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Canadian

Oil & Gas Reserves CHART

2011

®

*Data in chart is for year-end 2011

CANADA’S LARGEST OIL AND GAS COMPANIES PROVED BARRELS OF OIL EQUIVALENT AT END OF 2011 (IN MILLIONS) Company Canadian Natural Resources Limited Imperial Oil Limited Suncor Energy Inc. Shell Canada Limited Cenovus Energy Inc. ConocoPhillips Canada Encana Corporation Husky Energy Inc. Total SA Canadian Oil Sands Limited Apache Canada Ltd. Nexen Inc. Devon Canada Corporation MEG Energy Corp. Marathon Oil Corporation Chevron Canada Limited Penn West Petroleum Ltd. ARC Resources Ltd. Talisman Energy Inc. Crescent Point Energy Corp. Murphy Oil Company, Ltd. Harvest Operations Corp. Pengrowth Energy Corporation Bonavista Energy Corporation Peyto Exploration & Development Corp. EOG Resources Canada, Inc. Progress Energy Resources Corp. BP Canada Energy Company Connacher Oil and Gas Limited Advantage Oil & Gas Ltd. Birchcliff Energy Ltd. Enerplus Corporation Tourmaline Oil Corp. Baytex Energy Corp. Southern Pacific Resource Corp. Petrobank Energy and Resources Ltd. Sinopec Daylight Energy Ltd. Celtic Exploration Ltd. Crew Energy Inc. NuVista Energy Ltd. NAL Energy Corporation Lone Pine Resources Inc. Trilogy Energy Corp. Quicksilver Resources Canada Inc. Legacy Oil + Gas Inc. Compton Petroleum Corporation Pace Oil & Gas Ltd.

Canadian proved oil and liquids reserves­—millions of barrels Improved Recovery

409.41 497.89 1,380.48 953.16 602.21 828.47 2,051.09 -824.87 762.97

41.98 32.07 110.49 66.88 137.63 427.34 106.31 32.36 22.64

Asset Purchases

Asset Sales

499.67 869.79 2,124.39 202.86 1,235.72 366.72 192.67 374.53 573.56

Discov. & Ext.

Production

At Year-end

Net of Purchases

Reserve Life Index (yrs)

Production Replacement (%)

Production Replacement Including Revisions (%)

2,791.30 1,292.76 1,642.66 656.10 598.25 1,516.87 852.91 2,308.75 724.08

977.03 908.74 812.84 829.73 797.97 795.50 775.93 782.28 769.43

24,978.38 21,965.62 18,802.52 16,656.05 16,613.98 15,312.82 13,326.46 10,911.67 10,382.14

24,478.71 21,095.62 16,678.13 16,453.19 15,378.26 14,874.66 11,282.93 9,065.89 9,808.58

25.57 24.17 23.13 20.07 20.82 19.25 14.79 13.95 13.49

286 142 202 79 75 191 110 295 94

328 197 372 194 150 295 374 190 193

41.15 407.28 1,125.24 37.30 493.97 45.41 161.08 175.08 544.65

Canadian proved natural gas reserves—billions of cubic feet Improved Recovery

Asset Purchases

Asset Sales

Discov. & Ext.

Production

At Year-end

Net of Purchases

Reserve Life Index (yrs)

Production Replacement (%)

Production Replacement Including Revisions (%)

1,192.23 1,218.57 -1,224.60 409.18 203.23 20.85 168.95 -490.25 -1,724.96

11.06 101.16 42.38 483.93 133.42 248.55 182.69 266.12 85.39

1,653.11 3,286.17 2,720.14 1,742.10 1,246.56 5,196.58 1,063.25 2,001.85 1,795.51

1,004.16 3,101.80 2,257.77 479.42 782.94 199.71 930.77 1,220.18 557.34

6,280.20 5,260.97 4,345.62 3,905.34 3,779.31 4,537.49 6,066.11 6,026.24 4,751.41

4,580.61 4,257.81 4,342.68 4,439.34 4,485.11 4,558.95 4,933.26 4,867.05 4,677.51

43,359.35 41,254.89 36,272.90 37,765.38 36,981.75 38,727.69 39,899.45 38,038.42 37,239.54

41,706.24 37,968.72 33,552.76 36,023.28 35,735.19 33,531.12 38,836.21 36,235.29 35,444.04

9.50 9.10 8.40 8.50 8.20 8.49 8.09 7.82 7.96

137 116 100 88 84 100 123 124 102

163 143 72 97 88 100 126 114 65

Proved oilsands reserves climb again

2011

2010

2009

2008

2007

2006

2005

2004

2007

0

2011

5,000

2003

10,000

2002

15,000

2001

Millions of barrels

20,000

2010

70

3,000 2,500 2,000 1,500 1,000 500 0 -500 -1,000

2009

80

0

Record year for Canadian proved oil reserve growth from drilling and improved recovery

25,000 Millions of barrels

1,000 2011

90

2010

2,000

2009

100

2008

110

3,000

2007

4,000

2006

120

2005

5,000

2004

130

2003

140

6,000

2002

7,000

2001

Billions of cubic feet

2011 Canadian gas reserve additions from drilling at record level

2008

2011 2010 2009 2008 2007 2006 2005 2004 2003

Revisions

Reserves added from drilling and improved recovery Revisions to reserves Production replacement rate, excluding revisions, economic factors

Reserves added from drilling Production replacement rate, excluding revisions, economic factors

(9) x x

x

(9)

x (5) x x x

x x

x x

(7) (4)

x

2010 Proved

Revisions

Drilling Additions

Improved Recovery

Economic Factors

Acquisitions

Dispositions

Production

2011 Proved

2011 Probable

R/P Ratio

4,105.00 3,024.33 3,588.03 1,871.00 1,665.67 1,763.17 1,187.73 1,030.23 789.00 889.00 756.98 708.17 766.00 605.85 572.00 466.00 481.17 334.43 295.75 250.38 216.48 238.11 220.32 222.92 179.70 216.07 153.34 188.67 186.67 143.37 113.98 169.55 93.01 131.15 6.81 105.03 95.73 38.33 45.47 73.81 70.99 64.89 54.50 44.33 48.06 57.07 41.82

334.33 -7.00 99.10 79.83 76.83 -69.67 71.33 9.17 -109.00 -2.00 -38.57 -81.50 4.67 72.99 17.00 32.00 18.67 23.95 -2.92 11.51 18.20 4.43 15.48 3.07 -3.64 -12.90 4.82 -2.50 -0.31 23.85 9.25 0.68 4.36 -4.26 0.56 1.46 -4.34 -1.39 -0.94 1.75 3.27 -7.89 3.45 2.51 0.90 0.09 3.40

167.00 857.17 185.35 256.00 293.33 283.00 186.03 113.80 0.00 0.00 106.78 126.50 47.67 39.03 48.00 0.00 70.67 57.33 43.95 41.47 60.28 12.51 21.90 17.58 51.23 0.50 55.14 0.00 0.57 2.78 40.62 7.91 47.51 15.14 115.12 30.82 16.03 42.81 19.24 6.90 5.16 6.62 15.96 12.68 6.84 1.83 6.10

1.00 0.00 0.00 0.00 0.00 1.00 0.00 13.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.33 0.52 0.00 0.00 0.00 0.00 3.55 1.10 9.47 0.00 0.00 0.00 0.00 4.78 0.00 0.00 0.60 3.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-26.50 1.33 -8.80 0.00 -3.67 0.00 -38.80 -32.87 0.00 0.00 0.00 -3.67 -26.00 0.00 0.00 0.00 -13.33 -14.84 0.00 -0.72 0.00 0.00 0.00 -0.64 0.00 0.00 -4.90 0.00 -0.01 -3.44 0.00 -2.73 -0.04 -0.95 0.00 -2.96 -1.47 -0.70 -0.91 -2.74 -0.72 0.00 -0.01 0.00 -0.10 -2.22 -1.68

