The Company is a Canadian resource exploration and development Company that is involved in the acquisition, exploration and development of oil and gas properties in Canada and throughout North America. The Company is an Vancouver based, junior heavy oil producer with interests located in the Lloydminster area of west-central Saskatchewan.

1. “Exceptional Exploration and Exploitation Capability”
Corporate Presentation – December 2012

2. About Arctic Hunter Energy Inc.
The Company is a Canadian resource exploration, exploitation and development Company that is involved in the
acquisition, exploration and development of oil and gas properties in North America. The Company is a Vancouver
based, junior heavy oil producer with interests located in the Lloydminster area of west-central Saskatchewan. The
Company is currently producing in aggregate at an average rate of 100 bbls/d gross of heavy oil from its four wells (4) on
its Landrose, Saskatchewan heavy oil property (30 bbls/d net after payout to the Company). The Company has plans to
continue growing its current daily production base, and plans on maximizing future production growth, by implementing a
series of strategic property acquisitions and increasing its proposed exploration drilling activities proposed for 2013. The
Company also intends to devote a large portion of its corporate efforts to reviewing the assessment and acquisition of
additional oil and gas exploration properties domestically and internationally, which is expected to fuel the Company’s
coming production growth plans and continued growth in the oil and gas sector 2013.
The Company maintains a strong balance sheet and has a qualified management team in exploration drilling, well
operations and has access to the necessary manpower to develop its production properties. The Company and its
management is committed to creating long term shareholder value, by increasing and selecting additional strategic oil and
gas properties for exploration and development.

3. Market information – Arctic Hunter
Exchange listings TSX Venture
Symbol AHU
Shares Outstanding 14,985,000
Fully Diluted 20,690,000
Options 905,000
Warrants 4,800,000
Current Share Price $0.06 - $0.10
Market Cap $974,025
Directors and Officers 30%
Shareholder breakdown
Retail 70%

4. Board of Directors & Officers
Tim Coupland, President and CEO & Director
 Over 20 years of business experience with both public and private companies,
 Mr. Coupland has raised over CDN $80 million dollars in both debt and equity financings,
 He brings a wealth of expertise in raising equity capital, and assembling highly seasoned teams of professionals, consultants, financial
consultants and oil & gas advisors who have proven track records in financing, negotiation and promotion required to secure and develop
successful oil & gas projects.
Robert Hall, Director, VP Corporate Development
 Acts as a director and officer of Arctic Hunter Energy Inc., Alberta Star Development Corp. Windfire Capital Corp., Touchdown Resources
Inc. TSX Venture Exchange listed Companies, and Dynamic Gold Corp., a Company trading on the OTC Bulletin Board,
 Oversees exploration logistics, costing, human resources supervision, corporate development, institutional and retail investment.
Gordon Steblin, CFO, B.Comm., CGA,
 Mr. Steblin obtained a Bachelor of Commerce degree in 1983 from the University of British Columbia (UBC), and in 1985 he became a
Certified General Accountant.
 Mr. Steblin has over 20 years of financial experience in the junior mining/exploration sector
Edward Burylo, Director
 Edward Burylo is a successful businessman with over 40 years of Public Market Experience. Mr Burylo is currently a director of Arctic
Hunter Energy Inc., and Alberta Star Development Corp. a TSX Venture Exchange listed Company.

5. Board of Directors & Officers
DB Finn, Director
 Mr. Finn is a Petroleum Consultant with over 30 years consulting experience in oil and gas property evaluations. He graduated from the
British Columbia Institute of Technology with a Diploma in Natural Gas and Petroleum Technology in 1969 and upon graduation was
employed by Amoco Canada Petroleum Company Ltd. From there he returned to University majoring in physical sciences, then re-entering
the oil and gas industry with the British Columbia Petroleum Corporation where he monitored natural gas performance of northeastern
British Columbia gas fields. In 1978 Mr. Finn began his career in the consulting business with the predecessor company of Gilbert Laustsen
Jung Associates Ltd. In 1980 he co-established and was a partner in the Vancouver based oil and gas consulting firm, Esau Finn
Associates Ltd. which until 1989 served the resource and financial community of Vancouver. The firm provided oil and gas technical reports
in support of securities and banking requirements; acquisition/disposition appraisals; independent opinion of drilling prospects; and
monitoring of oil and gas operations of junior oil and gas companies. Areas of exposure include continental U.S.A., the western Canadian
sedimentary basin as well as limited offshore evaluations. In 1990 Mr. Finn became an independent oil and gas consultant, primarily
contracting his services to Gilbert Laustsen Jung Associates Ltd. in Calgary, until returning to Vancouver in 2002, where he continues to
provide his consulting services.

