Exhibit 15.3

BRION ENERGY CORPORATION

RESERVES ASSESSMENT AND EVALUATION OF

CANADIAN OIL AND GAS PROPERTIES

THIRD PARTY CORPORATE SUMMARY

Effective December 31, 2014







1143014



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THIRD PARTY CORPORATE SUMMARY

TABLE OF CONTENTS



|                                           |  |      |    | 
|------------------------------------------ |  | ---- | -- | 
|                                           |  | Page |   
|COVERING LETTER                            |  |      | 3  | 
|                                           | 
|INDEPENDENT PETROLEUM CONSULTANTS CONSENT |  |      | 5  | 
|                                           | 
|INTRODUCTION                               |  |      | 6  | 
|                                           | 
|SUMMARY                                    |  |      | 8  | 
|                                           | 
|EVALUATION PROCEDURE                       |  |      | 12 | 
|                                           | 
|PRODUCT PRICE AND MARKET FORECASTS         |  |      | 16 | 
|                                           | 
|APPENDIX I                                 |  |      |    | 
|Certificates of Qualification              |  |      | 17 | 



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|     |  |                                 |  |                                                                                                                                                                                                         
|---- |  | ------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|LOGO |  |                                 |  | Principal Officers: 
Keith M. Braaten, P. Eng.
President & CEO
Jodi L. Anhorn, M.Sc., P. Eng.
Executive Vice President & COO
 Officers / Vice Presidents:                                               
|     |  | March 23, 2015 
Project 1143014 |  | Caralyn P. Bennett, P. Eng.
Tim R. Freeborn, P. Eng. Leonard L.
Herchen, P. Eng. Myron J. Hladyshevsky, P. Eng.
Todd J. Ikeda, P. Eng. Bryan M.
Joa, P. Eng. Mark Jobin, P. Geol.
John E. Keith, P. Eng.

Mr. Michael Fox

Brion
Energy Corporation

1500, 250  6th Avenue SW

Calgary, Alberta T2P 3H7

Dear Sir:



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

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

| |  | Effective December 31, 2014
| |  | ---------------------------

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, 2014.

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 assets.

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





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



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

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

Yours very truly,

GLJ PETROLEUM CONSULTANTS LTD.



LOGO

Trisha S. MacDonald, P. Eng.

Senior Engineer



LOGO

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

Executive Vice President & COO

TSM/JLA/ljn

Attachments



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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, 2014.

In the course of the evaluation, the Company provided 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, resources and production
estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserves, resources 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:                                                                  |  | January 30, 2015 |  | 
|                                                                       |  |                  |  | 
|                                                                       | 
|PERMIT NUMBER:    P  2066                                              |  |                 
|The
Association of Professional Engineers and Geoscientists of Alberta |  |                 

LOGO



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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 and resources effective December 31, 2014. The locations of the most significant reserves properties are indicated on the attached index map.

The evaluation was initiated in November 2014 and completed by January 2015. Estimates of reserves, resources and projections of production
were generally prepared using well information and production data available from public sources to approximately October 31, 2014. The Company provided land, accounting data and other technical information not available in the public domain to
approximately January 22, 2015. In certain instances, the Company also provided recent engineering, geological and other information up to December 23, 2014. 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 2014.

Tables summarizing production, royalties, costs, revenue projections, reserves and present
value estimates for various reserves and resources 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:



| |  |  | processing income has been included as Other Income,
| | - |  | ------------------------------------------------------



| |  |  | provisions for the abandonment of all of the Companys wells to which reserves and resources 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.
| | - |  | -----------------------------------------------



| |  |  | Carbon taxes associated with greenhouse gas emissions as part of Alberta Environment and Sustainable Resource Developments specified Gas
Emitters Regulation 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.



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Map 1

Index Map

Property Locations

|                                  |  |  |  |                                  
|--------------------------------- |  |  |  | ---------------------------------
|Company: Brion Energy Corporation |  |  |  | Effective Date: December 31, 2014
|Property: Western Canada          |  |  |  | Scale 1:6,000,000 s1143014/indm01



LOGO



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|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Various                               
|Property:    |  | Corporate                |  | Development Class: |  | Classifications                       
|Description: |  | After Tax                |  | Pricing:           |  | SEC 2014-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2014                     

Summary of Reserves and Values



|                              |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|----------------------------- |  | --------------- | ------- |  | ---------------------------- |  | ------- | ----------------- |  |  | ----------- |  |  |  | --------- | 
|                              |  | ProvedProducing |         |  | ProvedDevelopedNon-Producing |  |         | ProvedUndeveloped |  |  | TotalProved | 
|MARKETABLE RESERVES           |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|                              |  |                 |         | 
|Light & Medium Oil (Mbbl)     |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|Total Company Interest        |  |                 | 669     |  |                              |  | 0       |                   |  |  | 0           |  |  |  | 669       | 
|Working Interest              |  |                 | 669     |  |                              |  | 0       |                   |  |  | 0           |  |  |  | 669       | 
|Net After Royalty             |  |                 | 542     |  |                              |  | 0       |                   |  |  | 0           |  |  |  | 542       | 
|                              |  |                 |         | 
|Natural Gas (MMcf)            |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|Total Company Interest        |  |                 | 141,898 |  |                              |  | 12,454  |                   |  |  | 191,004     |  |  |  | 345,357   | 
|Working Interest              |  |                 | 141,890 |  |                              |  | 12,454  |                   |  |  | 191,004     |  |  |  | 345,348   | 
|Net After Royalty             |  |                 | 127,768 |  |                              |  | 11,824  |                   |  |  | 171,761     |  |  |  | 311,353   | 
|                              |  |                 |         | 
|Natural Gas Liquids (Mbbl)    |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|Total Company Interest        |  |                 | 3,814   |  |                              |  | 1,565   |                   |  |  | 14,755      |  |  |  | 20,133    | 
|Working Interest              |  |                 | 3,813   |  |                              |  | 1,565   |                   |  |  | 14,755      |  |  |  | 20,133    | 
|Net After Royalty             |  |                 | 2,953   |  |                              |  | 1,219   |                   |  |  | 11,897      |  |  |  | 16,069    | 
|                              |  |                 |         | 
|Oil Equivalent (Mboe)         |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|Total Company Interest        |  |                 | 28,132  |  |                              |  | 3,640   |                   |  |  | 46,589      |  |  |  | 78,361    | 
|Working Interest              |  |                 | 28,131  |  |                              |  | 3,640   |                   |  |  | 46,589      |  |  |  | 78,360    | 
|Net After Royalty             |  |                 | 24,790  |  |                              |  | 3,189   |                   |  |  | 40,523      |  |  |  | 68,503    | 
|BEFORE TAX PRESENT VALUE (M$) |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|0%                            |  |                 | 510,219 |  |                              |  | 152,361 |                   |  |  | 609,551     |  |  |  | 1,272,131 | 
|5%                            |  |                 | 418,458 |  |                              |  | 124,989 |                   |  |  | 354,762     |  |  |  | 898,209   | 
|8%                            |  |                 | 379,860 |  |                              |  | 113,695 |                   |  |  | 256,601     |  |  |  | 750,155   | 
|10%                           |  |                 | 358,641 |  |                              |  | 107,543 |                   |  |  | 205,613     |  |  |  | 671,797   | 
|12%                           |  |                 | 340,209 |  |                              |  | 102,230 |                   |  |  | 163,321     |  |  |  | 605,760   | 
|15%                           |  |                 | 316,685 |  |                              |  | 95,486  |                   |  |  | 112,440     |  |  |  | 524,611   | 
|20%                           |  |                 | 285,579 |  |                              |  | 86,612  |                   |  |  | 51,440      |  |  |  | 423,631   | 
|AFTER TAX PRESENT VALUE (M$)  |  |                 |         |  |                              |  |         |                   |  |  |             |  |  |  |           | 
|0%                            |  |                 | 495,993 |  |                              |  | 152,361 |                   |  |  | 609,551     |  |  |  | 1,257,905 | 
|5%                            |  |                 | 410,504 |  |                              |  | 124,989 |                   |  |  | 354,762     |  |  |  | 890,255   | 
|8%                            |  |                 | 374,012 |  |                              |  | 113,695 |                   |  |  | 256,601     |  |  |  | 744,308   | 
|10%                           |  |                 | 353,803 |  |                              |  | 107,543 |                   |  |  | 205,613     |  |  |  | 666,959   | 
|12%                           |  |                 | 336,160 |  |                              |  | 102,230 |                   |  |  | 163,321     |  |  |  | 601,710   | 
|15%                           |  |                 | 313,520 |  |                              |  | 95,486  |                   |  |  | 112,440     |  |  |  | 521,446   | 
|20%                           |  |                 | 283,370 |  |                              |  | 86,612  |                   |  |  | 51,440      |  |  |  | 421,421   | 



