Exhibit 15.3

BRION ENERGY CORPORATION

RESERVES ASSESSMENT AND EVALUATION OF

CANADIAN OIL AND GAS PROPERTIES

THIRD PARTY CORPORATE SUMMARY

Effective December 31, 2015

BRION ENERGY CORPORATION

RESERVES ASSESSMENT AND EVALUATION OF

CANADIAN OIL AND GAS PROPERTIES

CORPORATE SUMMARY (SEC)

Effective December 31, 2015

1150508

CORPORATE SUMMARY (SEC)

TABLE OF CONTENTS

	Page
COVERING LETTER		2
INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT		4
INTRODUCTION		5
SUMMARY		6
RESERVES DEFINITIONS		45
EVALUATION PROCEDURE		49
PRODUCT PRICE AND MARKET FORECASTS
APPENDIX		56
Certificates of Qualification		56

	March 8, 2016 Project 1150508

Mr. Michael Fox

Brion Energy Corporation

1000, 150 – 9^th Avenue SW

Calgary, Alberta T2P 3H9

Dear Sir:

Re: Brion Energy Corporation

Corporate Evaluation

Effective December 31, 2015

GLJ Petroleum Consultants (GLJ) has completed an independent reserves assessment and evaluation of the oil and gas properties of Brion Energy Corporation (the “Company”). The effective date of this evaluation is December 31, 2015.

This report has been prepared for the Company for the purpose of annual disclosure and other financial requirements. This evaluation has been prepared in accordance with reserves definitions, standards and procedures of the United States Securities and Exchange Commission (SEC).

It was GLJ’s primary mandate in this evaluation to provide an independent evaluation of the oil and gas reserves of the Company in aggregate. Accordingly it may not be appropriate to extract individual property or entity estimates for other purposes.

Reserves included in this report represent the consolidation of the Groundbirch Montney, Duvernay Joint Venture and CNPC International conventional and insitu Canadian assets.

Our engagement letter notes these limitations on the use of this report.

4100, 400 - 3^rd Ave SW Calgary, AB, Canada T2P 4H2 | tel 403-266-9500 | gljpc.com

2

It is trusted that this evaluation meets your current requirements. Should you have any questions regarding this analysis, please contact the undersigned.

Yours very truly,

GLJ PETROLEUM CONSULTANTS LTD.

Trisha S. MacDonald, P. Eng.

Senior Engineer

Jodi L. Anhorn, M. Sc., P. Eng.

Executive Vice President & COO

TSM/JLA/ljn

Attachments

3

INDEPENDENT PETROLEUM CONSULTANTS’ CONSENT

The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an independent evaluation of the Brion Energy Corporation (the “Company”) Canadian oil and gas properties and hereby gives consent to the use of its name and to the said estimates. The effective date of the evaluation is December 31, 2015.

In the course of the evaluation, the Company provided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well information, geological information, reservoir studies, estimates of on-stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and future operating plans. Other engineering, geological or economic data required to conduct the evaluation and upon which this report is based, were obtained from public records, other operators and from GLJ Petroleum Consultants Ltd. nonconfidential files. The Company has provided a representation letter confirming that all information provided to GLJ Petroleum Consultants Ltd. is correct and complete to the best of its knowledge. Procedures recommended in the United States Securities and Exchange Commission (SEC) to verify certain interests and financial information were applied in this evaluation. In applying these procedures and tests, nothing came to GLJ Petroleum Consultants Ltd.’s attention that would suggest that information provided by the Company was not complete and accurate. GLJ Petroleum Consultants Ltd. reserves the right to review all calculations referred to or included in this report and to revise the estimates in light of erroneous data supplied or information existing but not made available which becomes known subsequent to the preparation of this report.

The accuracy of any reserves and production estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserves and production estimates presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.

Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.

PERMIT TO PRACTICE
GLJ PETROLEUM CONSULTANTS LTD.
Signature:
Date:	March 8, 2016
PERMIT NUMBER:    P  2066
The Association of Professional Engineers and Geoscientists of Alberta

4

INTRODUCTION

GLJ Petroleum Consultants (GLJ) was commissioned by Brion Energy Corporation (the “Company”) to prepare an independent evaluation of its oil and gas reserves effective December 31, 2015. The locations of the most significant reserves properties are indicated on the attached index map.

The evaluation was initiated in October 2015 and completed by March 2016. Estimates of reserves and projections of production were generally prepared using well information and production data available from public sources to approximately December 31, 2015. The Company provided land, accounting data and other technical information not available in the public domain to approximately December 31, 2015. In certain instances, the Company also provided recent engineering, geological and other information up to December 31, 2015. The Company has confirmed that, to the best of its knowledge, all information provided to GLJ is correct and complete as of the effective date.

The reserves definitions used in preparing this report (included herein under “Reserves Definitions”) are those required by the United States Securities Exchange Commission (SEC). The summary of reserves and value, using the SEC reserves definitions, uses the average historical prices derived from the first day of the month for January to December 2015.

The evaluation was conducted on the basis of the average of the first day posted prices in each of the 12 months of the Company’s fiscal year summarized in the Product Price and Market Forecasts section of this report.

Tables summarizing production, royalties, costs, revenue projections, reserves and present value estimates for various reserves categories for individual properties and the Company total are provided in the tabbed sections of this Summary Report.

The Evaluation Procedure section outlines general procedures used in preparing this evaluation. The individual property reports, provided under separate cover, provide additional evaluation details. The following summarizes evaluation matters that have been included/excluded in cash flow projections:

• in accordance with NI 51-101, the effect on projected revenues of the Company’s financial hedging activity has not been included,

• provisions for the abandonment and reclamation of all of the Company’s existing and future wells to which reserves have been attributed have been included; all other abandonment and reclamation costs have not been included,

• general and administrative (G&A) costs and overhead recovery have not been included,

• undeveloped land values have not been included.

Economic forecasts are provided on an after tax basis including tax pools provided by the Company in the “Evaluation Procedure” section.

5

SUMMARY

TABLE OF CONTENTS

		Page
LIST OF TABLES
Table 1	Summary of Reserves and Values		7
Table 2	Gross and Net Reserves and Present Value Summary		8
LIST OF DRAWINGS
Drawing 1	Historical and Forecast Company Interest Oil Equivalent Production		12
Drawing 2	Historical and Forecast Company Interest Production Total Oil/Total Gas/Natural Gas Liquids		13
PROVED RESERVES			15

6

Table 1
Company:	Brion Energy Corporation	Reserve Class:	Various
Property:	Corporate	Development Class:	Classifications
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Summary of Reserves and Values

	Proved Producing		Proved Developed Non- Producing		Proved Undeveloped		Total Proved
MARKETABLE RESERVES
Light & Medium Oil (Mbbl)
Total Company Interest		61		0		0		61
Working Interest		61		0		0		61
Net After Royalty		60		0		0		60
Tight Oil (Mbbl)
Total Company Interest		403		50		0		453
Working Interest		403		50		0		453
Net After Royalty		338		48		0		386
Total Oil (Mbbl)
Total Company Interest		464		50		0		514
Working Interest		464		50		0		514
Net After Royalty		398		48		0		446
Residue Gas (MMcf)
Total Company Interest		618		0		0		618
Working Interest		616		0		0		616
Net After Royalty		569		0		0		569
Shale Gas (MMcf)
Total Company Interest		126,751		1,257		45,640		173,648
Working Interest		126,751		1,257		45,640		173,648
Net After Royalty		119,666		1,178		42,326		163,171
Total Gas (MMcf)
Total Company Interest		127,369		1,257		45,640		174,265
Working Interest		127,367		1,257		45,640		174,264
Net After Royalty		120,235		1,178		42,326		163,740
Condensate (Mbbl)
Total Company Interest		6,653		97		5,537		12,287
Working Interest		6,653		97		5,537		12,287
Net After Royalty		5,440		79		4,660		10,179
Natural Gas Liquids (Mbbl)
Total Company Interest		8,420		110		7,094		15,625
Working Interest		8,420		110		7,094		15,625
Net After Royalty		6,935		91		5,984		13,010
Oil Equivalent (Mboe)
Total Company Interest		30,113		370		14,701		45,184
Working Interest		30,113		370		14,701		45,183
Net After Royalty		27,372		335		13,039		40,746
BEFORE TAX PRESENT VALUE (M$)
0%		272,048		7,043		164,775		443,865
5%		252,592		6,449		132,971		392,012
8%		242,190		6,170		118,015		366,375
10%		235,768		6,007		109,394		351,169
12%		229,732		5,860		101,682		337,273
15%		221,348		5,662		91,554		318,564
20%		208,950		5,381		77,729		292,060
AFTER TAX PRESENT VALUE (M$)
0%		272,048		7,043		164,775		443,865
5%		252,592		6,449		132,971		392,012
8%		242,190		6,170		118,015		366,375
10%		235,768		6,007		109,394		351,169
12%		229,732		5,860		101,682		337,273
15%		221,348		5,662		91,554		318,564
20%		208,950		5,381		77,729		292,060

	BOE Factors:	HVY OIL	1.0	RES GAS	6.0	PROPANE	1.0	ETHANE	1.0
		COND	1.0	SLN GAS	6.0	BUTANE	1.0	SULPHUR	0.0
Run Date: February 25, 2016 11:46:00 1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), psum									March 09, 2016 09:04:02

7

Table 2

Company:	Brion Energy Corporation	Reserve Class:	Various
Property:	Corporate	Development Class:	Classifications
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Gross and Net Reserves and Present Value Summary

			Gross Lease Reserves										Net After Royalty Reserves										Before Income Tax Discounted Present Value (M$)								After Income Tax Discounted Present Value (M$)
Entity Description	Reserve Class		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		0%		8%		10%		12%		0%		5%		8%		10%		12%
Proved Producing
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay				94,114		239		15,418		0		31,342		43,522		99		6,331		0		13,684		231,095		205,660		200,265		195,209		231,095		214,444		205,660		200,265		195,209
Simonette Montney				2,564		0		281		0		708		1,167		0		102		0		296		6,757		5,217		4,958		4,733		6,757		5,681		5,217		4,958		4,733
Willesden Green Duvernay				5,246		570		377		0		1,820		2,478		239		150		0		801		8,201		7,469		7,292		7,120		8,201		7,744		7,469		7,292		7,120
Total: Duvernay Joint Venture				101,924		808		16,076		0		33,871		47,167		338		6,582		0		14,782		246,053		218,346		212,515		207,062		246,053		227,870		218,346		212,515		207,062
Groundbirch
Greater Groundbirch Area Montney		A		20,621		0		107		0		3,544		3,990		0		20		0		685		386		575		596		611		386		528		575		596		611
Greater Saturn Area Montney		A		120,537		0		628		0		20,717		23,434		0		116		0		4,022		8,495		8,192		8,051		7,902		8,495		8,372		8,192		8,051		7,902
Greater Sunset Area Montney		A		238,299		0		1,241		0		40,958		45,075		0		214		0		7,727		16,230		14,277		13,826		13,397		16,230		14,991		14,277		13,826		13,397
Groundbirch Resources				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Other Intervals (Non-Montney)		A		2,079		0		11		0		357		379		0		2		0		65		125		129		129		129		125		129		129		129		129
Total: Groundbirch				381,536		0		1,987		0		65,576		72,879		0		352		0		12,498		25,236		23,173		22,602		22,039		25,236		24,020		23,173		22,602		22,039
Total: Brion Energy Corporation.				483,460		808		18,063		0		99,448		120,046		338		6,934		0		27,280		271,289		241,519		235,118		229,101		271,289		251,889		241,519		235,118		229,101
CNPC International Canada Ltd.
Conventional
Drumheller		A		598		58		5		0		163		63		9		0		0		20		92		108		108		109		92		105		108		108		109
Lone Rock (Sask)		A		0		132		0		0		132		0		31		0		0		31		357		305		294		284		357		323		305		294		284
Twining		A		562		126		3		0		223		127		20		0		0		42		309		258		248		239		309		275		258		248		239
Total: Conventional				1,160		317		8		0		518		190		60		1		0		92		758		671		650		631		758		703		671		650		631
Insitu
Hoole				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
MacKay III				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Insitu				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: CNPC International Canada Ltd.				1,160		317		8		0		518		190		60		1		0		92		758		671		650		631		758		703		671		650		631
Total: Summary (SEC)				484,619		1,125		18,071		0		99,966		120,235		398		6,935		0		27,372		272,048		242,190		235,768		229,732		272,048		252,592		242,190		235,768		229,732
Total: Proved Producing				484,619		1,125		18,071		0		99,966		120,235		398		6,935		0		27,372		272,048		242,190		235,768		229,732		272,048		252,592		242,190		235,768		229,732

1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv February 25, 2016 15:04:54

8

Gross and Net Reserves and Present Value Summary

			Gross Lease Reserves										Net After Royalty Reserves										Before Income Tax Discounted Present Value (M$)								After Income Tax Discounted Present Value (M$)
Entity Description	Reserve Class		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		0%		8%		10%		12%		0%		5%		8%		10%		12%
Proved Developed Non-Producing
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Simonette Montney				1,328		0		192		0		413		607		0		77		0		178		4,915		4,151		4,016		3,895		4,915		4,389		4,151		4,016		3,895
Willesden Green Duvernay				401		100		25		0		193		192		48		12		0		92		2,013		1,900		1,874		1,847		2,013		1,942		1,900		1,874		1,847
Total: Duvernay Joint Venture				1,729		100		217		0		606		799		48		89		0		270		6,928		6,052		5,889		5,743		6,928		6,331		6,052		5,889		5,743
Groundbirch
Greater Groundbirch Area Montney		B1		477		0		2		0		82		88		0		0		0		15		-4		5		7		8		-4		2		5		7		8
Greater Saturn Area Montney		B1		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Greater Sunset Area Montney		B1		1,493		0		8		0		257		291		0		1		0		50		119		113		111		109		119		116		113		111		109
Groundbirch Resources				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Other Intervals (Non-Montney)		B1		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Groundbirch				1,970		0		10		0		339		380		0		2		0		65		115		118		118		117		115		118		118		118		117
Total: Brion Energy Corporation.				3,699		100		227		0		944		1,178		48		91		0		335		7,043		6,170		6,007		5,860		7,043		6,449		6,170		6,007		5,860
CNPC International Canada Ltd.
Conventional
Drumheller				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Lone Rock (Sask)				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Twining				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Conventional				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Insitu
Hoole				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
MacKay III				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Insitu				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: CNPC International Canada Ltd.				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Summary (SEC)				3,699		100		227		0		944		1,178		48		91		0		335		7,043		6,170		6,007		5,860		7,043		6,449		6,170		6,007		5,860
Total: Proved Developed Non-Producing				3,699		100		227		0		944		1,178		48		91		0		335		7,043		6,170		6,007		5,860		7,043		6,449		6,170		6,007		5,860
Proved Undeveloped
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay				91,462		0		14,217		0		29,461		42,326		0		5,984		0		13,039		164,775		118,015		109,394		101,682		164,775		132,971		118,015		109,394		101,682

1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv February 25, 2016 15:04:54

9

Gross and Net Reserves and Present Value Summary

			Gross Lease Reserves										Net After Royalty Reserves										Before Income Tax Discounted Present Value (M$)								After Income Tax Discounted Present Value (M$)
Entity Description	Reserve Class		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		0%		8%		10%		12%		0%		5%		8%		10%		12%
Proved Undeveloped (Cont.)
Summary (SEC) (Cont.)
Brion Energy Corporation. (Cont.)
Duvernay Joint Venture (Cont.)
Simonette Montney				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Willesden Green Duvernay				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Duvernay Joint Venture				91,462		0		14,217		0		29,461		42,326		0		5,984		0		13,039		164,775		118,015		109,394		101,682		164,775		132,971		118,015		109,394		101,682
Groundbirch
Greater Groundbirch Area Montney				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Greater Saturn Area Montney		B2		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Greater Sunset Area Montney		B2		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Groundbirch Resources				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Other Intervals (Non-Montney)				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Groundbirch				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Brion Energy Corporation.				91,462		0		14,217		0		29,461		42,326		0		5,984		0		13,039		164,775		118,015		109,394		101,682		164,775		132,971		118,015		109,394		101,682
CNPC International Canada Ltd.
Conventional
Drumheller				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Lone Rock (Sask)				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Twining				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Conventional				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Insitu
Hoole				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
MacKay III				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Insitu				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: CNPC International Canada Ltd.				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Summary (SEC)				91,462		0		14,217		0		29,461		42,326		0		5,984		0		13,039		164,775		118,015		109,394		101,682		164,775		132,971		118,015		109,394		101,682
Total: Proved Undeveloped				91,462		0		14,217		0		29,461		42,326		0		5,984		0		13,039		164,775		118,015		109,394		101,682		164,775		132,971		118,015		109,394		101,682
Total Proved
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay				185,576		239		29,635		0		60,803		85,848		99		12,315		0		26,722		395,869		323,675		309,659		296,891		395,869		347,415		323,675		309,659		296,891
Simonette Montney				3,892		0		473		0		1,121		1,774		0		179		0		475		11,672		9,368		8,974		8,628		11,672		10,070		9,368		8,974		8,628
Willesden Green Duvernay				5,647		670		402		0		2,013		2,670		286		162		0		893		10,214		9,370		9,165		8,967		10,214		9,686		9,370		9,165		8,967
Total: Duvernay Joint Venture				195,115		909		30,510		0		63,937		90,292		386		12,656		0		28,090		417,756		342,413		327,798		314,486		417,756		367,171		342,413		327,798		314,486

