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(1) Reserve value is the net present value of future net revenues before tax which does not represent fair market value, as derived from the Sproule Report.
(2) As internally evaluated at $75.7 million using an average of $98.91 per acre.
(3) See "Non-GAAP Measurements"
(4) Basic shares include outstanding common shares and outstanding non-voting convertible shares.
(5) The above does not include asset retirement obligations. The Sproule Report included abandonment costs only for undeveloped locations with reserves.
RESERVES RECONCILIATION
LIGHT AND MEDIUM OIL --------------------------------------- Gross Proved Gross Plus Gross Proved Probable ProbableFACTORS (Mbbl) (Mbbl) (Mbbl)----------------------------------------------------------------------------December 31, 2011 12,678 8,301 20,979Extensions 232 1,177 1,409Infill Drilling 1,081 521 1,602Technical Revisions (192) (2,301) (2,493)Discoveries 0 0 0Acquisitions 9,283 7,095 16,379Dispositions (3,623) (3,139) (6,762)Economic Factors (166) 65 (101)Production (2,453) 0 (2,453) ---------------------------------------December 31, 2012 16,842 11,719 28,561 --------------------------------------- --------------------------------------- HEAVY OIL --------------------------------------- Gross Proved Gross Plus Gross Proved Probable ProbableFACTORS (Mbbl) (Mbbl) (Mbbl)----------------------------------------------------------------------------December 31, 2011 741 397 1,138Extensions 15 44 59Infill Drilling 69 12 81Technical Revisions (69) (100) (169)Discoveries 0 0 0Acquisitions 1,213 986 2,199Dispositions (14) (50) (64)Economic Factors (99) (35) (134)Production (317) 0 (317) ---------------------------------------December 31, 2012 1,540 1,254 2,794 --------------------------------------- --------------------------------------- NATURAL GAS LIQUIDS NATURAL GAS ------------------------------------------------------------ Gross Gross Proved Proved Gross Gross Plus Gross Gross Plus Proved Probable Probable Proved Probable ProbableFACTORS (Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (MMcf)----------------------------------------------------------------------------December 31, 2011 4,824 1,604 6,428 63,934 24,496 88,430Extensions 1 3 3 150 753 903Infill Drilling 3 1 4 770 336 1,106Technical Revisions (1,811) (601) (2,413) (16,269) (8,515) (24,784)Discoveries 0 0 0 0 0 0Acquisitions 846 528 1,373 155,665 74,615 230,280Dispositions (32) (20) (52) (1,635) (1,175) (2,810)Economic Factors (52) (17) (69) (1,329) (276) (1,605)Production (369) 0 (369) (10,092) 0 (10,092) ------------------------------------------------------------December 31, 2012 3,409 1,497 4,906 191,194 90,234 281,428 ------------------------------------------------------------ ------------------------------------------------------------ TOTAL ------------------------------ Gross Proved Gross Gross Plus Proved Probable Probable FACTORS (MBOE) (MBOE) (MBOE) ---------------------------------------------- December 31, 2011 28,899 14,385 43,283 Extensions 273 1,349 1,622 Infill Drilling 1,281 590 1,871 Technical Revisions (4,783) (4,422) (9,205) Discoveries 0 0 0 Acquisitions 37,286 21,045 58,331 Dispositions (3,942) (3,405) (7,347) Economic Factors (538) (34) (571) Production (4,820) 0 (4,820) ------------------------------ December 31, 2012 53,657 29,509 83,165 ------------------------------ ------------------------------