81.00 0.00 0.03 0.00 0.00 0.17 13.97 112.05 308.00 0.00 2.23 0.00 3.33 0.00 0.00 40.00 8.17 1.55 0.00 1.04 0.00 30.68 0.11 13.81 1.62 0.00 0.00 1.17 0.64 0.00 0.33 0.13 15.50 8.11 0.00 0.07 0.69 5.88 21.74 2.00 0.00 8.61 0.00 0.00 1.18 0.00 0.00

0.00 19.33 9.87 0.83 0.00 12.17 37.27 2.72 0.00 0.00 17.27 0.00 1.00 0.00 0.00 0.00 9.67 13.16 27.88 0.00 0.00 0.03 0.26 1.01 0.14 0.00 3.90 3.83 5.29 0.00 1.41 0.89 1.53 0.59 0.15 0.75 5.04 0.54 0.79 3.00 2.29 0.00 0.00 0.00 0.00 1.08 0.09

197.83 105.00 170.70 95.17 86.67 93.33 98.67 110.92 4.00 39.00 45.86 20.50 67.50 9.71 14.00 15.00 59.33 30.14 31.45 26.71 22.38 21.17 26.83 25.06 12.94 11.22 15.82 0.83 5.27 10.19 6.62 20.94 10.57 17.81 1.55 14.79 13.25 5.87 8.18 9.26 10.26 6.14 10.22 4.40 4.47 4.80 5.12

4,464.00 3,751.50 3,683.15 2,110.83 1,945.50 1,872.17 1,284.33 1,132.52 984.00 848.00 764.29 729.00 727.17 708.16 623.00 523.00 498.67 359.64 277.45 276.97 272.58 264.54 234.27 231.76 225.30 192.45 188.68 182.67 176.99 161.15 156.16 153.69 148.85 133.98 120.78 118.89 88.35 78.52 75.63 69.46 66.15 66.09 63.66 55.12 52.40 50.89 44.43

2,516.00 2,012.50 2,855.10 0.00 715.17 0.00 524.23 1,666.90 0.00 914.00 0.00 1,071.17 0.00 1,352.10 0.00 0.00 220.33 212.73 92.55 140.14 0.00 240.45 95.42 109.63 97.12 0.00 134.36 0.00 326.76 94.29 119.28 53.71 120.95 85.43 60.22 177.21 87.06 59.95 61.65 40.19 37.67 46.01 24.91 0.00 35.59 25.28 25.20

2.41 8.11 1.61 3.53 4.23 2.30 2.22 0.94 -27.25 -0.05 1.49 2.02 0.39 11.53 4.64 2.13 1.32 2.22 1.30 1.96 3.51 0.80 1.53 0.84 4.41 -1.11 3.48 -3.00 0.05 2.74 7.53 0.28 4.96 0.74 74.54 1.98 0.77 6.93 2.13 0.64 0.75 -0.21 1.90 3.45 1.71 -0.06 1.53

Seniors – Canadian Reserves

Juniors – Canadian Reserves

Canadian NGL Reserves

TOP 25 SENIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)

TOP 25 JUNIORS WITH PROVED OIL AND LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)

CANADIAN COMPANIES PROVED NATURAL GAS LIQUIDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS)

Company Canadian Natural Resources Limited Imperial Oil Limited Suncor Energy Inc. Shell Canada Limited Cenovus Energy Inc. ConocoPhillips Canada Total SA Canadian Oil Sands Limited Husky Energy Inc. MEG Energy Corp. Nexen Inc. Marathon Oil Corporation Devon Canada Corporation Chevron Canada Limited Penn West Petroleum Ltd. Crescent Point Energy Corp. Harvest Operations Corp. Connacher Oil and Gas Limited Apache Canada Ltd. Murphy Oil Company, Ltd. Pengrowth Energy Corporation ARC Resources Ltd. Baytex Energy Corp. Encana Corporation Petrobank Energy and Resources Ltd.

2010 Proved

Revisions

Drilling Additions

Improved Recovery

3,423.00 2,948.00 3,402.50 1,653.00 1,434.00 1,379.00 789.00 889.00 665.90 605.85 638.00 572.00 563.00 466.00 337.00 230.11 204.30 182.69 174.99 162.00 117.53 123.54 118.12 61.90 89.31

320.00 -7.00 92.20 54.00 72.00 -92.00 -109.00 -2.00 9.30 72.99 -84.00 17.00 11.00 32.00 12.00 10.27 3.95 -0.27 -16.34 8.30 10.84 2.07 -4.06 6.50 0.79

120.00 853.00 184.50 120.00 285.00 270.00 0.00 0.00 101.20 39.03 102.00 48.00 38.00 0.00 57.00 38.15 6.15 0.38 22.60 6.70 13.76 12.93 13.05 49.70 26.79

1.00 0.00 0.00 0.00 0.00 1.00 0.00 0.00 13.60 0.00 0.00 0.00 0.00 0.00 2.00 0.00 0.00 0.00 0.00 0.00 3.52 0.48 3.19 0.00 0.00

21,229.73

420.54

2,407.94

24.79

(9) x x x (9)

(5) x x x

x x

(4)

Totals

Economic Factors

Acquisitions

Dispositions

Production

2011 Proved

2011 Probable

R/P Ratio

3.00 1.00 -0.10 0.00 1.00 0.00 0.00 0.00 -2.10 0.00 0.00 0.00 -16.00 0.00 -2.00 -0.45 0.00 0.00 0.00 0.00 0.00 -0.61 -0.20 0.20 -2.20

9.00 0.00 0.00 0.00 0.00 0.00 308.00 0.00 45.70 0.00 0.00 0.00 0.00 40.00 6.00 1.02 8.89 0.13 0.75 0.00 0.09 0.07 6.68 0.30 0.03

0.00 0.00 0.60 0.00 0.00 1.00 0.00 0.00 2.50 0.00 0.00 0.00 0.00 0.00 6.00 0.00 0.01 1.96 1.58 0.00 0.19 3.91 0.55 6.10 0.36

123.00 92.00 149.50 57.00 47.00 37.00 4.00 39.00 74.00 9.71 13.00 14.00 32.00 15.00 38.00 24.12 14.33 5.02 7.38 10.90 13.66 11.42 14.85 6.00 12.69

3,753.00 3,703.00 3,529.00 1,770.00 1,745.00 1,520.00 984.00 848.00 757.10 708.16 643.00 623.00 564.00 523.00 368.00 254.99 208.95 175.96 173.04 166.10 131.88 123.15 121.39 106.50 101.67

2,254.00 1,984.00 2,801.70 -650.00 --914.00 1,573.40 1,352.10 938.00 ---145.00 129.16 215.75 326.20 --47.34 47.00 79.72 42.90 164.94

3.61 9.21 1.85 3.05 7.62 4.84 -27.25 -0.05 1.65 11.53 1.38 4.64 1.03 2.13 1.82 1.99 0.70 0.02 0.85 1.38 2.06 1.30 0.81 9.40 2.00

-18.45

426.68

24.76

864.58

23,601.89

13,665.20

3.28

2010 Proved

Encana Corporation Canadian Natural Resources Limited Apache Canada Ltd. Husky Energy Inc. ConocoPhillips Canada Shell Canada Limited ARC Resources Ltd. Talisman Energy Inc. Cenovus Energy Inc. Peyto Exploration & Development Corp. EOG Resources Canada, Inc. Progress Energy Resources Corp. Devon Canada Corporation Suncor Energy Inc. Advantage Oil & Gas Ltd. Bonavista Energy Corporation Birchcliff Energy Ltd. Penn West Petroleum Ltd. Tourmaline Oil Corp. Murphy Oil Company, Ltd. Pengrowth Energy Corporation Nexen Inc. Enerplus Corporation Celtic Exploration Ltd. Sinopec Daylight Energy Ltd.