1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv February 25, 2016 15:04:54

10

Gross and Net Reserves and Present Value Summary

			Gross Lease Reserves										Net After Royalty Reserves										Before Income Tax Discounted Present Value (M$)								After Income Tax Discounted Present Value (M$)
Entity Description	Reserve Class		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		0%		8%		10%		12%		0%		5%		8%		10%		12%
Total Proved (Cont.)
Summary (SEC) (Cont.)
Brion Energy Corporation. (Cont.)
Groundbirch
Greater Groundbirch Area Montney				21,098		0		110		0		3,626		4,078		0		20		0		700		382		580		603		619		382		530		580		603		619
Greater Saturn Area Montney				120,537		0		628		0		20,717		23,434		0		116		0		4,022		8,495		8,192		8,051		7,902		8,495		8,372		8,192		8,051		7,902
Greater Sunset Area Montney				239,792		0		1,249		0		41,214		45,366		0		215		0		7,777		16,350		14,390		13,937		13,506		16,350		15,106		14,390		13,937		13,506
Groundbirch Resources				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Other Intervals (Non- Montney)		C		2,079		0		11		0		357		379		0		2		0		65		125		129		129		129		125		129		129		129		129
Total: Groundbirch				383,506		0		1,997		0		65,915		73,258		0		354		0		12,563		25,351		23,291		22,720		22,156		25,351		24,138		23,291		22,720		22,156
Total: Brion Energy Corporation.				578,621		909		32,507		0		129,852		163,550		386		13,009		0		40,654		443,107		365,704		350,518		336,642		443,107		391,309		365,704		350,518		336,642
CNPC International Canada Ltd.
Conventional
Drumheller		A		598		58		5		0		163		63		9		0		0		20		92		108		108		109		92		105		108		108		109
Lone Rock (Sask)		A		0		132		0		0		132		0		31		0		0		31		357		305		294		284		357		323		305		294		284
Twining		A		562		126		3		0		223		127		20		0		0		42		309		258		248		239		309		275		258		248		239
Total: Conventional				1,160		317		8		0		518		190		60		1		0		92		758		671		650		631		758		703		671		650		631
Insitu
Hoole				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
MacKay III				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: Insitu				0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0
Total: CNPC International Canada Ltd.				1,160		317		8		0		518		190		60		1		0		92		758		671		650		631		758		703		671		650		631
Total: Summary (SEC)				579,780		1,225		32,515		0		130,371		163,740		446		13,010		0		40,746		443,865		366,375		351,169		337,273		443,865		392,012		366,375		351,169		337,273
Total: Total Proved				579,780		1,225		32,515		0		130,371		163,740		446		13,010		0		40,746		443,865		366,375		351,169		337,273		443,865		392,012		366,375		351,169		337,273

BOE Factors:	HVY OIL	1.0	RES GAS	6.0	PROPANE	1.0	ETHANE	1.0
	COND	1.0	SLN GAS	6.0	BUTANE	1.0	SULPHUR	0.0

1150508            Class (A,B1,B2,C), SEC 2015-Dec-31 Posted (12 Month Avg.), grv February 25, 2016 15:04:54

11

Historical and Forecast Production

Company:	Brion Energy Corporation	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
Property:	Corporate	Effective Date:	December 31, 2015
Description:	After Tax Analysis (SEC)

Company* Interest Oil Equivalent

Company* Interest Oil Equivalent - Total Proved

*Note: Historical company interest production is based on current interests in the evaluated reserves entities applied to reported actual gross lease production. Consequently, company actuals may differ from the history shown due to changes in ownership.

Company Interest Oil Equivalent 1150508 / Feb 25, 2016 Drawing 1

12

Historical and Forecast Production

Company:	Brion Energy Corporation	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
Property:	Corporate	Effective Date:	December 31, 2015
Description:	After Tax Analysis (SEC)

Company* Interest Total Oil

Company* Interest Total Gas

13

Company* Interest Natural Gas Liquids

*Note: Historical company interest production is based on current interests in the evaluated reserves entities applied to reported actual gross lease production. Consequently, company actuals may differ from the history shown due to changes in ownership.

Company Interest Total Oil 1150508 / Feb 25, 2016 Drawing 2

14

PROVED RESERVES

TABLE OF CONTENTS

	Page
SUMMARY OF RESERVES AND VALUES		16
COMPANY PRODUCTION, RESERVES AND PRESENT VALUE SUMMARY		17
ECONOMIC FORECASTS		22
Proved Producing		22
Proved Developed Non-Producing		27
Proved Undeveloped		32
Total Proved Non-Producing		36
Total Proved		40

15

Company:	Brion Energy Corporation	Reserve Class:	Various
Property:	Corporate	Development Class:	Classifications
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Summary of Reserves and Values

	Proved Producing		Proved Developed Non- Producing		Proved Undeveloped		Total Proved Non- Producing		Total Proved
MARKETABLE RESERVES
Light & Medium Oil (Mbbl)
Total Company Interest		61		0		0		0		61
Working Interest		61		0		0		0		61
Net After Royalty		60		0		0		0		60
Tight Oil (Mbbl)
Total Company Interest		403		50		0		50		453
Working Interest		403		50		0		50		453
Net After Royalty		338		48		0		48		386
Total Oil (Mbbl)
Total Company Interest		464		50		0		50		514
Working Interest		464		50		0		50		514
Net After Royalty		398		48		0		48		446
Residue Gas (MMcf)
Total Company Interest		618		0		0		0		618
Working Interest		616		0		0		0		616
Net After Royalty		569		0		0		0		569
Shale Gas (MMcf)
Total Company Interest		126,751		1,257		45,640		46,896		173,648
Working Interest		126,751		1,257		45,640		46,896		173,648
Net After Royalty		119,666		1,178		42,326		43,504		163,171
Total Gas (MMcf)
Total Company Interest		127,369		1,257		45,640		46,896		174,265
Working Interest		127,367		1,257		45,640		46,896		174,264
Net After Royalty		120,235		1,178		42,326		43,504		163,740
Condensate (Mbbl)
Total Company Interest		6,653		97		5,537		5,634		12,287
Working Interest		6,653		97		5,537		5,634		12,287
Net After Royalty		5,440		79		4,660		4,738		10,179
Natural Gas Liquids (Mbbl)
Total Company Interest		8,420		110		7,094		7,205		15,625
Working Interest		8,420		110		7,094		7,205		15,625
Net After Royalty		6,935		91		5,984		6,076		13,010
Oil Equivalent (Mboe)
Total Company Interest		30,113		370		14,701		15,071		45,184
Working Interest		30,113		370		14,701		15,071		45,183
Net After Royalty		27,372		335		13,039		13,374		40,746
BEFORE TAX PRESENT VALUE (M$)
0%		272,048		7,043		164,775		171,817		443,865
5%		252,592		6,449		132,971		139,420		392,012
8%		242,190		6,170		118,015		124,185		366,375
10%		235,768		6,007		109,394		115,401		351,169
12%		229,732		5,860		101,682		107,541		337,273
15%		221,348		5,662		91,554		97,216		318,564
20%		208,950		5,381		77,729		83,110		292,060
AFTER TAX PRESENT VALUE (M$)
0%		272,048		7,043		164,775		171,817		443,865
5%		252,592		6,449		132,971		139,420		392,012
8%		242,190		6,170		118,015		124,185		366,375
10%		235,768		6,007		109,394		115,401		351,169
12%		229,732		5,860		101,682		107,541		337,273
15%		221,348		5,662		91,554		97,216		318,564
20%		208,950		5,381		77,729		83,110		292,060

	BOE Factors:	HVY OIL	1.0	RES GAS	6.0	PROPANE	1.0	ETHANE	1.0
		COND	1.0	SLN GAS	6.0	BUTANE	1.0	SULPHUR	0.0
Run Date: February 25, 2016 11:46:00 1150508            Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), psum									March 09, 2016 09:05:02

16

Company:	Brion Energy Corporation	Reserve Class:	Various
Property:	Corporate	Development Class:	Classifications
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Company Production, Reserves and Present Value Summary

	2016 Company Interest Prod’n								Company Interest Reserves										Net After Royalty Reserves										Reserve Life Index yrs		Before Income Tax Discounted Present Value (M$)
Entity Description	Gas Mcf/d		Oil bbl/d		NGL bbl/d		Oil Eq. boe/d		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe				0%		5%		8%		10%		12%
Proved Producing
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay		31,786		99		6,126		11,522		46,963		119		7,693		0		15,640		43,522		99		6,331		0		13,684				231,095		214,444		205,660		200,265		195,209
Simonette Montney		643		0		105		212		1,279		0		140		0		354		1,167		0		102		0		296				6,757		5,681		5,217		4,958		4,733
Willesden Green Duvernay		1,807		204		118		624		2,618		284		188		0		908		2,478		239		150		0		801				8,201		7,744		7,469		7,292		7,120
Total: Duvernay Joint Venture		34,236		303		6,349		12,358		50,860		403		8,022		0		16,902		47,167		338		6,582		0		14,782				246,053		227,870		218,346		212,515		207,062
Groundbirch
Greater Groundbirch Area Montney		3,279		0		17		564		4,124		0		21		0		709		3,990		0		20		0		685		3.4		386		528		575		596		611
Greater Saturn Area Montney		17,203		0		90		2,957		24,107		0		126		0		4,143		23,434		0		116		0		4,022		3.8		8,495		8,372		8,192		8,051		7,902
Greater Sunset Area Montney		28,069		0		146		4,824		47,660		0		248		0		8,192		45,075		0		214		0		7,727		4.7		16,230		14,991		14,277		13,826		13,397
Groundbirch Resources		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Other Intervals (Non- Montney)		481		0		3		83		416		0		2		0		71		379		0		2		0		65		2.4		125		129		129		129		129
Total: Groundbirch		49,031		0		255		8,427		76,307		0		397		0		13,115		72,879		0		352		0		12,498				25,236		24,020		23,173		22,602		22,039
Total: Brion Energy Corporation.		83,268		303		6,604		20,785		127,167		403		8,419		0		30,017		120,046		338		6,934		0		27,280				271,289		251,889		241,519		235,118		229,101
CNPC International Canada Ltd.
Conventional
Drumheller		51		5		0		14		67		9		1		0		21		63		9		0		0		20		4.0		92		105		108		108		109
Lone Rock (Sask)		0		21		0		21		0		32		0		0		32		0		31		0		0		31		4.2		357		323		305		294		284
Twining		138		5		1		29		134		20		1		0		43		127		20		0		0		42		4.1		309		275		258		248		239
Total: Conventional		189		31		1		64		202		61		1		0		96		190		60		1		0		92				758		703		671		650		631
Insitu
Hoole		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
MacKay III		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Insitu		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: CNPC International Canada Ltd.		189		31		1		64		202		61		1		0		96		190		60		1		0		92				758		703		671		650		631
Total: Summary (SEC)		83,456		334		6,605		20,849		127,369		464		8,420		0		30,113		120,235		398		6,935		0		27,372				272,048		252,592		242,190		235,768		229,732
Total: Proved Producing		83,456		334		6,605		20,849		127,369		464		8,420		0		30,113		120,235		398		6,935		0		27,372				272,048		252,592		242,190		235,768		229,732
Proved Developed Non-Producing
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0

1150508 Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv February 25, 2016 15:04:55

17

    Company Production, Reserves and Present Value Summary

	2016 Company Interest Prod’n								Company Interest Reserves										Net After Royalty Reserves										Reserve Life Index yrs		Before Income Tax Discounted Present Value (M$)
Entity Description	Gas Mcf/d		Oil bbl/d		NGL bbl/d		Oil Eq. boe/d		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe				0%		5%		8%		10%		12%
Proved Developed Non-Producing (Cont.)
Summary (SEC) (Cont.)
Brion Energy Corporation. (Cont.)
Duvernay Joint Venture (Cont.)
Simonette Montney		471		0		125		203		663		0		96		0		206		607		0		77		0		178				4,915		4,389		4,151		4,016		3,895
Willesden Green Duvernay		267		79		17		141		200		50		13		0		96		192		48		12		0		92				2,013		1,942		1,900		1,874		1,847
Total: Duvernay Joint Venture		738		79		142		344		863		50		108		0		302		799		48		89		0		270				6,928		6,331		6,052		5,889		5,743
Groundbirch
Greater Groundbirch Area Montney		99		0		1		17		95		0		0		0		16		88		0		0		0		15		2.0		-4		2		5		7		8
Greater Saturn Area Montney		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Greater Sunset Area Montney		245		0		1		42		299		0		2		0		51		291		0		1		0		50		3.3		119		116		113		111		109
Groundbirch Resources		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Other Intervals (Non-Montney)		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Groundbirch		344		0		2		59		394		0		2		0		68		380		0		2		0		65				115		118		118		118		117
Total: Brion Energy Corporation.		1,082		79		143		403		1,257		50		110		0		370		1,178		48		91		0		335				7,043		6,449		6,170		6,007		5,860
CNPC International Canada Ltd.
Conventional
Drumheller		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Lone Rock (Sask)		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Twining		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Conventional		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Insitu
Hoole		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
MacKay III		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Insitu		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: CNPC International Canada Ltd.		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: Summary (SEC)		1,082		79		143		403		1,257		50		110		0		370		1,178		48		91		0		335				7,043		6,449		6,170		6,007		5,860
Total: Proved Developed Non-Producing		1,082		79		143		403		1,257		50		110		0		370		1,178		48		91		0		335				7,043		6,449		6,170		6,007		5,860
Proved Undeveloped
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay		12,688		0		2,625		4,739		45,640		0		7,094		0		14,701		42,326		0		5,984		0		13,039				164,775		132,971		118,015		109,394		101,682
Simonette Montney		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Willesden Green Duvernay		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: Duvernay Joint Venture		12,688		0		2,625		4,739		45,640		0		7,094		0		14,701		42,326		0		5,984		0		13,039				164,775		132,971		118,015		109,394		101,682

1150508 Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv February 25, 2016 15:04:55

18

    Company Production, Reserves and Present Value Summary

	2016 Company Interest Prod’n								Company Interest Reserves										Net After Royalty Reserves										Reserve Life Index yrs		Before Income Tax Discounted Present Value (M$)
Entity Description	Gas Mcf/d		Oil bbl/d		NGL bbl/d		Oil Eq. boe/d		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe				0%		5%		8%		10%		12%
Proved Undeveloped (Cont.)
Summary (SEC) (Cont.)
Brion Energy Corporation. (Cont.)
Groundbirch
Greater Groundbirch Area Montney		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Greater Saturn Area Montney		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Greater Sunset Area Montney		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Groundbirch Resources		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Other Intervals (Non-Montney )		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Groundbirch		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: Brion Energy Corporation.		12,688		0		2,625		4,739		45,640		0		7,094		0		14,701		42,326		0		5,984		0		13,039				164,775		132,971		118,015		109,394		101,682
CNPC International Canada Ltd.
Conventional
Drumheller		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Lone Rock (Sask)		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Twining		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Conventional		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Insitu
Hoole		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
MacKay III		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Insitu		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: CNPC International Canada Ltd.		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: Summary (SEC)		12,688		0		2,625		4,739		45,640		0		7,094		0		14,701		42,326		0		5,984		0		13,039				164,775		132,971		118,015		109,394		101,682
Total: Proved Undeveloped		12,688		0		2,625		4,739		45,640		0		7,094		0		14,701		42,326		0		5,984		0		13,039				164,775		132,971		118,015		109,394		101,682
Total Proved Non-Producing
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay		12,688		0		2,625		4,739		45,640		0		7,094		0		14,701		42,326		0		5,984		0		13,039				164,775		132,971		118,015		109,394		101,682
Simonette Montney		471		0		125		203		663		0		96		0		206		607		0		77		0		178				4,915		4,389		4,151		4,016		3,895
Willesden Green Duvernay		267		79		17		141		200		50		13		0		96		192		48		12		0		92				2,013		1,942		1,900		1,874		1,847
Total: Duvernay Joint Venture		13,426		79		2,766		5,083		46,503		50		7,203		0		15,003		43,125		48		6,074		0		13,309				171,702		139,301		124,066		115,283		107,424
Groundbirch
Greater Groundbirch Area Montney		99		0		1		17		95		0		0		0		16		88		0		0		0		15		2.0		-4		2		5		7		8
Greater Saturn Area Montney		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Greater Sunset Area Montney		245		0		1		42		299		0		2		0		51		291		0		1		0		50		3.3		119		116		113		111		109

