Document:

EX-10.3

 Exhibit 10.3 

TENNECO INC. 

PERFORMANCE SHARE UNIT AWARD AGREEMENT 

(            -         
   Performance Period) 
  
  

Participant 
 Effective as of [Grant Date] (the
“Grant Date”), the Participant has been granted a Full Value Award (the “Award”) under the Tenneco Inc. 2006 Long-Term Incentive Plan (the “Plan”) in the form of performance share units (“PSUs”) with respect
to the number of shares of Common Stock (“Target PSUs”) set forth herein. The Award is subject to the following terms and conditions (sometimes referred to as this “Award Agreement”) and the terms and conditions of the Plan as
the same has been and may be amended from time to time. Terms used in this Award Agreement are defined elsewhere in this Award Agreement; provided, however, that, capitalized terms used herein and not otherwise defined shall have the meaning set
forth in the Plan. 
 1. General Terms of the Award. The following terms and conditions apply to the Award: 

 

			
	 Performance Period:
	  	January 1, 201     to December 31, 202    
		
	 Target PSUs:
	  	  

		
	 Earning of Award:
	  	50% based on Relative TSR Performance
	 	  	50% based on Cumulative EVA Performance

 Appendix A of this Award Agreement, which is incorporated herein and forms a part of this Award Agreement, sets forth the
manner in which the “Relative TSR Performance” and “Cumulative EVA Performance” are calculated for purposes of this Award Agreement for the Performance Period. Relative TSR Performance and Cumulative EVA Performance are sometimes
referred to herein individually as a “Performance Target” and collectively as the “Performance Targets”. 
 2.
Determination of Amount of Award. The number of Target PSUs that shall become vested pursuant to this Award shall be based on satisfaction of Performance Targets as determined in accordance with the following: 

 

	 	(a)	TSR Target PSUs. For purposes hereof, the Participant’s “TSR Target PSUs” is 50% of his or her total Target PSUs. The maximum number of TSR Target PSUs (expressed as a percentage, the
“TSR Vesting Percentage”) to which the Participant may become entitled under the Award (subject to the terms and conditions of the Plan) is based on the Company TSR Percentile Ranking (calculated as described in Appendix A) for the
Performance Period based on the following chart: 

			
	 Relative TSR Performance

(Company TSR Percentile Ranking)
	  	TSR Vesting Percentage
	3 75th	  	200% (maximum)
	50th	  	100% (target)
	25th	  	25% (threshold)
	<25th	  	0%

 Interpolation shall be used to determine the TSR Vesting Percentage in the event the Relative TSR Performance
does not fall directly on one of the ranks listed in the above chart. 
  

	 	(b)	EVA Target PSUs. For purposes hereof, the Participant’s “EVA Target PSUs” is 50% of his or her total Target PSUs. The maximum number of EVA Target PSUs (expressed as a percentage, the
“EVA Vesting Percentage”) to which the Participant may become entitled under the Award (subject to the terms and conditions of this Award Agreement) is based on the achievement by the Company of Cumulative EVA (calculated as described in
Appendix A) for the Performance Period against the Cumulative EVA Target established by the Committee for the Performance Period. 

  

	 	(c)	Determination of Performance Targets and Number of Vested Target PSUs. As soon as practicable following the end of the Performance Period, the Committee shall determine whether and the extent to which the
Performance Targets have been satisfied and the number of the Participant’s Target PSUs to which the Participant shall be entitled under the Award, subject to the terms and conditions of Paragraph 3 and the other terms and conditions of this
Award Agreement. 

 3. Form and Timing of Settlement of Award. 

 

	 	(a)	Unvested Award. Except as otherwise specifically provided herein, the Participant shall have no right with respect to any payments or other amounts in respect of this Award until the Award is actually settled on
the Settlement Date (as defined below) and if the Participant’s Termination Date occurs before the Settlement Date, the Participant shall forfeit this Award and shall have no rights with respect thereto. 

 

	 	(b)	Settlement Generally. Except as otherwise provided in this Paragraph 3, the settlement of this Award shall be made following the end of the Performance Period as of a date determined by the Committee and no later
than two and one-half months after the end of the Performance Period (such date, the “Settlement Date”). Unless otherwise determined by the Committee in accordance with the terms of the Plan,
settlement shall be made in the form of shares of Common Stock with one share of Common Stock being issued in settlement of each vested Target PSU, plus an amount of cash equal to the Fair Market Value of any fractional vested Target PSUs being
settled as of such Settlement Date. Upon the settlement of the Award, the Award shall be cancelled. 

  
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	 	(c)	Termination for Death, Total Disability or Retirement. Notwithstanding the provisions of Paragraphs 3(a) and (b), if the Participant’s Termination Date occurs on or before the end of the Performance Period:

  

	 	(i)	as a result of the Participant’s death or Total Disability (as defined below), the Participant (or, in the event of his or her death, his or her beneficiary) shall be entitled to settlement of that number of Target
PSUs equal to the product of (A) 100% of the Target PSUs subject to this Award for the Performance Period, multiplied by (B) the Termination Multiplier (as defined below), which Target PSUs shall be settled within 60 days after the
Participant’s Termination Date (and such date shall be the “Settlement Date” for purposes of this Award Agreement), or 

  

	 	(ii)	as a result of Retirement (as defined below), the Participant shall be entitled to settlement of that number of Target PSUs equal to the product of (A) the number of Target PSUs to which the Participant would
otherwise have been entitled pursuant to Paragraph 2 for the Performance Period had the Participant’s Termination Date not occurred prior to the end of the Performance Period, multiplied by (B) the Termination Multiplier, which Target PSUs
shall be settled on the Settlement Date. 

 If the Participant’s Termination Date occurs after the end of the Performance
Period and prior to the Settlement Date for the Performance Period as a result of the Participant’s death, Total Disability or Retirement, the Participant (or, in the event of his or her death, his or her beneficiary) shall be entitled to
settlement on the Settlement Date of that number of Target PSUs to which the Participant would have been entitled for the Performance Period had his or her Termination Date not occurred prior to the Settlement Date. 

 

	 	(d)	Change in Control. In the event of a Change in Control, the terms of Article 6 of the Plan shall control. 

  

	 	(e)	 Certain Definitions. For purposes of this Award Agreement, the term (i) “Total Disability” means
an event that results in the Participant being (A) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than twelve (12) months, or (B) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less
than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company or its Subsidiaries, (ii) “Retirement” means the
Participant’s termination of employment with the Company and its Subsidiaries, other than termination by the Company and its 

  
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Subsidiaries for cause, which shall include the failure to meet the obligations required by the individual’s position (as determined in the reasonable discretion of the Committee), after the
date on which the Participant attains (A) age 65 or (B) age 55 and has completed at least 10 years of service with the Company and its Subsidiaries, and (iii)“Termination Multiplier” means a fraction, the numerator of which is
the number of full months of the Participant’s employment during the Performance Period prior to his or her Termination Date and the denominator of which is the number of full months in the Performance Period. 

 

	 	(f)	Effect of Contrary Terms in Employment Agreement. In the event that the Company (or any of its Subsidiaries) is a party to a written employment agreement with the Participant, and if the employment agreement is
inconsistent with the provisions of this Paragraph 3, the terms of the employment agreement will take precedence over the foregoing provisions, as applicable. 

4. Payment of Fair Market Value in Certain Cases. If the Participant is entitled to receive payment for the fair market value of this
Award pursuant to Article 6 of the Plan (relating to Change in Control), that fair market value shall be equal to the amount the Participant would have received hereunder as if (a) his or her service had continued through the end of the
Performance Period and (b) he or she had earned 100% of his or her Target PSUs. 
 5. Withholding. All Awards and
distributions under the Plan, including this Award and any distribution in respect of this Award, are subject to withholding of all applicable taxes, and the delivery of any cash or other benefits under the Plan or this Award is conditioned on
satisfaction of the applicable tax withholding obligations. Such withholding obligations may be satisfied, at the Participant’s election, (a) through cash payment by the Participant, (b) through the surrender of shares of Common Stock
that the Participant already owns, or (c) through the surrender of shares of Common Stock to which the Participant is otherwise entitled under the Plan; provided, however, that any withholding obligations with respect to any Participant shall
be satisfied by the method set forth in subparagraph (c) of this Paragraph 5 unless the Participant otherwise elects in accordance with this Paragraph 5. The amount withheld in the form of shares of Common Stock under this Paragraph 5 may
not exceed the minimum statutory withholding obligation (based on the minimum statutory withholding rates for Federal and state purposes, including, without limitation, payroll taxes) unless otherwise elected by the Participant, in no event shall
the Participant be permitted to elect less than the minimum statutory withholding obligation, and in no event shall the Participant be permitted to elect to have an amount withheld in the form of shares of Common Stock pursuant to this Paragraph 5
that exceeds the maximum individual tax rate for the employee in applicable jurisdictions. 
 6. Transferability. This Award is
not transferable except as designated by the Participant by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order. 

7. Heirs and Successors. If any benefits deliverable to the Participant under this Award Agreement have not been delivered at the
time of the Participant’s death, such benefits shall be delivered to the Participant’s Designated Beneficiary, in accordance with the provisions of this Award Agreement. The “Designated Beneficiary” shall be the beneficiary or

  
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beneficiaries designated by the Participant in a writing filed with the Company in such form and at such time as the Company shall require and in accordance with such rules and procedures
established by the Company. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable
to the Participant shall be distributed to the legal representative of the estate of the Participant. 
 8. Administration. The
authority to administer and interpret this Award and this Award Agreement shall be vested in the Committee, and the Committee shall have all powers with respect to this Award and this Award Agreement as it has with respect to the Plan. Any
interpretation of this Award or this Award Agreement by the Committee and any decision made by it with respect to the Award or the Award Agreement is final and binding on all persons. 

9. Addendum to Award Agreement. Notwithstanding any provision of this Award Agreement, if the Participant resides and/or works outside
the United States of America (the “United States”, “U.S.” or “U.S.A.”), this Award shall be subject to the special terms and conditions set forth in Appendix B (the “Addendum”) for the Participant’s
country. Further, if Participant transfers residence and/or employment to another country reflected in the Addendum, the special terms and conditions for such country will apply to Participant to the extent the Company determines, in its sole
discretion, that the application of such special terms and conditions is necessary or advisable for legal or administrative reasons (or the Company may establish alternative terms and conditions as may be necessary or advisable to accommodate
Participant’s transfer). The Addendum shall constitute part of this Award Agreement. 
 10. Notices. Any notice required or
permitted under this Award Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Committee or the Company at the Company’s principal
offices, to the Participant at the Participant’s address as last known by the Company or, in any case, such other address as one party may designate in writing to the other. 

11. Governing Law. The validity, construction and effect of this Award Agreement shall be determined in accordance with the laws
of the State of Illinois and applicable federal law. 
 12. Amendments. The Board may, at any time, amend or terminate the Plan,
and the Committee may amend this Award Agreement, provided that, except as provided in the Plan, no amendment or termination may, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living,
the affected beneficiary), adversely affect the rights of any Participant or beneficiary under this Award Agreement prior to the date such amendment or termination is adopted by the Board or the Committee, as the case may be. Without limiting
the generality of the foregoing or of Paragraph 15, the Committee may amend or terminate this Award at any time prior to the Settlement Date in its sole discretion to exercise downward discretion in the amount payable under this Award if the
Committee determines that the payout yielded or that would be yielded by this Award for the Performance Period does not accurately reflect the Company’s performance for the Performance Period. 

  
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 13. Award Not Contract of Employment. The Award does not constitute a contract of
employment or continued service, and the grant of the Award shall not give the Participant the right to be retained in the employ or service of the Company or any Subsidiary, nor any right or claim to any benefit under the Plan or this Award
Agreement, unless such right or claim has specifically accrued under the terms of the Plan and this Award Agreement.
 14.
Severability. If a provision of this Award Agreement is held invalid by a court of competent jurisdiction, the remaining provisions shall nonetheless be enforceable according to their terms. Further, if any provision is held to be
overbroad as written, that provision shall be amended to narrow its application to the extent necessary to make the provision enforceable according to applicable law and enforced as amended. 

15. Plan Governs/Other Terms. The Award evidenced by this Award Agreement is granted pursuant to the Plan, and this Award and this
Award Agreement are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Award Agreement by reference or are expressly cited. Notwithstanding any
other provision of the Plan or this Award Agreement, (a) all Awards are subject to the Company’s recoupment or clawback policies as applicable and as in effect from time to time, (b) if the Committee determines, in its sole
discretion, that the Participant at any time has willfully engaged in any activity that the Committee determines was or is harmful to the Company or any of its Subsidiaries, any unpaid portion of the Award shall be forfeited and the Participant
shall have no rights with respect thereto, (c) the Committee may, in its sole and absolute discretion, adjust any Performance Target or the calculation thereof, and (d) this Award is subject to forfeiture if the Participant fails to accept
the Award within the first twelve (12) months following the Grant Date in accordance with procedures established by the Company. 
 16.
Counterparts. This Award Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument. 

17. Special Section 409A Rules. It is intended that any amounts payable under this Award Agreement shall either
be exempt from or comply with section 409A of the Code. The provisions of this Award shall be construed and interpreted in accordance with section 409A of the Code. Notwithstanding any other provision of this Award Agreement to the contrary, if any
payment or benefit hereunder is subject to section 409A of the Code, and if such payment or benefit is to be paid or provided on account of the Participant’s termination of employment (or other separation from service): 

 

	 	(a)	and if the Participant is a specified employee (within the meaning of section 409A(a)(2)(B) of the Code) and if any such payment or benefit is required to be made or provided prior to the first day of the seventh month
following the Participant’s separation from service or termination of employment, such payment or benefit shall be delayed until the first day of the seventh month following the Participant’s termination of employment or separation from
service; and 

  
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	 	(b)	the determination as to whether the Participant has had a termination of employment (or separation from service) shall be made in accordance with the provisions of section 409A of the Code and the guidance issued
thereunder without application of any alternative levels of reductions of bona fide services permitted thereunder. 

  

					
	ACCEPTED:	  		  	TENNECO INC.
		
