Document:

EXHIBIT 4.21

 

2nd AMENDMENT TO 6% SECURED
PROMISSORY NOTE

PRINCIPAL AMOUNT $960,000DATED AUGUST
31, 2010

 

WHEREAS, on August
31, 2010 Eagleford Energy, Inc., an Ontario corporation (the “Obligor”), issued a 6% Secured Promissory Note
(the “Note”) due December 31, 2011 (the “Original Maturity Date”) in the principal amount
of $960,000 in favor of Benchmark Enterprises LLC, a Nevis limited liability corporation (the “Payee”); and

 

WHEREAS, on the 31st
day of December, 2011, the Obligor and the Payee amended the terms of the Note, to extend the Original Maturity Date
by six months and to provide for the continued accrual of interest on the outstanding principal amount of the Note during such
extension at the new rate of 10% per annum such that interest is accrued at 6% during the period from August 31, 2010 through and
including December 31, 2011 and at 10% during the period from January 1, 2012 through the New Maturity Date, as such term is defined
below and as such may be accelerated under the terms of the Note.

 

WHEREAS the Obligor and the
Payee wish to again amend the terms of the Note, to extend the New Maturity Date by four months and to provide
for the continued accrual of interest on the outstanding principal amount of the Note during such extension at the amended rate
of 10% per annum through the New Amended Maturity Date, as such term is defined below and as such may be accelerated under the
terms of the Note.

 

NOW, THEREFORE, in consideration
of the mutual promises set forth herein, the Obligor and the Payee hereby agree that: (i) the unpaid principal balance of
the Note shall be due and payable on November 30, 2012 (the “New Amended Maturity Date”), and (ii) interest
shall continue to accrue on the unpaid principal balance of the Note at an annual rate of 10%, from the New Maturity Date until
the New Amended Maturity Date, and shall be paid in full, together with all previously accrued interest, on the New Amended Maturity
Date. All other terms and conditions of the Note remain unchanged.

 

IN WITNESS WHEREOF,
this Amendment has been duly executed by the Obligor and acknowledged by the Payee as of the 30th day of June, 2012.

 

	 	EAGLEFORD ENERGY, INC.
	 	 	 
	 	By:	/s/ James Cassina
	 	Name:	James Cassina
	 	Title:	President
	 	 	 
	 	BENCHMARK ENTERPRISES LLC
	 	 	 
	 	By:	/s/ Andrew Godfrey
	 	Name:	Andrew Godfrey
	 	Title:	President

 

    	1EXHIBIT 4.22

 

Ref.: 3391.18806

 

October 11, 2012

 

Eagleford Energy Inc.

c/o Mr. James Cassina, President

Suite 1505, 1 King Street West

Toronto, ON M5H 1A1

 

Re: Evaluation of the P&NG Reserves
of Eagleford Energy Inc.

(As of August 31, 2012) using Constant
Prices and Costs

 

Dear Sir:

 

As requested, Sproule Associates Limited
has prepared this letter report for Eagleford Energy Inc. which consists of an evaluation of the P&NG reserves of Eagleford
Energy (As of August 31, 2012) using Constant Prices and Costs.

 

The constant price used in this report
complies with the Securities & Exchange Commission’s (SEC) regulations. It was calculated as the unweighted arithmetic
average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period.

 

Table C-1, on the following page, summarizes
our evaluation, based on constant prices and costs, before income taxes, of the P&NG reserves of Eagleford Energy Inc., as
of August 31, 2012. The table presents summaries of the P&NG reserves for the various reserves categories valuation.

 

Table C-2 is also included and summarizes
the reserves and values by property for the constant price case, before income taxes. Tables C-3 through C-3B show the cash flow
forecasts for the constant price case for the various reserves categories.

 

The constant price used in this report is as follows:

 

Natural Gas:

AECO-C Spot 2.57 $/MMbtu

Exchange Rate 0.99 $US/Cdn

 

Appropriate adjustments have been made
to the natural gas price to account for quality and transportation, and to reflect actual historical prices received for each property.
This blending of constant prices may result in the appearance of varying constant prices in the Corporate cash flows.

 

The remaining assumptions relating to the calculation and evaluation
of the reserves are the same as those presented in the detailed evaluation.

 

It is important to note that the estimate
of the reserves to be recovered from a gas field is the sum of all the cumulative production until an economic limit is reached.
The economic limit is a function of the production forecast, future prices and operating costs (including royalties and taxes)
to maintain production.Consequently, when estimates of future prices and costs are changed, economic limits are also altered. In
the evaluation process, production forecasts are truncated at the economic limits and thus, reserves estimates vary with price
and cost sensitivities, as is the case between forecast and constant prices and cost forecasts.

 

    	1

    	 

    

 

Also, some entities may have reserves assigned
to them under one price and cost scenario, but under less favourable price and cost projections, the net present values of the
hydrocarbons that could be recovered may not be sufficient to offset the capital investment. Those entities whose undiscounted
net present value became negative under less favourable price and cost projections were not included in the summary tables.

 

The values of the reserves presented in
this constant price and cost evaluation should not be taken out of context, as they were prepared to comply with the Securities
& Exchange Commission’s (SEC) regulations; therefore, they do not reflect our opinion of the market value of these reserves.