x x x x

x x

x (5)

Totals

Revisions

6,755.00 4,092.00 3,491.97 2,186.00 2,305.00 1,308.00 1,265.36 1,354.50 1,390.00 929.05 1,133.80 819.06 1,218.00 1,113.20 736.04 835.95 548.07 865.00 487.09 326.90 616.74 421.00 497.55 173.29 384.78

389.00 86.00 -133.36 -0.80 134.00 155.00 131.26 3.50 29.00 3.42 -49.80 17.73 -38.00 41.40 145.69 -1.91 57.00 40.00 32.29 59.40 27.86 15.00 1.42 -8.55 -8.11

35,253.35

1,128.44

Drilling Additions 818.00 282.00 505.05 75.60 78.00 816.00 266.41 251.10 50.00 256.57 0.00 286.01 58.00 5.10 12.75 53.73 221.05 82.00 244.86 321.50 48.87 147.00 20.37 191.93 60.85

Improved Recovery

Economic Factors

Acquisitions

0.00 0.00 0.00 1.00 0.00 0.00 0.28 0.00 0.00 -22.96 0.00 0.00 0.00 0.00 17.43 3.15 0.00 2.00 3.35 0.00 0.20 0.00 0.00 0.00 0.00

-234.00 -177.00 0.00 -184.60 0.00 0.00 -85.42 0.00 -28.00 0.00 0.00 -27.27 -60.00 -52.20 -19.93 -3.85 0.02 -68.00 -0.21 0.00 0.00 -22.00 -16.06 -3.54 -7.79

82.00 432.00 8.84 398.10 1.00 0.00 8.86 0.00 0.00 7.73 0.00 0.00 20.00 0.20 0.02 45.78 0.30 13.00 80.63 0.00 0.10 0.00 0.00 34.95 1.55

187.00 0.00 94.10 1.30 67.00 5.00 55.52 165.50 0.00 0.65 0.00 17.54 6.00 55.60 0.00 2.37 5.23 22.00 9.00 0.00 0.43 0.00 0.69 0.48 29.48

4.46

-989.86

1,135.06

724.88

5,152.74

Dispositions

2011 Proved

2011 Probable

R/P Ratio

556.00 449.00 230.88 221.50 338.00 229.00 112.28 150.90 238.00 69.22 48.10 82.44 213.00 127.20 47.48 91.98 29.97 128.00 56.56 68.90 79.00 45.00 77.51 26.95 49.75

7,067.00 4,266.00 3,547.51 2,252.50 2,113.00 2,045.00 1,418.95 1,292.70 1,203.00 1,103.94 1,035.90 995.55 979.00 924.90 844.52 838.50 791.23 784.00 782.46 638.90 614.34 516.00 425.08 360.66 352.06

2,888.00 1,572.00 -561.00 --994.38 477.90 391.00 495.59 -720.96 -320.40 473.20 407.66 610.96 452.00 633.49 -288.50 799.00 163.84 273.31 380.12

1.75 0.43 1.61 -0.49 0.63 4.24 2.78 1.69 0.21 3.42 -1.04 3.35 -0.19 -0.04 3.28 0.56 9.28 0.44 4.96 5.53 0.97 3.11 0.07 6.67 0.90

3,766.62

37,192.70

12,903.29

1.41

Production

Revisions

179.00

-1.00

0.00

0.00

0.00

0.00

0.00

0.00

178.00

6.69

0.56

115.12

0.00

0.00

0.00

0.04

1.54

120.78

60.22

75.07

0.00

0.00

39.00

0.00

0.00

0.00

0.00

0.00

39.00

419.00

--

Bonterra Energy Corp.

22.16

-3.64

4.36

0.00

-0.06

0.00

0.00

1.66

21.16

9.33

0.40

Apache Canada Ltd.

Arcan Resources Ltd.

13.13

0.62

7.48

0.00

0.00

0.27

0.00

1.22

20.28

18.40

6.63

Penn West Petroleum Ltd.

5.32

1.96

6.00

0.00

0.00

7.52

0.01

1.34

19.46

9.65

5.93

BP Canada Energy Company

x

Southern Pacific Resource Corp.

Whitecap Resources Inc.

Suncor Energy Inc. Canadian Natural Resources Limited Shell Canada Limited Cenovus Energy Inc. ConocoPhillips Canada Canadian Oil Sands Limited Imperial Oil Limited MEG Energy Corp. Nexen Inc. Marathon Oil Corporation Chevron Canada Limited Husky Energy Inc. Connacher Oil and Gas Limited Murphy Oil Company, Ltd. Harvest Operations Corp.

x x (9) (5) x x

x

Drilling Additions 180.90 22.00 116.00 256.00 266.00 0.00 0.00 39.03 102.00 48.00 0.00 64.80 0.12 0.00 0.00

Revisions 75.70 267.00 51.00 69.00 -102.00 -2.00 -9.00 72.99 -84.00 17.00 32.00 1.80 -0.23 5.20 0.00

Improved Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.10 0.00 0.00 0.00

Economic Factors 0.00 4.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Acquisitions

Dispositions

Production

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

123.60 51.00 50.00 24.00 24.00 39.00 26.00 9.71 13.00 14.00 15.00 9.00 4.86 4.90 0.00

2011 Proved 3,436.20 3,093.00 1,735.00 1,455.00 1,439.00 848.00 721.00 708.16 643.00 623.00 523.00 308.50 175.19 129.50 93.60

2011 Probable 2,518.50 1,988.00 -490.00 -914.00 515.00 1,352.10 938.00 --1,400.80 325.64 -165.64

Improved Recovery

Economic Factors

Acquisitions

Dispositions

2011 Proved

Production

2011 Probable

R/P Ratio

Discoveries/ Extensions

Improved Recovery

Economic Factors

Acquisitions

Dispositions

Production

2011 Proved

Net of Purchases

Percentage Change (%)

Life Index Years

R/P Ratio

12.00

21.00

0.00

-1.00

7.00

0.00

7.00

95.00

88.00

50.79

13.57

4.57

5.43

4.02

0.06

0.00

4.47

0.14

4.68

53.45

48.99

20.68

11.42

2.03

24.74

-4.21

8.47

13.29

0.00

0.34

0.02

1.39

41.21

40.87

66.59

29.56

12.59

x

27.84

0.77

5.89

0.00

0.00

0.05

0.93

2.17

31.45

31.40

12.95

14.47

3.07

24.00

3.00

5.00

1.00

-2.00

1.00

0.00

4.00

28.00

27.00

16.67

7.00

1.75

x

30.00

0.00

2.00

0.00

-1.00

0.00

0.00

4.00

27.00

27.00

-10.00

6.75

0.25

Pengrowth Energy Corporation

21.22

2.30

2.46

0.05

0.00

0.01

0.04

3.52

22.48

22.47

5.95

6.40

1.37

ARC Resources Ltd.

18.33

1.54

3.67

0.03

-0.46

0.05

2.45

1.62

19.09

19.04

4.14

11.78

2.95

Progress Energy Resources Corp.

12.07

1.65

6.53

0.00

-0.34

0.00

0.20

1.32

18.39

18.39

52.37

13.94

5.95

Celtic Exploration Ltd.

7.34

-0.13

8.45

0.00

-0.11

0.04

0.01

1.13

14.44

14.40

96.77

12.76

7.25

Harvest Operations Corp.

6.78

0.63

1.36

0.00

0.00

7.24

0.01

1.88

14.14

6.90

108.39

7.54

1.06

10.39

0.21

4.22

0.00

0.00

0.00

0.00

1.66

13.15

13.15

26.60

7.91

2.66

Tourmaline Oil Corp.

7.96

-0.78

3.66

0.04

0.00

2.04

0.03

0.71

12.19

10.14

53.06

17.16

4.11

Crescent Point Energy Corp.