1150508 Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv February 25, 2016 15:04:55

19

Company Production, Reserves and Present Value Summary

	2016 Company Interest Prod’n								Company Interest Reserves										Net After Royalty Reserves										Reserve Life Index yrs		Before Income Tax Discounted Present Value (M$)
Entity Description	Gas Mcf/d		Oil bbl/d		NGL bbl/d		Oil Eq. boe /d		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe				0%		5%		8%		10%		12%
Total Proved Non-Producing (Cont.)
Summary (SEC) (Cont.)
Brion Energy Corporation. (Cont.)
Groundbirch (Cont.)
Groundbirch Resources		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Other Intervals (Non-Montney)		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Groundbirch		344		0		2		59		394		0		2		0		68		380		0		2		0		65				115		118		118		118		117
Total: Brion Energy Corporation.		13,770		79		2,768		5,142		46,896		50		7,205		0		15,071		43,504		48		6,076		0		13,374				171,817		139,420		124,185		115,401		107,541
CNPC International Canada Ltd.
Conventional
Drumheller		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Lone Rock (Sask)		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Twining		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Conventional		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Insitu
Hoole		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
MacKay III		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Insitu		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: CNPC International Canada Ltd.		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: Summary (SEC)		13,770		79		2,768		5,142		46,896		50		7,205		0		15,071		43,504		48		6,076		0		13,374				171,817		139,420		124,185		115,401		107,541
Total: Total Proved Non-Producing		13,770		79		2,768		5,142		46,896		50		7,205		0		15,071		43,504		48		6,076		0		13,374				171,817		139,420		124,185		115,401		107,541
Total Proved
Summary (SEC)
Brion Energy Corporation.
Duvernay Joint Venture
Kaybob Duvernay		44,474		99		8,750		16,261		92,603		119		14,788		0		30,341		85,848		99		12,315		0		26,722				395,869		347,415		323,675		309,659		296,891
Simonette Montney		1,114		0		229		415		1,942		0		236		0		560		1,774		0		179		0		475				11,672		10,070		9,368		8,974		8,628
Willesden Green Duvernay		2,074		283		135		764		2,818		334		201		0		1,005		2,670		286		162		0		893				10,214		9,686		9,370		9,165		8,967
Total: Duvernay Joint Venture		47,663		382		9,115		17,441		97,362		453		15,224		0		31,905		90,292		386		12,656		0		28,090				417,756		367,171		342,413		327,798		314,486
Groundbirch
Greater Groundbirch Area Montney		3,378		0		18		581		4,220		0		22		0		725		4,078		0		20		0		700		3.4		382		530		580		603		619
Greater Saturn Area Montney		17,203		0		90		2,957		24,107		0		126		0		4,143		23,434		0		116		0		4,022		3.8		8,495		8,372		8,192		8,051		7,902
Greater Sunset Area Montney		28,313		0		147		4,866		47,958		0		250		0		8,243		45,366		0		215		0		7,777		4.6		16,350		15,106		14,390		13,937		13,506

1150508 Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv February 25, 2016 15:04:55

20

    Company Production, Reserves and Present Value Summary

	2016 Company Interest Prod’n								Company Interest Reserves										Net After Royalty Reserves										Reserve Life Index yrs		Before Income Tax Discounted Present Value (M$)
Entity Description	Gas Mcf/d		Oil bbl/d		NGL bbl/d		Oil Eq. boe/d		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe		Gas MMcf		Oil Mbbl		NGL Mbbl		Sulphur Mlt		Oil Eq. Mboe				0%		5%		8%		10%		12%
Total Proved (Cont.)
Summary (SEC) (Cont.)
Brion Energy Corporation. (Cont.)
Groundbirch (Cont.)
Groundbirch Resources		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Other Intervals (Non-Montney)		481		0		3		83		416		0		2		0		71		379		0		2		0		65		2.4		125		129		129		129		129
Total: Groundbirch		49,375		0		257		8,486		76,701		0		399		0		13,183		73,258		0		354		0		12,563				25,351		24,138		23,291		22,720		22,156
Total: Brion Energy Corporation.		97,037		382		9,372		25,927		174,063		453		15,624		0		45,088		163,550		386		13,009		0		40,654				443,107		391,309		365,704		350,518		336,642
CNPC International Canada Ltd.
Conventional
Drumheller		51		5		0		14		67		9		1		0		21		63		9		0		0		20		4.0		92		105		108		108		109
Lone Rock (Sask)		0		21		0		21		0		32		0		0		32		0		31		0		0		31		4.2		357		323		305		294		284
Twining		138		5		1		29		134		20		1		0		43		127		20		0		0		42		4.1		309		275		258		248		239
Total: Conventional		189		31		1		64		202		61		1		0		96		190		60		1		0		92				758		703		671		650		631
Insitu
Hoole		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
MacKay III		0		0		0		0		0		0		0		0		0		0		0		0		0		0		0.0		0		0		0		0		0
Total: Insitu		0		0		0		0		0		0		0		0		0		0		0		0		0		0				0		0		0		0		0
Total: CNPC International Canada Ltd.		189		31		1		64		202		61		1		0		96		190		60		1		0		92				758		703		671		650		631
Total: Summary (SEC)		97,226		413		9,373		25,991		174,265		514		15,625		0		45,184		163,740		446		13,010		0		40,746				443,865		392,012		366,375		351,169		337,273
Total: Total Proved		97,226		413		9,373		25,991		174,265		514		15,625		0		45,184		163,740		446		13,010		0		40,746				443,865		392,012		366,375		351,169		337,273

BOE Factors:	HVY OIL	1.0	RES GAS	6.0	PROPANE	1.0	ETHANE	1.0
	COND	1.0	SLN GAS	6.0	BUTANE	1.0	SULPHUR	0.0

1150508 Class (A,B1,B2,B,C), SEC 2015-Dec-31 Posted (12 Month Avg.), crv February 25, 2016 15:04:55

21

Company:	Brion Energy Corporation	Reserve Class:	Proved
Property:	Corporate	Development Class:	Producing
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Economic Forecast

PRODUCTION FORECAST

					Light & Medium Oil Production								Tight Oil Production								Total Oil Production
	Company Wells				Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl
Year	Oil		Gas
2016		11		101		31		11		11		41.91		303		111		105		58.11		334		122		116		56.59
2017		9		96		24		9		9		42.31		183		67		63		58.04		207		76		71		56.19
2018		9		90		20		7		7		42.71		142		52		45		58.00		162		59		52		56.11
2019		8		84		17		6		6		43.11		100		36		29		58.03		117		43		35		55.88
2020		8		78		15		5		5		43.27		87		32		21		58.01		102		37		27		55.83
2021		8		74		13		5		5		43.43		76		28		19		58.00		90		33		24		55.82
2022		6		56		8		3		3		43.53		66		24		17		58.00		74		27		20		56.42
2023		6		50		7		2		2		43.23		58		21		15		58.00		65		24		18		56.44
2024		5		44		6		2		2		43.10		52		19		14		58.00		58		21		16		56.43
2025		1		33		4		1		1		45.40		11		4		3		58.88		15		5		4		55.47
2026		1		27		4		1		1		45.46		10		4		3		58.88		14		5		4		55.38
2027		1		23		3		1		1		45.51		9		3		2		58.88		12		5		4		55.28
Sub.								56		55		42.92				400		336		58.06				456		391		56.21
Rem.								5		5		48.00				3		2		58.88				8		8		51.92
Tot.								61		60		43.37				403		338		58.07				464		398		56.14

	Residue Gas Production								Shale Gas Production								Total Gas Production
Year	Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf
2016		669		244		225		1.99		82,787		30,217		28,882		2.26		83,456		30,461		29,107		2.25
2017		405		148		136		2.01		58,226		21,252		20,320		2.08		58,631		21,400		20,456		2.08
2018		290		106		97		2.00		45,141		16,476		15,811		1.99		45,430		16,582		15,908		1.99
2019		222		81		75		1.98		36,481		13,316		12,613		1.89		36,703		13,397		12,688		1.89
2020		40		15		14		2.54		30,231		11,034		10,222		2.03		30,271		11,049		10,236		2.03
2021		36		13		12		2.54		25,389		9,267		8,561		2.04		25,424		9,280		8,574		2.04
2022		23		9		8		2.56		17,969		6,559		6,084		2.01		17,992		6,567		6,092		2.01
2023		6		2		2		2.50		14,600		5,329		4,934		2.04		14,606		5,331		4,936		2.04
2024		0		0		0		0.00		11,578		4,226		3,900		2.06		11,578		4,226		3,900		2.06
2025		0		0		0		0.00		8,751		3,194		2,942		2.05		8,751		3,194		2,942		2.05
2026		0		0		0		0.00		6,421		2,344		2,142		2.10		6,421		2,344		2,142		2.10
2027		0		0		0		0.00		5,092		1,858		1,696		2.11		5,092		1,858		1,696		2.11
Sub.				618		569		2.03				125,072		118,108		2.08				125,690		118,677		2.08
Rem.				0		0		0.00				1,679		1,559		2.06				1,679		1,559		2.06
Tot.				618		569		2.03				126,751		119,666		2.08				127,369		120,235		2.08

1150508            Proved Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:39

22

	Condensate Production								Butane Production								Propane Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl
2016		5,419		1,978		1,875		57.53		631		230		218		32.02		555		203		193		1.54
2017		2,961		1,081		1,014		57.39		413		151		142		31.95		359		131		124		1.48
2018		2,127		777		707		57.32		321		117		108		31.74		279		102		95		1.32
2019		1,674		611		485		57.30		264		96		81		31.80		230		84		70		1.30
2020		1,388		507		317		57.28		227		83		60		31.78		199		73		52		1.31
2021		1,179		430		264		57.27		198		72		52		31.76		175		64		45		1.31
2022		768		280		173		57.06		123		45		32		31.48		108		40		28		1.38
2023		675		246		151		57.08		107		39		28		31.44		96		35		24		1.39
2024		593		217		133		57.10		93		34		24		31.38		84		31		21		1.40
2025		485		177		108		57.76		69		25		18		32.34		61		22		16		1.16
2026		410		149		91		57.81		58		21		15		32.33		52		19		13		1.16
2027		342		125		76		57.83		47		17		12		32.33		42		15		11		1.16
Sub.				6,577		5,394		57.39				931		790		31.86				817		691		1.39
Rem.				76		47		57.91				10		7		32.18				9		6		1.18
Tot.				6,653		5,440		57.40				941		797		31.86				826		697		1.39

	Natural Gas Liquids Production								Oil + Liquids Production								Oil Equivalent Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily boe/d		Company Yearly Mboe		Net Yearly Mboe		Price $/boe
2016		6,605		2,411		2,286		50.39		6,940		2,533		2,402		50.69		20,849		7,610		7,253		25.89
2017		3,733		1,362		1,280		49.20		3,940		1,438		1,352		49.56		13,711		5,005		4,761		23.15
2018		2,727		996		910		48.58		2,889		1,055		962		49.00		10,461		3,818		3,614		22.18
2019		2,167		791		636		48.26		2,284		834		671		48.65		8,401		3,066		2,785		21.48
2020		1,814		662		429		47.94		1,916		699		455		48.36		6,961		2,541		2,161		22.13
2021		1,552		566		360		47.71		1,641		599		385		48.15		5,879		2,146		1,814		22.27
2022		999		365		233		47.89		1,074		392		253		48.48		4,072		1,486		1,268		21.68
2023		878		320		204		47.88		943		344		221		48.47		3,377		1,233		1,044		22.33
2024		770		281		178		47.93		828		302		194		48.53		2,758		1,007		844		23.24
2025		615		225		142		49.30		630		230		146		49.44		2,089		762		636		23.52
2026		519		189		119		49.33		533		194		123		49.48		1,603		585		480		24.86
2027		430		157		98		49.54		443		162		102		49.70		1,291		471		385		25.38
Sub.				8,326		6,875		49.04				8,782		7,265		49.41				29,730		27,045		23.38
Rem.				95		60		49.88				103		68		50.04				383		327		22.50
Tot.				8,420		6,935		49.05				8,885		7,333		49.42				30,113		27,372		23.37

REVENUE AND EXPENSE FORECAST

	Revenue Before Burdens												Royalty Interest Process. Expense M$										Total Royalty After Process. M$		Net Revenue After Royalty M$
	Working Interest								Royalty Interest Total M$		Company Interest Total M$				Royalty Burdens Pre-Processing				Gas Processing Allowance								Operating Expenses
Year	Oil M$		Gas M$		NGL+Sul M$		Total M$								Crown M$		Other M$		Crown M$		Other M$						Fixed M$		Variable M$		Total M$
2016		6,905		68,633		121,483		197,021		2		197,023		0		9,898		0		703		0		9,195		187,828		20,165		35,918		56,083
2017		4,246		44,572		67,026		115,844		2		115,847		0		6,514		0		550		0		5,965		109,882		19,725		25,026		44,751
2018		3,313		33,031		48,358		84,702		0		84,702		0		6,183		0		571		0		5,613		79,089		19,157		19,415		38,572
2019		2,379		25,300		38,175		65,854		0		65,854		0		10,004		0		1,041		0		8,963		56,891		18,232		15,710		33,942
2020		2,071		22,422		31,742		56,234		0		56,234		0		14,550		0		1,570		0		12,981		43,253		17,691		13,028		30,720
2021		1,831		18,935		27,017		47,783		0		47,783		0		12,754		0		1,410		0		11,344		36,439		16,659		10,995		27,653
2022		1,526		13,230		17,469		32,225		0		32,225		0		8,333		0		962		0		7,371		24,854		10,876		7,940		18,816
2023		1,339		10,850		15,338		27,527		0		27,527		0		7,297		0		851		0		6,446		21,082		10,240		6,526		16,766
2024		1,196		8,722		13,471		23,388		0		23,388		0		6,398		0		750		0		5,648		17,740		9,495		5,260		14,755
2025		301		6,561		11,069		17,931		0		17,931		0		5,016		0		583		0		4,433		13,498		7,338		3,909		11,247
2026		275		4,924		9,347		14,545		0		14,545		0		4,247		0		499		0		3,748		10,798		6,461		2,936		9,397
2027		251		3,928		7,781		11,961		0		11,961		0		3,532		0		412		0		3,120		8,841		5,789		2,346		8,134
Sub.		25,633		261,107		408,275		695,016		5		695,021		1		94,728		0		9,903		0		84,825		610,195		161,828		149,008		310,835
Rem.		435		3,451		4,733		8,619		0		8,619		0		2,151		0		278		0		1,873		6,746		3,898		2,116		6,014
Tot.		26,068		264,559		413,009		703,635		5		703,640		1		96,879		0		10,181		0		86,698		616,941		165,726		151,124		316,850
Disc		19,433		197,089		310,834		527,357		4		527,361		1		60,447		0		6,102		0		54,345		473,015		109,363		111,324		220,687

1150508            Proved Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:39

23

Year	Mineral Tax M$		Capital Tax M$		NPI Burden M$		Net Prod’n Revenue M$		Other Income M$		Aband. & Recl. Costs M$		Oper. Income M$		Net Capital Investment								Before Tax Cash Flow
															Dev. M$		Plant M$		Tang. M$		Total M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		0		0		0		131,746		0		0		131,746		2,135		0		0		2,135		129,610		129,610		123,579
2017		0		0		0		65,131		0		0		65,131		2,135		0		0		2,135		62,996		192,606		178,182
2018		0		0		0		40,517		0		0		40,517		4,271		0		0		4,271		36,247		228,853		206,744
2019		0		0		0		22,950		0		0		22,950		4,070		0		0		4,070		18,880		247,733		220,269
2020		0		0		0		12,534		0		0		12,534		4,070		0		0		4,070		8,464		256,196		225,780
2021		0		0		0		8,785		0		627		8,158		0		0		0		0		8,158		264,354		230,610
2022		0		0		0		6,038		0		560		5,478		0		0		0		0		5,478		269,832		233,559
2023		0		0		0		4,315		0		620		3,696		0		0		0		0		3,696		273,528		235,367
2024		0		0		0		2,985		0		508		2,477		0		0		0		0		2,477		276,005		236,469
2025		0		0		0		2,251		0		460		1,790		0		0		0		0		1,790		277,795		237,192
2026		0		0		0		1,401		0		2,201		-800		0		0		0		0		-800		276,995		236,898
2027		0		0		0		707		0		562		144		0		0		0		0		144		277,140		236,947
Sub.		0		0		0		299,360		0		5,539		293,821		16,681		0		0		16,681		277,140		277,140		236,947
Rem.		0		0		0		732		0		5,824		-5,092		0		0		0		0		-5,092		272,048		235,768
Tot.		0		0		0		300,091		0		11,362		288,729		16,681		0		0		16,681		272,048		272,048		235,768
Disc		0		0		0		252,328		0		3,742		248,586		12,818		0		0		12,818		235,768		235,768		235,768

