Valeura Energy Inc. · TSX:VLE

Valeura Energy — Investor Presentation (December 2013)

60 slides from Valeura Energy's investor presentation, December 2013

1. Slide 1: Unlocking Turkey's Tight Gas Potential

   A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION UNLOCKING TURKEY’S TIGHT GAS POTENTIAL CORPORATE PRESENTATION DECEMBER 2013

2. Slide 2: Corporate Profile

   Corporate Profile  Valeura Energy Inc. (VLE – TSX) is a Canada-based oil and gas company with core assets in Turkey  Interests in 16 leases & licences in Turkey: 1.2 MM acres (gross); 0.5 MM acres (net)  Focused on development of tight gas in the Thrace Basin with multi-stage fracs in vertical an

3. Slide 3: Capital Structure December 1, 2013

   Capital Structure December 1, 2013 Basic shares outstanding at December 1, 2013 57,906,135 Common shares purchasable pursuant to outstanding: Financial warrants ($5.50 exercise price per share) 13,269,217 Performance warrants ($2.00 wt’d average exercise price per share) 2,796,750 Options ($1.97 wt’

4. Slide 4: Why Turkey?

   Why Turkey? Prospective  Proven petroleum systems TBNG-PTI  Under-explored & under-exploited conventional & TBNG-PTI acquisition Acquisition unconventional plays (natural gas & light/heavy oil) opportunity  Opportunity to deploy modern technology  Thrace Basin main gas producing region  Anatoli

5. Slide 5: Turkey Year-End 2012 Reserves (Company Gross)

   Turkey Year-End 2012 Reserves (Company Gross)(1) MMboe – Million barrels of oil equivalent  159% year-over-year increase in proved plus probable (2P) reserves in Turkey  Primarily natural gas reserves in Thrace Basin on TBNG JV lands (Valeura 40%) and Edirne Licence (Valeura 35%)  Growth in 2P re

6. Slide 6: Turkey Year-End 2012 Contingent Resources (Company Gross)

   Turkey Year-End 2012 Contingent Resources (Company Gross)(1) MMboe – Million barrels of oil equivalent  302% year-over-year increase in best 3C – High Estimate estimate of contingent resources (2C) in 2C – Best Estimate Turkey 1C – Low Estimate  Natural gas in six discovered gas fields on TBNG JV

7. Slide 7: Thrace Basin Transactions

   Thrace Basin Transactions Bulgaria 2010 Otto asset purchase (Edirne) (35% WI) Black Sea 3839 2013 Valeura licence 2013 Copkoy Turkey applications applications licence award (100% (100% WI)WI) (100% WI) 2013 Banarli licence award (100% WI) 3659 2926 5147 5122 5104 3861 Greece 5151 3860 3934 4126 3858

8. Slide 8: TBNG JV (40% - Non-Operated)

   TBNG JV (40% - Non-Operated) I-8 Rig Drilling at TDR-9 8

9. Slide 9: TBNG JV

   TBNG JV (1)  Interests in 10 leases & licences in Thrace Basin (0.5 MM gross acres onshore)  Established shallow gas production and marketing business: - ~95 producing wells in 15 shallow gas fields in onshore lands - Owned compression facilities & distribution lines - Direct sales to 50+ commerci

10. Slide 10: TBNG JV Shallow Gas Business

    TBNG JV Shallow Gas Business  2012 full year shallow gas program: (1) ₋ Spudded 9 conventional shallow gas wells: 6 on production (7.6 MMcf/d aggregate initial 7-day rate); 1 completing/evaluating; 2 plugged and abandoned ₋ Completed 32 workovers (8.9 MMcf/d aggregate initial 7-day rate)  2013 YTD

11. Slide 11: TBNG JV Shallow Gas & Tight Gas Plays

    TBNG JV Shallow Gas & Tight Gas Plays Akcahalil-1 Inecik- Aydede-1 YAGCI-8 ND-1 TDR-2 TS-18 DTD-1 KAYI-7 BATI GAZI-1 BATI SHALLOW GAS 2 KARAEVLI-1 SOUTHWEST NORTHEAST  Danismen & Osmancik DANISMEN  50% of production 500 m OSMANCIK  ~95 wells  42 workovers & 10 MEZARDERE new drills in 2012 & 2013