 

Table C-4 presents the summary of pricing assumptions for constant
prices and costs.

 

Should you have any questions regarding
this letter report, please do not hesitate to contact us.

 

	 	Sincerely,
	 	SPROULE ASSOCIATES LIMITED
	 	 
	 	/s/ Attila A. Szabo
	 	 
	 	Attila A. Szabo, P.Eng.
	 	Manager, Engineering and Partner
	 	 
	 	/s/ Cameron P. Six
	 	 
	 	Cameron P. Six, P.Eng.
	 	Vice-President, Engineering and Partner

 

Enclosure

AAS:smr

P:\EAGLEFORD ENERGY 18806\LETTER REPORT\LETTERREPORT.DOC

 

900, 140 Fourth Avenue SW Calgary AB T2P
3N3 Canada Telephone: 1-403-294-5500 Fax: 1-403-294-5590 

Toll-Free: 1-877-777-6135

info@sproule.com
www.Sproule.com

 

    	2

    	 

    

 

Table C-1

Eagleford Energy Inc.

Consolidation

SUMMARY OF THE EVALUATION OF THE P.&N.G.
RESERVES

(As of Date: 2012-08-31)

 

	 	 	Remaining Reserves	 	 	Net Present Values Before Income Taxes	 
	 	 	Gross	 	 	Company	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	100%	 	 	Gross	 	 	Net	 	 	@0%	 	 	@5%	 	 	@10%	 	 	@15%	 	 	@20%	 
	 	 	 	 	 	 	 	 	 	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Non-Assoc, Assoc Gas (MMcf)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Proved Developed Producing	 	 	2233	 	 	 	116	 	 	 	100	 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	3	 	 	 	3	 
	Probable Developed Producing	 	 	783	 	 	 	41	 	 	 	35	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	1	 	 	 	1	 
	Total Proved + Probable	 	 	3016	 	 	 	157	 	 	 	135	 	 	 	6	 	 	 	6	 	 	 	5	 	 	 	5	 	 	 	4	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grand Total (Mboe)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Proved Developed Producing	 	 	372.1	 	 	 	19.3	 	 	 	16.6	 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	3	 	 	 	3	 
	Probable Developed Producing	 	 	130.5	 	 	 	6.8	 	 	 	5.8	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	1	 	 	 	1	 
	Total Proved + Probable	 	 	502.6	 	 	 	26.1	 	 	 	22.4	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	5	 	 	 	4	 

 

Table C-2

Eagleford Energy Inc.

SAL X120831 Constant-0

SUMMARY OF THE EVALUATION OF THE P.&N.G.
RESERVES

(As of Date: 2012-08-31)

  

	 	 	Lt, Med, Heavy Oil	 	 	Non-Assoc., Assoc. Gas/
 Solution Gas	 	 	Natural Gas Liquids/Sulphur	 	Net Present Values
 Before Income Taxes	 
	 	 	Remaining
 Reserves	 	 	Company
 Reserves	 	 	Remaining
 Reserves	 	 	Company
 Reserves	 	 	Remaining
 Reserves	 	Company
 Reserves	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Gross	 	 	Net	 	 	 	 	 	Gross	 	 	Net	 	 	 	 	Gross	 	 	Net	 	 	@0%	 	 	@5%	 	 	@10%	 	 	@15%	 
	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	MMcf	 	 	MMcf	 	 	MMcf	 	 	Mbbl	 	Mbbl	 	 	Mbbl	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	MMcf	 	 	MMcf	 	 	MMcf	 	 	MLt	 	MLt	 	 	MLt	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Eagleford Energy Inc.	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PDP	 	 		 	 	 		 	 	 		 	 	 	2233	 	 	 	116	 	 	 	100	 	 		 	 		 	 	 		 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	3	 
	TP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2233	 	 	 	116	 	 	 	100	 	 	 	 	 	 	 	 	 	 	 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	3	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PBDP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	783	 	 	 	41	 	 	 	35	 	 	 	 	 	 	 	 	 	 	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	1	 
	TPP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3016	 	 	 	157	 	 	 	135	 	 	 	 	 	 	 	 	 	 	 	 	 	6	 	 	 	6	 	 	 	5	 	 	 	5	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Botha	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PDP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2233	 	 	 	116	 	 	 	100	 	 	 	 	 	 	 	 	 	 	 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	3	 
	TP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2233	 	 	 	116	 	 	 	100	 	 	 	 	 	 	 	 	 	 	 	 	 	3	 	 	 	4	 	 	 	4	 	 	 	3	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PBDP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	783	 	 	 	41	 	 	 	35	 	 	 	 	 	 	 	 	 	 	 	 	 	2	 	 	 	2	 	 	 	2	 	 	 	1	 
	TPP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3016	 	 	 	157	 	 	 	135	 	 	 	 	 	 	 	 	 	 	 	 	 	6	 	 	 	6	 	 	 	5	 	 	 	5	 

 

    	3

    	 

    

 

Table C-3

Proved + Probable

Eagleford Energy Inc.