8.75

1.16

1.64

0.00

-0.03

0.00

0.00

1.14

10.37

10.37

18.46

9.06

2.41

Crew Energy Inc.

4.32

0.15

2.47

0.00

-0.19

4.23

0.11

0.74

10.14

5.91

134.48

13.66

3.28

Sinopec Daylight Energy Ltd.

8.87

0.23

1.75

0.00

-0.11

0.02

0.08

1.25

9.43

9.41

6.29

7.54

1.50

3.72

Trilogy Energy Corp.

9.42

0.14

1.29

0.00

0.00

0.00

0.00

1.56

9.29

9.29

-1.37

5.94

0.92

4.33

NuVista Energy Ltd.

8.74

0.46

1.30

0.00

-0.24

0.03

0.16

1.08

9.05

9.02

3.59

8.42

1.41

3.26

2.46

Enerplus Corporation

8.39

0.22

0.32

0.00

-0.13

0.00

0.00

1.12

7.68

7.68

-8.47

6.84

0.37

--

--

WestFire Energy Ltd.

5.74

0.05

5.14

0.00

-0.01

8.72

0.00

1.40

18.25

10.30

3.70

0.00

0.00

0.00

0.00

0.00

17.95

0.00

1.70

16.25

13.39

--

11.35

-0.39

6.70

0.00

-0.01

0.24

0.01

2.72

15.16

20.31

2.31

Spartan Oil Corp.

1.01

-0.08

11.96

0.00

0.00

0.96

0.83

0.18

12.84

5.80

67.59

Surge Energy Inc.

8.32

-0.13

5.56

0.00

0.00

0.24

0.24

1.32

12.43

6.76

4.13

12.18

0.69

0.98

0.00

0.00

0.08

0.42

1.77

11.74

8.67

0.94

8.06

-0.04

3.98

0.00

-0.02

0.77

0.00

1.01

11.74

6.22

3.87

10.42

-0.93

2.26

0.00

0.00

0.02

0.32

1.70

9.75

9.69

0.78

8.88

0.95

0.47

0.00

-0.01

0.09

0.00

1.60

8.78

5.13

0.88

4.10

0.93

2.56

0.00

0.01

1.16

0.08

0.88

7.80

4.00

3.99

BlackPearl Resources Inc.

Zargon Oil & Gas Ltd. Midway Energy Ltd. Twin Butte Energy Ltd. Freehold Royalties Ltd.

x

Renegade Petroleum Ltd. Novus Energy Inc.

3.92

Anderson Energy Ltd.

0.44

3.90

Painted Pony Petroleum Ltd.

3.26

0.14

3.94

Delphi Energy Corp.

0.00

3.15

0.29

4.68

0.00

2.27

0.63

-0.02 0.00

0.00

1.69

0.23 0.00

0.00

0.00

0.07 0.20

0.10

-0.04

4.65

6.02

0.59

0.10

4.69

6.11

0.88

0.00

0.00

7.21

0.55

13.85

5.94

0.93

2010 Proved

Revisions

Canadian Natural Resources Limited

63.00

Bonavista Energy Corporation

44.29

Peyto Exploration & Development Corp.

Devon Canada Corporation

Angle Energy Inc.

6.75

RMP Energy Inc.

1.68

-0.83

5.29

0.00

0.00

0.03

0.00

0.32

5.86

4.63

13.93

NAL Energy Corporation

7.08

0.61

0.66

0.00

-0.03

0.00

0.09

0.98

7.24

7.24

2.32

7.39

1.26

5.32

-0.59

2.01

0.00

-0.09

0.00

0.07

0.81

5.78

4.31

1.64

Suncor Energy Inc.

8.00

0.20

0.10

0.00

-0.10

0.00

0.60

1.00

6.60

6.60

-17.50

6.60

0.20

Pinecrest Energy Inc.

1.07

0.04

4.63

0.00

0.01

0.00

0.01

0.49

5.24

3.02

9.53

Legacy Oil + Gas Inc.

6.42

0.45

0.08

0.00

-0.16

0.00

0.00

0.41

6.37

6.37

-0.74

15.37

0.89

Rock Energy Inc.

4.32

-1.03

0.69

0.00

0.00

1.88

0.04

0.84

4.98

4.14

-0.41

Petrobank Energy and Resources Ltd.

5.41

0.22

1.65

0.00

-0.16

0.01

0.12

0.74

6.28

6.27

15.96

8.52

2.32

AvenEx Energy Corp.

4.57

0.10

0.37

0.33

0.00

0.40

0.00

0.81

4.96

2.01

0.99

Bellatrix Exploration Ltd.

2.60

1.24

2.37

0.00

0.00

0.00

0.01

0.49

5.71

5.71

119.45

11.55

7.30

329.76

-1.27

234.93

0.34

-0.24

40.67

2.43

26.25

575.51

651.44

8.90

Compton Petroleum Corporation

5.43

0.09

0.22

0.00

-0.05

0.00

0.00

0.44

5.25

5.25

-3.35

11.81

0.59

Birchcliff Energy Ltd.

4.07

-0.45

1.44

0.00

0.00

0.00

0.02

0.20

4.84

4.84

19.00

24.32

4.96

WestFire Energy Ltd.

0.18

0.06

0.23

0.00

0.00

4.63

0.00

0.28

4.82

0.19

2,610.11

17.35

1.05

Fairborne Energy Ltd.

6.73

-1.35

0.30

0.00

-0.37

0.00

0.40

0.31

4.59

4.59

-31.78

14.62

-4.53

Advantage Oil & Gas Ltd.

5.18

-0.44

0.02

0.09

-0.13

0.00

0.00

0.55

4.17

4.17

-19.45

7.53

-0.82

Delphi Energy Corp.

2.85

0.39

1.35

0.00

-0.04

0.00

0.04

0.49

4.02

4.02

41.04

8.25

3.49

Paramount Resources Ltd.

1.85

-0.23

1.93

0.00

-0.09

0.83

0.01

0.55

3.73

2.90

101.57

6.75

2.91

TOP 25 JUNIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET)

(4)

2010 Proved

Revisions

Drilling Additions

Improved Recovery

Economic Factors

Acquisitions

Dispositions

Production

2011 Proved

2011 Probable

R/P Ratio

143.81

-0.90

72.41

0.00

-12.42

13.27

16.15

17.46

182.57

168.18

3.39

44.35

11.19

95.66

0.00

0.00

6.68

0.00

5.69

152.19

549.87

18.78

Vermilion Energy Inc.

3.61

-0.10

0.32

0.00

0.00

0.00

0.00

0.47

3.36

3.36

-7.08

7.10

0.46

107.72

4.56

23.06

0.00

-5.89

0.00

1.14

13.84

114.47

70.94

1.57

Crocotta Energy Inc.

2.25

-0.50

1.75

0.00

-0.01

0.04

0.14

0.26

3.12

3.08

38.72

11.92

4.71

Vero Energy Inc.

88.37

1.95

20.55

0.00

-3.02

0.00

1.97

15.31

90.58

56.80

1.27

Anderson Energy Ltd.

97.31

4.59

9.25

0.00

-9.72

0.00

0.85

11.54

89.04

52.35

0.36

Painted Pony Petroleum Ltd.

0.85

0.49

1.83

0.00

0.00

0.00

0.00

0.06

3.11

3.11

266.63

52.69

39.32

Terra Energy Corp.

91.06

1.88

6.09

0.00

-4.04

0.00

0.00

10.99

83.99

81.54

0.36

Baytex Energy Corp.

2.82

-0.46

0.80

0.00

-0.08

0.46

0.00

0.60

2.94

2.48

4.14

4.87

0.44

Open Range Energy Corp.

69.31

1.74

16.77

0.00

-0.05

0.00

0.00

8.82

78.94

61.60

2.09

Vero Energy Inc.

2.88

-0.12

0.68

0.00

-0.09

0.00

0.06

0.42

2.87

2.87

-0.42

6.88

1.12

7.94

Perpetual Energy Inc.

