,981 |  |  |  | 43,253  |  |  |  | 17,691  |  |  |  | 13,028  |  |  |  | 30,720  | 
|2021 |  |                        | 1,831  |  |                                  |  | 18,935  |                        |  |  | 27,017  |                               |  |  | 47,783                  |  |                             |  | 0 |                          |  |  | 47,783  |  |  |         | 0 |  |  |  | 12,754  |  |  |            | 0 |  |         |  | 1,410  |  |  |  | 0 |  |  |  | 11,344 |  |  |  | 36,439  |  |  |  | 16,659  |  |  |  | 10,995  |  |  |  | 27,653  | 
|2022 |  |                        | 1,526  |  |                                  |  | 13,230  |                        |  |  | 17,469  |                               |  |  | 32,225                  |  |                             |  | 0 |                          |  |  | 32,225  |  |  |         | 0 |  |  |  | 8,333   |  |  |            | 0 |  |         |  | 962    |  |  |  | 0 |  |  |  | 7,371  |  |  |  | 24,854  |  |  |  | 10,876  |  |  |  | 7,940   |  |  |  | 18,816  | 
|2023 |  |                        | 1,339  |  |                                  |  | 10,850  |                        |  |  | 15,338  |                               |  |  | 27,527                  |  |                             |  | 0 |                          |  |  | 27,527  |  |  |         | 0 |  |  |  | 7,297   |  |  |            | 0 |  |         |  | 851    |  |  |  | 0 |  |  |  | 6,446  |  |  |  | 21,082  |  |  |  | 10,240  |  |  |  | 6,526   |  |  |  | 16,766  | 
|2024 |  |                        | 1,196  |  |                                  |  | 8,722   |                        |  |  | 13,471  |                               |  |  | 23,388                  |  |                             |  | 0 |                          |  |  | 23,388  |  |  |         | 0 |  |  |  | 6,398   |  |  |            | 0 |  |         |  | 750    |  |  |  | 0 |  |  |  | 5,648  |  |  |  | 17,740  |  |  |  | 9,495   |  |  |  | 5,260   |  |  |  | 14,755  | 
|2025 |  |                        | 301    |  |                                  |  | 6,561   |                        |  |  | 11,069  |                               |  |  | 17,931                  |  |                             |  | 0 |                          |  |  | 17,931  |  |  |         | 0 |  |  |  | 5,016   |  |  |            | 0 |  |         |  | 583    |  |  |  | 0 |  |  |  | 4,433  |  |  |  | 13,498  |  |  |  | 7,338   |  |  |  | 3,909   |  |  |  | 11,247  | 
|2026 |  |                        | 275    |  |                                  |  | 4,924   |                        |  |  | 9,347   |                               |  |  | 14,545                  |  |                             |  | 0 |                          |  |  | 14,545  |  |  |         | 0 |  |  |  | 4,247   |  |  |            | 0 |  |         |  | 499    |  |  |  | 0 |  |  |  | 3,748  |  |  |  | 10,798  |  |  |  | 6,461   |  |  |  | 2,936   |  |  |  | 9,397   | 
|2027 |  |                        | 251    |  |                                  |  | 3,928   |                        |  |  | 7,781   |                               |  |  | 11,961                  |  |                             |  | 0 |                          |  |  | 11,961  |  |  |         | 0 |  |  |  | 3,532   |  |  |            | 0 |  |         |  | 412    |  |  |  | 0 |  |  |  | 3,120  |  |  |  | 8,841   |  |  |  | 5,789   |  |  |  | 2,346   |  |  |  | 8,134   | 
|Sub. |  |                        | 25,633 |  |                                  |  | 261,107 |                        |  |  | 408,275 |                               |  |  | 695,016                 |  |                             |  | 5 |                          |  |  | 695,021 |  |  |         | 1 |  |  |  | 94,728  |  |  |            | 0 |  |         |  | 9,903  |  |  |  | 0 |  |  |  | 84,825 |  |  |  | 610,195 |  |  |  | 161,828 |  |  |  | 149,008 |  |  |  | 310,835 | 
|Rem. |  |                        | 435    |  |                                  |  | 3,451   |                        |  |  | 4,733   |                               |  |  | 8,619                   |  |                             |  | 0 |                          |  |  | 8,619   |  |  |         | 0 |  |  |  | 2,151   |  |  |            | 0 |  |         |  | 278    |  |  |  | 0 |  |  |  | 1,873  |  |  |  | 6,746   |  |  |  | 3,898   |  |  |  | 2,116   |  |  |  | 6,014   | 
|Tot. |  |                        | 26,068 |  |                                  |  | 264,559 |                        |  |  | 413,009 |                               |  |  | 703,635                 |  |                             |  | 5 |                          |  |  | 703,640 |  |  |         | 1 |  |  |  | 96,879  |  |  |            | 0 |  |         |  | 10,181 |  |  |  | 0 |  |  |  | 86,698 |  |  |  | 616,941 |  |  |  | 165,726 |  |  |  | 151,124 |  |  |  | 316,850 | 
|Disc |  |                        | 19,433 |  |                                  |  | 197,089 |                        |  |  | 310,834 |                               |  |  | 527,357                 |  |                             |  | 4 |                          |  |  | 527,361 |  |  |         | 1 |  |  |  | 60,447  |  |  |            | 0 |  |         |  | 6,102  |  |  |  | 0 |  |  |  | 54,345 |  |  |  | 473,015 |  |  |  | 109,363 |  |  |  | 111,324 |  |  |  | 220,687 | 



|                                                                                 |  |                           
|-------------------------------------------------------------------------------- |  | --------------------------
|1150508            Proved Producing,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  | February 25, 2016 13:41:39



23



---

|     |  |              |   |  |               |  |   |             |  |  |                     |  |  |               |         |  |                      |  |   |               |  |  |                        |  |  |                      |         |  |  |  |        |  |  |  |   |  |  |  |   |  |  |  |        |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | ------------ | - |  | ------------- |  | - | ----------- |  |  | ------------------- |  |  | ------------- | ------- |  | -------------------- |  | - | ------------- |  |  | ---------------------- |  |  | -------------------- | ------- |  |  |  | ------ |  |  |  | - |  |  |  | - |  |  |  | ------ |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|Year |  | MineralTaxM$ |   |  | Capital TaxM$ |  |   | NPIBurdenM$ |  |  | Net ProdnRevenueM$ |  |  | OtherIncomeM$ |         |  | Aband. &Recl.CostsM$ |  |   | Oper.IncomeM$ |  |  | Net Capital Investment |  |  | Before Tax Cash Flow |        
|     |  |              |   |  |               |  |   | Dev.M$      |  |  | PlantM$             |  |  | Tang.M$       |         |  | TotalM$              |  |   | AnnualM$      |  |  | Cum.M$                 |  |  | 10.0% DcfM$          |        
|2016 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 131,746 |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 131,746 |  |  |  | 2,135  |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,135  |  |  |  | 129,610 |  |  |  | 129,610 |  |  |  | 123,579 | 
|2017 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 65,131  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 65,131  |  |  |  | 2,135  |  |  |  | 0 |  |  |  | 0 |  |  |  | 2,135  |  |  |  | 62,996  |  |  |  | 192,606 |  |  |  | 178,182 | 
|2018 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 40,517  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 40,517  |  |  |  | 4,271  |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,271  |  |  |  | 36,247  |  |  |  | 228,853 |  |  |  | 206,744 | 
|2019 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 22,950  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 22,950  |  |  |  | 4,070  |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,070  |  |  |  | 18,880  |  |  |  | 247,733 |  |  |  | 220,269 | 
|2020 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 12,534  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 12,534  |  |  |  | 4,070  |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,070  |  |  |  | 8,464   |  |  |  | 256,196 |  |  |  | 225,780 | 
|2021 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 8,785   |  |                      |  | 0 |               |  |  | 627                    |  |  |                      | 8,158   |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | 8,158   |  |  |  | 264,354 |  |  |  | 230,610 | 
|2022 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 6,038   |  |                      |  | 0 |               |  |  | 560                    |  |  |                      | 5,478   |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | 5,478   |  |  |  | 269,832 |  |  |  | 233,559 | 
|2023 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 4,315   |  |                      |  | 0 |               |  |  | 620                    |  |  |                      | 3,696   |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | 3,696   |  |  |  | 273,528 |  |  |  | 235,367 | 
|2024 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 2,985   |  |                      |  | 0 |               |  |  | 508                    |  |  |                      | 2,477   |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | 2,477   |  |  |  | 276,005 |  |  |  | 236,469 | 
|2025 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 2,251   |  |                      |  | 0 |               |  |  | 460                    |  |  |                      | 1,790   |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | 1,790   |  |  |  | 277,795 |  |  |  | 237,192 | 
|2026 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 1,401   |  |                      |  | 0 |               |  |  | 2,201                  |  |  |                      | -800    |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | -800    |  |  |  | 276,995 |  |  |  | 236,898 | 
|2027 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 707     |  |                      |  | 0 |               |  |  | 562                    |  |  |                      | 144     |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | 144     |  |  |  | 277,140 |  |  |  | 236,947 | 
|Sub. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 299,360 |  |                      |  | 0 |               |  |  | 5,539                  |  |  |                      | 293,821 |  |  |  | 16,681 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,681 |  |  |  | 277,140 |  |  |  | 277,140 |  |  |  | 236,947 | 
|Rem. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 732     |  |                      |  | 0 |               |  |  | 5,824                  |  |  |                      | -5,092  |  |  |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 0      |  |  |  | -5,092  |  |  |  | 272,048 |  |  |  | 235,768 | 
|Tot. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 300,091 |  |                      |  | 0 |               |  |  | 11,362                 |  |  |                      | 288,729 |  |  |  | 16,681 |  |  |  | 0 |  |  |  | 0 |  |  |  | 16,681 |  |  |  | 272,048 |  |  |  | 272,048 |  |  |  | 235,768 | 
|Disc |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 252,328 |  |                      |  | 0 |               |  |  | 3,742                  |  |  |                      | 248,586 |  |  |  | 12,818 |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,818 |  |  |  | 235,768 |  |  |  | 235,768 |  |  |  | 235,768 | 

AFTER TAX ANALYSIS



|     |  |               |         |  |                                                |  |         |                          |  |  |           |  |  |       |         |  |         |  |        |       |  |  |           |  |  |       |        |  |       |  |         |         |  |  |         |  |  |  |   |  |  |  |   |  |  |  |         | 
|---- |  | ------------- | ------- |  | ---------------------------------------------- |  | ------- | ------------------------ |  |  | --------- |  |  | ----- | ------- |  | ------- |  | ------ | ----- |  |  | --------- |  |  | ----- | ------ |  | ----- |  | ------- | ------- |  |  | ------- |  |  |  | - |  |  |  | - |  |  |  | ------- | 
|     |  |               |         |  | Tax Pool Balances Incl. Current Year Additions |  |         | Depreciation & Writeoffs | 
|Year |  | Oper.IncomeM$ |         |  | CCAM$                                          |  |         | COGPEM$                  |  |  | CDEM$     |  |  | CEEM$ |         |  | OtherM$ |  |        | CCAM$ |  |  | COGPEM$   |  |  | CDEM$ |        |  | CEEM$ |  |         | OtherM$ |  |  | TotalM$ | 
|2016 |  |               | 131,746 |  |                                                |  | 372,794 |                          |  |  | 1,366,499 |  |  |       | 577,074 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 6,431  |  |       |  | 121,420 |         |  |  | 21,916  |  |  |  | 0 |  |  |  | 0 |  |  |  | 149,768 | 
|2017 |  |               | 65,131  |  |                                                |  | 366,363 |                          |  |  | 1,245,079 |  |  |       | 557,293 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 4,823  |  |       |  | 58,631  |         |  |  | 15,342  |  |  |  | 0 |  |  |  | 0 |  |  |  | 78,796  | 
|2018 |  |               | 40,517  |  |                                                |  | 361,540 |                          |  |  | 1,186,448 |  |  |       | 546,222 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 3,618  |  |       |  | 36,150  |         |  |  | 10,739  |  |  |  | 0 |  |  |  | 0 |  |  |  | 50,507  | 
|2019 |  |               | 22,950  |  |                                                |  | 357,922 |                          |  |  | 1,150,297 |  |  |       | 539,553 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 2,713  |  |       |  | 19,956  |         |  |  | 7,517   |  |  |  | 0 |  |  |  | 0 |  |  |  | 30,186  | 
|2020 |  |               | 12,534  |  |                                                |  | 355,209 |                          |  |  | 1,130,342 |  |  |       | 536,106 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 2,035  |  |       |  | 10,460  |         |  |  | 5,262   |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,757  | 
|2021 |  |               | 8,158   |  |                                                |  | 353,174 |                          |  |  | 1,119,882 |  |  |       | 530,844 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 1,526  |  |       |  | 7,115   |         |  |  | 3,683   |  |  |  | 0 |  |  |  | 0 |  |  |  | 12,325  | 
|2022 |  |               | 5,478   |  |                                                |  | 351,648 |                          |  |  | 1,112,767 |  |  |       | 527,160 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 1,145  |  |       |  | 5,047   |         |  |  | 2,578   |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,770   | 
|2023 |  |               | 3,696   |  |                                                |  | 350,503 |                          |  |  | 1,107,720 |  |  |       | 524,582 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 859    |  |       |  | 3,446   |         |  |  | 1,805   |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,110   | 
|2024 |  |               | 2,477   |  |                                                |  | 349,644 |                          |  |  | 1,104,274 |  |  |       | 522,777 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 644    |  |       |  | 2,548   |         |  |  | 1,263   |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,455   | 
|2025 |  |               | 1,790   |  |                                                |  | 349,000 |                          |  |  | 1,101,726 |  |  |       | 521,513 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 483    |  |       |  | 1,917   |         |  |  | 884     |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,284   | 
|2026 |  |               | -800    |  |                                                |  | 348,517 |                          |  |  | 1,099,809 |  |  |       | 520,629 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 362    |  |       |  | 0       |         |  |  | 619     |  |  |  | 0 |  |  |  | 0 |  |  |  | 982     | 
|2027 |  |               | 144     |  |                                                |  | 348,154 |                          |  |  | 1,099,809 |  |  |       | 520,010 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 272    |  |       |  | 523     |         |  |  | 433     |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,228   | 
|Sub. |  |               | 293,821 |  |                                                |  | 348,154 |                          |  |  | 1,099,809 |  |  |       | 520,010 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 24,911 |  |       |  | 267,213 |         |  |  | 72,044  |  |  |  | 0 |  |  |  | 0 |  |  |  | 364,168 | 
|Rem. |  |               | -5,092  |  |                                                |  | 348,154 |                          |  |  | 1,099,809 |  |  |       | 520,010 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 771    |  |       |  | 103     |         |  |  | 983     |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,857   | 
|Tot. |  |               | 288,729 |  |                                                |  | 348,154 |                          |  |  | 1,099,809 |  |  |       | 520,010 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 25,682 |  |       |  | 267,317 |         |  |  | 73,026  |  |  |  | 0 |  |  |  | 0 |  |  |  | 366,025 | 
|Disc |  |               | 248,586 |  |                                                |  |         |                          |  |  |           |  |  |       |         |  |         |  |        |       |  |  |           |  |  |       | 19,268 |  |       |  | 226,900 |         |  |  | 57,463  |  |  |  | 0 |  |  |  | 0 |  |  |  | 303,630 | 



|                                                                                 |  |                           
|-------------------------------------------------------------------------------- |  | --------------------------
|1150508            Proved Producing,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  | February 25, 2016 13:41:39



24



---

|     |  |                 |         |  |             |  |   |             |  |  |                         |  |  |                    |   |  |                                |  |   |                               |  |  |             |  |  |          |         |  |        |  |         |             |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | --------------- | ------- |  | ----------- |  | - | ----------- |  |  | ----------------------- |  |  | ------------------ | - |  | ------------------------------ |  | - | ----------------------------- |  |  | ----------- |  |  | -------- | ------- |  | ------ |  | ------- | ----------- |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  |                 |         |  | Federal     |  |   | Provincial  |  |  |                         |  |  |                    |   |  | Net Cash FlowBefore Income Tax |  |   | Net Cash FlowAfter Income Tax | 
|Year |  | TaxableIncomeM$ |         |  | IncomeTaxM$ |  |   | IncomeTaxM$ |  |  | ARTD &InvestmentCredits |  |  | IncomeTaxPayableM$ |   |  | AnnualM$                       |  |   | Cum.M$                        |  |  | 10.0% DcfM$ |  |  | AnnualM$ |         |  | Cum.M$ |  |         | 10.0% DcfM$ | 
|2016 |  |                 | -18,022 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 129,610     |  |  |          | 129,610 |  |        |  | 123,579 |             |  |  | 129,610 |  |  |  | 129,610 |  |  |  | 123,579 | 
|2017 |  |                 | -13,665 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 62,996      |  |  |          | 192,606 |  |        |  | 178,182 |             |  |  | 62,996  |  |  |  | 192,606 |  |  |  | 178,182 | 
|2018 |  |                 | -9,990  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 36,247      |  |  |          | 228,853 |  |        |  | 206,744 |             |  |  | 36,247  |  |  |  | 228,853 |  |  |  | 206,744 | 
|2019 |  |                 | -7,237  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 18,880      |  |  |          | 247,733 |  |        |  | 220,269 |             |  |  | 18,880  |  |  |  | 247,733 |  |  |  | 220,269 | 
|2020 |  |                 | -5,224  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 8,464       |  |  |          | 256,196 |  |        |  | 225,780 |             |  |  | 8,464   |  |  |  | 256,196 |  |  |  | 225,780 | 
|2021 |  |                 | -4,167  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 8,158       |  |  |          | 264,354 |  |        |  | 230,610 |             |  |  | 8,158   |  |  |  | 264,354 |  |  |  | 230,610 | 
|2022 |  |                 | -3,292  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 5,478       |  |  |          | 269,832 |  |        |  | 233,559 |             |  |  | 5,478   |  |  |  | 269,832 |  |  |  | 233,559 | 
|2023 |  |                 | -2,414  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 3,696       |  |  |          | 273,528 |  |        |  | 235,367 |             |  |  | 3,696   |  |  |  | 273,528 |  |  |  | 235,367 | 
|2024 |  |                 | -1,978  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 2,477       |  |  |          | 276,005 |  |        |  | 236,469 |             |  |  | 2,477   |  |  |  | 276,005 |  |  |  | 236,469 | 
|2025 |  |                 | -1,494  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 1,790       |  |  |          | 277,795 |  |        |  | 237,192 |             |  |  | 1,790   |  |  |  | 277,795 |  |  |  | 237,192 | 
|2026 |  |                 | -1,781  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | -800        |  |  |          | 276,995 |  |        |  | 236,898 |             |  |  | -800    |  |  |  | 276,995 |  |  |  | 236,898 | 
|2027 |  |                 | -1,084  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 144         |  |  |          | 277,140 |  |        |  | 236,947 |             |  |  | 144     |  |  |  | 277,140 |  |  |  | 236,947 | 
|Sub. |  |                 | -70,347 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 277,140     |  |  |          | 277,140 |  |        |  | 236,947 |             |  |  | 277,140 |  |  |  | 277,140 |  |  |  | 236,947 | 
|Rem. |  |                 | -6,949  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | -5,092      |  |  |          | 272,048 |  |        |  | 235,768 |             |  |  | -5,092  |  |  |  | 272,048 |  |  |  | 235,768 | 
|Tot. |  |                 | -77,296 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 272,048     |  |  |          | 272,048 |  |        |  | 235,768 |             |  |  | 272,048 |  |  |  | 272,048 |  |  |  | 235,768 | 
|Disc |  |                 | -55,044 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0 |  |                                |  | 0 |                               |  |  | 235,768     |  |  |          | 235,768 |  |        |  | 235,768 |             |  |  | 235,768 |  |  |  | 235,768 |  |  |  | 235,768 | 

SUMMARY OF RESERVES



|                 |  |       |      |  |                                    |  |         |                 |  |  |                          |  |  |     |         |  |               |  |         |             |  |  |           |  |  |             |        |  |           |  |     |          |  |  |      |  |  |  |     |  |  |  |     | 
|---------------- |  | ----- | ---- |  | ---------------------------------- |  | ------- | --------------- |  |  | ------------------------ |  |  | --- | ------- |  | ------------- |  | ------- | ----------- |  |  | --------- |  |  | ----------- | ------ |  | --------- |  | --- | -------- |  |  | ---- |  |  |  | --- |  |  |  | --- | 
|                 |  |       |      |  | Remaining Reserves at Jan 01, 2016 |  |         | Oil Equivalents |  |  | Reserve Life Indic. (yr) | 
|Product          |  | Units |      |  | WorkingInterest                    |  |         | Roy/NPIInterest |  |  | TotalCompany             |  |  | Net |         |  | Oil Eq.Factor |  |         | CompanyMboe |  |  | % ofTotal |  |  | ReserveLife |        |  | LifeIndex |  |     | HalfLife | 
|Light/Med Oil    |  |       | Mbbl |  |                                    |  | 61      |                 |  |  | 0                        |  |  |     | 61      |  |               |  | 60      |             |  |  | 1.000     |  |  |             | 61     |  |           |  | 0   |          |  |  | 30.0 |  |  |  | 5.4 |  |  |  | 3.5 | 
|Tight Oil        |  |       | Mbbl |  |                                    |  | 403     |                 |  |  | 0                        |  |  |     | 403     |  |               |  | 338     |             |  |  | 1.000     |  |  |             | 403    |  |           |  | 1   |          |  |  | 13.0 |  |  |  | 3.6 |  |  |  | 2.5 | 
|Total: Total Oil |  |       | Mbbl |  |                                    |  | 464     |                 |  |  | 0                        |  |  |     | 464     |  |               |  | 398     |             |  |  | 1.000     |  |  |             | 464    |  |           |  | 2   |          |  |  | 30.0 |  |  |  | 3.8 |  |  |  | 2.6 | 
|Residue Gas      |  |       | MMcf |  |                                    |  | 616     |                 |  |  | 2                        |  |  |     | 618     |  |               |  | 569     |             |  |  | 6.000     |  |  |             | 103    |  |           |  | 0   |          |  |  | 8.0  |  |  |  | 2.5 |  |  |  | 1.4 | 
|Shale Gas        |  |       | MMcf |  |                                    |  | 126,751 |                 |  |  | 0                        |  |  |     | 126,751 |  |               |  | 119,666 |             |  |  | 6.000     |  |  |             | 21,125 |  |           |  | 70  |          |  |  | 20.0 |  |  |  | 4.2 |  |  |  | 2.7 | 
|Total: Gas       |  |       | MMcf |  |                                    |  | 127,367 |                 |  |  | 2                        |  |  |     | 127,369 |  |               |  | 120,235 |             |  |  | 6.000     |  |  |             | 21,228 |  |           |  | 70  |          |  |  | 20.0 |  |  |  | 4.2 |  |  |  | 2.7 | 
|Gas Heat Content |  |       | BBtu |  |                                    |  | 146,407 |                 |  |  | 2                        |  |  |     | 146,409 |  |               |  | 138,098 |             |  |  | 0.000     |  |  |             | 0      |  |           |  | 0   |          |  |  | 20.0 |  |  |  | 4.2 |  |  |  | 2.7 | 
|Condensate       |  |       | Mbbl |  |                                    |  | 6,653   |                 |  |  | 0                        |  |  |     | 6,653   |  |               |  | 5,440   |             |  |  | 1.000     |  |  |             | 6,653  |  |           |  | 22  |          |  |  | 20.0 |  |  |  | 3.4 |  |  |  | 2.3 | 
|Butane           |  |       | Mbbl |  |                                    |  | 941     |                 |  |  | 0                        |  |  |     | 941     |  |               |  | 797     |             |  |  | 1.000     |  |  |             | 941    |  |           |  | 3   |          |  |  | 20.0 |  |  |  | 4.1 |  |  |  | 2.8 | 
|Propane          |  |       | Mbbl |  |                                    |  | 826     |                 |  |  | 0                        |  |  |     | 826     |  |               |  | 697     |             |  |  | 1.000     |  |  |             | 826    |  |           |  | 3   |          |  |  | 20.0 |  |  |  | 4.1 |  |  |  | 2.8 | 
|Total: NGL       |  |       | Mbbl |  |                                    |  | 8,420   |                 |  |  | 0                        |  |  |     | 8,420   |  |               |  | 6,935   |             |  |  | 1.000     |  |  |             | 8,420  |  |           |  | 28  |          |  |  | 20.0 |  |  |  | 3.5 |  |  |  | 2.4 | 
|Total: Oil+NGL   |  |       | Mbbl |  |                                    |  | 8,885   |                 |  |  | 0                        |  |  |     | 8,885   |  |               |  | 7,333   |             |  |  | 1.000     |  |  |             | 8,885  |  |           |  | 30  |          |  |  | 30.0 |  |  |  | 3.5 |  |  |  | 2.4 | 
|Total: Oil Eq.   |  |       | Mboe |  |                                    |  | 30,113  |                 |  |  | 0                        |  |  |     | 30,113  |  |               |  | 27,372  |             |  |  | 1.000     |  |  |             | 30,113 |  |           |  | 100 |          |  |  | 30.0 |  |  |  | 4.0 |  |  |  | 2.6 | 



|                                                                                 |  |                           
|-------------------------------------------------------------------------------- |  | --------------------------
|1150508            Proved Producing,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  | February 25, 2016 13:41:39



25



---

PRODUCT REVENUE AND EXPENSES



|                 |  |       |       |  |                                |  |       |                             |  |  |               |  |  |             |       |  |                   |  |      |               |  |  |               |  |  |          |      |  |           |  |       |            |  |  |           |  |  |  |     |  |  |  |         |  |  |  |     | 
|---------------- |  | ----- | ----- |  | ------------------------------ |  | ----- | --------------------------- |  |  | ------------- |  |  | ----------- | ----- |  | ----------------- |  | ---- | ------------- |  |  | ------------- |  |  | -------- | ---- |  | --------- |  | ----- | ---------- |  |  | --------- |  |  |  | --- |  |  |  | ------- |  |  |  | --- | 
|                 |  |       |       |  | Average First Year Unit Values |  |       | Net Revenue After Royalties | 
|Product          |  | Units |       |  | Base Price                     |  |       | Price Adjust.               |  |  | WellheadPrice |  |  | Net Burdens |       |  | OperatingExpenses |  |      | OtherExpenses |  |  | ProdnRevenue |  |  | UndiscM$ |      |  | % ofTotal |  |       | 10% DiscM$ |  |  | % ofTotal | 
|Light/Med Oil    |  |       | $/bbl |  |                                |  | 58.88 |                             |  |  | -16.97        |  |  |             | 41.91 |  |                   |  | 1.48 |               |  |  | 23.05         |  |  |          | 0.00 |  |           |  | 17.38 |            |  |  | 2,608     |  |  |  | 0   |  |  |  | 1,747   |  |  |  | 0   | 
|Tight Oil        |  |       | $/bbl |  |                                |  | 58.88 |                             |  |  | -0.77         |  |  |             | 58.11 |  |                   |  | 2.93 |               |  |  | 12.52         |  |  |          | 0.00 |  |           |  | 42.66 |            |  |  | 19,632    |  |  |  | 3   |  |  |  | 15,223  |  |  |  | 3   | 
|Total: Total Oil |  |       | $/bbl |  |                                |  | 58.88 |                             |  |  | -2.29         |  |  |             | 56.59 |  |                   |  | 2.79 |               |  |  | 13.51         |  |  |          | 0.00 |  |           |  | 40.29 |            |  |  | 22,240    |  |  |  | 4   |  |  |  | 16,970  |  |  |  | 4   | 
|Residue Gas      |  |       | $/Mcf |  |                                |  | 2.45  |                             |  |  | -0.46         |  |  |             | 1.99  |  |                   |  | 0.15 |               |  |  | 1.38          |  |  |          | 0.00 |  |           |  | 0.46  |            |  |  | 1,163     |  |  |  | 0   |  |  |  | 984     |  |  |  | 0   | 
|Shale Gas        |  |       | $/Mcf |  |                                |  | 2.45  |                             |  |  | -0.20         |  |  |             | 2.26  |  |                   |  | 0.10 |               |  |  | 1.60          |  |  |          | 0.00 |  |           |  | 0.56  |            |  |  | 249,589   |  |  |  | 40  |  |  |  | 186,340 |  |  |  | 39  | 
|Total: Gas       |  |       | $/Mcf |  |                                |  | 2.45  |                             |  |  | -0.20         |  |  |             | 2.25  |  |                   |  | 0.10 |               |  |  | 1.60          |  |  |          | 0.00 |  |           |  | 0.55  |            |  |  | 250,751   |  |  |  | 41  |  |  |  | 187,324 |  |  |  | 40  | 
|Condensate       |  |       | $/bbl |  |                                |  | 58.14 |                             |  |  | -0.61         |  |  |             | 57.53 |  |                   |  | 2.75 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 54.79 |            |  |  | 318,318   |  |  |  | 52  |  |  |  | 249,151 |  |  |  | 53  | 
|Butane           |  |       | $/bbl |  |                                |  | 33.09 |                             |  |  | -1.07         |  |  |             | 32.02 |  |                   |  | 1.77 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 30.25 |            |  |  | 25,353    |  |  |  | 4   |  |  |  | 19,238  |  |  |  | 4   | 
|Propane          |  |       | $/bbl |  |                                |  | 1.45  |                             |  |  | 0.09          |  |  |             | 1.54  |  |                   |  | 0.32 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 1.22  |            |  |  | 279       |  |  |  | 0   |  |  |  | 332     |  |  |  | 0   | 
|Total: NGL       |  |       | $/bbl |  |                                |  | 50.98 |                             |  |  | -0.59         |  |  |             | 50.39 |  |                   |  | 2.45 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 47.94 |            |  |  | 343,949   |  |  |  | 56  |  |  |  | 268,721 |  |  |  | 57  | 
|Total: Oil+NGL   |  |       | $/bbl |  |                                |  | 51.36 |                             |  |  | -0.67         |  |  |             | 50.69 |  |                   |  | 2.47 |               |  |  | 0.65          |  |  |          | 0.00 |  |           |  | 47.57 |            |  |  | 366,189   |  |  |  | 59  |  |  |  | 285,691 |  |  |  | 60  | 
|Total: Oil Eq.   |  |       | $/boe |  |                                |  | 26.92 |                             |  |  | -1.02         |  |  |             | 25.89 |  |                   |  | 1.21 |               |  |  | 7.37          |  |  |          | 0.00 |  |           |  | 17.31 |            |  |  | 616,941   |  |  |  | 100 |  |  |  | 473,015 |  |  |  | 100 | 