Prod. Start: 2012-09-01

SUMMARY OF RESERVES AND NET PRESENT VALUE

(As of Date: 2012-08-31)

 

	 	 	Reserves	 
	 	 	Lt Med
 Oil	 	 	Heavy
 Oil	 	 	Solution
 Gas	 	 	Non-Assoc
 Assoc Gas	 	 	Ethane	 	 	Propane	 	 	Butane	 	 	Pentanes
 Plus	 	 	Total
 NGL	 	 	Sulphur	 	 	Equiv
 Oil	 
	 	 	Mbbl	 	 	Mbbl	 	 	MMcf	 	 	MMcf	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	MLt	 	 	Mboe	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	3016	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	502.6	 
	Co Grs	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	157	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	26.1	 
	Co Net	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	135	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	22.4	 

  

	Net Present Value	 
	Discount
 Rate	 	 	Total Net
 Capital	 	 	Before Tax
 Net Rev	 	 	ARTC Cap
 GCA	 	 	Aband
 Cost	 	 	SK Tax
 Overhead	 	 	Before Tax
 Cash Flow	 
	%	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0.0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	6	 
	 	5.0	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	6	 
	 	8.0	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	5	 
	 	10.0	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	5	 
	 	12.0	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	5	 
	 	15.0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	5	 
	 	20.0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 
	 	25.0	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 

 

	 	Reserve Life = 13.8 yrs	Reserve Half Life = 4.8 yrs	BOE Reserve Index = 8.5	 	 

  

	YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE

	

 

	Proved + Probable
	(As of Date: 2012-08-31)
	 
	Year	 	Oil Comp
 Grs	 	 	Gas
 Comp
 Grs	 	 	BOE
 Comp
 Grs	 	 	Oil
 Rev	 	 	Gas
 Rev	 	 	Other
 Rev	 	 	Total
 Crown	 	 	Non-
 Crown	 	 	Lease
 Expen	 	 	Other
 Expen	 	 	Total
 Cap	 	 	Aband
 Etc	 	 	BTax
 Cash
 Flow	 
	 	 	Bb/d	 	 	Mcf/d	 	 	Boe/d	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	52	 	 	 	9	 	 	 	0	 	 	 	14	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2013	 	 	0	 	 	 	49	 	 	 	8	 	 	 	0	 	 	 	41	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	33	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2014	 	 	0	 	 	 	46	 	 	 	8	 	 	 	0	 	 	 	38	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	31	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2015	 	 	0	 	 	 	43	 	 	 	7	 	 	 	0	 	 	 	36	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	29	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2016	 	 	0	 	 	 	40	 	 	 	7	 	 	 	0	 	 	 	33	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	28	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2017	 	 	0	 	 	 	37	 	 	 	6	 	 	 	0	 	 	 	31	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	26	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2018	 	 	0	 	 	 	35	 	 	 	6	 	 	 	0	 	 	 	29	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	25	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2019	 	 	0	 	 	 	32	 	 	 	5	 	 	 	0	 	 	 	27	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	23	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2020	 	 	0	 	 	 	30	 	 	 	5	 	 	 	0	 	 	 	25	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	22	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2021	 	 	0	 	 	 	28	 	 	 	5	 	 	 	0	 	 	 	23	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	21	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	1	 
	2022	 	 	0	 	 	 	26	 	 	 	4	 	 	 	0	 	 	 	22	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	20	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	-1	 
	2023	 	 	0	 	 	 	14	 	 	 	2	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2024	 	 	0	 	 	 	13	 	 	 	2	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2025	 	 	0	 	 	 	12	 	 	 	2	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2026	 	 	0	 	 	 	11	 	 	 	2	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	-2	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	356	 	 	 	0	 	 	 	44	 	 	 	0	 	 	 	303	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	6	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Discounted	 	 	5	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	278	 	 	 	0	 	 	 	36	 	 	 	0	 	 	 	235	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	6	 
	Cash	 	 	10	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	226	 	 	 	0	 	 	 	31	 	 	 	0	 	 	 	190	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	5	 
	Stream	 	 	15	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	190	 	 	 	0	 	 	 	27	 	 	 	0	 	 	 	158	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	5	 
	 	 	 	20	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	163	 	 	 	0	 	 	 	23	 	 	 	0	 	 	 	135	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 

 

    	4

    	 

    

 

	Table C-3
	Proved + Probable
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	PRODUCTION AND PRICE FORECAST
	(As of Date: 2012-08-31)

 