|                                                                                                                     |  |                         |  |         |  |     |  |         |  |     |  |         |  |     |  |         |  |     |  | 
|-------------------------------------------------------------------------------------------------------------------- |  | ----------------------- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | 
|                                                                                                                     |  | 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: March 25, 2015 10:28:49
1143014            Class (A,B1,B2,C), SEC 2014-Dec-31 Posted (12 Month Avg.),
psum |  | March 25, 2015 10:35:34



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|             |  |                          |  |                    |  |                                       
|------------ |  | ------------------------ |  | ------------------ |  | --------------------------------------
|Company:     |  | Brion Energy Corporation |  | Reserve Class:     |  | Various                               
|Property:    |  | Corporate                |  | Development Class: |  | Classifications                       
|Description: |  | After Tax                |  | Pricing:           |  | SEC 2014-Dec-31 Posted (12 Month Avg.)
|             |  |                          |  | Effective Date:    |  | December 31, 2014                     

Company and Net Reserves and Present Value Summary



|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---------------------------------------- |  | ------------ | -- |  | ------------------------- |  | ------- | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ----- |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------- |  | ---------- |  | --- | ----------- |  |  | ----- |  |  | -- | - |  | --- |  | ------ | --- |  |  | ------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                         |  |              |    |  | Company Interest Reserves |  |         | Net After Royalty Reserves |  |  | Before Income Tax DiscountedPresent 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                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corp                        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Joint Venture Gas Project                |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay                                 |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                          |  |              |    |  |                           |  | 16,029  |                            |  |  | 0                                              |  |  |                                               | 2,865 |  |             |  | 0 |         |  |  | 5,537   |  |  |         | 15,304  |  |            |  | 0   |             |  |  | 2,178 |  |  |    | 0 |  |     |  | 4,728  |     |  |  | 189,067 |  |  |    | 148,833 |  |    |  | 141,858 |     |  |  | 135,693 |  |  |  | 189,067 |  |  |  | 161,199 |  |  |  | 148,833 |  |  |  | 141,858 |  |  |  | 135,693 | 
|Simonette Montney                        |  |              |    |  |                           |  | 715     |                            |  |  | 0                                              |  |  |                                               | 67    |  |             |  | 0 |         |  |  | 186     |  |  |         | 647     |  |            |  | 0   |             |  |  | 45    |  |  |    | 0 |  |     |  | 153    |     |  |  | 6,452   |  |  |    | 4,634   |  |    |  | 4,347   |     |  |  | 4,100   |  |  |  | 6,452   |  |  |  | 5,165   |  |  |  | 4,634   |  |  |  | 4,347   |  |  |  | 4,100   | 
|Willesden Green Duvernay                 |  |              |    |  |                           |  | 4,975   |                            |  |  | 555                                            |  |  |                                               | 256   |  |             |  | 0 |         |  |  | 1,641   |  |  |         | 4,676   |  |            |  | 433 |             |  |  | 205   |  |  |    | 0 |  |     |  | 1,417  |     |  |  | 44,251  |  |  |    | 36,086  |  |    |  | 34,546  |     |  |  | 33,154  |  |  |  | 44,251  |  |  |  | 38,723  |  |  |  | 36,086  |  |  |  | 34,546  |  |  |  | 33,154  | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay                          |  |              |    |  |                           |  | 21,719  |                            |  |  | 555                                            |  |  |                                               | 3,188 |  |             |  | 0 |         |  |  | 7,364   |  |  |         | 20,627  |  |            |  | 433 |             |  |  | 2,428 |  |  |    | 0 |  |     |  | 6,298  |     |  |  | 239,770 |  |  |    | 189,553 |  |    |  | 180,751 |     |  |  | 172,946 |  |  |  | 239,770 |  |  |  | 205,087 |  |  |  | 189,553 |  |  |  | 180,751 |  |  |  | 172,946 | 
|Groundbirch Property                     |  |              | A  |  |                           |  | 119,795 |                            |  |  | 0                                              |  |  |                                               | 624   |  |             |  | 0 |         |  |  | 20,590  |  |  |         | 106,781 |  |            |  | 0   |             |  |  | 525   |  |  |    | 0 |  |     |  | 18,322 |     |  |  | 264,043 |  |  |    | 185,755 |  |    |  | 173,636 |     |  |  | 163,266 |  |  |  | 251,429 |  |  |  | 201,604 |  |  |  | 181,054 |  |  |  | 169,870 |  |  |  | 160,224 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Joint Venture Gas Project         |  |              |    |  |                           |  | 141,514 |                            |  |  | 555                                            |  |  |                                               | 3,812 |  |             |  | 0 |         |  |  | 27,953  |  |  |         | 127,408 |  |            |  | 433 |             |  |  | 2,953 |  |  |    | 0 |  |     |  | 24,620 |     |  |  | 503,813 |  |  |    | 375,308 |  |    |  | 354,387 |     |  |  | 336,212 |  |  |  | 491,199 |  |  |  | 406,691 |  |  |  | 370,607 |  |  |  | 350,622 |  |  |  | 333,171 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corp                 |  |              |    |  |                           |  | 141,514 |                            |  |  | 555                                            |  |  |                                               | 3,812 |  |             |  | 0 |         |  |  | 27,953  |  |  |         | 127,408 |  |            |  | 433 |             |  |  | 2,953 |  |  |    | 0 |  |     |  | 24,620 |     |  |  | 503,813 |  |  |    | 375,308 |  |    |  | 354,387 |     |  |  | 336,212 |  |  |  | 491,199 |  |  |  | 406,691 |  |  |  | 370,607 |  |  |  | 350,622 |  |  |  | 333,171 | 
|CNPC International Canada Limited        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional Assets                      |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                               |  |              | A  |  |                           |  | 161     |                            |  |  | 19                                             |  |  |                                               | 1     |  |             |  | 0 |         |  |  | 48      |  |  |         | 150     |  |            |  | 19  |             |  |  | 1     |  |  |    | 0 |  |     |  | 44     |     |  |  | 1,309   |  |  |    | 998     |  |    |  | 942     |     |  |  | 893     |  |  |  | 1,309   |  |  |  | 1,095   |  |  |  | 998     |  |  |  | 942     |  |  |  | 893     | 
|Lone Rock (Sask)                         |  |              | A  |  |                           |  | 3       |                            |  |  | 63                                             |  |  |                                               | 0     |  |             |  | 0 |         |  |  | 63      |  |  |         | 3       |  |            |  | 60  |             |  |  | 0     |  |  |    | 0 |  |     |  | 61     |     |  |  | 2,752   |  |  |    | 1,950   |  |    |  | 1,823   |     |  |  | 1,714   |  |  |  | 2,752   |  |  |  | 2,183   |  |  |  | 1,950   |  |  |  | 1,823   |  |  |  | 1,714   | 