		  	
	  
	  	  

	Type or Print Legal Name	  	(Date)	  	Senior Vice President Global Human Resources and Administration
		
	 	  	
	Signature	  		  	
		
	 	  	
	Social Security Number or National ID	  		  	
		
	 	  	
	Street Address	  		  	
		
	 	  	
	City/State/Zip/Country	  		  	

  
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 APPENDIX A 

DEFINITIONS AND CALCULATION METHODOLOGIES 

Calculation of Relative TSR Performance. 

Calculation of TSR 
  

							
	 “TSR”
	  	=	  	Change in Stock Price + Dividends Paid	  	
		  		  	Beginning Stock Price	  	

 (i) Beginning Stock Price shall mean the average of the Closing Prices for each of the twenty (20) trading days
immediately prior to the first day of the Performance Period; 
 (ii) Ending Stock Price shall mean the average of Closing Prices for each of the last
twenty (20) trading days of the Performance Period; 
 (iii) Change in Stock Price shall equal the Ending Stock Price minus the Beginning Stock Price;

 (iv) Dividends Paid shall mean the total of all dividends paid on one (1) share of stock during the Performance Period, provided that dividends
shall be treated as though they are reinvested; 
 (v) Closing Price shall mean the last reported sale price on the applicable stock exchange or market of
one share of stock for a particular trading day; and 
 (vi) In all events, TSR shall be adjusted to give effect to any stock dividends, stock splits,
reverse stock splits and similar transactions. 
 Calculation of Company TSR Percentile Ranking 

The Company TSR Percentile Ranking is computed by (A) computing the Company’s TSR for the Performance Period and (b) computing the TSR for the
Performance Period of each company that was in the peer group selected by the Committee for the Performance Period (the “Peer Group”), provided that if a company declares bankruptcy at any time during the Performance Period, the company
will be removed from the Peer Group, and if a company does not have publicly reported stock prices for the whole Performance Period, the company will be removed from the Peer Group. The Company TSR Percentile Ranking is the percentage of TSRs of the
Peer Group calculated that are lower than the Company’s TSR (e.g., if the Company’s TSR is greater than 75% of the TSRs of the members of the Peer Group, the Company TSR Percentile Ranking is the 75th percentile). 

 Calculation of Cumulative EVA Performance. 

Cumulative EVA Performance for the Performance Period is based on the Company’s cumulative EVA for the three years during the Performance Period
(“Cumulative EVA”) expressed as a percentage of the three-year target for Cumulative EVA for the Performance Period as established by the Committee (“Cumulative EVA Target”). 

“EVA” means the “economic value added” of the Company determined for the applicable period by deducting the Company’s Capital Charge
from NOPAT, as determined by the Committee. EVA is intended to reflect a measure of profit after subtracting the cost of all capital employed. EVA® is a registered trademark of Stern
Stewart & Co. 
 “Capital Charge” means the Cost of Capital multiplied by the Company’s aggregate capital, as determined by the
Committee. 
 “Cost of Capital” means the Company’s weighted average of the expected return on the Company’s debt and equity capital.
Cost of Capital is intended to reflect the rate of return that an investor could earn by choosing another investment with equivalent risk. 

“NOPAT” means the Company’s net operating profit after tax, as determined by the Committee based on the Company’s audited financial
statements, subject to adjustments established by the Committee. 

  
 9Exhibit 10.1

 

$ 300,000,000

 

GRAN TIERRA ENERGY INTERNATIONAL HOLDINGS
LTD.

6.25% Senior Unsecured Notes due 2025

PURCHASE AGREEMENT

 

February 8, 2018

 

    	 	 	 

     

    

 

February 8, 2018

 

Credit Suisse Securities (USA) LLC

RBC Capital Markets, LLC

As Representatives of the Initial Purchasers

 

 

c/o Credit Suisse Securities
(USA) LLC

Eleven Madison Avenue

New York, New York 10010

 

c/o RBC Capital Markets, LLC

200 Vesey Street

New York, New York 10281

 

Ladies and Gentlemen:

 

Gran Tierra Energy International Holdings
Ltd., an exempted company incorporated with limited liability under the laws of the Cayman Islands (the “Issuer”)
and a wholly-owned indirect subsidiary of Gran Tierra Energy Inc., a Delaware corporation (the “Company”), proposes
to issue and sell to the several purchasers named in Schedule I hereto (the “Initial Purchasers”) $300,000,000
aggregate principal amount of the Issuer’s 6.25% Senior Unsecured Notes due 2025 (the “Notes”). Credit
Suisse Securities (USA) LLC and RBC Capital Markets, LLC have agreed to act as the representatives of the several Initial Purchasers
(the “Representatives”) in connection with the offering and sale of the Notes.

 

The Securities (as defined herein) will
be issued pursuant to the provisions of an indenture, to be dated as of February 15, 2018 (the “Indenture”),
among the Issuer, the Guarantors (as defined herein) and U.S. Bank National Association, as trustee (the “Trustee”).

 

The payment of principal, premium, if any,
and interest on the Notes will be fully and unconditionally guaranteed on a senior unsecured basis, jointly and severally, by (i)
the Company, (ii) the other entities listed on the signature pages hereof as guarantors (the “Subsidiary Guarantors”)
and (iii) any subsidiary of the Company formed or acquired after the Closing Date (as defined herein) that executes an additional
guarantee in accordance with the terms of the Indenture, and their respective successors and assigns (together with the Company
and the Subsidiary Guarantors, the “Guarantors”), pursuant to their guarantees (the “Guarantees”).
The Notes and the Guarantees attached thereto are herein collectively referred to as the “Securities.”

 

The Issuer understands that the Initial
Purchasers propose to make an offering of the Securities on the terms and in the manner set forth herein and in the Time of Sale
Memorandum (as defined herein) and agrees that the Initial Purchasers may resell, subject to the conditions set forth herein, all
or a portion of the Securities to purchasers (the “Subsequent Purchasers”) on the terms set forth in the Time
of Sale Memorandum (the first time when sales of the Securities are made is referred to as the “Time of Sale”).
The Securities will be offered and sold to the Initial Purchasers without being registered under the Securities Act of 1933, as
amended (the “Securities Act”), to qualified institutional buyers in compliance with the exemption from registration
provided by Rule 144A under the Securities Act (“Rule 144A”) and in offshore transactions in reliance on Regulation
S under the Securities Act (“Regulation S”) and to persons in Canada pursuant to available exemptions from the
prospectus requirement under applicable securities laws in each of the provinces of Canada emanating from governmental authorities,
including the respective rules and regulations made thereunder together with applicable published national and local instruments,
policy statements, notices, blanket rulings and orders of the securities commissions or other securities regulatory authorities
in each of the provinces of Canada (together, the “Canadian Securities Commissions”), and all discretionary
rulings and orders applicable to the Company, if any, of the Canadian Securities Commissions (the “Canadian Securities
Laws”). Pursuant to the terms of the Securities and the Indenture, investors who acquire Securities shall be deemed to
have agreed that Securities may only be resold or otherwise transferred, after the date hereof, if such Securities are registered
for sale under the Securities Act or if an exemption from the registration requirements of the Securities Act is available (including
the exemptions afforded by Rule 144A or Regulation S) or as otherwise described in the Time of Sale Memorandum. The Issuer hereby
confirms that it has authorized the use of the Time of Sale Memorandum, the Final Memorandum (as defined herein) and the electronic
road show as set forth on Schedule II in connection with the offer and sale of the Securities by the Initial Purchasers.

 

    	 	1	 

     

    

 

In connection with the sale of the Securities,
the Issuer has prepared and delivered to each Initial Purchaser copies of a preliminary offering memorandum, dated February 1,
2018 (the “Preliminary Memorandum”), and prepared and delivered to each Initial Purchaser copies of a pricing
supplement, dated February 8, 2018, in the form of Schedule IV hereto (the “Pricing Supplement”), describing
the terms of the Securities, each for use by such Initial Purchaser in connection with its solicitation of offers to purchase the
Securities. For purposes of this Agreement, “Additional Written Offering Communication” means any written communication
(as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Securities
other than the Preliminary Memorandum, the Pricing Supplement or the Final Memorandum; and “Time of Sale Memorandum”
means the Preliminary Memorandum together with the Pricing Supplement and each Additional Written Offering Communication or other
information, if any, identified in Schedule II hereto under the caption Time of Sale Memorandum. Promptly after this Agreement
is executed and delivered, the Issuer will prepare and deliver to each Initial Purchaser a final offering memorandum, dated the
date hereof (the “Final Memorandum”). As used herein, the terms “Preliminary Memorandum,” “Time
of Sale Memorandum” and “Final Memorandum” shall include the documents incorporated by reference, or deemed incorporated
by reference, therein (the “Incorporated Documents”). The terms “supplement”, “amendment”
and “amend” as used herein with respect to the Preliminary Memorandum, the Time of Sale Memorandum, the Final
Memorandum or any Additional Written Offering Communication shall include all documents subsequently filed by the Company with
the Securities and Exchange Commission (the “Commission”) pursuant to the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), that are deemed to be incorporated by reference therein.

 

    	 	2	 

     

    

 

For purposes of this Agreement, (i) all
references to “$” or “dollars” are to United States dollars, (ii) all references to “business day”
shall mean a day on which the NYSE MKT LLC (the “NYSE MKT”) and the Toronto Stock Exchange (the “TSX”)
are open for trading, (iii) the terms “herein,” “hereof,” “hereto,” “hereinafter”
and similar terms, as used in this Agreement, shall in each case refer to this Agreement as a whole and not to any particular section,
paragraph, sentence or other subdivision of this Agreement, and (iv) the term “or,” as used herein, is not exclusive.

 

1.               
Representations and Warranties. Each of the Issuer and the Guarantors, jointly and severally, hereby represents and
warrants to, and agrees with each Initial Purchaser that, as of the Time of Sale and as of the Closing Date:

 

(a)           
(i) The Incorporated Documents, when filed with the Commission, conformed or will conform, as the case may be, in all material
respects to the requirements of the Exchange Act and Canadian Securities Laws, respectively, and none of the Incorporated Documents
included or, when filed with the Commission, will include any untrue statement of a material fact or omitted or, when filed, will
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading, (ii) the Time of Sale Memorandum, as of the Time of Sale did not, and as of the Closing Date (as
defined in Section 4) will not, include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading, (iii) any Additional
Written Offering Communication prepared, used or referred to by the Company, when considered together with the Time of Sale Memorandum,
at the time of its use did not include any untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (iv) the Final
Memorandum, as of its date and as of the Closing Date (as defined in Section ‎4),
will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply to statements in or omissions from the Time of Sale Memorandum, the Final Memorandum or
Additional Written Offering Communication based upon information relating to any Initial Purchaser furnished to the Issuer by such
Initial Purchaser expressly for use therein, which, for the avoidance of doubt, shall consist solely of the Initial Purchaser Information
(as defined herein).

 

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(b)           
Except for the Additional Written Offering Communications, if any, identified in Schedule II hereto, and any electronic
road show furnished to you before first use, the Issuer has not prepared, used or referred to, and will not, without your prior
consent, prepare, use or refer to, any written communication (as defined in Rule 405) that constitutes an offer to sell or a solicitation
of an offer to buy the Securities.

 

(c)           
The Issuer has been duly incorporated and is validly existing as an exempted company in good standing under the laws of
the Cayman Islands, with full corporate power and authority to own, lease and operate its properties and assets and conduct its
business as described in the Time of Sale Memorandum and the Final Memorandum, and to enter into and perform its obligations under
each of this Agreement, the Indenture and the Securities.

 

(d)           
The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State
of Delaware, with full corporate power and authority to own, lease and operate its properties and assets and conduct its business
as described in the Time of Sale Memorandum and the Final Memorandum, and to enter into and perform its obligations under each
of this Agreement, the Indenture and the Securities.

 

(e)           
Each Subsidiary Guarantor has been duly incorporated or formed, as applicable and is validly existing as a corporation,
limited liability company or partnership, as applicable, in good standing under the laws of the jurisdiction of its incorporation
or formation, as applicable, has the corporate, company or partnership power, as applicable, and authority to own its property
and to conduct its business as described in the Time of Sale Memorandum and the Final Memorandum, and to enter into and perform
its obligations under each of this Agreement, the Indenture and the Securities, as applicable.

 

(f)           
The Company and each Subsidiary (as defined below) are duly qualified to do business and are in good standing in each jurisdiction
where the ownership or leasing of its properties and assets or the conduct of its business requires such qualification, except
where the failure to be so qualified and in good standing would not, individually or in the aggregate, either (i) have a material
adverse effect on the business, properties, management, condition (financial or otherwise), liquidity, results of operations or
prospects of the Company and the Subsidiaries (as defined below) taken as a whole or (ii) prevent or materially interfere with
consummation of the transactions contemplated hereby (the occurrence of any such effect or any such prevention or interference
or any such result described in the foregoing clauses (i) and (ii) being herein referred to as a “Material Adverse Effect”).

 

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(g)           
The Company has no subsidiaries (as defined under the Securities Act) other than those set forth on Schedule III hereto
(collectively, the “Subsidiaries”). Other than as set forth on Schedule III, the Company owns, directly or indirectly,
all of the issued and outstanding capital stock of, or other equity interests in, each of the Subsidiaries. Except as described
in the Time of Sale Memorandum and the Final Memorandum, other than the capital stock of, or other equity interests in, the Subsidiaries,
the Company does not own, directly or indirectly, any shares of stock or any other equity interests or long-term debt securities
of any corporation, firm, partnership, joint venture, association or other entity. Except as disclosed in the Time of Sale Memorandum
and the Final Memorandum, all of the outstanding shares of capital stock of, or other equity interests in, each of the Subsidiaries
have been duly authorized and validly issued, are fully paid and non-assessable, have been issued in compliance with all applicable
securities laws, were not issued in violation of any preemptive right, resale right, right of first refusal or similar right and
are owned by the Company subject to no security interest, other encumbrance or adverse claims (other than those provided in the
Credit Agreement, originally dated as of September 19, 2015, by and among the Issuer, the Company, the Bank of Nova Scotia and
the lenders party thereto (as amended through, and including, the Closing Date) (the “Credit Agreement”)). Except
as otherwise disclosed in the Time of Sale Memorandum and the Final Memorandum, no options, warrants or other rights to purchase,
agreements or other obligations to issue or other rights to convert any obligation into shares of capital stock of, or equity interests
in, the Subsidiaries are outstanding. Complete and correct copies of the charters and the bylaws of the Company and its Subsidiaries
designated on Schedule III with a cross (†) , as in effect as of the date hereof, and all amendments thereto have
been made available to the Representatives, and no changes therein will be made on or after the date hereof through and including
the Closing Date.