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY



|                    |  |         |            |  |         |                 |         |                                     |                   |  |                                    |                  |  |  |           |  |  |                   |         |    |                  |  |        |           |  |  |         |  |  |  |      |  |  |  |         |  |  |  |        |  |  |  |         |  |  |  |      | 
|------------------- |  | ------- | ---------- |  | ------- | --------------- | ------- | ----------------------------------- | ----------------- |  | ---------------------------------- | ---------------- |  |  | --------- |  |  | ----------------- | ------- | -- | ---------------- |  | ------ | --------- |  |  | ------- |  |  |  | ---- |  |  |  | ------- |  |  |  | ------ |  |  |  | ------- |  |  |  | ---- | 
|                    |  |         |            |  |         |                 |         | Net Present Value Before Income Tax |                   |  | Net Present Value After Income Tax |                 
|Revenue Burdens (%) |  |         | Disc.Rate% |  |         | ProdnRevenueM$ |         |                                     | OperatingIncomeM$ |  |                                    | CapitalInvest.M$ |  |  | Cash Flow |  |  | OperatingIncomeM$ |         |    | CapitalInvest.M$ |  |        | Cash Flow | 
|                    |  | Initial |            |  | Average |                 |         |                                     |                   |  |                                    | M$               |  |  | $/boe     |  |  |                   |         | M$ |                  |  | $/boe  |          
|Crown Royalty       |  |         | 5.0237     |  |         |                 | 13.7684 |                                     |                   |  | 0.0                                |                  |  |  | 300,091   |  |  |                   | 288,729 |    |                  |  | 16,681 |           |  |  | 272,048 |  |  |  | 9.03 |  |  |  | 288,729 |  |  |  | 16,681 |  |  |  | 272,048 |  |  |  | 9.03 | 
|Non-crown Royalty   |  |         | 0.0000     |  |         |                 | 0.0000  |                                     |                   |  | 5.0                                |                  |  |  | 273,471   |  |  |                   | 267,140 |    |                  |  | 14,548 |           |  |  | 252,592 |  |  |  | 8.39 |  |  |  | 267,140 |  |  |  | 14,548 |  |  |  | 252,592 |  |  |  | 8.39 | 
|Mineral Tax         |  |         | 0.0000     |  |         |                 | 0.0000  |                                     |                   |  | 8.0                                |                  |  |  | 260,246   |  |  |                   | 255,658 |    |                  |  | 13,468 |           |  |  | 242,190 |  |  |  | 8.04 |  |  |  | 255,658 |  |  |  | 13,468 |  |  |  | 242,190 |  |  |  | 8.04 | 
|                    |  |         |            |  |         |                 |         |                                     |                   |  | 10.0                               |                  |  |  | 252,328   |  |  |                   | 248,586 |    |                  |  | 12,818 |           |  |  | 235,768 |  |  |  | 7.83 |  |  |  | 248,586 |  |  |  | 12,818 |  |  |  | 235,768 |  |  |  | 7.83 | 
|                    |  |         |            |  |         |                 |         |                                     |                   |  | 12.0                               |                  |  |  | 245,027   |  |  |                   | 241,950 |    |                  |  | 12,218 |           |  |  | 229,732 |  |  |  | 7.63 |  |  |  | 241,950 |  |  |  | 12,218 |  |  |  | 229,732 |  |  |  | 7.63 | 
|                    |  |         |            |  |         |                 |         |                                     |                   |  | 15.0                               |                  |  |  | 235,075   |  |  |                   | 232,747 |    |                  |  | 11,399 |           |  |  | 221,348 |  |  |  | 7.35 |  |  |  | 232,747 |  |  |  | 11,399 |  |  |  | 221,348 |  |  |  | 7.35 | 
|                    |  |         |            |  |         |                 |         |                                     |                   |  | 20.0                               |                  |  |  | 220,686   |  |  |                   | 219,173 |    |                  |  | 10,223 |           |  |  | 208,950 |  |  |  | 6.94 |  |  |  | 219,173 |  |  |  | 10,223 |  |  |  | 208,950 |  |  |  | 6.94 | 



|           |  |                           
|---------- |  | --------------------------
|Evaluator: |  | MacDonald, Trisha S.      
|Run Date:  |  | February 25, 2016 11:45:53



|                                                                                 |  |                           
|-------------------------------------------------------------------------------- |  | --------------------------
|1150508            Proved Producing,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  | February 25, 2016 13:41:39



26



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Proved                                
|Property:    |  | Corporate                |  | Development Class: |  | Developed Non-Producing               
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Economic Forecast

PRODUCTION FORECAST



|     |  |               |   |  |                   |  |   |                      |  |  |                      |  |  |                      |    |  |                   |  |    |                   |  |  |               |  |  |            |       |  |                   |  |       |                   |  |  |               |  |  |            |      |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |      | 
|---- |  | ------------- | - |  | ----------------- |  | - | -------------------- |  |  | -------------------- |  |  | -------------------- | -- |  | ----------------- |  | -- | ----------------- |  |  | ------------- |  |  | ---------- | ----- |  | ----------------- |  | ----- | ----------------- |  |  | ------------- |  |  | ---------- | ---- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ---- | 
|     |  |               |   |  |                   |  |   | Tight Oil Production |  |  | Shale Gas Production |  |  | Total Gas Production |   
|     |  | Company Wells |   |  | CompanyDailybbl/d |  |   | CompanyYearlyMbbl    |  |  | NetYearlyMbbl        |  |  | Price$/bbl           |    |  | CompanyDailyMcf/d |  |    | CompanyYearlyMMcf |  |  | NetYearlyMMcf |  |  | Price$/Mcf |       |  | CompanyDailyMcf/d |  |       | CompanyYearlyMMcf |  |  | NetYearlyMMcf |  |  | Price$/Mcf |     
|Year |  | Oil           |   |  | Gas               |  |   |                      |  |  |                      |  |  |                      |    |  |                   | 
|2016 |  |               | 0 |  |                   |  | 1 |                      |  |  | 79                   |  |  |                      | 29 |  |                   |  | 28 |                   |  |  | 57.73         |  |  |            | 1,082 |  |                   |  | 395   |                   |  |  | 376           |  |  |            | 2.66 |  |  |  | 1,082 |  |  |  | 395   |  |  |  | 376   |  |  |  | 2.66 | 
|2017 |  |               | 0 |  |                   |  | 1 |                      |  |  | 34                   |  |  |                      | 13 |  |                   |  | 12 |                   |  |  | 57.73         |  |  |            | 664   |  |                   |  | 242   |                   |  |  | 233           |  |  |            | 2.58 |  |  |  | 664   |  |  |  | 242   |  |  |  | 233   |  |  |  | 2.58 | 
|2018 |  |               | 0 |  |                   |  | 1 |                      |  |  | 24                   |  |  |                      | 9  |  |                   |  | 8  |                   |  |  | 57.73         |  |  |            | 479   |  |                   |  | 175   |                   |  |  | 164           |  |  |            | 2.55 |  |  |  | 479   |  |  |  | 175   |  |  |  | 164   |  |  |  | 2.55 | 
|2019 |  |               | 0 |  |                   |  | 1 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 227   |  |                   |  | 83    |                   |  |  | 76            |  |  |            | 2.62 |  |  |  | 227   |  |  |  | 83    |  |  |  | 76    |  |  |  | 2.62 | 
|2020 |  |               | 0 |  |                   |  | 1 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 189   |  |                   |  | 69    |                   |  |  | 64            |  |  |            | 2.61 |  |  |  | 189   |  |  |  | 69    |  |  |  | 64    |  |  |  | 2.61 | 
|2021 |  |               | 0 |  |                   |  | 1 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 163   |  |                   |  | 59    |                   |  |  | 55            |  |  |            | 2.61 |  |  |  | 163   |  |  |  | 59    |  |  |  | 55    |  |  |  | 2.61 | 
|2022 |  |               | 0 |  |                   |  | 1 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 144   |  |                   |  | 52    |                   |  |  | 49            |  |  |            | 2.61 |  |  |  | 144   |  |  |  | 52    |  |  |  | 49    |  |  |  | 2.61 | 
|2023 |  |               | 0 |  |                   |  | 0 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 74    |  |                   |  | 27    |                   |  |  | 24            |  |  |            | 3.22 |  |  |  | 74    |  |  |  | 27    |  |  |  | 24    |  |  |  | 3.22 | 
|2024 |  |               | 0 |  |                   |  | 0 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 68    |  |                   |  | 25    |                   |  |  | 22            |  |  |            | 3.22 |  |  |  | 68    |  |  |  | 25    |  |  |  | 22    |  |  |  | 3.22 | 
|2025 |  |               | 0 |  |                   |  | 0 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 62    |  |                   |  | 23    |                   |  |  | 20            |  |  |            | 3.22 |  |  |  | 62    |  |  |  | 23    |  |  |  | 20    |  |  |  | 3.22 | 
|2026 |  |               | 0 |  |                   |  | 0 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 57    |  |                   |  | 21    |                   |  |  | 18            |  |  |            | 3.22 |  |  |  | 57    |  |  |  | 21    |  |  |  | 18    |  |  |  | 3.22 | 
|2027 |  |               | 0 |  |                   |  | 0 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            | 52    |  |                   |  | 19    |                   |  |  | 17            |  |  |            | 3.22 |  |  |  | 52    |  |  |  | 19    |  |  |  | 17    |  |  |  | 3.22 | 
|Sub. |  |               |   |  |                   |  |   |                      |  |  |                      |  |  |                      | 50 |  |                   |  | 48 |                   |  |  | 57.73         |  |  |            |       |  |                   |  | 1,190 |                   |  |  | 1,119         |  |  |            | 2.67 |  |  |  |       |  |  |  | 1,190 |  |  |  | 1,119 |  |  |  | 2.67 | 
|Rem. |  |               |   |  |                   |  |   |                      |  |  |                      |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00          |  |  |            |       |  |                   |  | 67    |                   |  |  | 60            |  |  |            | 3.22 |  |  |  |       |  |  |  | 67    |  |  |  | 60    |  |  |  | 3.22 | 
|Tot. |  |               |   |  |                   |  |   |                      |  |  |                      |  |  |                      | 50 |  |                   |  | 48 |                   |  |  | 57.73         |  |  |            |       |  |                   |  | 1,257 |                   |  |  | 1,178         |  |  |            | 2.70 |  |  |  |       |  |  |  | 1,257 |  |  |  | 1,178 |  |  |  | 2.70 | 



|     |  |                       |     |  |                   |  |    |                    |  |  |            |  |  |                   |       |  |                   |  |   |               |  |  |            |  |  |                   |   |  |                   |  |       |               |  |  |            |  |  |  |   |  |  |  |   |  |  |  |      | 
|---- |  | --------------------- | --- |  | ----------------- |  | -- | ------------------ |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | - | ------------- |  |  | ---------- |  |  | ----------------- | - |  | ----------------- |  | ----- | ------------- |  |  | ---------- |  |  |  | - |  |  |  | - |  |  |  | ---- | 
|     |  | Condensate Production |     |  | Butane Production |  |    | Propane Production | 
|Year |  | CompanyDailybbl/d     |     |  | CompanyYearlyMbbl |  |    | NetYearlyMbbl      |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |   | NetYearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailybbl/d |   |  | CompanyYearlyMbbl |  |       | NetYearlyMbbl |  |  | Price$/bbl | 
|2016 |  |                       | 128 |  |                   |  | 47 |                    |  |  | 44         |  |  |                   | 58.50 |  |                   |  | 8 |               |  |  | 3          |  |  |                   | 3 |  |                   |  | 23.56 |               |  |  | 8          |  |  |  | 3 |  |  |  | 3 |  |  |  | 3.09 | 
|2017 |  |                       | 33  |  |                   |  | 12 |                    |  |  | 11         |  |  |                   | 57.01 |  |                   |  | 5 |               |  |  | 2          |  |  |                   | 2 |  |                   |  | 23.50 |               |  |  | 4          |  |  |  | 2 |  |  |  | 2 |  |  |  | 3.11 | 
|2018 |  |                       | 23  |  |                   |  | 8  |                    |  |  | 5          |  |  |                   | 56.74 |  |                   |  | 3 |               |  |  | 1          |  |  |                   | 1 |  |                   |  | 23.36 |               |  |  | 3          |  |  |  | 1 |  |  |  | 1 |  |  |  | 3.13 | 
|2019 |  |                       | 12  |  |                   |  | 4  |                    |  |  | 3          |  |  |                   | 59.38 |  |                   |  | 1 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.72 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2020 |  |                       | 10  |  |                   |  | 4  |                    |  |  | 2          |  |  |                   | 59.38 |  |                   |  | 1 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.73 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2021 |  |                       | 8   |  |                   |  | 3  |                    |  |  | 2          |  |  |                   | 59.38 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.74 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2022 |  |                       | 7   |  |                   |  | 3  |                    |  |  | 2          |  |  |                   | 59.38 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.74 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2023 |  |                       | 6   |  |                   |  | 2  |                    |  |  | 1          |  |  |                   | 59.60 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.21 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2024 |  |                       | 6   |  |                   |  | 2  |                    |  |  | 1          |  |  |                   | 59.60 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.21 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2025 |  |                       | 5   |  |                   |  | 2  |                    |  |  | 1          |  |  |                   | 59.60 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.21 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2026 |  |                       | 5   |  |                   |  | 2  |                    |  |  | 1          |  |  |                   | 59.60 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.21 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|2027 |  |                       | 5   |  |                   |  | 2  |                    |  |  | 1          |  |  |                   | 59.60 |  |                   |  | 0 |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.21 |               |  |  | 0          |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|Sub. |  |                       |     |  |                   |  | 91 |                    |  |  | 75         |  |  |                   | 58.39 |  |                   |  |   |               |  |  | 7          |  |  |                   | 6 |  |                   |  | 24.57 |               |  |  |            |  |  |  | 6 |  |  |  | 6 |  |  |  | 2.97 | 
|Rem. |  |                       |     |  |                   |  | 6  |                    |  |  | 4          |  |  |                   | 59.60 |  |                   |  |   |               |  |  | 0          |  |  |                   | 0 |  |                   |  | 29.21 |               |  |  |            |  |  |  | 0 |  |  |  | 0 |  |  |  | 1.68 | 
|Tot. |  |                       |     |  |                   |  | 97 |                    |  |  | 79         |  |  |                   | 58.47 |  |                   |  |   |               |  |  | 7          |  |  |                   | 7 |  |                   |  | 24.75 |               |  |  |            |  |  |  | 6 |  |  |  | 6 |  |  |  | 2.94 | 



|                                                                                               |  |  |                            | 
|---------------------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Developed
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:35 | 



27



---

|     |  |                                |     |  |                          |  |     |                           |  |  |            |  |  |                   |       |  |                   |  |     |               |  |  |            |  |  |                   |     |  |                   |  |       |               |  |  |            |  |  |  |     |  |  |  |     |  |  |  |       | 
|---- |  | ------------------------------ | --- |  | ------------------------ |  | --- | ------------------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | --- | ------------- |  |  | ---------- |  |  | ----------------- | --- |  | ----------------- |  | ----- | ------------- |  |  | ---------- |  |  |  | --- |  |  |  | --- |  |  |  | ----- | 
|     |  | Natural Gas Liquids Production |     |  | Oil + Liquids Production |  |     | Oil Equivalent Production | 
|Year |  | CompanyDailybbl/d              |     |  | CompanyYearlyMbbl        |  |     | NetYearlyMbbl             |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |     | NetYearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailyboe/d |     |  | CompanyYearlyMboe |  |       | NetYearlyMboe |  |  | Price$/boe | 
|2016 |  |                                | 143 |  |                          |  | 52  |                           |  |  | 50         |  |  |                   | 53.65 |  |                   |  | 222 |               |  |  | 81         |  |  |                   | 77  |  |                   |  | 55.10 |               |  |  | 403        |  |  |  | 147 |  |  |  | 140 |  |  |  | 37.58 | 
|2017 |  |                                | 42  |  |                          |  | 15  |                           |  |  | 14         |  |  |                   | 47.60 |  |                   |  | 77  |               |  |  | 28         |  |  |                   | 26  |  |                   |  | 52.15 |               |  |  | 187        |  |  |  | 68  |  |  |  | 65  |  |  |  | 30.51 | 
|2018 |  |                                | 29  |  |                          |  | 11  |                           |  |  | 8          |  |  |                   | 46.78 |  |                   |  | 53  |               |  |  | 19         |  |  |                   | 16  |  |                   |  | 51.66 |               |  |  | 133        |  |  |  | 48  |  |  |  | 43  |  |  |  | 29.82 | 
|2019 |  |                                | 13  |  |                          |  | 5   |                           |  |  | 3          |  |  |                   | 56.57 |  |                   |  | 13  |               |  |  | 5          |  |  |                   | 3   |  |                   |  | 56.57 |               |  |  | 51         |  |  |  | 18  |  |  |  | 16  |  |  |  | 26.15 | 
|2020 |  |                                | 11  |  |                          |  | 4   |                           |  |  | 2          |  |  |                   | 56.57 |  |                   |  | 11  |               |  |  | 4          |  |  |                   | 2   |  |                   |  | 56.57 |               |  |  | 42         |  |  |  | 15  |  |  |  | 13  |  |  |  | 26.04 | 
|2021 |  |                                | 9   |  |                          |  | 3   |                           |  |  | 2          |  |  |                   | 56.56 |  |                   |  | 9   |               |  |  | 3          |  |  |                   | 2   |  |                   |  | 56.56 |               |  |  | 36         |  |  |  | 13  |  |  |  | 11  |  |  |  | 25.99 | 
|2022 |  |                                | 8   |  |                          |  | 3   |                           |  |  | 2          |  |  |                   | 56.56 |  |                   |  | 8   |               |  |  | 3          |  |  |                   | 2   |  |                   |  | 56.56 |               |  |  | 32         |  |  |  | 12  |  |  |  | 10  |  |  |  | 25.95 | 
|2023 |  |                                | 7   |  |                          |  | 3   |                           |  |  | 2          |  |  |                   | 56.87 |  |                   |  | 7   |               |  |  | 3          |  |  |                   | 2   |  |                   |  | 56.87 |               |  |  | 19         |  |  |  | 7   |  |  |  | 6   |  |  |  | 32.80 | 
|2024 |  |                                | 6   |  |                          |  | 2   |                           |  |  | 1          |  |  |                   | 56.87 |  |                   |  | 6   |               |  |  | 2          |  |  |                   | 1   |  |                   |  | 56.87 |               |  |  | 18         |  |  |  | 6   |  |  |  | 5   |  |  |  | 32.80 | 
|2025 |  |                                | 6   |  |                          |  | 2   |                           |  |  | 1          |  |  |                   | 56.87 |  |                   |  | 6   |               |  |  | 2          |  |  |                   | 1   |  |                   |  | 56.87 |               |  |  | 16         |  |  |  | 6   |  |  |  | 5   |  |  |  | 32.80 | 
|2026 |  |                                | 5   |  |                          |  | 2   |                           |  |  | 1          |  |  |                   | 56.87 |  |                   |  | 5   |               |  |  | 2          |  |  |                   | 1   |  |                   |  | 56.87 |               |  |  | 15         |  |  |  | 5   |  |  |  | 4   |  |  |  | 32.80 | 
|2027 |  |                                | 5   |  |                          |  | 2   |                           |  |  | 1          |  |  |                   | 56.87 |  |                   |  | 5   |               |  |  | 2          |  |  |                   | 1   |  |                   |  | 56.87 |               |  |  | 14         |  |  |  | 5   |  |  |  | 4   |  |  |  | 32.80 | 
|Sub. |  |                                |     |  |                          |  | 104 |                           |  |  | 87         |  |  |                   | 52.79 |  |                   |  |     |               |  |  | 154        |  |  |                   | 135 |  |                   |  | 54.40 |               |  |  |            |  |  |  | 352 |  |  |  | 321 |  |  |  | 32.81 | 
|Rem. |  |                                |     |  |                          |  | 6   |                           |  |  | 4          |  |  |                   | 56.87 |  |                   |  |     |               |  |  | 6          |  |  |                   | 4   |  |                   |  | 56.87 |               |  |  |            |  |  |  | 17  |  |  |  | 14  |  |  |  | 32.80 | 
|Tot. |  |                                |     |  |                          |  | 110 |                           |  |  | 91         |  |  |                   | 53.03 |  |                   |  |     |               |  |  | 160        |  |  |                   | 139 |  |                   |  | 54.50 |               |  |  |            |  |  |  | 370 |  |  |  | 335 |  |  |  | 32.81 | 

REVENUE AND EXPENSE FORECAST



|     |  |                        |       |  |                        |  |       |                        |  |  |                               |  |  |                         |        |         |                             |  |         |                          |  |         |                    |  |         |  |       |  |  |         |   |  |            |  |     |         |  |  |   |  |  |  |       |  |  |  |        |  |  |  |       |  |  |  |       |  |  |  |       | 
|---- |  | ---------------------- | ----- |  | ---------------------- |  | ----- | ---------------------- |  |  | ----------------------------- |  |  | ----------------------- | ------ | ------- | --------------------------- |  | ------- | ------------------------ |  | ------- | ------------------ |  | ------- |  | ----- |  |  | ------- | - |  | ---------- |  | --- | ------- |  |  | - |  |  |  | ----- |  |  |  | ------ |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|     |  | Revenue Before Burdens |       |  |                        |  |       |                        |  |  |                               |  |  |                         |        |         |                             |  |         |                          |  |         |                    |  |         |  |       |  |  |        
|     |  | Working Interest       |       |  | RoyaltyInterestTotalM$ |  |       | CompanyInterestTotalM$ |  |  | Royalty BurdensPre-Processing |  |  | Gas ProcessingAllowance |        |         | TotalRoyaltyAfterProcess.M$ |  |         | NetRevenueAfterRoyaltyM$ |  |         | Operating Expenses | 
|Year |  | OilM$                  |       |  | GasM$                  |  |       | NGL+SulM$              |  |  | TotalM$                       |  |  |                         |        | CrownM$ |                             |  | OtherM$ |                          |  | CrownM$ |                    |  | OtherM$ |  |       |  |  | FixedM$ |   |  | VariableM$ |  |     | TotalM$ | 
|2016 |  |                        | 1,668 |  |                        |  | 1,050 |                        |  |  | 2,807                         |  |  |                         | 5,525  |         |                             |  | 0       |                          |  |         | 5,525              |  |         |  | 270   |  |  |         | 0 |  |            |  | 28  |         |  |  | 0 |  |  |  | 242   |  |  |  | 5,283  |  |  |  | 235   |  |  |  | 807   |  |  |  | 1,043 | 
|2017 |  |                        | 726   |  |                        |  | 626   |                        |  |  | 735                           |  |  |                         | 2,087  |         |                             |  | 0       |                          |  |         | 2,087              |  |         |  | 113   |  |  |         | 0 |  |            |  | 18  |         |  |  | 0 |  |  |  | 94    |  |  |  | 1,993  |  |  |  | 368   |  |  |  | 459   |  |  |  | 827   | 
|2018 |  |                        | 497   |  |                        |  | 446   |                        |  |  | 501                           |  |  |                         | 1,445  |         |                             |  | 0       |                          |  |         | 1,445              |  |         |  | 229   |  |  |         | 0 |  |            |  | 51  |         |  |  | 0 |  |  |  | 178   |  |  |  | 1,267  |  |  |  | 368   |  |  |  | 324   |  |  |  | 692   | 
|2019 |  |                        | 0     |  |                        |  | 217   |                        |  |  | 267                           |  |  |                         | 484    |         |                             |  | 0       |                          |  |         | 484                |  |         |  | 118   |  |  |         | 0 |  |            |  | 36  |         |  |  | 0 |  |  |  | 82    |  |  |  | 402    |  |  |  | 38    |  |  |  | 150   |  |  |  | 188   | 
|2020 |  |                        | 0     |  |                        |  | 181   |                        |  |  | 221                           |  |  |                         | 401    |         |                             |  | 0       |                          |  |         | 401                |  |         |  | 98    |  |  |         | 0 |  |            |  | 30  |         |  |  | 0 |  |  |  | 68    |  |  |  | 333    |  |  |  | 38    |  |  |  | 125   |  |  |  | 163   | 
|2021 |  |                        | 0     |  |                        |  | 155   |                        |  |  | 189                           |  |  |                         | 344    |         |                             |  | 0       |                          |  |         | 344                |  |         |  | 84    |  |  |         | 0 |  |            |  | 25  |         |  |  | 0 |  |  |  | 58    |  |  |  | 286    |  |  |  | 38    |  |  |  | 107   |  |  |  | 145   | 
|2022 |  |                        | 0     |  |                        |  | 137   |                        |  |  | 166                           |  |  |                         | 303    |         |                             |  | 0       |                          |  |         | 303                |  |         |  | 73    |  |  |         | 0 |  |            |  | 22  |         |  |  | 0 |  |  |  | 51    |  |  |  | 252    |  |  |  | 38    |  |  |  | 94    |  |  |  | 133   | 
|2023 |  |                        | 0     |  |                        |  | 87    |                        |  |  | 144                           |  |  |                         | 231    |         |                             |  | 0       |                          |  |         | 231                |  |         |  | 65    |  |  |         | 0 |  |            |  | 20  |         |  |  | 0 |  |  |  | 45    |  |  |  | 186    |  |  |  | 18    |  |  |  | 64    |  |  |  | 82    | 
|2024 |  |                        | 0     |  |                        |  | 79    |                        |  |  | 131                           |  |  |                         | 210    |         |                             |  | 0       |                          |  |         | 210                |  |         |  | 59    |  |  |         | 0 |  |            |  | 18  |         |  |  | 0 |  |  |  | 41    |  |  |  | 170    |  |  |  | 18    |  |  |  | 58    |  |  |  | 76    | 
|2025 |  |                        | 0     |  |                        |  | 73    |                        |  |  | 120                           |  |  |                         | 193    |         |                             |  | 0       |                          |  |         | 193                |  |         |  | 54    |  |  |         | 0 |  |            |  | 17  |         |  |  | 0 |  |  |  | 37    |  |  |  | 155    |  |  |  | 18    |  |  |  | 53    |  |  |  | 71    | 
|2026 |  |                        | 0     |  |                        |  | 67    |                        |  |  | 110                           |  |  |                         | 177    |         |                             |  | 0       |                          |  |         | 177                |  |         |  | 50    |  |  |         | 0 |  |            |  | 15  |         |  |  | 0 |  |  |  | 34    |  |  |  | 143    |  |  |  | 18    |  |  |  | 49    |  |  |  | 67    | 
|2027 |  |                        | 0     |  |                        |  | 61    |                        |  |  | 102                           |  |  |                         | 163    |         |                             |  | 0       |                          |  |         | 163                |  |         |  | 46    |  |  |         | 0 |  |            |  | 14  |         |  |  | 0 |  |  |  | 31    |  |  |  | 131    |  |  |  | 18    |  |  |  | 45    |  |  |  | 63    | 
|Sub. |  |                        | 2,891 |  |                        |  | 3,178 |                        |  |  | 5,493                         |  |  |                         | 11,563 |         |                             |  | 0       |                          |  |         | 11,563             |  |         |  | 1,257 |  |  |         | 0 |  |            |  | 296 |         |  |  | 0 |  |  |  | 961   |  |  |  | 10,601 |  |  |  | 1,215 |  |  |  | 2,334 |  |  |  | 3,549 | 
|Rem. |  |                        | 0     |  |                        |  | 216   |                        |  |  | 357                           |  |  |                         | 573    |         |                             |  | 0       |                          |  |         | 573                |  |         |  | 161   |  |  |         | 0 |  |            |  | 50  |         |  |  | 0 |  |  |  | 111   |  |  |  | 463    |  |  |  | 79    |  |  |  | 158   |  |  |  | 237   | 
|Tot. |  |                        | 2,891 |  |                        |  | 3,394 |                        |  |  | 5,850                         |  |  |                         | 12,136 |         |                             |  | 0       |                          |  |         | 12,136             |  |         |  | 1,418 |  |  |         | 0 |  |            |  | 346 |         |  |  | 0 |  |  |  | 1,072 |  |  |  | 11,064 |  |  |  | 1,294 |  |  |  | 2,491 |  |  |  | 3,785 | 
|Disc |  |                        | 2,612 |  |                        |  | 2,543 |                        |  |  | 4,591                         |  |  |                         | 9,745  |         |                             |  | 0       |                          |  |         | 9,745              |  |         |  | 928   |  |  |         | 0 |  |            |  | 204 |         |  |  | 0 |  |  |  | 724   |  |  |  | 9,020  |  |  |  | 987   |  |  |  | 1,878 |  |  |  | 2,864 | 



|                                                                                               |  |  |                            | 
|---------------------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Developed
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:35 | 



28



---

|     |  |              |   |  |               |  |   |             |  |  |                     |  |  |               |       |  |                      |               |   |  |        |  |                       |         |  |                      |         |  |  |         |     |  |          |  |   |        |  |  |             |  |  |  |     |  |  |  |       |  |  |  |       |  |  |  |       | 
|---- |  | ------------ | - |  | ------------- |  | - | ----------- |  |  | ------------------- |  |  | ------------- | ----- |  | -------------------- | ------------- | - |  | ------ |  | --------------------- | ------- |  | -------------------- | ------- |  |  | ------- | --- |  | -------- |  | - | ------ |  |  | ----------- |  |  |  | --- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|     |  |              |   |  |               |  |   |             |  |  |                     |  |  |               |       |  | Aband. &Recl.CostsM$ |               |   |  |        |  | Net CapitalInvestment |         |  | Before Tax Cash Flow |        
|Year |  | MineralTaxM$ |   |  | Capital TaxM$ |  |   | NPIBurdenM$ |  |  | Net ProdnRevenueM$ |  |  | OtherIncomeM$ |       |  |                      | Oper.IncomeM$ |   |  | Dev.M$ |  |                       | PlantM$ |  |                      | Tang.M$ |  |  | TotalM$ |     |  | AnnualM$ |  |   | Cum.M$ |  |  | 10.0% DcfM$ | 
|2016 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 4,240 |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 4,240   |  |  |         | 100 |  |          |  | 0 |        |  |  | 0           |  |  |  | 100 |  |  |  | 4,141 |  |  |  | 4,141 |  |  |  | 3,948 | 
|2017 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 1,166 |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 1,166   |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 1,166 |  |  |  | 5,307 |  |  |  | 4,959 | 
|2018 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 575   |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 575     |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 575   |  |  |  | 5,882 |  |  |  | 5,412 | 
|2019 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 213   |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 213     |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 213   |  |  |  | 6,095 |  |  |  | 5,565 | 
|2020 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 170   |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 170     |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 170   |  |  |  | 6,266 |  |  |  | 5,676 | 
|2021 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 140   |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 140     |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 140   |  |  |  | 6,406 |  |  |  | 5,759 | 
|2022 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 119   |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 119     |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 119   |  |  |  | 6,525 |  |  |  | 5,823 | 
|2023 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 105   |  |                      |               | 0 |  |        |  | 92                    |         |  |                      | 12      |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 12    |  |  |  | 6,538 |  |  |  | 5,829 | 
|2024 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 94    |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 94      |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 94    |  |  |  | 6,631 |  |  |  | 5,871 | 
|2025 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 84    |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 84      |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 84    |  |  |  | 6,716 |  |  |  | 5,905 | 
|2026 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 76    |  |                      |               | 0 |  |        |  | 0                     |         |  |                      | 76      |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 76    |  |  |  | 6,792 |  |  |  | 5,933 | 
|2027 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 69    |  |                      |               | 0 |  |        |  | 14                    |         |  |                      | 55      |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 55    |  |  |  | 6,847 |  |  |  | 5,951 | 
|Sub. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 7,053 |  |                      |               | 0 |  |        |  | 106                   |         |  |                      | 6,947   |  |  |         | 100 |  |          |  | 0 |        |  |  | 0           |  |  |  | 100 |  |  |  | 6,847 |  |  |  | 6,847 |  |  |  | 5,951 | 
|Rem. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 226   |  |                      |               | 0 |  |        |  | 30                    |         |  |                      | 196     |  |  |         | 0   |  |          |  | 0 |        |  |  | 0           |  |  |  | 0   |  |  |  | 196   |  |  |  | 7,043 |  |  |  | 6,007 | 
|Tot. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 7,279 |  |                      |               | 0 |  |        |  | 136                   |         |  |                      | 7,143   |  |  |         | 100 |  |          |  | 0 |        |  |  | 0           |  |  |  | 100 |  |  |  | 7,043 |  |  |  | 7,043 |  |  |  | 6,007 | 
|Disc |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 6,156 |  |                      |               | 0 |  |        |  | 54                    |         |  |                      | 6,102   |  |  |         | 95  |  |          |  | 0 |        |  |  | 0           |  |  |  | 95  |  |  |  | 6,007 |  |  |  | 6,007 |  |  |  | 6,007 | 