|Twining                                  |  |              | A  |  |                           |  | 219     |                            |  |  | 31                                             |  |  |                                               | 0     |  |             |  | 0 |         |  |  | 68      |  |  |         | 207     |  |            |  | 30  |             |  |  | 0     |  |  |    | 0 |  |     |  | 65     |     |  |  | 2,346   |  |  |    | 1,603   |  |    |  | 1,488   |     |  |  | 1,390   |  |  |  | 2,346   |  |  |  | 1,817   |  |  |  | 1,603   |  |  |  | 1,488   |  |  |  | 1,390   | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional Assets               |  |              |    |  |                           |  | 384     |                            |  |  | 113                                            |  |  |                                               | 1     |  |             |  | 0 |         |  |  | 179     |  |  |         | 361     |  |            |  | 109 |             |  |  | 1     |  |  |    | 0 |  |     |  | 171    |     |  |  | 6,406   |  |  |    | 4,551   |  |    |  | 4,254   |     |  |  | 3,997   |  |  |  | 6,406   |  |  |  | 5,095   |  |  |  | 4,551   |  |  |  | 4,254   |  |  |  | 3,997   | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Limited |  |              |    |  |                           |  | 384     |                            |  |  | 113                                            |  |  |                                               | 1     |  |             |  | 0 |         |  |  | 179     |  |  |         | 361     |  |            |  | 109 |             |  |  | 1     |  |  |    | 0 |  |     |  | 171    |     |  |  | 6,406   |  |  |    | 4,551   |  |    |  | 4,254   |     |  |  | 3,997   |  |  |  | 6,406   |  |  |  | 5,095   |  |  |  | 4,551   |  |  |  | 4,254   |  |  |  | 3,997   | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  | 141,898 |                            |  |  | 669                                            |  |  |                                               | 3,814 |  |             |  | 0 |         |  |  | 28,132  |  |  |         | 127,768 |  |            |  | 542 |             |  |  | 2,953 |  |  |    | 0 |  |     |  | 24,790 |     |  |  | 510,219 |  |  |    | 379,860 |  |    |  | 358,641 |     |  |  | 340,209 |  |  |  | 497,605 |  |  |  | 411,787 |  |  |  | 375,159 |  |  |  | 354,876 |  |  |  | 337,168 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Producing                  |  |              |    |  |                           |  | 141,898 |                            |  |  | 669                                            |  |  |                                               | 3,814 |  |             |  | 0 |         |  |  | 28,132  |  |  |         | 127,768 |  |            |  | 542 |             |  |  | 2,953 |  |  |    | 0 |  |     |  | 24,790 |     |  |  | 510,219 |  |  |    | 379,860 |  |    |  | 358,641 |     |  |  | 340,209 |  |  |  | 497,605 |  |  |  | 411,787 |  |  |  | 375,159 |  |  |  | 354,876 |  |  |  | 337,168 | 
|Proved Developed Non-Producing           |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corp                        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Joint Venture Gas Project                |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay                                 |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                          |  |              |    |  |                           |  | 11,251  |                            |  |  | 0                                              |  |  |                                               | 1,471 |  |             |  | 0 |         |  |  | 3,347   |  |  |         | 10,720  |  |            |  | 0   |             |  |  | 1,145 |  |  |    | 0 |  |     |  | 2,931  |     |  |  | 142,525 |  |  |    | 105,770 |  |    |  | 99,948  |     |  |  | 94,926  |  |  |  | 142,525 |  |  |  | 116,479 |  |  |  | 105,770 |  |  |  | 99,948  |  |  |  | 94,926  | 
|Simonette Montney                        |  |              |    |  |                           |  | 663     |                            |  |  | 0                                              |  |  |                                               | 90    |  |             |  | 0 |         |  |  | 201     |  |  |         | 605     |  |            |  | 0   |             |  |  | 72    |  |  |    | 0 |  |     |  | 172    |     |  |  | 8,972   |  |  |    | 7,277   |  |    |  | 6,988   |     |  |  | 6,733   |  |  |  | 8,972   |  |  |  | 7,793   |  |  |  | 7,277   |  |  |  | 6,988   |  |  |  | 6,733   | 
|Willesden Green Duvernay                 |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0     |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay                          |  |              |    |  |                           |  | 11,914  |                            |  |  | 0                                              |  |  |                                               | 1,562 |  |             |  | 0 |         |  |  | 3,547   |  |  |         | 11,325  |  |            |  | 0   |             |  |  | 1,216 |  |  |    | 0 |  |     |  | 3,104  |     |  |  | 151,497 |  |  |    | 113,047 |  |    |  | 106,936 |     |  |  | 101,660 |  |  |  | 151,497 |  |  |  | 124,272 |  |  |  | 113,047 |  |  |  | 106,936 |  |  |  | 101,660 | 
|Groundbirch Property                     |  |              | B1 |  |                           |  | 541     |                            |  |  | 0                                              |  |  |                                               | 3     |  |             |  | 0 |         |  |  | 93      |  |  |         | 498     |  |            |  | 0   |             |  |  | 2     |  |  |    | 0 |  |     |  | 85     |     |  |  | 864     |  |  |    | 647     |  |    |  | 607     |     |  |  | 570     |  |  |  | 864     |  |  |  | 717     |  |  |  | 647     |  |  |  | 607     |  |  |  | 570     | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Joint Venture Gas Project         |  |              |    |  |                           |  | 12,454  |                            |  |  | 0                                              |  |  |                                               | 1,565 |  |             |  | 0 |         |  |  | 3,640   |  |  |         | 11,824  |  |            |  | 0   |             |  |  | 1,219 |  |  |    | 0 |  |     |  | 3,189  |     |  |  | 152,361 |  |  |    | 113,695 |  |    |  | 107,543 |     |  |  | 102,230 |  |  |  | 152,361 |  |  |  | 124,989 |  |  |  | 113,695 |  |  |  | 107,543 |  |  |  | 102,230 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corp                 |  |              |    |  |                           |  | 12,454  |                            |  |  | 0                                              |  |  |                                               | 1,565 |  |             |  | 0 |         |  |  | 3,640   |  |  |         | 11,824  |  |            |  | 0   |             |  |  | 1,219 |  |  |    | 0 |  |     |  | 3,189  |     |  |  | 152,361 |  |  |    | 113,695 |  |    |  | 107,543 |     |  |  | 102,230 |  |  |  | 152,361 |  |  |  | 124,989 |  |  |  | 113,695 |  |  |  | 107,543 |  |  |  | 102,230 | 
|CNPC International Canada Limited        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional Assets                      |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|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 Assets               |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0     |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Limited |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0     |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0   |             |  |  | 0     |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  | 12,454  |                            |  |  | 0                                              |  |  |                                               | 1,565 |  |             |  | 0 |         |  |  | 3,640   |  |  |         | 11,824  |  |            |  | 0   |             |  |  | 1,219 |  |  |    | 0 |  |     |  | 3,189  |     |  |  | 152,361 |  |  |    | 113,695 |  |    |  | 107,543 |     |  |  | 102,230 |  |  |  | 152,361 |  |  |  | 124,989 |  |  |  | 113,695 |  |  |  | 107,543 |  |  |  | 102,230 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |       |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |       |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 