	Year	 	Gas Wells	 	 	Gas Daily	 	 	Gas Gross	 	 	Gas Co Gross	 	 	Gas Co Net	 	 	Gas Price	 
	 	 	 	 	 	Mcf/d	 	 	MMcf	 	 	MMcf	 	 	MMcf	 	 	$/Mcf	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	2	 	 	 	993	 	 	 	121	 	 	 	6	 	 	 	5	 	 	 	2.27	 
	2013	 	 	2	 	 	 	948	 	 	 	346	 	 	 	18	 	 	 	15	 	 	 	2.27	 
	2014	 	 	2	 	 	 	884	 	 	 	323	 	 	 	17	 	 	 	14	 	 	 	2.27	 
	2015	 	 	2	 	 	 	825	 	 	 	301	 	 	 	16	 	 	 	13	 	 	 	2.27	 
	2016	 	 	2	 	 	 	769	 	 	 	282	 	 	 	15	 	 	 	12	 	 	 	2.27	 
	2017	 	 	2	 	 	 	717	 	 	 	262	 	 	 	14	 	 	 	11	 	 	 	2.27	 
	2018	 	 	2	 	 	 	669	 	 	 	244	 	 	 	13	 	 	 	11	 	 	 	2.27	 
	2019	 	 	2	 	 	 	624	 	 	 	228	 	 	 	12	 	 	 	10	 	 	 	2.27	 
	2020	 	 	2	 	 	 	583	 	 	 	213	 	 	 	11	 	 	 	10	 	 	 	2.27	 
	2021	 	 	2	 	 	 	544	 	 	 	198	 	 	 	10	 	 	 	9	 	 	 	2.27	 
	2022	 	 	2	 	 	 	507	 	 	 	185	 	 	 	10	 	 	 	9	 	 	 	2.27	 
	2023	 	 	1	 	 	 	263	 	 	 	96	 	 	 	5	 	 	 	5	 	 	 	2.27	 
	2024	 	 	1	 	 	 	248	 	 	 	91	 	 	 	5	 	 	 	4	 	 	 	2.27	 
	2025	 	 	1	 	 	 	233	 	 	 	85	 	 	 	4	 	 	 	4	 	 	 	2.27	 
	2026	 	 	1	 	 	 	218	 	 	 	40	 	 	 	2	 	 	 	2	 	 	 	2.27	 
	Total	 	 	 	 	 	 	 	 	 	 	3016	 	 	 	157	 	 	 	135	 	 	 	 	 

 

    	5

    	 

    

 

	Table C-3
	Proved + Probable
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE
	(As of Date: 2012-08-31)

 

	 	 	Revenue	 	 	Royalties	 	 	 	 	 	 	 
	Year	 	Oil	 	 	Gas	 	 	NGL	 	 	Sul	 	 	Roy	 	 	Other
 Income	 	 	Crown	 	 	Adjust	 	 	FH/
 Indian	 	 	ORR	 	 	Min
 Taxes	 	 	Opex	 	 	NPI/
 Other
 Expense	 
	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	14	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	11	 	 	 	0	 
	2013	 	 	0	 	 	 	41	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	8	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	33	 	 	 	0	 
	2014	 	 	0	 	 	 	38	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	31	 	 	 	0	 
	2015	 	 	0	 	 	 	36	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	6	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	29	 	 	 	0	 
	2016	 	 	0	 	 	 	33	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	28	 	 	 	0	 
	2017	 	 	0	 	 	 	31	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	26	 	 	 	0	 
	2018	 	 	0	 	 	 	29	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	25	 	 	 	0	 
	2019	 	 	0	 	 	 	27	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	23	 	 	 	0	 
	2020	 	 	0	 	 	 	25	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	22	 	 	 	0	 
	2021	 	 	0	 	 	 	23	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	21	 	 	 	0	 
	2022	 	 	0	 	 	 	22	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	20	 	 	 	0	 
	2023	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	10	 	 	 	0	 
	2024	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	10	 	 	 	0	 
	2025	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 
	2026	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	0	 
	Total	 	 	 	 	 	 	356	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	49	 	 	 	6	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	303	 	 	 	0	 

 

	 	 	 	 	 	Capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year	 	Oper
 Inc	 	 	CEE	 	 	CDE	 	 	CCA	 	 	COGPE	 	 	Total
 Capital	 	 	Net
 Rev	 	 	Cum Net
 Revenue	 	 	ARTC	 	 	Aband
 Cost	 	 	SK Tax	 	 	Cash
 Flow	 	 	Cum Cash 
 Flow	 
	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	1	 
	2013	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	2	 
	2014	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	3	 
	2015	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 
	2016	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	5	 
	2017	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	6	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	6	 
	2018	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	6	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	6	 
	2019	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	7	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	7	 
	2020	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	7	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	7	 
	2021	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	8	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	8	 
	2022	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	8	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-1	 	 	 	7	 
	2023	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 
	2024	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 
	2025	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 
	2026	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-2	 	 	 	6	 
	Total	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	 	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	6	 	 	 	 	 

 

	 	 	Discounted Cash Streams NPV (M$)	 
	discR%	 	 	5	 	 	 	10	 	 	 	12	 	 	 	15	 	 	 	18	 	 	 	20	 	 	 	25	 
	BT Net	 	 	7	 	 	 	6	 	 	 	6	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	4	 
	BT Cash Flow	 	 	6	 	 	 	5	 	 	 	5	 	 	 	5	 	 	 	4	 	 	 	4	 	 	 	4	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	6

    	 

    

 

	Table C-3A
	Proved Developed Producing
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	SUMMARY OF RESERVES AND NET PRESENT VALUE
	(As of Date: 2012-08-31)

 

	 	 	Reserves	 
	 	 	Lt Med
 Oil	 	 	Heavy
 Oil	 	 	Solution
 Gas	 	 	Non-Assoc
 Assoc Gas	 	 	Ethane	 	 	Propane	 	 	Butane	 	 	Pentanes
 Plus	 	 	Total
 NGL	 	 	Sulphur	 	 	Equiv
 Oil	 
	 	 	Mbbl	 	 	Mbbl	 	 	MMcf	 	 	MMcf	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	MLt	 	 	Mboe	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	2233	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	372.1	 
	Co Grs	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	116	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	19.3	 
	Co Net	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	100	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	16.6	 