12. Slide 12: TBNG JV Tight Gas Proof-Of-Concept Program Phases

    TBNG JV Tight Gas Proof-Of-Concept Program Phases 2011 - 2013 1. Recompletion fracs (750-2,000 m depth) − Identify gas bearing zones in Mezardere, Teslimkoy & Kesan units that require fracs to achieve commercial rates focusing initially on areas within structural closure − Initiated new Mezardere la

13. Slide 13: Thrace Basin Tight Gas Learning Curve 2011 - 2013

    Thrace Basin Tight Gas Learning Curve 2011 - 2013 THRACE BASIN Cum. Capex (1) Horizontal Drills Work Program 3 Hz WELLS ≈ $50MM (net) & Fracs DEVELOP Vertical Drills & 13 TESLIMKOY/KESAN DRILL & FRACS Fracs Studies 400KM2 3D SEISMIC CORE WORK: BAGLIK-1, HAYRABOLU-10 Re-Entry Fracs 26 TESLIMKOY/KESAN

14. Slide 14: Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells)

    Teslimkoy/Kesan Multi Frac Type Curves (Vertical Wells)(1) TYPE CURVE COMPARISON - November 2013 1800 1600 D&M 1P (0.33 Bcf) 1400 D&M 2P (0.88 Bcf) 1200 VLE Type Well (0.97 Bcf, HCPV - 4m) GAS RATE - Mscf/d 1000 800 600 400 200 0 0 12 24 36 48 60 72 TIME - months (1) Refers to “type curve” forecasts

15. Slide 15: Horizontal Drilling Pilot - Tekirdag Area

    Horizontal Drilling Pilot - Tekirdag Area (1) 2nd HZ well BTD-4H Teslimkoy Baglik-1 617 m lateral DTD-19 10-stage frac BTD-5 IP30 rate 3.0 MMcf/d TDR- 4 1st HZ well DTD-19H BTD- 2 U. Kesan 425 m lateral 7-stage frac IP30 rate 0.4 MMcf/d 3rd Hz well BTD-5H Teslimkoy BTD- 400 m lateral 3 (Completing)

16. Slide 16: Tekirdag Area 2011-2013 Frac Results & Potential Vertical Well Development

    Tekirdag Area 2011-2013 Mezardere/Teslimkoy/Kesan Frac Results & Potential Vertical Well Development (1) KAYI-14 Guney Kayi-1 5.0 MMcf/d 1.7 MMcf/d KAYI-7 KAYI DERIN-1 3.4 MMcf/d KAYI-12 KAYI-14 1.6 MMcf/d 5.4 MMcf/d KAYI-6 TDR-2 0.9 MMcf/d 0.6 MMcf/d DTD-6 TDR-14 2.1 MMcf/d 0.75 MMcf/d DTD-19H TDR-

17. Slide 17: Potential Mezardere Play Fairway

    Potential Mezardere Play Fairway Base Mezardere Alacaogl u Prospective Depth Structure Mezardere Mezarder play fairway e Kitchen Hayrabolu 5104 Tekirdag Tekirdag area Mezardere exploitation 10 km program  New slope fan play in Mezardere Formation showing encouraging results  Tekirdag area Mezarder

18. Slide 18: Banarli Licence (100% - Operated)

    Banarli Licence (100% - Operated) Banarli SeismicatAcquisition I-8 Rig Drilling TDR-9 – June 2013 18 27

19. Slide 19: Potential Basin-Centered Gas Play Fairway

    Potential Basin-Centered Gas Play Fairway Base Alacaogl u Mezardere Mezardere Potential Depth Temrez kitchen area Mezardere Structure Kitchen Hayrabolu-10 5104 Kazanci-5 Banarli Tekirdag 10 km  Banarli Licence awarded to Valeura (100%) in April 2013 (480 km2)  92.4 km of new 2D seismic acquired in