AFTER TAX ANALYSIS

			Tax Pool Balances Incl. Current Year Additions										Depreciation & Writeoffs
Year	Oper. Income M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		Total M$
2016		131,746		372,794		1,366,499		577,074		32,781		1,042,894		6,431		121,420		21,916		0		0		149,768
2017		65,131		366,363		1,245,079		557,293		32,781		1,042,894		4,823		58,631		15,342		0		0		78,796
2018		40,517		361,540		1,186,448		546,222		32,781		1,042,894		3,618		36,150		10,739		0		0		50,507
2019		22,950		357,922		1,150,297		539,553		32,781		1,042,894		2,713		19,956		7,517		0		0		30,186
2020		12,534		355,209		1,130,342		536,106		32,781		1,042,894		2,035		10,460		5,262		0		0		17,757
2021		8,158		353,174		1,119,882		530,844		32,781		1,042,894		1,526		7,115		3,683		0		0		12,325
2022		5,478		351,648		1,112,767		527,160		32,781		1,042,894		1,145		5,047		2,578		0		0		8,770
2023		3,696		350,503		1,107,720		524,582		32,781		1,042,894		859		3,446		1,805		0		0		6,110
2024		2,477		349,644		1,104,274		522,777		32,781		1,042,894		644		2,548		1,263		0		0		4,455
2025		1,790		349,000		1,101,726		521,513		32,781		1,042,894		483		1,917		884		0		0		3,284
2026		-800		348,517		1,099,809		520,629		32,781		1,042,894		362		0		619		0		0		982
2027		144		348,154		1,099,809		520,010		32,781		1,042,894		272		523		433		0		0		1,228
Sub.		293,821		348,154		1,099,809		520,010		32,781		1,042,894		24,911		267,213		72,044		0		0		364,168
Rem.		-5,092		348,154		1,099,809		520,010		32,781		1,042,894		771		103		983		0		0		1,857
Tot.		288,729		348,154		1,099,809		520,010		32,781		1,042,894		25,682		267,317		73,026		0		0		366,025
Disc		248,586												19,268		226,900		57,463		0		0		303,630

1150508            Proved Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:39

24

			Federal		Provincial						Net Cash Flow Before Income Tax						Net Cash Flow After Income Tax
Year	Taxable Income M$		Income Tax M$		Income Tax M$		ARTD & Investment Credits		Income Tax Payable M$		Annual M$		Cum. M$		10.0% Dcf M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		-18,022		0		0		0		0		129,610		129,610		123,579		129,610		129,610		123,579
2017		-13,665		0		0		0		0		62,996		192,606		178,182		62,996		192,606		178,182
2018		-9,990		0		0		0		0		36,247		228,853		206,744		36,247		228,853		206,744
2019		-7,237		0		0		0		0		18,880		247,733		220,269		18,880		247,733		220,269
2020		-5,224		0		0		0		0		8,464		256,196		225,780		8,464		256,196		225,780
2021		-4,167		0		0		0		0		8,158		264,354		230,610		8,158		264,354		230,610
2022		-3,292		0		0		0		0		5,478		269,832		233,559		5,478		269,832		233,559
2023		-2,414		0		0		0		0		3,696		273,528		235,367		3,696		273,528		235,367
2024		-1,978		0		0		0		0		2,477		276,005		236,469		2,477		276,005		236,469
2025		-1,494		0		0		0		0		1,790		277,795		237,192		1,790		277,795		237,192
2026		-1,781		0		0		0		0		-800		276,995		236,898		-800		276,995		236,898
2027		-1,084		0		0		0		0		144		277,140		236,947		144		277,140		236,947
Sub.		-70,347		0		0		0		0		277,140		277,140		236,947		277,140		277,140		236,947
Rem.		-6,949		0		0		0		0		-5,092		272,048		235,768		-5,092		272,048		235,768
Tot.		-77,296		0		0		0		0		272,048		272,048		235,768		272,048		272,048		235,768
Disc		-55,044		0		0		0		0		235,768		235,768		235,768		235,768		235,768		235,768

SUMMARY OF RESERVES

			Remaining Reserves at Jan 01, 2016								Oil Equivalents						Reserve Life Indic. (yr)
Product	Units		Working Interest		Roy/NPI Interest		Total Company		Net		Oil Eq. Factor		Company Mboe		% of Total		Reserve Life		Life Index		Half Life
Light/Med Oil		Mbbl		61		0		61		60		1.000		61		0		30.0		5.4		3.5
Tight Oil		Mbbl		403		0		403		338		1.000		403		1		13.0		3.6		2.5
Total: Total Oil		Mbbl		464		0		464		398		1.000		464		2		30.0		3.8		2.6
Residue Gas		MMcf		616		2		618		569		6.000		103		0		8.0		2.5		1.4
Shale Gas		MMcf		126,751		0		126,751		119,666		6.000		21,125		70		20.0		4.2		2.7
Total: Gas		MMcf		127,367		2		127,369		120,235		6.000		21,228		70		20.0		4.2		2.7
Gas Heat Content		BBtu		146,407		2		146,409		138,098		0.000		0		0		20.0		4.2		2.7
Condensate		Mbbl		6,653		0		6,653		5,440		1.000		6,653		22		20.0		3.4		2.3
Butane		Mbbl		941		0		941		797		1.000		941		3		20.0		4.1		2.8
Propane		Mbbl		826		0		826		697		1.000		826		3		20.0		4.1		2.8
Total: NGL		Mbbl		8,420		0		8,420		6,935		1.000		8,420		28		20.0		3.5		2.4
Total: Oil+NGL		Mbbl		8,885		0		8,885		7,333		1.000		8,885		30		30.0		3.5		2.4
Total: Oil Eq.		Mboe		30,113		0		30,113		27,372		1.000		30,113		100		30.0		4.0		2.6

1150508            Proved Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:39

25

PRODUCT REVENUE AND EXPENSES

			Average First Year Unit Values														Net Revenue After Royalties
Product	Units		Base Price		Price Adjust.		Wellhead Price		Net Burdens		Operating Expenses		Other Expenses		Prod’n Revenue		Undisc M$		% of Total		10% Disc M$		% of Total
Light/Med Oil		$/bbl		58.88		-16.97		41.91		1.48		23.05		0.00		17.38		2,608		0		1,747		0
Tight Oil		$/bbl		58.88		-0.77		58.11		2.93		12.52		0.00		42.66		19,632		3		15,223		3
Total: Total Oil		$/bbl		58.88		-2.29		56.59		2.79		13.51		0.00		40.29		22,240		4		16,970		4
Residue Gas		$/Mcf		2.45		-0.46		1.99		0.15		1.38		0.00		0.46		1,163		0		984		0
Shale Gas		$/Mcf		2.45		-0.20		2.26		0.10		1.60		0.00		0.56		249,589		40		186,340		39
Total: Gas		$/Mcf		2.45		-0.20		2.25		0.10		1.60		0.00		0.55		250,751		41		187,324		40
Condensate		$/bbl		58.14		-0.61		57.53		2.75		0.00		0.00		54.79		318,318		52		249,151		53
Butane		$/bbl		33.09		-1.07		32.02		1.77		0.00		0.00		30.25		25,353		4		19,238		4
Propane		$/bbl		1.45		0.09		1.54		0.32		0.00		0.00		1.22		279		0		332		0
Total: NGL		$/bbl		50.98		-0.59		50.39		2.45		0.00		0.00		47.94		343,949		56		268,721		57
Total: Oil+NGL		$/bbl		51.36		-0.67		50.69		2.47		0.65		0.00		47.57		366,189		59		285,691		60
Total: Oil Eq.		$/boe		26.92		-1.02		25.89		1.21		7.37		0.00		17.31		616,941		100		473,015		100

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY

					Net Present Value Before Income Tax										Net Present Value After Income Tax
Revenue Burdens (%)					Disc. Rate %		Prod’n Revenue M$		Operating Income M$		Capital Invest. M$		Cash Flow				Operating Income M$		Capital Invest. M$		Cash Flow
	Initial		Average										M$		$/boe						M$		$/boe
Crown Royalty		5.0237		13.7684		0.0		300,091		288,729		16,681		272,048		9.03		288,729		16,681		272,048		9.03
Non-crown Royalty		0.0000		0.0000		5.0		273,471		267,140		14,548		252,592		8.39		267,140		14,548		252,592		8.39
Mineral Tax		0.0000		0.0000		8.0		260,246		255,658		13,468		242,190		8.04		255,658		13,468		242,190		8.04
						10.0		252,328		248,586		12,818		235,768		7.83		248,586		12,818		235,768		7.83
						12.0		245,027		241,950		12,218		229,732		7.63		241,950		12,218		229,732		7.63
						15.0		235,075		232,747		11,399		221,348		7.35		232,747		11,399		221,348		7.35
						20.0		220,686		219,173		10,223		208,950		6.94		219,173		10,223		208,950		6.94

Evaluator:	MacDonald, Trisha S.
Run Date:	February 25, 2016 11:45:53

1150508            Proved Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:39

26

Company:	Brion Energy Corporation	Reserve Class:	Proved
Property:	Corporate	Development Class:	Developed Non-Producing
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Economic Forecast

PRODUCTION FORECAST

					Tight Oil Production								Shale Gas Production								Total Gas Production
	Company Wells				Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf
Year	Oil		Gas
2016		0		1		79		29		28		57.73		1,082		395		376		2.66		1,082		395		376		2.66
2017		0		1		34		13		12		57.73		664		242		233		2.58		664		242		233		2.58
2018		0		1		24		9		8		57.73		479		175		164		2.55		479		175		164		2.55
2019		0		1		0		0		0		0.00		227		83		76		2.62		227		83		76		2.62
2020		0		1		0		0		0		0.00		189		69		64		2.61		189		69		64		2.61
2021		0		1		0		0		0		0.00		163		59		55		2.61		163		59		55		2.61
2022		0		1		0		0		0		0.00		144		52		49		2.61		144		52		49		2.61
2023		0		0		0		0		0		0.00		74		27		24		3.22		74		27		24		3.22
2024		0		0		0		0		0		0.00		68		25		22		3.22		68		25		22		3.22
2025		0		0		0		0		0		0.00		62		23		20		3.22		62		23		20		3.22
2026		0		0		0		0		0		0.00		57		21		18		3.22		57		21		18		3.22
2027		0		0		0		0		0		0.00		52		19		17		3.22		52		19		17		3.22
Sub.								50		48		57.73				1,190		1,119		2.67				1,190		1,119		2.67
Rem.								0		0		0.00				67		60		3.22				67		60		3.22
Tot.								50		48		57.73				1,257		1,178		2.70				1,257		1,178		2.70

	Condensate Production								Butane Production								Propane Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl
2016		128		47		44		58.50		8		3		3		23.56		8		3		3		3.09
2017		33		12		11		57.01		5		2		2		23.50		4		2		2		3.11
2018		23		8		5		56.74		3		1		1		23.36		3		1		1		3.13
2019		12		4		3		59.38		1		0		0		29.72		0		0		0		1.68
2020		10		4		2		59.38		1		0		0		29.73		0		0		0		1.68
2021		8		3		2		59.38		0		0		0		29.74		0		0		0		1.68
2022		7		3		2		59.38		0		0		0		29.74		0		0		0		1.68
2023		6		2		1		59.60		0		0		0		29.21		0		0		0		1.68
2024		6		2		1		59.60		0		0		0		29.21		0		0		0		1.68
2025		5		2		1		59.60		0		0		0		29.21		0		0		0		1.68
2026		5		2		1		59.60		0		0		0		29.21		0		0		0		1.68
2027		5		2		1		59.60		0		0		0		29.21		0		0		0		1.68
Sub.				91		75		58.39				7		6		24.57				6		6		2.97
Rem.				6		4		59.60				0		0		29.21				0		0		1.68
Tot.				97		79		58.47				7		7		24.75				6		6		2.94

1150508            Proved Developed Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:35

27

	Natural Gas Liquids Production								Oil + Liquids Production								Oil Equivalent Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily boe/d		Company Yearly Mboe		Net Yearly Mboe		Price $/boe
2016		143		52		50		53.65		222		81		77		55.10		403		147		140		37.58
2017		42		15		14		47.60		77		28		26		52.15		187		68		65		30.51
2018		29		11		8		46.78		53		19		16		51.66		133		48		43		29.82
2019		13		5		3		56.57		13		5		3		56.57		51		18		16		26.15
2020		11		4		2		56.57		11		4		2		56.57		42		15		13		26.04
2021		9		3		2		56.56		9		3		2		56.56		36		13		11		25.99
2022		8		3		2		56.56		8		3		2		56.56		32		12		10		25.95
2023		7		3		2		56.87		7		3		2		56.87		19		7		6		32.80
2024		6		2		1		56.87		6		2		1		56.87		18		6		5		32.80
2025		6		2		1		56.87		6		2		1		56.87		16		6		5		32.80
2026		5		2		1		56.87		5		2		1		56.87		15		5		4		32.80
2027		5		2		1		56.87		5		2		1		56.87		14		5		4		32.80
Sub.				104		87		52.79				154		135		54.40				352		321		32.81
Rem.				6		4		56.87				6		4		56.87				17		14		32.80
Tot.				110		91		53.03				160		139		54.50				370		335		32.81

REVENUE AND EXPENSE FORECAST

	Revenue Before Burdens
	Working Interest								Royalty Interest Total M$		Company Interest Total M$		Royalty Burdens Pre-Processing				Gas Processing Allowance				Total Royalty After Process. M$		Net Revenue After Royalty M$		Operating Expenses
Year	Oil M$		Gas M$		NGL+Sul M$		Total M$						Crown M$		Other M$		Crown M$		Other M$						Fixed M$		Variable M$		Total M$
2016		1,668		1,050		2,807		5,525		0		5,525		270		0		28		0		242		5,283		235		807		1,043
2017		726		626		735		2,087		0		2,087		113		0		18		0		94		1,993		368		459		827
2018		497		446		501		1,445		0		1,445		229		0		51		0		178		1,267		368		324		692
2019		0		217		267		484		0		484		118		0		36		0		82		402		38		150		188
2020		0		181		221		401		0		401		98		0		30		0		68		333		38		125		163
2021		0		155		189		344		0		344		84		0		25		0		58		286		38		107		145
2022		0		137		166		303		0		303		73		0		22		0		51		252		38		94		133
2023		0		87		144		231		0		231		65		0		20		0		45		186		18		64		82
2024		0		79		131		210		0		210		59		0		18		0		41		170		18		58		76
2025		0		73		120		193		0		193		54		0		17		0		37		155		18		53		71
2026		0		67		110		177		0		177		50		0		15		0		34		143		18		49		67
2027		0		61		102		163		0		163		46		0		14		0		31		131		18		45		63
Sub.		2,891		3,178		5,493		11,563		0		11,563		1,257		0		296		0		961		10,601		1,215		2,334		3,549
Rem.		0		216		357		573		0		573		161		0		50		0		111		463		79		158		237
Tot.		2,891		3,394		5,850		12,136		0		12,136		1,418		0		346		0		1,072		11,064		1,294		2,491		3,785
Disc		2,612		2,543		4,591		9,745		0		9,745		928		0		204		0		724		9,020		987		1,878		2,864

1150508            Proved Developed Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:35

28

											Aband. & Recl. Costs M$				Net Capital Investment								Before Tax Cash Flow
Year	Mineral Tax M$		Capital Tax M$		NPI Burden M$		Net Prod’n Revenue M$		Other Income M$				Oper. Income M$		Dev. M$		Plant M$		Tang. M$		Total M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		0		0		0		4,240		0		0		4,240		100		0		0		100		4,141		4,141		3,948
2017		0		0		0		1,166		0		0		1,166		0		0		0		0		1,166		5,307		4,959
2018		0		0		0		575		0		0		575		0		0		0		0		575		5,882		5,412
2019		0		0		0		213		0		0		213		0		0		0		0		213		6,095		5,565
2020		0		0		0		170		0		0		170		0		0		0		0		170		6,266		5,676
2021		0		0		0		140		0		0		140		0		0		0		0		140		6,406		5,759
2022		0		0		0		119		0		0		119		0		0		0		0		119		6,525		5,823
2023		0		0		0		105		0		92		12		0		0		0		0		12		6,538		5,829
2024		0		0		0		94		0		0		94		0		0		0		0		94		6,631		5,871
2025		0		0		0		84		0		0		84		0		0		0		0		84		6,716		5,905
2026		0		0		0		76		0		0		76		0		0		0		0		76		6,792		5,933
2027		0		0		0		69		0		14		55		0		0		0		0		55		6,847		5,951
Sub.		0		0		0		7,053		0		106		6,947		100		0		0		100		6,847		6,847		5,951
Rem.		0		0		0		226		0		30		196		0		0		0		0		196		7,043		6,007
Tot.		0		0		0		7,279		0		136		7,143		100		0		0		100		7,043		7,043		6,007
Disc		0		0		0		6,156		0		54		6,102		95		0		0		95		6,007		6,007		6,007