 

	Net Present Value	 
	Discount
 Rate	 	 	Total Net
 Capital	 	 	Before Tax
 Net Rev	 	 	ARTC Cap
 GCA	 	 	Aband
 Cost	 	 	SK Tax
 Overhead	 	 	Before Tax
 Cash Flow	 
	%	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0.0	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	3	 
	 	5.0	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	4	 
	 	8.0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	4	 
	 	10.0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	4	 
	 	12.0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	3	 
	 	15.0	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	3	 
	 	20.0	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	3	 
	 	25.0	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 

 

	 	Reserve Life = 10.7 yrs	Reserve Half Life = 3.5 yrs	BOE Reserve Index = 6.4	 	 

 

	YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE
	

 

	Proved Developed Producing
	(As of Date: 2012-08-31)
	Year	 	Oil 

Comp
 Grs	 	 	Gas
 Comp
 Grs	 	 	BOE
 Comp
 Grs	 	 	Oil
 Rev	 	 	Gas
 Rev	 	 	Other
 Rev	 	 	Total
 Crown	 	 	Non-
 Crown	 	 	Lease
 Expen	 	 	Other
 Expen	 	 	Total
 Cap	 	 	Aband
 Etc	 	 	BTax
 Cash
 Flow	 
	 	 	Bb/d	 	 	Mcf/d	 	 	Boe/d	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	51	 	 	 	9	 	 	 	0	 	 	 	14	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2013	 	 	0	 	 	 	48	 	 	 	8	 	 	 	0	 	 	 	40	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	32	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2014	 	 	0	 	 	 	44	 	 	 	7	 	 	 	0	 	 	 	36	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	30	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2015	 	 	0	 	 	 	40	 	 	 	7	 	 	 	0	 	 	 	33	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	27	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2016	 	 	0	 	 	 	36	 	 	 	6	 	 	 	0	 	 	 	30	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	25	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2017	 	 	0	 	 	 	33	 	 	 	5	 	 	 	0	 	 	 	27	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	24	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2018	 	 	0	 	 	 	30	 	 	 	5	 	 	 	0	 	 	 	25	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	22	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2019	 	 	0	 	 	 	26	 	 	 	4	 	 	 	0	 	 	 	22	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	20	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	-1	 
	2020	 	 	0	 	 	 	14	 	 	 	2	 	 	 	0	 	 	 	12	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2021	 	 	0	 	 	 	13	 	 	 	2	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2022	 	 	0	 	 	 	12	 	 	 	2	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2023	 	 	0	 	 	 	12	 	 	 	2	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	-2	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	263	 	 	 	0	 	 	 	32	 	 	 	0	 	 	 	224	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	3	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Discounted	 	 	5	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	218	 	 	 	0	 	 	 	28	 	 	 	0	 	 	 	185	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	4	 
	Cash	 	 	10	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	186	 	 	 	0	 	 	 	25	 	 	 	0	 	 	 	156	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 
	Streams	 	 	15	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	161	 	 	 	0	 	 	 	22	 	 	 	0	 	 	 	135	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	3	 
	 	 	 	20	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	142	 	 	 	0	 	 	 	20	 	 	 	0	 	 	 	118	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	3	 

 

    	7

    	 

    

 

	Table C-3A
	Proved Developed Producing
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	PRODUCTION AND PRICE FORECAST
	(As of Date: 2012-08-31)

 

	Year	 	Gas Wells	 	 	Gas Daily	 	 	Gas Gross	 	 	Gas Co Gross	 	 	Gas Co Net	 	 	Gas Price	 
	 	 	 	 	 	Mcf/d	 	 	MMcf	 	 	MMcf	 	 	MMcf	 	 	$/Mcf	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	2	 	 	 	987	 	 	 	120	 	 	 	6	 	 	 	5	 	 	 	2.27	 
	2013	 	 	2	 	 	 	926	 	 	 	338	 	 	 	18	 	 	 	14	 	 	 	2.27	 
	2014	 	 	2	 	 	 	842	 	 	 	307	 	 	 	16	 	 	 	13	 	 	 	2.27	 
	2015	 	 	2	 	 	 	766	 	 	 	280	 	 	 	15	 	 	 	12	 	 	 	2.27	 
	2016	 	 	2	 	 	 	697	 	 	 	255	 	 	 	13	 	 	 	11	 	 	 	2.27	 
	2017	 	 	2	 	 	 	634	 	 	 	231	 	 	 	12	 	 	 	10	 	 	 	2.27	 
	2018	 	 	2	 	 	 	577	 	 	 	211	 	 	 	11	 	 	 	10	 	 	 	2.27	 
	2019	 	 	2	 	 	 	507	 	 	 	185	 	 	 	10	 	 	 	9	 	 	 	2.27	 
	2020	 	 	1	 	 	 	274	 	 	 	100	 	 	 	5	 	 	 	5	 	 	 	2.27	 
	2021	 	 	1	 	 	 	254	 	 	 	93	 	 	 	5	 	 	 	4	 	 	 	2.27	 
	2022	 	 	1	 	 	 	235	 	 	 	86	 	 	 	4	 	 	 	4	 	 	 	2.27	 
	2023	 	 	1	 	 	 	217	 	 	 	26	 	 	 	1	 	 	 	1	 	 	 	2.27	 
	Total	 	 	 	 	 	 	 	 	 	 	2233	 	 	 	116	 	 	 	100	 	 	 	 	 