AFTER TAX ANALYSIS



|     |  |               |       |  |                                                |  |   |                          |  |  |        |  |  |       |     |  |         |  |   |       |  |  |         |  |  |       |   |  |       |  |       |         |  |  |         |  |  |  |   |  |  |  |   |  |  |  |       | 
|---- |  | ------------- | ----- |  | ---------------------------------------------- |  | - | ------------------------ |  |  | ------ |  |  | ----- | --- |  | ------- |  | - | ----- |  |  | ------- |  |  | ----- | - |  | ----- |  | ----- | ------- |  |  | ------- |  |  |  | - |  |  |  | - |  |  |  | ----- | 
|     |  |               |       |  | Tax Pool Balances Incl. Current Year Additions |  |   | Depreciation & Writeoffs | 
|Year |  | Oper.IncomeM$ |       |  | CCAM$                                          |  |   | COGPEM$                  |  |  | CDEM$  |  |  | CEEM$ |     |  | OtherM$ |  |   | CCAM$ |  |  | COGPEM$ |  |  | CDEM$ |   |  | CEEM$ |  |       | OtherM$ |  |  | TotalM$ | 
|2016 |  |               | 4,240 |  |                                                |  | 0 |                          |  |  | 0      |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 4,165 |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,165 | 
|2017 |  |               | 1,166 |  |                                                |  | 0 |                          |  |  | -4,165 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 1,128 |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,128 | 
|2018 |  |               | 575   |  |                                                |  | 0 |                          |  |  | -5,293 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 555   |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 555   | 
|2019 |  |               | 213   |  |                                                |  | 0 |                          |  |  | -5,848 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 202   |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 202   | 
|2020 |  |               | 170   |  |                                                |  | 0 |                          |  |  | -6,050 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 164   |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 164   | 
|2021 |  |               | 140   |  |                                                |  | 0 |                          |  |  | -6,214 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 138   |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 138   | 
|2022 |  |               | 119   |  |                                                |  | 0 |                          |  |  | -6,352 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 119   |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 119   | 
|2023 |  |               | 12    |  |                                                |  | 0 |                          |  |  | -6,471 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 37    |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 37    | 
|2024 |  |               | 94    |  |                                                |  | 0 |                          |  |  | -6,508 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 94    |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 94    | 
|2025 |  |               | 84    |  |                                                |  | 0 |                          |  |  | -6,602 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 84    |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 84    | 
|2026 |  |               | 76    |  |                                                |  | 0 |                          |  |  | -6,687 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 0     |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 0     | 
|2027 |  |               | 55    |  |                                                |  | 0 |                          |  |  | -6,687 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 69    |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 69    | 
|Sub. |  |               | 6,947 |  |                                                |  | 0 |                          |  |  | -6,687 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 6,755 |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,755 | 
|Rem. |  |               | 196   |  |                                                |  | 0 |                          |  |  | -6,687 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 58    |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 58    | 
|Tot. |  |               | 7,143 |  |                                                |  | 0 |                          |  |  | -6,687 |  |  |       | 100 |  |         |  | 0 |       |  |  | 0       |  |  |       | 0 |  |       |  | 6,814 |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 6,814 | 
|Disc |  |               | 6,102 |  |                                                |  | 0 |                          |  |  |        |  |  |       |     |  |         |  |   |       |  |  |         |  |  |       | 0 |  |       |  | 5,918 |         |  |  | 0       |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,918 | 



|                                                                                               |  |  |                            | 
|---------------------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Developed
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:35 | 



29



---

|     |  |                 |     |  |              |  |   |              |  |  |                         |  |  |                    |          |  |                                |        |   |                               |             |  |       |          |  |  |        |  |  |             |       |  |  |  |       |  |  |  |       |  |  |  |       | 
|---- |  | --------------- | --- |  | ------------ |  | - | ------------ |  |  | ----------------------- |  |  | ------------------ | -------- |  | ------------------------------ | ------ | - | ----------------------------- | ----------- |  | ----- | -------- |  |  | ------ |  |  | ----------- | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- | 
|     |  |                 |     |  | Federal      |  |   | Provincial   |  |  |                         |  |  | IncomeTaxPayableM$ |          |  | Net Cash FlowBefore Income Tax |        |   | Net Cash FlowAfter Income Tax |            
|Year |  | TaxableIncomeM$ |     |  | IncomeTax M$ |  |   | IncomeTax M$ |  |  | ARTD &InvestmentCredits |  |  |                    | AnnualM$ |  |                                | Cum.M$ |   |                               | 10.0% DcfM$ |  |       | AnnualM$ |  |  | Cum.M$ |  |  | 10.0% DcfM$ |      
|2016 |  |                 | 75  |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 4,141 |          |  |  | 4,141  |  |  |             | 3,948 |  |  |  | 4,141 |  |  |  | 4,141 |  |  |  | 3,948 | 
|2017 |  |                 | 39  |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 1,166 |          |  |  | 5,307  |  |  |             | 4,959 |  |  |  | 1,166 |  |  |  | 5,307 |  |  |  | 4,959 | 
|2018 |  |                 | 20  |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 575   |          |  |  | 5,882  |  |  |             | 5,412 |  |  |  | 575   |  |  |  | 5,882 |  |  |  | 5,412 | 
|2019 |  |                 | 11  |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 213   |          |  |  | 6,095  |  |  |             | 5,565 |  |  |  | 213   |  |  |  | 6,095 |  |  |  | 5,565 | 
|2020 |  |                 | 6   |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 170   |          |  |  | 6,266  |  |  |             | 5,676 |  |  |  | 170   |  |  |  | 6,266 |  |  |  | 5,676 | 
|2021 |  |                 | 3   |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 140   |          |  |  | 6,406  |  |  |             | 5,759 |  |  |  | 140   |  |  |  | 6,406 |  |  |  | 5,759 | 
|2022 |  |                 | 0   |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 119   |          |  |  | 6,525  |  |  |             | 5,823 |  |  |  | 119   |  |  |  | 6,525 |  |  |  | 5,823 | 
|2023 |  |                 | -25 |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 12    |          |  |  | 6,538  |  |  |             | 5,829 |  |  |  | 12    |  |  |  | 6,538 |  |  |  | 5,829 | 
|2024 |  |                 | 0   |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 94    |          |  |  | 6,631  |  |  |             | 5,871 |  |  |  | 94    |  |  |  | 6,631 |  |  |  | 5,871 | 
|2025 |  |                 | 0   |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 84    |          |  |  | 6,716  |  |  |             | 5,905 |  |  |  | 84    |  |  |  | 6,716 |  |  |  | 5,905 | 
|2026 |  |                 | 76  |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 76    |          |  |  | 6,792  |  |  |             | 5,933 |  |  |  | 76    |  |  |  | 6,792 |  |  |  | 5,933 | 
|2027 |  |                 | -14 |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 55    |          |  |  | 6,847  |  |  |             | 5,951 |  |  |  | 55    |  |  |  | 6,847 |  |  |  | 5,951 | 
|Sub. |  |                 | 191 |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 6,847 |          |  |  | 6,847  |  |  |             | 5,951 |  |  |  | 6,847 |  |  |  | 6,847 |  |  |  | 5,951 | 
|Rem. |  |                 | 138 |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 196   |          |  |  | 7,043  |  |  |             | 6,007 |  |  |  | 196   |  |  |  | 7,043 |  |  |  | 6,007 | 
|Tot. |  |                 | 329 |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 7,043 |          |  |  | 7,043  |  |  |             | 6,007 |  |  |  | 7,043 |  |  |  | 7,043 |  |  |  | 6,007 | 
|Disc |  |                 | 184 |  |              |  | 0 |              |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 6,007 |          |  |  | 6,007  |  |  |             | 6,007 |  |  |  | 6,007 |  |  |  | 6,007 |  |  |  | 6,007 | 

SUMMARY OF RESERVES



|                 |  |       |      |  |                                    |  |       |                 |  |  |                          |  |  |     |       |  |               |  |       |             |  |  |           |  |  |             |     |  |           |  |     |          |  |  |      |  |  |  |     |  |  |  |     | 
|---------------- |  | ----- | ---- |  | ---------------------------------- |  | ----- | --------------- |  |  | ------------------------ |  |  | --- | ----- |  | ------------- |  | ----- | ----------- |  |  | --------- |  |  | ----------- | --- |  | --------- |  | --- | -------- |  |  | ---- |  |  |  | --- |  |  |  | --- | 
|                 |  |       |      |  | Remaining Reserves at Jan 01, 2016 |  |       | Oil Equivalents |  |  | Reserve Life Indic. (yr) | 
|Product          |  | Units |      |  | WorkingInterest                    |  |       | Roy/NPIInterest |  |  | TotalCompany             |  |  | Net |       |  | Oil Eq.Factor |  |       | CompanyMboe |  |  | % ofTotal |  |  | ReserveLife |     |  | LifeIndex |  |     | HalfLife | 
|Tight Oil        |  |       | Mbbl |  |                                    |  | 50    |                 |  |  | 0                        |  |  |     | 50    |  |               |  | 48    |             |  |  | 1.000     |  |  |             | 50  |  |           |  | 14  |          |  |  | 3.0  |  |  |  | 1.7 |  |  |  | 0.9 | 
|Shale Gas        |  |       | MMcf |  |                                    |  | 1,257 |                 |  |  | 0                        |  |  |     | 1,257 |  |               |  | 1,178 |             |  |  | 6.000     |  |  |             | 209 |  |           |  | 57  |          |  |  | 17.0 |  |  |  | 3.2 |  |  |  | 2.0 | 
|Gas Heat Content |  |       | BBtu |  |                                    |  | 1,457 |                 |  |  | 0                        |  |  |     | 1,457 |  |               |  | 1,365 |             |  |  | 0.000     |  |  |             | 0   |  |           |  | 0   |          |  |  | 17.0 |  |  |  | 3.2 |  |  |  | 2.0 | 
|Condensate       |  |       | Mbbl |  |                                    |  | 97    |                 |  |  | 0                        |  |  |     | 97    |  |               |  | 79    |             |  |  | 1.000     |  |  |             | 97  |  |           |  | 26  |          |  |  | 17.0 |  |  |  | 2.1 |  |  |  | 1.1 | 
|Butane           |  |       | Mbbl |  |                                    |  | 7     |                 |  |  | 0                        |  |  |     | 7     |  |               |  | 7     |             |  |  | 1.000     |  |  |             | 7   |  |           |  | 2   |          |  |  | 17.0 |  |  |  | 2.6 |  |  |  | 1.5 | 
|Propane          |  |       | Mbbl |  |                                    |  | 6     |                 |  |  | 0                        |  |  |     | 6     |  |               |  | 6     |             |  |  | 1.000     |  |  |             | 6   |  |           |  | 2   |          |  |  | 17.0 |  |  |  | 2.3 |  |  |  | 1.2 | 
|Total: NGL       |  |       | Mbbl |  |                                    |  | 110   |                 |  |  | 0                        |  |  |     | 110   |  |               |  | 91    |             |  |  | 1.000     |  |  |             | 110 |  |           |  | 30  |          |  |  | 17.0 |  |  |  | 2.1 |  |  |  | 1.2 | 
|Total: Oil+NGL   |  |       | Mbbl |  |                                    |  | 160   |                 |  |  | 0                        |  |  |     | 160   |  |               |  | 139   |             |  |  | 1.000     |  |  |             | 160 |  |           |  | 43  |          |  |  | 17.0 |  |  |  | 2.0 |  |  |  | 1.0 | 
|Total: Oil Eq.   |  |       | Mboe |  |                                    |  | 370   |                 |  |  | 0                        |  |  |     | 370   |  |               |  | 335   |             |  |  | 1.000     |  |  |             | 370 |  |           |  | 100 |          |  |  | 17.0 |  |  |  | 2.5 |  |  |  | 1.6 | 

PRODUCT REVENUE AND EXPENSES



|               |  |       |       |  |                                |  |       |                             |  |  |               |  |  |             |       |  |                   |  |      |               |  |  |               |  |  |          |      |  |           |  |       |            |  |  |           |  |  |  |     |  |  |  |       |  |  |  |     | 
|-------------- |  | ----- | ----- |  | ------------------------------ |  | ----- | --------------------------- |  |  | ------------- |  |  | ----------- | ----- |  | ----------------- |  | ---- | ------------- |  |  | ------------- |  |  | -------- | ---- |  | --------- |  | ----- | ---------- |  |  | --------- |  |  |  | --- |  |  |  | ----- |  |  |  | --- | 
|               |  |       |       |  | Average First Year Unit Values |  |       | Net Revenue After Royalties | 
|Product        |  | Units |       |  | Base Price                     |  |       | Price Adjust.               |  |  | WellheadPrice |  |  | Net Burdens |       |  | OperatingExpenses |  |      | OtherExpenses |  |  | ProdnRevenue |  |  | UndiscM$ |      |  | % ofTotal |  |       | 10% DiscM$ |  |  | % ofTotal | 
|Tight Oil      |  |       | $/bbl |  |                                |  | 58.88 |                             |  |  | -1.15         |  |  |             | 57.73 |  |                   |  | 2.77 |               |  |  | 9.98          |  |  |          | 0.00 |  |           |  | 44.98 |            |  |  | 2,750     |  |  |  | 25  |  |  |  | 2,484 |  |  |  | 28  | 
|Shale Gas      |  |       | $/Mcf |  |                                |  | 2.45  |                             |  |  | 0.21          |  |  |             | 2.66  |  |                   |  | 0.10 |               |  |  | 1.91          |  |  |          | 0.00 |  |           |  | 0.65  |            |  |  | 3,335     |  |  |  | 30  |  |  |  | 2,487 |  |  |  | 28  | 
|Condensate     |  |       | $/bbl |  |                                |  | 61.80 |                             |  |  | -3.30         |  |  |             | 58.50 |  |                   |  | 2.50 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 56.00 |            |  |  | 4,804     |  |  |  | 43  |  |  |  | 3,906 |  |  |  | 43  | 
|Butane         |  |       | $/bbl |  |                                |  | 34.49 |                             |  |  | -10.93        |  |  |             | 23.56 |  |                   |  | 1.54 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 22.02 |            |  |  | 160       |  |  |  | 1   |  |  |  | 130   |  |  |  | 1   | 
|Propane        |  |       | $/bbl |  |                                |  | 2.43  |                             |  |  | 0.67          |  |  |             | 3.09  |  |                   |  | 0.28 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 2.82  |            |  |  | 15        |  |  |  | 0   |  |  |  | 14    |  |  |  | 0   | 
|Total: NGL     |  |       | $/bbl |  |                                |  | 57.17 |                             |  |  | -3.51         |  |  |             | 53.65 |  |                   |  | 2.33 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 51.32 |            |  |  | 4,979     |  |  |  | 45  |  |  |  | 4,049 |  |  |  | 45  | 
|Total: Oil+NGL |  |       | $/bbl |  |                                |  | 57.78 |                             |  |  | -2.67         |  |  |             | 55.10 |  |                   |  | 2.49 |               |  |  | 3.55          |  |  |          | 0.00 |  |           |  | 49.07 |            |  |  | 7,729     |  |  |  | 70  |  |  |  | 6,533 |  |  |  | 72  | 
|Total: Oil Eq. |  |       | $/boe |  |                                |  | 38.50 |                             |  |  | -0.92         |  |  |             | 37.58 |  |                   |  | 1.64 |               |  |  | 7.09          |  |  |          | 0.00 |  |           |  | 28.84 |            |  |  | 11,064    |  |  |  | 100 |  |  |  | 9,020 |  |  |  | 100 | 



|                                                                                               |  |  |                            | 
|---------------------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Developed
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:35 | 



30



---

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY



|                    |  |         |            |  |         |                 |         |  |                   |  |                                     |                  |  |                                    |           |  |  |                   |       |    |                  |  |       |           |  |  |       |  |  |  |       |  |  |  |       |  |  |  |     |  |  |  |       |  |  |  |       | 
|------------------- |  | ------- | ---------- |  | ------- | --------------- | ------- |  | ----------------- |  | ----------------------------------- | ---------------- |  | ---------------------------------- | --------- |  |  | ----------------- | ----- | -- | ---------------- |  | ----- | --------- |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | --- |  |  |  | ----- |  |  |  | ----- | 
|                    |  |         |            |  |         |                 |         |  |                   |  | Net Present Value Before Income Tax |                  |  | Net Present Value After Income Tax |          
|Revenue Burdens (%) |  |         | Disc.Rate% |  |         | ProdnRevenueM$ |         |  | OperatingIncomeM$ |  |                                     | CapitalInvest.M$ |  |                                    | Cash Flow |  |  | OperatingIncomeM$ |       |    | CapitalInvest.M$ |  |       | Cash Flow | 
|                    |  | Initial |            |  | Average |                 |         |  |                   |  |                                     | M$               |  |                                    | $/boe     |  |  |                   |       | M$ |                  |  | $/boe |          
|Crown Royalty       |  |         | 4.8876     |  |         |                 | 11.6831 |  |                   |  | 0.0                                 |                  |  |                                    | 7,279     |  |  |                   | 7,143 |    |                  |  | 100   |           |  |  | 7,043 |  |  |  | 19.04 |  |  |  | 7,143 |  |  |  | 100 |  |  |  | 7,043 |  |  |  | 19.04 | 
|Non-crown Royalty   |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 5.0                                 |                  |  |                                    | 6,629     |  |  |                   | 6,546 |    |                  |  | 97    |           |  |  | 6,449 |  |  |  | 17.44 |  |  |  | 6,546 |  |  |  | 97  |  |  |  | 6,449 |  |  |  | 17.44 | 
|Mineral Tax         |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 8.0                                 |                  |  |                                    | 6,329     |  |  |                   | 6,266 |    |                  |  | 96    |           |  |  | 6,170 |  |  |  | 16.68 |  |  |  | 6,266 |  |  |  | 96  |  |  |  | 6,170 |  |  |  | 16.68 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 10.0                                |                  |  |                                    | 6,156     |  |  |                   | 6,102 |    |                  |  | 95    |           |  |  | 6,007 |  |  |  | 16.24 |  |  |  | 6,102 |  |  |  | 95  |  |  |  | 6,007 |  |  |  | 16.24 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 12.0                                |                  |  |                                    | 6,000     |  |  |                   | 5,954 |    |                  |  | 94    |           |  |  | 5,860 |  |  |  | 15.84 |  |  |  | 5,954 |  |  |  | 94  |  |  |  | 5,860 |  |  |  | 15.84 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 15.0                                |                  |  |                                    | 5,791     |  |  |                   | 5,755 |    |                  |  | 93    |           |  |  | 5,662 |  |  |  | 15.31 |  |  |  | 5,755 |  |  |  | 93  |  |  |  | 5,662 |  |  |  | 15.31 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 20.0                                |                  |  |                                    | 5,497     |  |  |                   | 5,472 |    |                  |  | 91    |           |  |  | 5,381 |  |  |  | 14.55 |  |  |  | 5,472 |  |  |  | 91  |  |  |  | 5,381 |  |  |  | 14.55 | 



|           |  |                           
|---------- |  | --------------------------
|Evaluator: |  | MacDonald, Trisha S.      
|Run Date:  |  | February 25, 2016 11:45:56



|                                                                                               |  |  |                            | 
|---------------------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Developed
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:35 | 



31



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Proved                                
|Property:    |  | Corporate                |  | Development Class: |  | Undeveloped                           
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Economic Forecast

PRODUCTION FORECAST



|     |  |                  |    |  |                      |  |                       |                   |                   |                |  |            |  |                   |  |                   |  |                |  |            |  |                   |  |                   |  |                |  |            |  |      
|---- |  | ---------------- | -- |  | -------------------- |  | --------------------- | ----------------- | ----------------- | -------------- |  | ---------- |  | ----------------- |  | ----------------- |  | -------------- |  | ---------- |  | ----------------- |  | ----------------- |  | -------------- |  | ---------- |  | -----
|     |  |                  |    |  | Shale Gas Production |  | Condensate Production |                   | Butane Production
|Year |  | CompanyGas Wells |    |  | CompanyDailyMcf/d    |  |                       | CompanyYearlyMMcf |                   | Net YearlyMMcf |  | Price$/Mcf |  | CompanyDailybbl/d |  | CompanyYearlyMbbl |  | Net YearlyMbbl |  | Price$/bbl |  | CompanyDailybbl/d |  | CompanyYearlyMbbl |  | Net YearlyMbbl |  | Price$/bbl
|2016 |  |                  | 11 |  |                      |  | 12,688                |                   |                   | 4,631          |  | 4,403      |  | 2.94              |  | 2,220             |  | 810            |  | 770        |  | 57.92             |  | 215               |  | 78             |  | 75         |  | 32.59
|2017 |  |                  | 17 |  |                      |  | 21,368                |                   |                   | 7,799          |  | 7,427      |  | 2.56              |  | 3,528             |  | 1,288          |  | 1,226      |  | 57.92             |  | 376               |  | 137            |  | 131        |  | 32.53
|2018 |  |                  | 17 |  |                      |  | 15,481                |                   |                   | 5,651          |  | 5,392      |  | 2.30              |  | 2,030             |  | 741            |  | 706        |  | 57.92             |  | 277               |  | 101            |  | 96         |  | 32.34
|2019 |  |                  | 17 |  |                      |  | 11,360                |                   |                   | 4,146          |  | 4,018      |  | 2.00              |  | 1,274             |  | 465            |  | 441        |  | 57.92             |  | 202               |  | 74             |  | 70         |  | 32.34
|2020 |  |                  | 17 |  |                      |  | 9,011                 |                   |                   | 3,289          |  | 3,199      |  | 2.36              |  | 939               |  | 343            |  | 315        |  | 57.92             |  | 160               |  | 58             |  | 55         |  | 32.34
|2021 |  |                  | 17 |  |                      |  | 7,647                 |                   |                   | 2,791          |  | 2,621      |  | 2.36              |  | 755               |  | 276            |  | 224        |  | 57.92             |  | 135               |  | 49             |  | 42         |  | 32.34
|2022 |  |                  | 17 |  |                      |  | 6,707                 |                   |                   | 2,448          |  | 2,174      |  | 2.36              |  | 636               |  | 232            |  | 147        |  | 57.92             |  | 119               |  | 43             |  | 31         |  | 32.34
|2023 |  |                  | 17 |  |                      |  | 5,985                 |                   |                   | 2,185          |  | 1,921      |  | 2.36              |  | 551               |  | 201            |  | 121        |  | 57.92             |  | 106               |  | 39             |  | 27         |  | 32.34
|2024 |  |                  | 17 |  |                      |  | 5,392                 |                   |                   | 1,968          |  | 1,731      |  | 2.36              |  | 488               |  | 178            |  | 107        |  | 57.92             |  | 95                |  | 35             |  | 24         |  | 32.34
|2025 |  |                  | 17 |  |                      |  | 4,836                 |                   |                   | 1,765          |  | 1,552      |  | 2.36              |  | 436               |  | 159            |  | 96         |  | 57.92             |  | 86                |  | 31             |  | 22         |  | 32.34
|2026 |  |                  | 17 |  |                      |  | 4,350                 |                   |                   | 1,588          |  | 1,397      |  | 2.36              |  | 395               |  | 144            |  | 87         |  | 57.92             |  | 77                |  | 28             |  | 20         |  | 32.34
|2027 |  |                  | 17 |  |                      |  | 3,914                 |                   |                   | 1,429          |  | 1,256      |  | 2.36              |  | 359               |  | 131            |  | 79         |  | 57.92             |  | 69                |  | 25             |  | 18         |  | 32.34
|Sub. |  |                  |    |  |                      |  |                       |                   |                   | 39,690         |  | 37,092     |  | 2.42              |  |                   |  | 4,968          |  | 4,318      |  | 57.92             |  |                   |  | 699            |  | 611        |  | 32.40
|Rem. |  |                  |    |  |                      |  |                       |                   |                   | 5,950          |  | 5,233      |  | 2.36              |  |                   |  | 569            |  | 341        |  | 57.92             |  |                   |  | 105            |  | 73         |  | 32.34
|Tot. |  |                  |    |  |                      |  |                       |                   |                   | 45,640         |  | 42,326     |  | 2.41              |  |                   |  | 5,537          |  | 4,660      |  | 57.92             |  |                   |  | 804            |  | 684        |  | 32.39



|     |  |                    |     |                                |                   |                           |                |     |            |      |                   |       |                   |       |                |  |       |            |  |                   |  |                   |  |                |  |            |  |      
|---- |  | ------------------ | --- | ------------------------------ | ----------------- | ------------------------- | -------------- | --- | ---------- | ---- | ----------------- | ----- | ----------------- | ----- | -------------- |  | ----- | ---------- |  | ----------------- |  | ----------------- |  | -------------- |  | ---------- |  | -----
|     |  | Propane Production |     | Natural Gas Liquids Production |                   | Oil Equivalent Production
|Year |  | CompanyDailybbl/d  |     |                                | CompanyYearlyMbbl |                           | Net YearlyMbbl |     | Price$/bbl |      | CompanyDailybbl/d |       | CompanyYearlyMbbl |       | Net YearlyMbbl |  |       | Price$/bbl |  | CompanyDailyboe/d |  | CompanyYearlyMboe |  | Net YearlyMboe |  | Price$/boe
|2016 |  |                    | 190 |                                |                   | 69                        |                | 66  |            | 1.41 |                   | 2,625 |                   | 958   |                |  | 911   |            |  | 51.75             |  | 4,739             |  | 1,730          |  | 1,645      |  | 36.52
|2017 |  |                    | 351 |                                |                   | 128                       |                | 122 |            | 1.35 |                   | 4,255 |                   | 1,553 |                |  | 1,479 |            |  | 51.01             |  | 7,817             |  | 2,853          |  | 2,717      |  | 34.77
|2018 |  |                    | 263 |                                |                   | 96                        |                | 92  |            | 1.16 |                   | 2,569 |                   | 938   |                |  | 894   |            |  | 49.36             |  | 5,149             |  | 1,879          |  | 1,793      |  | 31.53
|2019 |  |                    | 191 |                                |                   | 70                        |                | 67  |            | 1.16 |                   | 1,667 |                   | 608   |                |  | 578   |            |  | 48.32             |  | 3,560             |  | 1,299          |  | 1,248      |  | 29.00
|2020 |  |                    | 151 |                                |                   | 55                        |                | 52  |            | 1.16 |                   | 1,250 |                   | 456   |                |  | 421   |            |  | 47.80             |  | 2,751             |  | 1,004          |  | 954        |  | 29.45
|2021 |  |                    | 128 |                                |                   | 47                        |                | 40  |            | 1.16 |                   | 1,018 |                   | 372   |                |  | 306   |            |  | 47.40             |  | 2,293             |  | 837            |  | 743        |  | 28.94
|2022 |  |                    | 112 |                                |                   | 41                        |                | 30  |            | 1.16 |                   | 866   |                   | 316   |                |  | 208   |            |  | 47.09             |  | 1,984             |  | 724            |  | 571        |  | 28.55
|2023 |  |                    | 100 |                                |                   | 36                        |                | 25  |            | 1.16 |                   | 756   |                   | 276   |                |  | 173   |            |  | 46.85             |  | 1,754             |  | 640            |  | 493        |  | 28.28
|2024 |  |                    | 90  |                                |                   | 33                        |                | 23  |            | 1.16 |                   | 673   |                   | 246   |                |  | 154   |            |  | 46.72             |  | 1,572             |  | 574            |  | 443        |  | 28.13
|2025 |  |                    | 81  |                                |                   | 29                        |                | 21  |            | 1.16 |                   | 603   |                   | 220   |                |  | 138   |            |  | 46.70             |  | 1,409             |  | 514            |  | 397        |  | 28.10
|2026 |  |                    | 72  |                                |                   | 26                        |                | 19  |            | 1.16 |                   | 545   |                   | 199   |                |  | 125   |            |  | 46.75             |  | 1,270             |  | 463            |  | 357        |  | 28.16
|2027 |  |                    | 65  |                                |                   | 24                        |                | 17  |            | 1.16 |                   | 494   |                   | 180   |                |  | 113   |            |  | 46.84             |  | 1,146             |  | 418            |  | 322        |  | 28.26
|Sub. |  |                    |     |                                |                   | 655                       |                | 572 |            | 1.22 |                   |       |                   | 6,322 |                |  | 5,501 |            |  | 49.23             |  |                   |  | 12,937         |  | 11,683     |  | 31.49
|Rem. |  |                    |     |                                |                   | 98                        |                | 69  |            | 1.16 |                   |       |                   | 772   |                |  | 484   |            |  | 47.23             |  |                   |  | 1,764          |  | 1,356      |  | 28.65
|Tot. |  |                    |     |                                |                   | 753                       |                | 640 |            | 1.21 |                   |       |                   | 7,094 |                |  | 5,984 |            |  | 49.01             |  |                   |  | 14,701         |  | 13,039     |  | 31.15



|                                                                                   |  |  |                            | 
|---------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Undeveloped,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:57 | 