AFTER TAX ANALYSIS

			Tax Pool Balances Incl. Current Year Additions										Depreciation & Writeoffs
Year	Oper. Income M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		Total M$
2016		4,240		0		0		100		0		0		0		4,165		0		0		0		4,165
2017		1,166		0		-4,165		100		0		0		0		1,128		0		0		0		1,128
2018		575		0		-5,293		100		0		0		0		555		0		0		0		555
2019		213		0		-5,848		100		0		0		0		202		0		0		0		202
2020		170		0		-6,050		100		0		0		0		164		0		0		0		164
2021		140		0		-6,214		100		0		0		0		138		0		0		0		138
2022		119		0		-6,352		100		0		0		0		119		0		0		0		119
2023		12		0		-6,471		100		0		0		0		37		0		0		0		37
2024		94		0		-6,508		100		0		0		0		94		0		0		0		94
2025		84		0		-6,602		100		0		0		0		84		0		0		0		84
2026		76		0		-6,687		100		0		0		0		0		0		0		0		0
2027		55		0		-6,687		100		0		0		0		69		0		0		0		69
Sub.		6,947		0		-6,687		100		0		0		0		6,755		0		0		0		6,755
Rem.		196		0		-6,687		100		0		0		0		58		0		0		0		58
Tot.		7,143		0		-6,687		100		0		0		0		6,814		0		0		0		6,814
Disc		6,102		0										0		5,918		0		0		0		5,918

1150508            Proved Developed Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:35

29

			Federal		Provincial				Income Tax Payable M$		Net Cash Flow Before Income Tax						Net Cash Flow After Income Tax
Year	Taxable Income M$		Income Tax M$		Income Tax M$		ARTD & Investment Credits				Annual M$		Cum. M$		10.0% Dcf M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		75		0		0		0		0		4,141		4,141		3,948		4,141		4,141		3,948
2017		39		0		0		0		0		1,166		5,307		4,959		1,166		5,307		4,959
2018		20		0		0		0		0		575		5,882		5,412		575		5,882		5,412
2019		11		0		0		0		0		213		6,095		5,565		213		6,095		5,565
2020		6		0		0		0		0		170		6,266		5,676		170		6,266		5,676
2021		3		0		0		0		0		140		6,406		5,759		140		6,406		5,759
2022		0		0		0		0		0		119		6,525		5,823		119		6,525		5,823
2023		-25		0		0		0		0		12		6,538		5,829		12		6,538		5,829
2024		0		0		0		0		0		94		6,631		5,871		94		6,631		5,871
2025		0		0		0		0		0		84		6,716		5,905		84		6,716		5,905
2026		76		0		0		0		0		76		6,792		5,933		76		6,792		5,933
2027		-14		0		0		0		0		55		6,847		5,951		55		6,847		5,951
Sub.		191		0		0		0		0		6,847		6,847		5,951		6,847		6,847		5,951
Rem.		138		0		0		0		0		196		7,043		6,007		196		7,043		6,007
Tot.		329		0		0		0		0		7,043		7,043		6,007		7,043		7,043		6,007
Disc		184		0		0		0		0		6,007		6,007		6,007		6,007		6,007		6,007

SUMMARY OF RESERVES

			Remaining Reserves at Jan 01, 2016								Oil Equivalents						Reserve Life Indic. (yr)
Product	Units		Working Interest		Roy/NPI Interest		Total Company		Net		Oil Eq. Factor		Company Mboe		% of Total		Reserve Life		Life Index		Half Life
Tight Oil		Mbbl		50		0		50		48		1.000		50		14		3.0		1.7		0.9
Shale Gas		MMcf		1,257		0		1,257		1,178		6.000		209		57		17.0		3.2		2.0
Gas Heat Content		BBtu		1,457		0		1,457		1,365		0.000		0		0		17.0		3.2		2.0
Condensate		Mbbl		97		0		97		79		1.000		97		26		17.0		2.1		1.1
Butane		Mbbl		7		0		7		7		1.000		7		2		17.0		2.6		1.5
Propane		Mbbl		6		0		6		6		1.000		6		2		17.0		2.3		1.2
Total: NGL		Mbbl		110		0		110		91		1.000		110		30		17.0		2.1		1.2
Total: Oil+NGL		Mbbl		160		0		160		139		1.000		160		43		17.0		2.0		1.0
Total: Oil Eq.		Mboe		370		0		370		335		1.000		370		100		17.0		2.5		1.6

PRODUCT REVENUE AND EXPENSES

			Average First Year Unit Values														Net Revenue After Royalties
Product	Units		Base Price		Price Adjust.		Wellhead Price		Net Burdens		Operating Expenses		Other Expenses		Prod’n Revenue		Undisc M$		% of Total		10% Disc M$		% of Total
Tight Oil		$/bbl		58.88		-1.15		57.73		2.77		9.98		0.00		44.98		2,750		25		2,484		28
Shale Gas		$/Mcf		2.45		0.21		2.66		0.10		1.91		0.00		0.65		3,335		30		2,487		28
Condensate		$/bbl		61.80		-3.30		58.50		2.50		0.00		0.00		56.00		4,804		43		3,906		43
Butane		$/bbl		34.49		-10.93		23.56		1.54		0.00		0.00		22.02		160		1		130		1
Propane		$/bbl		2.43		0.67		3.09		0.28		0.00		0.00		2.82		15		0		14		0
Total: NGL		$/bbl		57.17		-3.51		53.65		2.33		0.00		0.00		51.32		4,979		45		4,049		45
Total: Oil+NGL		$/bbl		57.78		-2.67		55.10		2.49		3.55		0.00		49.07		7,729		70		6,533		72
Total: Oil Eq.		$/boe		38.50		-0.92		37.58		1.64		7.09		0.00		28.84		11,064		100		9,020		100

1150508            Proved Developed Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:35

30

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY

							Net Present Value Before Income Tax										Net Present Value After Income Tax
Revenue Burdens (%)					Disc. Rate %		Prod’n Revenue M$		Operating Income M$		Capital Invest. M$		Cash Flow				Operating Income M$		Capital Invest. M$		Cash Flow
	Initial		Average										M$		$/boe						M$		$/boe
Crown Royalty		4.8876		11.6831		0.0		7,279		7,143		100		7,043		19.04		7,143		100		7,043		19.04
Non-crown Royalty		0.0000		0.0000		5.0		6,629		6,546		97		6,449		17.44		6,546		97		6,449		17.44
Mineral Tax		0.0000		0.0000		8.0		6,329		6,266		96		6,170		16.68		6,266		96		6,170		16.68
						10.0		6,156		6,102		95		6,007		16.24		6,102		95		6,007		16.24
						12.0		6,000		5,954		94		5,860		15.84		5,954		94		5,860		15.84
						15.0		5,791		5,755		93		5,662		15.31		5,755		93		5,662		15.31
						20.0		5,497		5,472		91		5,381		14.55		5,472		91		5,381		14.55

Evaluator:	MacDonald, Trisha S.
Run Date:	February 25, 2016 11:45:56

1150508            Proved Developed Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:35

31

Company:	Brion Energy Corporation	Reserve Class:	Proved
Property:	Corporate	Development Class:	Undeveloped
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Economic Forecast

PRODUCTION FORECAST

			Shale Gas Production					Condensate Production				Butane Production
Year	Company Gas Wells		Company Daily Mcf/d		Company Yearly MMcf	Net Yearly MMcf	Price $/Mcf	Company Daily bbl/d	Company Yearly Mbbl	Net Yearly Mbbl	Price $/bbl	Company Daily bbl/d	Company Yearly Mbbl	Net Yearly Mbbl	Price $/bbl
2016		11		12,688	4,631	4,403	2.94	2,220	810	770	57.92	215	78	75	32.59
2017		17		21,368	7,799	7,427	2.56	3,528	1,288	1,226	57.92	376	137	131	32.53
2018		17		15,481	5,651	5,392	2.30	2,030	741	706	57.92	277	101	96	32.34
2019		17		11,360	4,146	4,018	2.00	1,274	465	441	57.92	202	74	70	32.34
2020		17		9,011	3,289	3,199	2.36	939	343	315	57.92	160	58	55	32.34
2021		17		7,647	2,791	2,621	2.36	755	276	224	57.92	135	49	42	32.34
2022		17		6,707	2,448	2,174	2.36	636	232	147	57.92	119	43	31	32.34
2023		17		5,985	2,185	1,921	2.36	551	201	121	57.92	106	39	27	32.34
2024		17		5,392	1,968	1,731	2.36	488	178	107	57.92	95	35	24	32.34
2025		17		4,836	1,765	1,552	2.36	436	159	96	57.92	86	31	22	32.34
2026		17		4,350	1,588	1,397	2.36	395	144	87	57.92	77	28	20	32.34
2027		17		3,914	1,429	1,256	2.36	359	131	79	57.92	69	25	18	32.34
Sub.					39,690	37,092	2.42		4,968	4,318	57.92		699	611	32.40
Rem.					5,950	5,233	2.36		569	341	57.92		105	73	32.34
Tot.					45,640	42,326	2.41		5,537	4,660	57.92		804	684	32.39

	Propane Production					Natural Gas Liquids Production					Oil Equivalent Production
Year	Company Daily bbl/d		Company Yearly Mbbl	Net Yearly Mbbl	Price $/bbl	Company Daily bbl/d	Company Yearly Mbbl	Net Yearly Mbbl		Price $/bbl	Company Daily boe/d	Company Yearly Mboe	Net Yearly Mboe	Price $/boe
2016		190	69	66	1.41	2,625	958		911	51.75	4,739	1,730	1,645	36.52
2017		351	128	122	1.35	4,255	1,553		1,479	51.01	7,817	2,853	2,717	34.77
2018		263	96	92	1.16	2,569	938		894	49.36	5,149	1,879	1,793	31.53
2019		191	70	67	1.16	1,667	608		578	48.32	3,560	1,299	1,248	29.00
2020		151	55	52	1.16	1,250	456		421	47.80	2,751	1,004	954	29.45
2021		128	47	40	1.16	1,018	372		306	47.40	2,293	837	743	28.94
2022		112	41	30	1.16	866	316		208	47.09	1,984	724	571	28.55
2023		100	36	25	1.16	756	276		173	46.85	1,754	640	493	28.28
2024		90	33	23	1.16	673	246		154	46.72	1,572	574	443	28.13
2025		81	29	21	1.16	603	220		138	46.70	1,409	514	397	28.10
2026		72	26	19	1.16	545	199		125	46.75	1,270	463	357	28.16
2027		65	24	17	1.16	494	180		113	46.84	1,146	418	322	28.26
Sub.			655	572	1.22		6,322		5,501	49.23		12,937	11,683	31.49
Rem.			98	69	1.16		772		484	47.23		1,764	1,356	28.65
Tot.			753	640	1.21		7,094		5,984	49.01		14,701	13,039	31.15

1150508            Proved Undeveloped, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:57

32

REVENUE AND EXPENSE FORECAST

	Revenue Before Burdens
Year	Working Interest								Royalty Interest Total M$		Company Interest Total M$		Royalty Burdens Pre-Processing				Gas Processing Allowance				Total Royalty After Process. M$		Net Revenue After Royalty M$		Operating Expenses
	Oil M$		Gas M$		NGL+Sul M$		Total M$						Crown M$		Other M$		Crown M$		Other M$						Fixed M$		Variable M$		Total M$
2016		0		13,599		49,580		63,179		0		63,179		3,159		0		263		0		2,896		60,283		1,092		5,480		6,572
2017		0		19,964		79,230		99,194		0		99,194		4,960		0		494		0		4,466		94,728		3,092		9,711		12,803
2018		0		12,981		46,282		59,262		0		59,262		2,963		0		402		0		2,562		56,701		3,563		7,154		10,717
2019		0		8,293		29,394		37,687		0		37,687		1,884		0		315		0		1,569		36,118		3,563		5,228		8,791
2020		0		7,778		21,800		29,578		0		29,578		2,056		0		347		0		1,709		27,869		3,563		4,153		7,715
2021		0		6,601		17,614		24,214		0		24,214		3,799		0		646		0		3,152		21,062		3,563		3,521		7,084
2022		0		5,789		14,889		20,678		0		20,678		6,224		0		1,230		0		4,994		15,684		3,563		3,086		6,649
2023		0		5,166		12,936		18,102		0		18,102		5,926		0		1,209		0		4,717		13,385		3,563		2,752		6,315
2024		0		4,654		11,484		16,139		0		16,139		5,271		0		1,084		0		4,188		11,951		3,563		2,476		6,039
2025		0		4,174		10,272		14,446		0		14,446		4,717		0		965		0		3,752		10,695		3,563		2,218		5,781
2026		0		3,755		9,292		13,047		0		13,047		4,263		0		695		0		3,569		9,478		3,563		1,993		5,555
2027		0		3,378		8,445		11,824		0		11,824		3,870		0		477		0		3,393		8,431		3,563		1,790		5,353
Sub.		0		96,133		311,218		407,351		0		407,351		49,092		0		8,126		0		40,966		366,385		39,813		49,561		89,374
Rem.		0		14,071		36,471		50,541		0		50,541		16,632		0		1,980		0		14,653		35,889		20,868		7,413		28,282
Tot.		0		110,204		347,688		457,893		0		457,893		65,724		0		10,106		0		55,619		402,274		60,681		56,975		117,655
Disc		0		70,846		237,045		307,891		0		307,891		32,099		0		4,866		0		27,233		280,658		27,781		36,006		63,787

Year	Mineral Tax M$		Capital Tax M$		NPI Burden M$		Net Prod’n Revenue M$		Other Income M$		Aband. & Recl. Costs M$		Oper. Income M$		Net Capital Investment								Before Tax Cash Flow
															Dev. M$		Plant M$		Tang. M$		Total M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		0		0		0		53,711		0		0		53,711		58,576		2,740		10,336		71,652		-17,941		-17,941		-17,106
2017		0		0		0		81,925		0		0		81,925		36,057		2,285		6,358		44,699		37,226		19,285		15,161
2018		0		0		0		45,984		0		0		45,984		0		0		0		0		45,984		65,269		51,396
2019		0		0		0		27,328		0		0		27,328		0		0		0		0		27,328		92,597		70,972
2020		0		0		0		20,154		0		0		20,154		0		0		0		0		20,154		112,751		84,097
2021		0		0		0		13,978		0		0		13,978		0		0		0		0		13,978		126,729		92,372
2022		0		0		0		9,035		0		0		9,035		0		0		0		0		9,035		135,764		97,235
2023		0		0		0		7,071		0		0		7,071		0		0		0		0		7,071		142,834		100,694
2024		0		0		0		5,912		0		0		5,912		0		0		0		0		5,912		148,746		103,324
2025		0		0		0		4,914		0		0		4,914		0		0		0		0		4,914		153,660		105,311
2026		0		0		0		3,923		0		0		3,923		0		0		0		0		3,923		157,583		106,753
2027		0		0		0		3,077		0		0		3,077		0		0		0		0		3,077		160,661		107,781
Sub.		0		0		0		277,012		0		0		277,012		94,633		5,025		16,693		116,351		160,661		160,661		107,781
Rem.		0		0		0		7,607		0		3,493		4,114		0		0		0		0		4,114		164,775		109,394
Tot.		0		0		0		284,619		0		3,493		281,126		94,633		5,025		16,693		116,351		164,775		164,775		109,394
Disc		0		0		0		216,871		0		415		216,456		87,103		4,593		15,365		107,062		109,394		109,394		109,394

1150508            Proved Undeveloped, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:57

33

AFTER TAX ANALYSIS

	Oper. Income M$		Tax Pool Balances Incl. Current Year Additions										Depreciation & Writeoffs
Year			CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		Total M$
2016		53,711		13,076		0		58,576		0		0		0		11,051		42,660		0		0		53,711
2017		81,925		21,718		-11,051		51,973		0		0		0		63,182		18,743		0		0		81,925
2018		45,984		21,718		-74,233		33,230		0		0		0		45,984		0		0		0		45,984
2019		27,328		21,718		-120,217		33,230		0		0		0		27,328		0		0		0		27,328
2020		20,154		21,718		-147,545		33,230		0		0		0		20,154		0		0		0		20,154
2021		13,978		21,718		-167,699		33,230		0		0		0		13,978		0		0		0		13,978
2022		9,035		21,718		-181,677		33,230		0		0		0		9,035		0		0		0		9,035
2023		7,071		21,718		-190,712		33,230		0		0		0		7,071		0		0		0		7,071
2024		5,912		21,718		-197,782		33,230		0		0		0		5,912		0		0		0		5,912
2025		4,914		21,718		-203,694		33,230		0		0		0		4,914		0		0		0		4,914
2026		3,923		21,718		-208,608		33,230		0		0		0		3,664		0		0		0		3,664
2027		3,077		21,718		-212,272		33,230		0		0		0		3,077		0		0		0		3,077
Sub.		277,012		21,718		-212,272		33,230		0		0		0		215,349		61,403		0		0		276,752
Rem.		4,114		21,718		-212,272		33,230		0		0		0		5,644		0		0		0		5,644
Tot.		281,126		21,718		-212,272		33,230		0		0		0		220,993		61,403		0		0		282,396
Disc		216,456												0		159,385		56,921		0		0		216,306