6. Board of Directors & Officers
Ray Lee, P.L. Eng, Director
Highlights
• Over 30 years industry experience
• Experience encompasses Start-Ups to Major Producers
• Extensive knowledge of the Oil & Gas business, from A&D to field operations
• Member of APEGGA, ASET and CAPL
Experience
2012 – Present - Senior Exploitation Engineer / Tundra Oil & Gas Partnership / Calgary, Alberta, Canada
• Responsible to provide technical and business input to develop and grow area of responsibility, with drilling of horizontal oil
wells in SW Manitoba.
• Evaluate existing oil reservoir for EOR implementation
2006 -2012 - President & Chief Executive Officer / Cayman Energy Inc. / Calgary, Alberta, Canada
• Assembled current Cayman team; one of four founding members
• Grew company to over 500 boepd
2005-2006 - Chief Operating Officer / Vanquish Oil and Gas Corporation / Calgary, Alberta, Canada
• Recruited and assembled operation/exploration team; grew company production from 80 boepd - 1,300+ boepd
2004-2005 - Manager of Operations / Redsky Energy Ltd. / Calgary, Alberta, Canada
• Managed all aspects of Oil and Gas Operations from surface land, drilling to production; sold to Trilogy Energy Trust with
two years growth of 0 - 2,000+ boepd

7. Board of Directors & Officers
Ray Lee, P.L. Eng, Director
Experience ….. (Continued)
1995-1999 - Exploitation/Production Group / Northstar Energy/Devon Canada / Calgary, Alberta, Canada
• Optimized and maintained production and provided exploitation engineering support to maximize asset value in area of responsibility
Pre-1995 - Amoco Canada, Dome Petroleum, Hudson’s Bay Oil & Gas
• Exploitation area included Pembina and Drayton Valley area
• Evaluated, prepared, and presented capital projects to management to maintain and grow area of responsibility
• Provided economic and reserves evaluation to support projects and corporate requirements
• Heavy oil field production engineering, steam projects and well workovers

8. Corporate Information
Legal Counsel
Morton & Company
Vancouver, BC
Auditor
James Stafford Inc.
Vancouver, BC
Banker
Bank of Montreal
Vancouver, BC
Reserve Evaluator, 51-101 Reserve Report
Petrotech Engineering Ltd
Burnaby, BC

9. Profile and Strategy – Arctic Hunter
Operations A growth focused, Vancouver based, publicly traded oil and gas company
with operational focus in central Alberta and Saskatchewan. Western Plains
Petroleum Ltd. is a Lloydminster, Alberta based oil and gas Company that
acts as operator for Arctic Hunter
Strategy Large Scale regional growth of recoverable Oil reserves through proven
drilling techniques and exploration expertise. Acquisition and exploitation
of high quality properties with long life oil reserves. Facilitate additional
success through strategic joint ventures and strong industry partnerships.
Production The company currently maintaining or exceeding 30 bbls/day of
production ( Heavy Oil)
Team Proven team and working interest partner and operator experienced in
Canadian heavy Oil development and exploitation.

10. Corporate Strategy
A heavy oil focused producer with a strong team experienced in growing through both the
drill bit and strategic acquisitions – Arctic Hunter is striving to achieve top quartile ROI
• SHORT TERM : Build Stable Producing Base
• $400,000 cash in the bank for 2013 Capital Program
• Forecast production growth from 30 bbls/day to 300 bbls/day
• 5 contingent heavy oil locations for drilling and further growth
• LONG TERM : Increase Exposure to Exploration Prospects
• In-house prospect generation
• Targeted mergers and strategic acquisitions
• Drill existing oil & gas prospects
• International Exploration and Exploitation