32



---

REVENUE AND EXPENSE FORECAST



|     |       |                        |   |       |                        |  |           |                        |  |         |                               |  |  |                        |         |  |                             |         |   |                          |         |  |                    |         |  |  |        |  |         |  |   |            |  |  |         |  |  |  |   |  |  |  |        |  |  |  |         |  |  |  |        |  |  |  |        |  |  |  |         | 
|---- | ----- | ---------------------- | - | ----- | ---------------------- |  | --------- | ---------------------- |  | ------- | ----------------------------- |  |  | ---------------------- | ------- |  | --------------------------- | ------- | - | ------------------------ | ------- |  | ------------------ | ------- |  |  | ------ |  | ------- |  | - | ---------- |  |  | ------- |  |  |  | - |  |  |  | ------ |  |  |  | ------- |  |  |  | ------ |  |  |  | ------ |  |  |  | ------- | 
|     |       | Revenue Before Burdens |   |       |                        |  |           |                        |  |         |                               |  |  |                        |         |  |                             |         |   |                          |         |  |                    |         |  |  |        |  |         | 
|Year |       | Working Interest       |   |       | RoyaltyInterestTotalM$ |  |           | CompanyInterestTotalM$ |  |         | Royalty BurdensPre-Processing |  |  | GasProcessingAllowance |         |  | TotalRoyaltyAfterProcess.M$ |         |   | NetRevenueAfterRoyaltyM$ |         |  | Operating Expenses |        
|     | OilM$ |                        |   | GasM$ |                        |  | NGL+SulM$ |                        |  | TotalM$ |                               |  |  |                        | CrownM$ |  |                             | OtherM$ |   |                          | CrownM$ |  |                    | OtherM$ |  |  |        |  | FixedM$ |  |   | VariableM$ |  |  | TotalM$ | 
|2016 |       |                        | 0 |       |                        |  | 13,599    |                        |  |         | 49,580                        |  |  |                        | 63,179  |  |                             |         | 0 |                          |         |  | 63,179             |         |  |  | 3,159  |  |         |  | 0 |            |  |  | 263     |  |  |  | 0 |  |  |  | 2,896  |  |  |  | 60,283  |  |  |  | 1,092  |  |  |  | 5,480  |  |  |  | 6,572   | 
|2017 |       |                        | 0 |       |                        |  | 19,964    |                        |  |         | 79,230                        |  |  |                        | 99,194  |  |                             |         | 0 |                          |         |  | 99,194             |         |  |  | 4,960  |  |         |  | 0 |            |  |  | 494     |  |  |  | 0 |  |  |  | 4,466  |  |  |  | 94,728  |  |  |  | 3,092  |  |  |  | 9,711  |  |  |  | 12,803  | 
|2018 |       |                        | 0 |       |                        |  | 12,981    |                        |  |         | 46,282                        |  |  |                        | 59,262  |  |                             |         | 0 |                          |         |  | 59,262             |         |  |  | 2,963  |  |         |  | 0 |            |  |  | 402     |  |  |  | 0 |  |  |  | 2,562  |  |  |  | 56,701  |  |  |  | 3,563  |  |  |  | 7,154  |  |  |  | 10,717  | 
|2019 |       |                        | 0 |       |                        |  | 8,293     |                        |  |         | 29,394                        |  |  |                        | 37,687  |  |                             |         | 0 |                          |         |  | 37,687             |         |  |  | 1,884  |  |         |  | 0 |            |  |  | 315     |  |  |  | 0 |  |  |  | 1,569  |  |  |  | 36,118  |  |  |  | 3,563  |  |  |  | 5,228  |  |  |  | 8,791   | 
|2020 |       |                        | 0 |       |                        |  | 7,778     |                        |  |         | 21,800                        |  |  |                        | 29,578  |  |                             |         | 0 |                          |         |  | 29,578             |         |  |  | 2,056  |  |         |  | 0 |            |  |  | 347     |  |  |  | 0 |  |  |  | 1,709  |  |  |  | 27,869  |  |  |  | 3,563  |  |  |  | 4,153  |  |  |  | 7,715   | 
|2021 |       |                        | 0 |       |                        |  | 6,601     |                        |  |         | 17,614                        |  |  |                        | 24,214  |  |                             |         | 0 |                          |         |  | 24,214             |         |  |  | 3,799  |  |         |  | 0 |            |  |  | 646     |  |  |  | 0 |  |  |  | 3,152  |  |  |  | 21,062  |  |  |  | 3,563  |  |  |  | 3,521  |  |  |  | 7,084   | 
|2022 |       |                        | 0 |       |                        |  | 5,789     |                        |  |         | 14,889                        |  |  |                        | 20,678  |  |                             |         | 0 |                          |         |  | 20,678             |         |  |  | 6,224  |  |         |  | 0 |            |  |  | 1,230   |  |  |  | 0 |  |  |  | 4,994  |  |  |  | 15,684  |  |  |  | 3,563  |  |  |  | 3,086  |  |  |  | 6,649   | 
|2023 |       |                        | 0 |       |                        |  | 5,166     |                        |  |         | 12,936                        |  |  |                        | 18,102  |  |                             |         | 0 |                          |         |  | 18,102             |         |  |  | 5,926  |  |         |  | 0 |            |  |  | 1,209   |  |  |  | 0 |  |  |  | 4,717  |  |  |  | 13,385  |  |  |  | 3,563  |  |  |  | 2,752  |  |  |  | 6,315   | 
|2024 |       |                        | 0 |       |                        |  | 4,654     |                        |  |         | 11,484                        |  |  |                        | 16,139  |  |                             |         | 0 |                          |         |  | 16,139             |         |  |  | 5,271  |  |         |  | 0 |            |  |  | 1,084   |  |  |  | 0 |  |  |  | 4,188  |  |  |  | 11,951  |  |  |  | 3,563  |  |  |  | 2,476  |  |  |  | 6,039   | 
|2025 |       |                        | 0 |       |                        |  | 4,174     |                        |  |         | 10,272                        |  |  |                        | 14,446  |  |                             |         | 0 |                          |         |  | 14,446             |         |  |  | 4,717  |  |         |  | 0 |            |  |  | 965     |  |  |  | 0 |  |  |  | 3,752  |  |  |  | 10,695  |  |  |  | 3,563  |  |  |  | 2,218  |  |  |  | 5,781   | 
|2026 |       |                        | 0 |       |                        |  | 3,755     |                        |  |         | 9,292                         |  |  |                        | 13,047  |  |                             |         | 0 |                          |         |  | 13,047             |         |  |  | 4,263  |  |         |  | 0 |            |  |  | 695     |  |  |  | 0 |  |  |  | 3,569  |  |  |  | 9,478   |  |  |  | 3,563  |  |  |  | 1,993  |  |  |  | 5,555   | 
|2027 |       |                        | 0 |       |                        |  | 3,378     |                        |  |         | 8,445                         |  |  |                        | 11,824  |  |                             |         | 0 |                          |         |  | 11,824             |         |  |  | 3,870  |  |         |  | 0 |            |  |  | 477     |  |  |  | 0 |  |  |  | 3,393  |  |  |  | 8,431   |  |  |  | 3,563  |  |  |  | 1,790  |  |  |  | 5,353   | 
|Sub. |       |                        | 0 |       |                        |  | 96,133    |                        |  |         | 311,218                       |  |  |                        | 407,351 |  |                             |         | 0 |                          |         |  | 407,351            |         |  |  | 49,092 |  |         |  | 0 |            |  |  | 8,126   |  |  |  | 0 |  |  |  | 40,966 |  |  |  | 366,385 |  |  |  | 39,813 |  |  |  | 49,561 |  |  |  | 89,374  | 
|Rem. |       |                        | 0 |       |                        |  | 14,071    |                        |  |         | 36,471                        |  |  |                        | 50,541  |  |                             |         | 0 |                          |         |  | 50,541             |         |  |  | 16,632 |  |         |  | 0 |            |  |  | 1,980   |  |  |  | 0 |  |  |  | 14,653 |  |  |  | 35,889  |  |  |  | 20,868 |  |  |  | 7,413  |  |  |  | 28,282  | 
|Tot. |       |                        | 0 |       |                        |  | 110,204   |                        |  |         | 347,688                       |  |  |                        | 457,893 |  |                             |         | 0 |                          |         |  | 457,893            |         |  |  | 65,724 |  |         |  | 0 |            |  |  | 10,106  |  |  |  | 0 |  |  |  | 55,619 |  |  |  | 402,274 |  |  |  | 60,681 |  |  |  | 56,975 |  |  |  | 117,655 | 
|Disc |       |                        | 0 |       |                        |  | 70,846    |                        |  |         | 237,045                       |  |  |                        | 307,891 |  |                             |         | 0 |                          |         |  | 307,891            |         |  |  | 32,099 |  |         |  | 0 |            |  |  | 4,866   |  |  |  | 0 |  |  |  | 27,233 |  |  |  | 280,658 |  |  |  | 27,781 |  |  |  | 36,006 |  |  |  | 63,787  | 



|     |  |              |   |  |              |  |   |             |  |  |                     |  |  |               |         |  |                      |  |   |               |  |  |                        |  |  |                      |         |  |  |  |        |  |  |  |       |  |  |  |        |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | ------------ | - |  | ------------ |  | - | ----------- |  |  | ------------------- |  |  | ------------- | ------- |  | -------------------- |  | - | ------------- |  |  | ---------------------- |  |  | -------------------- | ------- |  |  |  | ------ |  |  |  | ----- |  |  |  | ------ |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|Year |  | MineralTaxM$ |   |  | CapitalTaxM$ |  |   | NPIBurdenM$ |  |  | Net ProdnRevenueM$ |  |  | OtherIncomeM$ |         |  | Aband. &Recl.CostsM$ |  |   | Oper.IncomeM$ |  |  | Net Capital Investment |  |  | Before Tax Cash Flow |        
|     |  |              |   |  |              |  |   | Dev.M$      |  |  | PlantM$             |  |  | Tang.M$       |         |  | TotalM$              |  |   | AnnualM$      |  |  | Cum.M$                 |  |  | 10.0% DcfM$          |        
|2016 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 53,711  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 53,711  |  |  |  | 58,576 |  |  |  | 2,740 |  |  |  | 10,336 |  |  |  | 71,652  |  |  |  | -17,941 |  |  |  | -17,941 |  |  |  | -17,106 | 
|2017 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 81,925  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 81,925  |  |  |  | 36,057 |  |  |  | 2,285 |  |  |  | 6,358  |  |  |  | 44,699  |  |  |  | 37,226  |  |  |  | 19,285  |  |  |  | 15,161  | 
|2018 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 45,984  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 45,984  |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 45,984  |  |  |  | 65,269  |  |  |  | 51,396  | 
|2019 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 27,328  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 27,328  |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 27,328  |  |  |  | 92,597  |  |  |  | 70,972  | 
|2020 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 20,154  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 20,154  |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 20,154  |  |  |  | 112,751 |  |  |  | 84,097  | 
|2021 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 13,978  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 13,978  |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 13,978  |  |  |  | 126,729 |  |  |  | 92,372  | 
|2022 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 9,035   |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 9,035   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 9,035   |  |  |  | 135,764 |  |  |  | 97,235  | 
|2023 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 7,071   |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 7,071   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 7,071   |  |  |  | 142,834 |  |  |  | 100,694 | 
|2024 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 5,912   |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 5,912   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 5,912   |  |  |  | 148,746 |  |  |  | 103,324 | 
|2025 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 4,914   |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 4,914   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 4,914   |  |  |  | 153,660 |  |  |  | 105,311 | 
|2026 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 3,923   |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 3,923   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 3,923   |  |  |  | 157,583 |  |  |  | 106,753 | 
|2027 |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 3,077   |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 3,077   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 3,077   |  |  |  | 160,661 |  |  |  | 107,781 | 
|Sub. |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 277,012 |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 277,012 |  |  |  | 94,633 |  |  |  | 5,025 |  |  |  | 16,693 |  |  |  | 116,351 |  |  |  | 160,661 |  |  |  | 160,661 |  |  |  | 107,781 | 
|Rem. |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 7,607   |  |                      |  | 0 |               |  |  | 3,493                  |  |  |                      | 4,114   |  |  |  | 0      |  |  |  | 0     |  |  |  | 0      |  |  |  | 0       |  |  |  | 4,114   |  |  |  | 164,775 |  |  |  | 109,394 | 
|Tot. |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 284,619 |  |                      |  | 0 |               |  |  | 3,493                  |  |  |                      | 281,126 |  |  |  | 94,633 |  |  |  | 5,025 |  |  |  | 16,693 |  |  |  | 116,351 |  |  |  | 164,775 |  |  |  | 164,775 |  |  |  | 109,394 | 
|Disc |  |              | 0 |  |              |  | 0 |             |  |  | 0                   |  |  |               | 216,871 |  |                      |  | 0 |               |  |  | 415                    |  |  |                      | 216,456 |  |  |  | 87,103 |  |  |  | 4,593 |  |  |  | 15,365 |  |  |  | 107,062 |  |  |  | 109,394 |  |  |  | 109,394 |  |  |  | 109,394 | 



|                                                                                   |  |  |                            | 
|---------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Undeveloped,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:57 | 



33



---

AFTER TAX ANALYSIS



|     |  |               |         |  |                                                |         |        |                          |       |  |          |       |  |  |         |  |  |       |   |  |         |  |   |       |  |  |       |  |  |         |         |  |         |  |        |  |  |  |   |  |  |  |   |  |  |  |         | 
|---- |  | ------------- | ------- |  | ---------------------------------------------- | ------- | ------ | ------------------------ | ----- |  | -------- | ----- |  |  | ------- |  |  | ----- | - |  | ------- |  | - | ----- |  |  | ----- |  |  | ------- | ------- |  | ------- |  | ------ |  |  |  | - |  |  |  | - |  |  |  | ------- | 
|     |  | Oper.IncomeM$ |         |  | Tax Pool Balances Incl. Current Year Additions |         |        | Depreciation & Writeoffs |      
|Year |  |               | CCAM$   |  |                                                | COGPEM$ |        |                          | CDEM$ |  |          | CEEM$ |  |  | OtherM$ |  |  | CCAM$ |   |  | COGPEM$ |  |   | CDEM$ |  |  | CEEM$ |  |  | OtherM$ |         |  | TotalM$ | 
|2016 |  |               | 53,711  |  |                                                |         | 13,076 |                          |       |  | 0        |       |  |  | 58,576  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 11,051  |  |         |  | 42,660 |  |  |  | 0 |  |  |  | 0 |  |  |  | 53,711  | 
|2017 |  |               | 81,925  |  |                                                |         | 21,718 |                          |       |  | -11,051  |       |  |  | 51,973  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 63,182  |  |         |  | 18,743 |  |  |  | 0 |  |  |  | 0 |  |  |  | 81,925  | 
|2018 |  |               | 45,984  |  |                                                |         | 21,718 |                          |       |  | -74,233  |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 45,984  |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 45,984  | 
|2019 |  |               | 27,328  |  |                                                |         | 21,718 |                          |       |  | -120,217 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 27,328  |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 27,328  | 
|2020 |  |               | 20,154  |  |                                                |         | 21,718 |                          |       |  | -147,545 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 20,154  |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 20,154  | 
|2021 |  |               | 13,978  |  |                                                |         | 21,718 |                          |       |  | -167,699 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 13,978  |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 13,978  | 
|2022 |  |               | 9,035   |  |                                                |         | 21,718 |                          |       |  | -181,677 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 9,035   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 9,035   | 
|2023 |  |               | 7,071   |  |                                                |         | 21,718 |                          |       |  | -190,712 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 7,071   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,071   | 
|2024 |  |               | 5,912   |  |                                                |         | 21,718 |                          |       |  | -197,782 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 5,912   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,912   | 
|2025 |  |               | 4,914   |  |                                                |         | 21,718 |                          |       |  | -203,694 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 4,914   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,914   | 
|2026 |  |               | 3,923   |  |                                                |         | 21,718 |                          |       |  | -208,608 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 3,664   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,664   | 
|2027 |  |               | 3,077   |  |                                                |         | 21,718 |                          |       |  | -212,272 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 3,077   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 3,077   | 
|Sub. |  |               | 277,012 |  |                                                |         | 21,718 |                          |       |  | -212,272 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 215,349 |  |         |  | 61,403 |  |  |  | 0 |  |  |  | 0 |  |  |  | 276,752 | 
|Rem. |  |               | 4,114   |  |                                                |         | 21,718 |                          |       |  | -212,272 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 5,644   |  |         |  | 0      |  |  |  | 0 |  |  |  | 0 |  |  |  | 5,644   | 
|Tot. |  |               | 281,126 |  |                                                |         | 21,718 |                          |       |  | -212,272 |       |  |  | 33,230  |  |  |       | 0 |  |         |  | 0 |       |  |  | 0     |  |  |         | 220,993 |  |         |  | 61,403 |  |  |  | 0 |  |  |  | 0 |  |  |  | 282,396 | 
|Disc |  |               | 216,456 |  |                                                |         |        |                          |       |  |          |       |  |  |         |  |  |       |   |  |         |  |   |       |  |  | 0     |  |  |         | 159,385 |  |         |  | 56,921 |  |  |  | 0 |  |  |  | 0 |  |  |  | 216,306 | 



|     |  |                 |        |  |             |  |   |             |  |  |                         |  |          |                    |   |        |                                |  |             |                               |  |          |         |  |        |  |         |             |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | --------------- | ------ |  | ----------- |  | - | ----------- |  |  | ----------------------- |  | -------- | ------------------ | - | ------ | ------------------------------ |  | ----------- | ----------------------------- |  | -------- | ------- |  | ------ |  | ------- | ----------- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  |                 |        |  | Federal     |  |   | Provincial  |  |  | ARTD &InvestmentCredits |  |          | IncomeTaxPayableM$ |   |        | Net Cash FlowBefore Income Tax |  |             | Net Cash FlowAfter Income Tax | 
|Year |  | TaxableIncomeM$ |        |  | IncomeTaxM$ |  |   | IncomeTaxM$ |  |  |                         |  | AnnualM$ |                    |   | Cum.M$ |                                |  | 10.0% DcfM$ |                               |  | AnnualM$ |         |  | Cum.M$ |  |         | 10.0% DcfM$ | 
|2016 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | -17,941 |  |        |  | -17,941 |             |  |  | -17,106 |  |  |  | -17,941 |  |  |  | -17,941 |  |  |  | -17,106 | 
|2017 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 37,226  |  |        |  | 19,285  |             |  |  | 15,161  |  |  |  | 37,226  |  |  |  | 19,285  |  |  |  | 15,161  | 
|2018 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 45,984  |  |        |  | 65,269  |             |  |  | 51,396  |  |  |  | 45,984  |  |  |  | 65,269  |  |  |  | 51,396  | 
|2019 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 27,328  |  |        |  | 92,597  |             |  |  | 70,972  |  |  |  | 27,328  |  |  |  | 92,597  |  |  |  | 70,972  | 
|2020 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 20,154  |  |        |  | 112,751 |             |  |  | 84,097  |  |  |  | 20,154  |  |  |  | 112,751 |  |  |  | 84,097  | 
|2021 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 13,978  |  |        |  | 126,729 |             |  |  | 92,372  |  |  |  | 13,978  |  |  |  | 126,729 |  |  |  | 92,372  | 
|2022 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 9,035   |  |        |  | 135,764 |             |  |  | 97,235  |  |  |  | 9,035   |  |  |  | 135,764 |  |  |  | 97,235  | 
|2023 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 7,071   |  |        |  | 142,834 |             |  |  | 100,694 |  |  |  | 7,071   |  |  |  | 142,834 |  |  |  | 100,694 | 
|2024 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 5,912   |  |        |  | 148,746 |             |  |  | 103,324 |  |  |  | 5,912   |  |  |  | 148,746 |  |  |  | 103,324 | 
|2025 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 4,914   |  |        |  | 153,660 |             |  |  | 105,311 |  |  |  | 4,914   |  |  |  | 153,660 |  |  |  | 105,311 | 
|2026 |  |                 | 260    |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 3,923   |  |        |  | 157,583 |             |  |  | 106,753 |  |  |  | 3,923   |  |  |  | 157,583 |  |  |  | 106,753 | 
|2027 |  |                 | 0      |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 3,077   |  |        |  | 160,661 |             |  |  | 107,781 |  |  |  | 3,077   |  |  |  | 160,661 |  |  |  | 107,781 | 
|Sub. |  |                 | 260    |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 160,661 |  |        |  | 160,661 |             |  |  | 107,781 |  |  |  | 160,661 |  |  |  | 160,661 |  |  |  | 107,781 | 
|Rem. |  |                 | -1,530 |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 4,114   |  |        |  | 164,775 |             |  |  | 109,394 |  |  |  | 4,114   |  |  |  | 164,775 |  |  |  | 109,394 | 
|Tot. |  |                 | -1,271 |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 164,775 |  |        |  | 164,775 |             |  |  | 109,394 |  |  |  | 164,775 |  |  |  | 164,775 |  |  |  | 109,394 | 
|Disc |  |                 | 150    |  |             |  | 0 |             |  |  | 0                       |  |          |                    | 0 |        |                                |  | 0           |                               |  |          | 109,394 |  |        |  | 109,394 |             |  |  | 109,394 |  |  |  | 109,394 |  |  |  | 109,394 |  |  |  | 109,394 | 



|                                                                                   |  |  |                            | 
|---------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Undeveloped,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:57 | 



34



---

SUMMARY OF RESERVES



|                 |  |       |      |  |                                    |  |        |                 |  |  |                          |  |  |     |        |  |               |  |        |             |  |  |           |  |  |             |        |  |           |  |     |          |  |  |      |  |  |  |      |  |  |  |     | 
|---------------- |  | ----- | ---- |  | ---------------------------------- |  | ------ | --------------- |  |  | ------------------------ |  |  | --- | ------ |  | ------------- |  | ------ | ----------- |  |  | --------- |  |  | ----------- | ------ |  | --------- |  | --- | -------- |  |  | ---- |  |  |  | ---- |  |  |  | --- | 
|                 |  |       |      |  | Remaining Reserves at Jan 01, 2016 |  |        | Oil Equivalents |  |  | Reserve Life Indic. (yr) | 
|Product          |  | Units |      |  | WorkingInterest                    |  |        | Roy/NPIInterest |  |  | TotalCompany             |  |  | Net |        |  | Oil Eq.Factor |  |        | CompanyMboe |  |  | % ofTotal |  |  | ReserveLife |        |  | LifeIndex |  |     | HalfLife | 
|Shale Gas        |  |       | MMcf |  |                                    |  | 45,640 |                 |  |  | 0                        |  |  |     | 45,640 |  |               |  | 42,326 |             |  |  | 6.000     |  |  |             | 7,607  |  |           |  | 52  |          |  |  | 19.0 |  |  |  | 9.9  |  |  |  | 4.2 | 
|Gas Heat Content |  |       | BBtu |  |                                    |  | 56,245 |                 |  |  | 0                        |  |  |     | 56,245 |  |               |  | 52,161 |             |  |  | 0.000     |  |  |             | 0      |  |           |  | 0   |          |  |  | 19.0 |  |  |  | 9.9  |  |  |  | 4.2 | 
|Condensate       |  |       | Mbbl |  |                                    |  | 5,537  |                 |  |  | 0                        |  |  |     | 5,537  |  |               |  | 4,660  |             |  |  | 1.000     |  |  |             | 5,537  |  |           |  | 38  |          |  |  | 19.0 |  |  |  | 6.8  |  |  |  | 2.9 | 
|Butane           |  |       | Mbbl |  |                                    |  | 804    |                 |  |  | 0                        |  |  |     | 804    |  |               |  | 684    |             |  |  | 1.000     |  |  |             | 804    |  |           |  | 5   |          |  |  | 19.0 |  |  |  | 10.3 |  |  |  | 4.2 | 
|Propane          |  |       | Mbbl |  |                                    |  | 753    |                 |  |  | 0                        |  |  |     | 753    |  |               |  | 640    |             |  |  | 1.000     |  |  |             | 753    |  |           |  | 5   |          |  |  | 19.0 |  |  |  | 10.8 |  |  |  | 4.2 | 
|Total: NGL       |  |       | Mbbl |  |                                    |  | 7,094  |                 |  |  | 0                        |  |  |     | 7,094  |  |               |  | 5,984  |             |  |  | 1.000     |  |  |             | 7,094  |  |           |  | 48  |          |  |  | 19.0 |  |  |  | 7.4  |  |  |  | 3.2 | 
|Total: Oil Eq.   |  |       | Mboe |  |                                    |  | 14,701 |                 |  |  | 0                        |  |  |     | 14,701 |  |               |  | 13,039 |             |  |  | 1.000     |  |  |             | 14,701 |  |           |  | 100 |          |  |  | 19.0 |  |  |  | 8.5  |  |  |  | 3.7 | 

PRODUCT REVENUE AND EXPENSES



|               |  |       |  |                                |       |  |                             |  |      |               |  |  |             |  |  |                   |      |  |               |  |      |               |  |  |          |  |  |           |       |  |            |  |         |           |  |  |     |  |  |  |         |  |  |  |     | 
|-------------- |  | ----- |  | ------------------------------ | ----- |  | --------------------------- |  | ---- | ------------- |  |  | ----------- |  |  | ----------------- | ---- |  | ------------- |  | ---- | ------------- |  |  | -------- |  |  | --------- | ----- |  | ---------- |  | ------- | --------- |  |  | --- |  |  |  | ------- |  |  |  | --- | 
|               |  |       |  | Average First Year Unit Values |       |  | Net Revenue After Royalties | 
|Product        |  | Units |  | BasePrice                      |       |  | PriceAdjust.                |  |      | WellheadPrice |  |  | Net Burdens |  |  | OperatingExpenses |      |  | OtherExpenses |  |      | ProdnRevenue |  |  | UndiscM$ |  |  | % ofTotal |       |  | 10%Disc M$ |  |         | % ofTotal | 
|Shale Gas      |  | $/Mcf |  |                                | 2.45  |  |                             |  | 0.48 |               |  |  | 2.94        |  |  |                   | 0.14 |  |               |  | 1.42 |               |  |  | 0.00     |  |  |           | 1.38  |  |            |  | 103,503 |           |  |  | 26  |  |  |  | 67,017  |  |  |  | 24  | 
|Condensate     |  | $/bbl |  |                                | 57.92 |  |                             |  | 0.00 |               |  |  | 57.92       |  |  |                   | 2.60 |  |               |  | 0.00 |               |  |  | 0.00     |  |  |           | 55.32 |  |            |  | 276,277 |           |  |  | 69  |  |  |  | 198,650 |  |  |  | 71  | 
|Butane         |  | $/bbl |  |                                | 32.59 |  |                             |  | 0.00 |               |  |  | 32.59       |  |  |                   | 1.66 |  |               |  | 0.00 |               |  |  | 0.00     |  |  |           | 30.94 |  |            |  | 22,348  |           |  |  | 6   |  |  |  | 14,759  |  |  |  | 5   | 
|Propane        |  | $/bbl |  |                                | 1.41  |  |                             |  | 0.00 |               |  |  | 1.41        |  |  |                   | 0.32 |  |               |  | 0.00 |               |  |  | 0.00     |  |  |           | 1.09  |  |            |  | 146     |           |  |  | 0   |  |  |  | 232     |  |  |  | 0   | 
|Total: NGL     |  | $/bbl |  |                                | 51.75 |  |                             |  | 0.00 |               |  |  | 51.75       |  |  |                   | 2.36 |  |               |  | 0.00 |               |  |  | 0.00     |  |  |           | 49.39 |  |            |  | 298,771 |           |  |  | 74  |  |  |  | 213,641 |  |  |  | 76  | 
|Total: Oil Eq. |  | $/boe |  |                                | 35.23 |  |                             |  | 1.29 |               |  |  | 36.52       |  |  |                   | 1.67 |  |               |  | 3.80 |               |  |  | 0.00     |  |  |           | 31.05 |  |            |  | 402,274 |           |  |  | 100 |  |  |  | 280,658 |  |  |  | 100 | 

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY



|                    |  |         |            |  |         |                 |         |  |                   |  |                                     |                  |  |                                    |           |  |  |                   |         |    |                  |  |         |           |  |  |         |  |  |  |       |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |       | 
|------------------- |  | ------- | ---------- |  | ------- | --------------- | ------- |  | ----------------- |  | ----------------------------------- | ---------------- |  | ---------------------------------- | --------- |  |  | ----------------- | ------- | -- | ---------------- |  | ------- | --------- |  |  | ------- |  |  |  | ----- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ----- | 
|                    |  |         |            |  |         |                 |         |  |                   |  | Net Present Value Before Income Tax |                  |  | Net Present Value After Income Tax |          
|Revenue Burdens (%) |  |         | Disc.Rate% |  |         | ProdnRevenueM$ |         |  | OperatingIncomeM$ |  |                                     | CapitalInvest.M$ |  |                                    | Cash Flow |  |  | OperatingIncomeM$ |         |    | CapitalInvest.M$ |  |         | Cash Flow | 
|                    |  | Initial |            |  | Average |                 |         |  |                   |  |                                     | M$               |  |                                    | $/boe     |  |  |                   |         | M$ |                  |  | $/boe   |          
|Crown Royalty       |  |         | 5.0000     |  |         |                 | 14.3537 |  |                   |  | 0.0                                 |                  |  |                                    | 284,619   |  |  |                   | 281,126 |    |                  |  | 116,351 |           |  |  | 164,775 |  |  |  | 11.21 |  |  |  | 281,126 |  |  |  | 116,351 |  |  |  | 164,775 |  |  |  | 11.21 | 
|Non-crown Royalty   |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 5.0                                 |                  |  |                                    | 245,614   |  |  |                   | 244,441 |    |                  |  | 111,470 |           |  |  | 132,971 |  |  |  | 9.05  |  |  |  | 244,441 |  |  |  | 111,470 |  |  |  | 132,971 |  |  |  | 9.05  | 
|Mineral Tax         |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 8.0                                 |                  |  |                                    | 227,413   |  |  |                   | 226,788 |    |                  |  | 108,773 |           |  |  | 118,015 |  |  |  | 8.03  |  |  |  | 226,788 |  |  |  | 108,773 |  |  |  | 118,015 |  |  |  | 8.03  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 10.0                                |                  |  |                                    | 216,871   |  |  |                   | 216,456 |    |                  |  | 107,062 |           |  |  | 109,394 |  |  |  | 7.44  |  |  |  | 216,456 |  |  |  | 107,062 |  |  |  | 109,394 |  |  |  | 7.44  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 12.0                                |                  |  |                                    | 207,375   |  |  |                   | 207,097 |    |                  |  | 105,416 |           |  |  | 101,682 |  |  |  | 6.92  |  |  |  | 207,097 |  |  |  | 105,416 |  |  |  | 101,682 |  |  |  | 6.92  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 15.0                                |                  |  |                                    | 194,769   |  |  |                   | 194,615 |    |                  |  | 103,061 |           |  |  | 91,554  |  |  |  | 6.23  |  |  |  | 194,615 |  |  |  | 103,061 |  |  |  | 91,554  |  |  |  | 6.23  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 20.0                                |                  |  |                                    | 177,202   |  |  |                   | 177,142 |    |                  |  | 99,413  |           |  |  | 77,729  |  |  |  | 5.29  |  |  |  | 177,142 |  |  |  | 99,413  |  |  |  | 77,729  |  |  |  | 5.29  | 



|           |  |                           
|---------- |  | --------------------------
|Evaluator: |  | MacDonald, Trisha S.      
|Run Date:  |  | February 25, 2016 11:46:00



|                                                                                   |  |  |                            | 
|---------------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Proved Undeveloped,
SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:57 | 



35



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Proved                                
|Property:    |  | Corporate                |  | Development Class: |  | Total Non-Producing                   
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Economic Forecast