			Federal		Provincial		ARTD & Investment Credits		Income Tax Payable M$		Net Cash Flow Before Income Tax						Net Cash Flow After Income Tax
Year	Taxable Income M$		Income Tax M$		Income Tax M$						Annual M$		Cum. M$		10.0% Dcf M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		0		0		0		0		0		-17,941		-17,941		-17,106		-17,941		-17,941		-17,106
2017		0		0		0		0		0		37,226		19,285		15,161		37,226		19,285		15,161
2018		0		0		0		0		0		45,984		65,269		51,396		45,984		65,269		51,396
2019		0		0		0		0		0		27,328		92,597		70,972		27,328		92,597		70,972
2020		0		0		0		0		0		20,154		112,751		84,097		20,154		112,751		84,097
2021		0		0		0		0		0		13,978		126,729		92,372		13,978		126,729		92,372
2022		0		0		0		0		0		9,035		135,764		97,235		9,035		135,764		97,235
2023		0		0		0		0		0		7,071		142,834		100,694		7,071		142,834		100,694
2024		0		0		0		0		0		5,912		148,746		103,324		5,912		148,746		103,324
2025		0		0		0		0		0		4,914		153,660		105,311		4,914		153,660		105,311
2026		260		0		0		0		0		3,923		157,583		106,753		3,923		157,583		106,753
2027		0		0		0		0		0		3,077		160,661		107,781		3,077		160,661		107,781
Sub.		260		0		0		0		0		160,661		160,661		107,781		160,661		160,661		107,781
Rem.		-1,530		0		0		0		0		4,114		164,775		109,394		4,114		164,775		109,394
Tot.		-1,271		0		0		0		0		164,775		164,775		109,394		164,775		164,775		109,394
Disc		150		0		0		0		0		109,394		109,394		109,394		109,394		109,394		109,394

1150508            Proved Undeveloped, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:57

34

SUMMARY OF RESERVES

			Remaining Reserves at Jan 01, 2016								Oil Equivalents						Reserve Life Indic. (yr)
Product	Units		Working Interest		Roy/NPI Interest		Total Company		Net		Oil Eq. Factor		Company Mboe		% of Total		Reserve Life		Life Index		Half Life
Shale Gas		MMcf		45,640		0		45,640		42,326		6.000		7,607		52		19.0		9.9		4.2
Gas Heat Content		BBtu		56,245		0		56,245		52,161		0.000		0		0		19.0		9.9		4.2
Condensate		Mbbl		5,537		0		5,537		4,660		1.000		5,537		38		19.0		6.8		2.9
Butane		Mbbl		804		0		804		684		1.000		804		5		19.0		10.3		4.2
Propane		Mbbl		753		0		753		640		1.000		753		5		19.0		10.8		4.2
Total: NGL		Mbbl		7,094		0		7,094		5,984		1.000		7,094		48		19.0		7.4		3.2
Total: Oil Eq.		Mboe		14,701		0		14,701		13,039		1.000		14,701		100		19.0		8.5		3.7

PRODUCT REVENUE AND EXPENSES

		Average First Year Unit Values														Net Revenue After Royalties
Product	Units	Base Price		Price Adjust.		Wellhead Price		Net Burdens		Operating Expenses		Other Expenses		Prod’n Revenue		Undisc M$		% of Total		10% Disc M$		% of Total
Shale Gas	$/Mcf		2.45		0.48		2.94		0.14		1.42		0.00		1.38		103,503		26		67,017		24
Condensate	$/bbl		57.92		0.00		57.92		2.60		0.00		0.00		55.32		276,277		69		198,650		71
Butane	$/bbl		32.59		0.00		32.59		1.66		0.00		0.00		30.94		22,348		6		14,759		5
Propane	$/bbl		1.41		0.00		1.41		0.32		0.00		0.00		1.09		146		0		232		0
Total: NGL	$/bbl		51.75		0.00		51.75		2.36		0.00		0.00		49.39		298,771		74		213,641		76
Total: Oil Eq.	$/boe		35.23		1.29		36.52		1.67		3.80		0.00		31.05		402,274		100		280,658		100

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY

							Net Present Value Before Income Tax										Net Present Value After Income Tax
Revenue Burdens (%)					Disc. Rate %		Prod’n Revenue M$		Operating Income M$		Capital Invest. M$		Cash Flow				Operating Income M$		Capital Invest. M$		Cash Flow
	Initial		Average										M$		$/boe						M$		$/boe
Crown Royalty		5.0000		14.3537		0.0		284,619		281,126		116,351		164,775		11.21		281,126		116,351		164,775		11.21
Non-crown Royalty		0.0000		0.0000		5.0		245,614		244,441		111,470		132,971		9.05		244,441		111,470		132,971		9.05
Mineral Tax		0.0000		0.0000		8.0		227,413		226,788		108,773		118,015		8.03		226,788		108,773		118,015		8.03
						10.0		216,871		216,456		107,062		109,394		7.44		216,456		107,062		109,394		7.44
						12.0		207,375		207,097		105,416		101,682		6.92		207,097		105,416		101,682		6.92
						15.0		194,769		194,615		103,061		91,554		6.23		194,615		103,061		91,554		6.23
						20.0		177,202		177,142		99,413		77,729		5.29		177,142		99,413		77,729		5.29

Evaluator:	MacDonald, Trisha S.
Run Date:	February 25, 2016 11:46:00

1150508            Proved Undeveloped, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:57

35

Company:	Brion Energy Corporation	Reserve Class:	Proved
Property:	Corporate	Development Class:	Total Non-Producing
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Economic Forecast

PRODUCTION FORECAST

					Tight Oil Production								Shale Gas Production								Total Gas Production
	Company Wells				Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf
Year	Oil		Gas
2016		0		13		79		29		28		57.73		13,770		5,026		4,779		2.91		13,770		5,026		4,779		2.91
2017		0		19		34		13		12		57.73		22,032		8,042		7,661		2.56		22,032		8,042		7,661		2.56
2018		0		19		24		9		8		57.73		15,960		5,825		5,557		2.30		15,960		5,825		5,557		2.30
2019		0		18		0		0		0		0.00		11,587		4,229		4,095		2.01		11,587		4,229		4,095		2.01
2020		0		18		0		0		0		0.00		9,200		3,358		3,263		2.37		9,200		3,358		3,263		2.37
2021		0		18		0		0		0		0.00		7,810		2,851		2,676		2.37		7,810		2,851		2,676		2.37
2022		0		18		0		0		0		0.00		6,850		2,500		2,222		2.37		6,850		2,500		2,222		2.37
2023		0		18		0		0		0		0.00		6,059		2,212		1,945		2.38		6,059		2,212		1,945		2.38
2024		0		18		0		0		0		0.00		5,460		1,993		1,753		2.38		5,460		1,993		1,753		2.38
2025		0		18		0		0		0		0.00		4,898		1,788		1,572		2.38		4,898		1,788		1,572		2.38
2026		0		18		0		0		0		0.00		4,407		1,609		1,415		2.38		4,407		1,609		1,415		2.38
2027		0		18		0		0		0		0.00		3,966		1,448		1,273		2.38		3,966		1,448		1,273		2.38
Sub.								50		48		57.73				40,879		38,211		2.43				40,879		38,211		2.43
Rem.								0		0		0.00				6,017		5,293		2.37				6,017		5,293		2.37
Tot.								50		48		57.73				46,896		43,504		2.42				46,896		43,504		2.42

	Condensate Production								Butane Production								Propane Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl
2016		2,348		857		815		57.95		223		81		77		32.27		198		72		69		1.48
2017		3,561		1,300		1,237		57.91		381		139		132		32.42		355		130		124		1.37
2018		2,052		749		712		57.91		280		102		97		32.23		266		97		93		1.18
2019		1,286		469		444		57.93		203		74		71		32.33		191		70		67		1.16
2020		949		346		317		57.94		160		59		55		32.33		151		55		52		1.16
2021		763		279		226		57.94		136		50		42		32.33		128		47		40		1.16
2022		643		235		149		57.94		119		43		31		32.33		112		41		30		1.16
2023		557		203		122		57.94		106		39		27		32.33		100		36		26		1.16
2024		494		180		108		57.94		96		35		24		32.33		90		33		23		1.16
2025		442		161		97		57.94		86		31		22		32.33		81		29		21		1.16
2026		400		146		88		57.94		77		28		20		32.33		73		27		19		1.16
2027		364		133		80		57.94		70		25		18		32.33		65		24		17		1.16
Sub.				5,059		4,393		57.93				707		617		32.32				661		577		1.24
Rem.				575		345		57.94				105		74		32.33				98		69		1.16
Tot.				5,634		4,738		57.93				812		691		32.32				759		646		1.23

1150508            Total Proved Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:29

36

	Natural Gas Liquids Production								Oil + Liquids Production								Oil Equivalent Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily boe/d		Company Yearly Mboe		Net Yearly Mboe		Price $/boe
2016		2,768		1,010		960		51.85		2,847		1,039		988		52.01		5,142		1,877		1,784		36.60
2017		4,298		1,569		1,493		50.98		4,332		1,581		1,505		51.03		8,004		2,922		2,782		34.67
2018		2,598		948		902		49.33		2,622		957		910		49.40		5,282		1,928		1,836		31.49
2019		1,680		613		581		48.38		1,680		613		581		48.38		3,611		1,318		1,264		28.96
2020		1,260		460		423		47.87		1,260		460		423		47.87		2,794		1,020		967		29.40
2021		1,027		375		308		47.48		1,027		375		308		47.48		2,329		850		754		28.89
2022		874		319		210		47.18		874		319		210		47.18		2,016		736		580		28.51
2023		763		279		175		46.95		763		279		175		46.95		1,773		647		499		28.33
2024		680		248		156		46.82		680		248		156		46.82		1,590		580		448		28.18
2025		608		222		139		46.79		608		222		139		46.79		1,425		520		401		28.15
2026		550		201		126		46.85		550		201		126		46.85		1,284		469		362		28.21
2027		499		182		114		46.94		499		182		114		46.94		1,160		423		326		28.31
Sub.				6,426		5,588		49.28				6,476		5,636		49.35				13,289		12,004		31.52
Rem.				779		487		47.31				779		487		47.31				1,781		1,370		28.69
Tot.				7,205		6,076		49.07				7,255		6,123		49.13				15,071		13,374		31.19

REVENUE AND EXPENSE FORECAST

	Revenue Before Burdens
	Working Interest								Royalty Interest Total M$		Company Interest Total M$		Royalty Burdens Pre-Processing				Gas Processing Allowance				Total Royalty After Process. M$		Net Revenue After Royalty M$		Operating Expenses
Year	Oil M$		Gas M$		NGL+Sul M$		Total M$						Crown M$		Other M$		Crown M$		Other M$						Fixed M$		Variable M$		Total M$
2016		1,668		14,649		52,387		68,704		0		68,704		3,429		0		292		0		3,137		65,566		1,327		6,287		7,615
2017		726		20,590		79,965		101,281		0		101,281		5,072		0		512		0		4,560		96,721		3,460		10,169		13,630
2018		497		13,427		46,783		60,707		0		60,707		3,192		0		453		0		2,739		57,968		3,931		7,478		11,409
2019		0		8,510		29,661		38,171		0		38,171		2,002		0		351		0		1,651		36,520		3,601		5,378		8,979
2020		0		7,959		22,021		29,980		0		29,980		2,154		0		377		0		1,777		28,203		3,601		4,277		7,878
2021		0		6,756		17,802		24,558		0		24,558		3,882		0		672		0		3,210		21,348		3,601		3,628		7,229
2022		0		5,926		15,055		20,981		0		20,981		6,297		0		1,252		0		5,045		15,935		3,601		3,180		6,782
2023		0		5,253		13,080		18,333		0		18,333		5,991		0		1,229		0		4,761		13,572		3,581		2,816		6,396
2024		0		4,734		11,616		16,349		0		16,349		5,330		0		1,102		0		4,228		12,121		3,581		2,534		6,115
2025		0		4,247		10,392		14,639		0		14,639		4,770		0		982		0		3,789		10,850		3,581		2,271		5,852
2026		0		3,822		9,403		13,224		0		13,224		4,313		0		710		0		3,603		9,621		3,581		2,041		5,622
2027		0		3,440		8,547		11,987		0		11,987		3,915		0		491		0		3,425		8,562		3,581		1,835		5,416
Sub.		2,891		99,312		316,711		418,914		0		418,914		50,349		0		8,422		0		41,927		376,987		41,028		51,895		92,922
Rem.		0		14,287		36,828		51,115		0		51,115		16,793		0		2,029		0		14,764		36,351		20,947		7,571		28,518
Tot.		2,891		113,598		353,539		470,029		0		470,029		67,142		0		10,452		0		56,690		413,338		61,974		59,466		121,441
Disc		2,612		73,388		241,636		317,636		0		317,636		33,027		0		5,070		0		27,957		289,679		28,768		37,884		66,652

1150508            Total Proved Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:29

37

											Aband. & Recl. Costs M$				Net Capital Investment								Before Tax Cash Flow
Year	Mineral Tax M$		Capital Tax M$		NPI Burden M$		Net Prod’n Revenue M$		Other Income M$				Oper. Income M$		Dev. M$		Plant M$		Tang. M$		Total M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		0		0		0		57,952		0		0		57,952		58,675		2,740		10,336		71,752		-13,800		-13,800		-13,158
2017		0		0		0		83,091		0		0		83,091		36,057		2,285		6,358		44,699		38,392		24,592		20,120
2018		0		0		0		46,559		0		0		46,559		0		0		0		0		46,559		71,151		56,808
2019		0		0		0		27,541		0		0		27,541		0		0		0		0		27,541		98,692		76,537
2020		0		0		0		20,324		0		0		20,324		0		0		0		0		20,324		119,016		89,772
2021		0		0		0		14,119		0		0		14,119		0		0		0		0		14,119		133,135		98,131
2022		0		0		0		9,154		0		0		9,154		0		0		0		0		9,154		142,289		103,058
2023		0		0		0		7,175		0		92		7,083		0		0		0		0		7,083		149,372		106,523
2024		0		0		0		6,006		0		0		6,006		0		0		0		0		6,006		155,378		109,195
2025		0		0		0		4,998		0		0		4,998		0		0		0		0		4,998		160,376		111,216
2026		0		0		0		3,999		0		0		3,999		0		0		0		0		3,999		164,375		112,686
2027		0		0		0		3,146		0		14		3,132		0		0		0		0		3,132		167,507		113,733
Sub.		0		0		0		284,065		0		106		283,958		94,732		5,025		16,693		116,451		167,507		167,507		113,733
Rem.		0		0		0		7,833		0		3,523		4,310		0		0		0		0		4,310		171,817		115,401
Tot.		0		0		0		291,898		0		3,629		288,268		94,732		5,025		16,693		116,451		171,817		171,817		115,401
Disc		0		0		0		223,027		0		469		222,558		87,198		4,593		15,365		107,157		115,401		115,401		115,401

SUMMARY OF RESERVES

			Remaining Reserves at Jan 01, 2016								Oil Equivalents						Reserve Life Indic. (yr)
Product	Units		Working Interest		Roy/NPI Interest		Total Company		Net		Oil Eq. Factor		Company Mboe		% of Total		Reserve Life		Life Index		Half Life
Tight Oil		Mbbl		50		0		50		48		1.000		50		0		3.0		1.7		0.9
Shale Gas		MMcf		46,896		0		46,896		43,504		6.000		7,816		52		19.0		9.3		4.1
Gas Heat Content		BBtu		57,702		0		57,702		53,526		0.000		0		0		19.0		9.3		4.1
Condensate		Mbbl		5,634		0		5,634		4,738		1.000		5,634		37		19.0		6.6		2.9
Butane		Mbbl		812		0		812		691		1.000		812		5		19.0		10.0		4.2
Propane		Mbbl		759		0		759		646		1.000		759		5		19.0		10.5		4.2
Total: NGL		Mbbl		7,205		0		7,205		6,076		1.000		7,205		48		19.0		7.1		3.1
Total: Oil+NGL		Mbbl		7,255		0		7,255		6,123		1.000		7,255		48		19.0		7.0		3.1
Total: Oil Eq.		Mboe		15,071		0		15,071		13,374		1.000		15,071		100		19.0		8.0		3.6