11. Production - Heavy Oil Focus
DIFFERENTIALS
Heavy oil differentials have narrowed from 42% in 2007 in part due to:
• Declining production from Mexico and Venezuela
• OPEC heavy oil production cuts
• Increased pipeline capacity to access markets
• Increased upgrading capacity at the refining complex

12. Executive Summary
• Arctic Hunter (“the Company”) is a Canadian resource exploration and development company that
identifies, acquires and finances oil and natural gas assets in North America. The Company
maintains a strong balance sheet and a qualified management team in exploration and
Company Overview
development of natural resources. The Company is committed to creating long term shareholder
value through the domestic and international acquisition, exploration and development of
petroleum and natural gas resources.
• Near-term to Long-term plan is to be a mid-tier Oil and Gas producer
Excellent Acreage position • Mature area with established infrastructure; close to major consumption hubs short on supply
• Significant historical production using modern drilling and completion methods
• Development friendly area
Advanced Oil Play with
• Company strategy of assessing a mature oil basin leads to the identification and exploration
Significant Untapped
drilling which leads to increase barrels
Resource Potential
• Current models of recoveries are excellent
• Increased attention to new Oil exploration plays in Lloydminster, Alberta and Saskatchewan
• Single oil well return profile is consistent with top resource plays in North America and Oil friendly
Strong Return Profile
jurisdictions
• Board of Directors, Management, Technical team and field operations team with a proven and
Strong Management Team
exceptional track record of creating commercial successes from early stage play concepts

13. Arctic Hunter Oil & Gas Property
Landrose, Saskatchewan

14. Lloydminster Heavy Oil – Production Properties &
Area of Interest
 Focus on heavy oil production
 Large reserves of undiscovered Oil & Gas
remaining in the region
 Heavy Oil refining capacities are increasing
 Increased pipeline capacity for Heavy Oil to
all Canadian and US markets
 Improved production technologies
 Differentials narrowing
 Very experienced Heavy Oil Field Personnel
with Western Plains Petroleum Ltd. as the
experienced operator of Property assets

15. Manville Group (Formations) 3D-Block Diagram
 50% working interest and
operated by Strategic working
interest partner with heavy oil
experience
 Year round access
 Multi-zone potential
 11 – 15 API oil
 Shallow drill depths (400–700m)
 Low drilling and equipping costs
Drill and Case $ 275,000
Complete $ 150,000
Equip $ 75,000
Total $ 500,000

16. Drilling Crew at work – Ensign Drilling Ltd.
Drilling at Landrose, Saskatchewan

17. Arctic Hunter President & CEO, Tim Coupland
“Our long term production to increase
through exploration drilling and strategic property acquisitions”
Tim Coupland, President & CEO

18. 100% Exploration success rate at
Landrose, Saskatchewan
Landrose, Saskatchewan
LSD C-12
SEC 6
TWP 50
RANGE 25 W3M

19. Strategic Partners
Unlocking value through best in class heavy oil people
Strategic Partnership
Dave Forrest
President & CEO – Western Plains Petroleum Ltd.
Tim Coupland
President & CEO – Arctic Hunter