20. Slide 20: Mezardere Play Results & Potential Extension to Banarli

    Mezardere Play Results & Potential Extension to Banarli Mezardere Potential kitchen area Hayrabolu-10 Banarli Licence 5104 5104 Potential Extension of Mezardere play into Possible Possible drilling kitchen area drilling Mezardere locations locations TD 3,000-4,000 m lobe pro-gradation Guney Kayi-1 K

21. Slide 21: Potential South Banarli Drilling Location

    Potential South Banarli Drilling Location S N 2000m Top Litho Kesan 3000m 21

22. Slide 22: Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey

    Robust Netbacks & Competitive Costs Drive Attractive Natural Gas Economics in Turkey Operating Netbacks – $/boe (1) Cost Structure – $MM (Gross) FUTURE CURRENT POTENTIAL RE-ENTRY FRACS (2) Single-stage Frac 0.5 0.5 VERTICAL WELLS (3) Drill & Case 0.9 0.5 Multi-stage Frac & Tie-in 1.4 1.3 Total 2.3 1

23. Slide 23: Turkey Natural Gas Indicative Well Economics

    Turkey Natural Gas Indicative Well Economics (1) PHYSICAL PARAMETERS PER WELL ECONOMICS PER WELL – BEFORE TAX (5) PROGRAM INITIAL 30- RESERVES (2) CAPEX (4) IRR PAYOUT PV10 RECYCLE DAY RATE (3) (Bcf) ($MM) (%) (MONTHS) ($MM) RATIO (6) (MMcf/d) Thrace Basin - Gas Shallow Gas Drilling 0.30 0.9 0.8 >10

24. Slide 24: Summary

    Summary  Owning Valeura provides exposure to a tight gas-focused, pure play in Turkey that benefits from: >$10/Mcf gas prices, 12.5% government royalty & >$40/boe operating netbacks  Large land position of 1.2 MM gross acres (0.5 MM net acres)  Focused on tight gas development in the Thrace Basin

25. Slide 25: Supplementary Information

    A GLOBAL ENERGY COMPANY FOCUSED ON EXCEPTIONAL VALUE CREATION SUPPLEMENTARY INFORMATION

26. Slide 26: Disclaimer/Forward Looking Information

    Disclaimer/Forward Looking Information This presentation contains certain forward-looking statements including, but not limited to: plans for the tight gas delineation and development program in the Thrace Basin, the potential number of wells to be drilled and the ability to finance development; ant

27. Slide 27: Oil and Gas Terms and Advisories

    Oil and Gas Terms and Advisories "reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on analysis of drilling, geological, geophysical and engineering data; the use of established

28. Slide 28: Our Heritage

    Our Heritage Senior Management Board of Directors 28

29. Slide 29: Recent Successes of Management & Board

    Recent Successes of Management & Board Sold 2009 $360 mm Market Cap 3x ROI (’04-’09) ~$1,088 mm CAGR 22% Market Cap at Trust Conversion Sold in 2008 $916 mm $202 mm 35x ROI (‘94-’03) 4x ROI (’05-’08) CAGR 51% CAGR 89% Sold in 2006 Sold in 2005 $306 mm $122 mm 1.4x ROI (’03-’06) 3x ROI (’02-’05) CAGR

30. Slide 30: Organization Structure

    Organization Structure BOARD OF DIRECTORS Abby Badwi Jim McFarland Bill Fanagan Ken McKay Claudio Ghersinich Ron Royal Stephanie Stimpson, Corporate Secretary PRESIDENT & CEO Jim McFarland ASSISTANT Shari Lemon MANAGER VP VP MANAGER CFO BUSINESS ENGINEERING OPERATIONS GEOSCIENCES DEVELOPMENT Steve B

31. Slide 31: Valeura Management - Officers

    Valeura Management - Officers President & CEO: Jim McFarland, P. Eng. 41 years oil & gas experience  Former President & CEO, director and co-founder, Verenex Energy (Libya light oil)  Former Managing Director, Southern Pacific Petroleum (Australian shale oil)  Former President & COO, Husky Oil (h

