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At December 31, 2012, the Company's proved developed producing ("PDP"), total proved ("TP") and proved plus probable ("P&P") reserves were 6.9 MMBOE, 10.3 MMBOE and 17.8 MMBOE respectively.

Oil and NGL reserves now represent 39% of the Company's PDP, 43% of TP and 48% of the P&P reserves as compared to 33%, 29% and 31% respectively at December 31, 2011.

GROSS WORKING INTEREST OIL AND GAS RESERVES(1)

As at December 31, 2012

                                                       Natural                                              Natural      Gas    Total                                         Oil Gas (2)   Liquids   BOE(3)                                      (Mbbls)   (MMcf)  (Mbbls)   (MBOE)Proved developed producing             2,089   25,150      595    6,875Proved developed non-producing            69    4,635       45      887Proved undeveloped                     1,322    5,332      323    2,534                                    ------------------------------------Total proved                           3,480   35,118      964   10,297Probable                               3,230   20,357      851    7,473                                    ------------------------------------Total proved plus probable             6,709   55,475    1,814   17,770------------------------------------------------------------------------

(1)   Columns may not add due to rounding.(2)   Coal Bed Methane is not material to report separately and is included      in the Natural Gas category.(3)   Barrels of oil equivalent ("BOE") may be misleading, particularly if      used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on      an energy equivalency conversion method primarily applicable at the      burner tip and does not represent a value equivalency at the wellhead.

NET PRESENT VALUE BEFORE INCOME TAXES(1)(2)

As at December 31, 2012

GLJ December 31, 2012 Price Forecast, Escalated Prices

(thousands of dollars)                0%       5%      10%      15%      20%Proved developed producing      180,074  139,974  114,369   96,996   84,584Proved developed non-producing   10,860    8,899    7,438    6,326    5,462Proved undeveloped               71,330   39,946   22,153   11,359    4,425                               ---------------------------------------------Total proved                    262,263  188,819  143,960  114,682   94,471Probable                        251,405  135,630   80,865   51,751   34,655                               ---------------------------------------------Total proved plus probable      513,668  324,449  224,826  166,433  129,127----------------------------------------------------------------------------(1)   Columns may not add due to rounding.(2)   The estimated future annual cash flows determined by the independent      reserves evaluators include assumptions and estimates related to      future revenues, royalties, other items of income, operating costs,      net capital investments, and well abandonment costs for all wells with      reserves at the property level. Additional abandonment costs      associated with non-reserves wells, lease reclamation costs and      facility abandonment and reclamation expenses have not been included      in the analysis. Refer to the Company's Annual Information Form for a      more complete description of the determination of the reserves values.

The estimated net present value of future net revenues presented in the table above does not necessarily represent the fair market value of the Company's reserves.