PRODUCTION FORECAST



|     |  |               |   |  |                   |  |    |                      |  |  |                      |  |  |                      |    |  |                   |  |    |                   |  |  |                |  |  |            |        |  |                   |  |        |                   |  |  |                |  |  |            |      |  |  |  |        |  |  |  |        |  |  |  |        |  |  |  |      | 
|---- |  | ------------- | - |  | ----------------- |  | -- | -------------------- |  |  | -------------------- |  |  | -------------------- | -- |  | ----------------- |  | -- | ----------------- |  |  | -------------- |  |  | ---------- | ------ |  | ----------------- |  | ------ | ----------------- |  |  | -------------- |  |  | ---------- | ---- |  |  |  | ------ |  |  |  | ------ |  |  |  | ------ |  |  |  | ---- | 
|     |  |               |   |  |                   |  |    | Tight Oil Production |  |  | Shale Gas Production |  |  | Total Gas Production |   
|     |  | Company Wells |   |  | CompanyDailybbl/d |  |    | CompanyYearlyMbbl    |  |  | Net YearlyMbbl       |  |  | Price$/bbl           |    |  | CompanyDailyMcf/d |  |    | CompanyYearlyMMcf |  |  | Net YearlyMMcf |  |  | Price$/Mcf |        |  | CompanyDailyMcf/d |  |        | CompanyYearlyMMcf |  |  | Net YearlyMMcf |  |  | Price$/Mcf |     
|Year |  | Oil           |   |  | Gas               |  |    |                      |  |  |                      |  |  |                      |    |  |                   | 
|2016 |  |               | 0 |  |                   |  | 13 |                      |  |  | 79                   |  |  |                      | 29 |  |                   |  | 28 |                   |  |  | 57.73          |  |  |            | 13,770 |  |                   |  | 5,026  |                   |  |  | 4,779          |  |  |            | 2.91 |  |  |  | 13,770 |  |  |  | 5,026  |  |  |  | 4,779  |  |  |  | 2.91 | 
|2017 |  |               | 0 |  |                   |  | 19 |                      |  |  | 34                   |  |  |                      | 13 |  |                   |  | 12 |                   |  |  | 57.73          |  |  |            | 22,032 |  |                   |  | 8,042  |                   |  |  | 7,661          |  |  |            | 2.56 |  |  |  | 22,032 |  |  |  | 8,042  |  |  |  | 7,661  |  |  |  | 2.56 | 
|2018 |  |               | 0 |  |                   |  | 19 |                      |  |  | 24                   |  |  |                      | 9  |  |                   |  | 8  |                   |  |  | 57.73          |  |  |            | 15,960 |  |                   |  | 5,825  |                   |  |  | 5,557          |  |  |            | 2.30 |  |  |  | 15,960 |  |  |  | 5,825  |  |  |  | 5,557  |  |  |  | 2.30 | 
|2019 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 11,587 |  |                   |  | 4,229  |                   |  |  | 4,095          |  |  |            | 2.01 |  |  |  | 11,587 |  |  |  | 4,229  |  |  |  | 4,095  |  |  |  | 2.01 | 
|2020 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 9,200  |  |                   |  | 3,358  |                   |  |  | 3,263          |  |  |            | 2.37 |  |  |  | 9,200  |  |  |  | 3,358  |  |  |  | 3,263  |  |  |  | 2.37 | 
|2021 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 7,810  |  |                   |  | 2,851  |                   |  |  | 2,676          |  |  |            | 2.37 |  |  |  | 7,810  |  |  |  | 2,851  |  |  |  | 2,676  |  |  |  | 2.37 | 
|2022 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 6,850  |  |                   |  | 2,500  |                   |  |  | 2,222          |  |  |            | 2.37 |  |  |  | 6,850  |  |  |  | 2,500  |  |  |  | 2,222  |  |  |  | 2.37 | 
|2023 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 6,059  |  |                   |  | 2,212  |                   |  |  | 1,945          |  |  |            | 2.38 |  |  |  | 6,059  |  |  |  | 2,212  |  |  |  | 1,945  |  |  |  | 2.38 | 
|2024 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 5,460  |  |                   |  | 1,993  |                   |  |  | 1,753          |  |  |            | 2.38 |  |  |  | 5,460  |  |  |  | 1,993  |  |  |  | 1,753  |  |  |  | 2.38 | 
|2025 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 4,898  |  |                   |  | 1,788  |                   |  |  | 1,572          |  |  |            | 2.38 |  |  |  | 4,898  |  |  |  | 1,788  |  |  |  | 1,572  |  |  |  | 2.38 | 
|2026 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 4,407  |  |                   |  | 1,609  |                   |  |  | 1,415          |  |  |            | 2.38 |  |  |  | 4,407  |  |  |  | 1,609  |  |  |  | 1,415  |  |  |  | 2.38 | 
|2027 |  |               | 0 |  |                   |  | 18 |                      |  |  | 0                    |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            | 3,966  |  |                   |  | 1,448  |                   |  |  | 1,273          |  |  |            | 2.38 |  |  |  | 3,966  |  |  |  | 1,448  |  |  |  | 1,273  |  |  |  | 2.38 | 
|Sub. |  |               |   |  |                   |  |    |                      |  |  |                      |  |  |                      | 50 |  |                   |  | 48 |                   |  |  | 57.73          |  |  |            |        |  |                   |  | 40,879 |                   |  |  | 38,211         |  |  |            | 2.43 |  |  |  |        |  |  |  | 40,879 |  |  |  | 38,211 |  |  |  | 2.43 | 
|Rem. |  |               |   |  |                   |  |    |                      |  |  |                      |  |  |                      | 0  |  |                   |  | 0  |                   |  |  | 0.00           |  |  |            |        |  |                   |  | 6,017  |                   |  |  | 5,293          |  |  |            | 2.37 |  |  |  |        |  |  |  | 6,017  |  |  |  | 5,293  |  |  |  | 2.37 | 
|Tot. |  |               |   |  |                   |  |    |                      |  |  |                      |  |  |                      | 50 |  |                   |  | 48 |                   |  |  | 57.73          |  |  |            |        |  |                   |  | 46,896 |                   |  |  | 43,504         |  |  |            | 2.42 |  |  |  |        |  |  |  | 46,896 |  |  |  | 43,504 |  |  |  | 2.42 | 



|     |  |                       |       |  |                   |  |       |                    |  |  |            |  |  |                   |       |  |                   |  |     |                |  |  |            |  |  |                   |     |  |                   |  |       |                |  |  |            |  |  |  |     |  |  |  |     |  |  |  |      | 
|---- |  | --------------------- | ----- |  | ----------------- |  | ----- | ------------------ |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | --- | -------------- |  |  | ---------- |  |  | ----------------- | --- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  |  | --- |  |  |  | --- |  |  |  | ---- | 
|     |  | Condensate Production |       |  | Butane Production |  |       | Propane Production | 
|Year |  | CompanyDailybbl/d     |       |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl     |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |     | Net YearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailybbl/d |     |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl |  |  | Price$/bbl | 
|2016 |  |                       | 2,348 |  |                   |  | 857   |                    |  |  | 815        |  |  |                   | 57.95 |  |                   |  | 223 |                |  |  | 81         |  |  |                   | 77  |  |                   |  | 32.27 |                |  |  | 198        |  |  |  | 72  |  |  |  | 69  |  |  |  | 1.48 | 
|2017 |  |                       | 3,561 |  |                   |  | 1,300 |                    |  |  | 1,237      |  |  |                   | 57.91 |  |                   |  | 381 |                |  |  | 139        |  |  |                   | 132 |  |                   |  | 32.42 |                |  |  | 355        |  |  |  | 130 |  |  |  | 124 |  |  |  | 1.37 | 
|2018 |  |                       | 2,052 |  |                   |  | 749   |                    |  |  | 712        |  |  |                   | 57.91 |  |                   |  | 280 |                |  |  | 102        |  |  |                   | 97  |  |                   |  | 32.23 |                |  |  | 266        |  |  |  | 97  |  |  |  | 93  |  |  |  | 1.18 | 
|2019 |  |                       | 1,286 |  |                   |  | 469   |                    |  |  | 444        |  |  |                   | 57.93 |  |                   |  | 203 |                |  |  | 74         |  |  |                   | 71  |  |                   |  | 32.33 |                |  |  | 191        |  |  |  | 70  |  |  |  | 67  |  |  |  | 1.16 | 
|2020 |  |                       | 949   |  |                   |  | 346   |                    |  |  | 317        |  |  |                   | 57.94 |  |                   |  | 160 |                |  |  | 59         |  |  |                   | 55  |  |                   |  | 32.33 |                |  |  | 151        |  |  |  | 55  |  |  |  | 52  |  |  |  | 1.16 | 
|2021 |  |                       | 763   |  |                   |  | 279   |                    |  |  | 226        |  |  |                   | 57.94 |  |                   |  | 136 |                |  |  | 50         |  |  |                   | 42  |  |                   |  | 32.33 |                |  |  | 128        |  |  |  | 47  |  |  |  | 40  |  |  |  | 1.16 | 
|2022 |  |                       | 643   |  |                   |  | 235   |                    |  |  | 149        |  |  |                   | 57.94 |  |                   |  | 119 |                |  |  | 43         |  |  |                   | 31  |  |                   |  | 32.33 |                |  |  | 112        |  |  |  | 41  |  |  |  | 30  |  |  |  | 1.16 | 
|2023 |  |                       | 557   |  |                   |  | 203   |                    |  |  | 122        |  |  |                   | 57.94 |  |                   |  | 106 |                |  |  | 39         |  |  |                   | 27  |  |                   |  | 32.33 |                |  |  | 100        |  |  |  | 36  |  |  |  | 26  |  |  |  | 1.16 | 
|2024 |  |                       | 494   |  |                   |  | 180   |                    |  |  | 108        |  |  |                   | 57.94 |  |                   |  | 96  |                |  |  | 35         |  |  |                   | 24  |  |                   |  | 32.33 |                |  |  | 90         |  |  |  | 33  |  |  |  | 23  |  |  |  | 1.16 | 
|2025 |  |                       | 442   |  |                   |  | 161   |                    |  |  | 97         |  |  |                   | 57.94 |  |                   |  | 86  |                |  |  | 31         |  |  |                   | 22  |  |                   |  | 32.33 |                |  |  | 81         |  |  |  | 29  |  |  |  | 21  |  |  |  | 1.16 | 
|2026 |  |                       | 400   |  |                   |  | 146   |                    |  |  | 88         |  |  |                   | 57.94 |  |                   |  | 77  |                |  |  | 28         |  |  |                   | 20  |  |                   |  | 32.33 |                |  |  | 73         |  |  |  | 27  |  |  |  | 19  |  |  |  | 1.16 | 
|2027 |  |                       | 364   |  |                   |  | 133   |                    |  |  | 80         |  |  |                   | 57.94 |  |                   |  | 70  |                |  |  | 25         |  |  |                   | 18  |  |                   |  | 32.33 |                |  |  | 65         |  |  |  | 24  |  |  |  | 17  |  |  |  | 1.16 | 
|Sub. |  |                       |       |  |                   |  | 5,059 |                    |  |  | 4,393      |  |  |                   | 57.93 |  |                   |  |     |                |  |  | 707        |  |  |                   | 617 |  |                   |  | 32.32 |                |  |  |            |  |  |  | 661 |  |  |  | 577 |  |  |  | 1.24 | 
|Rem. |  |                       |       |  |                   |  | 575   |                    |  |  | 345        |  |  |                   | 57.94 |  |                   |  |     |                |  |  | 105        |  |  |                   | 74  |  |                   |  | 32.33 |                |  |  |            |  |  |  | 98  |  |  |  | 69  |  |  |  | 1.16 | 
|Tot. |  |                       |       |  |                   |  | 5,634 |                    |  |  | 4,738      |  |  |                   | 57.93 |  |                   |  |     |                |  |  | 812        |  |  |                   | 691 |  |                   |  | 32.32 |                |  |  |            |  |  |  | 759 |  |  |  | 646 |  |  |  | 1.23 | 



|                                                                                           |  |  |                            | 
|------------------------------------------------------------------------------------------ |  |  | -------------------------- | 
|1150508            Total Proved
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:29 | 



36



---

|     |  |                                |       |  |                          |  |       |                           |  |  |            |  |  |                   |       |  |                   |  |       |                |  |  |            |  |  |                   |       |  |                   |  |       |                |  |  |            |  |  |  |        |  |  |  |        |  |  |  |       | 
|---- |  | ------------------------------ | ----- |  | ------------------------ |  | ----- | ------------------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  |  | ------ |  |  |  | ------ |  |  |  | ----- | 
|     |  | Natural Gas Liquids Production |       |  | Oil + Liquids Production |  |       | Oil Equivalent Production | 
|Year |  | CompanyDailybbl/d              |       |  | CompanyYearlyMbbl        |  |       | Net YearlyMbbl            |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailyboe/d |       |  | CompanyYearlyMboe |  |       | Net YearlyMboe |  |  | Price$/boe | 
|2016 |  |                                | 2,768 |  |                          |  | 1,010 |                           |  |  | 960        |  |  |                   | 51.85 |  |                   |  | 2,847 |                |  |  | 1,039      |  |  |                   | 988   |  |                   |  | 52.01 |                |  |  | 5,142      |  |  |  | 1,877  |  |  |  | 1,784  |  |  |  | 36.60 | 
|2017 |  |                                | 4,298 |  |                          |  | 1,569 |                           |  |  | 1,493      |  |  |                   | 50.98 |  |                   |  | 4,332 |                |  |  | 1,581      |  |  |                   | 1,505 |  |                   |  | 51.03 |                |  |  | 8,004      |  |  |  | 2,922  |  |  |  | 2,782  |  |  |  | 34.67 | 
|2018 |  |                                | 2,598 |  |                          |  | 948   |                           |  |  | 902        |  |  |                   | 49.33 |  |                   |  | 2,622 |                |  |  | 957        |  |  |                   | 910   |  |                   |  | 49.40 |                |  |  | 5,282      |  |  |  | 1,928  |  |  |  | 1,836  |  |  |  | 31.49 | 
|2019 |  |                                | 1,680 |  |                          |  | 613   |                           |  |  | 581        |  |  |                   | 48.38 |  |                   |  | 1,680 |                |  |  | 613        |  |  |                   | 581   |  |                   |  | 48.38 |                |  |  | 3,611      |  |  |  | 1,318  |  |  |  | 1,264  |  |  |  | 28.96 | 
|2020 |  |                                | 1,260 |  |                          |  | 460   |                           |  |  | 423        |  |  |                   | 47.87 |  |                   |  | 1,260 |                |  |  | 460        |  |  |                   | 423   |  |                   |  | 47.87 |                |  |  | 2,794      |  |  |  | 1,020  |  |  |  | 967    |  |  |  | 29.40 | 
|2021 |  |                                | 1,027 |  |                          |  | 375   |                           |  |  | 308        |  |  |                   | 47.48 |  |                   |  | 1,027 |                |  |  | 375        |  |  |                   | 308   |  |                   |  | 47.48 |                |  |  | 2,329      |  |  |  | 850    |  |  |  | 754    |  |  |  | 28.89 | 
|2022 |  |                                | 874   |  |                          |  | 319   |                           |  |  | 210        |  |  |                   | 47.18 |  |                   |  | 874   |                |  |  | 319        |  |  |                   | 210   |  |                   |  | 47.18 |                |  |  | 2,016      |  |  |  | 736    |  |  |  | 580    |  |  |  | 28.51 | 
|2023 |  |                                | 763   |  |                          |  | 279   |                           |  |  | 175        |  |  |                   | 46.95 |  |                   |  | 763   |                |  |  | 279        |  |  |                   | 175   |  |                   |  | 46.95 |                |  |  | 1,773      |  |  |  | 647    |  |  |  | 499    |  |  |  | 28.33 | 
|2024 |  |                                | 680   |  |                          |  | 248   |                           |  |  | 156        |  |  |                   | 46.82 |  |                   |  | 680   |                |  |  | 248        |  |  |                   | 156   |  |                   |  | 46.82 |                |  |  | 1,590      |  |  |  | 580    |  |  |  | 448    |  |  |  | 28.18 | 
|2025 |  |                                | 608   |  |                          |  | 222   |                           |  |  | 139        |  |  |                   | 46.79 |  |                   |  | 608   |                |  |  | 222        |  |  |                   | 139   |  |                   |  | 46.79 |                |  |  | 1,425      |  |  |  | 520    |  |  |  | 401    |  |  |  | 28.15 | 
|2026 |  |                                | 550   |  |                          |  | 201   |                           |  |  | 126        |  |  |                   | 46.85 |  |                   |  | 550   |                |  |  | 201        |  |  |                   | 126   |  |                   |  | 46.85 |                |  |  | 1,284      |  |  |  | 469    |  |  |  | 362    |  |  |  | 28.21 | 
|2027 |  |                                | 499   |  |                          |  | 182   |                           |  |  | 114        |  |  |                   | 46.94 |  |                   |  | 499   |                |  |  | 182        |  |  |                   | 114   |  |                   |  | 46.94 |                |  |  | 1,160      |  |  |  | 423    |  |  |  | 326    |  |  |  | 28.31 | 
|Sub. |  |                                |       |  |                          |  | 6,426 |                           |  |  | 5,588      |  |  |                   | 49.28 |  |                   |  |       |                |  |  | 6,476      |  |  |                   | 5,636 |  |                   |  | 49.35 |                |  |  |            |  |  |  | 13,289 |  |  |  | 12,004 |  |  |  | 31.52 | 
|Rem. |  |                                |       |  |                          |  | 779   |                           |  |  | 487        |  |  |                   | 47.31 |  |                   |  |       |                |  |  | 779        |  |  |                   | 487   |  |                   |  | 47.31 |                |  |  |            |  |  |  | 1,781  |  |  |  | 1,370  |  |  |  | 28.69 | 
|Tot. |  |                                |       |  |                          |  | 7,205 |                           |  |  | 6,076      |  |  |                   | 49.07 |  |                   |  |       |                |  |  | 7,255      |  |  |                   | 6,123 |  |                   |  | 49.13 |                |  |  |            |  |  |  | 15,071 |  |  |  | 13,374 |  |  |  | 31.19 | 

REVENUE AND EXPENSE FORECAST



|     |  |                        |       |  |                        |  |         |                        |  |  |                               |  |  |                        |         |         |                             |  |         |                          |  |         |                    |  |         |  |        |  |  |         |   |  |            |  |        |         |  |  |   |  |  |  |        |  |  |  |         |  |  |  |        |  |  |  |        |  |  |  |         | 
|---- |  | ---------------------- | ----- |  | ---------------------- |  | ------- | ---------------------- |  |  | ----------------------------- |  |  | ---------------------- | ------- | ------- | --------------------------- |  | ------- | ------------------------ |  | ------- | ------------------ |  | ------- |  | ------ |  |  | ------- | - |  | ---------- |  | ------ | ------- |  |  | - |  |  |  | ------ |  |  |  | ------- |  |  |  | ------ |  |  |  | ------ |  |  |  | ------- | 
|     |  | Revenue Before Burdens |       |  |                        |  |         |                        |  |  |                               |  |  |                        |         |         |                             |  |         |                          |  |         |                    |  |         |  |        |  |  |        
|     |  | Working Interest       |       |  | RoyaltyInterestTotalM$ |  |         | CompanyInterestTotalM$ |  |  | Royalty BurdensPre-Processing |  |  | GasProcessingAllowance |         |         | TotalRoyaltyAfterProcess.M$ |  |         | NetRevenueAfterRoyaltyM$ |  |         | Operating Expenses | 
|Year |  | OilM$                  |       |  | GasM$                  |  |         | NGL+SulM$              |  |  | TotalM$                       |  |  |                        |         | CrownM$ |                             |  | OtherM$ |                          |  | CrownM$ |                    |  | OtherM$ |  |        |  |  | FixedM$ |   |  | VariableM$ |  |        | TotalM$ | 
|2016 |  |                        | 1,668 |  |                        |  | 14,649  |                        |  |  | 52,387                        |  |  |                        | 68,704  |         |                             |  | 0       |                          |  |         | 68,704             |  |         |  | 3,429  |  |  |         | 0 |  |            |  | 292    |         |  |  | 0 |  |  |  | 3,137  |  |  |  | 65,566  |  |  |  | 1,327  |  |  |  | 6,287  |  |  |  | 7,615   | 
|2017 |  |                        | 726   |  |                        |  | 20,590  |                        |  |  | 79,965                        |  |  |                        | 101,281 |         |                             |  | 0       |                          |  |         | 101,281            |  |         |  | 5,072  |  |  |         | 0 |  |            |  | 512    |         |  |  | 0 |  |  |  | 4,560  |  |  |  | 96,721  |  |  |  | 3,460  |  |  |  | 10,169 |  |  |  | 13,630  | 
|2018 |  |                        | 497   |  |                        |  | 13,427  |                        |  |  | 46,783                        |  |  |                        | 60,707  |         |                             |  | 0       |                          |  |         | 60,707             |  |         |  | 3,192  |  |  |         | 0 |  |            |  | 453    |         |  |  | 0 |  |  |  | 2,739  |  |  |  | 57,968  |  |  |  | 3,931  |  |  |  | 7,478  |  |  |  | 11,409  | 
|2019 |  |                        | 0     |  |                        |  | 8,510   |                        |  |  | 29,661                        |  |  |                        | 38,171  |         |                             |  | 0       |                          |  |         | 38,171             |  |         |  | 2,002  |  |  |         | 0 |  |            |  | 351    |         |  |  | 0 |  |  |  | 1,651  |  |  |  | 36,520  |  |  |  | 3,601  |  |  |  | 5,378  |  |  |  | 8,979   | 
|2020 |  |                        | 0     |  |                        |  | 7,959   |                        |  |  | 22,021                        |  |  |                        | 29,980  |         |                             |  | 0       |                          |  |         | 29,980             |  |         |  | 2,154  |  |  |         | 0 |  |            |  | 377    |         |  |  | 0 |  |  |  | 1,777  |  |  |  | 28,203  |  |  |  | 3,601  |  |  |  | 4,277  |  |  |  | 7,878   | 
|2021 |  |                        | 0     |  |                        |  | 6,756   |                        |  |  | 17,802                        |  |  |                        | 24,558  |         |                             |  | 0       |                          |  |         | 24,558             |  |         |  | 3,882  |  |  |         | 0 |  |            |  | 672    |         |  |  | 0 |  |  |  | 3,210  |  |  |  | 21,348  |  |  |  | 3,601  |  |  |  | 3,628  |  |  |  | 7,229   | 
|2022 |  |                        | 0     |  |                        |  | 5,926   |                        |  |  | 15,055                        |  |  |                        | 20,981  |         |                             |  | 0       |                          |  |         | 20,981             |  |         |  | 6,297  |  |  |         | 0 |  |            |  | 1,252  |         |  |  | 0 |  |  |  | 5,045  |  |  |  | 15,935  |  |  |  | 3,601  |  |  |  | 3,180  |  |  |  | 6,782   | 
|2023 |  |                        | 0     |  |                        |  | 5,253   |                        |  |  | 13,080                        |  |  |                        | 18,333  |         |                             |  | 0       |                          |  |         | 18,333             |  |         |  | 5,991  |  |  |         | 0 |  |            |  | 1,229  |         |  |  | 0 |  |  |  | 4,761  |  |  |  | 13,572  |  |  |  | 3,581  |  |  |  | 2,816  |  |  |  | 6,396   | 
|2024 |  |                        | 0     |  |                        |  | 4,734   |                        |  |  | 11,616                        |  |  |                        | 16,349  |         |                             |  | 0       |                          |  |         | 16,349             |  |         |  | 5,330  |  |  |         | 0 |  |            |  | 1,102  |         |  |  | 0 |  |  |  | 4,228  |  |  |  | 12,121  |  |  |  | 3,581  |  |  |  | 2,534  |  |  |  | 6,115   | 
|2025 |  |                        | 0     |  |                        |  | 4,247   |                        |  |  | 10,392                        |  |  |                        | 14,639  |         |                             |  | 0       |                          |  |         | 14,639             |  |         |  | 4,770  |  |  |         | 0 |  |            |  | 982    |         |  |  | 0 |  |  |  | 3,789  |  |  |  | 10,850  |  |  |  | 3,581  |  |  |  | 2,271  |  |  |  | 5,852   | 
|2026 |  |                        | 0     |  |                        |  | 3,822   |                        |  |  | 9,403                         |  |  |                        | 13,224  |         |                             |  | 0       |                          |  |         | 13,224             |  |         |  | 4,313  |  |  |         | 0 |  |            |  | 710    |         |  |  | 0 |  |  |  | 3,603  |  |  |  | 9,621   |  |  |  | 3,581  |  |  |  | 2,041  |  |  |  | 5,622   | 
|2027 |  |                        | 0     |  |                        |  | 3,440   |                        |  |  | 8,547                         |  |  |                        | 11,987  |         |                             |  | 0       |                          |  |         | 11,987             |  |         |  | 3,915  |  |  |         | 0 |  |            |  | 491    |         |  |  | 0 |  |  |  | 3,425  |  |  |  | 8,562   |  |  |  | 3,581  |  |  |  | 1,835  |  |  |  | 5,416   | 
|Sub. |  |                        | 2,891 |  |                        |  | 99,312  |                        |  |  | 316,711                       |  |  |                        | 418,914 |         |                             |  | 0       |                          |  |         | 418,914            |  |         |  | 50,349 |  |  |         | 0 |  |            |  | 8,422  |         |  |  | 0 |  |  |  | 41,927 |  |  |  | 376,987 |  |  |  | 41,028 |  |  |  | 51,895 |  |  |  | 92,922  | 
|Rem. |  |                        | 0     |  |                        |  | 14,287  |                        |  |  | 36,828                        |  |  |                        | 51,115  |         |                             |  | 0       |                          |  |         | 51,115             |  |         |  | 16,793 |  |  |         | 0 |  |            |  | 2,029  |         |  |  | 0 |  |  |  | 14,764 |  |  |  | 36,351  |  |  |  | 20,947 |  |  |  | 7,571  |  |  |  | 28,518  | 
|Tot. |  |                        | 2,891 |  |                        |  | 113,598 |                        |  |  | 353,539                       |  |  |                        | 470,029 |         |                             |  | 0       |                          |  |         | 470,029            |  |         |  | 67,142 |  |  |         | 0 |  |            |  | 10,452 |         |  |  | 0 |  |  |  | 56,690 |  |  |  | 413,338 |  |  |  | 61,974 |  |  |  | 59,466 |  |  |  | 121,441 | 
|Disc |  |                        | 2,612 |  |                        |  | 73,388  |                        |  |  | 241,636                       |  |  |                        | 317,636 |         |                             |  | 0       |                          |  |         | 317,636            |  |         |  | 33,027 |  |  |         | 0 |  |            |  | 5,070  |         |  |  | 0 |  |  |  | 27,957 |  |  |  | 289,679 |  |  |  | 28,768 |  |  |  | 37,884 |  |  |  | 66,652  | 



|                                                                                           |  |  |                            | 
|------------------------------------------------------------------------------------------ |  |  | -------------------------- | 
|1150508            Total Proved
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:29 | 



37



---

|     |  |              |   |  |               |  |   |             |  |  |                     |  |  |               |         |  |                      |               |   |  |        |  |                        |         |  |                      |         |  |  |         |        |  |          |  |       |        |  |  |             |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | ------------ | - |  | ------------- |  | - | ----------- |  |  | ------------------- |  |  | ------------- | ------- |  | -------------------- | ------------- | - |  | ------ |  | ---------------------- | ------- |  | -------------------- | ------- |  |  | ------- | ------ |  | -------- |  | ----- | ------ |  |  | ----------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  |              |   |  |               |  |   |             |  |  |                     |  |  |               |         |  | Aband. &Recl.CostsM$ |               |   |  |        |  | Net Capital Investment |         |  | Before Tax Cash Flow |        
|Year |  | MineralTaxM$ |   |  | Capital TaxM$ |  |   | NPIBurdenM$ |  |  | Net ProdnRevenueM$ |  |  | OtherIncomeM$ |         |  |                      | Oper.IncomeM$ |   |  | Dev.M$ |  |                        | PlantM$ |  |                      | Tang.M$ |  |  | TotalM$ |        |  | AnnualM$ |  |       | Cum.M$ |  |  | 10.0% DcfM$ | 
|2016 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 57,952  |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 57,952  |  |  |         | 58,675 |  |          |  | 2,740 |        |  |  | 10,336      |  |  |  | 71,752  |  |  |  | -13,800 |  |  |  | -13,800 |  |  |  | -13,158 | 
|2017 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 83,091  |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 83,091  |  |  |         | 36,057 |  |          |  | 2,285 |        |  |  | 6,358       |  |  |  | 44,699  |  |  |  | 38,392  |  |  |  | 24,592  |  |  |  | 20,120  | 
|2018 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 46,559  |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 46,559  |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 46,559  |  |  |  | 71,151  |  |  |  | 56,808  | 
|2019 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 27,541  |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 27,541  |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 27,541  |  |  |  | 98,692  |  |  |  | 76,537  | 
|2020 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 20,324  |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 20,324  |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 20,324  |  |  |  | 119,016 |  |  |  | 89,772  | 
|2021 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 14,119  |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 14,119  |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 14,119  |  |  |  | 133,135 |  |  |  | 98,131  | 
|2022 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 9,154   |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 9,154   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 9,154   |  |  |  | 142,289 |  |  |  | 103,058 | 
|2023 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 7,175   |  |                      |               | 0 |  |        |  | 92                     |         |  |                      | 7,083   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 7,083   |  |  |  | 149,372 |  |  |  | 106,523 | 
|2024 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 6,006   |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 6,006   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 6,006   |  |  |  | 155,378 |  |  |  | 109,195 | 
|2025 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 4,998   |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 4,998   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 4,998   |  |  |  | 160,376 |  |  |  | 111,216 | 
|2026 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 3,999   |  |                      |               | 0 |  |        |  | 0                      |         |  |                      | 3,999   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 3,999   |  |  |  | 164,375 |  |  |  | 112,686 | 
|2027 |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 3,146   |  |                      |               | 0 |  |        |  | 14                     |         |  |                      | 3,132   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 3,132   |  |  |  | 167,507 |  |  |  | 113,733 | 
|Sub. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 284,065 |  |                      |               | 0 |  |        |  | 106                    |         |  |                      | 283,958 |  |  |         | 94,732 |  |          |  | 5,025 |        |  |  | 16,693      |  |  |  | 116,451 |  |  |  | 167,507 |  |  |  | 167,507 |  |  |  | 113,733 | 
|Rem. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 7,833   |  |                      |               | 0 |  |        |  | 3,523                  |         |  |                      | 4,310   |  |  |         | 0      |  |          |  | 0     |        |  |  | 0           |  |  |  | 0       |  |  |  | 4,310   |  |  |  | 171,817 |  |  |  | 115,401 | 
|Tot. |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 291,898 |  |                      |               | 0 |  |        |  | 3,629                  |         |  |                      | 288,268 |  |  |         | 94,732 |  |          |  | 5,025 |        |  |  | 16,693      |  |  |  | 116,451 |  |  |  | 171,817 |  |  |  | 171,817 |  |  |  | 115,401 | 
|Disc |  |              | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 223,027 |  |                      |               | 0 |  |        |  | 469                    |         |  |                      | 222,558 |  |  |         | 87,198 |  |          |  | 4,593 |        |  |  | 15,365      |  |  |  | 107,157 |  |  |  | 115,401 |  |  |  | 115,401 |  |  |  | 115,401 | 

SUMMARY OF RESERVES



|                 |  |       |      |  |                                    |  |        |                 |  |  |                          |  |  |     |        |  |               |  |        |             |  |  |           |  |  |             |        |  |           |  |     |          |  |  |      |  |  |  |      |  |  |  |     | 
|---------------- |  | ----- | ---- |  | ---------------------------------- |  | ------ | --------------- |  |  | ------------------------ |  |  | --- | ------ |  | ------------- |  | ------ | ----------- |  |  | --------- |  |  | ----------- | ------ |  | --------- |  | --- | -------- |  |  | ---- |  |  |  | ---- |  |  |  | --- | 
|                 |  |       |      |  | Remaining Reserves at Jan 01, 2016 |  |        | Oil Equivalents |  |  | Reserve Life Indic. (yr) | 
|Product          |  | Units |      |  | WorkingInterest                    |  |        | Roy/NPIInterest |  |  | TotalCompany             |  |  | Net |        |  | Oil Eq.Factor |  |        | CompanyMboe |  |  | % ofTotal |  |  | ReserveLife |        |  | LifeIndex |  |     | HalfLife | 
|Tight Oil        |  |       | Mbbl |  |                                    |  | 50     |                 |  |  | 0                        |  |  |     | 50     |  |               |  | 48     |             |  |  | 1.000     |  |  |             | 50     |  |           |  | 0   |          |  |  | 3.0  |  |  |  | 1.7  |  |  |  | 0.9 | 
|Shale Gas        |  |       | MMcf |  |                                    |  | 46,896 |                 |  |  | 0                        |  |  |     | 46,896 |  |               |  | 43,504 |             |  |  | 6.000     |  |  |             | 7,816  |  |           |  | 52  |          |  |  | 19.0 |  |  |  | 9.3  |  |  |  | 4.1 | 
|Gas Heat Content |  |       | BBtu |  |                                    |  | 57,702 |                 |  |  | 0                        |  |  |     | 57,702 |  |               |  | 53,526 |             |  |  | 0.000     |  |  |             | 0      |  |           |  | 0   |          |  |  | 19.0 |  |  |  | 9.3  |  |  |  | 4.1 | 
|Condensate       |  |       | Mbbl |  |                                    |  | 5,634  |                 |  |  | 0                        |  |  |     | 5,634  |  |               |  | 4,738  |             |  |  | 1.000     |  |  |             | 5,634  |  |           |  | 37  |          |  |  | 19.0 |  |  |  | 6.6  |  |  |  | 2.9 | 
|Butane           |  |       | Mbbl |  |                                    |  | 812    |                 |  |  | 0                        |  |  |     | 812    |  |               |  | 691    |             |  |  | 1.000     |  |  |             | 812    |  |           |  | 5   |          |  |  | 19.0 |  |  |  | 10.0 |  |  |  | 4.2 | 
|Propane          |  |       | Mbbl |  |                                    |  | 759    |                 |  |  | 0                        |  |  |     | 759    |  |               |  | 646    |             |  |  | 1.000     |  |  |             | 759    |  |           |  | 5   |          |  |  | 19.0 |  |  |  | 10.5 |  |  |  | 4.2 | 
|Total: NGL       |  |       | Mbbl |  |                                    |  | 7,205  |                 |  |  | 0                        |  |  |     | 7,205  |  |               |  | 6,076  |             |  |  | 1.000     |  |  |             | 7,205  |  |           |  | 48  |          |  |  | 19.0 |  |  |  | 7.1  |  |  |  | 3.1 | 
|Total: Oil+NGL   |  |       | Mbbl |  |                                    |  | 7,255  |                 |  |  | 0                        |  |  |     | 7,255  |  |               |  | 6,123  |             |  |  | 1.000     |  |  |             | 7,255  |  |           |  | 48  |          |  |  | 19.0 |  |  |  | 7.0  |  |  |  | 3.1 | 
|Total: Oil Eq.   |  |       | Mboe |  |                                    |  | 15,071 |                 |  |  | 0                        |  |  |     | 15,071 |  |               |  | 13,374 |             |  |  | 1.000     |  |  |             | 15,071 |  |           |  | 100 |          |  |  | 19.0 |  |  |  | 8.0  |  |  |  | 3.6 | 