|                                                                                    |  |  |  |                        
|----------------------------------------------------------------------------------- |  |  |  | -----------------------
|1143014            Class (A,B1,B2,B,C), SEC 2014-Dec-31 Posted (12 Month
Avg.), grv |  |  |  | March 25, 2015 10:35:27



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Page 2

Company and Net Reserves and Present Value Summary



|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---------------------------------------- |  | ------------ | -- |  | ------------------------- |  | ------- | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ------ |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------- |  | ---------- |  | - | ----------- |  |  | ------ |  |  | -- | - |  | --- |  | ------ | --- |  |  | ------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                         |  |              |    |  | Company Interest Reserves |  |         | Net After Royalty Reserves |  |  | Before Income Tax DiscountedPresent 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 Developed Non-Producing    |  |              |    |  |                           |  | 12,454  |                            |  |  | 0                                              |  |  |                                               | 1,565  |  |             |  | 0 |         |  |  | 3,640   |  |  |         | 11,824  |  |            |  | 0 |             |  |  | 1,219  |  |  |    | 0 |  |     |  | 3,189  |     |  |  | 152,361 |  |  |    | 113,695 |  |    |  | 107,543 |     |  |  | 102,230 |  |  |  | 152,361 |  |  |  | 124,989 |  |  |  | 113,695 |  |  |  | 107,543 |  |  |  | 102,230 | 
|Proved Undeveloped                       |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corp                        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Joint Venture Gas Project                |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay                                 |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                          |  |              |    |  |                           |  | 69,731  |                            |  |  | 0                                              |  |  |                                               | 13,131 |  |             |  | 0 |         |  |  | 24,753  |  |  |         | 66,575  |  |            |  | 0 |             |  |  | 10,535 |  |  |    | 0 |  |     |  | 21,631 |     |  |  | 390,365 |  |  |    | 150,612 |  |    |  | 114,799 |     |  |  | 84,907  |  |  |  | 390,365 |  |  |  | 218,766 |  |  |  | 150,612 |  |  |  | 114,799 |  |  |  | 84,907  | 
|Simonette Montney                        |  |              |    |  |                           |  | 3,320   |                            |  |  | 0                                              |  |  |                                               | 371    |  |             |  | 0 |         |  |  | 924     |  |  |         | 3,093   |  |            |  | 0 |             |  |  | 302    |  |  |    | 0 |  |     |  | 817    |     |  |  | 21,004  |  |  |    | 10,714  |  |    |  | 9,181   |     |  |  | 7,893   |  |  |  | 21,004  |  |  |  | 13,624  |  |  |  | 10,714  |  |  |  | 9,181   |  |  |  | 7,893   | 
|Willesden Green Duvernay                 |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0 |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay                          |  |              |    |  |                           |  | 73,051  |                            |  |  | 0                                              |  |  |                                               | 13,502 |  |             |  | 0 |         |  |  | 25,677  |  |  |         | 69,668  |  |            |  | 0 |             |  |  | 10,837 |  |  |    | 0 |  |     |  | 22,448 |     |  |  | 411,368 |  |  |    | 161,327 |  |    |  | 123,979 |     |  |  | 92,800  |  |  |  | 411,368 |  |  |  | 232,390 |  |  |  | 161,327 |  |  |  | 123,979 |  |  |  | 92,800  | 
|Groundbirch Property                     |  |              | B2 |  |                           |  | 117,953 |                            |  |  | 0                                              |  |  |                                               | 1,253  |  |             |  | 0 |         |  |  | 20,912  |  |  |         | 102,093 |  |            |  | 0 |             |  |  | 1,060  |  |  |    | 0 |  |     |  | 18,075 |     |  |  | 198,183 |  |  |    | 95,275  |  |    |  | 81,634  |     |  |  | 70,521  |  |  |  | 198,183 |  |  |  | 122,372 |  |  |  | 95,275  |  |  |  | 81,634  |  |  |  | 70,521  | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Joint Venture Gas Project         |  |              |    |  |                           |  | 191,004 |                            |  |  | 0                                              |  |  |                                               | 14,755 |  |             |  | 0 |         |  |  | 46,589  |  |  |         | 171,761 |  |            |  | 0 |             |  |  | 11,897 |  |  |    | 0 |  |     |  | 40,523 |     |  |  | 609,551 |  |  |    | 256,601 |  |    |  | 205,613 |     |  |  | 163,321 |  |  |  | 609,551 |  |  |  | 354,762 |  |  |  | 256,601 |  |  |  | 205,613 |  |  |  | 163,321 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corp                 |  |              |    |  |                           |  | 191,004 |                            |  |  | 0                                              |  |  |                                               | 14,755 |  |             |  | 0 |         |  |  | 46,589  |  |  |         | 171,761 |  |            |  | 0 |             |  |  | 11,897 |  |  |    | 0 |  |     |  | 40,523 |     |  |  | 609,551 |  |  |    | 256,601 |  |    |  | 205,613 |     |  |  | 163,321 |  |  |  | 609,551 |  |  |  | 354,762 |  |  |  | 256,601 |  |  |  | 205,613 |  |  |  | 163,321 | 
|CNPC International Canada Limited        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional Assets                      |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|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 Assets               |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0 |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Limited |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0 |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  | 191,004 |                            |  |  | 0                                              |  |  |                                               | 14,755 |  |             |  | 0 |         |  |  | 46,589  |  |  |         | 171,761 |  |            |  | 0 |             |  |  | 11,897 |  |  |    | 0 |  |     |  | 40,523 |     |  |  | 609,551 |  |  |    | 256,601 |  |    |  | 205,613 |     |  |  | 163,321 |  |  |  | 609,551 |  |  |  | 354,762 |  |  |  | 256,601 |  |  |  | 205,613 |  |  |  | 163,321 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Proved Undeveloped                |  |              |    |  |                           |  | 191,004 |                            |  |  | 0                                              |  |  |                                               | 14,755 |  |             |  | 0 |         |  |  | 46,589  |  |  |         | 171,761 |  |            |  | 0 |             |  |  | 11,897 |  |  |    | 0 |  |     |  | 40,523 |     |  |  | 609,551 |  |  |    | 256,601 |  |    |  | 205,613 |     |  |  | 163,321 |  |  |  | 609,551 |  |  |  | 354,762 |  |  |  | 256,601 |  |  |  | 205,613 |  |  |  | 163,321 | 