32. Slide 32: Valeura Management – Officers (Cont'd)

    Valeura Management – Officers (Cont’d) VP Engineering: Don Shepherd, P. Eng. 40 years oil & gas experience  Former General Manager, Verenex Energy Area 47 Libya based in Tripoli  Former VP Engineering & Operations, Calvalley Petroleum (Yemen)  13 years with Saudi Aramco as Asset Management Team L

33. Slide 33: Valeura Functional Managers

    Valeura Functional Managers Manager Business Development: Barry Wihak, P. Geol. 30 years oil & gas experience  Former President & CEO, director and co-founder, Cangea Energy (private, Colombia focus)  5 years with Vermilion Energy Trust as Business Development Advisor (acquisitions in France, Neth

34. Slide 34: Valeura Functional Managers (Cont'd)

    Valeura Functional Managers (Cont’d) Country Representative: Mehmet Ekinalan 6 years oil & gas experience 21 years telecommunications experience (Turkey and USA)  Former Resident Representative of Thrace Basin Natural Gas Turkiye Corporation  Former CEO and Board member of Turkish Telecom  Former

35. Slide 35: Board of Directors

    Board of Directors Abby Badwi, P. Geol. Vice-Chairman, Bankers Petroleum Ltd. Geological background Bill Fanagan, CA (Chair) Former Chairman, Verenex Energy Inc. Former President & CEO, Gulf Indonesia Resources Limited Financial background (Audit Chair) Claudio Ghersinich, P. Eng. Co-founder & forme

36. Slide 36: Q3 2013 Financial & Operating Highlights

    Q3 2013 Financial & Operating Highlights 3 MONTHS ENDED 9 MONTHS ENDED RESULTS SEPTEMBER 30, 2013 SEPTEMBER 30, 2013 Production Crude oil & NGLs (bbl/d) 48 49 Natural gas (Mcf/d) 5,778 5,153 boe/d (@6:1) (1) 1,011 909 Financial ($ thousands except per boe amounts) P & NG revenues (net) 5,749 15,494

37. Slide 37: Current Land Position In Turkey

    Current Land Position In Turkey LEASES & VALEURA PETROLEUM GROSS AREA TRANSACTION LICENCES NET AREA DISTRICT (1) (acres) (#) (acres) THRACE BASIN Licence 5104 Award (Banarli) (2) I (MARMARA) 1 118,598 118,598 Licence 5147 Award (Copkoy) (3) I (MARMARA) 1 20,668 20,668 TBNG-PTI – Onshore I (MARMARA)

38. Slide 38: TBNG JV 2011 Frac Results

    TBNG JV 2011 Frac Results PEAK 24-HOUR INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE FRAC DATE NET PAY (1) POROSITY (1) ON-STREAM AVERAGE AVERAGE PRODUCTION TO WELL (d/m/y) (m) (%) RATE ON-STREAM RATE ON-STREAM RATE NOV 30, 2013 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Yazir-2; 1st stage 18/07/2011 2

39. Slide 39: TBNG JV 2012 Frac Results

    TBNG JV 2012 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE NOV 30, 2013 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) DTD-11 7/01/2012 3 13 1.1 0.8 0

40. Slide 40: TBNG JV 2012 Frac Results (Cont'd)

    TBNG JV 2012 Frac Results (Cont’d) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE NOV 30, 2013 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Sulemaniye-2 (3) 9/05/

41. Slide 41: TBNG JV 2013 Frac Results

    TBNG JV 2013 Frac Results INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE NOV 30, 2013 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Baglik-1 (L. Kesan) (3) 8/01/20

42. Slide 42: TBNG JV 2013 Frac Results (Cont'd)

    TBNG JV 2013 Frac Results (Cont’d) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE NOV 30, 2013 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Karanfiltepe-6 (L. Osm