 

    	8

    	 

    

 

	Table C-3A
	Proved Developed Producing
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	SUMMARY OF RESERVES AND NET PRESENT VALUE
	(As of Date: 2012-08-31)

 

	 	 	Revenue	 	 	Royalties	 	 	 	 	 	 	 
	Year	 	Oil	 	 	Gas	 	 	NGL	 	 	Sul	 	 	Roy	 	 	Other
 Income	 	 	Crown	 	 	Adjust	 	 	FH/
 Indian	 	 	ORR	 	 	Min
 Taxes	 	 	Opex	 	 	NPI/
 Other
 Expense	 
	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	14	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	11	 	 	 	0	 
	2013	 	 	0	 	 	 	40	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	32	 	 	 	0	 
	2014	 	 	0	 	 	 	36	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	6	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	30	 	 	 	0	 
	2015	 	 	0	 	 	 	33	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	27	 	 	 	0	 
	2016	 	 	0	 	 	 	30	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	25	 	 	 	0	 
	2017	 	 	0	 	 	 	27	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	24	 	 	 	0	 
	2018	 	 	0	 	 	 	25	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	22	 	 	 	0	 
	2019	 	 	0	 	 	 	22	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	20	 	 	 	0	 
	2020	 	 	0	 	 	 	12	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	11	 	 	 	0	 
	2021	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	10	 	 	 	0	 
	2022	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 
	2023	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 
	Total	 	 	 	 	 	 	263	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	37	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	224	 	 	 	0	 

 

	 	 	 	 	 	Capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year	 	Oper
 Inc	 	 	CEE	 	 	CDE	 	 	CCA	 	 	COGPE	 	 	Total
 Capital	 	 	Net
 Rev	 	 	Cum Net
 Revenue	 	 	ARTC	 	 	Aband
 Cost	 	 	SK Tax	 	 	Cash
 Flow	 	 	Cum Cash 

Flow	 
	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	1	 
	2013	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	2	 
	2014	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	3	 
	2015	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 
	2016	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	4	 
	2017	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	5	 
	2018	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	6	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	6	 
	2019	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-1	 	 	 	4	 
	2020	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 
	2021	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 
	2022	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 
	2023	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-2	 	 	 	3	 
	Total	 	 	7	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 	 	 	 	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	6	 	 	 	 	 

 

	 	 	Discounted Cash Streams NPV (M$)	 
	discR%	 	 	5	 	 	 	10	 	 	 	12	 	 	 	15	 	 	 	18	 	 	 	20	 	 	 	25	 
	BT Net	 	 	6	 	 	 	5	 	 	 	5	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	4	 
	BT Cash Flow	 	 	4	 	 	 	5	 	 	 	3	 	 	 	3	 	 	 	3	 	 	 	3	 	 	 	3	 

 

    	9

    	 

    

 

	Table C-3B
	Probable
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	SUMMARY OF RESERVES AND NET PRESENT VALUE
	(As of Date: 2012-08-31)

 

	 	 	Reserves	 
	 	 	Lt Med
 Oil	 	 	Heavy
 Oil	 	 	Solution
 Gas	 	 	Non-Assoc
 Assoc Gas	 	 	Ethane	 	 	Propane	 	 	Butane	 	 	Pentanes
 Plus	 	 	Total
 NGL	 	 	Sulphur	 	 	Equiv
 Oil	 
	 	 	Mbbl	 	 	Mbbl	 	 	MMcf	 	 	MMcf	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	Mbbl	 	 	MLt	 	 	Mboe	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Gross	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	783	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	130.5	 
	Co Grs	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	41	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	6.8	 
	Co Net	 	 	0.0	 	 	 	0.0	 	 	 	0	 	 	 	35	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	0.0	 	 	 	5.8	 

 

	Net Present Value	 
	Discount
 Rate	 	 	Total Net
 Capital	 	 	Before Tax
 Net Rev	 	 	ARTC Cap
 GCA	 	 	Aband
 Cost	 	 	SK Tax
 Overhead	 	 	Before Tax
 Cash  Flow	 
	%	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	0.0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	 	5.0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	 	8.0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	 	10.0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	 	12.0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	 	15.0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	 	20.0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	 	25.0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 

 

	 	Reserve Life = 13.8 yrs	Reserve Half Life = 9.2 yrs	BOE Reserve Index = 150.4	 	 

 

	YEARLY SUMMARY OF RESERVES AND NET PRESENT VALUE

 

	

 