20. C-11 Well - Landrose, Saskatchewan
LSD C-11
SEC 6
TWP 50
RANGE 25 W3M

21. Landrose, Saskatchewan – Heavy Oil Fields

22. Husky Oil – Lloydminster Upgrader

23. Husky Oil – Lloydminster Region
Heavy Oil
Husky has pioneered the development and production of heavy oil in Western Canada and remains a dominant player. Its
position is enhanced by synergies with its heavy oil upgrader and asphalt refinery. The Company holds approximately 1.98
million acres in the Lloydminster area straddling Alberta and Saskatchewan, of which approximately two-thirds is undeveloped.
With daily production of nearly 100,000 barrels of oil, extensive midstream and downstream infrastructure, and significant
advances in enhanced oil recovery (EOR) technologies, Husky is a leader in heavy oil production. Heavy oil proved and
probable reserves are estimated at 255 million barrels (187 million barrels proved and 68 million barrels probable) as of
December 31, 2008. Husky currently has more than 3,000 producing wells in the area, and drilled 532 oil and gas wells there in
2008, including 92 wells in thermal project expansions. Husky is increasing its heavy oil production utilizing its large
undeveloped land position with the application of improved technologies, reduced cost and increased upgrading capacity.
Husky owns and operates 19 oil treating facilities tied into its pipeline system in the Lloydminster area.
Production Technology
Nearly 80 percent of the Company’s heavy oil production in the Lloydminster area utilizes primary “cold” production. The
remaining 20 percent comes from thermal recovery projects utilizing steam processes including steam assisted gravity drainage
(SAGD). Cold production exploits reservoir characteristics unique to the area, and promotes the production of formation sand
from the wells along with the oil. This sand production increases the productivity of the wells by creating a path of least
resistance for the oil to flow to the wellbore. The resulting production rates are much higher than would be expected in a
conventional reservoir setting. This process has been a successful foundation for the growth of heavy oil production in the
region since the mid 1990s. Husky continues to build on its expertise in this area to optimize production and costs.
Husky uses variations of steam injection in several projects in the Lloydminster area, including cyclic steam stimulation and
SAGD. Husky has successful steam projects at Pikes Peak and Bolney Celtic. Engineering design work is progressing on an
expansion project at Pikes Peak South. The Company is active in piloting solvent-based recovery processes which may have
application in reservoirs which are not suited to steam based methods. The Company’s first solvent EOR pilot yielded excellent
technical results and incremental recovery rates. A second pilot was commissioned in 2008. Husky will continue to pursue
alternative recovery processes which offer potential for significant incremental production from its existing heavy oil resource
base.

24. Husky Oil – Processing Facility

25. Operations Team
David Forrest – President & CEO, Western Plains Petroleum Ltd.
 Started in the oilfield doing construction and maintenance
 Attended Lakeland College’s Heavy Oil Operations Technology Course (HOOT’s)
and obtained 4th class Power Engineering.
 Went to work for Baytex for a total of 5 years. Spent 3 years operating heavy oil wells and battery
 Promoted to Senior Operator with Baytex starting up their Hoosier field
 Promoted to Foreman after Baytex acquired Bellator wells. Responsible for overseeing a field with approx.
600 bbls/day and 25 field personnel at age 26.
 Lead Operator & Field Manager with a new private heavy oil company called BK Resources Ltd. and over 4
years helped build it to a 700bbls/day operation
 Started I.C. Energy Ltd. along with (2) partners and built the company from the floor up. Was instrumental in
purchasing properties from Enermak and Baytex Grew production from 145 bbls/D to 800 bbls/D without
drilling any new wells in just under (2) years. Sold IC Energy in 2005 to Arsenal Energy for $10M
 Started Brahma Resources Ltd. in 2005 and still own the company 100%. Brahma purchased 5 shut in wells
in the Maidstone area from Murphy Oil’s Abandonment List and took production on them from zero to 200
bbls/D in two years before selling them to Saha Petroleum (now Western Plains) in 2007. Also purchased (2)
shut in wells from Huron and (5) shut in wells from Provident in Alberta just west of Lloydminster and brought
production from zero to 200 bbls/D in just over a year. Sold all (7) AB wells plus a disposal Brahma
developed to Sterling Eagle Oil and Gas for $4.5M in 2009.

26. Operations Team
Ron Anderson
 Has worked in the oilfield since 1985.
 Has an Honors Diploma in Petroleum Engineering Technology from NAIT
 Worked for Anderson Exploration in Fairview operating gas and sour oil wells. Then for Resman Oil and
Gas in Sylvan Lake and later in the Stettler area.
 Returned to the Lloydminster area with Anderson Exploration (later Devon) and worked for 10 years as a
production technologist primarily in heavy oil. Concentrated on optimizing production, salt water
disposals, completing heavy oil wells and conserving vent gas. Was responsible for executing major
capital programs while maintaining base production volumes. As a Heavy Oil foreman with Devon was
responsible for managing a $70MM operating budget, maintaining production rates to 10,000 bbls per day
and supervising 24 operations staff plus contract personnel.