PRODUCT REVENUE AND EXPENSES



|               |  |       |       |  |                                |  |       |                             |  |  |               |  |  |             |       |  |                   |  |      |               |  |  |               |  |  |          |      |  |           |  |       |            |  |  |           |  |  |  |     |  |  |  |         |  |  |  |     | 
|-------------- |  | ----- | ----- |  | ------------------------------ |  | ----- | --------------------------- |  |  | ------------- |  |  | ----------- | ----- |  | ----------------- |  | ---- | ------------- |  |  | ------------- |  |  | -------- | ---- |  | --------- |  | ----- | ---------- |  |  | --------- |  |  |  | --- |  |  |  | ------- |  |  |  | --- | 
|               |  |       |       |  | Average First Year Unit Values |  |       | Net Revenue After Royalties | 
|Product        |  | Units |       |  | Base Price                     |  |       | Price Adjust.               |  |  | WellheadPrice |  |  | Net Burdens |       |  | OperatingExpenses |  |      | OtherExpenses |  |  | ProdnRevenue |  |  | UndiscM$ |      |  | % ofTotal |  |       | 10%Disc M$ |  |  | % ofTotal | 
|Tight Oil      |  |       | $/bbl |  |                                |  | 58.88 |                             |  |  | -1.15         |  |  |             | 57.73 |  |                   |  | 2.77 |               |  |  | 9.98          |  |  |          | 0.00 |  |           |  | 44.98 |            |  |  | 2,750     |  |  |  | 1   |  |  |  | 2,484   |  |  |  | 1   | 
|Shale Gas      |  |       | $/Mcf |  |                                |  | 2.45  |                             |  |  | 0.46          |  |  |             | 2.91  |  |                   |  | 0.13 |               |  |  | 1.46          |  |  |          | 0.00 |  |           |  | 1.32  |            |  |  | 106,838   |  |  |  | 26  |  |  |  | 69,505  |  |  |  | 24  | 
|Condensate     |  |       | $/bbl |  |                                |  | 58.13 |                             |  |  | -0.18         |  |  |             | 57.95 |  |                   |  | 2.60 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 55.36 |            |  |  | 281,082   |  |  |  | 68  |  |  |  | 202,556 |  |  |  | 70  | 
|Butane         |  |       | $/bbl |  |                                |  | 32.66 |                             |  |  | -0.39         |  |  |             | 32.27 |  |                   |  | 1.65 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 30.62 |            |  |  | 22,507    |  |  |  | 5   |  |  |  | 14,889  |  |  |  | 5   | 
|Propane        |  |       | $/bbl |  |                                |  | 1.45  |                             |  |  | 0.03          |  |  |             | 1.48  |  |                   |  | 0.32 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 1.15  |            |  |  | 161       |  |  |  | 0   |  |  |  | 246     |  |  |  | 0   | 
|Total: NGL     |  |       | $/bbl |  |                                |  | 52.03 |                             |  |  | -0.18         |  |  |             | 51.85 |  |                   |  | 2.36 |               |  |  | 0.00          |  |  |          | 0.00 |  |           |  | 49.49 |            |  |  | 303,750   |  |  |  | 73  |  |  |  | 217,690 |  |  |  | 75  | 
|Total: Oil+NGL |  |       | $/bbl |  |                                |  | 52.22 |                             |  |  | -0.21         |  |  |             | 52.01 |  |                   |  | 2.37 |               |  |  | 0.28          |  |  |          | 0.00 |  |           |  | 49.37 |            |  |  | 306,500   |  |  |  | 74  |  |  |  | 220,174 |  |  |  | 76  | 
|Total: Oil Eq. |  |       | $/boe |  |                                |  | 35.48 |                             |  |  | 1.12          |  |  |             | 36.60 |  |                   |  | 1.67 |               |  |  | 4.06          |  |  |          | 0.00 |  |           |  | 30.88 |            |  |  | 413,338   |  |  |  | 100 |  |  |  | 289,679 |  |  |  | 100 | 



|                                                                                           |  |  |                            | 
|------------------------------------------------------------------------------------------ |  |  | -------------------------- | 
|1150508            Total Proved
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:29 | 



38



---

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY



|                    |  |         |            |  |         |                 |         |  |                   |  |                                     |                  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |       | 
|------------------- |  | ------- | ---------- |  | ------- | --------------- | ------- |  | ----------------- |  | ----------------------------------- | ---------------- |  |  | --------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ----- | 
|                    |  |         |            |  |         |                 |         |  |                   |  | Net Present Value Before Income Tax |                 
|Revenue Burdens (%) |  |         | Disc.Rate% |  |         | ProdnRevenueM$ |         |  | OperatingIncomeM$ |  |                                     | CapitalInvest.M$ |  |  | Cash Flow | 
|                    |  | Initial |            |  | Average |                 |         |  |                   |  |                                     | M$               |  |  | $/boe     | 
|Crown Royalty       |  |         | 4.9910     |  |         |                 | 14.2847 |  |                   |  | 0.0                                 |                  |  |  | 291,898   |  |  |  | 288,268 |  |  |  | 116,451 |  |  |  | 171,817 |  |  |  | 11.40 | 
|Non-crown Royalty   |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 5.0                                 |                  |  |  | 252,243   |  |  |  | 250,987 |  |  |  | 111,567 |  |  |  | 139,420 |  |  |  | 9.25  | 
|Mineral Tax         |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 8.0                                 |                  |  |  | 233,742   |  |  |  | 233,053 |  |  |  | 108,869 |  |  |  | 124,185 |  |  |  | 8.24  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 10.0                                |                  |  |  | 223,027   |  |  |  | 222,558 |  |  |  | 107,157 |  |  |  | 115,401 |  |  |  | 7.66  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 12.0                                |                  |  |  | 213,375   |  |  |  | 213,051 |  |  |  | 105,510 |  |  |  | 107,541 |  |  |  | 7.14  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 15.0                                |                  |  |  | 200,561   |  |  |  | 200,370 |  |  |  | 103,154 |  |  |  | 97,216  |  |  |  | 6.45  | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 20.0                                |                  |  |  | 182,699   |  |  |  | 182,614 |  |  |  | 99,504  |  |  |  | 83,110  |  |  |  | 5.51  | 



|           |  |                           
|---------- |  | --------------------------
|Evaluator: |  | MacDonald, Trisha S.      
|Run Date:  |  | February 25, 2016 11:46:00



|                                                                                           |  |  |                            | 
|------------------------------------------------------------------------------------------ |  |  | -------------------------- | 
|1150508            Total Proved
Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:43:29 | 



39



---

|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Proved                                
|Property:    |  | Corporate                |  | Development Class: |  | Total                                 
|Description: |  | After Tax Analysis (SEC) |  | Pricing:           |  | SEC 2015-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2015                     

Economic Forecast

PRODUCTION FORECAST



|     |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      |    |  |                   |  |    |                   |  |  |               |  |  |            |     |  |                   |  |     |                   |  |  |               |  |  |            |       |  |  |  |     |  |  |  |     |  |  |  |     |  |  |  |       | 
|---- |  | ------------- | -- |  | ----------------- |  | --- | ----------------------------- |  |  | -------------------- |  |  | -------------------- | -- |  | ----------------- |  | -- | ----------------- |  |  | ------------- |  |  | ---------- | --- |  | ----------------- |  | --- | ----------------- |  |  | ------------- |  |  | ---------- | ----- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | ----- | 
|     |  |               |    |  |                   |  |     | Light & Medium Oil Production |  |  | Tight Oil Production |  |  | Total Oil Production |   
|     |  | Company Wells |    |  | CompanyDailybbl/d |  |     | CompanyYearlyMbbl             |  |  | NetYearlyMbbl        |  |  | Price$/bbl           |    |  | CompanyDailybbl/d |  |    | CompanyYearlyMbbl |  |  | NetYearlyMbbl |  |  | Price$/bbl |     |  | CompanyDailybbl/d |  |     | CompanyYearlyMbbl |  |  | NetYearlyMbbl |  |  | Price$/bbl |      
|Year |  | Oil           |    |  | Gas               |  |     |                               |  |  |                      |  |  |                      |    |  |                   | 
|2016 |  |               | 12 |  |                   |  | 114 |                               |  |  | 31                   |  |  |                      | 11 |  |                   |  | 11 |                   |  |  | 41.91         |  |  |            | 382 |  |                   |  | 139 |                   |  |  | 133           |  |  |            | 58.03 |  |  |  | 413 |  |  |  | 151 |  |  |  | 144 |  |  |  | 56.81 | 
|2017 |  |               | 10 |  |                   |  | 115 |                               |  |  | 24                   |  |  |                      | 9  |  |                   |  | 9  |                   |  |  | 42.31         |  |  |            | 217 |  |                   |  | 79  |                   |  |  | 75            |  |  |            | 57.99 |  |  |  | 242 |  |  |  | 88  |  |  |  | 83  |  |  |  | 56.41 | 
|2018 |  |               | 9  |  |                   |  | 109 |                               |  |  | 20                   |  |  |                      | 7  |  |                   |  | 7  |                   |  |  | 42.71         |  |  |            | 165 |  |                   |  | 60  |                   |  |  | 53            |  |  |            | 57.96 |  |  |  | 185 |  |  |  | 68  |  |  |  | 60  |  |  |  | 56.31 | 
|2019 |  |               | 8  |  |                   |  | 102 |                               |  |  | 17                   |  |  |                      | 6  |  |                   |  | 6  |                   |  |  | 43.11         |  |  |            | 100 |  |                   |  | 36  |                   |  |  | 29            |  |  |            | 58.03 |  |  |  | 117 |  |  |  | 43  |  |  |  | 35  |  |  |  | 55.88 | 
|2020 |  |               | 8  |  |                   |  | 97  |                               |  |  | 15                   |  |  |                      | 5  |  |                   |  | 5  |                   |  |  | 43.27         |  |  |            | 87  |  |                   |  | 32  |                   |  |  | 21            |  |  |            | 58.01 |  |  |  | 102 |  |  |  | 37  |  |  |  | 27  |  |  |  | 55.83 | 
|2021 |  |               | 8  |  |                   |  | 92  |                               |  |  | 13                   |  |  |                      | 5  |  |                   |  | 5  |                   |  |  | 43.43         |  |  |            | 76  |  |                   |  | 28  |                   |  |  | 19            |  |  |            | 58.00 |  |  |  | 90  |  |  |  | 33  |  |  |  | 24  |  |  |  | 55.82 | 
|2022 |  |               | 6  |  |                   |  | 74  |                               |  |  | 8                    |  |  |                      | 3  |  |                   |  | 3  |                   |  |  | 43.53         |  |  |            | 66  |  |                   |  | 24  |                   |  |  | 17            |  |  |            | 58.00 |  |  |  | 74  |  |  |  | 27  |  |  |  | 20  |  |  |  | 56.42 | 
|2023 |  |               | 6  |  |                   |  | 68  |                               |  |  | 7                    |  |  |                      | 2  |  |                   |  | 2  |                   |  |  | 43.23         |  |  |            | 58  |  |                   |  | 21  |                   |  |  | 15            |  |  |            | 58.00 |  |  |  | 65  |  |  |  | 24  |  |  |  | 18  |  |  |  | 56.44 | 
|2024 |  |               | 5  |  |                   |  | 62  |                               |  |  | 6                    |  |  |                      | 2  |  |                   |  | 2  |                   |  |  | 43.10         |  |  |            | 52  |  |                   |  | 19  |                   |  |  | 14            |  |  |            | 58.00 |  |  |  | 58  |  |  |  | 21  |  |  |  | 16  |  |  |  | 56.43 | 
|2025 |  |               | 1  |  |                   |  | 51  |                               |  |  | 4                    |  |  |                      | 1  |  |                   |  | 1  |                   |  |  | 45.40         |  |  |            | 11  |  |                   |  | 4   |                   |  |  | 3             |  |  |            | 58.88 |  |  |  | 15  |  |  |  | 5   |  |  |  | 4   |  |  |  | 55.47 | 
|2026 |  |               | 1  |  |                   |  | 45  |                               |  |  | 4                    |  |  |                      | 1  |  |                   |  | 1  |                   |  |  | 45.46         |  |  |            | 10  |  |                   |  | 4   |                   |  |  | 3             |  |  |            | 58.88 |  |  |  | 14  |  |  |  | 5   |  |  |  | 4   |  |  |  | 55.38 | 
|2027 |  |               | 1  |  |                   |  | 41  |                               |  |  | 3                    |  |  |                      | 1  |  |                   |  | 1  |                   |  |  | 45.51         |  |  |            | 9   |  |                   |  | 3   |                   |  |  | 2             |  |  |            | 58.88 |  |  |  | 12  |  |  |  | 5   |  |  |  | 4   |  |  |  | 55.28 | 
|Sub. |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      | 56 |  |                   |  | 55 |                   |  |  | 42.92         |  |  |            |     |  |                   |  | 450 |                   |  |  | 384           |  |  |            | 58.03 |  |  |  |     |  |  |  | 506 |  |  |  | 438 |  |  |  | 56.36 | 
|Rem. |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      | 5  |  |                   |  | 5  |                   |  |  | 48.00         |  |  |            |     |  |                   |  | 3   |                   |  |  | 2             |  |  |            | 58.88 |  |  |  |     |  |  |  | 8   |  |  |  | 8   |  |  |  | 51.92 | 
|Tot. |  |               |    |  |                   |  |     |                               |  |  |                      |  |  |                      | 61 |  |                   |  | 60 |                   |  |  | 43.37         |  |  |            |     |  |                   |  | 453 |                   |  |  | 386           |  |  |            | 58.03 |  |  |  |     |  |  |  | 514 |  |  |  | 446 |  |  |  | 56.29 | 



|     |  |                        |     |  |                      |  |     |                      |  |  |            |  |  |                   |      |  |                   |  |        |               |  |  |            |  |  |                   |         |  |                   |  |      |               |  |  |            |  |  |  |         |  |  |  |         |  |  |  |      | 
|---- |  | ---------------------- | --- |  | -------------------- |  | --- | -------------------- |  |  | ---------- |  |  | ----------------- | ---- |  | ----------------- |  | ------ | ------------- |  |  | ---------- |  |  | ----------------- | ------- |  | ----------------- |  | ---- | ------------- |  |  | ---------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ---- | 
|     |  | Residue Gas Production |     |  | Shale Gas Production |  |     | Total Gas Production | 
|Year |  | CompanyDailyMcf/d      |     |  | CompanyYearlyMMcf    |  |     | NetYearlyMMcf        |  |  | Price$/Mcf |  |  | CompanyDailyMcf/d |      |  | CompanyYearlyMMcf |  |        | NetYearlyMMcf |  |  | Price$/Mcf |  |  | CompanyDailyMcf/d |         |  | CompanyYearlyMMcf |  |      | NetYearlyMMcf |  |  | Price$/Mcf | 
|2016 |  |                        | 669 |  |                      |  | 244 |                      |  |  | 225        |  |  |                   | 1.99 |  |                   |  | 96,557 |               |  |  | 35,243     |  |  |                   | 33,661  |  |                   |  | 2.35 |               |  |  | 97,226     |  |  |  | 35,487  |  |  |  | 33,885  |  |  |  | 2.35 | 
|2017 |  |                        | 405 |  |                      |  | 148 |                      |  |  | 136        |  |  |                   | 2.01 |  |                   |  | 80,258 |               |  |  | 29,294     |  |  |                   | 27,980  |  |                   |  | 2.21 |               |  |  | 80,663     |  |  |  | 29,442  |  |  |  | 28,116  |  |  |  | 2.21 | 
|2018 |  |                        | 290 |  |                      |  | 106 |                      |  |  | 97         |  |  |                   | 2.00 |  |                   |  | 61,100 |               |  |  | 22,302     |  |  |                   | 21,367  |  |                   |  | 2.07 |               |  |  | 61,390     |  |  |  | 22,407  |  |  |  | 21,465  |  |  |  | 2.07 | 
|2019 |  |                        | 222 |  |                      |  | 81  |                      |  |  | 75         |  |  |                   | 1.98 |  |                   |  | 48,067 |               |  |  | 17,545     |  |  |                   | 16,708  |  |                   |  | 1.92 |               |  |  | 48,290     |  |  |  | 17,626  |  |  |  | 16,783  |  |  |  | 1.92 | 
|2020 |  |                        | 40  |  |                      |  | 15  |                      |  |  | 14         |  |  |                   | 2.54 |  |                   |  | 39,431 |               |  |  | 14,392     |  |  |                   | 13,485  |  |                   |  | 2.11 |               |  |  | 39,471     |  |  |  | 14,407  |  |  |  | 13,498  |  |  |  | 2.11 | 
|2021 |  |                        | 36  |  |                      |  | 13  |                      |  |  | 12         |  |  |                   | 2.54 |  |                   |  | 33,198 |               |  |  | 12,117     |  |  |                   | 11,238  |  |                   |  | 2.12 |               |  |  | 33,234     |  |  |  | 12,130  |  |  |  | 11,250  |  |  |  | 2.12 | 
|2022 |  |                        | 23  |  |                      |  | 9   |                      |  |  | 8          |  |  |                   | 2.56 |  |                   |  | 24,819 |               |  |  | 9,059      |  |  |                   | 8,306   |  |                   |  | 2.11 |               |  |  | 24,842     |  |  |  | 9,067   |  |  |  | 8,314   |  |  |  | 2.11 | 
|2023 |  |                        | 6   |  |                      |  | 2   |                      |  |  | 2          |  |  |                   | 2.50 |  |                   |  | 20,659 |               |  |  | 7,541      |  |  |                   | 6,880   |  |                   |  | 2.13 |               |  |  | 20,665     |  |  |  | 7,543   |  |  |  | 6,882   |  |  |  | 2.13 | 
|2024 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 17,038 |               |  |  | 6,219      |  |  |                   | 5,653   |  |                   |  | 2.16 |               |  |  | 17,038     |  |  |  | 6,219   |  |  |  | 5,653   |  |  |  | 2.16 | 
|2025 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 13,649 |               |  |  | 4,982      |  |  |                   | 4,515   |  |                   |  | 2.17 |               |  |  | 13,649     |  |  |  | 4,982   |  |  |  | 4,515   |  |  |  | 2.17 | 
|2026 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 10,828 |               |  |  | 3,952      |  |  |                   | 3,557   |  |                   |  | 2.21 |               |  |  | 10,828     |  |  |  | 3,952   |  |  |  | 3,557   |  |  |  | 2.21 | 
|2027 |  |                        | 0   |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  | 9,058  |               |  |  | 3,306      |  |  |                   | 2,969   |  |                   |  | 2.23 |               |  |  | 9,058      |  |  |  | 3,306   |  |  |  | 2,969   |  |  |  | 2.23 | 
|Sub. |  |                        |     |  |                      |  | 618 |                      |  |  | 569        |  |  |                   | 2.03 |  |                   |  |        |               |  |  | 165,951    |  |  |                   | 156,319 |  |                   |  | 2.16 |               |  |  |            |  |  |  | 166,569 |  |  |  | 156,888 |  |  |  | 2.16 | 
|Rem. |  |                        |     |  |                      |  | 0   |                      |  |  | 0          |  |  |                   | 0.00 |  |                   |  |        |               |  |  | 7,696      |  |  |                   | 6,852   |  |                   |  | 2.30 |               |  |  |            |  |  |  | 7,696   |  |  |  | 6,852   |  |  |  | 2.30 | 
|Tot. |  |                        |     |  |                      |  | 618 |                      |  |  | 569        |  |  |                   | 2.03 |  |                   |  |        |               |  |  | 173,648    |  |  |                   | 163,171 |  |                   |  | 2.17 |               |  |  |            |  |  |  | 174,265 |  |  |  | 163,740 |  |  |  | 2.17 | 



|                                                                             |  |  |                            | 
|---------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Total Proved, SEC
2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:41:32 | 



40



---

|     |  |                       |       |  |                   |  |        |                    |  |  |            |  |  |                   |       |  |                   |  |     |               |  |  |            |  |  |                   |       |  |                   |  |       |               |  |  |            |  |  |  |       |  |  |  |       |  |  |  |      | 
|---- |  | --------------------- | ----- |  | ----------------- |  | ------ | ------------------ |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | --- | ------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | ----- | ------------- |  |  | ---------- |  |  |  | ----- |  |  |  | ----- |  |  |  | ---- | 
|     |  | Condensate Production |       |  | Butane Production |  |        | Propane Production | 
|Year |  | CompanyDailybbl/d     |       |  | CompanyYearlyMbbl |  |        | NetYearlyMbbl      |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |     | NetYearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |       | NetYearlyMbbl |  |  | Price$/bbl | 
|2016 |  |                       | 7,766 |  |                   |  | 2,835  |                    |  |  | 2,689      |  |  |                   | 57.66 |  |                   |  | 854 |               |  |  | 312        |  |  |                   | 295   |  |                   |  | 32.08 |               |  |  | 753        |  |  |  | 275   |  |  |  | 261   |  |  |  | 1.52 | 
|2017 |  |                       | 6,522 |  |                   |  | 2,381  |                    |  |  | 2,251      |  |  |                   | 57.67 |  |                   |  | 794 |               |  |  | 290        |  |  |                   | 275   |  |                   |  | 32.17 |               |  |  | 714        |  |  |  | 261   |  |  |  | 248   |  |  |  | 1.43 | 
|2018 |  |                       | 4,180 |  |                   |  | 1,526  |                    |  |  | 1,419      |  |  |                   | 57.61 |  |                   |  | 601 |               |  |  | 219        |  |  |                   | 206   |  |                   |  | 31.97 |               |  |  | 545        |  |  |  | 199   |  |  |  | 187   |  |  |  | 1.25 | 
|2019 |  |                       | 2,959 |  |                   |  | 1,080  |                    |  |  | 929        |  |  |                   | 57.58 |  |                   |  | 466 |               |  |  | 170        |  |  |                   | 151   |  |                   |  | 32.03 |               |  |  | 421        |  |  |  | 154   |  |  |  | 137   |  |  |  | 1.24 | 
|2020 |  |                       | 2,337 |  |                   |  | 853    |                    |  |  | 634        |  |  |                   | 57.55 |  |                   |  | 387 |               |  |  | 141        |  |  |                   | 115   |  |                   |  | 32.01 |               |  |  | 350        |  |  |  | 128   |  |  |  | 103   |  |  |  | 1.24 | 
|2021 |  |                       | 1,942 |  |                   |  | 709    |                    |  |  | 490        |  |  |                   | 57.53 |  |                   |  | 334 |               |  |  | 122        |  |  |                   | 94    |  |                   |  | 31.99 |               |  |  | 303        |  |  |  | 111   |  |  |  | 85    |  |  |  | 1.25 | 
|2022 |  |                       | 1,412 |  |                   |  | 515    |                    |  |  | 322        |  |  |                   | 57.46 |  |                   |  | 242 |               |  |  | 88         |  |  |                   | 63    |  |                   |  | 31.90 |               |  |  | 220        |  |  |  | 80    |  |  |  | 57    |  |  |  | 1.27 | 
|2023 |  |                       | 1,232 |  |                   |  | 450    |                    |  |  | 273        |  |  |                   | 57.47 |  |                   |  | 213 |               |  |  | 78         |  |  |                   | 55    |  |                   |  | 31.88 |               |  |  | 196        |  |  |  | 71    |  |  |  | 50    |  |  |  | 1.27 | 
|2024 |  |                       | 1,087 |  |                   |  | 397    |                    |  |  | 241        |  |  |                   | 57.48 |  |                   |  | 188 |               |  |  | 69         |  |  |                   | 49    |  |                   |  | 31.86 |               |  |  | 174        |  |  |  | 63    |  |  |  | 44    |  |  |  | 1.27 | 
|2025 |  |                       | 927   |  |                   |  | 338    |                    |  |  | 205        |  |  |                   | 57.84 |  |                   |  | 155 |               |  |  | 57         |  |  |                   | 40    |  |                   |  | 32.33 |               |  |  | 142        |  |  |  | 52    |  |  |  | 36    |  |  |  | 1.16 | 
|2026 |  |                       | 810   |  |                   |  | 295    |                    |  |  | 178        |  |  |                   | 57.88 |  |                   |  | 135 |               |  |  | 49         |  |  |                   | 35    |  |                   |  | 32.33 |               |  |  | 124        |  |  |  | 45    |  |  |  | 32    |  |  |  | 1.16 | 
|2027 |  |                       | 706   |  |                   |  | 258    |                    |  |  | 155        |  |  |                   | 57.89 |  |                   |  | 116 |               |  |  | 43         |  |  |                   | 30    |  |                   |  | 32.33 |               |  |  | 107        |  |  |  | 39    |  |  |  | 27    |  |  |  | 1.16 | 
|Sub. |  |                       |       |  |                   |  | 11,636 |                    |  |  | 9,787      |  |  |                   | 57.63 |  |                   |  |     |               |  |  | 1,637      |  |  |                   | 1,407 |  |                   |  | 32.06 |               |  |  |            |  |  |  | 1,478 |  |  |  | 1,268 |  |  |  | 1.32 | 
|Rem. |  |                       |       |  |                   |  | 651    |                    |  |  | 392        |  |  |                   | 57.94 |  |                   |  |     |               |  |  | 115        |  |  |                   | 81    |  |                   |  | 32.32 |               |  |  |            |  |  |  | 107   |  |  |  | 75    |  |  |  | 1.16 | 
|Tot. |  |                       |       |  |                   |  | 12,287 |                    |  |  | 10,179     |  |  |                   | 57.64 |  |                   |  |     |               |  |  | 1,752      |  |  |                   | 1,488 |  |                   |  | 32.07 |               |  |  |            |  |  |  | 1,586 |  |  |  | 1,344 |  |  |  | 1.31 | 



|     |  |                                |       |  |                          |  |        |                           |  |  |            |  |  |                   |       |  |                   |  |       |                |  |  |            |  |  |                   |        |  |                   |  |       |                |  |  |            |  |  |  |        |  |  |  |        |  |  |  |       | 
|---- |  | ------------------------------ | ----- |  | ------------------------ |  | ------ | ------------------------- |  |  | ---------- |  |  | ----------------- | ----- |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  | ----------------- | ------ |  | ----------------- |  | ----- | -------------- |  |  | ---------- |  |  |  | ------ |  |  |  | ------ |  |  |  | ----- | 
|     |  | Natural Gas Liquids Production |       |  | Oil + Liquids Production |  |        | Oil Equivalent Production | 
|Year |  | CompanyDailybbl/d              |       |  | CompanyYearlyMbbl        |  |        | Net YearlyMbbl            |  |  | Price$/bbl |  |  | CompanyDailybbl/d |       |  | CompanyYearlyMbbl |  |       | Net YearlyMbbl |  |  | Price$/bbl |  |  | CompanyDailyboe/d |        |  | CompanyYearlyMboe |  |       | Net YearlyMboe |  |  | Price$/boe | 
|2016 |  |                                | 9,373 |  |                          |  | 3,421  |                           |  |  | 3,246      |  |  |                   | 50.82 |  |                   |  | 9,787 |                |  |  | 3,572      |  |  |                   | 3,389  |  |                   |  | 51.07 |                |  |  | 25,991     |  |  |  | 9,487  |  |  |  | 9,037  |  |  |  | 28.01 | 
|2017 |  |                                | 8,030 |  |                          |  | 2,931  |                           |  |  | 2,774      |  |  |                   | 50.15 |  |                   |  | 8,272 |                |  |  | 3,019      |  |  |                   | 2,857  |  |                   |  | 50.33 |                |  |  | 21,716     |  |  |  | 7,926  |  |  |  | 7,543  |  |  |  | 27.39 | 
|2018 |  |                                | 5,326 |  |                          |  | 1,944  |                           |  |  | 1,812      |  |  |                   | 48.94 |  |                   |  | 5,511 |                |  |  | 2,012      |  |  |                   | 1,872  |  |                   |  | 49.19 |                |  |  | 15,743     |  |  |  | 5,746  |  |  |  | 5,450  |  |  |  | 25.31 | 
|2019 |  |                                | 3,847 |  |                          |  | 1,404  |                           |  |  | 1,217      |  |  |                   | 48.31 |  |                   |  | 3,963 |                |  |  | 1,447      |  |  |                   | 1,252  |  |                   |  | 48.54 |                |  |  | 12,012     |  |  |  | 4,384  |  |  |  | 4,049  |  |  |  | 23.73 | 
|2020 |  |                                | 3,074 |  |                          |  | 1,122  |                           |  |  | 852        |  |  |                   | 47.91 |  |                   |  | 3,176 |                |  |  | 1,159      |  |  |                   | 878    |  |                   |  | 48.17 |                |  |  | 9,754      |  |  |  | 3,560  |  |  |  | 3,128  |  |  |  | 24.22 | 
|2021 |  |                                | 2,579 |  |                          |  | 941    |                           |  |  | 669        |  |  |                   | 47.62 |  |                   |  | 2,669 |                |  |  | 974        |  |  |                   | 693    |  |                   |  | 47.89 |                |  |  | 8,208      |  |  |  | 2,996  |  |  |  | 2,568  |  |  |  | 24.15 | 
|2022 |  |                                | 1,874 |  |                          |  | 684    |                           |  |  | 443        |  |  |                   | 47.56 |  |                   |  | 1,948 |                |  |  | 711        |  |  |                   | 463    |  |                   |  | 47.89 |                |  |  | 6,088      |  |  |  | 2,222  |  |  |  | 1,848  |  |  |  | 23.94 | 
|2023 |  |                                | 1,641 |  |                          |  | 599    |                           |  |  | 378        |  |  |                   | 47.44 |  |                   |  | 1,706 |                |  |  | 623        |  |  |                   | 396    |  |                   |  | 47.79 |                |  |  | 5,150      |  |  |  | 1,880  |  |  |  | 1,543  |  |  |  | 24.40 | 
|2024 |  |                                | 1,450 |  |                          |  | 529    |                           |  |  | 334        |  |  |                   | 47.41 |  |                   |  | 1,508 |                |  |  | 550        |  |  |                   | 350    |  |                   |  | 47.76 |                |  |  | 4,347      |  |  |  | 1,587  |  |  |  | 1,292  |  |  |  | 25.04 | 
|2025 |  |                                | 1,224 |  |                          |  | 447    |                           |  |  | 281        |  |  |                   | 48.05 |  |                   |  | 1,238 |                |  |  | 452        |  |  |                   | 285    |  |                   |  | 48.14 |                |  |  | 3,513      |  |  |  | 1,282  |  |  |  | 1,038  |  |  |  | 25.40 | 
|2026 |  |                                | 1,069 |  |                          |  | 390    |                           |  |  | 245        |  |  |                   | 48.05 |  |                   |  | 1,083 |                |  |  | 395        |  |  |                   | 249    |  |                   |  | 48.14 |                |  |  | 2,887      |  |  |  | 1,054  |  |  |  | 842    |  |  |  | 26.35 | 
|2027 |  |                                | 929   |  |                          |  | 339    |                           |  |  | 213        |  |  |                   | 48.14 |  |                   |  | 942   |                |  |  | 344        |  |  |                   | 216    |  |                   |  | 48.24 |                |  |  | 2,451      |  |  |  | 895    |  |  |  | 711    |  |  |  | 26.77 | 
|Sub. |  |                                |       |  |                          |  | 14,752 |                           |  |  | 12,463     |  |  |                   | 49.15 |  |                   |  |       |                |  |  | 15,258     |  |  |                   | 12,901 |  |                   |  | 49.39 |                |  |  |            |  |  |  | 43,019 |  |  |  | 39,049 |  |  |  | 25.89 | 
|Rem. |  |                                |       |  |                          |  | 873    |                           |  |  | 548        |  |  |                   | 47.59 |  |                   |  |       |                |  |  | 882        |  |  |                   | 555    |  |                   |  | 47.63 |                |  |  |            |  |  |  | 2,164  |  |  |  | 1,697  |  |  |  | 27.60 | 
|Tot. |  |                                |       |  |                          |  | 15,625 |                           |  |  | 13,010     |  |  |                   | 49.06 |  |                   |  |       |                |  |  | 16,140     |  |  |                   | 13,456 |  |                   |  | 49.29 |                |  |  |            |  |  |  | 45,184 |  |  |  | 40,746 |  |  |  | 25.98 | 



|                                                                             |  |  |                            | 
|---------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Total Proved, SEC
2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:41:32 | 