 

(h)           
The Notes have been duly authorized and, when executed and authenticated in accordance with the provisions of the Indenture
and issued, delivered to and paid for in accordance with the terms of this Agreement, will be valid and binding obligations of
the Issuer, enforceable in accordance with their terms, except as the enforcement thereof may be subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally and equitable principles of general applicability, and
will be entitled to the benefits of the Indenture pursuant to which such Notes are to be issued.

 

(i)           
This Agreement has been duly authorized, executed and delivered by the Issuer and each Guarantor. When executed and delivered,
this Agreement will conform in all material respects to the descriptions thereof in the Time of Sale Memorandum and the Final Memorandum.

 

(j)           
The Guarantees of the Notes on the Closing Date will be in the form contemplated by the Indenture and have been duly authorized
for issuance pursuant to this Agreement and the Indenture; the Guarantees of the Notes, at the Closing Date, will have been duly
executed by each of the Guarantors and, when the Notes have been authenticated in the manner provided for in the Indenture and
issued and delivered against payment of the purchase price therefor, the Guarantees of the Notes will constitute valid and binding
obligations of the Guarantors, enforceable in accordance with their terms, except as the enforcement thereof may be subject to
applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and equitable principles of general
applicability.

 

    	 	5	 

     

    

 

(k)           
The Indenture has been duly authorized and, on the Closing Date, will have been duly executed and delivered by the Issuer
and each Guarantor, and will constitute a valid and binding obligation of the Issuer and each Guarantor, enforceable in accordance
with its terms, except as the enforcement thereof may be subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and equitable principles of general applicability.

 

(l)            
Neither the Company nor any of the Subsidiaries is in breach or violation of or in default under (nor has any event occurred
which, with notice, lapse of time or both, would result in any breach or violation of, constitute a default under or give the holder
of any indebtedness (or a person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment
of all or a part of such indebtedness under) (A) its charter or bylaws or similar organizational documents, or (B)(i) the Credit
Agreement, or (ii) any other indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness,
or any license, lease, contract or other agreement or instrument to which it is a party or by which it or any of its properties
or assets may be bound or affected, or (C) any U.S. federal, state, local or foreign law, or (D) any rule or regulation of any
U.S. federal, state, local or foreign governmental or regulatory commission, board, body, authority or agency, or any self-regulatory
organization or other non-governmental regulatory authority (collectively, a “Regulatory Authority”), or (E)
any decree, judgment or order applicable to it or any of its properties or assets, except, in the case of clauses (B)(ii), (C),
(D) and (E) above, for such breaches, violations or defaults as would not, individually or in the aggregate, (x) have a Material
Adverse Effect, or (y) result in any material liability for any Initial Purchaser.

 

(m)           The
execution, delivery and performance of this Agreement, the Indenture, the issuance and sale of the Securities and the consummation
of the transactions contemplated hereby do not and will not conflict with, result in any breach or violation of or constitute
a default under (nor constitute any event which, with notice, lapse of time or both, would result in any breach or violation of,
constitute a default under or give the holder of any indebtedness (or a person acting on such holder’s behalf) the right
to require the repurchase, redemption or repayment of all or a part of such indebtedness under) (or result in the creation or
imposition of a lien, charge or encumbrance on any property or asset of the Company or any Subsidiary pursuant to) (A) the charter
or bylaws or similar organizational document of the Company or any of the Subsidiaries, or (B)(i) the Credit Agreement, or (ii)
any other indenture, mortgage, deed of trust, bank loan or credit agreement or other evidence of indebtedness, or any license,
lease, contract or other agreement or instrument to which the Company or any of the Subsidiaries is a party or by which any of
them or any of their respective properties or assets may be bound or affected, or (C) any U.S. federal, state, local or foreign
law, or (D) any rule or regulation of any Regulatory Authority or (E) any decree, judgment or order applicable to the Company
or any of the Subsidiaries or any of their respective properties or assets, except, in the case of clauses (B)(ii), (C), (D)and
(E) above, for such breaches, violations or defaults as would not, individually or in the aggregate, (x) have a Material Adverse
Effect, or (y) result in any material liability for any Initial Purchaser.

 

    	 	6	 

     

    

 

(n)           
No approval, authorization, license, registration, qualification, decree, consent or order of or filing with any federal,
state, local or foreign governmental or regulatory commission, board, body, authority or agency, or of or with any self-regulatory
organization or other non-governmental regulatory authority (including, without limitation, NYSE MKT and the TSX), or approval
of the stockholders of the Company, is necessary or required in connection with the issuance and sale of the Securities or the
consummation by the Company of the transactions contemplated hereby, except for such approvals, authorizations, licenses, registrations,
qualifications, decrees, consents or orders of or filings, the failure of which to obtain would not, individually or in the aggregate,
have a Material Adverse Effect, provided that the Company is required to file the Final Offering Memorandum and the Pricing Supplement
with the Ontario Securities Commission following the Closing Date.

 

(o)           
Each of the Company and the Subsidiaries has all necessary permits, licenses, authorizations, consents and approvals issued
by the appropriate Regulatory Authorities and has made all necessary filings required under any applicable law, regulation or rule,
and has obtained all necessary permits, licenses, authorizations, consents and approvals from other persons, in order to conduct
their respective businesses as described in the Time of Sale Memorandum or the Final Memorandum, except as would not, individually
or in the aggregate, to have a Material Adverse Effect. Neither the Company nor any of the Subsidiaries is in violation of, or
in default under, or has received notice of any proceedings relating to revocation or modification of, any such permit, license,
authorization, consent or approval or any U.S. federal, state, local or foreign law, regulation or rule or any decree, judgment
or order applicable to the Company or any of the Subsidiaries, except where such violation, default, revocation or modification
would not, individually or in the aggregate, have a Material Adverse Effect.

 

(p)           
Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, there are no actions, suits, proceedings,
claims, investigations or inquiries pending or, to the Company’s knowledge, threatened or contemplated to which the Company
or any of the Subsidiaries or any of their respective directors or officers is or would be a party or of which any of their respective
properties or assets is or would be subject at law or in equity, before or by any Regulatory Authority, except any such action,
suit, proceeding, claim, investigation or inquiry which, if resolved adversely to the Company or any Subsidiary, would not, individually
or in the aggregate, have a Material Adverse Effect.

 

(q)           
McDaniel & Associates Consultants Ltd. (“McDaniel”), which has evaluated the Company’s reserves
data as at December 31, 2016, has represented to the Company that it is, and to the knowledge of the Company is, an independent
petroleum engineering firm with respect to the Company in accordance with guidelines established by the Commission.

 

    	 	7	 

     

    

 

(r)           
The oil and gas reserve estimates of the Company, included or incorporated by reference in the Time of Sale Memorandum and
the Final Memorandum have been prepared by independent reserve engineers in accordance with Commission guidelines or, in the case
of the Form 51-101F1 in accordance with applicable Canadian Securities Laws, in all material respects applied on a consistent basis
throughout the periods involved, and the Company has no reason to believe that such estimates do not fairly reflect the oil and
gas reserves of the Company as of the dates indicated. Other than production of the reserves in the ordinary course of business,
intervening product price fluctuations and as described in the Time of Sale Memorandum or the Final Memorandum, the Company is
not aware of any facts or circumstances that would have a Material Adverse Effect on the reserves or the present value of future
net cash flows therefrom as described in the Time of Sale Memorandum or the Final Memorandum.

 

(s)           
Any and all operations of the Company and each of the Subsidiaries, and to the best of the Company’s knowledge, any
and all operations by third parties on or in respect of the assets and properties of the Company and each of the Subsidiaries,
have in all material respects been conducted in accordance with good oil and gas industry practice and in material compliance with
applicable laws, rules, regulations, orders and directions of government and other competent authorities, except where the failure
to so conduct operations would not have a Material Adverse Effect.

 

(t)            
Deloitte LLP, whose report on the consolidated financial statements of the Company is included or incorporated by reference
in the Time of Sale Memorandum and the Final Memorandum, are independent registered public accountants as required by the Securities
Act and by the rules of the Public Company Accounting Oversight Board.

 

(u)           
The financial statements included or incorporated by reference in the Time of Sale Memorandum and the Final Memorandum,
together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of
the Company and the Subsidiaries as of the dates indicated and the consolidated results of operations, cash flows and changes in
stockholders’ equity of the Company and its Subsidiaries for the periods specified and have been prepared in compliance with
the requirements of the Securities Act and in conformity with U.S. generally accepted accounting principles (“GAAP”)
applied on a consistent basis during the periods involved. The other financial and statistical data included in the Time of Sale
Memorandum and the Final Memorandum are accurately and fairly presented and prepared on a basis consistent with the financial statements
and books and records of the Company. The Company and the Subsidiaries do not have any material liabilities or obligations, direct
or contingent (including any off-balance sheet obligations), not described in the Time of Sale Memorandum and the Final Memorandum.
All disclosures included in the Time of Sale Memorandum and the Final Memorandum regarding “non-GAAP financial measures”
(as such term is defined by the rules and regulations of the Commission) comply with Regulation G under the Exchange Act and Item
10 of Regulation S-K under the Securities Act, to the extent applicable.

 

    	 	8	 

     

    

 

(v)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, each stock option granted under any stock option
plan of the Company or any Subsidiary (each, a “Stock Plan”) was granted with a per share exercise price no
less than the fair market value (as defined in the applicable Stock Plan) per share of Common Stock on the grant date of such option,
and no such grant involved any “back-dating” or similar practice with respect to the effective date of such grant.
Each such stock option (i) was granted in compliance with applicable law and with the applicable Stock Plan(s), (ii) was duly approved
by the Board of Directors (or a duly authorized committee or other delegate thereof) of the Company or such Subsidiary, as applicable,
and (iii) has been properly accounted for in the Company’s consolidated financial statements in accordance with GAAP and
disclosed in the Time of Sale Memorandum and the Final Memorandum.

 

(w)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, subsequent to the respective dates as of which
information is given in the Time of Sale Memorandum or the Final Memorandum, there has not been, whether or not arising in the
ordinary course of business, (i) any material adverse change, or any development involving a prospective material adverse change,
in the business, properties, management, condition (financial or otherwise), liquidity or results of operations of the Company
and the Subsidiaries taken as a whole (a “Material Adverse Change”), (ii) any transaction which is material
to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance
sheet obligations) incurred by the Company or any Subsidiary that is material to the Company and the Subsidiaries taken as a whole,
(iv) any change in the capital stock of, or other equity interests in, or outstanding indebtedness of, the Company or any Subsidiaries
other than any changes in the ordinary course or (v) any dividend or distribution of any kind declared, paid or made on the capital
stock of, or other equity interests in, the Company or any Subsidiary.

 

(x)           
The Company and its Subsidiaries are not, and after giving effect to the offer and sale of the Securities and the application
of the proceeds thereof as described in each of the Time of Sale Memorandum and the Final Memorandum, none of them will be, an
“investment company”, as defined in the Investment Company Act of 1940, as amended (the “Investment
Company Act”).

 

    	 	9	 

     

    

 

(y)           
Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, or such as in the aggregate does not
now cause or will in the future cause a Material Adverse Effect, the Company or one of the Subsidiaries has title to or the irrevocable
right to produce and sell its hydrocarbons (for the purposes of this clause, the foregoing are referred to as the “Company
Interests”). Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, the Company represents
and warrants that the Company Interests: (i) with respect to oil and gas properties underlying the Company’s estimates of
its net proved oil and natural gas reserves contained or incorporated by reference in the Time of Sale Memorandum and the Final
Memorandum, (A) such title, if any, is legal, good and defensible title in conformity with customary industry standards, free and
clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions, except for liens, security
interests, pledges, charges, encumbrances, mortgages and restrictions under operating agreements, unitization and pooling agreements,
production sales contracts, farmout agreements and other oil and gas exploration participation and production agreements, in each
case that secure payment of amounts not yet due and payable or other unmatured obligations and are of a scope and nature customary
for the oil and gas industry or arise in connection with drilling and production operations, or (B) such rights, if any, are free
and clear of encumbrances, adverse claims and any royalties, production payments, working interest reductions or other similar
encumbrances, in each case that are not accurately reflected in the Summary Reserves Assessment and Evaluation Report included
in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, created by, through, or under the Company
or any of its Subsidiaries, except arising out of (x) the Credit Agreement, or (y) those arising in the ordinary course of business
of the Company, and the Company and its Subsidiaries hold the Company Interests under valid, subsisting, binding and enforceable
leases, authorizations, concessions, concession agreements, contracts, subleases, reservations or other agreements, except where
the failure to so hold would not have, individually or in the aggregate, a Material Adverse Effect and (ii) with respect to real
and personal property other than that annexed to oil and gas interests, such title is free and clear of all material liens, security
interests, pledges, charges, encumbrances, mortgages and restrictions. No real property owned, leased, licensed, or used by the
Company lies in an area that is, or to the knowledge of the Company will be, subject to restrictions that would prohibit the continued
effective ownership, leasing, licensing, exploration, development or production or use of such real property in the business of
the Company as presently conducted or as the Time of Sale Memorandum or the Final Memorandum indicates the Company contemplates
conducting, except as may be properly described in the Time of Sale Memorandum or the Final Memorandum, or such as in the aggregate
would not reasonably be expected to result in a Material Adverse Effect. Except as disclosed in the Time of Sale Memorandum or
the Final Memorandum, there are no defects, failures or impairments in the Company Interests to its oil and gas assets, whether
or not an action, suit, proceeding or inquiry is pending or threatened and whether or not discovered by any third party, which
individually or in the aggregate would have (A) a Material Adverse Effect or (B) a material adverse effect on: (x) the quantity
and pre-tax present worth values of the oil and natural gas reserves of the Company shown in the Reserves Assessment, (y) the current
production of the Company and the Subsidiaries taken as a whole, or (z) the current cash flow of the Company and the Subsidiaries
taken as a whole.