|Total Proved Non-Producing               |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corp                        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Joint Venture Gas Project                |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay                                 |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                          |  |              |    |  |                           |  | 80,982  |                            |  |  | 0                                              |  |  |                                               | 14,603 |  |             |  | 0 |         |  |  | 28,100  |  |  |         | 77,295  |  |            |  | 0 |             |  |  | 11,680 |  |  |    | 0 |  |     |  | 24,563 |     |  |  | 532,890 |  |  |    | 256,382 |  |    |  | 214,747 |     |  |  | 179,833 |  |  |  | 532,890 |  |  |  | 335,245 |  |  |  | 256,382 |  |  |  | 214,747 |  |  |  | 179,833 | 
|Simonette Montney                        |  |              |    |  |                           |  | 3,982   |                            |  |  | 0                                              |  |  |                                               | 461    |  |             |  | 0 |         |  |  | 1,125   |  |  |         | 3,698   |  |            |  | 0 |             |  |  | 373    |  |  |    | 0 |  |     |  | 990    |     |  |  | 29,975  |  |  |    | 17,992  |  |    |  | 16,169  |     |  |  | 14,627  |  |  |  | 29,975  |  |  |  | 21,417  |  |  |  | 17,992  |  |  |  | 16,169  |  |  |  | 14,627  | 
|Willesden Green Duvernay                 |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0 |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay                          |  |              |    |  |                           |  | 84,964  |                            |  |  | 0                                              |  |  |                                               | 15,064 |  |             |  | 0 |         |  |  | 29,225  |  |  |         | 80,993  |  |            |  | 0 |             |  |  | 12,053 |  |  |    | 0 |  |     |  | 25,552 |     |  |  | 562,865 |  |  |    | 274,374 |  |    |  | 230,915 |     |  |  | 194,460 |  |  |  | 562,865 |  |  |  | 356,662 |  |  |  | 274,374 |  |  |  | 230,915 |  |  |  | 194,460 | 
|Groundbirch Property                     |  |              |    |  |                           |  | 118,494 |                            |  |  | 0                                              |  |  |                                               | 1,255  |  |             |  | 0 |         |  |  | 21,004  |  |  |         | 102,592 |  |            |  | 0 |             |  |  | 1,062  |  |  |    | 0 |  |     |  | 18,161 |     |  |  | 199,047 |  |  |    | 95,922  |  |    |  | 82,240  |     |  |  | 71,091  |  |  |  | 199,047 |  |  |  | 123,089 |  |  |  | 95,922  |  |  |  | 82,240  |  |  |  | 71,091  | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Joint Venture Gas Project         |  |              |    |  |                           |  | 203,458 |                            |  |  | 0                                              |  |  |                                               | 16,319 |  |             |  | 0 |         |  |  | 50,229  |  |  |         | 183,585 |  |            |  | 0 |             |  |  | 13,115 |  |  |    | 0 |  |     |  | 43,713 |     |  |  | 761,912 |  |  |    | 370,296 |  |    |  | 313,156 |     |  |  | 265,551 |  |  |  | 761,912 |  |  |  | 479,751 |  |  |  | 370,296 |  |  |  | 313,156 |  |  |  | 265,551 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corp                 |  |              |    |  |                           |  | 203,458 |                            |  |  | 0                                              |  |  |                                               | 16,319 |  |             |  | 0 |         |  |  | 50,229  |  |  |         | 183,585 |  |            |  | 0 |             |  |  | 13,115 |  |  |    | 0 |  |     |  | 43,713 |     |  |  | 761,912 |  |  |    | 370,296 |  |    |  | 313,156 |     |  |  | 265,551 |  |  |  | 761,912 |  |  |  | 479,751 |  |  |  | 370,296 |  |  |  | 313,156 |  |  |  | 265,551 | 
|CNPC International Canada Limited        |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional Assets                      |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|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 Assets               |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0 |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Limited |  |              |    |  |                           |  | 0       |                            |  |  | 0                                              |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 0       |  |  |         | 0       |  |            |  | 0 |             |  |  | 0      |  |  |    | 0 |  |     |  | 0      |     |  |  | 0       |  |  |    | 0       |  |    |  | 0       |     |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       |  |  |  | 0       | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |    |  |                           |  | 203,458 |                            |  |  | 0                                              |  |  |                                               | 16,319 |  |             |  | 0 |         |  |  | 50,229  |  |  |         | 183,585 |  |            |  | 0 |             |  |  | 13,115 |  |  |    | 0 |  |     |  | 43,713 |     |  |  | 761,912 |  |  |    | 370,296 |  |    |  | 313,156 |     |  |  | 265,551 |  |  |  | 761,912 |  |  |  | 479,751 |  |  |  | 370,296 |  |  |  | 313,156 |  |  |  | 265,551 | 
|                                         |  |              |    |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |   |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |         |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Total Proved Non-Producing        |  |              |    |  |                           |  | 203,458 |                            |  |  | 0                                              |  |  |                                               | 16,319 |  |             |  | 0 |         |  |  | 50,229  |  |  |         | 183,585 |  |            |  | 0 |             |  |  | 13,115 |  |  |    | 0 |  |     |  | 43,713 |     |  |  | 761,912 |  |  |    | 370,296 |  |    |  | 313,156 |     |  |  | 265,551 |  |  |  | 761,912 |  |  |  | 479,751 |  |  |  | 370,296 |  |  |  | 313,156 |  |  |  | 265,551 | 



|                                                                                    |  |  |  |                        
|----------------------------------------------------------------------------------- |  |  |  | -----------------------
|1143014            Class (A,B1,B2,B,C), SEC 2014-Dec-31 Posted (12 Month
Avg.), grv |  |  |  | March 25, 2015 10:35:27