41



---

REVENUE AND EXPENSE FORECAST



|     |  |                        |        |  |                        |  |         |                        |  |  |                                  |  |  |                              |           |  |                        |  |   |                             |  |  |                          |  |  |                    |   |  |  |  |         |  |  |            |   |  |         |  |        |  |  |  |   |  |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | ---------------------- | ------ |  | ---------------------- |  | ------- | ---------------------- |  |  | -------------------------------- |  |  | ---------------------------- | --------- |  | ---------------------- |  | - | --------------------------- |  |  | ------------------------ |  |  | ------------------ | - |  |  |  | ------- |  |  | ---------- | - |  | ------- |  | ------ |  |  |  | - |  |  |  | ------- |  |  |  | --------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  | Revenue Before Burdens |        |  |                        |  |         |                        |  |  |                                  |  |  |                              |           |  |                        |  |   |                             |  |  |                          |  |  |                    |   |  |  |  |         |  | 
|     |  | Working Interest       |        |  | RoyaltyInterestTotalM$ |  |         | CompanyInterestTotalM$ |  |  | RoyaltyInterestProcess.ExpenseM$ |  |  | RoyaltyBurdensPre-Processing |           |  | GasProcessingAllowance |  |   | TotalRoyaltyAfterProcess.M$ |  |  | NetRevenueAfterRoyaltyM$ |  |  | Operating Expenses |  
|Year |  | OilM$                  |        |  | GasM$                  |  |         | NGL+SulM$              |  |  | TotalM$                          |  |  |                              |           |  | CrownM$                |  |   | OtherM$                     |  |  | CrownM$                  |  |  | OtherM$            |   |  |  |  | FixedM$ |  |  | VariableM$ |   |  | TotalM$ | 
|2016 |  |                        | 8,573  |  |                        |  | 83,282  |                        |  |  | 173,870                          |  |  |                              | 265,725   |  |                        |  | 2 |                             |  |  | 265,727                  |  |  |                    | 0 |  |  |  | 13,327  |  |  |            | 0 |  |         |  | 995    |  |  |  | 0 |  |  |  | 12,332  |  |  |  | 253,395   |  |  |  | 21,492  |  |  |  | 42,205  |  |  |  | 63,697  | 
|2017 |  |                        | 4,973  |  |                        |  | 65,162  |                        |  |  | 146,991                          |  |  |                              | 217,126   |  |                        |  | 2 |                             |  |  | 217,128                  |  |  |                    | 0 |  |  |  | 11,587  |  |  |            | 0 |  |         |  | 1,062  |  |  |  | 0 |  |  |  | 10,525  |  |  |  | 206,603   |  |  |  | 23,185  |  |  |  | 35,195  |  |  |  | 58,380  | 
|2018 |  |                        | 3,810  |  |                        |  | 46,458  |                        |  |  | 95,141                           |  |  |                              | 145,409   |  |                        |  | 0 |                             |  |  | 145,409                  |  |  |                    | 0 |  |  |  | 9,375   |  |  |            | 0 |  |         |  | 1,023  |  |  |  | 0 |  |  |  | 8,352   |  |  |  | 137,057   |  |  |  | 23,088  |  |  |  | 26,893  |  |  |  | 49,981  | 
|2019 |  |                        | 2,379  |  |                        |  | 33,810  |                        |  |  | 67,836                           |  |  |                              | 104,025   |  |                        |  | 0 |                             |  |  | 104,025                  |  |  |                    | 0 |  |  |  | 12,006  |  |  |            | 0 |  |         |  | 1,392  |  |  |  | 0 |  |  |  | 10,614  |  |  |  | 93,411    |  |  |  | 21,833  |  |  |  | 21,088  |  |  |  | 42,921  | 
|2020 |  |                        | 2,071  |  |                        |  | 30,380  |                        |  |  | 53,763                           |  |  |                              | 86,214    |  |                        |  | 0 |                             |  |  | 86,214                   |  |  |                    | 0 |  |  |  | 16,704  |  |  |            | 0 |  |         |  | 1,946  |  |  |  | 0 |  |  |  | 14,758  |  |  |  | 71,456    |  |  |  | 21,292  |  |  |  | 17,306  |  |  |  | 38,598  | 
|2021 |  |                        | 1,831  |  |                        |  | 25,691  |                        |  |  | 44,819                           |  |  |                              | 72,341    |  |                        |  | 0 |                             |  |  | 72,341                   |  |  |                    | 0 |  |  |  | 16,636  |  |  |            | 0 |  |         |  | 2,081  |  |  |  | 0 |  |  |  | 14,555  |  |  |  | 57,786    |  |  |  | 20,260  |  |  |  | 14,623  |  |  |  | 34,883  | 
|2022 |  |                        | 1,526  |  |                        |  | 19,156  |                        |  |  | 32,524                           |  |  |                              | 53,206    |  |                        |  | 0 |                             |  |  | 53,206                   |  |  |                    | 0 |  |  |  | 14,631  |  |  |            | 0 |  |         |  | 2,215  |  |  |  | 0 |  |  |  | 12,416  |  |  |  | 40,789    |  |  |  | 14,478  |  |  |  | 11,120  |  |  |  | 25,598  | 
|2023 |  |                        | 1,339  |  |                        |  | 16,104  |                        |  |  | 28,418                           |  |  |                              | 45,861    |  |                        |  | 0 |                             |  |  | 45,861                   |  |  |                    | 0 |  |  |  | 13,288  |  |  |            | 0 |  |         |  | 2,081  |  |  |  | 0 |  |  |  | 11,207  |  |  |  | 34,653    |  |  |  | 13,821  |  |  |  | 9,342   |  |  |  | 23,162  | 
|2024 |  |                        | 1,196  |  |                        |  | 13,455  |                        |  |  | 25,087                           |  |  |                              | 39,737    |  |                        |  | 0 |                             |  |  | 39,737                   |  |  |                    | 0 |  |  |  | 11,729  |  |  |            | 0 |  |         |  | 1,852  |  |  |  | 0 |  |  |  | 9,876   |  |  |  | 29,861    |  |  |  | 13,076  |  |  |  | 7,794   |  |  |  | 20,870  | 
|2025 |  |                        | 301    |  |                        |  | 10,808  |                        |  |  | 21,461                           |  |  |                              | 32,570    |  |                        |  | 0 |                             |  |  | 32,570                   |  |  |                    | 0 |  |  |  | 9,787   |  |  |            | 0 |  |         |  | 1,565  |  |  |  | 0 |  |  |  | 8,222   |  |  |  | 24,348    |  |  |  | 10,919  |  |  |  | 6,179   |  |  |  | 17,099  | 
|2026 |  |                        | 275    |  |                        |  | 8,745   |                        |  |  | 18,749                           |  |  |                              | 27,770    |  |                        |  | 0 |                             |  |  | 27,770                   |  |  |                    | 0 |  |  |  | 8,560   |  |  |            | 0 |  |         |  | 1,209  |  |  |  | 0 |  |  |  | 7,351   |  |  |  | 20,419    |  |  |  | 10,042  |  |  |  | 4,977   |  |  |  | 15,019  | 
|2027 |  |                        | 251    |  |                        |  | 7,368   |                        |  |  | 16,328                           |  |  |                              | 23,948    |  |                        |  | 0 |                             |  |  | 23,948                   |  |  |                    | 0 |  |  |  | 7,448   |  |  |            | 0 |  |         |  | 903    |  |  |  | 0 |  |  |  | 6,544   |  |  |  | 17,403    |  |  |  | 9,370   |  |  |  | 4,181   |  |  |  | 13,550  | 
|Sub. |  |                        | 28,524 |  |                        |  | 360,419 |                        |  |  | 724,986                          |  |  |                              | 1,113,930 |  |                        |  | 5 |                             |  |  | 1,113,934                |  |  |                    | 1 |  |  |  | 145,077 |  |  |            | 0 |  |         |  | 18,325 |  |  |  | 0 |  |  |  | 126,752 |  |  |  | 987,182   |  |  |  | 202,855 |  |  |  | 200,902 |  |  |  | 403,758 | 
|Rem. |  |                        | 435    |  |                        |  | 17,738  |                        |  |  | 41,561                           |  |  |                              | 59,734    |  |                        |  | 0 |                             |  |  | 59,734                   |  |  |                    | 0 |  |  |  | 18,944  |  |  |            | 0 |  |         |  | 2,307  |  |  |  | 0 |  |  |  | 16,637  |  |  |  | 43,097    |  |  |  | 24,845  |  |  |  | 9,687   |  |  |  | 34,532  | 
|Tot. |  |                        | 28,959 |  |                        |  | 378,157 |                        |  |  | 766,548                          |  |  |                              | 1,173,664 |  |                        |  | 5 |                             |  |  | 1,173,668                |  |  |                    | 1 |  |  |  | 164,021 |  |  |            | 0 |  |         |  | 20,633 |  |  |  | 0 |  |  |  | 143,389 |  |  |  | 1,030,279 |  |  |  | 227,700 |  |  |  | 210,590 |  |  |  | 438,290 | 
|Disc |  |                        | 22,045 |  |                        |  | 270,478 |                        |  |  | 552,470                          |  |  |                              | 844,993   |  |                        |  | 4 |                             |  |  | 844,997                  |  |  |                    | 1 |  |  |  | 93,474  |  |  |            | 0 |  |         |  | 11,172 |  |  |  | 0 |  |  |  | 82,302  |  |  |  | 762,694   |  |  |  | 138,131 |  |  |  | 149,208 |  |  |  | 287,339 | 



|     |  |               |   |  |               |  |   |             |  |  |                     |  |  |               |         |  |                      |  |   |               |  |  |                        |  |  |                      |         |  |         |  |         |         |  |  |          |  |  |        |        |  |             |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | ------------- | - |  | ------------- |  | - | ----------- |  |  | ------------------- |  |  | ------------- | ------- |  | -------------------- |  | - | ------------- |  |  | ---------------------- |  |  | -------------------- | ------- |  | ------- |  | ------- | ------- |  |  | -------- |  |  | ------ | ------ |  | ----------- |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  |               |   |  |               |  |   |             |  |  |                     |  |  |               |         |  |                      |  |   |               |  |  | Net Capital Investment |  |  | Before Tax Cash Flow |        
|Year |  | Mineral TaxM$ |   |  | Capital TaxM$ |  |   | NPIBurdenM$ |  |  | Net ProdnRevenueM$ |  |  | OtherIncomeM$ |         |  | Aband.& Recl.CostsM$ |  |   | Oper.IncomeM$ |  |  | Dev.M$                 |  |  | PlantM$              |         |  | Tang.M$ |  |         | TotalM$ |  |  | AnnualM$ |  |  | Cum.M$ |        |  | 10.0% DcfM$ | 
|2016 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 189,697 |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 189,697 |  |         |  | 60,811  |         |  |  | 2,740    |  |  |        | 10,336 |  |             |  | 73,887  |  |  |  | 115,810 |  |  |  | 115,810 |  |  |  | 110,421 | 
|2017 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 148,222 |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 148,222 |  |         |  | 38,192  |         |  |  | 2,285    |  |  |        | 6,358  |  |             |  | 46,834  |  |  |  | 101,388 |  |  |  | 217,198 |  |  |  | 198,302 | 
|2018 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 87,076  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 87,076  |  |         |  | 4,271   |         |  |  | 0        |  |  |        | 0      |  |             |  | 4,271   |  |  |  | 82,806  |  |  |  | 300,004 |  |  |  | 263,552 | 
|2019 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 50,491  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 50,491  |  |         |  | 4,070   |         |  |  | 0        |  |  |        | 0      |  |             |  | 4,070   |  |  |  | 46,421  |  |  |  | 346,425 |  |  |  | 296,805 | 
|2020 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 32,858  |  |                      |  | 0 |               |  |  | 0                      |  |  |                      | 32,858  |  |         |  | 4,070   |         |  |  | 0        |  |  |        | 0      |  |             |  | 4,070   |  |  |  | 28,788  |  |  |  | 375,213 |  |  |  | 315,553 | 
|2021 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 22,904  |  |                      |  | 0 |               |  |  | 627                    |  |  |                      | 22,277  |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 22,277  |  |  |  | 397,489 |  |  |  | 328,741 | 
|2022 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 15,192  |  |                      |  | 0 |               |  |  | 560                    |  |  |                      | 14,632  |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 14,632  |  |  |  | 412,121 |  |  |  | 336,616 | 
|2023 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 11,491  |  |                      |  | 0 |               |  |  | 712                    |  |  |                      | 10,779  |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 10,779  |  |  |  | 422,900 |  |  |  | 341,890 | 
|2024 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 8,991   |  |                      |  | 0 |               |  |  | 508                    |  |  |                      | 8,483   |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 8,483   |  |  |  | 431,383 |  |  |  | 345,663 | 
|2025 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 7,249   |  |                      |  | 0 |               |  |  | 460                    |  |  |                      | 6,789   |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 6,789   |  |  |  | 438,171 |  |  |  | 348,408 | 
|2026 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 5,400   |  |                      |  | 0 |               |  |  | 2,201                  |  |  |                      | 3,199   |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 3,199   |  |  |  | 441,371 |  |  |  | 349,584 | 
|2027 |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 3,853   |  |                      |  | 0 |               |  |  | 576                    |  |  |                      | 3,276   |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | 3,276   |  |  |  | 444,647 |  |  |  | 350,679 | 
|Sub. |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 583,424 |  |                      |  | 0 |               |  |  | 5,645                  |  |  |                      | 577,779 |  |         |  | 111,414 |         |  |  | 5,025    |  |  |        | 16,693 |  |             |  | 133,132 |  |  |  | 444,647 |  |  |  | 444,647 |  |  |  | 350,679 | 
|Rem. |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 8,565   |  |                      |  | 0 |               |  |  | 9,347                  |  |  |                      | -782    |  |         |  | 0       |         |  |  | 0        |  |  |        | 0      |  |             |  | 0       |  |  |  | -782    |  |  |  | 443,865 |  |  |  | 351,169 | 
|Tot. |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 591,989 |  |                      |  | 0 |               |  |  | 14,992                 |  |  |                      | 576,997 |  |         |  | 111,414 |         |  |  | 5,025    |  |  |        | 16,693 |  |             |  | 133,132 |  |  |  | 443,865 |  |  |  | 443,865 |  |  |  | 351,169 | 
|Disc |  |               | 0 |  |               |  | 0 |             |  |  | 0                   |  |  |               | 475,355 |  |                      |  | 0 |               |  |  | 4,211                  |  |  |                      | 471,144 |  |         |  | 100,017 |         |  |  | 4,593    |  |  |        | 15,365 |  |             |  | 119,975 |  |  |  | 351,169 |  |  |  | 351,169 |  |  |  | 351,169 | 



|                                                                             |  |  |                            | 
|---------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Total Proved, SEC
2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:41:32 | 



42



---

AFTER TAX ANALYSIS



|     |  |               |         |  |                                                |  |         |                          |  |  |           |  |  |       |         |  |         |  |        |       |  |  |           |  |  |       |        |  |       |  |         |         |  |  |         |  |  |  |   |  |  |  |   |  |  |  |         | 
|---- |  | ------------- | ------- |  | ---------------------------------------------- |  | ------- | ------------------------ |  |  | --------- |  |  | ----- | ------- |  | ------- |  | ------ | ----- |  |  | --------- |  |  | ----- | ------ |  | ----- |  | ------- | ------- |  |  | ------- |  |  |  | - |  |  |  | - |  |  |  | ------- | 
|     |  |               |         |  | Tax Pool Balances Incl. Current Year Additions |  |         | Depreciation & Writeoffs | 
|Year |  | Oper.IncomeM$ |         |  | CCAM$                                          |  |         | COGPEM$                  |  |  | CDEM$     |  |  | CEEM$ |         |  | OtherM$ |  |        | CCAM$ |  |  | COGPEM$   |  |  | CDEM$ |        |  | CEEM$ |  |         | OtherM$ |  |  | TotalM$ | 
|2016 |  |               | 189,697 |  |                                                |  | 385,870 |                          |  |  | 1,366,499 |  |  |       | 635,750 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 6,431  |  |       |  | 136,637 |         |  |  | 64,576  |  |  |  | 0 |  |  |  | 0 |  |  |  | 207,644 | 
|2017 |  |               | 148,222 |  |                                                |  | 388,081 |                          |  |  | 1,229,862 |  |  |       | 609,366 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 4,823  |  |       |  | 122,940 |         |  |  | 34,085  |  |  |  | 0 |  |  |  | 0 |  |  |  | 161,848 | 
|2018 |  |               | 87,076  |  |                                                |  | 383,258 |                          |  |  | 1,106,922 |  |  |       | 579,551 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 3,618  |  |       |  | 82,690  |         |  |  | 10,739  |  |  |  | 0 |  |  |  | 0 |  |  |  | 97,046  | 
|2019 |  |               | 50,491  |  |                                                |  | 379,641 |                          |  |  | 1,024,232 |  |  |       | 572,883 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 2,713  |  |       |  | 47,486  |         |  |  | 7,517   |  |  |  | 0 |  |  |  | 0 |  |  |  | 57,716  | 
|2020 |  |               | 32,858  |  |                                                |  | 376,927 |                          |  |  | 976,747   |  |  |       | 569,435 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 2,035  |  |       |  | 30,778  |         |  |  | 5,262   |  |  |  | 0 |  |  |  | 0 |  |  |  | 38,075  | 
|2021 |  |               | 22,277  |  |                                                |  | 374,892 |                          |  |  | 945,969   |  |  |       | 564,173 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 1,526  |  |       |  | 21,231  |         |  |  | 3,683   |  |  |  | 0 |  |  |  | 0 |  |  |  | 26,440  | 
|2022 |  |               | 14,632  |  |                                                |  | 373,366 |                          |  |  | 924,738   |  |  |       | 560,490 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 1,145  |  |       |  | 14,200  |         |  |  | 2,578   |  |  |  | 0 |  |  |  | 0 |  |  |  | 17,924  | 
|2023 |  |               | 10,779  |  |                                                |  | 372,221 |                          |  |  | 910,538   |  |  |       | 557,911 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 859    |  |       |  | 10,554  |         |  |  | 1,805   |  |  |  | 0 |  |  |  | 0 |  |  |  | 13,218  | 
|2024 |  |               | 8,483   |  |                                                |  | 371,362 |                          |  |  | 899,983   |  |  |       | 556,106 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 644    |  |       |  | 8,554   |         |  |  | 1,263   |  |  |  | 0 |  |  |  | 0 |  |  |  | 10,461  | 
|2025 |  |               | 6,789   |  |                                                |  | 370,718 |                          |  |  | 891,430   |  |  |       | 554,843 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 483    |  |       |  | 6,915   |         |  |  | 884     |  |  |  | 0 |  |  |  | 0 |  |  |  | 8,283   | 
|2026 |  |               | 3,199   |  |                                                |  | 370,235 |                          |  |  | 884,514   |  |  |       | 553,958 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 362    |  |       |  | 3,664   |         |  |  | 619     |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,645   | 
|2027 |  |               | 3,276   |  |                                                |  | 369,873 |                          |  |  | 880,851   |  |  |       | 553,339 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 272    |  |       |  | 3,669   |         |  |  | 433     |  |  |  | 0 |  |  |  | 0 |  |  |  | 4,374   | 
|Sub. |  |               | 577,779 |  |                                                |  | 369,873 |                          |  |  | 880,851   |  |  |       | 553,339 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 24,911 |  |       |  | 489,318 |         |  |  | 133,447 |  |  |  | 0 |  |  |  | 0 |  |  |  | 647,676 | 
|Rem. |  |               | -782    |  |                                                |  | 369,873 |                          |  |  | 880,851   |  |  |       | 553,339 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 771    |  |       |  | 5,806   |         |  |  | 983     |  |  |  | 0 |  |  |  | 0 |  |  |  | 7,559   | 
|Tot. |  |               | 576,997 |  |                                                |  | 369,873 |                          |  |  | 880,851   |  |  |       | 553,339 |  |         |  | 32,781 |       |  |  | 1,042,894 |  |  |       | 25,682 |  |       |  | 495,123 |         |  |  | 134,429 |  |  |  | 0 |  |  |  | 0 |  |  |  | 655,235 | 
|Disc |  |               | 471,144 |  |                                                |  |         |                          |  |  |           |  |  |       |         |  |         |  |        |       |  |  |           |  |  |       | 19,268 |  |       |  | 392,203 |         |  |  | 114,383 |  |  |  | 0 |  |  |  | 0 |  |  |  | 525,854 | 



|     |  |                 |         |  |             |  |   |             |  |  |                         |  |  |                    |          |  |                                |        |   |                               |             |  |         |          |  |  |         |  |  |             |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---- |  | --------------- | ------- |  | ----------- |  | - | ----------- |  |  | ----------------------- |  |  | ------------------ | -------- |  | ------------------------------ | ------ | - | ----------------------------- | ----------- |  | ------- | -------- |  |  | ------- |  |  | ----------- | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|     |  |                 |         |  | Federal     |  |   | Provincial  |  |  |                         |  |  | IncomeTaxPayableM$ |          |  | Net Cash FlowBefore Income Tax |        |   | Net Cash FlowAfter Income Tax |            
|Year |  | TaxableIncomeM$ |         |  | IncomeTaxM$ |  |   | IncomeTaxM$ |  |  | ARTD &InvestmentCredits |  |  |                    | AnnualM$ |  |                                | Cum.M$ |   |                               | 10.0% DcfM$ |  |         | AnnualM$ |  |  | Cum.M$  |  |  | 10.0%Dcf M$ |        
|2016 |  |                 | -17,947 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 115,810 |          |  |  | 115,810 |  |  |             | 110,421 |  |  |  | 115,810 |  |  |  | 115,810 |  |  |  | 110,421 | 
|2017 |  |                 | -13,626 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 101,388 |          |  |  | 217,198 |  |  |             | 198,302 |  |  |  | 101,388 |  |  |  | 217,198 |  |  |  | 198,302 | 
|2018 |  |                 | -9,970  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 82,806  |          |  |  | 300,004 |  |  |             | 263,552 |  |  |  | 82,806  |  |  |  | 300,004 |  |  |  | 263,552 | 
|2019 |  |                 | -7,225  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 46,421  |          |  |  | 346,425 |  |  |             | 296,805 |  |  |  | 46,421  |  |  |  | 346,425 |  |  |  | 296,805 | 
|2020 |  |                 | -5,217  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 28,788  |          |  |  | 375,213 |  |  |             | 315,553 |  |  |  | 28,788  |  |  |  | 375,213 |  |  |  | 315,553 | 
|2021 |  |                 | -4,164  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 22,277  |          |  |  | 397,489 |  |  |             | 328,741 |  |  |  | 22,277  |  |  |  | 397,489 |  |  |  | 328,741 | 
|2022 |  |                 | -3,292  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 14,632  |          |  |  | 412,121 |  |  |             | 336,616 |  |  |  | 14,632  |  |  |  | 412,121 |  |  |  | 336,616 | 
|2023 |  |                 | -2,439  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 10,779  |          |  |  | 422,900 |  |  |             | 341,890 |  |  |  | 10,779  |  |  |  | 422,900 |  |  |  | 341,890 | 
|2024 |  |                 | -1,978  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 8,483   |          |  |  | 431,383 |  |  |             | 345,663 |  |  |  | 8,483   |  |  |  | 431,383 |  |  |  | 345,663 | 
|2025 |  |                 | -1,494  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 6,789   |          |  |  | 438,171 |  |  |             | 348,408 |  |  |  | 6,789   |  |  |  | 438,171 |  |  |  | 348,408 | 
|2026 |  |                 | -1,446  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 3,199   |          |  |  | 441,371 |  |  |             | 349,584 |  |  |  | 3,199   |  |  |  | 441,371 |  |  |  | 349,584 | 
|2027 |  |                 | -1,098  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 3,276   |          |  |  | 444,647 |  |  |             | 350,679 |  |  |  | 3,276   |  |  |  | 444,647 |  |  |  | 350,679 | 
|Sub. |  |                 | -69,896 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 444,647 |          |  |  | 444,647 |  |  |             | 350,679 |  |  |  | 444,647 |  |  |  | 444,647 |  |  |  | 350,679 | 
|Rem. |  |                 | -8,341  |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | -782    |          |  |  | 443,865 |  |  |             | 351,169 |  |  |  | -782    |  |  |  | 443,865 |  |  |  | 351,169 | 
|Tot. |  |                 | -78,238 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 443,865 |          |  |  | 443,865 |  |  |             | 351,169 |  |  |  | 443,865 |  |  |  | 443,865 |  |  |  | 351,169 | 
|Disc |  |                 | -54,710 |  |             |  | 0 |             |  |  | 0                       |  |  |                    | 0        |  |                                |        | 0 |                               |             |  | 351,169 |          |  |  | 351,169 |  |  |             | 351,169 |  |  |  | 351,169 |  |  |  | 351,169 |  |  |  | 351,169 | 



|                                                                             |  |  |                            | 
|---------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Total Proved, SEC
2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:41:32 | 



43



---

SUMMARY OF RESERVES



|                 |  |       |      |  |                                    |  |         |                 |  |  |                          |  |  |     |         |  |               |  |         |             |  |  |           |  |  |             |        |  |           |  |     |          |  |  |      |  |  |  |     |  |  |  |     | 
|---------------- |  | ----- | ---- |  | ---------------------------------- |  | ------- | --------------- |  |  | ------------------------ |  |  | --- | ------- |  | ------------- |  | ------- | ----------- |  |  | --------- |  |  | ----------- | ------ |  | --------- |  | --- | -------- |  |  | ---- |  |  |  | --- |  |  |  | --- | 
|                 |  |       |      |  | Remaining Reserves at Jan 01, 2016 |  |         | Oil Equivalents |  |  | Reserve Life Indic. (yr) | 
|Product          |  | Units |      |  | WorkingInterest                    |  |         | Roy/NPIInterest |  |  | TotalCompany             |  |  | Net |         |  | Oil Eq.Factor |  |         | CompanyMboe |  |  | % ofTotal |  |  | ReserveLife |        |  | LifeIndex |  |     | HalfLife | 
|Light/Med Oil    |  |       | Mbbl |  |                                    |  | 61      |                 |  |  | 0                        |  |  |     | 61      |  |               |  | 60      |             |  |  | 1.000     |  |  |             | 61     |  |           |  | 0   |          |  |  | 30.0 |  |  |  | 5.4 |  |  |  | 3.5 | 
|Tight Oil        |  |       | Mbbl |  |                                    |  | 453     |                 |  |  | 0                        |  |  |     | 453     |  |               |  | 386     |             |  |  | 1.000     |  |  |             | 453    |  |           |  | 1   |          |  |  | 13.0 |  |  |  | 3.3 |  |  |  | 2.1 | 
|Total: Total Oil |  |       | Mbbl |  |                                    |  | 514     |                 |  |  | 0                        |  |  |     | 514     |  |               |  | 446     |             |  |  | 1.000     |  |  |             | 514    |  |           |  | 1   |          |  |  | 30.0 |  |  |  | 3.4 |  |  |  | 2.3 | 
|Residue Gas      |  |       | MMcf |  |                                    |  | 616     |                 |  |  | 2                        |  |  |     | 618     |  |               |  | 569     |             |  |  | 6.000     |  |  |             | 103    |  |           |  | 0   |          |  |  | 8.0  |  |  |  | 2.5 |  |  |  | 1.4 | 
|Shale Gas        |  |       | MMcf |  |                                    |  | 173,648 |                 |  |  | 0                        |  |  |     | 173,648 |  |               |  | 163,171 |             |  |  | 6.000     |  |  |             | 28,941 |  |           |  | 64  |          |  |  | 20.0 |  |  |  | 4.9 |  |  |  | 3.0 | 
|Total: Gas       |  |       | MMcf |  |                                    |  | 174,264 |                 |  |  | 2                        |  |  |     | 174,265 |  |               |  | 163,740 |             |  |  | 6.000     |  |  |             | 29,044 |  |           |  | 64  |          |  |  | 20.0 |  |  |  | 4.9 |  |  |  | 3.0 | 
|Gas Heat Content |  |       | BBtu |  |                                    |  | 204,109 |                 |  |  | 2                        |  |  |     | 204,111 |  |               |  | 191,624 |             |  |  | 0.000     |  |  |             | 0      |  |           |  | 0   |          |  |  | 20.0 |  |  |  | 4.9 |  |  |  | 3.0 | 
|Condensate       |  |       | Mbbl |  |                                    |  | 12,287  |                 |  |  | 0                        |  |  |     | 12,287  |  |               |  | 10,179  |             |  |  | 1.000     |  |  |             | 12,287 |  |           |  | 27  |          |  |  | 20.0 |  |  |  | 4.3 |  |  |  | 2.6 | 
|Butane           |  |       | Mbbl |  |                                    |  | 1,752   |                 |  |  | 0                        |  |  |     | 1,752   |  |               |  | 1,488   |             |  |  | 1.000     |  |  |             | 1,752  |  |           |  | 4   |          |  |  | 20.0 |  |  |  | 5.6 |  |  |  | 3.3 | 
|Propane          |  |       | Mbbl |  |                                    |  | 1,586   |                 |  |  | 0                        |  |  |     | 1,586   |  |               |  | 1,344   |             |  |  | 1.000     |  |  |             | 1,586  |  |           |  | 4   |          |  |  | 20.0 |  |  |  | 5.8 |  |  |  | 3.4 | 
|Total: NGL       |  |       | Mbbl |  |                                    |  | 15,625  |                 |  |  | 0                        |  |  |     | 15,625  |  |               |  | 13,010  |             |  |  | 1.000     |  |  |             | 15,625 |  |           |  | 35  |          |  |  | 20.0 |  |  |  | 4.6 |  |  |  | 2.8 | 
|Total: Oil+NGL   |  |       | Mbbl |  |                                    |  | 16,140  |                 |  |  | 0                        |  |  |     | 16,140  |  |               |  | 13,456  |             |  |  | 1.000     |  |  |             | 16,140 |  |           |  | 36  |          |  |  | 30.0 |  |  |  | 4.5 |  |  |  | 2.7 | 
|Total: Oil Eq.   |  |       | Mboe |  |                                    |  | 45,183  |                 |  |  | 0                        |  |  |     | 45,184  |  |               |  | 40,746  |             |  |  | 1.000     |  |  |             | 45,184 |  |           |  | 100 |          |  |  | 30.0 |  |  |  | 4.8 |  |  |  | 2.9 | 