 

    	 	10	 

     

    

 

(z)           
Each of the Company and the Subsidiaries owns, licenses or otherwise has the right to use all inventions, patent applications,
patents, trademarks (both registered and unregistered), trade names, service names, know-how (including trade secrets and other
unpatented and/or unpatentable proprietary or confidential information, systems or procedures), copyrights, service marks and other
intellectual property as described in the Time of Sale Memorandum and the Final Memorandum or which is necessary for the conduct
of, or material to, its business (collectively, the “Intellectual Property”), and the Company is unaware of
any claim to the contrary or any challenge by any other person to the rights of the Company or any of the Subsidiaries with respect
to the Intellectual Property, except in each case as would not, individually or in the aggregate, have a Material Adverse Effect.
Neither the Company nor any of the Subsidiaries has infringed or is infringing the intellectual property of a third party, and
neither the Company nor any Subsidiary is subject to any pending claim, or aware of any threatened or contemplated claim, by a
third party to the contrary, except as would not, individually or in the aggregate, have a Material Adverse Effect.

 

(aa)         
Except for matters which would not, individually or in the aggregate, have a Material Adverse Effect, (i) there is (A) no
unfair labor practice complaint pending or, to the Company’s knowledge, threatened or contemplated against the Company or
any of the Subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or
under collective bargaining agreements is pending or, to the Company’s knowledge, threatened or contemplated, (B) no strike,
labor dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened or contemplated against the Company
or any of the Subsidiaries and (C) no union representation dispute currently existing concerning the employees of the Company or
any of the Subsidiaries, (ii) to the Company’s knowledge, no union organizing activities are currently taking place concerning
the employees of the Company or any of the Subsidiaries and (iii) there has been no violation of any federal, state, local or foreign
law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision
of the Employee Retirement Income Security Act of 1974, as amended, or the rules and regulations promulgated thereunder concerning
the employees of the Company or any of the Subsidiaries.

 

    	 	11	 

     

    

 

(bb)         
Except as would not, individually or in the aggregate, have a Material Adverse Effect: (i) the Company and its Subsidiaries
and their respective properties, assets and operations are in compliance with, and the Company and each of its Subsidiaries hold
and are in compliance with the requirements of all permits, authorizations and approvals required under any applicable federal,
state, local or foreign law, statute, ordinance, rule, regulation, order, decree, judgment, or injunction, relating to the protection
of occupational health and safety, the environment (including, without limitation, ambient air, surface water, groundwater, land
surface or subsurface strata) or wildlife, including, without limitation, those relating to the distribution, processing, generation,
treatment, storage, disposal, transportation, other handling or release or threatened release of Hazardous Materials (as defined
below) (“Environmental Law”); and (ii) neither the Company nor any of its Subsidiaries (a) has agreed to assume,
undertake or provide indemnification for any liability of any other person, (b) is conducting or paying for, in whole or part,
any investigation, remediation or corrective action at any location, or (c) incurred any costs or liabilities, in each case relating
to any Environmental Law or any actual or alleged release or threatened release or cleanup at any location of any flammable explosives,
radioactive materials, toxic chemicals, pollutants, contaminants, hazardous or toxic substances or wastes, petroleum or petroleum
products, asbestos-containing materials or mold or any other hazardous materials as defined or regulated by or which may give rise
to liability under any applicable law (“Hazardous Materials”). Except as would not result in monetary sanctions
over $100,000, neither the Company nor any of its Subsidiaries: (a) is the subject of any pending or, to the Company’s knowledge,
threatened investigation, (b) has received any notice or claim, (c) is a party to or affected by any pending or, to the Company’s
knowledge, threatened action, suit or proceeding, or (d) is bound by any judgment, decree or order, in each case relating to any
Environmental Law or release or threatened release of any Hazardous Materials. The Company and each of the Subsidiaries hold all
material licenses, permits and approvals required under any Environmental Laws in connection with the operation of their businesses
and the ownership and use of their assets, all such licenses, permits and approvals are in full force and effect, and except for
notifications in the ordinary course of business and conditions of general application to assets of reclamation obligations under
environmental protection legislation in any other jurisdiction in which they conduct their business, neither the Company nor any
of the Subsidiaries has received any notification pursuant to any Environmental Law that any work, repairs, constructions or capital
expenditures are required to be made by it as a condition of continued compliance with any Environmental Law, or any license, permit
or approval issued pursuant thereto, or that any license, permit or approval referred to above is about to be reviewed, made subject
to limitations or conditions, revoked, withdrawn or terminated, except as would not, individually or in the aggregate, have a Material
Adverse Effect. There are no past, present or, to the Company’s or Subsidiaries’ knowledge, reasonably anticipated
future events, conditions, circumstances, activities, practices, actions, omissions or plans that would reasonably be expected
to have a material effect on capital expenditures, earnings or competitive position of the Company or any of its Subsidiaries under,
or to interfere with or prevent compliance by the Company or any of its Subsidiaries with, any Environmental Law. In the ordinary
course of their business, the Company and each of the Subsidiaries conduct periodic reviews of the effect of the Environmental
Laws on their respective properties, assets and operations, in the course of which they identify and evaluate associated costs
and liabilities (including, without limitation, any capital or operating expenditures required for cleanup, closure of properties
or compliance with the Environmental Laws or any permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties).

 

    	 	12	 

     

    

 

(cc)         
All tax returns required to be filed by the Company and each of the Subsidiaries have been timely filed, and all taxes and
other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax
or penalties applicable thereto due or claimed to be due from such entities, have been timely paid, other than those being contested
in good faith and for which adequate reserves have been established in accordance with GAAP or those that would not, individually
or in the aggregate, have a Material Adverse Effect.

 

(dd)         
As at the date hereof the Company is not aware of any material tax liability that is not properly accounted for in accordance
with GAAP of the Company or any of the Subsidiaries and the Company is not aware of any grounds which will prompt a reassessment.

 

(ee)         
There are no stamp, registration, documentary or other issuance or transfer taxes or duties or other similar fees or charges
required to be paid by or on behalf of the Initial Purchasers in connection with the execution and delivery of the transaction
documents or the offer or sale of the Notes, provided that Cayman Islands stamp duty will be payable on any transaction document
or Note executed in or brought into, or produced before a court of, the Cayman Islands.

 

(ff)          
Except as otherwise disclosed in the Time of Sale Memorandum or the Final Memorandum, no interest, principal, premium, if
any, or other payments in respect of the notes will be subject to withholding or deductions on account of taxes under the current
laws and regulations of the Cayman Islands, United States, Canada or any political subdivision or taxing authority thereof.

 

(gg)        
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, neither the Company nor any of the Subsidiaries
is a party to or bound by any agreement of guarantee, indemnification (other than an indemnification of directors and officers
in accordance with the by-laws of the Company or any of the Subsidiaries and applicable law and other rights of indemnification
or guarantees granted under registrar and transfer agency agreements, agency or underwriting agreements, financial and strategic
advisory agreements, confidentiality agreements, to the Company’s bankers or pursuant to operating agreements, sale agreements
or similar agreements in the ordinary course of business) or any other like commitment of the obligations, liabilities (contingent
or otherwise) or indebtedness of any other person.

 

    	 	13	 

     

    

 

(hh)        
The Company and each of the Subsidiaries maintain insurance covering their respective properties, assets, operations, personnel
and businesses as the Company reasonably deems adequate. Such insurance insures against such losses and risks to an extent which
is adequate in accordance with customary industry practice to protect the Company and the Subsidiaries and their respective properties,
assets, operations, personnel and businesses in all material respects. All such insurance is, to the Company’s knowledge,
fully in force. Neither the Company nor any Subsidiary has reason to believe that it will not be able to renew any such insurance
as and when such insurance expires.

 

(ii)           
Except as otherwise set forth in the Time of Sale Memorandum or the Final Memorandum, neither the Company nor any Subsidiary
has sent or received any communication regarding termination of, or intent not to renew, any of the contracts or other documents
referred to or described in the Time of Sale Memorandum or the Final Memorandum, or referred to or filed as an exhibit to any Incorporated
Document, and no such termination or non-renewal has been threatened by the Company or any Subsidiary or, to the Company’s
knowledge, any other party to any such contract or other document.

 

(jj)           
The Company and each of the Subsidiaries maintain effective internal control over financial reporting (as defined in Rules
13a-15 and 15d-15 under the Exchange Act), and a system of internal accounting controls sufficient to provide reasonable assurance
that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability
for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; (iv)
the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences; and (v) the interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Time of Sale Memorandum and the Final Memorandum, if any, fairly presents the information called for in all
material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. The Company’s
independent registered public accountants and the Audit Committee of the Board of Directors of the Company have been advised of
(i) all significant deficiencies and material weaknesses, if any, in the design or operation of the Company’s internal control
over financial reporting (whether or not remediated) and (ii) all fraud, if any, whether or not material, that involves management
or other employees who have a role in the Company’s internal control over financial reporting. All material weaknesses and
unremediated significant deficiencies, if any, in the Company’s internal control over financial reporting are disclosed in
the Time of Sale Memorandum or the Final Memorandum. Since the end of the Company’s most recent audited fiscal year, except
as disclosed in the Time of Sale Memorandum or the Final Memorandum, there have not been any changes in the Company’s internal
control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s
internal control over financial reporting.

 

    	 	14	 

     

    

 

(kk)         
The Company and each of the Subsidiaries maintain effective disclosure controls and procedures (as defined in Rules 13a-15
and 15d-15 under the Exchange Act) designed to ensure that information required to be disclosed by the Company in the reports it
files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time period specified in the
Commission’s rules and forms, and is accumulated and communicated to management of the Company, including its principal executive
officer and its principal financial officer, as appropriate, to allow timely decisions regarding disclosure.

 

(ll)           
Except as disclosed in the Time of Sale Memorandum or the Final Memorandum, neither the Company nor any of the Subsidiaries
has any loans or other indebtedness outstanding which have been made to or from any of its shareholders, officers, directors or
employees or any other person not dealing at arm’s length with the Company or any of the Subsidiaries that are currently
outstanding in amounts exceeding $500,000, other than any loans of other indebtedness between the Company and any of its Subsidiaries
or between any such Subsidiaries.

 

(mm)       
No officer, director, employee or any other individual (other than the Company or any of its Subsidiaries or as disclosed
in the Time of Sale Memorandum or the Final Memorandum) not dealing at arm’s length with the Company or any of the Subsidiaries
or, to the knowledge of the Company, any “associate” or “affiliate” (as such terms are defined in the Securities
Act (Alberta)) of any such individual, owns, has or is entitled to any royalty, net profits interest, carried interest or any
other encumbrances or claims of any nature whatsoever which are based on production from the properties or assets of the Company
and the Subsidiaries (taken as a whole) or any revenue or rights attributed thereto.

 

(nn)        
The Company, the Subsidiaries and the Company’s directors and officers are each in compliance in all material respects
with all applicable effective provisions of the Sarbanes-Oxley Act and the rules and regulations of the Commission and NYSE MKT
promulgated thereunder and with all applicable Canadian Securities Laws and rules and regulations of the TSX.

 

(oo)        
The Company is a “reporting issuer” in each of the provinces of Canada within the meaning of applicable Canadian
Securities Laws, and is not in material default of any requirement in relation thereto.

 

(pp)        
The Issuer is a “private issuer” within the meaning of NI 45-106, and is not in material default of any requirement
in relation thereto.

 

(qq)        
Neither the Company nor, to its knowledge, having conducted no inquiry, any of its shareholders is a party to any unanimous
shareholders agreement, pooling agreement, and, voting trust (with respect to any voting trust, other than as disclosed in the
Time of Sale Memorandum or the Final Memorandum) or other similar type of arrangements in respect of outstanding securities of
the Company.

 

    	 	15	 

     

    

 

(rr)          
None of the Canadian Securities Commissions has issued any order: (A) requiring trading in any of the Company’s securities
to cease, (B) preventing or suspending the use of the Time of Sale Memorandum or the Final Memorandum, or (C) preventing the distribution
of the Securities in any province of Canada. The Company has not been informed that any such proceedings have been instituted for
that purpose and, to the knowledge of the Company, no such proceedings are pending or contemplated.

 

(ss)         
Each forward-looking statement contained in the Time of Sale Memorandum and the Final Memorandum has been made or reaffirmed
by the Company with a reasonable basis and in good faith.

 

(tt)          
All statistical or market-related data included in the Time of Sale Memorandum and the Final Memorandum are based on or
derived from sources that the Company reasonably believes to be reliable and accurate, and the Company has obtained the written
consent to the use of such data from such sources to the extent required.

 

(uu)        
None of the Company, any of the Subsidiaries or, to the knowledge of the Company, any director, officer, agent, employee,
affiliate or other person acting on behalf of the Company or any of the Subsidiaries is aware of or has taken any action, directly
or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the
rules and regulations thereunder (the “FCPA”) or the Corruption of Foreign Public Officials Act (Canada), as
amended (the “CFPOA”). The Company, the Subsidiaries and, to the knowledge of the Company, its affiliates have
conducted their businesses in compliance with the FCPA and the CFPOA, when applicable, and have instituted and maintain policies
and procedures designed to ensure, and reasonably expected to ensure, continued compliance therewith.

 

(vv)        
The operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended,
the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), as amended, the money laundering and proceeds of
crime statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines,
issued, administered or enforced by any Regulatory Authority (collectively, the “Money Laundering Laws”). No
action, suit or proceeding by or before any court or Regulatory Authority involving the Company or any of the Subsidiaries with
respect to the Money Laundering Laws is pending or, to the Company’s knowledge, threatened or contemplated.

 

    	 	16	 

     

    

 

(ww)       
 None of the Company, any of the Subsidiaries, or, to the knowledge of the Company, any director, officer, agent, employee,
affiliate or other person acting on behalf of the Company or any of the Subsidiaries is: (i) currently subject to or the target
of any sanctions administered or enforced by the United States Government, including, without limitation, the Office of Foreign
Assets Control of the U.S. Treasury Department (“OFAC”), the United Nations Security Council, the European Union,
Her Majesty’s Treasury; (ii) identified on a list established under section 83.05 of the Criminal Code (Canada) or
any of the regulations issued under the Special Economic Measures Act (Canada); or (iii) currently subject to or the target
of any sanctions administered or enforced by any other relevant sanctions authority (collectively, “Sanctions”),
nor is the Company located, organized or resident in a country or territory that is the subject of Sanctions. The Company will
not directly or indirectly use the proceeds from its sale of Securities contemplated hereby, or lend, contribute or otherwise make
available such proceeds to any Subsidiary, joint venture partner or other person or entity, to fund any activities of or business
with any person or entity, or in any country or territory, that is then the subject of Sanctions or in any other manner that will
result in a violation of Sanctions by any person or entity.