43. Slide 43: TBNG JV 2013 Frac Results (Cont'd)

    TBNG JV 2013 Frac Results (Cont’d) INITIAL 7-DAY INITIAL 30-DAY CUMULATIVE PEAK 24-HOUR FRAC DATE NET PAY (1) POROSITY (1) AVERAGE AVERAGE PRODUCTION TO WELL ON-STREAM RATE (d/m/y) (m) (%) ON-STREAM RATE ON-STREAM RATE NOV 30, 2013 (MMcf/d) (2) (MMcf/d) (2) (MMcf/d) (2) (MMcf) Yagci-6 (Mezardere) 07

44. Slide 44: Teslimkoy/Kesan Frac Results (Vertical Wells) – Normalized

    Teslimkoy/Kesan Frac Results (Vertical Wells) – Normalized(1) Production Rate vs Time - Normalized to HCPV (6/70) to November 30, 2013 1600 Kayi-14 (N2, 77k#) 1500 DTD-11 (6k#) TDR-5 (LE 2, 43k#) 1400 Normalized Daily Production Rate - Mscf/d/m of HCPV (6/70) TDR-4 (N2, 36k#) 1300 Kayi-7 (N2, 43k#)

45. Slide 45: Mezardere Frac Results (Vertical Wells)

    Mezardere Frac Results (Vertical Wells)(1) Mezardere Fraced Well Performance 6,000 ND-3 TS-18 DTD-11 5,000 DTD-7 TDR 8 DTD-6 4,000 Yagci-6 Kayi-14 Gas Prod (mcfd) Kayi-12 3,000 Kayi-6 DTD-4 2,000 1,000 - Days from Startup (1) These production rates are not necessarily indicative of long term perform

46. Slide 46: TBNG JV New Drill Spuds In 2012 & 2013 YTD

    TBNG JV New Drill Spuds In 2012 & 2013 YTD Kazanci-5 Dogu Hayrabolu-10 Koseilyas-1 Karya-1, Sig-1 Kuzey Guney Atakoy-1 Kayi Derin-1 Atakoy-2 Guney Guney Karababa-1 Kayi-1 Hayrabolu Tekirdag Deep Atakoy-8 Karanfiltepe-5, 6 Deveseki-1 Development Exploration Area Dogu Area TDR-9, 14 Gazi-2 10 km BTD-3

47. Slide 47: TBNG JV New Drill Spuds In 2012 – Current Status

    TBNG JV New Drill Spuds In 2012 – Current Status SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) DECEMBER 12, 2013 Baglik-1 3931 10/03/2012 06/05/2012 Unconventional 3,594 Producing Dogu Karya-1 3934 04/04/2012 23/04/2012 Unconventional 2,022 Evaluating TSK-1 3931 05/04/2012 10

48. Slide 48: TBNG JV New Drill Spuds 2013 YTD – Current Status

    TBNG JV New Drill Spuds 2013 YTD – Current Status SPUD RIG RELEASE TD STATUS WELL LICENCE WELL TYPE (d/m/y) (d/m/y) (m) DECEMBER 12, 2013 TDR-14 3931 29/01/2013 22/02/2013 Unconventional 1,749 Producing Hayrabolu-10 2926 08/02/2013 10/04/2013 Unconventional 4,054 Completing Unconventional - 1,626 MD

49. Slide 49: DTD-19H Horizontal – Upper Kesan Reservoir

    DTD-19H Horizontal – Upper Kesan Reservoir  Upper Kesan reservoir horizon (Baglik-1 producing TD @ 1626 m MD zone) @1096 m TVD @ -976 m SSTVD  Spud June 3, 2013  1,096 m TVD; 1,626 m MD GR Mud gas  Lateral section: 425 m show  Total 209 m of sand LP @ 1201.15 m MD  7-stage frac Packers Plus @