---

Page 3

Company and Net Reserves and Present Value Summary



|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|---------------------------------------- |  | ------------ | - |  | ------------------------- |  | ------- | -------------------------- |  |  | ---------------------------------------------- |  |  | --------------------------------------------- | ------ |  | ----------- |  | - | ------- |  |  | ------- |  |  | ------- | ------- |  | ---------- |  | --- | ----------- |  |  | ------ |  |  | -- | - |  | --- |  | ------ | --- |  |  | --------- |  |  | -- | ------- |  | -- |  | ------- | --- |  |  | ------- |  |  |  | --------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- |  |  |  | ------- | 
|                                         |  |              |   |  | Company Interest Reserves |  |         | Net After Royalty Reserves |  |  | Before Income Tax DiscountedPresent 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                             |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Brion Energy Corp                        |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Joint Venture Gas Project                |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Duvernay                                 |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Kaybob Duvernay                          |  |              |   |  |                           |  | 97,011  |                            |  |  | 0                                              |  |  |                                               | 17,468 |  |             |  | 0 |         |  |  | 33,637  |  |  |         | 92,599  |  |            |  | 0   |             |  |  | 13,858 |  |  |    | 0 |  |     |  | 29,291 |     |  |  | 721,957   |  |  |    | 405,215 |  |    |  | 356,605 |     |  |  | 315,525 |  |  |  | 721,957   |  |  |  | 496,444 |  |  |  | 405,215 |  |  |  | 356,605 |  |  |  | 315,525 | 
|Simonette Montney                        |  |              |   |  |                           |  | 4,697   |                            |  |  | 0                                              |  |  |                                               | 528    |  |             |  | 0 |         |  |  | 1,311   |  |  |         | 4,345   |  |            |  | 0   |             |  |  | 418    |  |  |    | 0 |  |     |  | 1,142  |     |  |  | 36,428    |  |  |    | 22,626  |  |    |  | 20,516  |     |  |  | 18,727  |  |  |  | 36,428    |  |  |  | 26,582  |  |  |  | 22,626  |  |  |  | 20,516  |  |  |  | 18,727  | 
|Willesden Green Duvernay                 |  |              |   |  |                           |  | 4,975   |                            |  |  | 555                                            |  |  |                                               | 256    |  |             |  | 0 |         |  |  | 1,641   |  |  |         | 4,676   |  |            |  | 433 |             |  |  | 205    |  |  |    | 0 |  |     |  | 1,417  |     |  |  | 44,251    |  |  |    | 36,086  |  |    |  | 34,546  |     |  |  | 33,154  |  |  |  | 44,251    |  |  |  | 38,723  |  |  |  | 36,086  |  |  |  | 34,546  |  |  |  | 33,154  | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Duvernay                          |  |              |   |  |                           |  | 106,683 |                            |  |  | 555                                            |  |  |                                               | 18,252 |  |             |  | 0 |         |  |  | 36,588  |  |  |         | 101,620 |  |            |  | 433 |             |  |  | 14,481 |  |  |    | 0 |  |     |  | 31,850 |     |  |  | 802,635   |  |  |    | 463,927 |  |    |  | 411,667 |     |  |  | 367,406 |  |  |  | 802,635   |  |  |  | 561,749 |  |  |  | 463,927 |  |  |  | 411,667 |  |  |  | 367,406 | 
|Groundbirch Property                     |  |              |   |  |                           |  | 238,289 |                            |  |  | 0                                              |  |  |                                               | 1,879  |  |             |  | 0 |         |  |  | 41,594  |  |  |         | 209,372 |  |            |  | 0   |             |  |  | 1,587  |  |  |    | 0 |  |     |  | 36,482 |     |  |  | 463,090   |  |  |    | 281,677 |  |    |  | 255,876 |     |  |  | 234,357 |  |  |  | 450,476   |  |  |  | 324,693 |  |  |  | 276,976 |  |  |  | 252,111 |  |  |  | 231,316 | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Joint Venture Gas Project         |  |              |   |  |                           |  | 344,973 |                            |  |  | 555                                            |  |  |                                               | 20,132 |  |             |  | 0 |         |  |  | 78,183  |  |  |         | 310,993 |  |            |  | 433 |             |  |  | 16,068 |  |  |    | 0 |  |     |  | 68,333 |     |  |  | 1,265,725 |  |  |    | 745,604 |  |    |  | 667,543 |     |  |  | 601,762 |  |  |  | 1,253,111 |  |  |  | 886,442 |  |  |  | 740,903 |  |  |  | 663,777 |  |  |  | 598,721 | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Brion Energy Corp                 |  |              |   |  |                           |  | 344,973 |                            |  |  | 555                                            |  |  |                                               | 20,132 |  |             |  | 0 |         |  |  | 78,183  |  |  |         | 310,993 |  |            |  | 433 |             |  |  | 16,068 |  |  |    | 0 |  |     |  | 68,333 |     |  |  | 1,265,725 |  |  |    | 745,604 |  |    |  | 667,543 |     |  |  | 601,762 |  |  |  | 1,253,111 |  |  |  | 886,442 |  |  |  | 740,903 |  |  |  | 663,777 |  |  |  | 598,721 | 
|CNPC International Canada Limited        |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Conventional Assets                      |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Drumheller                               |  |              | A |  |                           |  | 161     |                            |  |  | 19                                             |  |  |                                               | 1      |  |             |  | 0 |         |  |  | 48      |  |  |         | 150     |  |            |  | 19  |             |  |  | 1      |  |  |    | 0 |  |     |  | 44     |     |  |  | 1,309     |  |  |    | 998     |  |    |  | 942     |     |  |  | 893     |  |  |  | 1,309     |  |  |  | 1,095   |  |  |  | 998     |  |  |  | 942     |  |  |  | 893     | 
|Lone Rock (Sask)                         |  |              | A |  |                           |  | 3       |                            |  |  | 63                                             |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 63      |  |  |         | 3       |  |            |  | 60  |             |  |  | 0      |  |  |    | 0 |  |     |  | 61     |     |  |  | 2,752     |  |  |    | 1,950   |  |    |  | 1,823   |     |  |  | 1,714   |  |  |  | 2,752     |  |  |  | 2,183   |  |  |  | 1,950   |  |  |  | 1,823   |  |  |  | 1,714   | 
|Twining                                  |  |              | A |  |                           |  | 219     |                            |  |  | 31                                             |  |  |                                               | 0      |  |             |  | 0 |         |  |  | 68      |  |  |         | 207     |  |            |  | 30  |             |  |  | 0      |  |  |    | 0 |  |     |  | 65     |     |  |  | 2,346     |  |  |    | 1,603   |  |    |  | 1,488   |     |  |  | 1,390   |  |  |  | 2,346     |  |  |  | 1,817   |  |  |  | 1,603   |  |  |  | 1,488   |  |  |  | 1,390   | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Conventional Assets               |  |              |   |  |                           |  | 384     |                            |  |  | 113                                            |  |  |                                               | 1      |  |             |  | 0 |         |  |  | 179     |  |  |         | 361     |  |            |  | 109 |             |  |  | 1      |  |  |    | 0 |  |     |  | 171    |     |  |  | 6,406     |  |  |    | 4,551   |  |    |  | 4,254   |     |  |  | 3,997   |  |  |  | 6,406     |  |  |  | 5,095   |  |  |  | 4,551   |  |  |  | 4,254   |  |  |  | 3,997   | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: CNPC International Canada Limited |  |              |   |  |                           |  | 384     |                            |  |  | 113                                            |  |  |                                               | 1      |  |             |  | 0 |         |  |  | 179     |  |  |         | 361     |  |            |  | 109 |             |  |  | 1      |  |  |    | 0 |  |     |  | 171    |     |  |  | 6,406     |  |  |    | 4,551   |  |    |  | 4,254   |     |  |  | 3,997   |  |  |  | 6,406     |  |  |  | 5,095   |  |  |  | 4,551   |  |  |  | 4,254   |  |  |  | 3,997   | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total                                    |  |              |   |  |                           |  | 345,357 |                            |  |  | 669                                            |  |  |                                               | 20,133 |  |             |  | 0 |         |  |  | 78,361  |  |  |         | 311,353 |  |            |  | 542 |             |  |  | 16,069 |  |  |    | 0 |  |     |  | 68,503 |     |  |  | 1,272,131 |  |  |    | 750,155 |  |    |  | 671,797 |     |  |  | 605,760 |  |  |  | 1,259,517 |  |  |  | 891,538 |  |  |  | 745,454 |  |  |  | 668,032 |  |  |  | 602,718 | 
|                                         |  |              |   |  |                           |  |         |                            |  |  |                                                |  |  |                                               |        |  |             |  |   |         |  |  |         |  |  |         |         |  |            |  |     |             |  |  |        |  |  |    |   |  |     |  |        |     |  |  |           |  |  |    |         |  |    |  |         |     |  |  |         |  |  |  |           |  |  |  |         |  |  |  |         |  |  |  |         |  |  |  |         | 
|Total: Total Proved                      |  |              |   |  |                           |  | 345,357 |                            |  |  | 669                                            |  |  |                                               | 20,133 |  |             |  | 0 |         |  |  | 78,361  |  |  |         | 311,353 |  |            |  | 542 |             |  |  | 16,069 |  |  |    | 0 |  |     |  | 68,503 |     |  |  | 1,272,131 |  |  |    | 750,155 |  |    |  | 671,797 |     |  |  | 605,760 |  |  |  | 1,259,517 |  |  |  | 891,538 |  |  |  | 745,454 |  |  |  | 668,032 |  |  |  | 602,718 | 