 

(xx)         
No Subsidiary is currently prohibited, directly or indirectly, from paying any dividends or making other distributions to
the Company, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of
such Subsidiary’s properties or assets to the Company or any other Subsidiary of the Company, except, in each case, as described
in the Time of Sale Memorandum and the Final Memorandum.

 

(yy)        
Except pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability for any finder’s
or broker’s fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation
of the transactions contemplated hereby or by the Final Memorandum.

 

(zz)         
Neither the Company nor any of its Subsidiaries nor any of their respective directors, officers, affiliates or controlling
persons has taken, directly or indirectly, any action designed, or which has constituted or might reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of
the Securities.

 

(aaa)       
Any certificate signed by an officer of the Company or any of its Subsidiaries and delivered to the Initial Purchasers or
counsel for the Initial Purchasers pursuant to or in connection with this Agreement shall be deemed a representation and warranty
by the Company to the Initial Purchasers as to the matters covered thereby as of the date or dates indicated in such certificate.

 

(bbb)      
The Securities to be purchased by the Initial Purchasers from the Issuer will on the Closing Date be in the form contemplated
by the Indenture. The Securities and the Indenture will conform to the descriptions thereof in the Time of Sale Memorandum and
the Final Memorandum.

 

    	 	17	 

     

    

 

(ccc)       
At February 15, 2018, on a consolidated basis, after giving pro forma effect to the issuance and sale of the Notes pursuant
hereto and the application of the net proceeds therefrom as described in the Time of Sale Memorandum and the Final Memorandum,
the Company would have an authorized and outstanding capitalization as set forth in the Time of Sale Memorandum and the Final Memorandum,
respectively, under the caption “Capitalization”.

 

(ddd)      
Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent,
sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any securities (as defined in the Securities
Act), that it or will be integrated with the sale of the Securities in a manner that would require registration of the Securities
under the Securities Act or qualification of the Securities by way of a prospectus under applicable Canadian Securities Laws.

 

(eee)       
Without the Representatives’ prior consent, none of the Company or any of its affiliates or any other person acting
on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has solicited offers for, or
offered or sold, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule
502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act
or in any manner which would require the qualification of the Securities for distribution by prospectus under applicable Canadian
Securities Laws.

 

(fff)         
Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 7 and their compliance
with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the
Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by
this Agreement, the Time of Sale Memorandum and the Final Memorandum, to register the Securities under the Securities Act or to
file a prospectus in Canada with the Canadian Securities Commissions, provided that the Company is required to file the Final Offering
Memorandum and the Pricing Supplement with the Ontario Securities Commission following the Closing Date.

 

(ggg)      
At the Closing Date, the Securities will not be of the same class, within the meaning of Rule 144A(d)(3) under the Securities
Act, as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated
inter-dealer quotation system; and each of the Time of Sale Memorandum, as of the Time of Sale, and the Final Memorandum, as of
its date, includes or will include all the information that, if requested by a prospective purchaser of the Securities, would be
required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act and, to the extent applicable
in respect of prospective purchasers resident in Canada.

 

    	 	18	 

     

    

 

(hhh)      
The Issuer, the Guarantors and their affiliates and all persons acting on their behalf (other than the Initial Purchasers,
as to whom the Company make no representation) have complied with and will comply with the offering restrictions requirements of
Regulation S in connection with the offering of the Securities outside the United States and, in connection therewith, the Time
of Sale Memorandum will contain the disclosure required by Rule 902. The Company is a “reporting issuer”, as defined
in Rule 902 under the Securities Act.

 

(iii)          
It is not necessary under the laws of the Cayman Islands (i) to enable the Initial Purchasers to enforce their rights under
this Agreement or to enable any holder of Securities to enforce their respective rights thereunder, provided that they are
not otherwise engaged in business in the Cayman Islands, or (ii) solely by reason of the execution, delivery or consummation of
this Agreement, for any of the Initial Purchasers or any holder of Securities of the Issuer to be qualified or entitled to carry
out business in the Cayman Islands.

 

(jjj)          
This Agreement is in proper form under the laws of the Cayman Islands for the enforcement thereof against the Issuer, and
to ensure the legality, validity, enforceability or (subject to the payment of stamp duty) admissibility into evidence in the Cayman
Islands of this Agreement.

 

(kkk)       
The courts of the Cayman Islands would recognize as a valid judgment any final monetary judgment obtained against the Issuer
in the courts of the State of New York.

 

(lll)          
Neither the Issuer nor any of the Guarantors nor any of its or their properties or assets has any immunity from the jurisdiction
of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution
or otherwise) under the laws of its respective jurisdiction of incorporation. The irrevocable and unconditional waiver and agreement
of the Issuer contained in Section 17(b) not to plead or claim any such immunity in any legal action, suit or proceeding based
on this Agreement is valid and binding under the laws of the Cayman Islands.

 

(mmm)    
The choice of law of the State of New York as the governing law of this Agreement is a valid choice of law under the laws
of the Cayman Islands and will be honored by the courts of the Cayman Islands. The Issuer has the power to submit, and pursuant
to Section 17(a) has, to the extent permitted by law, legally, validly, effectively and irrevocably submitted, to the jurisdiction
of the Specified Courts (as defined in Section 17(a)), and has the power to designate, appoint and empower, and pursuant to
Section 17(a), has legally, validly and effectively designated, appointed and empowered an agent for service of process in
any suit or proceeding based on or arising under this Agreement in any of the Specified Courts.

 

    	 	19	 

     

    

 

2.               
Agreements to Sell and Purchase. Each of the Issuer and the Guarantors hereby agrees to issue and sell to the Initial
Purchasers, and each Initial Purchaser, upon the basis of the representations and warranties herein contained, but subject to the
conditions hereinafter stated, agrees, severally and not jointly, to purchase from the Issuer and the Guarantors the respective
principal amount of Securities set forth in Schedule I hereto opposite its name at a purchase price of 96.612% of the principal
amount thereof (the “Purchase Price”), plus accrued and unpaid interest, if any, from February 8, 2018 to the
Closing Date (as defined below).

 

3.               
Terms of Offering. You have advised the Issuer that the Initial Purchasers will make an offering of the Securities
purchased by the Initial Purchasers hereunder as soon as practicable after this Agreement is entered into as in your judgment is
advisable.

 

4.               
Payment and Delivery. Payment for the Securities shall be made to the Issuer in Federal or other funds immediately
available in New York City against delivery of such Securities to the Representatives through the facilities of The Depository
Trust Company for the respective accounts of the several Initial Purchasers at 10:00 a.m., New York City time, on February 8, 2018,
or at such other time on the same or such other date, not later than February 15, 2018, as shall be designated in writing by the
Representatives. The time and date of such payment are hereinafter referred to as the “Closing Date.” Such delivery
and payment shall be made at the offices of Davis Polk & Wardwell LLP, 450 Lexington Avenue, New York, New York 10017 (or such
other place as may be agreed to by the Issuer and the Representatives). The Issuer hereby acknowledges that circumstances under
which the Representatives may provide notice to postpone the Closing Date as originally scheduled include, but are in no way limited
to, any determination by the Issuer or the Initial Purchasers to recirculate to investors copies of an amended or supplemented
Final Memorandum or a delay as contemplated by the provisions of Section ‎10
hereof.

 

The Notes shall be in definitive form or
global form, as specified by the Representatives, and registered in such names and in such denominations as the Representatives
shall request in writing not later than two full business days prior to the Closing Date. The Securities shall be delivered to
the Representatives on the Closing Date for the respective accounts of the Initial Purchasers, with any transfer taxes payable
in connection with the transfer of the Securities to the Initial Purchasers duly paid, against payment of the Purchase Price therefor
plus accrued interest, if any, to the date of payment and delivery. Time shall be of the essence, and delivery at the time and
place specified in this Agreement is a condition to the obligations of the Initial Purchasers.

 

    	 	20	 

     

    

 

5.               
Conditions to the Initial Purchasers’ Obligations. The several obligations of the Initial Purchasers to purchase
and pay for the Securities as provided herein on the Closing Date are subject to the satisfaction or waiver, as determined by the
Representatives in their sole discretion, of the following conditions precedent on or prior to the Closing Date:

 

(a)           
Subsequent to the execution and delivery of this Agreement and prior to the Closing Date:

 

(i)                
there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading
or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the
Company or any of the securities of the Company or any of its Subsidiaries or in the rating outlook for the Company by any “nationally
recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act; and

 

(ii)               
there shall not have been any material adverse change in the business, properties, management, condition (financial or otherwise),
liquidity, results of operations or prospects of the Company and the Subsidiaries, taken as a whole, from that set forth in the
Time of Sale Memorandum and the Final Memorandum that, in your judgment, is material and adverse and that makes it, in your judgment,
impracticable to market the Securities on the terms and in the manner contemplated in the Time of Sale Memorandum and the Final
Memorandum.

 

(b)           
The representations and warranties of the Issuer and the Guarantors contained in this Agreement shall be true and correct
on and as of the Time of Sale and on and as of the Closing Date as if made on and as of the Closing Date; the statements of the
Issuer’s officers made pursuant to any certificate delivered in accordance with the provisions hereof shall be true and correct
on and as of the date made and on and as of the Closing Date; the Issuer and the Guarantors shall have performed all covenants
and agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date.

 

(c)           
The Initial Purchasers shall have received on the Closing Date a certificate, dated the Closing Date and signed by the principal
executive officer and principal financial officer of each of the Issuer and the Company to the effect that, since the date of this
Agreement:

 

(i)                
there has not occurred any downgrading, nor has any notice have been given of any intended or potential downgrading or of
any review for a possible change that does not indicate the direction of the possible change, in the rating accorded the Company
or any of the securities of the Company or any of its Subsidiaries or in the rating outlook for the Company by any “nationally
recognized statistical rating organization,” as such term is defined in Section 3(a)(62) of the Exchange Act;

 

    	 	21	 

     

    

 

(ii)               
there has not been a Material Adverse Change since the date as of which disclosure is made in the Time of Sale Memorandum;

 

(iii)              
the representations and warranties of the Issuer and the Guarantors contained in this Agreement were true and correct as
of the Time of Sale and are true and correct as of the Closing Date; and

 

(iv)              
the Issuer and the Guarantors have complied with all of the agreements and satisfied all of the conditions on their part
to be performed or satisfied hereunder on or before the Closing Date.

 

(d)          
The Initial Purchasers shall have received on the Closing Date an opinion and negative assurance letter of Gibson, Dunn
& Crutcher LLP, U.S. counsel for the Company, dated the Closing Date, to the effect set forth in Exhibit A. Such opinion and
letter shall be rendered to the Initial Purchasers at the request of the Issuer and shall so state therein.

 

(e)           The
Initial Purchasers shall have received on the Closing Date an opinion of Stikeman Elliott LLP, Canadian counsel for the Company,
dated the Closing Date, to the effect set forth in Exhibit B. Such opinion and letter shall be rendered to the Initial Purchasers
at the request of the Issuer and shall so state therein.

 

(f)           
The Initial Purchasers shall have received on the Closing Date an opinion of Walkers, Cayman Islands counsel for the Company,
dated the Closing Date, to the effect set forth in Exhibit C. Such opinion and letter shall be rendered to the Initial Purchasers
at the request of the Issuer and shall so state therein.

 

(g)           The
Initial Purchasers shall have received on the Closing Date an opinion of Snell & Wilmer L.L.P., Utah counsel for the Company,
dated the Closing Date, to the effect set forth in Exhibit D. Such opinion and letter shall be rendered to the Initial Purchasers
at the request of the Issuer and shall so state therein.

 

(h)           The
Initial Purchasers shall have received a letter from McDaniel, dated the date hereof, in form and substance satisfactory to the
Initial Purchasers, containing statements and information of the type ordinarily included in reserve engineers “comfort
letters” to underwriters with respect to reserve information included or incorporated by reference in the Time of Sale Memorandum
and the Final Memorandum or any amendment or supplement thereto.

 

(i)           
The Initial Purchasers shall have received a letter from McDaniel, dated the Closing Date, to the effect that they reaffirm
the statements made in the letter furnished pursuant to Section 5(h) hereof, except that the specified date referred to shall be
a date not more than three business days prior to the Closing Date.

 

(j)           
The Initial Purchasers shall have received on the Closing Date an opinion and negative assurance letter of Davis Polk &
Wardwell LLP, U.S. counsel for the Initial Purchasers, dated the Closing Date, with respect to such matters as may be reasonably
requested by the Initial Purchasers.

 

    	 	22	 

     

    

 

(k)           
The Initial Purchasers shall have received on the Closing Date an opinion of McCarthy Tétrault LLP, Canadian counsel
for the Initial Purchasers, dated the Closing Date, with respect to such matters as may be reasonably requested by the Initial
Purchasers.

 

(l)            
On the date hereof, the Initial Purchasers shall have received from Deloitte LLP, the independent registered public accounting
firm for the Company, a “comfort letter” dated the date hereof addressed to the Initial Purchasers, in form and substance
satisfactory to the Representatives, covering the financial information in the Time of Sale Memorandum and other customary matters.
In addition, on the Closing Date, the Initial Purchasers shall have received from such accountants a “bring-down comfort
letter” dated the Closing Date addressed to the Initial Purchasers, in form and substance satisfactory to the Initial Purchaser
the Representatives, in the form of the “comfort letter” delivered on the date hereof, except that (i) it shall cover
the financial information in the Final Memorandum and any amendment or supplement thereto and (ii) procedures shall be brought
down to a date no more than three business days prior to the Closing Date.

 

(m)           On
the date hereof and on the Closing Date, the Company shall have furnished to the Initial Purchasers a certificate, dated the respective
dates of delivery thereof and addressed to the Initial Purchasers, of its Chief Financial Officer with respect to certain financial
data contained in the Preliminary Memorandum and the Final Memorandum, providing “management comfort” with respect
to such information, in form and substance reasonably satisfactory to the Initial Purchasers.