	Probable
	(As of Date: 2012-08-31)
	Year	 	Oil Comp
 Grs	 	 	Gas
 Comp
 Grs	 	 	BOE
 Comp
 Grs	 	 	Oil
 Rev	 	 	Gas
 Rev	 	 	Other
 Rev	 	 	Total
 Crown	 	 	Non-
 Crown	 	 	Lease
 Expen	 	 	Other
 Expen	 	 	Total
 Cap	 	 	Aband
 Etc	 	 	BTax
 Cash
 Flow	 
	 	 	Bb/d	 	 	Mcf/d	 	 	Boe/d	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2013	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2014	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2015	 	 	0	 	 	 	3	 	 	 	1	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2016	 	 	0	 	 	 	4	 	 	 	1	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2017	 	 	0	 	 	 	4	 	 	 	1	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2018	 	 	0	 	 	 	5	 	 	 	1	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2019	 	 	0	 	 	 	6	 	 	 	1	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	-2	 	 	 	2	 
	2020	 	 	0	 	 	 	16	 	 	 	3	 	 	 	0	 	 	 	13	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	12	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2021	 	 	0	 	 	 	15	 	 	 	3	 	 	 	0	 	 	 	12	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2022	 	 	0	 	 	 	14	 	 	 	2	 	 	 	0	 	 	 	12	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	-1	 
	2023	 	 	0	 	 	 	10	 	 	 	2	 	 	 	0	 	 	 	8	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	7	 	 	 	0	 	 	 	0	 	 	 	-2	 	 	 	2	 
	2024	 	 	0	 	 	 	13	 	 	 	2	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2025	 	 	0	 	 	 	12	 	 	 	2	 	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2026	 	 	0	 	 	 	11	 	 	 	2	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	-2	 
	Total	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0	 	 	 	92	 	 	 	0	 	 	 	11	 	 	 	0	 	 	 	79	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Discounted	 	 	5	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	60	 	 	 	0	 	 	 	8	 	 	 	0	 	 	 	50	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	Cash	 	 	10	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	41	 	 	 	0	 	 	 	6	 	 	 	0	 	 	 	33	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 
	Stream	 	 	15	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	29	 	 	 	0	 	 	 	5	 	 	 	0	 	 	 	23	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	 	 	 	20	%	 	 	 	 	 	 	 	 	 	 	0	 	 	 	21	 	 	 	0	 	 	 	4	 	 	 	0	 	 	 	17	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 

  

    	10

    	 

    

 

	Table C-3B
	Probable
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	PRODUCTION AND PRICE FORECAST
	(As of Date: 2012-08-31)

 

	Year	 	Gas Wells	 	 	Gas Daily	 	 	Gas Gross	 	 	Gas Co Gross	 	 	Gas Co Net	 	 	Gas Price	 
	 	 	 	 	 	Mcf/d	 	 	MMcf	 	 	MMcf	 	 	MMcf	 	 	$/Mcf	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	6	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	2.27	 
	2013	 	 	0	 	 	 	22	 	 	 	8	 	 	 	0	 	 	 	0	 	 	 	2.27	 
	2014	 	 	0	 	 	 	42	 	 	 	15	 	 	 	1	 	 	 	1	 	 	 	2.27	 
	2015	 	 	0	 	 	 	59	 	 	 	21	 	 	 	1	 	 	 	1	 	 	 	2.27	 
	2016	 	 	0	 	 	 	72	 	 	 	26	 	 	 	1	 	 	 	1	 	 	 	2.27	 
	2017	 	 	0	 	 	 	83	 	 	 	30	 	 	 	2	 	 	 	1	 	 	 	2.27	 
	2018	 	 	0	 	 	 	92	 	 	 	34	 	 	 	2	 	 	 	1	 	 	 	2.27	 
	2019	 	 	0	 	 	 	118	 	 	 	43	 	 	 	2	 	 	 	2	 	 	 	2.27	 
	2020	 	 	1	 	 	 	309	 	 	 	113	 	 	 	6	 	 	 	5	 	 	 	2.27	 
	2021	 	 	1	 	 	 	290	 	 	 	106	 	 	 	6	 	 	 	5	 	 	 	2.27	 
	2022	 	 	1	 	 	 	273	 	 	 	100	 	 	 	5	 	 	 	5	 	 	 	2.27	 
	2023	 	 	0	 	 	 	191	 	 	 	70	 	 	 	4	 	 	 	3	 	 	 	2.27	 
	2024	 	 	1	 	 	 	248	 	 	 	91	 	 	 	5	 	 	 	4	 	 	 	2.27	 
	2025	 	 	1	 	 	 	233	 	 	 	85	 	 	 	4	 	 	 	4	 	 	 	2.27	 
	2026	 	 	1	 	 	 	218	 	 	 	40	 	 	 	2	 	 	 	2	 	 	 	2.27	 
	Total	 	 	 	 	 	 	 	 	 	 	783	 	 	 	41	 	 	 	35	 	 	 	 	 

 

    	11

    	 

    

 

	Table C-3B
	Probable
	Eagleford Energy Inc.
	Prod. Start: 2012-09-01
	SUMMARY OF RESERVES AND NET PRESENT VALUE
	(As of Date: 2012-08-31)

 

