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Notes:

(1) Painted Pony's total working interest of the contingent resources are before royalties owned by others.

(2) Oil equivalent amounts (boe) have been calculated using a conversion rate of six thousand cubic feet of natural gas per barrel of oil (6 mcf: 1 bbl).

(3) Natural gas equivalent amounts (mcfe) have been calculated using a conversion rate of 1 barrel of oil per six thousand cubic feet of natural gas (1 bbl: 6 mcf).

(4) One million boe is equal to 1 mmboe. One billion cubic feet of gas equivalent is equal to 1 Bcfe.

(5) The estimates of resources for individual properties may not reflect the same confidence level as estimates of resources for all properties, due to the effects of aggregation.

(6) Numbers in this table are subject to rounding error.

Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies ("contingent resources"). Contingencies which must be overcome to enable the reclassification of contingent resources as reserves can be categorized as economic, non-technical and technical. The Canadian Oil and Gas Evaluation Handbook identifies nontechnical contingencies as legal, economic, environmental, political and regulatory matters or a lack of markets. There are several non-technical contingencies that prevent the classification of the contingent resources estimated above as being classified as reserves. The primary contingency which prevents the classification of the Company's contingent resources as reserves is the current early stage of development. Additional drilling, completion and testing data is generally required before Painted Pony can commit to their development. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status. As additional drilling takes place, it is expected that the contingent resources will be booked into the reserves category. Estimates of contingent resources described herein, including the corresponding estimates of before tax present value estimates, are estimates only; the actual resources may be higher or lower than those calculated in the GLJ British Columbia Montney Contingent Resources Evaluation. There is no certainty that it will be commercially viable or technically feasible to produce any portion of the resources described in the evaluation.

The most significant positive and negative factors with respect to the contingent resource estimates relate to the fact that the field is currently at an evaluation/delineation stage. Resource-in-place, productivity and capital costs may be higher or lower than current estimates. Additional drilling and testing are required to confirm volumetric estimates and reservoir productivity for the contingent resources to be reclassified as reserves.

FDC associated with the best estimate contingent resources are $5 billion beginning in 2015 until 2037. For the first three years, from 2015 until 2017, inclusive, allocated FDC are $289 million.