| |  |              |  |         |  |     |  |         |  |     |  |         |  |     |  |         |  |     |  | 
| |  | ------------ |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | ------- |  | --- |  | 
| |  | 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 |  | 



|                                                                                    |  |  |  |                        
|----------------------------------------------------------------------------------- |  |  |  | -----------------------
|1143014            Class (A,B1,B2,B,C), SEC 2014-Dec-31 Posted (12 Month
Avg.), grv |  |  |  | March 25, 2015 10:35:27



---

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.

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

In the Securities Reporting section,
working interest (or Company Gross) volumes are presented in tables to correspond to NI 51-101 disclosure requirements.



|* | Royalty interest reserves and resources 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 2014, to September 30, 2014. 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.

For reserves and resources attributable to the Companys oil sands project, no
historical accounting was provided by the Company, as these projects are undeveloped.

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 resources 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 and resources 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.

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  |  |               |  | 335,823 | 
|Canadian Exploration Expense (CEE)            |  |                    | 100 |  |               |  | 25,459  | 
|Non-Capital Losses                            |  |                    | 100 |  |               |  | 26,622  | 
|Canadian Development Expense (CDE)            |  |                    | 30  |  |               |  | 765,851 | 
|Capital Cost Allowance: (CCA)                 |  |                    |     |  |               |  |         | 
|Class 1                                       |  |                    | 10  |  |               |  | 73      | 
|Class 50                                      |  |                    | 55  |  |               |  | 268,527 | 

Tax Rates

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



|      |  |                        |      |  
|----- |  | ---------------------- | ---- | -
|Year  |  | Federal IncomeTax Rate |     
|2015+ |  |                        | 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:



|                 |  |      |       |  |                 |  |       |                   |  |  |              |   |  |                |       |   |               |  |      |                 |  |  |                   |   |  |  |     |   |  |  |      |  
|---------------- |  | ---- | ----- |  | --------------- |  | ----- | ----------------- |  |  | ------------ | - |  | -------------- | ----- | - | ------------- |  | ---- | --------------- |  |  | ----------------- | - |  |  | --- | - |  |  | ---- | -
|Reserves
Class   |  | Year |       |  | AlbertaTax Rate |  |       | AlbertaAllocation |  |  | B.C.Tax Rate |   |  | B.C.Allocation |       |   | Sask.Tax Rate |  |      | Sask.Allocation |  |  | Avg. Ann.Tax Rate |  
|Proved Producing |  |      | 2015+ |  |                 |  | 10.00 | %                 |  |  | 42.3         | % |  |                | 11.00 | % |               |  | 57.2 | %               |  |  | 12.00             | % |  |  | 0.5 | % |  |  | 10.6 | %

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, 2014.
|-- | ----------------------------------------



|b) | Operating and capital costs were estimated in 2015 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, 2014, 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.
|-- | ------------------------------------------------------



|i) | Well abandonment costs for all wells with reserves have been included at the property level. Additional abandonment costs associated with
non-reserves wells, lease reclamation costs and facility abandonment and reclamation expenses have not been included in 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                                                                                                                
|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                                                                                                               



---

|                                                                                                                              |  |        
|----------------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
Crude Oil and Natural Gas Liquids
SEC 2014-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2015 |  | Table 1



|            |  |                                               |        |  |                                                                |  |       |                                   |  |  |                                                 |  |  |                                            |        |  |                                      |  |       |                                        |  |  |                                             |  |  |                                         |       |  |                                                   |  |       |                        |  |  |                       |  |  |                                 |       |  |  |  |       |  |  |  |       |  |  |  |       |  |  |  |        | 
|----------- |  | --------------------------------------------- | ------ |  | -------------------------------------------------------------- |  | ----- | --------------------------------- |  |  | ----------------------------------------------- |  |  | ------------------------------------------ | ------ |  | ------------------------------------ |  | ----- | -------------------------------------- |  |  | ------------------------------------------- |  |  | --------------------------------------- | ----- |  | ------------------------------------------------- |  | ----- | ---------------------- |  |  | --------------------- |  |  | ------------------------------- | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ----- |  |  |  | ------ | 
|Inflation % |  | Bank ofCanadaAverage NoonExchange RateUSD/CAD |        |  | NYMEX WTINear MonthFutures ContractCrude Oil atCushingOklahoma |  |       | Brent BlendCrude OilFOB North Sea |  |  | Light, SweetCrude Oil(40 API, 0.3%S)at Edmonton |  |  | Bow RiverCrude OilStreamQuality atHardisty |        |  | WCSCrude OilStreamQuality atHardisty |  |       | HeavyCrude OilProxy(12 API)at Hardisty |  |  | Light SourCrude Oil(35 API, 1.2%S)at Cromer |  |  | MediumCrude Oil(29 API, 2.0%S)at Cromer |       |  | Alberta Natural Gas Liquids(Then Current Dollars) | 
|            |  | Constant2014 $USD/bbl                         |        |  | ThenCurrentUSD/bbl                                             |  |       | ThenCurrentUSD/bbl                |  |  | ThenCurrentCAD/bbl                              |  |  | ThenCurrentCAD/bbl                         |        |  | ThenCurrentCAD/bbl                   |  |       | ThenCurrentCAD/bbl                     |  |  | ThenCurrentCAD/bbl                          |  |  | ThenCurrentCAD/bbl                      |       |  | SpecEthaneCAD/bbl                                 |  |       | EdmontonPropaneCAD/bbl |  |  | EdmontonButaneCAD/bbl |  |  | EdmontonC5+StreamQualityCAD/bbl |      
|0.0         |  |                                               | 0.9099 |  |                                                                |  | 95.28 |                                   |  |  | 95.28                                           |  |  |                                            | 101.30 |  |                                      |  | 94.74 |                                        |  |  | 82.69                                       |  |  |                                         | 82.63 |  |                                                   |  | 75.39 |                        |  |  | 95.01                 |  |  |                                 | 89.56 |  |  |  | 15.12 |  |  |  | 48.89 |  |  |  | 70.49 |  |  |  | 103.42 | 