2.05

0.18

1.10

0.00

-0.05

0.03

0.11

0.37

2.82

2.80

37.69

7.69

3.32

2.70

0.31

0.40

0.00

-0.08

0.00

0.26

0.51

2.55

2.55

-5.52

5.02

1.23 9.93

Company Cequence Energy Ltd. Painted Pony Petroleum Ltd. Delphi Energy Corp.

Crocotta Energy Inc.

40.94

3.04

42.10

0.00

-0.75

0.68

5.27

75.14

5.59

58.82

Twin Butte Energy Ltd.

75.00

-1.49

1.36

0.00

0.00

0.02

1.37

6.45

67.07

30.03

-0.02

Chinook Energy Inc.

WestFire Energy Ltd.

14.66

-1.48

3.28

0.00

-0.82

52.64

0.02

4.32

63.94

24.49

0.23

Midway Energy Ltd.

0.79

0.89

0.58

0.00

0.00

0.08

0.00

0.15

2.19

2.11

176.55

14.86

Corridor Resources Inc.

62.20

0.70

0.00

0.00

0.00

0.00

0.00

4.20

58.70

44.00

0.17

Cequence Energy Ltd.

2.50

-0.34

0.68

0.00

-0.20

0.02

0.35

0.17

2.14

2.12

-14.39

12.67

0.83

Artek Exploration Ltd.

44.63

1.12

19.31

0.00

-3.80

0.00

0.00

2.99

58.26

49.19

5.56

RMP Energy Inc.

53.10

-26.40

28.76

0.00

0.00

1.47

0.00

5.68

51.25

21.90

0.42

422.70

25.90

103.97

14.56

-7.27

32.61

6.39

51.44

534.65

502.04

26.48

10.39

2.67

Surge Energy Inc.

36.25

-0.61

23.72

0.00

0.00

0.01

5.68

5.16

48.53

29.55

4.48

Bonterra Energy Corp.

38.50

0.56

7.51

0.00

-0.67

0.00

0.00

4.08

41.82

22.12

1.82

Zargon Oil & Gas Ltd.

44.26

1.90

0.66

0.00

-1.63

2.53

0.34

8.02

39.37

22.05

0.12

17.64

1.53

8.17

0.01

0.00

14.18

0.04

4.48

37.01

19.80

2.16

25.23

0.02

14.15

0.00

0.00

0.00

0.11

4.03

35.27

27.66

3.52

Insignia Energy Ltd.

27.38

1.55

11.78

0.79

-1.15

0.00

0.00

5.22

35.12

40.76

2.48

AvenEx Energy Corp.

37.40

0.18

0.01

2.82

-1.54

0.12

0.01

6.04

32.93

15.03

0.24

Whitecap Resources Inc. (6)

35.50

2.37

0.70

0.00

-0.01

0.10

0.00

6.09

32.56

17.11

0.50

21.24

5.16

6.68

0.00

-0.92

1.43

1.12

2.73

29.74

13.92

3.99

Rock Energy Inc.

25.52

-0.38

7.70

0.00

-0.26

0.00

1.96

1.83

28.80

45.78

3.87

Sonde Resources Corp.

29.26

0.39

3.24

0.00

-2.52

2.39

0.05

4.42

28.29

13.23

0.25

58.00

-9.00

0.00

0.00

0.00

7.00

23.00

5.00

--

-1.80

1,328.62

4.16

422.92

3.61

-49.21

102.51

59.07

169.97

1,536.72

2.24

Freehold Royalties Ltd.

Reserve Life Index 48.18 99.63 34.70 81.04 59.96 45.18 47.54 212.09 121.62 44.50 34.87 189.92 103.16 26.43 --

Company

Vero Energy Inc.

Totals

SENIORS WITH PROVED OILSANDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) 2010 Proved 3,303.20 2,851.00 1,618.00 1,154.00 1,299.00 889.00 756.00 605.85 638.00 572.00 466.00 246.80 180.15 129.20 93.60

Drilling Additions

Longview Oil Corp.

Yoho Resources Inc.

Company

(7)

Athabasca Oil Sands Corp.

TOP 25 SENIORS WITH PROVED NATURAL GAS RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET) Company

2010 Proved

Company

x

Midway Energy Ltd.

BP Canada Energy Company

x

Totals

28.00 1,583.57

Totals

JUNIORS WITH PROVED OILSANDS RESERVES AT END OF 2011 (MILLIONS OF BARRELS) Company BP Canada Energy Company

x

Southern Pacific Resource Corp.

(7)

Athabasca Oil Sands Corp.

2010 Proved

Revisions

179.00

-1.00

0.00 0.00

Improved Recovery

Economic Factors

Acquisitions

Dispositions

Production

2011 Proved

2011 Probable

Reserve Life Index

0.00

0.00

0.00

0.00

0.00

0.00

178.00

--

--

0.00

112.20

0.00

0.00

0.00

0.00

0.00

112.20

55.84

--

0.00

38.00

0.00

0.00

0.00

0.00

0.00

38.00

416.00

--

2011 Finders

Drilling Additions

Junior companies are defined by production of less than 10,000 barrels of oil equivalent per day.

Legend

2011 2010 2009 2008 2007 2006 2005 2004 2003

Revisions

Percentage replacement

2011 Canadian oil & gas reserves chart - July 2012

Industry Overview

Reserves for international players do not include U.S. reserves. In some cases, company reserves switch from net to gross between years. (X) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

Companies reporting net, after royalty reserves. R/P ratio is reserve additions divided by production, excluding acquisitions and dispositions. Reserve life index includes proved and probable year-end, divided by production. R/P ratio based on drilling additions and improved recovery only. As of Dec. 31, 2011, Petrobank held approximately 59 per cent of the outstanding shares of PetroBakken Energy Ltd. Switched reporting from constant pricing to forecast. Year-end September 30. Year-end June 30. Year-end March 31. Bitumen reserves include in situ and mining combined. Weighted average. Fully diluted. Outstanding shares at year-end.

2011 Buyers

2011 Sellers

TOP 20 COMPANIES ADDING OIL AND LIQUIDS PROVED RESERVES

TOP 20 COMPANIES ADDING NATURAL GAS PROVED RESERVES

TOP 20 BUYERS OF PROVED OIL AND LIQUIDS RESERVES

TOP 20 BUYERS OF PROVED NATURAL GAS RESERVES

TOP 20 SELLERS OF PROVED OIL AND LIQUIDS RESERVES

TOP 20 SELLERS OF NATURAL GAS RESERVES

FROM DRILLING IN 2011 (MILLIONS OF BARRELS)

FROM DRILLING IN 2011 (BILLIONS OF CUBIC FEET)

IN 2011 (MILLIONS OF BARRELS)

IN 2011 (BILLIONS OF CUBIC FEET)

IN 2011 (MILLIONS OF BARRELS)

IN 2011 (BILLIONS OF CUBIC FEET)

Company Imperial Oil Limited Cenovus Energy Inc. ConocoPhillips Canada Suncor Energy Inc. Canadian Natural Resources Limited Shell Canada Limited Southern Pacific Resource Corp. Nexen Inc. Husky Energy Inc. Penn West Petroleum Ltd. Encana Corporation Marathon Oil Corporation MEG Energy Corp. Athabasca Oil Sands Corp. Crescent Point Energy Corp. Devon Canada Corporation Petrobank Energy and Resources Ltd. Apache Canada Ltd. Pengrowth Energy Corporation Baytex Energy Corp.