 

(n)           
The Issuer and the Guarantors shall have executed and delivered the Indenture, in form and substance reasonably satisfactory
to the Initial Purchasers, and the Initial Purchasers shall have received executed copies thereof.

 

(o)           
The sale of the Securities shall not be enjoined (temporarily or permanently) on the Closing Date.

 

(p)           
On or before the Closing Date, the Initial Purchasers and counsel for the Initial Purchasers shall have received such information,
documents, letters and opinions as they may reasonably require for the purposes of enabling them to pass upon the issuance and
sale of the Securities as contemplated herein, or in order to evidence the accuracy of any of the representations and warranties,
or the satisfaction of any of the conditions or agreements, herein contained.

 

If any condition specified in this Section ‎5
is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representatives by notice to the
Issuer at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any
other party, except that Sections ‎6(g), ‎8
and 16 hereof shall at all times be effective and shall survive such termination.

 

    	 	23	 

     

    

 

6.               
Covenants of the Company. Each of the Issuer and the Guarantors covenants with each Initial Purchaser as follows:

 

(a)           
To furnish to you in New York City, without charge, as promptly as practicable following the Time of Sale and in any event
not later than the second business day following the date hereof and during the period mentioned in Section ‎6(d)
or ‎(e), as many copies of the Time of Sale Memorandum, the Final Memorandum, any
Incorporated Documents and any supplements and amendments thereto as you may reasonably request.

 

(b)           
Before amending or supplementing the Preliminary Memorandum, the Time of Sale Memorandum or the Final Memorandum, to furnish
to you a copy of each such proposed amendment or supplement and not to use any such proposed amendment or supplement to which you
reasonably object.

 

(c)           
To furnish to you a copy of each proposed Additional Written Offering Communication to be prepared by or on behalf of, used
by, or referred to by the Company and not to use or refer to any proposed Additional Written Offering Communication to which you
reasonably object.

 

(d)           
If the Time of Sale Memorandum is being used to solicit offers to buy the Securities at a time when the Final Memorandum
is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary
to amend or supplement the Time of Sale Memorandum in order to make the statements therein, in the light of the circumstances under
which they are made, not misleading or if, in the judgment of the Representatives or counsel for the Initial Purchasers, it is
necessary to amend or supplement the Time of Sale Memorandum to comply with applicable law, forthwith to prepare and furnish, at
its own expense, to the Initial Purchasers and to any dealer upon request, either amendments or supplements to the Time of Sale
Memorandum so that the statements in the Time of Sale Memorandum as so amended or supplemented will not, in the light of the circumstances
under which they are made, when delivered to a Subsequent Purchaser, be misleading or so that the Time of Sale Memorandum, as amended
or supplemented, will comply with applicable law.

 

(e)           
If, during such period after the date hereof and prior to the date on which all of the Securities shall have been sold by
the Initial Purchasers, any event shall occur or condition exist as a result of which it is necessary to amend or supplement the
Final Memorandum in order to make the statements therein, in the light of the circumstances under which they are made, not misleading
or if, in the judgment of the Representatives or counsel for the Initial Purchasers, it is necessary to amend or supplement the
Final Memorandum to comply with applicable law, forthwith to prepare and furnish, at its own expense, to the Initial Purchasers,
either amendments or supplements to the Final Memorandum so that the statements in the Final Memorandum as so amended or supplemented
will not, in the light of the circumstances under which they are made, when delivered to a Subsequent Purchaser, be misleading
or so that the Final Memorandum, as amended or supplemented, will comply with applicable law.

 

    	 	24	 

     

    

 

(f)           
To endeavor to qualify the Securities for offer and sale under the securities or blue sky laws of such jurisdictions (that
are required for the offer and sale) as you shall reasonably request, provided that, in connection therewith, the Company shall
not be required to (i) qualify as a foreign corporation in any jurisdiction in which it would not otherwise be required to so qualify,
(ii) file a general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any jurisdiction
in which it would not otherwise be subject.

 

(g)           
Whether or not the transactions contemplated in this Agreement are consummated or this Agreement is terminated, to pay or
cause to be paid all expenses incident to the performance of its obligations under this Agreement, including: (i) the fees, disbursements
and expenses of the Company’s counsel and the Company’s accountants in connection with the issuance and sale of the
Securities and all other fees or expenses in connection with the issuance and sale of the Securities, including, without limitation,
in connection with the preparation, printing, shipping and distribution of the Preliminary Memorandum, the Time of Sale Memorandum,
the Final Memorandum, any Additional Written Offering Communication and any amendments and supplements to any of the foregoing,
this Agreement, the Indenture and the Securities, including all printing costs associated therewith, and the delivering of copies
thereof to the Initial Purchasers, (ii) all costs and expenses related to the transfer and delivery of the Securities to the Initial
Purchasers, including any transfer, stamp or other taxes payable thereon, (iii) the cost of printing or producing any Blue Sky
or legal investment memorandum in connection with the offer and sale of the Securities under state securities laws and all expenses
in connection with the qualification of the Securities for offer and sale under state securities laws as provided in Section 6(f)
hereof, including filing fees , (iv) any fees charged by rating agencies for the rating of the Securities, (v) the fees and expenses,
if any, incurred in connection with the admission of the Securities for trading any appropriate market system, (vi) the costs and
charges of the Trustee and any transfer agent, registrar or depositary, (vii) the cost of the preparation, issuance and delivery
of the Securities, (viii) the costs and expenses of the Company relating to investor presentations on any “road show”
undertaken in connection with the marketing of the offering of the Securities, including, without limitation, expenses associated
with the preparation or dissemination of any electronic road show, expenses associated with production of road show slides and
graphics, fees and expenses of any consultants engaged in connection with the road show presentations with the prior approval of
the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants, and the cost
of any aircraft chartered in connection with the road show and (ix) all other cost and expenses incident to the performance of
the obligations of the Company hereunder for which provision is not otherwise made in this Section 6. It is understood, however,
that except as provided in the last paragraph of Section 4, Section 6, Section ‎8,
the last paragraph of Section ‎11, Section 17 and Section 18 and Schedule
V, the Initial Purchasers will pay all of their costs and expenses.

 

    	 	25	 

     

    

 

(h)          
Neither the Issuer nor any Affiliate will sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in the Securities Act) which if, as a result of the doctrine of “integration” referred
to in Rule 502 under the Securities Act, such offer or sale would render invalid (for the purpose of (i) the sale of the Securities
by the Issuer to the Initial Purchasers, (ii) the resale of the Securities by the Initial Purchasers to the Subsequent Purchasers
or (iii) the resale of the Securities by such Subsequent Purchasers to others) the exemption from the registration requirements
of the Securities Act provided by Section 4(a)(2) thereof or by Rule 144A or by Regulation S thereunder or otherwise.

 

(i)            
Without the Representatives’ prior consent, not to, and to cause its affiliates or any other person acting on its
or their behalf (other than the Initial Purchasers, as to which no covenant is given) not to, solicit offers for, or offer or sell,
the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation
D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

 

(j)            
While any of the Securities remain outstanding, to make available, upon request, to any holder of such Securities and any
prospective purchasers thereof the information specified in Rule 144A(d)(4) under the Securities Act, unless as such time the Issuer
shall be subject to Section 13 or 15(d) of the Exchange Act and shall have filed all reports required to be filed pursuant to such
Sections and the related rules and regulations of the Commission.

 

(k)            
None of the Issuer, its Affiliates or any person acting on its or their behalf (other than the Initial Purchasers) will
engage in any directed selling efforts (as that term is defined in Regulation S) with respect to the Securities, and the Issuer
and its Affiliates and each person acting on its or their behalf (other than the Initial Purchasers) will comply with the offering
restrictions requirement of Regulation S.

 

(l)            
The Issuer will not, and will not cause any person that is an affiliate (as defined in Rule 144 under the Securities Act)
at such time (or has been an affiliate within the three months preceding such time) to, resell any of the Securities that have
been acquired by any of them.

 

(m)          
To apply the net proceeds from the sale of the Securities in the manner described under the caption “Use of Proceeds”
in the Time of Sale Memorandum and the Final Memorandum.

 

(n)           
During the period of 90 days following the date hereof, the Company will not and will not permit any Subsidiary to, without
the prior written consent of the Representatives (which consent may be withheld at their sole discretion), directly or indirectly,
sell, offer, contract or grant any option to sell, pledge, transfer or establish an open “put equivalent position”
within the meaning of Rule 16a-1 under the Exchange Act, or otherwise dispose of or transfer, or announce the offering of, or file
any registration statement under the Securities Act in respect of, any debt securities of the Company or any Subsidiary or securities
exchangeable for or convertible into debt securities of the Company or any Subsidiary (other than as contemplated by this Agreement).

 

    	 	26	 

     

    

 

(o)           
The Issuer and the Guarantors, severally and jointly, shall pay, and shall indemnify and hold the Initial Purchasers harmless
against, any stamp, issue, registration, documentary, sales, transfer or other similar taxes or duties imposed under the laws of
the Cayman Islands, Canada and the United States or any political sub-division or taxing authority thereof or therein that is payable
in connection with (i) the execution, delivery, consummation or enforcement of this Agreement, (ii) the creation, allotment and
issuance of the Securities, (iii) the sale and delivery of the Securities to the Initial Purchasers or purchasers procured by the
Initial Purchasers, or (iv) the resale and delivery of the Securities by the Initial Purchasers in the manner contemplated herein.

 

(p)           
All sums payable to an Initial Purchaser shall be considered exclusive of any value added or similar taxes. Where the Issuer
or a Guarantor is obliged to pay value added or similar tax on any amount payable hereunder to an Initial Purchaser, the Issuer
or such Guarantor shall in addition to the sum payable hereunder pay an amount equal to any applicable value added or similar tax.

 

7.               
Offering of Securities; Restrictions on Transfer. (a) The Company understands that the Initial Purchasers intend
to offer the Securities for resale on the terms set forth in the Time of Sale Memorandum. Each Initial Purchaser, severally and
not jointly, represents, warrants and agrees that:

 

(i)            
it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”),
an accredited investor within the meaning of Rule 501(a) under the Securities Act and an accredited investor within the meaning
of NI 45-106 with such knowledge and experience in financial and business matters as are necessary in order to evaluate the merits
and risk of an investment in the Notes;

 

(ii)           
it or any affiliate thereof (if such affiliate offers and sells Securities in accordance with this Agreement) is duly registered
or licensed or exempt from any such requirement in those jurisdictions in which it is required to be so registered or licensed
in order to offer the Securities for resale;

 

(iii)          
without the Representatives’ prior consent, it has not solicited offers for, or offered or sold, and will not solicit
offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning
of Rule 502(c) of Regulation D under the Securities Act (“Regulation D”) or in any manner involving a public
offering within the meaning of Section 4(a)(2) of the Securities Act;

 

    	 	27	 

     

    

 

(iv)          
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as
part of their initial offering except to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under
the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable
steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; and

 

(v)           
it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as
part of their initial offering to persons resident in Canada unless it has provided a copy of the Preliminary Memorandum and the
Final Memorandum to such persons and except to persons:

 

(A)          
which are not individuals;

 

(B)           
whom it reasonably believes are “accredited investors” as defined in Section 1.1 of National Instrument 45-106
Prospectus Exemptions (“NI 45-106”) or subsection 73.3(1) of the Securities Act (Ontario) (the
“OSA”), as applicable, and (1) whom are either purchasing the Securities as principal for their own account,
or are deemed to be purchasing the Securities as principal for their own account in accordance with Canadian Securities Laws and
not as agent for the benefit of another person; (2) if they are an “accredited investors” in reliance on paragraph
(m) of the definition of “accredited investor” in section 1.1 of NI 45-106, such person was not created or used solely
to purchase or hold the Securities as an “accredited investor” as described under that paragraph (m); and (3) whom
are not purchasing the Securities pursuant to any of (i) subsections (e), (e.1), (j), (j.1), (k) or (l) of the definition of “accredited
investor” in Section 1.1 of NI 45-106, subsections (d), (q) or (v) of the definition of “accredited investor”
in Section 1.1 of NI 45-106, as an “individual” or, subsections (d), (i) or (j) of the definition of “accredited
investor” in Section 73.3(1) of the OSA as a “person”; and

 

(C)           
which are “permitted clients” as defined in National Instrument 31-103 Registration Requirements, Exemptions
and Ongoing Registrant Obligations (“NI 31-103”) if any Initial Purchaser is relying on the international
dealer exemption pursuant to NI 31-103.

 

    	 	28	 

     

    

 

(b)           
Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the opinions to be delivered to the
Initial Purchasers pursuant to Sections 5(d) and 5(j) hereof, counsel for the Company and counsel for the Initial Purchasers, respectively,
may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers
with their agreements, contained in paragraph (a) above, and each Initial Purchaser hereby consents to such reliance.

 

(c)           
The Company acknowledges and agrees that the Initial Purchasers may, in accordance with the Securities Act and if applicable
Canadian Securities Laws, offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate
may offer and sell Securities purchased by it to or through any Initial Purchaser; provided such affiliate is duly registered or
licensed or exempt from any such requirement in those jurisdictions in which it is required to be so registered or licensed in
order to offer the Securities for resale.

 

8.                
Indemnity and Contribution. (a) Each of the Issuer and the Guarantors, jointly and severally, agrees to indemnify
and hold harmless each Initial Purchaser, its directors and officers and each person, if any, who controls any Initial Purchaser
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and each affiliate of each Initial
Purchaser within the meaning of Rule 405 under the Securities Act from and against any and all losses, claims, damages, liabilities
and expenses (including, without limitation, any legal or other expenses reasonably incurred in connection with defending or investigating
any such action or claim, as such expenses are incurred) caused by any untrue statement or alleged untrue statement of a material
fact contained in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Offering Communication prepared
by or on behalf of, used by, or referred to by the Issuer or the Final Memorandum or any amendment or supplement thereto, or caused
by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages, liabilities
or expenses are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information
relating to any Initial Purchaser furnished to the Issuer by such Initial Purchaser through the Representatives expressly for use
in the Preliminary Memorandum, the Pricing Supplement, any Additional Written Offering Communication or the Final Memorandum (or
any amendment or supplement thereto). The indemnity agreement set forth in this Section ‎8(a)
shall be in addition to any liabilities that the Issuer and the Guarantors may otherwise have.