	 	 	Revenue	 	 	Royalties	 	 	 	 	 	 	 
	Year	 	Oil	 	 	Gas	 	 	NGL	 	 	Sul	 	 	Roy	 	 	Other
 Income	 	 	Crown	 	 	Adjust	 	 	FH/
 Indian	 	 	ORR	 	 	Min
 Taxes	 	 	Opex	 	 	NPI/
 Other
 Expense	 
	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2013	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 
	2014	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 
	2015	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 
	2016	 	 	0	 	 	 	3	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 
	2017	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 
	2018	 	 	0	 	 	 	4	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 	 	 	0	 
	2019	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 	 	 	0	 
	2020	 	 	0	 	 	 	13	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	12	 	 	 	0	 
	2021	 	 	0	 	 	 	12	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	11	 	 	 	0	 
	2022	 	 	0	 	 	 	12	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	11	 	 	 	0	 
	2023	 	 	0	 	 	 	8	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	7	 	 	 	0	 
	2024	 	 	0	 	 	 	11	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	10	 	 	 	0	 
	2025	 	 	0	 	 	 	10	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	9	 	 	 	0	 
	2026	 	 	0	 	 	 	5	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	5	 	 	 	0	 
	Total	 	 	 	 	 	 	92	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	13	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	79	 	 	 	0	 

 

	 	 	 	 	 	Capital	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year	 	Oper
 Inc	 	 	CEE	 	 	CDE	 	 	CCA	 	 	COGPE	 	 	Total
 Capital	 	 	Net
 Rev	 	 	Cum Net
 Revenue	 	 	ARTC	 	 	Aband
 Cost	 	 	SK Tax	 	 	Cash
 Flow	 	 	Cum Cash 

Flow	 
	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 	 	M$	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2012	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2013	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2014	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2015	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 
	2016	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2017	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2018	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 
	2019	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	-2	 	 	 	0	 	 	 	2	 	 	 	2	 
	2020	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 
	2021	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	1	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	3	 
	2022	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-1	 	 	 	2	 
	2023	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-2	 	 	 	0	 	 	 	2	 	 	 	3	 
	2024	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 
	2025	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	4	 
	2026	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	2	 	 	 	0	 	 	 	-2	 	 	 	2	 
	Total	 	 	2	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	 	 	 	 	0	 	 	 	0	 	 	 	0	 	 	 	2	 	 	 	 	 

 

	 	 	Discounted Cash Streams NPV (M$)	 
	discR%	 	 	5	 	 	 	10	 	 	 	12	 	 	 	15	 	 	 	18	 	 	 	20	 	 	 	25	 
	BT Net	 	 	2	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 
	BT Cash Flow	 	 	2	 	 	 	2	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 	 	 	1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	12

    	 

    

 

	Table C4
	NI 51-101
	Summary of Pricing Assumptions
	As of August 31, 2012
	Constant Prices and Costs

 

	 	 	Oil	 	 	Gas	 	 	NGLs	 	 	 	 
	Year	 	WTI
 Cushing
 Oklahoma
 ($US/bbl)	 	 	Edmonton
 Par Price
 40o API
 ($Cdn/bbl)	 	 	Cromer
 Medium
 29.3o API
 ($Cdn/bbl)	 	 	Natural Gas (1)
 AECO Gas
 Prices
 ($Cdn/MMBtu)	 	 	Pentanes
 Plus F.O.B.
 Field Gate
 ($Cdn/bbl)	 	 	Butanes
 F.O.B.
 Field Gate
 ($Cdn/bbl)	 	 	Exchange
 Rate
 ($US/$Cdn)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Historical	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aug. 31, 2005	 	 	68.95	 	 	 	87.14	 	 	 	57.68	 	 	 	11.09	 	 	 	81.36	 	 	 	47.48	 	 	 	0.842	 
	Aug. 31, 2006	 	 	70.27	 	 	 	70.98	 	 	 	83.11	 	 	 	5.07	 	 	 	70.34	 	 	 	65.11	 	 	 	0.904	 
	Aug. 31, 2007	 	 	74.04	 	 	 	76.44	 	 	 	73.52	 	 	 	4.65	 	 	 	79.19	 	 	 	63.52	 	 	 	0.947	 
	Aug. 31, 2008	 	 	115.46	 	 	 	122.15	 	 	 	113.47	 	 	 	7.12	 	 	 	122.58	 	 	 	83.38	 	 	 	0.942	 
	Aug. 31, 2009	 	 	69.96	 	 	 	73.41	 	 	 	67.48	 	 	 	2.34	 	 	 	73.90	 	 	 	57.97	 	 	 	0.913	 
	Aug. 31, 2010	 	 	71.92	 	 	 	73.22	 	 	 	70.05	 	 	 	3.34	 	 	 	75.01	 	 	 	51.22	 	 	 	0.940	 
	Aug. 31, 2011	 	 	96.20	 	 	 	90.95	 	 	 	87.74	 	 	 	3.77	 	 	 	96.73	 	 	 	69.59	 	 	 	1.010	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Constant	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Aug. 31, 2012	 	 	94.28	 	 	 	90.56	 	 	 	84.78	 	 	 	2.57	 	 	 	104.64	 	 	 	67.35	 	 	 	0.99	 

 

		(1)	This summary table indentifies benchmark reference pricing schedules that might apply to a reporting issuer.

 

Notes: Product sale prices will reflect
these reference prices with further adjustments for quality and transportation to point of sale

 

    	13

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