Drilling Additions

Improved Recovery

Production

R/P Ratio

Company

853.00 285.00 270.00 184.50 120.00 120.00 115.12 102.00 101.20 57.00 49.70 48.00 39.03 39.00 38.15 38.00 26.79 22.60 13.76 13.05

0.00 0.00 1.00 0.00 1.00 0.00 0.00 0.00 13.60 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3.52 3.19

92.00 47.00 37.00 149.50 123.00 57.00 1.54 13.00 74.00 38.00 6.00 14.00 9.71 0.00 24.12 32.00 12.69 7.38 13.66 14.85

9.21 7.62 4.84 1.85 3.61 3.05 75.07 1.38 1.65 1.82 9.40 4.64 11.53 -1.99 1.03 2.00 0.85 2.06 0.81

Encana Corporation Shell Canada Limited Apache Canada Ltd. Murphy Oil Company, Ltd. Progress Energy Resources Corp. Canadian Natural Resources Limited ARC Resources Ltd. Peyto Exploration & Development Corp. Talisman Energy Inc. Tourmaline Oil Corp. Birchcliff Energy Ltd. Celtic Exploration Ltd. Nexen Inc. Painted Pony Petroleum Ltd. Penn West Petroleum Ltd. ConocoPhillips Canada Quicksilver Resources Canada Inc. Husky Energy Inc. Cequence Energy Ltd. Crew Energy Inc.

(9) x

x (7) (5)

x

x (4) x

Drilling Additions x x x

x

(5)

x x

818.00 816.00 505.05 321.50 286.01 282.00 266.41 256.57 251.10 244.86 221.05 191.93 147.00 95.66 82.00 78.00 76.07 75.60 72.41 65.56

Improved Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.28 -22.96 0.00 3.35 0.00 0.00 0.00 0.00 2.00 0.00 0.00 1.00 0.00 0.00

Production

R/P Ratio

556.00 229.00 230.88 68.90 82.44 449.00 112.28 69.22 150.90 56.56 29.97 26.95 45.00 5.69 128.00 338.00 26.39 221.50 17.46 25.03

1.75 4.24 1.61 5.53 3.35 0.43 2.78 3.42 1.69 4.96 9.28 6.67 3.11 18.78 0.44 0.63 3.45 -0.49 3.39 2.22

Company

Acquisitions 308.00 45.70 40.00

4.00 74.00 15.00

17.95

1.70

Crew Energy Inc. Canadian Natural Resources Limited Harvest Operations Corp. WestFire Energy Ltd. Whitecap Resources Inc. Baytex Energy Corp.

9.90 9.00 8.89 8.72 7.52 6.68

4.01 123.00 14.33 1.40 1.34 14.85

Bonavista Energy Corporation

6.18

9.73

Penn West Petroleum Ltd. DeeThree Exploration Ltd. Tourmaline Oil Corp. Rock Energy Inc. Arsenal Energy Inc. Legacy Oil + Gas Inc. Renegade Petroleum Ltd. Crescent Point Energy Corp. Spartan Oil Corp.

6.00 3.96 2.06 1.88 1.20 1.18 1.16 1.02 0.96

38.00 0.25 1.15 0.84 0.41 3.69 0.88 24.12 0.18

Total SA Husky Energy Inc. Chevron Canada Limited

x

(9)

x

Longview Oil Corp.

Company

Production

Canadian Natural Resources Limited Husky Energy Inc. Harvest Operations Corp. Encana Corporation Tourmaline Oil Corp. Crew Energy Inc. WestFire Energy Ltd. Lone Pine Resources Inc. Bonavista Energy Corporation Celtic Exploration Ltd. Longview Oil Corp. Paramount Resources Ltd. Devon Canada Corporation Shoreline Energy Corp. Manitok Energy Inc. DeeThree Exploration Ltd. Whitecap Resources Inc. Cequence Energy Ltd. Penn West Petroleum Ltd. NuVista Energy Ltd.

International Players

Oilsands Players

TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN OIL AND LIQUIDS RESERVES

OILSANDS SYNTHETIC/BITUMEN RESERVES—MINING (MILLIONS OF BARRELS) Company

IN 2011 (MILLIONS OF BARRELS) 2010 Proved

Company

2010 Probable

2011 Proved

2011 Probable

2011 Production

Reserve Life Index

374.40

262.70

371.80

286.50

47.20

7.88

Canadian Natural Resources Limited

372.00

181.00

337.00

177.00

19.00

17.74

Pacific Rubiales Energy Corp.

200.98

35.48

298.94

109.58

34.02

8.79

Suncor Energy Inc.

267.10

167.60

287.00

155.60

23.40

12.26

250.00

147.00

234.00

137.00

46.00

5.09

Bankers Petroleum Ltd.

120.24

117.38

172.43

94.75

4.80

35.92

Gran Tierra Energy Inc.

31.16

9.32

39.98

13.35

8.30

4.82

Vermilion Energy Inc.

39.56

19.54

36.88

16.66

5.96

6.19

TransGlobe Energy Corporation

20.46

9.99

28.15

16.06

4.42

6.37

Sherritt International Corporation

23.86

4.77

23.29

4.49

7.78

3.00

Calvalley Petroleum Inc.

15.55

16.24

14.96

14.62

0.78

19.26

Stream Oil & Gas Ltd.

13.72

4.19

13.89

4.14

0.48

29.21

7.93

4.63

12.40

4.31

2.71

4.58

16.30

5.40

12.10

4.90

3.10

3.90

Mart Resources Inc.

9.63

13.06

11.16

13.49

1.27

8.81

Chinook Energy Inc.

5.32

10.22

6.04

9.53

0.35

17.16

Pan Orient Energy Corp.

7.36

24.57

5.99

13.01

0.74

8.09

Parex Resources Inc.

1.07

4.79

4.95

5.76

1.95

2.54

Winstar Resources Ltd.

2.56

5.96

2.75

5.59

0.45

6.13

Talisman Energy Inc.

x

Nexen Inc.

(5)

C&C Energia Ltd.

x

Husky Energy Inc.

Candax Energy Inc.

x

1.29

2.22

1.84

1.93

0.10

17.82

Canadian Natural Resources Limited Suncor Energy Inc. Shell Canada Limited Total SA Canadian Oil Sands Limited Marathon Oil Corporation Chevron Canada Limited Nexen Inc. Murphy Oil Company, Ltd.

x x

2010 Proved

Revisions

1,932.00 2,084.30 1,567.00 789.00 889.00 572.00 466.00 324.00 129.20

198.00 33.80 42.00 (109.00) (2.00) 17.00 32.00 -5.20

(9)

x x (5) x

Company Imperial Oil Limited Cenovus Energy Inc. ConocoPhillips Canada Suncor Energy Inc. Canadian Natural Resources Limited MEG Energy Corp. Nexen Inc. Husky Energy Inc. BP Canada Energy Company Connacher Oil and Gas Limited Southern Pacific Resource Corp. Harvest Operations Corp. Shell Canada Limited Athabasca Oil Sands Corp.

2010 Proved (9)

2,876.00 1,154.00 1,299.00 1,218.90 919.00 605.85 314.00 246.80 179.00 180.15 -93.60 51.00 --

x

(5) x (7) x

Talisman Energy Inc.

x

Niko Resources Ltd.

(8)

2010 Proved

2010 Probable

2011 Proved

2011 Probable

Reserve Life Index

1,598.40

851.70

1,465.80

751.80

166.20

8.82

1,064.24

471.47

771.97

421.50

100.38

7.69

Pacific Rubiales Energy Corp.

488.00

2.00

481.50

2.30

24.20

19.90

Suncor Energy Inc.

262.60

285.50

341.60

408.40

31.00

11.02

Canadian Natural Resources Limited

170.00

75.00

181.00

82.00

10.00

18.10

Husky Energy Inc.

209.00

43.90

167.20

39.40

0.00

0.00

Sterling Resources Ltd.

138.98

47.12

138.48

46.15

0.15

935.65

Vermilion Energy Inc.

133.43

46.06

125.36

45.73

12.35

10.15

67.00

59.00

65.00

41.00

11.00

5.91

Nexen Inc.