PRODUCT REVENUE AND EXPENSES

			Average First Year Unit Values														Net Revenue After Royalties
Product	Units		Base Price		Price Adjust.		Wellhead Price		Net Burdens		Operating Expenses		Other Expenses		Prod’n Revenue		Undisc M$		% of Total		10% Disc M$		% of Total
Tight Oil		$/bbl		58.88		-1.15		57.73		2.77		9.98		0.00		44.98		2,750		1		2,484		1
Shale Gas		$/Mcf		2.45		0.46		2.91		0.13		1.46		0.00		1.32		106,838		26		69,505		24
Condensate		$/bbl		58.13		-0.18		57.95		2.60		0.00		0.00		55.36		281,082		68		202,556		70
Butane		$/bbl		32.66		-0.39		32.27		1.65		0.00		0.00		30.62		22,507		5		14,889		5
Propane		$/bbl		1.45		0.03		1.48		0.32		0.00		0.00		1.15		161		0		246		0
Total: NGL		$/bbl		52.03		-0.18		51.85		2.36		0.00		0.00		49.49		303,750		73		217,690		75
Total: Oil+NGL		$/bbl		52.22		-0.21		52.01		2.37		0.28		0.00		49.37		306,500		74		220,174		76
Total: Oil Eq.		$/boe		35.48		1.12		36.60		1.67		4.06		0.00		30.88		413,338		100		289,679		100

1150508            Total Proved Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:29

38

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY

							Net Present Value Before Income Tax
Revenue Burdens (%)					Disc. Rate %		Prod’n Revenue M$		Operating Income M$		Capital Invest. M$		Cash Flow
	Initial		Average										M$		$/boe
Crown Royalty		4.9910		14.2847		0.0		291,898		288,268		116,451		171,817		11.40
Non-crown Royalty		0.0000		0.0000		5.0		252,243		250,987		111,567		139,420		9.25
Mineral Tax		0.0000		0.0000		8.0		233,742		233,053		108,869		124,185		8.24
						10.0		223,027		222,558		107,157		115,401		7.66
						12.0		213,375		213,051		105,510		107,541		7.14
						15.0		200,561		200,370		103,154		97,216		6.45
						20.0		182,699		182,614		99,504		83,110		5.51

Evaluator:	MacDonald, Trisha S.
Run Date:	February 25, 2016 11:46:00

1150508            Total Proved Non-Producing, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:43:29

39

Company:	Brion Energy Corporation	Reserve Class:	Proved
Property:	Corporate	Development Class:	Total
Description:	After Tax Analysis (SEC)	Pricing:	SEC 2015-Dec-31 Posted (12 Month Avg.)
		Effective Date:	December 31, 2015

Economic Forecast

PRODUCTION FORECAST

					Light & Medium Oil Production								Tight Oil Production								Total Oil Production
	Company Wells				Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl
Year	Oil		Gas
2016		12		114		31		11		11		41.91		382		139		133		58.03		413		151		144		56.81
2017		10		115		24		9		9		42.31		217		79		75		57.99		242		88		83		56.41
2018		9		109		20		7		7		42.71		165		60		53		57.96		185		68		60		56.31
2019		8		102		17		6		6		43.11		100		36		29		58.03		117		43		35		55.88
2020		8		97		15		5		5		43.27		87		32		21		58.01		102		37		27		55.83
2021		8		92		13		5		5		43.43		76		28		19		58.00		90		33		24		55.82
2022		6		74		8		3		3		43.53		66		24		17		58.00		74		27		20		56.42
2023		6		68		7		2		2		43.23		58		21		15		58.00		65		24		18		56.44
2024		5		62		6		2		2		43.10		52		19		14		58.00		58		21		16		56.43
2025		1		51		4		1		1		45.40		11		4		3		58.88		15		5		4		55.47
2026		1		45		4		1		1		45.46		10		4		3		58.88		14		5		4		55.38
2027		1		41		3		1		1		45.51		9		3		2		58.88		12		5		4		55.28
Sub.								56		55		42.92				450		384		58.03				506		438		56.36
Rem.								5		5		48.00				3		2		58.88				8		8		51.92
Tot.								61		60		43.37				453		386		58.03				514		446		56.29

	Residue Gas Production								Shale Gas Production								Total Gas Production
Year	Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf		Company Daily Mcf/d		Company Yearly MMcf		Net Yearly MMcf		Price $/Mcf
2016		669		244		225		1.99		96,557		35,243		33,661		2.35		97,226		35,487		33,885		2.35
2017		405		148		136		2.01		80,258		29,294		27,980		2.21		80,663		29,442		28,116		2.21
2018		290		106		97		2.00		61,100		22,302		21,367		2.07		61,390		22,407		21,465		2.07
2019		222		81		75		1.98		48,067		17,545		16,708		1.92		48,290		17,626		16,783		1.92
2020		40		15		14		2.54		39,431		14,392		13,485		2.11		39,471		14,407		13,498		2.11
2021		36		13		12		2.54		33,198		12,117		11,238		2.12		33,234		12,130		11,250		2.12
2022		23		9		8		2.56		24,819		9,059		8,306		2.11		24,842		9,067		8,314		2.11
2023		6		2		2		2.50		20,659		7,541		6,880		2.13		20,665		7,543		6,882		2.13
2024		0		0		0		0.00		17,038		6,219		5,653		2.16		17,038		6,219		5,653		2.16
2025		0		0		0		0.00		13,649		4,982		4,515		2.17		13,649		4,982		4,515		2.17
2026		0		0		0		0.00		10,828		3,952		3,557		2.21		10,828		3,952		3,557		2.21
2027		0		0		0		0.00		9,058		3,306		2,969		2.23		9,058		3,306		2,969		2.23
Sub.				618		569		2.03				165,951		156,319		2.16				166,569		156,888		2.16
Rem.				0		0		0.00				7,696		6,852		2.30				7,696		6,852		2.30
Tot.				618		569		2.03				173,648		163,171		2.17				174,265		163,740		2.17

1150508            Total Proved, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:32

40

	Condensate Production								Butane Production								Propane Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl
2016		7,766		2,835		2,689		57.66		854		312		295		32.08		753		275		261		1.52
2017		6,522		2,381		2,251		57.67		794		290		275		32.17		714		261		248		1.43
2018		4,180		1,526		1,419		57.61		601		219		206		31.97		545		199		187		1.25
2019		2,959		1,080		929		57.58		466		170		151		32.03		421		154		137		1.24
2020		2,337		853		634		57.55		387		141		115		32.01		350		128		103		1.24
2021		1,942		709		490		57.53		334		122		94		31.99		303		111		85		1.25
2022		1,412		515		322		57.46		242		88		63		31.90		220		80		57		1.27
2023		1,232		450		273		57.47		213		78		55		31.88		196		71		50		1.27
2024		1,087		397		241		57.48		188		69		49		31.86		174		63		44		1.27
2025		927		338		205		57.84		155		57		40		32.33		142		52		36		1.16
2026		810		295		178		57.88		135		49		35		32.33		124		45		32		1.16
2027		706		258		155		57.89		116		43		30		32.33		107		39		27		1.16
Sub.				11,636		9,787		57.63				1,637		1,407		32.06				1,478		1,268		1.32
Rem.				651		392		57.94				115		81		32.32				107		75		1.16
Tot.				12,287		10,179		57.64				1,752		1,488		32.07				1,586		1,344		1.31

	Natural Gas Liquids Production								Oil + Liquids Production								Oil Equivalent Production
Year	Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily bbl/d		Company Yearly Mbbl		Net Yearly Mbbl		Price $/bbl		Company Daily boe/d		Company Yearly Mboe		Net Yearly Mboe		Price $/boe
2016		9,373		3,421		3,246		50.82		9,787		3,572		3,389		51.07		25,991		9,487		9,037		28.01
2017		8,030		2,931		2,774		50.15		8,272		3,019		2,857		50.33		21,716		7,926		7,543		27.39
2018		5,326		1,944		1,812		48.94		5,511		2,012		1,872		49.19		15,743		5,746		5,450		25.31
2019		3,847		1,404		1,217		48.31		3,963		1,447		1,252		48.54		12,012		4,384		4,049		23.73
2020		3,074		1,122		852		47.91		3,176		1,159		878		48.17		9,754		3,560		3,128		24.22
2021		2,579		941		669		47.62		2,669		974		693		47.89		8,208		2,996		2,568		24.15
2022		1,874		684		443		47.56		1,948		711		463		47.89		6,088		2,222		1,848		23.94
2023		1,641		599		378		47.44		1,706		623		396		47.79		5,150		1,880		1,543		24.40
2024		1,450		529		334		47.41		1,508		550		350		47.76		4,347		1,587		1,292		25.04
2025		1,224		447		281		48.05		1,238		452		285		48.14		3,513		1,282		1,038		25.40
2026		1,069		390		245		48.05		1,083		395		249		48.14		2,887		1,054		842		26.35
2027		929		339		213		48.14		942		344		216		48.24		2,451		895		711		26.77
Sub.				14,752		12,463		49.15				15,258		12,901		49.39				43,019		39,049		25.89
Rem.				873		548		47.59				882		555		47.63				2,164		1,697		27.60
Tot.				15,625		13,010		49.06				16,140		13,456		49.29				45,184		40,746		25.98

1150508            Total Proved, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:32

41

REVENUE AND EXPENSE FORECAST

	Revenue Before Burdens
	Working Interest								Royalty Interest Total M$		Company Interest Total M$		Royalty Interest Process. Expense M$		Royalty Burdens Pre-Processing				Gas Processing Allowance				Total Royalty After Process. M$		Net Revenue After Royalty M$		Operating Expenses
Year	Oil M$		Gas M$		NGL+Sul M$		Total M$								Crown M$		Other M$		Crown M$		Other M$						Fixed M$		Variable M$		Total M$
2016		8,573		83,282		173,870		265,725		2		265,727		0		13,327		0		995		0		12,332		253,395		21,492		42,205		63,697
2017		4,973		65,162		146,991		217,126		2		217,128		0		11,587		0		1,062		0		10,525		206,603		23,185		35,195		58,380
2018		3,810		46,458		95,141		145,409		0		145,409		0		9,375		0		1,023		0		8,352		137,057		23,088		26,893		49,981
2019		2,379		33,810		67,836		104,025		0		104,025		0		12,006		0		1,392		0		10,614		93,411		21,833		21,088		42,921
2020		2,071		30,380		53,763		86,214		0		86,214		0		16,704		0		1,946		0		14,758		71,456		21,292		17,306		38,598
2021		1,831		25,691		44,819		72,341		0		72,341		0		16,636		0		2,081		0		14,555		57,786		20,260		14,623		34,883
2022		1,526		19,156		32,524		53,206		0		53,206		0		14,631		0		2,215		0		12,416		40,789		14,478		11,120		25,598
2023		1,339		16,104		28,418		45,861		0		45,861		0		13,288		0		2,081		0		11,207		34,653		13,821		9,342		23,162
2024		1,196		13,455		25,087		39,737		0		39,737		0		11,729		0		1,852		0		9,876		29,861		13,076		7,794		20,870
2025		301		10,808		21,461		32,570		0		32,570		0		9,787		0		1,565		0		8,222		24,348		10,919		6,179		17,099
2026		275		8,745		18,749		27,770		0		27,770		0		8,560		0		1,209		0		7,351		20,419		10,042		4,977		15,019
2027		251		7,368		16,328		23,948		0		23,948		0		7,448		0		903		0		6,544		17,403		9,370		4,181		13,550
Sub.		28,524		360,419		724,986		1,113,930		5		1,113,934		1		145,077		0		18,325		0		126,752		987,182		202,855		200,902		403,758
Rem.		435		17,738		41,561		59,734		0		59,734		0		18,944		0		2,307		0		16,637		43,097		24,845		9,687		34,532
Tot.		28,959		378,157		766,548		1,173,664		5		1,173,668		1		164,021		0		20,633		0		143,389		1,030,279		227,700		210,590		438,290
Disc		22,045		270,478		552,470		844,993		4		844,997		1		93,474		0		11,172		0		82,302		762,694		138,131		149,208		287,339

															Net Capital Investment								Before Tax Cash Flow
Year	Mineral Tax M$		Capital Tax M$		NPI Burden M$		Net Prod’n Revenue M$		Other Income M$		Aband. & Recl. Costs M$		Oper. Income M$		Dev. M$		Plant M$		Tang. M$		Total M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		0		0		0		189,697		0		0		189,697		60,811		2,740		10,336		73,887		115,810		115,810		110,421
2017		0		0		0		148,222		0		0		148,222		38,192		2,285		6,358		46,834		101,388		217,198		198,302
2018		0		0		0		87,076		0		0		87,076		4,271		0		0		4,271		82,806		300,004		263,552
2019		0		0		0		50,491		0		0		50,491		4,070		0		0		4,070		46,421		346,425		296,805
2020		0		0		0		32,858		0		0		32,858		4,070		0		0		4,070		28,788		375,213		315,553
2021		0		0		0		22,904		0		627		22,277		0		0		0		0		22,277		397,489		328,741
2022		0		0		0		15,192		0		560		14,632		0		0		0		0		14,632		412,121		336,616
2023		0		0		0		11,491		0		712		10,779		0		0		0		0		10,779		422,900		341,890
2024		0		0		0		8,991		0		508		8,483		0		0		0		0		8,483		431,383		345,663
2025		0		0		0		7,249		0		460		6,789		0		0		0		0		6,789		438,171		348,408
2026		0		0		0		5,400		0		2,201		3,199		0		0		0		0		3,199		441,371		349,584
2027		0		0		0		3,853		0		576		3,276		0		0		0		0		3,276		444,647		350,679
Sub.		0		0		0		583,424		0		5,645		577,779		111,414		5,025		16,693		133,132		444,647		444,647		350,679
Rem.		0		0		0		8,565		0		9,347		-782		0		0		0		0		-782		443,865		351,169
Tot.		0		0		0		591,989		0		14,992		576,997		111,414		5,025		16,693		133,132		443,865		443,865		351,169
Disc		0		0		0		475,355		0		4,211		471,144		100,017		4,593		15,365		119,975		351,169		351,169		351,169

1150508            Total Proved, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:32

42

AFTER TAX ANALYSIS

			Tax Pool Balances Incl. Current Year Additions										Depreciation & Writeoffs
Year	Oper. Income M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		CCA M$		COGPE M$		CDE M$		CEE M$		Other M$		Total M$
2016		189,697		385,870		1,366,499		635,750		32,781		1,042,894		6,431		136,637		64,576		0		0		207,644
2017		148,222		388,081		1,229,862		609,366		32,781		1,042,894		4,823		122,940		34,085		0		0		161,848
2018		87,076		383,258		1,106,922		579,551		32,781		1,042,894		3,618		82,690		10,739		0		0		97,046
2019		50,491		379,641		1,024,232		572,883		32,781		1,042,894		2,713		47,486		7,517		0		0		57,716
2020		32,858		376,927		976,747		569,435		32,781		1,042,894		2,035		30,778		5,262		0		0		38,075
2021		22,277		374,892		945,969		564,173		32,781		1,042,894		1,526		21,231		3,683		0		0		26,440
2022		14,632		373,366		924,738		560,490		32,781		1,042,894		1,145		14,200		2,578		0		0		17,924
2023		10,779		372,221		910,538		557,911		32,781		1,042,894		859		10,554		1,805		0		0		13,218
2024		8,483		371,362		899,983		556,106		32,781		1,042,894		644		8,554		1,263		0		0		10,461
2025		6,789		370,718		891,430		554,843		32,781		1,042,894		483		6,915		884		0		0		8,283
2026		3,199		370,235		884,514		553,958		32,781		1,042,894		362		3,664		619		0		0		4,645
2027		3,276		369,873		880,851		553,339		32,781		1,042,894		272		3,669		433		0		0		4,374
Sub.		577,779		369,873		880,851		553,339		32,781		1,042,894		24,911		489,318		133,447		0		0		647,676
Rem.		-782		369,873		880,851		553,339		32,781		1,042,894		771		5,806		983		0		0		7,559
Tot.		576,997		369,873		880,851		553,339		32,781		1,042,894		25,682		495,123		134,429		0		0		655,235
Disc		471,144												19,268		392,203		114,383		0		0		525,854