|                                                                                                                    |  |        
|------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
Natural Gas and Sulphur
SEC 2014-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2015 |  | Table 2



|                                   |  |                       |                         |              |                      |  |      |                      |                    |  |                         |  |  |                      |      |                         |              |  |      |                   |  |                  |                     |  |  |               |      |  |                     |  |      |                             |  |  |                         |  |  |                           |      |  |                                  |  |      |  |  |  |      |  |  |  |        |  |  |  |        | 
|---------------------------------- |  | --------------------- | ----------------------- | ------------ | -------------------- |  | ---- | -------------------- | ------------------ |  | ----------------------- |  |  | -------------------- | ---- | ----------------------- | ------------ |  | ---- | ----------------- |  | ---------------- | ------------------- |  |  | ------------- | ---- |  | ------------------- |  | ---- | --------------------------- |  |  | ----------------------- |  |  | ------------------------- | ---- |  | -------------------------------- |  | ---- |  |  |  | ---- |  |  |  | ------ |  |  |  | ------ | 
|                                   |  |                       | MidwestPrice at Chicago |              |                      |  |      |                      | Alberta Plant Gate |  |                         |  |  |                      |      |                         |              |  |      |                   |  |                  |                     |  |  |               |      |  |                     |  |     
|Henry Hub NymexNear Month Contract |  |                       |                         | AECO/NITSpot |                      |  | Spot |                      |                    |  |                         |  |  |                      |      | Saskatchewan Plant Gate |              |  |      |                   |  | British Columbia |                     |  |  |               |      |  |                    
|Constant2014 $USD/MMBtu            |  | Then CurrentUSD/MMBtu |                         |              | ThenCurrentUSD/MMBtu |  |      | ThenCurrentCAD/MMBtu |                    |  | Constant2014 $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/lt | 
|4.35                               |  |                       | 4.35                    |              |                      |  | 7.36 |                      |                    |  | 4.58                    |  |  |                      | 4.34 |                         |              |  | 4.34 |                   |  |                  | 4.34                |  |  |               | 6.61 |  |                     |  | 4.44 |                             |  |  | 4.50                    |  |  |                           | 4.44 |  |                                  |  | 4.30 |  |  |  | 4.10 |  |  |  | 145.41 |  |  |  | 109.81 | 



|                                                                                                                       |  |        
|---------------------------------------------------------------------------------------------------------------------- |  | -------
|GLJ Petroleum Consultants
International and Frontier
SEC 2014-Dec-31 Posted (12 Month Avg.)
Effective January 01, 2015 |  | Table 3



|            |  |                                              |       |  |                               |  |        |                    |  |  |                                                                 |  |  |                              |       |  |                   |  |        |                                   |  |  |                    |  |  |                     |        |  |                            |  |       |                      |  |  |                      |  |  |                      |        |  |                      |  |        |                      |  |  |                      |  |  |  |      |  |  |  |      |  |  |  |      |  |  |  |      |  |  |  |      | 
|----------- |  | -------------------------------------------- | ----- |  | ----------------------------- |  | ------ | ------------------ |  |  | --------------------------------------------------------------- |  |  | ---------------------------- | ----- |  | ----------------- |  | ------ | --------------------------------- |  |  | ------------------ |  |  | ------------------- | ------ |  | -------------------------- |  | ----- | -------------------- |  |  | -------------------- |  |  | -------------------- | ------ |  | -------------------- |  | ------ | -------------------- |  |  | -------------------- |  |  |  | ---- |  |  |  | ---- |  |  |  | ---- |  |  |  | ---- |  |  |  | ---- | 
|Inflation % |  | Bank ofCanadaAverage NoonExchangeRateUSD/CAD |       |  |                               |  |        |                    |  |  | NYMEX WTI NearMonth FuturesContractCrude Oil atCushing Oklahoma |  |  | LightLouisianaSweetCrude Oil |       |  | MayaCrude Oil     |  |        | Brent BlendCrude OilFOB North Sea |  |  | Henry HubSpot      |  |  | Nova ScotiaGoldboro |        |  | NationalBalancingPoint(UK) | 
|            |  | CAD - GBPExchangeRateCAD/GBP                 |       |  | CAD - EUROExchangeRateCAD/EUR |  |        | ThenCurrentUSD/bbl |  |  | ThenCurrentCAD/bbl                                              |  |  | ThenCurrentUSD/bbl           |       |  | ThenCurrentCAD/bb |  |        | ThenCurrentUSD/bbl                |  |  | ThenCurrentCAD/bbl |  |  | ThenCurrentUSD/bbl  |        |  | ThenCurrentCAD/bbl         |  |       | ThenCurrentUSD/MMBtu |  |  | ThenCurrentCAD/MMBtu |  |  | ThenCurrentUSD/MMBtu |        |  | ThenCurrentCAD/MMBtu |  |        | ThenCurrentUSD/MMBtu |  |  | ThenCurrentCAD/MMBtu | 
|0.0         |  |                                              | 0.910 |  |                               |  | 1.8185 |                    |  |  | 1.4680                                                          |  |  |                              | 95.28 |  |                   |  | 104.71 |                                   |  |  | 95.32              |  |  |                     | 104.76 |  |                            |  | 88.57 |                      |  |  | 97.34                |  |  |                      | 101.30 |  |                      |  | 111.33 |                      |  |  | 4.35                 |  |  |  | 4.78 |  |  |  | 7.38 |  |  |  | 8.11 |  |  |  | 8.36 |  |  |  | 9.19 | 



---

APPENDIX I

CERTIFICATES OF QUALIFICATION

Jodi L. Anhorn

Chad P. Lemke

Mirek Zaoral

Mano M. Catania

Trisha S. MacDonald

Miranda L.
Stoffman

Warren R. Bindon

Natasha Gvozdenovic



---

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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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-two 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



---

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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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 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



---

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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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-seven 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



---

CERTIFICATION OF QUALIFICATION

I, Mano M. Catania, 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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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 Regina where I graduated with a Bachelor of Applied Science Degree in Industrial Systems Engineering in 1995;
that I am a Registered Professional Engineer; and, that I have in excess of seventeen 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



---

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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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 ten 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



---

CERTIFICATION OF QUALIFICATION

I, Miranda L. Stoffman, 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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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 two Bachelor of Science Degrees in Geology and Applied and Environmental Geology
in 2005; that I am a Registered Professional Geologist in the Province of Alberta; and, that I have in excess of seven 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.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



LOGO



---

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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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 four 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.




---

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 Corporation (the Company). The effective date of this evaluation is December 31, 2014.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



|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.