(5)

1.54

0.18

20.33

28.29

1.49

13.61

16.49

17.47

17.93

10.64

2.76

6.50

Winstar Resources Ltd.

6.16

12.58

7.42

13.01

0.94

7.86

Chinook Energy Inc.

4.90

1.83

5.39

2.10

0.29

18.47

Valeura Energy Inc.

0.00

0.00

5.05

5.33

2.13

2.37

Stream Oil & Gas Ltd.

3.65

1.29

3.49

1.28

0.00

0.00

Sherritt International Corporation

2.51

0.69

2.08

0.54

0.78

2.67

1.76

1.14

1.03

0.77

0.00

0.00

0.16

0.00

0.20

0.00

0.01

16.42

0.55

0.86

0.04

0.71

0.23

0.18

4.76

2.71

0.00

0.00

0.53

0.00

Gran Tierra Energy Inc. Antrim Energy Inc.

Madalena Ventures Inc. GeoGlobal Resources Inc.

x

DualEx Energy International Inc. Candax Energy Inc.

x

junewarren-nickles.com

Economic Factors 4.00 ---------

x

Revisions (9.00) 69.00 (102.00) 41.90 69.00 72.99 (84.00) 1.80 (1.00) (0.23) --(9.00) --

Drilling Additions 853.00 256.00 266.00 180.90 22.00 39.03 94.00 64.80 -0.12 112.20 --38.00

Improved Recovery -------4.10 -------

Economic Factors (2.00) --------------

Production 449.00 221.50 41.05 556.00 56.56 25.03 4.32 28.64 91.98 26.95 3.53 29.70 213.00 0.99 1.01 2.55 4.48 17.46 128.00 37.76

Encana Corporation Nexen Inc. Pengrowth Energy Corporation Fairborne Energy Ltd. Vermilion Energy Inc. Advantage Oil & Gas Ltd. Crew Energy Inc. Sonde Resources Corp. Anderson Energy Ltd. Longview Oil Corp. Celtic Exploration Ltd. Sinopec Daylight Energy Ltd. Bellatrix Exploration Ltd. Terra Energy Corp. Elkwater Resources Ltd. Petrobank Energy and Resources Ltd. Kallisto Energy Corp. DualEx Energy International Inc. Yoho Resources Inc. Arsenal Energy Inc. TriOil Resources Ltd. Stetson Oil & Gas Ltd.

2010 Proved (5)

(4)

(6)

1,810.00 115.00 52.68 34.86 30.82 20.14 10.23 4.58 4.44 0.00 2.57 2.51 1.63 0.97 0.00 0.68 0.31 0.05 0.06 0.13 0.02 0.54

Revisions 32.00 -25.00 -1.50 3.73 -1.82 -0.43 -0.79 0.38 0.00 0.00 -0.06 -0.57 -0.30 0.07 0.00 -0.26 0.02 0.06 0.00 -0.03 0.00 0.00

Drilling Additions 148.00 0.00 0.00 3.15 0.00 0.27 0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Improved Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Dispositions

Production

2011 Proved

---308.00 --40.00 ---

----------

15.00 95.60 45.00 4.00 39.00 14.00 15.00 8.00 4.90

2,119.00 2,022.50 1,680.00 984.00 848.00 623.00 523.00 324.00 129.50

Acquisitions

Dispositions

Production

2011 Proved

---------------

---------------

84.00 24.00 24.00 28.00 36.00 9.71 5.00 9.00 -4.86 --5.00 --

3,634.00 1,455.00 1,439.00 1,413.70 974.00 708.16 319.00 308.50 178.00 175.19 112.20 93.60 55.00 38.00

Economic Factors -30.00 -6.00 0.00 -1.95 -1.95 -0.36 -0.62 -1.57 -1.37 0.00 -0.47 -0.06 0.00 -0.04 0.00 -0.03 0.00 0.00 0.00 -0.02 0.00 0.00

Encana Corporation Penn West Petroleum Ltd. ARC Resources Ltd. Husky Energy Inc. Fairborne Energy Ltd. Connacher Oil and Gas Limited NAL Energy Corporation Apache Canada Ltd. Chinook Energy Inc. Equal Energy Ltd. ConocoPhillips Canada Progress Energy Resources Corp. NuVista Energy Ltd. Spartan Oil Corp. Enerplus Corporation Bonavista Energy Corporation Suncor Energy Inc. Cequence Energy Ltd. Second Wave Petroleum Inc. Baytex Energy Corp.

x

x

Dispositions

Production

6.10 6.00 3.91 2.50 2.06 1.96 1.63 1.58 1.10 1.01 1.00 0.98 0.95 0.83 0.78 0.62 0.60 0.60 0.57 0.55

6.00 38.00 11.42 74.00 1.16 5.02 4.81 7.38 1.51 0.78 37.00 2.08 2.97 0.18 8.02 9.73 149.50 0.38 0.41 14.85

Company

Dispositions

Encana Corporation Talisman Energy Inc. Imperial Oil Limited Apache Canada Ltd. ConocoPhillips Canada Suncor Energy Inc. ARC Resources Ltd. Sinopec Daylight Energy Ltd. BP Canada Energy Company Penn West Petroleum Ltd. Connacher Oil and Gas Limited Progress Energy Resources Corp. Cequence Energy Ltd. NuVista Energy Ltd. Fairborne Energy Ltd. Tourmaline Oil Corp. Chinook Energy Inc. Perpetual Energy Inc. Ironhorse Oil & Gas Inc. Compton Petroleum Corporation

x (9) x x

x

Production

187.00 165.50 116.00 94.10 67.00 55.60 55.52 29.48 23.00 22.00 19.97 17.54 16.15 12.31 12.16 9.00 8.97 8.22 8.16 6.48

556.00 150.90 78.00 230.88 338.00 127.20 112.28 49.75 5.00 128.00 1.53 82.44 17.46 37.76 25.28 56.56 20.49 46.89 0.55 24.42

TOP 25 COMPANIES RANKED BY RESERVES PER SHARE GROWTH IN 2011

Acquisitions

Net of Purchase 2,119.00 2,022.50 1,680.00 676.00 848.00 623.00 483.00 324.00 129.50

Percentage Change (%) 9.67 -2.97 7.21 24.71 -4.61 8.92 12.23 -0.23

Reserve Life Index 141.26 21.16 37.33 246.00 21.74 44.50 34.87 40.50 26.43

Net of Purchase 3,634.00 1,455.00 1,439.00 1,413.70 974.00 708.16 319.00 308.50 178.00 175.19 112.20 93.60 55.00 38.00

Percentage Change (%) 26.35 26.08 10.78 15.98 5.98 16.89 1.59 25.00 -0.56 -2.76 --7.84 --

Reserve Life Index 43.26 60.63 59.96 50.49 27.06 72.90 63.80 34.28 -36.08 --11.00 --

Southern Pacific Resource Corp.

(10)(11)

120.78

6.81

338,834,000

202,751,000

0.36

0.03

Percentage Change (%) 961.61

Storm Resources Ltd.

(10)(11)

3.71

0.74

26,377,000

16,267,000

0.14

0.05

210.42

Pinecrest Energy Inc.

(10)(11)

5.32

1.11

208,103,830

121,544,951

0.03

0.01

180.79

Manitok Energy Inc.

(10)(11)

4.54

0.66

47,344,609

17,402,916

0.10

0.04

153.30

DeeThree Exploration Ltd.

(10)(11)

7.40

1.32

56,407,000

23,102,493

0.13

0.06

129.47

Painted Pony Petroleum Ltd.

(10)(11)

31.38

11.34

60,829,382

49,503,521

0.52

0.23

125.32

WestFire Energy Ltd.

(10)(11)

28.90

8.18

63,555,607

37,168,996

0.45

0.22

106.51

Celtic Exploration Ltd.

(10)(11)

78.52

38.33

100,709,000

91,537,000

0.78

0.42

86.18

Second Wave Petroleum Inc.