27. Arctic Hunter & Western Plains
Corporate Objectives 2012
Arctic Hunter
 To aggressively acquire Oil & Gas production Properties – Aggressive Property
Acquisition and property stewardship
 To work in regions that have full Infrastructure / Operating Refineries and Paved roads
 Oil & Gas Reserves – Production Ready, NI 51-101 Compliant reports
 To obtain production barrels – to aggressively acquire through exploration drilling or
property acquisition. To responsibly grow production
 Work effectively with seasoned Oil field Operators – Strategic working interest partner
 Implement Cash Flow Model that has positive cash flow, carry no debt
 Current Production – 30 Barrels a day
 Near term goals – Production and Exploration Acquisitions
 Long term goals – Increased Exploration and Exploitation

28. ARCTIC HUNTER
Corporate Address and Contacts
ARCTIC HUNTER
Corporate Address
Suite 501 - 675 West Hastings St.
Vancouver, BC,
V6B 1N2, Canada
www.arctichunter.com
Tel : (604) 488-0860
Fax : (604) 408-3884

29. Investor Advisory
The Corporation may present petroleum and natural gas production and reserve volumes in barrel of oil equivalent (“boe”)
amounts. For purposes of computing such units, a conversion rate of 6,000 cubic feet of natural gas to one barrel of oil equivalent
(6:1) is used. The conversion ratio of 6:1 is based on an energy equivalency conversion method which is primarily applicable at the
burner tip and does not represent value equivalence at the wellhead. Readers are cautioned that boe figures may be misleading,
particularly if used in isolation.
Certain statements included in this Presentation constitute forward-looking statements or forward-looking information under
applicable securities laws. Such forward-looking statements or information are provided for the purpose of providing information
about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information
may not be appropriate for other purposes, such as making investment decisions. Forward-looking statements or information
typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project",
“may”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or
information in this Presentation include, but are not limited to, statements or information with respect to: business strategy and
objectives; development plans; exploration plans; acquisition and disposition plans and the timing thereof; reserve quantities and the
discounted present value of future net cash flows from such reserves; future production levels; wells drilled (gross and net) and the
timing thereof; capital expenditures; commodity prices, revenues; cash flow; debt levels; operating and other costs; royalty rates and
taxes.
Forward-looking statements or information are based on a number of factors and assumptions which have been used to
develop such statements and information, but which may prove to be incorrect. Although the Corporation believes that the
expectations and assumptions reflected in such forward-looking statements or information are reasonable, undue reliance should
not be placed on forward-looking statements because the Corporation can give no assurance that such expectations and
assumptions will prove to be correct. In addition, forward-looking statements or information involve a number of risks and
uncertainties which could cause actual results to differ materially from those anticipated by the Corporation and described in the
forward-looking statements or information.
The forward-looking statements or information contained in this Presentation are made as of the date hereof and the
Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result
of new information, future events or otherwise unless expressly required by applicable securities laws.
Any financial outlook or future oriented financial information in this Presentation, as defined by applicable securities laws, has
been approved by management of the Corporation. Such financial outlook or future oriented financial information is provided for the
purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned
that reliance on such information may not be appropriate for other purposes.

30. Reader Advisory
Reader Advisory
Certain statements contained in this Presentation constitute forward-looking statements. These statements relate to future events
or the Company’s future performance. All statements other than statements of historical fact may be forward-looking statements.
Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”,
“estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”
and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes that
the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this
Presentation should not be unduly relied upon. These statements speak only as of the date of this Presentation, as the case may
be.
Forward-looking statements are included throughout this Presentation. In particular, this Presentation contains forward-looking
statements pertaining to the following:
• the quantity and quality of reserves or resources;
• the performance characteristics of the Company’s oil and gas properties;
• oil and natural gas production levels;
• capital expenditure programs and the timing and method of financing thereof;
• future development and exploration activities and the timing thereof;
• future land expiries;
• estimated future contractual obligations and the amount expected to be incurred under our farm-in commitments;
• realization of the anticipated benefits of acquisitions and dispositions;
• future liquidity and financial capacity;
• projections of market prices and costs;
• supply and demand for oil and natural gas;
• expectations regarding the Company’s ability to raise capital and to continually add to reserves through acquisitions and
development;
• expectations relating to the award of exploration permits by governmental authorities; and
• treatment under government regulatory and taxation regimes.