50. Slide 50: BTD-4H Horizontal - Teslimkoy Reservoir

    BTD-4H Horizontal - Teslimkoy Reservoir  Teslimkoy BTD-2 producing zone  Spud July 27, 2013  1,004 m TVD; 1,774 m MD  Lateral section: 617 m  Total 308 m of sand  10-stage frac Packers Plus assembly  682,000 lbs sand  No frac ports drilled out Lateral section length : 617 m  IP30 rate 3.0 M

51. Slide 51: Mezardere Slope Fan Model

    Mezardere Slope Fan Model  Mezardere consists of a north-easterly pro- grading slope fan complex, deposited within delta front and pro-delta setting  Potential reservoirs include: − Porous channel and basin floor sands − Interlaminated sands and shales from channel abandonment, overbank, distal ap

52. Slide 52: Thrace Basin Seismic

    Thrace Basin Seismic (Under application) (Under application) 2011 acquired 3D seismic (413 km2)  Drilling on 2D seismic only prior to 2012  2011 3D seismic shoot on TBNG JV lands 2013 Banarli 2D program (92.5 km) completed (413 km2) in late 2011: 2012 acquired 2D seismic (186 km) − Processing and

53. Slide 53: SE Anatolian Basin Licences

    SE Anatolian Basin Licences Karakilise Gaziantep Licences Licence (27.5% WI) 2677 (26% WI) (Mardin, (Mardin play) Dadas Shale & 5052 Bedinan plays) 2674 4985 4607 TURKEY 4658 SYRIA 50 km 53

54. Slide 54: Gaziantep Licence 4607 – Alibey-1 Horizontal

    Gaziantep Licence 4607 – Alibey-1 Horizontal  123,372 gross acres (26% WI)  Operated by TransAtlantic  Alibey-1 Hz drilled in July 2012 as 414 m horizontal side-track 4607 in original Alibey-1 vertical well, which flowed heavy oil Alibey-1 HZ from the Mardin Group (completing)  Sidetrack interse

55. Slide 55: Karakilise Area Licences 2674 & 2677

    Karakilise Area Licences 2674 & 2677 Karakilise-1 Shell/TPAO Mardin recompletion Joint Venture (producing 20-30 bopd) TransAtlantic Shell/TPAO Bahar-1 Saribugday-1 (Bedinan oil discovery producing 375 bopd TPAO post-frac) (2)(4) Ciksor-3 (indicated Bedinan oil Perenco discovery) Altinakar-1 Kastel o

56. Slide 56: Turkey Natural Gas Infrastructure

    Turkey Natural Gas Infrastructure 56

57. Slide 57: Turkey Oil Infrastructure

    Turkey Oil Infrastructure 57

58. Slide 58: Thrace Basin Turkey – Stratigraphic Column

    Thrace Basin Turkey – Stratigraphic Column  Tertiary basin  9,000 m of tertiary age sediments  Depositional environment − Deltaic sands − Turbidite sands − Reef development on Paleozoic highs  Key reservoirs − Danismen - gas − Osmancik – gas − Mezardere - gas − Ceylan – gas − Sogucak – oil − Ham

59. Slide 59: SE Turkey – Stratigraphic Column

    SE Turkey – Stratigraphic Column Reservoirs  Sinan/Garzan reefs (Tertiary/Upper Cretaceous)  Karabogaz & Mardin (Mid Cretaceous)  Bedinan (Ordovician) Source Rocks  Karabogaz (Cretaceous)  Dadas (Silurian) Seals  Germav (Upper Cretaceous)  Dadas (Silurian) Play Types  Structural - Reverse an

60. Slide 60: Canada Year-End 2012 Reserves (Company Gross)

    Canada Year-End 2012 Reserves (Company Gross) (1) LIGHT & NATURAL GAS TOTAL OIL PV10 BEFORE HEAVY OIL NATURAL GAS CATEGORY MEDIUM OIL LIQUIDS EQUIVALENT TAX (2) (Mbbl) (Mbbl) (Bcf) (Mbbl) (MBOE) ($MM) PROVED 62 8 0.4 13 143 1.5 PROBABLE 131 5 1.0 49 358 3.8 TOTAL PROVED PLUS PROBABLE 192 13 1.4 63 5

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