 

    	 	29	 

     

    

 

(b)           
Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the Issuer, each Guarantor, each
of their directors and officers and each person, if any, who controls the Issuer or any Guarantor within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuer
to such Initial Purchaser, but only with reference to information relating to such Initial Purchaser furnished to the Issuer by
such Initial Purchaser through the Representatives expressly for use in the Preliminary Memorandum, the Pricing Supplement, any
Additional Written Offering Communication or the Final Memorandum (or any amendment or supplement thereto). Each of the Issuer
and the Guarantors hereby acknowledges that the only information that the Initial Purchasers through the Representatives have furnished
to the Company expressly for use in the Preliminary Memorandum, the Time of Sale Memorandum, any Additional Written Communication
set forth in Schedule II hereto, or the Final Memorandum (or any amendment or supplement thereto) are the statements set forth
in the first sentence of the seventh paragraph and the fourth sentence of the eleventh paragraph under the caption “Plan
of Distribution” in the Preliminary Memorandum and the Final Memorandum (the “Initial Purchaser Information”).
The indemnity agreement set forth in this Section ‎8(b) shall be in addition
to any liabilities that each Initial Purchaser may otherwise have.

 

(c)           
In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of
which indemnity may be sought pursuant to Section ‎8(a) or ‎8(b),
such person (the “indemnified party”) shall promptly notify the person against whom such indemnity may be sought
(the “indemnifying party”) in writing; provided, however, that the failure to so notify the indemnifying party
will not relieve it from any liability which it may have to any indemnified party under this Section ‎8
except to the extent that it has been materially prejudiced by such failure (through the forfeiture of substantive rights and defenses)
and shall not relieve the indemnifying party from any liability that the indemnifying party may have to an indemnified party other
than under this Section ‎8. The indemnifying party, upon request of the indemnified
party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others
the indemnifying party may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such
proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall
have mutually agreed to the retention of such counsel, (ii) the indemnifying party has failed within a reasonable time to
retain counsel reasonably satisfactory to the indemnified party, (iii) the indemnified party shall have reasonably concluded that
there may be legal defenses available to it that are different from or in addition to those available to the indemnified party,
or (iv) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing
interests between them. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified
party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses
shall be reimbursed as they are incurred. Such firm shall be designated in writing by the Representatives, in the case of parties
indemnified pursuant to Section ‎8(a), and by the Company, in the case of
parties indemnified pursuant to Section ‎8(b). The indemnifying party shall
not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against
any loss, claim, damage, liability or expense by reason of such settlement or judgment. Notwithstanding the foregoing sentence,
if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by the second and third sentences of this paragraph, the indemnifying party agrees that it
shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into
more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) such indemnifying party shall not
have reimbursed the indemnified party in accordance with such request prior to the date of such settlement. No indemnifying party
shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding
in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such
indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding and does not include any statements as to or any findings of fault, culpability
or failure to act by or on behalf of any indemnified party.

 

    	 	30	 

     

    

 

(d)           
To the extent the indemnification provided for in Section ‎8(a) or
‎8(b) is unavailable to an indemnified party or insufficient in respect of any
losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the aggregate amount of such losses, liabilities claims,
damages or expenses incurred by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (i)
in such proportion as is appropriate to reflect the relative benefits received by the Issuer and the Guarantors on the one hand
and the Initial Purchasers on the other hand from the offering of the Securities or (ii) if the allocation provided by clause ‎8(d)(i)
above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause ‎8(d)(i) above but also the relative fault of the Issuer and the Guarantors
on the one hand and of the Initial Purchasers on the other hand in connection with the statements or omissions that resulted in
such losses, claims, damages or expenses, as well as any other relevant equitable considerations. The relative benefits received
by the Issuer and the Guarantors on the one hand and the Initial Purchasers on the other hand in connection with the offering of
the Securities shall be deemed to be in the same respective proportions as the net proceeds from the offering of the Securities
(net of total Initial Purchasers’ discounts but before deducting expenses) received by the Issuer and the total discounts
and commissions received by the Initial Purchasers bear to the aggregate offering price of the Securities. The relative fault of
the Issuer and the Guarantors on the one hand and of the Initial Purchasers on the other hand shall be determined by reference
to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to
state a material fact relates to information supplied by the Issuer or the Guarantors, or by the Initial Purchasers, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The Initial
Purchasers’ respective obligations to contribute pursuant to this Section ‎8
are several in proportion to the respective principal amount of Securities they have purchased hereunder as set forth opposite
their names in Schedule I hereto, and not joint.

 

    	 	31	 

     

    

 

(e)           
The Issuer and the Guarantors and the Initial Purchasers agree that it would not be just or equitable if contribution pursuant
to Section ‎8(d) were determined by pro rata allocation (even if the
Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account
of the equitable considerations referred to in Section ‎8(d). The amount paid
or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in Section ‎8(d)
shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
subsection (e), no Initial Purchaser shall be obligated to make contributions hereunder that in the aggregate exceed the total
discounts, commissions and other compensation received by such Initial Purchaser under this Agreement, less the aggregate amount
of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The remedies provided
for in this Section ‎8 are not exclusive and shall not limit any rights or
remedies which may otherwise be available to any indemnified party at law or in equity.

 

(f)           
The indemnity and contribution provisions contained in this Section ‎8
and the representations, warranties and other statements of the Issuer contained in this Agreement shall remain operative and in
full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Initial
Purchaser, any person controlling any Initial Purchaser or any affiliate of any Initial Purchaser or by or on behalf of the Company,
its officers or directors or any person controlling the Company and (iii) acceptance of and payment for any of the Securities.

 

    	 	32	 

     

    

 

9.            
Termination. (a) The Representatives, on behalf of the Initial Purchasers, may terminate this Agreement at any time
at or prior to the Closing Date, by notice to the Issuer, if (i) since the time of execution of this Agreement or the earlier respective
dates as of which information is given in the Preliminary Memorandum, there shall have been any material adverse change in the
business, properties, management, condition (financial or otherwise), liquidity, results of operations or prospects of the Company
and the Subsidiaries taken as a whole the effect of which change or development is, in the sole judgment of the Representatives,
so material and adverse as to make it impractical or inadvisable to proceed with the completion of the offering of Securities contemplated
by this Agreement or to enforce contracts for the sale of such Securities; (ii) the Issuer or the Guarantors shall be in breach
of, default under or non-compliance with any covenant, term or condition of this Agreement, in any material respect, or any representation
or warranty given by the Issuer and the Guarantors in this Agreement becomes or are false in any material respect; (iii) since
the time of execution of this Agreement, there shall have occurred: (A) a suspension or material limitation in trading in securities
generally on the New York Stock Exchange, the NYSE MKT, NASDAQ or the TSX, (B) a suspension or material limitation in trading in
the Company’s securities on NYSE MKT or the TSX, (C) a general moratorium on commercial banking activities declared by either
federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services
in the United States or Canada, or (D) an outbreak or escalation of hostilities or acts of terrorism involving the United States
or a declaration by the United States of a national emergency or war or any other calamity or crisis or any change in financial,
political or economic conditions in the United States or elsewhere if the effect of any such event specified in this clause (D),
in the sole judgment of the Representatives, makes it impractical or inadvisable to proceed with the completion of the offering
of Securities contemplated by this Agreement or to enforce contracts for the sale of such Securities; or (iv) since the time of
execution of this Agreement, there shall have occurred any downgrading in or withdrawal of, or any notice or announcement shall
have been given or made of any intended or potential downgrading in or withdrawal of, or any watch, review or possible change that
does not indicate an affirmation of, or improvement in, any rating accorded any securities of or guaranteed by the Company or any
Subsidiary by any “nationally recognized statistical rating organization,” as that term is defined in Section 3(a)(62)
of the Exchange Act.

 

(b)           
In the event of any termination of this Agreement under Section 9(a) hereof, neither party will have any liability to the
other party hereto, except the provisions of Sections 1, 6(g), 8, 19 and 16 hereof shall remain in effect.

 

10.             
Effectiveness; Defaulting Initial Purchasers. If one or more Initial Purchasers shall fail at the Closing Date to
purchase the Securities which it or they are obligated to purchase under this Agreement (the “Defaulted Securities”),
then the Representatives shall have the right, within 24 hours thereafter, to make arrangements for one of or more of the Initial
Purchasers or any other initial purchasers to purchase all, but not less than all, of the Defaulted Securities in such amounts
as may be agreed upon and upon the terms herein set forth; provided; however, that if such arrangements shall not have been completed
within such 24 hour period, then:

 

(a)  
if the number of Defaulted Securities does not exceed 10% of the number of Securities to be so purchased by all of the Initial
Purchasers on such date, the non-defaulting Initial Purchasers shall be obligated, severally and not jointly, to purchase the full
amount thereof in the proportions that their respective initial purchase obligation bears to the purchase obligations of all non-defaulting
Initial Purchasers; or

 

    	 	33	 

     

    

 

(b)  
if the number of Defaulted Securities exceeds 10% of the number of Securities to be so purchased by all of the Initial Purchasers
on such date, this Agreement shall terminate without liability on the part of any non-defaulting Initial Purchasers.

 

No action taken pursuant to this Section
10 shall relieve any defaulting Initial Purchaser from liability in respect of its default. In the event of any such default which
does not result in a termination of this Agreement, either the Representatives or the Company shall have the right to postpone
the Closing Date for a period not exceeding seven days in order to effect any required changes in the Time of Sale Memorandum or
the Final Memorandum or in any other documents or arrangements. If any Initial Purchaser defaults pursuant to this Section 10,
the Company shall not be obligated to reimburse such defaulting Initial Purchaser for its out-of-pocket expenses. As used herein,
the term “Initial Purchaser” includes any person substituted for an Initial Purchaser under this Section 10.

 

11.             
Entire Agreement. (a) This Agreement, together with any contemporaneous written agreements and any prior written
agreements (to the extent not superseded by this Agreement) that relate to the offering of the Securities, represents the entire
agreement between the Issuer and the Initial Purchasers with respect to the preparation of the Preliminary Memorandum, the Time
of Sale Memorandum, the Final Memorandum, the conduct of the offering, and the purchase and sale of the Securities.

 

(b)           
This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer, the Guarantors
and the Initial Purchasers, or any of them, with respect to the subject matter hereof.

 

(c)           
The Issuer acknowledges that in connection with the offering of the Securities: (i) the Initial Purchasers have acted at
arms length, are not agents of, and owe no fiduciary duties to, the Issuer, the Guarantors or any other person, (ii) the Initial
Purchasers owe the Issuer only those duties and obligations set forth in this Agreement and prior written agreements (to the extent
not superseded by this Agreement) if any, (iii) the Initial Purchasers may have interests that differ from those of the Issuer
and the Guarantors, and (iv) the Initial Purchasers have not provided any legal, accounting, regulatory or tax advice with respect
to the offering contemplated hereby, and the Issuer and the Guarantors have consulted its own legal, accounting, regulatory and
tax advisors to the extent it deemed appropriate. The Issuer and the Guarantors waive to the full extent permitted by applicable
law any claims it may have against the Initial Purchasers arising from an alleged breach of fiduciary duty in connection with the
offering of the Securities.

 

12.            
Counterparts. This Agreement may be signed in two or more counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart of a
signature page to this Agreement by telecopier, facsimile or other electronic transmission (i.e., a “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart thereof.

 

    	 	34	 

     

    

 

13.            
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit
of the indemnified parties referred to in Section ‎8 hereof, and in each case
their respective successors, and no other person will have any right or obligation hereunder. The term “successors”
shall not include any Subsequent Purchaser or other purchaser of the Securities as such from any of the Initial Purchasers merely
by reason of such purchase.

 

14.            
Partial Unenforceability. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable.

 

15.            
Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by the Representatives
on behalf of the Initial Purchasers, and any such action taken by the Representatives shall be binding upon the Initial Purchasers.

 

16.            
Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State
of New York.

 

(a)           
Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby
(“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the
City and County of New York or the courts of the State of New York in each case located in the City and County of New York (collectively,
the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction (except for suits,
actions, or proceedings instituted in regard to the enforcement of a judgment of any Specified Court in a Related Proceeding (a
“Related Judgment”), as to which such jurisdiction is non-exclusive) of the Specified Courts in any Related
Proceeding. Service of any process, summons, notice or document by mail to such party’s address set forth above shall be
effective service of process for any Related Proceeding brought in any Specified Court. The parties irrevocably and unconditionally
waive any objection to the laying of venue of any Specified Proceeding in the Specified Courts and irrevocably and unconditionally
waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified Court has been
brought in an inconvenient forum. Each party not located in the United States irrevocably appoints CT Corporation System as its
agent to receive service of process or other legal summons for purposes of any Related Proceeding that may be instituted in any
Specified Court.

 

(b)           
With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent permitted by applicable law,
all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before
and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and with respect to any Related
Judgment, each party waives any such immunity in the Specified Courts or any other court of competent jurisdiction, and will not
raise or claim or cause to be pleaded any such immunity at or in respect of any such Related Proceeding or Related Judgment, including,
without limitation, any immunity pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended.

 

    	 	35	 

     

    

 

(c)           
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder into any currency
other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of exchange used
shall be the rate at which in accordance with normal banking procedures the Initial Purchasers could purchase United States dollars
with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligations
of the Company and each Guarantor in respect of any sum due from it to any Initial Purchaser or any person controlling any Initial
Purchaser shall, notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first
business day following receipt by such Initial Purchaser or controlling person of any sum in such other currency, and only to the
extent that such Initial Purchaser controlling person may in accordance with normal banking procedures purchase United States dollars
with such other currency. If the United States dollars so purchased are less than the sum originally due to such Initial Purchaser
or controlling person hereunder, the Company and each Guarantor agrees as a separate obligation and notwithstanding any such judgment,
to indemnify such Initial Purchaser or controlling person against such loss. If the United States dollars so purchased are greater
than the sum originally due to such Initial Purchaser or controlling person hereunder, such Initial Purchaser or controlling person
agrees to pay to the Company and the Guarantors (but without duplication) an amount equal to the excess of the dollars so purchased
over the sum originally due to such Initial Purchaser or controlling person hereunder.