31. Continued … Reader Advisory
With respect to forward-looking statements contained in the Presentation certain assumptions have been made including:
• oil and natural gas production levels;
• commodity prices;
• future currency and interest rates;
• future operating costs;
• the Company’s ability to generate sufficient cash flow from operations and to access existing credit facilities and capital markets to
meet its future obligations;
• availability of labour and drilling equipment;
• general economic and financial market conditions; and
• government regulation in the areas of taxation, royalty rates and environmental protection.
The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk
factors set forth below:
• volatility in market prices for oil and natural gas;
• liabilities and risks inherent in oil and natural gas operations;
• uncertainties associated with estimating oil and gas reserves;
• competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel;
• incorrect assessments of the value of acquisitions;
• imprecision in estimating capital expenditures and operating expenses;
• availability of sufficient financial resources to fund the Company’s capital expenditures;
• the possibility that government policies or laws, including those related to the environment, may change or governmental approvals
may be delayed or withheld;
• stock market volatility and market valuation;
• potential delays or changes with respect to exploration and development projects or capital expenditures;
• geological, technical, drilling and processing problems;
• fluctuations in foreign exchange or interest rates and stock market volatility;
• general economic and business conditions;
• changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry;
• failure to obtain industry partner and other third party consents and approvals, as and when required;
• failure to realize the anticipated benefits of acquisitions; and
• the other factors identified in other documents incorporated herein by reference.

32. Continued … Reader Advisory
• These factors should not be considered exhaustive. Statements relating to “reserves” or “resources” are deemed to be forward-
looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources
and reserves described can be profitably produced in the future. The forward-looking statements contained in this
Presentation is expressly qualified by this cautionary statement. The Company does not undertake any obligation to
publicly update or revise any forward-looking statements except as required by securities laws.
• All oil and gas information contained in this Presentation, has been prepared and presented in accordance with National
Instrument 51-101. The actual oil and gas reserves and future production will be greater than or less than the estimates provided
herein. The estimated value of future net revenue from the production of the disclosed oil and gas reserves does not represent
the fair market value of these reserves. There is no assurance that the forecast prices and costs or other assumptions made in
connection with the reserves disclosed herein will be attained and variances could be material. The estimates of reserves and
future net revenue for individual properties may not reflect the same confidence level as estimates of revenue and future net
revenue for all properties, due to the effects of aggregation.
• The Company cautions that the foregoing list of material factors is not exhaustive, is subject to change and there can be no
assurance that such assumptions will reflect the actual outcome of such items or factors. When relying on the Company’s
forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other
uncertainties and potential events. It has also assumed that the material factors referred to in the previous paragraph will not
cause such forward-looking information to differ materially from actual results or events. The forward-looking statements
contained in this Presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless
so required by applicable securities laws.

33. Definitions and Abbreviations
Definitions
“Developed Non-Producing” reserves are those reserves that either have not been on production, or have previously been on
production, but are shut in, and the date of resumption of production is unknown.
“Developed Producing” reserves are those reserves that are expected to be recovered from completion intervals open at the time
of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the
date of resumption of production must be known with reasonable certainty.
“Gross Reserves” are working interest (operating or non-operating) shares before deducting royalties and without including any
royalty interests.
“Net Reserves” are working interest (operating or non-operating) shares after deduction of royalty obligations, plus royalty
interests in reserves.
“Probable” reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely
that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable
reserves.
“Proved” reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the
actual remaining quantities recovered will exceed the estimated proved reserves.
“Undeveloped” reserves are those reserves expected to be recovered from known accumulations where a significant expenditure
(e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the
requirements of the reserves classification (proved, probable, possible) to which they are assigned.
ABBREVIATIONS
Oil and Natural Gas Liquids
Natural Gas
Bbl barrel
Mbbls thousand barrels MMcf million cubic feet
MSTB thousands of Stock Tank Barrels MMBtu million British Thermal Units
boe
barrel of oil equivalent of natural gas and crude oil on the basis of 1 Bbl of crude oil for 6 Mcf of natural gas (this conversion factor is an industry
accepted norm and is not based on either energy content or current prices)

34. Cautionary Note
Neither the TSX-Venture Exchange nor its Regulation Services Provider, (as
the term is defined in the Policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this Presentation.
The calculation of barrels of oil equivalent (“boe”) are based on a conversion rate
of six thousand cubic feet (“mcf”) of natural gas to one barrel of crude oil. Boe’s
may be misleading, particularly if used in isolation. A boe conversion ratio of 6
mcf:1 bbl is base on energy conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.