(10)(11)

6.56

3.55

82,968,611

74,754,996

0.08

0.05

66.34

Novus Energy Inc.

(10)(11)

8.93

4.92

169,238,000

153,847,000

0.05

0.03

65.10

Bellatrix Exploration Ltd.

(10)(11)

41.76

24.84

103,857,689

93,286,554

0.40

0.27

51.00

Crocotta Energy Inc.

(10)(11)

17.48

9.81

81,166,000

65,412,000

0.22

0.15

43.60

Questerre Energy Corporation

(10)(11)

1.71

1.19

235,975,196

234,326,194

0.01

0.01

42.16

Birchcliff Energy Ltd.

(10)(11)

156.16

113.98

131,444,878

128,520,068

1.19

0.89

33.96

Crew Energy Inc.

(10)(11)

75.63

45.47

102,034,000

79,747,000

0.74

0.57

30.00

Tourmaline Oil Corp.

(10)(11)

148.85

93.01

152,315,296

123,394,559

0.98

0.75

29.64

Paramount Resources Ltd.

(10)(11)

35.64

25.57

78,462,000

72,705,000

0.45

0.35

29.15

Renegade Petroleum Ltd.

(10)(11)

8.50

4.18

72,059,532

44,186,343

0.12

0.09

24.63

Imperial Oil Limited

(11)(12)

3,751.50

3,024.33

853,600,000

854,200,000

4.39

3.54

24.13

Reliable Energy Ltd.

(10)(11)

0.96

0.71

240,332,000

218,953,474

0.00

0.00

22.63

Arcan Resources Ltd.

(10)(11)

21.58

13.82

90,450,000

70,306,000

0.24

0.20

21.36

Midway Energy Ltd.

(10)(11)

16.70

11.60

79,409,597

64,983,712

0.21

0.18

17.78

Traverse Energy Ltd.

(10)(11)

0.18

0.11

36,451,924

27,409,689

0.00

0.00

16.80

BlackPearl Resources Inc.

(10)(11)

15.28

11.71

301,190,033

269,029,016

0.05

0.04

16.56

Arsenal Energy Inc.

(10)(11)

9.95

7.22

158,629,712

133,802,977

0.06

0.05

16.31

Company

COMPANIES WITH PROVED COALBED METHANE RESERVES AT END OF 2011 (BILLIONS OF CUBIC FEET) Company

Company

Fastest Growers

Coalbed Methane Players

IN 2011 (BILLIONS OF CUBIC FEET) Company

Improved Recovery ----------

432.00 398.10 130.71 82.00 80.63 71.04 52.64 51.66 45.78 34.95 30.27 25.60 20.00 18.30 17.01 14.25 14.18 13.27 13.00 10.89

OILSANDS SYNTHETIC/BITUMEN RESERVES—IN SITU (MILLIONS OF BARRELS)

TOP 20 CANADIAN-BASED INTERNATIONAL PLAYERS WITH FOREIGN NATURAL GAS RESERVES

2011 Production

Drilling Additions --116.00 --48.00 -8.00 --

Acquisitions

Acquisitions

Dispositions

Production

25.00 0.00 0.00 0.68 0.00 0.00 0.00 0.00 0.00 2.36 0.00 0.00 0.00 0.00 0.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.00 0.00 0.00 0.14 0.00 0.00 0.00 0.00 0.08 0.00 0.00 0.24 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.54

161.00 15.00 3.60 3.51 2.13 2.04 0.16 0.17 0.29 0.17 0.07 0.15 0.20 0.07 0.00 0.03 0.03 0.02 0.00 0.03 0.00 0.00

Edmonton, AB: 6111 - 91 Street NW, T6E 6V6 | Phone: 780.944.9333 | Fax: 780.944.9500 | Toll Free: 1.800.563.2946 Calgary, AB: 2nd Floor, 816 - 55 Avenue NE, T2E 6Y4 | Phone: 403.209.3500 | Fax: 403.245.8666 | Toll Free: 1.800.387.2446

2011 Proved 1,819.00 69.00 47.58 36.82 24.92 17.58 8.75 3.22 2.70 2.19 1.97 1.49 1.14 0.92 0.53 0.36 0.30 0.09 0.06 0.04 0.02 0.00

2011 Probable 411.00 24.00 12.19 11.57 9.76 6.32 9.38 2.71 2.37 0.56 1.27 1.15 0.37 0.28 0.14 0.37 0.08 0.02 0.20 0.02 0.00 --

R/P Ratio 0.93 -2.07 -0.42 1.40 -1.77 -0.26 -8.04 -6.96 -4.73 --7.38 -4.08 -1.49 0.33 --9.23 0.77 3.10 -1.00 -1.73 0.50 --

2011 MMBOE

2010 MMBOE

2011 Shares

2010 Shares

2011 BOE/Share

2010 BOE/Share

TOP 20 JUNIORS GROSS PROVED RESERVES TWO-YEAR GROWTH

TOP 20 COMPANIES PROVED RESERVES TWO-YEAR GROWTH

BARRELS OF OIL EQUIVALENT (IN MILLIONS)

BARRELS OF OIL EQUIVALENT (IN MILLIONS)

Company Southern Pacific Resource Corp. Cequence Energy Ltd. Painted Pony Petroleum Ltd. Whitecap Resources Inc. WestFire Energy Ltd. Arcan Resources Ltd. Surge Energy Inc. Midway Energy Ltd. Crocotta Energy Inc. Renegade Petroleum Ltd. Novus Energy Inc. Delphi Energy Corp. DeeThree Exploration Ltd. TriOil Resources Ltd. Waldron Energy Corporation Open Range Energy Corp. Yoho Resources Inc. Rock Energy Inc. Second Wave Petroleum Inc. BlackPearl Resources Inc.

2011 Proved 120.78 35.08 31.38 25.63 28.90 21.58 20.52 16.70 17.48 8.50 8.84 25.01 7.40 5.82 5.96 14.34 7.56 9.78 6.56 15.28

2009 Proved

Growth From 2009

0.55 7.46 3.94 1.26 5.36 7.14 6.84 6.38 8.61 0.19 1.47 17.92 1.71 0.91 1.16 9.95 3.49 5.76 2.74 11.57

120.24 27.62 27.44 24.36 23.54 14.45 13.68 10.31 8.87 8.31 7.38 7.09 5.68 4.91 4.80 4.38 4.07 4.02 3.82 3.70

Every precaution has been taken to prevent errors or omissions and the publisher assumes no responsibility for damages caused by any errors or omissions.

Company Canadian Natural Resources Limited Imperial Oil Limited Total SA Cenovus Energy Inc. Suncor Energy Inc. Encana Corporation Apache Canada Ltd. Shell Canada Limited MEG Energy Corp. Harvest Operations Corp. Southern Pacific Resource Corp. Murphy Oil Company, Ltd. ARC Resources Ltd. Crescent Point Energy Corp. Progress Energy Resources Corp. Peyto Exploration & Development Corp. Birchcliff Energy Ltd. Chevron Canada Limited Advantage Oil & Gas Ltd. Celtic Exploration Ltd.

x

x x

x

x

2011 Proved

2009 Proved

Growth From 2009

4,464.00 3,751.50 984.00 1,945.50 3,436.20 1,284.33 764.29 2,110.83 708.16 264.54 120.78 272.58 359.64 276.97 188.68 225.30 156.16 523.00 161.15 78.52

3,168.50 2,513.33 365.00 1,397.83 3,043.00 927.00 531.00 1,889.33 549.00 140.31 0.55 178.08 267.52 185.69 101.60 148.86 90.04 460.00 107.87 35.17

1,295.50 1,238.17 619.00 547.67 393.20 357.33 233.29 221.50 159.16 124.23 120.24 94.50 92.12 91.28 87.08 76.45 66.13 63.00 53.28 43.35


Canadian Oil & Gas Reserves 2011 Chart