PRODUCT REVENUE AND EXPENSES



|                 |  |       |  |                                |       |  |                             |  |        |               |  |  |             |  |  |                   |      |  |               |  |       |               |  |  |          |  |  |           |       |  |            |  |           |           |  |  |     |  |  |  |         |  |  |  |     | 
|---------------- |  | ----- |  | ------------------------------ | ----- |  | --------------------------- |  | ------ | ------------- |  |  | ----------- |  |  | ----------------- | ---- |  | ------------- |  | ----- | ------------- |  |  | -------- |  |  | --------- | ----- |  | ---------- |  | --------- | --------- |  |  | --- |  |  |  | ------- |  |  |  | --- | 
|                 |  |       |  | Average First Year Unit Values |       |  | Net Revenue After Royalties | 
|Product          |  | Units |  | Base Price                     |       |  | Price Adjust.               |  |        | WellheadPrice |  |  | Net Burdens |  |  | OperatingExpenses |      |  | OtherExpenses |  |       | ProdnRevenue |  |  | UndiscM$ |  |  | % ofTotal |       |  | 10%Disc M$ |  |           | % ofTotal | 
|Light/Med Oil    |  | $/bbl |  |                                | 58.88 |  |                             |  | -16.97 |               |  |  | 41.91       |  |  |                   | 1.48 |  |               |  | 23.05 |               |  |  | 0.00     |  |  |           | 17.38 |  |            |  | 2,608     |           |  |  | 0   |  |  |  | 1,747   |  |  |  | 0   | 
|Tight Oil        |  | $/bbl |  |                                | 58.88 |  |                             |  | -0.85  |               |  |  | 58.03       |  |  |                   | 2.89 |  |               |  | 11.99 |               |  |  | 0.00     |  |  |           | 43.14 |  |            |  | 22,382    |           |  |  | 2   |  |  |  | 17,706  |  |  |  | 2   | 
|Total: Total Oil |  | $/bbl |  |                                | 58.88 |  |                             |  | -2.07  |               |  |  | 56.81       |  |  |                   | 2.79 |  |               |  | 12.83 |               |  |  | 0.00     |  |  |           | 41.19 |  |            |  | 24,989    |           |  |  | 2   |  |  |  | 19,454  |  |  |  | 3   | 
|Residue Gas      |  | $/Mcf |  |                                | 2.45  |  |                             |  | -0.46  |               |  |  | 1.99        |  |  |                   | 0.15 |  |               |  | 1.38  |               |  |  | 0.00     |  |  |           | 0.46  |  |            |  | 1,163     |           |  |  | 0   |  |  |  | 984     |  |  |  | 0   | 
|Shale Gas        |  | $/Mcf |  |                                | 2.45  |  |                             |  | -0.10  |               |  |  | 2.35        |  |  |                   | 0.10 |  |               |  | 1.58  |               |  |  | 0.00     |  |  |           | 0.66  |  |            |  | 356,427   |           |  |  | 35  |  |  |  | 255,845 |  |  |  | 34  | 
|Total: Gas       |  | $/Mcf |  |                                | 2.45  |  |                             |  | -0.11  |               |  |  | 2.35        |  |  |                   | 0.10 |  |               |  | 1.58  |               |  |  | 0.00     |  |  |           | 0.66  |  |            |  | 357,590   |           |  |  | 35  |  |  |  | 256,829 |  |  |  | 34  | 
|Condensate       |  | $/bbl |  |                                | 58.14 |  |                             |  | -0.48  |               |  |  | 57.66       |  |  |                   | 2.70 |  |               |  | 0.00  |               |  |  | 0.00     |  |  |           | 54.96 |  |            |  | 599,400   |           |  |  | 58  |  |  |  | 451,707 |  |  |  | 59  | 
|Butane           |  | $/bbl |  |                                | 32.98 |  |                             |  | -0.89  |               |  |  | 32.08       |  |  |                   | 1.74 |  |               |  | 0.00  |               |  |  | 0.00     |  |  |           | 30.34 |  |            |  | 47,860    |           |  |  | 5   |  |  |  | 34,127  |  |  |  | 4   | 
|Propane          |  | $/bbl |  |                                | 1.45  |  |                             |  | 0.07   |               |  |  | 1.52        |  |  |                   | 0.32 |  |               |  | 0.00  |               |  |  | 0.00     |  |  |           | 1.20  |  |            |  | 440       |           |  |  | 0   |  |  |  | 577     |  |  |  | 0   | 
|Total: NGL       |  | $/bbl |  |                                | 51.29 |  |                             |  | -0.47  |               |  |  | 50.82       |  |  |                   | 2.42 |  |               |  | 0.00  |               |  |  | 0.00     |  |  |           | 48.40 |  |            |  | 647,700   |           |  |  | 63  |  |  |  | 486,411 |  |  |  | 64  | 
|Total: Oil+NGL   |  | $/bbl |  |                                | 51.61 |  |                             |  | -0.54  |               |  |  | 51.07       |  |  |                   | 2.44 |  |               |  | 0.54  |               |  |  | 0.00     |  |  |           | 48.09 |  |            |  | 672,689   |           |  |  | 65  |  |  |  | 505,865 |  |  |  | 66  | 
|Total: Oil Eq.   |  | $/boe |  |                                | 28.61 |  |                             |  | -0.60  |               |  |  | 28.01       |  |  |                   | 1.30 |  |               |  | 6.71  |               |  |  | 0.00     |  |  |           | 20.00 |  |            |  | 1,030,279 |           |  |  | 100 |  |  |  | 762,694 |  |  |  | 100 | 

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY



|                    |  |         |            |  |         |                 |         |  |                   |  |                                     |                  |  |                                    |           |  |  |                   |         |    |                  |  |         |           |  |  |         |  |  |  |      |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |      | 
|------------------- |  | ------- | ---------- |  | ------- | --------------- | ------- |  | ----------------- |  | ----------------------------------- | ---------------- |  | ---------------------------------- | --------- |  |  | ----------------- | ------- | -- | ---------------- |  | ------- | --------- |  |  | ------- |  |  |  | ---- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ---- | 
|                    |  |         |            |  |         |                 |         |  |                   |  | Net Present Value Before Income Tax |                  |  | Net Present Value After Income Tax |          
|Revenue Burdens (%) |  |         | Disc.Rate% |  |         | ProdnRevenueM$ |         |  | OperatingIncomeM$ |  |                                     | CapitalInvest.M$ |  |                                    | Cash Flow |  |  | OperatingIncomeM$ |         |    | CapitalInvest.M$ |  |         | Cash Flow | 
|                    |  | Initial |            |  | Average |                 |         |  |                   |  |                                     | M$               |  |                                    | $/boe     |  |  |                   |         | M$ |                  |  | $/boe   |          
|Crown Royalty       |  |         | 5.0152     |  |         |                 | 13.9752 |  |                   |  | 0.0                                 |                  |  |                                    | 591,989   |  |  |                   | 576,997 |    |                  |  | 133,132 |           |  |  | 443,865 |  |  |  | 9.82 |  |  |  | 576,997 |  |  |  | 133,132 |  |  |  | 443,865 |  |  |  | 9.82 | 
|Non-crown Royalty   |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 5.0                                 |                  |  |                                    | 525,714   |  |  |                   | 518,127 |    |                  |  | 126,115 |           |  |  | 392,012 |  |  |  | 8.68 |  |  |  | 518,127 |  |  |  | 126,115 |  |  |  | 392,012 |  |  |  | 8.68 | 
|Mineral Tax         |  |         | 0.0000     |  |         |                 | 0.0000  |  |                   |  | 8.0                                 |                  |  |                                    | 493,988   |  |  |                   | 488,711 |    |                  |  | 122,337 |           |  |  | 366,375 |  |  |  | 8.11 |  |  |  | 488,711 |  |  |  | 122,337 |  |  |  | 366,375 |  |  |  | 8.11 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 10.0                                |                  |  |                                    | 475,355   |  |  |                   | 471,144 |    |                  |  | 119,975 |           |  |  | 351,169 |  |  |  | 7.77 |  |  |  | 471,144 |  |  |  | 119,975 |  |  |  | 351,169 |  |  |  | 7.77 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 12.0                                |                  |  |                                    | 458,402   |  |  |                   | 455,001 |    |                  |  | 117,728 |           |  |  | 337,273 |  |  |  | 7.46 |  |  |  | 455,001 |  |  |  | 117,728 |  |  |  | 337,273 |  |  |  | 7.46 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 15.0                                |                  |  |                                    | 435,635   |  |  |                   | 433,117 |    |                  |  | 114,553 |           |  |  | 318,564 |  |  |  | 7.05 |  |  |  | 433,117 |  |  |  | 114,553 |  |  |  | 318,564 |  |  |  | 7.05 | 
|                    |  |         |            |  |         |                 |         |  |                   |  | 20.0                                |                  |  |                                    | 403,385   |  |  |                   | 401,787 |    |                  |  | 109,727 |           |  |  | 292,060 |  |  |  | 6.46 |  |  |  | 401,787 |  |  |  | 109,727 |  |  |  | 292,060 |  |  |  | 6.46 | 



|           |  |                           
|---------- |  | --------------------------
|Evaluator: |  | MacDonald, Trisha S.      
|Run Date:  |  | February 25, 2016 11:46:00



|                                                                             |  |  |                            | 
|---------------------------------------------------------------------------- |  |  | -------------------------- | 
|1150508            Total Proved, SEC
2015-Dec-31 Posted (12 Month Avg.), pri |  |  | February 25, 2016 13:41:32 | 



44



---

SEC RESERVES DEFINITIONS

The following definitions are excerpts from Regulation S-X 210.4-10. Portions of these definitions within square parentheses, [    ], have
been transposed from other sections of Regulation S-X 210.4-10 to improve readability.

Resources

Resources are quantities of oil and gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to
be recoverable, and another portion may be considered to be unrecoverable. Resources include both discovered and undiscovered accumulations.

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: 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 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.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



45



---

| | (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

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) | [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.]
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[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.]

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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



46



---

| | (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) | 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.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Developed Oil and Gas Reserves

Developed oil and gas reserves are reserves of any category that can be expected to be recovered:



| | (i) | Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

Undeveloped Oil and Gas Reserves

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from
existing wells where a relatively major expenditure is required for recompletion.



| | (i) | Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that
establishes reasonable certainty of economic producibility at greater distances.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances,
justify a longer time.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques
have been proved effective by actual projects in the same reservoir or an analogous reservoir [see Other Definitions below], or by other evidence using reliable technology establishing reasonable certainty.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



47



---

Other Pertinent Definitions

Analogous Reservoir

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and
pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to
support proved reserves, an analogous reservoir refers to a reservoir that shares the following characteristics with the reservoir of interest:



| | (i) | Same geological formation (but not necessarily in pressure communication with the reservoir of interest);
| | --- | ---------------------------------------------------------------------------------------------------------



| | (ii) | Same environment of deposition;
| | ---- | -------------------------------



| | (iii) | Similar geological structure; and
| | ----- | ---------------------------------



| | (iv) | Same drive mechanism.
| | ---- | ---------------------

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If
probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and,
as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or
remain constant than to decrease.

Reliable Technology

Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been
demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

Reservoir

A porous and
permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.



48



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EVALUATION PROCEDURE

TABLE OF CONTENTS



|                                 |  |  |    | 
|-------------------------------- |  |  | -- | 
|INTEREST DESCRIPTIONS            |  |  | 50 | 
|                                 | 
|WELL DATA                        |  |  | 50 | 
|                                 | 
|ACCOUNTING SUMMARY               |  |  | 50 | 
|                                 | 
|PRODUCTION FORECASTS             |  |  | 50 | 
|                                 | 
|AFTER TAX ANALYSIS               |  |  | 50 | 
|                                 | 
|ECONOMIC PARAMETERS              |  |  | 51 | 
|                                 | 
|OIL EQUIVALENT OR GAS EQUIVALENT |  |  | 52 | 
|                                 | 
|LIST OF ABBREVIATIONS            |  |  | 52 | 



49



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EVALUATION PROCEDURE

The following outlines the methodology employed by GLJ Petroleum Consultants (GLJ) in conducting the evaluation of the Companys oil and gas properties.
GLJ evaluation procedures are in compliance with standards contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. These procedures are generally consistent with those outlined in the SPE-PRMS evaluation guidelines.

INTEREST DESCRIPTIONS

The Company provided GLJ with
current land interest information. The Company provided a representation letter confirming accuracy of land information. Certain cross-checks of land and accounting information were undertaken by GLJ as recommended in the COGE Handbook. In this
process, nothing came to GLJs attention that indicated that information provided by the Company was incomplete or unreliable.

In GLJs
reports, Company Interest reserves and values refer to the sum of royalty interest* and working interest reserves before deduction of royalty burdens payable. Working Interest reserves equate to those reserves that are
referred to as Company Gross reserves by the Canadian Securities Administrators (CSA) in NI 51-101.



|* | Royalty interest reserves include royalty volumes derived only from other working interest owners.
|- | --------------------------------------------------------------------------------------------------

WELL DATA

Pertinent interest and offset well data such
as drill stem tests, workovers, pressure surveys, production tests, etc., were provided by the Company or were obtained from other operators, public records or GLJ nonconfidential files.

ACCOUNTING SUMMARY

The Company provided GLJ with
available accounting data on a property basis and for the corporate total for the period January 1, 2015, to September 30, 2015. In some circumstances this information was also provided on a cost centre basis to address major reserves entities that
are a subset of a Company property.

PRODUCTION FORECASTS

In establishing all production forecasts, consideration was given to existing gas contracts and the possibility of contract revisions, to the operators
plans for development drilling and to reserves and well capability. Generally, development drilling in an area was not considered unless there was some indication from the operator that drilling could be expected.

The on-stream date for currently shut-in reserves was estimated with consideration given to the following:



| |  |  | proximity to existing facilities
| | - |  | --------------------------------



| |  |  | plans of the operator
| | - |  | ---------------------



| |  |  | economics
| | - |  | ---------

AFTER TAX ANALYSIS

Canadian income taxes were calculated based on currently legislated federal and provincial tax rates, tax regulations and tax pool information provided by the
Company. After tax values for reserves development status or production status subcategories (i.e. developed, undeveloped, producing, non-producing) are calculated by difference.



50



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Tax Pools

The following tax pools as of the effective date were included in the income tax calculations:



|                                              |  |                    |     |  |               |  |           | 
|--------------------------------------------- |  | ------------------ | --- |  | ------------- |  | --------- | 
|Tax Pool Classification                       |  | Write-Off Rate (%) |     |  | Tax Pool (M$) | 
|Canadian Oil and Gas Property Expense (COGPE) |  |                    | 10  |  |               |  | 1,336,499 | 
|Canadian Exploration Expense (CEE)            |  |                    | 100 |  |               |  | 32,781    | 
|Non-Capital Losses                            |  |                    | 100 |  |               |  | 1,038,983 | 
|Canadian Development Expense (CDE)            |  |                    | 30  |  |               |  | 574,938   | 
|Capital Cost Allowance: (CCA)                 |  |                    |     |  |               |  |           | 
|Class 1                                       |  |                    | 10  |  |               |  | 90,957    | 
|Class 50                                      |  |                    | 25  |  |               |  | 281,836   | 

Tax Rates

Federal
income tax calculations incorporate recently enacted reductions in general corporate income tax rates as follows:



|      |  |                        |      |  
|----- |  | ---------------------- | ---- | -
|Year  |  | Federal IncomeTax Rate |     
|2016+ |  |                        | 15.0 | %

Allocation of revenues to Canadian provinces for income tax purposes depends on several factors in addition to the provincial
origin of the resource revenues. The average future annual provincial tax rate has been calculated based on an allocation of provincial resource revenues and their respective tax rate as follows:



|      |  |                 |       |   |                   |  |       |              |  |  |                |   |  |               |     |   |                 |  |       |                   |  |  |      |   |  |  |       |  
|----- |  | --------------- | ----- | - | ----------------- |  | ----- | ------------ |  |  | -------------- | - |  | ------------- | --- | - | --------------- |  | ----- | ----------------- |  |  | ---- | - |  |  | ----- | -
|Year  |  | AlbertaTax Rate |       |   | AlbertaAllocation |  |       | B.C.Tax Rate |  |  | B.C.Allocation |   |  | Sask.Tax Rate |     |   | Sask.Allocation |  |       | Avg. Ann.Tax Rate | 
|2016+ |  |                 | 12.00 | % |                   |  | 95.00 | %            |  |  | 11.00          | % |  |               | 4.8 | % |                 |  | 12.00 | %                 |  |  | 0.15 | % |  |  | 11.95 | %

Company total after tax economic forecasts for all reserves categories are attached.

ECONOMIC PARAMETERS

Pertinent economic parameters are
listed as follows:



|a) | The effective date is December 31, 2015.
|-- | ----------------------------------------



|b) | Operating and capital costs were estimated in 2016 dollars and then escalated as summarized in the Product Price and Market Forecasts section of this report.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------



|c) | Economic forecasts were prepared for each property on a before income tax basis. Detailed discounting of future cash flow was performed using a discount factor of 10.0 percent with all values discounted annually to
December 31, 2015, on a mid-calendar-year basis.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|d) | Royalty holidays applicable to existing wells or forecast drilling are included in individual well economics. These credits are itemized within the property reports.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------



|e) | Gas processing allowances relating to remaining undepreciated capital bases, were included in individual property economic evaluations.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------



|f) | Mineral taxes on freehold interests were included.
|-- | --------------------------------------------------



|g) | Field level overhead charges have been included; recovery of overhead expenses has not been included.
|-- | -----------------------------------------------------------------------------------------------------



|h) | The Companys office G&A costs have not been included.
|-- | ------------------------------------------------------



51



---

|i) | Abandonment and reclamation costs for all existing and future wells to which reserves have been assigned have been included at the property level. Costs have been scheduled 5 years after the last year of production for
each well. Additional abandonment and reclamation costs associated with pipelines and facilities have not been included in this analysis.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|j) | The Saskatchewan Resource Surcharge was included.
|-- | -------------------------------------------------

OIL EQUIVALENT OR GAS EQUIVALENT

In this report, quantities of hydrocarbons have been converted to barrels of oil equivalent (boe); or to sales gas equivalent (sge) using factors of 6 Mcf/boe
for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur. Users of oil equivalent values are cautioned that while boe based metrics are useful for comparative purposes, they may be misleading when used in isolation.

LIST OF ABBREVIATIONS



|      |  |                                                                                                                                  
|----- |  | ---------------------------------------------------------------------------------------------------------------------------------
|AOF   |  | absolute open flow                                                                                                               
|bbl   |  | barrels                                                                                                                          
|Bcf   |  | billion cubic feet of gas at standard conditions                                                                                 
|BIIP  |  | bitumen initially-in-place                                                                                                       
|boe   |  | barrel of oil equivalent, in this evaluation determined using 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur
|bopd  |  | barrels of oil per day                                                                                                           
|Btu   |  | British thermal units                                                                                                            
|bwpd  |  | barrels of water per day                                                                                                         
|DSU   |  | drilling spacing unit                                                                                                            
|GCA   |  | gas cost allowance                                                                                                               
|GIIP  |  | gas initially-in-place                                                                                                           
|GOC   |  | gas-oil contact                                                                                                                  
|GOR   |  | gas-oil ratio                                                                                                                    
|GORR  |  | gross overriding royalty                                                                                                         
|GWC   |  | gas-water contact                                                                                                                
|Mbbl  |  | thousand barrels                                                                                                                 
|Mboe  |  | thousand boe                                                                                                                     
|Mcf   |  | thousand cubic feet of gas at standard conditions                                                                                
|Mcfe  |  | thousand cubic feet of gas equivalent                                                                                            
|Mlt   |  | thousand long tons                                                                                                               
|M$    |  | thousand dollars                                                                                                                 
|MM$   |  | million dollars                                                                                                                  
|MMbbl |  | million barrels                                                                                                                  
|MMboe |  | million boe                                                                                                                      
|MMBtu |  | million British thermal units                                                                                                    
|MMcf  |  | million cubic feet of gas at standard conditions                                                                                 
|MRL   |  | maximum rate limitation                                                                                                          
|Mstb  |  | thousand stock tank barrels                                                                                                      
|MMstb |  | million stock tank barrels                                                                                                       
|NGL   |  | natural gas liquids (ethane, propane, butane and condensate)                                                                     
|NPI   |  | net profits interest                                                                                                             
|OIIP  |  | oil initially-in-place                                                                                                           
|ORRI  |  | overriding royalty interest                                                                                                      
|OWC   |  | oil-water contact                                                                                                                



52



---

|     |  |                                                                                                                                       
|---- |  | --------------------------------------------------------------------------------------------------------------------------------------
|P&NG |  | petroleum and natural gas                                                                                                             
|PIIP |  | petroleum initially-in-place                                                                                                          
|psia |  | pounds per square inch absolute                                                                                                       
|psig |  | pounds per square inch gauge                                                                                                          
|PVT  |  | pressure-volume-temperature                                                                                                           
|RLI  |  | reserves life index, calculated by dividing reserves by the forecast of first year production                                         
|scf  |  | standard cubic feet                                                                                                                   
|sge  |  | sales gas equivalent  if presented in this evaluation, determined using 1 barrel of oil or natural gas liquid = 6 Mcfe; 0 for sulphur
|stb  |  | stock tank barrel                                                                                                                     
|WI   |  | working interest                                                                                                                      
|WTI  |  | West Texas Intermediate                                                                                                               



53



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|                                                                                                                              |  |        
|----------------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
Crude Oil and Natural Gas Liquids
SEC 2015-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2016 |  | Table 1



|           |  |                            |        |  |                                                                 |  |       |                                   |  |  |                                                 |  |  |                                            |       |  |                                      |  |       |                                        |  |  |                                             |  |  |                                         |       |  |                                                   |  |       |                   |  |  |                        |  |  |                       |       |  |                                 |  |      |  |  |  |      |  |  |  |       |  |  |  |       | 
|---------- |  | -------------------------- | ------ |  | --------------------------------------------------------------- |  | ----- | --------------------------------- |  |  | ----------------------------------------------- |  |  | ------------------------------------------ | ----- |  | ------------------------------------ |  | ----- | -------------------------------------- |  |  | ------------------------------------------- |  |  | --------------------------------------- | ----- |  | ------------------------------------------------- |  | ----- | ----------------- |  |  | ---------------------- |  |  | --------------------- | ----- |  | ------------------------------- |  | ---- |  |  |  | ---- |  |  |  | ----- |  |  |  | ----- | 
|           |  |                            |        |  | NYMEX WTINear MonthFutures ContractCrude Oil atCushing,Oklahoma |  |       | 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) | 
|Inflation% |  | CADUSDExchange RateUSD/CAD |        |  | Constant2016 $USD/bbl                                           |  |       | ThenCurrentUSD/bbl                |  |  | ThenCurrentUSD/bbl                              |  |  | ThenCurrentCAD/bbl                         |       |  | ThenCurrentCAD/bbl                   |  |       | ThenCurrentCAD/bbl                     |  |  | ThenCurrentCAD/bbl                          |  |  | ThenCurrentCAD/bbl                      |       |  | ThenCurrentCAD/bbl                                |  |       | SpecEthaneCAD/bbl |  |  | EdmontonPropaneCAD/bbl |  |  | EdmontonButaneCAD/bbl |       |  | EdmontonC5+StreamQualityCAD/bbl | 
|0.0        |  |                            | 0.7877 |  |                                                                 |  | 50.16 |                                   |  |  | 50.16                                           |  |  |                                            | 54.06 |  |                                      |  | 58.88 |                                        |  |  | 47.62                                       |  |  |                                         | 46.58 |  |                                                   |  | 40.95 |                   |  |  | 57.18                  |  |  |                       | 53.58 |  |                                 |  | 8.54 |  |  |  | 7.03 |  |  |  | 38.21 |  |  |  | 62.00 | 



|                                                                                                                    |  |        
|------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
Natural Gas and Sulphur
SEC 2015-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2016 |  | Table 2



|                                    |  |                       |                         |               |                      |  |      |                      |                    |  |                         |  |  |                      |      |                         |              |  |      |                   |  |                  |                     |  |  |               |      |  |                     |  |      |                             |  |  |                         |  |  |                            |      |  |                                  |  |      |  |  |  |      |  |  |  |        |  |  |  |        | 
|----------------------------------- |  | --------------------- | ----------------------- | ------------- | -------------------- |  | ---- | -------------------- | ------------------ |  | ----------------------- |  |  | -------------------- | ---- | ----------------------- | ------------ |  | ---- | ----------------- |  | ---------------- | ------------------- |  |  | ------------- | ---- |  | ------------------- |  | ---- | --------------------------- |  |  | ----------------------- |  |  | -------------------------- | ---- |  | -------------------------------- |  | ---- |  |  |  | ---- |  |  |  | ------ |  |  |  | ------ | 
|                                    |  |                       | MidwestPrice at Chicago |               |                      |  |      |                      | Alberta Plant Gate |  |                         |  |  |                      |      |                         |              |  |      |                   |  |                  |                     |  |  |               |      |  |                     |  |     
|NYMEX Henry Hub
Near Month Contract |  |                       |                         | AECO /NITSpot |                      |  | Spot |                      |                    |  |                         |  |  |                      |      | Saskatchewan Plant Gate |              |  |      |                   |  | British Columbia |                     |  |  |               |      |  |                    
|Constant2016 $USD/MMBtu             |  | Then CurrentUSD/MMBtu |                         |               | ThenCurrentUSD/MMBtu |  |      | ThenCurrentCAD/MMBtu |                    |  | Constant2016 $CAD/MMBtu |  |  | ThenCurrentCAD/MMBtu |      |                         | ARPCAD/MMBtu |  |      | AllianceCAD/MMBtu |  |                  | SaskEnergyCAD/MMBtu |  |  | SpotCAD/MMBtu |      |  | Sumas SpotUSD/MMBtu |  |      | WestcoastStation 2CAD/MMBtu |  |  | SpotPlant GateCAD/MMBtu |  |  | SulphurFOBVancouverUSD/ lt |      |  | AlbertaSulphurat PlantGateCAD/It | 
|2.58                                |  |                       | 2.58                    |               |                      |  | 2.65 |                      |                    |  | 2.68                    |  |  |                      | 2.45 |                         |              |  | 2.45 |                   |  |                  | 2.45                |  |  |               | 1.98 |  |                     |  | 2.55 |                             |  |  | 2.59                    |  |  |                            | 2.36 |  |                                  |  | 1.80 |  |  |  | 1.62 |  |  |  | 139.31 |  |  |  | 126.86 | 



54



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|                                                                                                                       |  |        
|---------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
International and Frontier
SEC 2015-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2016 |  | Table 3



|            |  |                            |        |  |                           |  |        |                    |  |  |                                                                  |  |  |                              |       |  |                    |  |       |                                   |  |  |                                    |  |  |                     |       |  |                            |  |       |                      |  |  |                      |  |  |                      |       |  |                      |  |       |                      |  |  |                      |  |  |  |      |  |  |  |      |  |  |  |      |  |  |  |      |  |  |  |      | 
|----------- |  | -------------------------- | ------ |  | ------------------------- |  | ------ | ------------------ |  |  | ---------------------------------------------------------------- |  |  | ---------------------------- | ----- |  | ------------------ |  | ----- | --------------------------------- |  |  | ---------------------------------- |  |  | ------------------- | ----- |  | -------------------------- |  | ----- | -------------------- |  |  | -------------------- |  |  | -------------------- | ----- |  | -------------------- |  | ----- | -------------------- |  |  | -------------------- |  |  |  | ---- |  |  |  | ---- |  |  |  | ---- |  |  |  | ---- |  |  |  | ---- | 
|Inflation % |  | CADUSDExchange RateUSD/CAD |        |  |                           |  |        |                    |  |  | NYMEX WTI NearMonth FuturesContractCrude Oil atCushing, Oklahoma |  |  | LightLouisianaSweetCrude Oil |       |  | MayaCrude Oil      |  |       | Brent BlendCrude OilFOB North Sea |  |  | NYMEX Henry HubNear Month Contract |  |  | Nova ScotiaGoldboro |       |  | NationalBalancingPoint(UK) | 
|            |  | GBPUSDExchangeRateUSD/GBP  |        |  | EURUSDExchangeRateUSD/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/MMBtu | 
|0.0         |  |                            | 0.7877 |  |                           |  | 1.5318 |                    |  |  | 1.1155                                                           |  |  |                              | 50.16 |  |                    |  | 63.68 |                                   |  |  | 53.83                              |  |  |                     | 68.34 |  |                            |  | 45.27 |                      |  |  | 57.47                |  |  |                      | 54.06 |  |                      |  | 68.63 |                      |  |  | 2.58                 |  |  |  | 3.28 |  |  |  | 3.92 |  |  |  | 4.98 |  |  |  | 6.72 |  |  |  | 8.53 | 



|                                                                                                                       |  |        
|---------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
US Liquids and Natural Gas
SEC 2015-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2016 |  | Table 4



|                                              |  |                |                                      |  |               |                                        |       |                   |                                         |  |               |  |  |                |      |  |               |  |       |                   |  |  |       |  |  |  |       |  |  |  |      |  |  |  |      | 
|--------------------------------------------- |  | -------------- | ------------------------------------ |  | ------------- | -------------------------------------- | ----- | ----------------- | --------------------------------------- |  | ------------- |  |  | -------------- | ---- |  | ------------- |  | ----- | ----------------- |  |  | ----- |  |  |  | ----- |  |  |  | ---- |  |  |  | ---- | 
|US Natural Gas Liquids (Then Current
Dollars) |  |                | US Natural Gas(Then Current Dollars) | 
|Conway                                        |  |                | Mont Belvieu                         |  |               | OpalRocky MountainNatural GasUSD/MMBtu |       |                   | AlgonquinCity-GatesNatural GasUSD/MMBtu | 
|EthaneUSD/bbl                                 |  | PropaneUSD/bbl |                                      |  | ButaneUSD/bbl |                                        |       | CondensateUSD/bbl |                                         |  | EthaneUSD/bbl |  |  | PropaneUSD/bbl |      |  | ButaneUSD/bbl |  |       | CondensateUSD/bbl |  |  |      
|6.99                                          |  |                | 17.33                                |  |               |                                        | 25.91 |                   |                                         |  | 44.98         |  |  |                | 7.86 |  |               |  | 19.47 |                   |  |  | 26.40 |  |  |  | 45.78 |  |  |  | 2.46 |  |  |  | 4.91 | 



55



---

APPENDIX I

CERTIFICATES OF QUALIFICATION

Jodi L. Anhorn

T. Mark Jobin

Chad P. Lemke

Trisha S. MacDonald

Graham P. Simpson

Mirek
Zaoral

Angie H.W. Wong

Warren
R. Bindon

Natasha Gvozdenovic

John J. Hirschmiller

Nicholas T.
Loran



56



---

CERTIFICATION OF QUALIFICATION

I, Jodi L. Anhorn, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am a principal officer of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of
this evaluation is December 31, 2015.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary and that I graduated with a Master of Science Degree in Chemical and Petroleum Engineering in 1992; that I am a Registered Professional Engineer in the Province of Alberta; and
that I have in excess of twenty-three years experience in engineering studies relating to oil and gas fields.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



57



---

CERTIFICATION OF QUALIFICATION

I, T. Mark Jobin, Professional Geologist, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary and that I graduated in 1984 with a Bachelor of Science Degree in Geology; that I am a Registered Professional Geologist in the Province of Alberta; and, that I have in excess
of thirty-one years experience in geological studies relating to oil and gas fields.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



58



---

CERTIFICATION OF QUALIFICATION

I, Chad P. Lemke, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary where I graduated with a Bachelor of Science Degree in Mechanical Engineering in 2004; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have
in excess of twelve years of experience in engineering studies relating to oil and gas fields.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



59



---

CERTIFICATION OF QUALIFICATION

I, Trisha S. MacDonald, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary where I graduated with a Bachelor of Science Degree in Oil and Gas Engineering in 2004; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have
in excess of eleven years of experience in engineering studies relating to oil and gas fields.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



60



---

CERTIFICATION OF QUALIFICATION

I, Graham P. Simpson, Professional Geoscientist, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary where I graduated with a Doctorate Degree in Geology in 1999; that I am a Registered Professional Geoscientist in the Province of Alberta; and, that I have in excess of
twenty-three years experience in geological studies relating to oil and gas fields.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



61



---

CERTIFICATION OF QUALIFICATION

I, Mirek Zaoral, Professional Geologist, 4100, 400 - 3rd Avenue S.W. Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary and that I graduated in 1977 with a Bachelor of Science Degree with honours in Geology; that I am a registered Professional Geologist in the Province of Alberta; and, that I
have in excess of thirty-eight years experience in geological studies relating to oil and gas fields.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



62



---

CERTIFICATION OF QUALIFICATION

I, Angie H.W. Wong, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary and that I graduated with a Bachelor of Science Degree in Chemical Engineering in (2009); that I am a Registered Professional Engineer in the Province of Alberta; and, that I
have in excess of seven years experience in engineering studies relating to oil and gas fields.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



63



---

CERTIFICATION OF QUALIFICATION

I, Warren R. Bindon, Geoscientist In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Alberta where I graduated with a Masters of Science Degree in Geology in 2011; and, that I am a Geoscientist In Training and have in excess of five years of experience in
geological studies relating to oil and gas fields.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGOWarren R. Bindon, M.Sc., G.I.T.




64



---

CERTIFICATION OF QUALIFICATION

I, Natasha Gvozdenovic, Engineer In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the University of Calgary, where I graduated with a Bachelors Degree in Chemical Engineering in 2014; and, that I am an Engineer In Training; and, that I have in excess of two years of experience
in engineering studies relating to oil and gas fields.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGONatasha Gvozdenovic, E.I.T.




65



---

CERTIFICATION OF QUALIFICATION

I, John J. Hirschmiller, Geoscientist In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended the Dalhousie University where I graduated with a Bachelor of Science Degree in Earth Sciences (First Class Honours) in 2013; and, that I am a Geologist In Training; and, that I have in excess of three
years of experience in geological studies relating to oil and gas fields. I have also attended the Northern Alberta Institute of Technology and where I graduated with a Diploma in Geological Technology (Honours) in 2010.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGOJohn J. Hirschmiller, G.I.T.




66



---

CERTIFICATION OF QUALIFICATION

I, Nicholas Loran, Engineer In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:



|1. | That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the Company). The effective date of this
evaluation is December 31, 2015.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|2. | That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------



|3. | That I attended Rensselaer Polytechnic Institute where I graduated with a Degree in Mechanical Engineering in 2011; and, that I am an Engineer In Training; and, that I have in excess of four years of experience in
engineering studies relating to oil and gas fields.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4. | That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the
Company, and the appropriate provincial regulatory authorities.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGONicholas Loran, E.I.T.




67