 

17.             
Taxes. If any sum payable by the Issuer or a Guarantor under this Agreement is subject to any deduction or withholding
tax, tax in the hands of an Initial Purchaser or taken into account as a receipt in computing the taxable income of that Initial
Purchaser (excluding net income taxes on underwriting commissions payable hereunder), the sum payable to the Initial Purchaser
under this Agreement shall be increased to such sum as will ensure that the Initial Purchaser shall be left with the sum it would
have had in the absence of such tax, provided that no such additional amounts shall be paid on account of (i) net income, franchise,
and branch profits taxes, (ii) taxes that would not have been imposed but for the failure to provide, upon the reasonable request
of the Company or a Guarantor, the Company or the Guarantors with any certification, form or other documentation (including without
limitation the appropriate IRS Form W-8 or Form W-9), and (iii) any U.S. federal withholding taxes imposed under Sections 1471
through 1474 of the Code, any treasury regulations thereunder or any related intergovernmental agreements and legislation, rules
or practices adopted pursuant to any such intergovernmental agreement.

 

    	 	36	 

     

    

 

18.             
Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and
shall not be deemed a part of this Agreement.

 

19.             
Notices. All notices and other communications hereunder shall be in writing and effective only upon receipt and if
to the Initial Purchasers shall be delivered, mailed or sent to you in care of Credit Suisse Securities (USA) LLC, Eleven Madison
Avenue, New York, New York 10010-3629, Attention: LCD-IBD, and RBC Capital Markets, LLC, 200 Vesey Street, New York, New York 10121,
Attention: High Yield Capital Markets; fax: (212) 618-2210 with a copy to Davis Polk & Wardwell LLP, 450 Lexington Avenue,
New York, New York 10017, Attention: Byron Rooney, Esq.; and if to the Company shall be delivered, mailed or sent to 900, 520 -
3 Avenue SW, Calgary, Alberta Canada T2P 0R3, fax (403)-265-3242, Attention: Kristine Robidoux, with a copy to Gibson, Dunn &
Crutcher LLP, 1221 McKinney Street, Suite 3700, Houston, Texas 77010, Attention: Hillary Holmes, Esq., and to the Issuer shall
be delivered, mailed or sent to c/o Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman
KY1-9008.

 

 

[Signature Pages Follow]

 

    	 	37	 

     

    

 

If the foregoing is in accordance with your
understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along
with all counterparts hereof, shall become a binding agreement in accordance with its terms.

 

	 	Very truly yours,
 
 Gran Tierra Energy

                                                                                International Holdings Ltd., as

                                                                                Issuer

                                                                                 

                                                                                 

	 	By:	/s/ Adrian Coral
	 	 	Name:	Adrian Coral
	 	 	Title:	Director

 

	
	GRAN TIERRA ENERGY INC., as

                                                       Guarantor

                                                        

                                                        

	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Chief Financial Officer

 

		Gran Tierra Callco ULC, as

                                                       Guarantor

                                                        

                                                        

	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Director Chief Financial Officer

 

	 	
 Gran Tierra Exchangeco Inc., as

                                                       Guarantor

                                                        

                                                        

	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Director and Chief Financial Officer

 

    	 	38	 

     

    

 

	
         

         
	1203647 Alberta Inc., as Guarantor

 

 

	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Director and Chief Financial Officer

 

 

	
	Gran Tierra Goldstrike Inc., as

                                                       Guarantor

                                                        

                                                        

	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Director and Chief Financial Officer

 

 

	
	Gran Tierra Resources Limited,

                                                       as Guarantor

                                                        

                                                        

	 	By:	/s/ Ryan Ellson
	 	 	Name:	Ryan Ellson
	 	 	Title:	Director and Chief Financial Officer
	 
	 
	
        

        

        

         

         

        
	Petrolifera Petroleum

                                                       (Colombia)
Limited, as Guarantor

	 	By:	/s/ Adrian Coral
	 	 	Name:	Adrian Coral
	 	 	Title:	Director and President

 

    	 	39	 

     

    

 

	
	Gran Tierra Energy Cayman

                                                                                Islands Inc., as Guarantor

                                                                                 

                                                                                 

	 	By:	/s/ Adrian Coral
	 	 	Name:	Adrian Coral
	 	 	Title:	Director and President

 

 

	
	Gran Tierra Colombia Inc., as

                                                       Guarantor

                                                        

                                                        

	 	By:	/s/ Adrian Coral
	 	 	Name:	Adrian Coral
	 	 	Title:	Director and President

 

 

	
	Gran Tierra Energy Colombia,

                                                       Ltd., as Guarantor

                                                        

                                                        

	 	By:	/s/ Adrian Coral
	 	 	Name:	Adrian Coral
	 	 	Title:	General Manager and Legal Representative

 

 

	
	Argosy Energy, LLC, as Guarantor

                                                        

                                                        

	 	By:	/s/ Adrian Coral
	 	 	Name:	Adrian Coral
	 	 	Title:	General Manager and Legal Representative

 

 

		Gran Tierra Energy Canada

ULC, as Guarantor

 

 

	 	By:	/s/ Ryan Ellson
	 	 	
        

        Name:
	Ryan Ellson
	 	 	
        

        Title:
	Director and
    Chief Financial Officer

 

    	 	40	 

     

    

 

	Credit Suisse Securities (USA) LLC

RBC Capital Markets, LLC
 
 Acting on behalf of themselves and as the

Representatives of the several Initial

Purchasers named in Schedule I hereto.

 

	 
	 	 	 
	By:	Credit Suisse Securities (USA) LLC	 
	 	 	 
	By:	/s/ Michael Cummings	 
	 	Name:	Michael Cummings	 
	 	Title:	Managing Director	 
	 	 	 

 

	By:	RBC Capital Markets, LLC	 
	 	 	 
	By:	/s/ Steve Pedone	 
	 	Name:	Steve Pedone	 
	 	Title:	Managing Director	 

 

    	 	41	 

     

    

 

Schedule I

 

	Initial Purchaser	 	PRINCIPAL AMOUNT of

                                                                                Securities to be Purchased
	 
	Credit Suisse Securities (USA) LLC	 	$	105,000,000	 
	RBC Capital Markets, LLC	 	$	105,000,000	 
	Scotia Capital (USA) Inc.	 	$	39,000,000	 
	SG Americas Securities, LLC	 	$	27,000,000	 
	HSBC Securities (USA) Inc.	 	$	12,000,000	 
	Natixis Securities Americas LLC	 	$	9,000,000	 
	CIBC World Markets Corp.	 	$	3,000,000	 
	Total:	 	$	300,000,000	 

 

    	 	I-1	 

     

    

 

Schedule II

 

Permitted Communications

 

Time of Sale Memorandum

 

		1.	Preliminary Memorandum

 

		2.	Pricing Supplement

 

		3.	Additional Written Offering Communication: None

 

		4.	Orally communicated pricing information used in addition
to a pricing term sheet: None

 

Permitted Additional Written Offering Communications

 

Each electronic “road show” as defined in Rule 433(h)
furnished to the Initial Purchasers prior to use that the Initial Purchasers and Company have agreed may be used in connection
with the offering of the Securities

 

    	 	II-1	 

     

    

 

SCHEDULE III

 

	ENTITY NAME	
        Jurisdiction

        of
        Organization 

	*Gran Tierra Callco ULC	Alberta
	*1203647 Alberta Inc.	Alberta
	*Gran Tierra Exchangeco Inc.	Alberta
	*Gran Tierra Goldstrike Inc.	Alberta
	*Gran Tierra Resources Limited	Alberta
	*Gran Tierra Energy Canada ULC	Alberta
	Vetra Petroamerica P&G Corp.[1]	Barbados
	*Gran Tierra Energy International Holdings Ltd.	Cayman
	Gran Tierra (PUT-7) Limited	Cayman
	†*Petrolifera Petroleum (Colombia) Limited	Cayman
	*Gran Tierra Energy Cayman Islands Inc.	Cayman
	*Gran Tierra Colombia Inc.	Cayman
	Petroleos Del Norte S.A.	Colombia
	*Argosy Energy LLC	Delaware
	Gran Tierra Luxembourg Holdings Sárl	Luxembourg
	Gran Tierra Mexico Energy S. de R.de C.V.	Mexico
	North Riding Inc.	Panama
	RL Petroleum Corp.	Panama
	Southeast Investment Corporation[2]	Panama
	Taghmen Colombia, S.L.	Spain
	
        *Petrolatina Energy Limited

        In Liquidation Effective February 12, 2018
	U.K.
	
        Petrolatina (CA) Limited

        In Liquidation Effective January 12, 2018
	U.K.
	
        Taghmen Argentina Limited

        In Liquidation Effective January 12, 2018
	U.K.
	†*Gran Tierra Energy Colombia, Ltd.	Utah
	Suroco Energy Venezuela	Venezuela

 

 

 

1
72.5% ownership by Petroamerica P&G Corp. The remaining 27.5% is owned by Vetra
Southeast S.L. (not a member of the Gran Tierra group).

 

2
Direct Ownership: Vetra Petroamerica P&G Corp. 67.67%; Vetra Southeast S.L. (not a member of the Gran Tierra group)
32.33%

Indirect
Ownership: Gran Tierra 49.06% through interest in Vetra Petroamerica P&G Corp.; Vetra Southeast S.L. (not a member of
the Gran Tierra Group) 50.94% through a 32.33% direct ownership and an 18.61% indirect interest through Vetra Petroamerica P&G
Corp.

 

    	 	III-1	 

     

    

 

Schedule
IV

 

Pricing Term Sheet, dated February 8,
2018, 

to Preliminary Offering Memorandum, dated
February 1, 2018

Strictly Confidential 

 

 

Gran Tierra Energy International Holdings
Ltd.

(a wholly owned subsidiary of Gran Tierra
Energy Inc.)

$300,000,000 6.25% Senior Unsecured Notes
Due 2025

 

	Issuer:	
        Gran Tierra Energy International Holdings
        Ltd.

         

	Initial Guarantors:	
        Gran Tierra Energy Inc. and each of Gran
        Tierra’s material subsidiaries

         

	Security Description: 	
        6.25% Senior Unsecured Notes due 2025

         

	Form of Distribution:	
        Rule 144A / Reg S

         

	Notional Amount:	
        $300,000,000

         

	
        Gross Proceeds:

         
	$295,836,000
	Maturity: 	
        February 15, 2025

         

	Coupon:	
        6.25%

         

         

	Issue Price: 	
        98.612% of principal amount

         

	Yield to Maturity:	
        6.50%

         

	 	 
	Interest Payment Dates:	
        February 15 and August 15, commencing on
        August 15, 2018

         

	Equity Clawback:	
        Up to 35% at 106.25% prior to February
        15, 2021

         

	Optional Redemption:	Make-whole call @ T+50 bps prior to February
15, 2022, then:

 

	On or after:	Price:
	February 15, 2022	103.125%
	February 15, 2023	101.563%
	February 15, 2024 and after	100.000%

 

    	 	IV-1	 

     

    

 

	Change of Control:	
        101% plus accrued and unpaid interest

         

	Trade Date:	
        February 8, 2018

         

	Settlement:	
        T+5 February 15, 2018

         

	 	 
	CUSIP:	
        144A: 38502H AA3

        RegS: G4066T AA0

         

	ISIN:	
        144A: US38502HAA32

        RegS: USG4066TAA00

         

	Listing:	
        SGX-ST

         

	Denominations/Multiple:	
        $200,000 x $1,000

         

	
        Governing Law:

         

        Joint Global Coordinators and Joint Bookrunners:

         

         
	
        New York

         

        Credit Suisse Securities (USA) LLC

        RBC Capital Markets, LLC

	Joint Bookrunner:	
        Scotia Capital (USA) Inc.

         

	Lead Manager:	
        SG Americas Securities, LLC

         

	Co-Managers:	
        HSBC Securities (USA) Inc.

        Natixis Securities Americas LLC

        CIBC World Markets Corp.

         

	 

 

This pricing term sheet (the “Pricing
Term Sheet”) is qualified in its entirety by reference to the Preliminary Offering Memorandum, dated February 1, 2018, of
the Issuer (the “Preliminary Offering Memorandum”). The information in this Pricing Term Sheet supplements the Preliminary
Offering Memorandum and updates and supersedes the information in the Preliminary Offering Memorandum to the extent it is inconsistent
with the information in the Preliminary Offering Memorandum. In all other respects, the Pricing Term Sheet is qualified in its
entirety by reference to the Preliminary Offering Memorandum, including all other documents incorporated by reference therein,
as applicable. Terms used and not defined herein have the meanings assigned to them in the Preliminary Offering Memorandum.

 

The Notes have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The
Notes may not be offered or sold in the United States or to U.S. persons, as defined in Regulation S, except in transactions exempt
from, or not subject to, the registration requirements of the Securities Act. Accordingly, the Notes are being offered only to
(1) qualified institutional buyers, as defined in Rule 144A under the Securities Act, and (2) outside the United States to non-U.S.
persons, as defined in Regulation S under the Securities Act, in compliance therewith.

 

    	 	IV-2	 

     

    

 

Similarly, the Notes have not been qualified
for distribution to the public under applicable Canadian securities laws. The notes are being offered in each of the provinces
of Canada to institutional “accredited investors”on
a private placement basis in accordance with NI 45-106 – Prospectus Exemptions (“NI 45-106”) without the
filing of a prospectus. Purchasers of the notes in Canada must qualify to invest in accordance with the requirements of the securities
laws of the jurisdiction in which they reside.

 

This material is confidential and is
for your information only, and is not intended to be used by anyone other than you. This information does not purport to be a complete
description of these Notes or the offering. Please refer to the Preliminary Offering Memorandum for a complete description. 

 

This communication is being distributed
in the United States solely to qualified institutional buyers, as defined in Rule 144A under the Securities Act and outside the
United States solely to non-U.S. persons, as defined in Regulation S. This communication is also being distributed solely to institutional
accredited investors as defined in NI 45-106 under Canadian securities laws.

 

This communication does not constitute
an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful
to make such an offer or solicitation in such jurisdiction.

 

Any disclaimer or other notice that
may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically
generated as a result of this communication being sent by Bloomberg or another email system.

 

    	 	IV-3

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