			Federal		Provincial				Income Tax Payable M$		Net Cash Flow Before Income Tax						Net Cash Flow After Income Tax
Year	Taxable Income M$		Income Tax M$		Income Tax M$		ARTD & Investment Credits				Annual M$		Cum. M$		10.0% Dcf M$		Annual M$		Cum. M$		10.0% Dcf M$
2016		-17,947		0		0		0		0		115,810		115,810		110,421		115,810		115,810		110,421
2017		-13,626		0		0		0		0		101,388		217,198		198,302		101,388		217,198		198,302
2018		-9,970		0		0		0		0		82,806		300,004		263,552		82,806		300,004		263,552
2019		-7,225		0		0		0		0		46,421		346,425		296,805		46,421		346,425		296,805
2020		-5,217		0		0		0		0		28,788		375,213		315,553		28,788		375,213		315,553
2021		-4,164		0		0		0		0		22,277		397,489		328,741		22,277		397,489		328,741
2022		-3,292		0		0		0		0		14,632		412,121		336,616		14,632		412,121		336,616
2023		-2,439		0		0		0		0		10,779		422,900		341,890		10,779		422,900		341,890
2024		-1,978		0		0		0		0		8,483		431,383		345,663		8,483		431,383		345,663
2025		-1,494		0		0		0		0		6,789		438,171		348,408		6,789		438,171		348,408
2026		-1,446		0		0		0		0		3,199		441,371		349,584		3,199		441,371		349,584
2027		-1,098		0		0		0		0		3,276		444,647		350,679		3,276		444,647		350,679
Sub.		-69,896		0		0		0		0		444,647		444,647		350,679		444,647		444,647		350,679
Rem.		-8,341		0		0		0		0		-782		443,865		351,169		-782		443,865		351,169
Tot.		-78,238		0		0		0		0		443,865		443,865		351,169		443,865		443,865		351,169
Disc		-54,710		0		0		0		0		351,169		351,169		351,169		351,169		351,169		351,169

1150508            Total Proved, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:32

43

SUMMARY OF RESERVES

			Remaining Reserves at Jan 01, 2016								Oil Equivalents						Reserve Life Indic. (yr)
Product	Units		Working Interest		Roy/NPI Interest		Total Company		Net		Oil Eq. Factor		Company Mboe		% of Total		Reserve Life		Life Index		Half Life
Light/Med Oil		Mbbl		61		0		61		60		1.000		61		0		30.0		5.4		3.5
Tight Oil		Mbbl		453		0		453		386		1.000		453		1		13.0		3.3		2.1
Total: Total Oil		Mbbl		514		0		514		446		1.000		514		1		30.0		3.4		2.3
Residue Gas		MMcf		616		2		618		569		6.000		103		0		8.0		2.5		1.4
Shale Gas		MMcf		173,648		0		173,648		163,171		6.000		28,941		64		20.0		4.9		3.0
Total: Gas		MMcf		174,264		2		174,265		163,740		6.000		29,044		64		20.0		4.9		3.0
Gas Heat Content		BBtu		204,109		2		204,111		191,624		0.000		0		0		20.0		4.9		3.0
Condensate		Mbbl		12,287		0		12,287		10,179		1.000		12,287		27		20.0		4.3		2.6
Butane		Mbbl		1,752		0		1,752		1,488		1.000		1,752		4		20.0		5.6		3.3
Propane		Mbbl		1,586		0		1,586		1,344		1.000		1,586		4		20.0		5.8		3.4
Total: NGL		Mbbl		15,625		0		15,625		13,010		1.000		15,625		35		20.0		4.6		2.8
Total: Oil+NGL		Mbbl		16,140		0		16,140		13,456		1.000		16,140		36		30.0		4.5		2.7
Total: Oil Eq.		Mboe		45,183		0		45,184		40,746		1.000		45,184		100		30.0		4.8		2.9

PRODUCT REVENUE AND EXPENSES

		Average First Year Unit Values														Net Revenue After Royalties
Product	Units	Base Price		Price Adjust.		Wellhead Price		Net Burdens		Operating Expenses		Other Expenses		Prod’n Revenue		Undisc M$		% of Total		10% Disc M$		% of Total
Light/Med Oil	$/bbl		58.88		-16.97		41.91		1.48		23.05		0.00		17.38		2,608		0		1,747		0
Tight Oil	$/bbl		58.88		-0.85		58.03		2.89		11.99		0.00		43.14		22,382		2		17,706		2
Total: Total Oil	$/bbl		58.88		-2.07		56.81		2.79		12.83		0.00		41.19		24,989		2		19,454		3
Residue Gas	$/Mcf		2.45		-0.46		1.99		0.15		1.38		0.00		0.46		1,163		0		984		0
Shale Gas	$/Mcf		2.45		-0.10		2.35		0.10		1.58		0.00		0.66		356,427		35		255,845		34
Total: Gas	$/Mcf		2.45		-0.11		2.35		0.10		1.58		0.00		0.66		357,590		35		256,829		34
Condensate	$/bbl		58.14		-0.48		57.66		2.70		0.00		0.00		54.96		599,400		58		451,707		59
Butane	$/bbl		32.98		-0.89		32.08		1.74		0.00		0.00		30.34		47,860		5		34,127		4
Propane	$/bbl		1.45		0.07		1.52		0.32		0.00		0.00		1.20		440		0		577		0
Total: NGL	$/bbl		51.29		-0.47		50.82		2.42		0.00		0.00		48.40		647,700		63		486,411		64
Total: Oil+NGL	$/bbl		51.61		-0.54		51.07		2.44		0.54		0.00		48.09		672,689		65		505,865		66
Total: Oil Eq.	$/boe		28.61		-0.60		28.01		1.30		6.71		0.00		20.00		1,030,279		100		762,694		100

REVENUE BURDENS AND NET PRESENT VALUE SUMMARY

							Net Present Value Before Income Tax										Net Present Value After Income Tax
Revenue Burdens (%)					Disc. Rate %		Prod’n Revenue M$		Operating Income M$		Capital Invest. M$		Cash Flow				Operating Income M$		Capital Invest. M$		Cash Flow
	Initial		Average										M$		$/boe						M$		$/boe
Crown Royalty		5.0152		13.9752		0.0		591,989		576,997		133,132		443,865		9.82		576,997		133,132		443,865		9.82
Non-crown Royalty		0.0000		0.0000		5.0		525,714		518,127		126,115		392,012		8.68		518,127		126,115		392,012		8.68
Mineral Tax		0.0000		0.0000		8.0		493,988		488,711		122,337		366,375		8.11		488,711		122,337		366,375		8.11
						10.0		475,355		471,144		119,975		351,169		7.77		471,144		119,975		351,169		7.77
						12.0		458,402		455,001		117,728		337,273		7.46		455,001		117,728		337,273		7.46
						15.0		435,635		433,117		114,553		318,564		7.05		433,117		114,553		318,564		7.05
						20.0		403,385		401,787		109,727		292,060		6.46		401,787		109,727		292,060		6.46

Evaluator:	MacDonald, Trisha S.
Run Date:	February 25, 2016 11:46:00

1150508            Total Proved, SEC 2015-Dec-31 Posted (12 Month Avg.), pri February 25, 2016 13:41:32

44

SEC RESERVES DEFINITIONS

The following definitions are excerpts from Regulation S-X 210.4-10. Portions of these definitions within square parentheses, [    ], have been transposed from other sections of Regulation S-X 210.4-10 to improve readability.

Resources

Resources are quantities of oil and gas estimated to exist in naturally occurring accumulations. A portion of the resources may be estimated to be recoverable, and another portion may be considered to be unrecoverable. Resources include both discovered and undiscovered accumulations.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note: Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir ( i.e. , absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible — from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations — prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i) The area of the reservoir considered as proved includes:

(A) The area identified by drilling and limited by fluid contacts, if any, and

(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

45

(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

(B) The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Probable Reserves

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered.

(i) When deterministic methods are used, it is as likely as not that actual remaining quantities recovered will exceed the sum of estimated proved plus probable reserves. When probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus probable reserves estimates.

(ii) Probable reserves may be assigned to areas of a reservoir adjacent to proved reserves where data control or interpretations of available data are less certain, even if the interpreted reservoir continuity of structure or productivity does not meet the reasonable certainty criterion. Probable reserves may be assigned to areas that are structurally higher than the proved area if these areas are in communication with the proved reservoir.

(iii) Probable reserves estimates also include potential incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than assumed for proved reserves.

(iv) [The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.]

[Where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.]

Possible Reserves

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves.

(i) When deterministic methods are used, the total quantities ultimately recovered from a project have a low probability of exceeding proved plus probable plus possible reserves. When probabilistic methods are used, there should be at least a 10% probability that the total quantities ultimately recovered will equal or exceed the proved plus probable plus possible reserves estimates.

46

(ii) Possible reserves may be assigned to areas of a reservoir adjacent to probable reserves where data control and interpretations of available data are progressively less certain. Frequently, this will be in areas where geoscience and engineering data are unable to define clearly the area and vertical limits of commercial production from the reservoir by a defined project.

(iii) Possible reserves also include incremental quantities associated with a greater percentage recovery of the hydrocarbons in place than the recovery quantities assumed for probable reserves.

(iv) The proved plus probable and proved plus probable plus possible reserves estimates must be based on reasonable alternative technical and commercial interpretations within the reservoir or subject project that are clearly documented, including comparisons to results in successful similar projects.

(v) Possible reserves may be assigned where geoscience and engineering data identify directly adjacent portions of a reservoir within the same accumulation that may be separated from proved areas by faults with displacement less than formation thickness or other geological discontinuities and that have not been penetrated by a wellbore, and the registrant believes that such adjacent portions are in communication with the known (proved) reservoir. Possible reserves may be assigned to areas that are structurally higher or lower than the proved area if these areas are in communication with the proved reservoir.

(vi) Where direct observation has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves should be assigned in the structurally higher portions of the reservoir above the HKO only if the higher contact can be established with reasonable certainty through reliable technology. Portions of the reservoir that do not meet this reasonable certainty criterion may be assigned as probable and possible oil or gas based on reservoir fluid properties and pressure gradient interpretations.

Developed Oil and Gas Reserves

Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Undeveloped Oil and Gas Reserves

Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir [see Other Definitions below], or by other evidence using reliable technology establishing reasonable certainty.

47

Other Pertinent Definitions

Analogous Reservoir

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest:

(i) Same geological formation (but not necessarily in pressure communication with the reservoir of interest);

(ii) Same environment of deposition;

(iii) Similar geological structure; and

(iv) Same drive mechanism.

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

Reliable Technology

Reliable technology is a grouping of one or more technologies (including computational methods) that has been field tested and has been demonstrated to provide reasonably certain results with consistency and repeatability in the formation being evaluated or in an analogous formation.

Reservoir

A porous and permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs.

48

EVALUATION PROCEDURE

TABLE OF CONTENTS

INTEREST DESCRIPTIONS	50
WELL DATA	50
ACCOUNTING SUMMARY	50
PRODUCTION FORECASTS	50
AFTER TAX ANALYSIS	50
ECONOMIC PARAMETERS	51
OIL EQUIVALENT OR GAS EQUIVALENT	52
LIST OF ABBREVIATIONS	52

49

EVALUATION PROCEDURE

The following outlines the methodology employed by GLJ Petroleum Consultants (GLJ) in conducting the evaluation of the Company’s oil and gas properties. GLJ evaluation procedures are in compliance with standards contained in the Canadian Oil and Gas Evaluation (COGE) Handbook. These procedures are generally consistent with those outlined in the SPE-PRMS evaluation guidelines.

INTEREST DESCRIPTIONS

The Company provided GLJ with current land interest information. The Company provided a representation letter confirming accuracy of land information. Certain cross-checks of land and accounting information were undertaken by GLJ as recommended in the COGE Handbook. In this process, nothing came to GLJ’s attention that indicated that information provided by the Company was incomplete or unreliable.

In GLJ’s reports, “Company Interest” reserves and values refer to the sum of royalty interest* and working interest reserves before deduction of royalty burdens payable. “Working Interest” reserves equate to those reserves that are referred to as “Company Gross” reserves by the Canadian Securities Administrators (CSA) in NI 51-101.

* Royalty interest reserves include royalty volumes derived only from other working interest owners.

WELL DATA

Pertinent interest and offset well data such as drill stem tests, workovers, pressure surveys, production tests, etc., were provided by the Company or were obtained from other operators, public records or GLJ nonconfidential files.

ACCOUNTING SUMMARY

The Company provided GLJ with available accounting data on a property basis and for the corporate total for the period January 1, 2015, to September 30, 2015. In some circumstances this information was also provided on a cost centre basis to address major reserves entities that are a subset of a Company property.

PRODUCTION FORECASTS

In establishing all production forecasts, consideration was given to existing gas contracts and the possibility of contract revisions, to the operator’s plans for development drilling and to reserves and well capability. Generally, development drilling in an area was not considered unless there was some indication from the operator that drilling could be expected.

The on-stream date for currently shut-in reserves was estimated with consideration given to the following:

• proximity to existing facilities

• plans of the operator

• economics

AFTER TAX ANALYSIS

Canadian income taxes were calculated based on currently legislated federal and provincial tax rates, tax regulations and tax pool information provided by the Company. After tax values for reserves development status or production status subcategories (i.e. developed, undeveloped, producing, non-producing) are calculated by difference.

50

Tax Pools

The following tax pools as of the effective date were included in the income tax calculations:

Tax Pool Classification	Write-Off Rate (%)		Tax Pool (M$)
Canadian Oil and Gas Property Expense (COGPE)		10		1,336,499
Canadian Exploration Expense (CEE)		100		32,781
Non-Capital Losses		100		1,038,983
Canadian Development Expense (CDE)		30		574,938
Capital Cost Allowance: (CCA)
Class 1		10		90,957
Class 50		25		281,836

Tax Rates

Federal income tax calculations incorporate recently enacted reductions in general corporate income tax rates as follows:

Year	Federal Income Tax Rate
2016+		15.0	%

Allocation of revenues to Canadian provinces for income tax purposes depends on several factors in addition to the provincial origin of the resource revenues. The average future annual provincial tax rate has been calculated based on an allocation of provincial resource revenues and their respective tax rate as follows:

Year	Alberta Tax Rate			Alberta Allocation			B.C. Tax Rate			B.C. Allocation			Sask. Tax Rate			Sask. Allocation			Avg. Ann. Tax Rate
2016+		12.00	%		95.00	%		11.00	%		4.8	%		12.00	%		0.15	%		11.95	%

Company total after tax economic forecasts for all reserves categories are attached.

ECONOMIC PARAMETERS

Pertinent economic parameters are listed as follows:

a) The effective date is December 31, 2015.

b) Operating and capital costs were estimated in 2016 dollars and then escalated as summarized in the Product Price and Market Forecasts section of this report.

c) Economic forecasts were prepared for each property on a before income tax basis. Detailed discounting of future cash flow was performed using a discount factor of 10.0 percent with all values discounted annually to December 31, 2015, on a mid-calendar-year basis.

d) Royalty holidays applicable to existing wells or forecast drilling are included in individual well economics. These credits are itemized within the property reports.

e) Gas processing allowances relating to remaining undepreciated capital bases, were included in individual property economic evaluations.

f) Mineral taxes on freehold interests were included.

g) Field level overhead charges have been included; recovery of overhead expenses has not been included.

h) The Company’s office G&A costs have not been included.

51

i) Abandonment and reclamation costs for all existing and future wells to which reserves have been assigned have been included at the property level. Costs have been scheduled 5 years after the last year of production for each well. Additional abandonment and reclamation costs associated with pipelines and facilities have not been included in this analysis.

j) The Saskatchewan Resource Surcharge was included.

OIL EQUIVALENT OR GAS EQUIVALENT

In this report, quantities of hydrocarbons have been converted to barrels of oil equivalent (boe); or to sales gas equivalent (sge) using factors of 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur. Users of oil equivalent values are cautioned that while boe based metrics are useful for comparative purposes, they may be misleading when used in isolation.

LIST OF ABBREVIATIONS

AOF	absolute open flow
bbl	barrels
Bcf	billion cubic feet of gas at standard conditions
BIIP	bitumen initially-in-place
boe	barrel of oil equivalent, in this evaluation determined using 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur
bopd	barrels of oil per day
Btu	British thermal units
bwpd	barrels of water per day
DSU	drilling spacing unit
GCA	gas cost allowance
GIIP	gas initially-in-place
GOC	gas-oil contact
GOR	gas-oil ratio
GORR	gross overriding royalty
GWC	gas-water contact
Mbbl	thousand barrels
Mboe	thousand boe
Mcf	thousand cubic feet of gas at standard conditions
Mcfe	thousand cubic feet of gas equivalent
Mlt	thousand long tons
M$	thousand dollars
MM$	million dollars
MMbbl	million barrels
MMboe	million boe
MMBtu	million British thermal units
MMcf	million cubic feet of gas at standard conditions
MRL	maximum rate limitation
Mstb	thousand stock tank barrels
MMstb	million stock tank barrels
NGL	natural gas liquids (ethane, propane, butane and condensate)
NPI	net profits interest
OIIP	oil initially-in-place
ORRI	overriding royalty interest
OWC	oil-water contact

52

P&NG	petroleum and natural gas
PIIP	petroleum initially-in-place
psia	pounds per square inch absolute
psig	pounds per square inch gauge
PVT	pressure-volume-temperature
RLI	reserves life index, calculated by dividing reserves by the forecast of first year production
scf	standard cubic feet
sge	sales gas equivalent – if presented in this evaluation, determined using 1 barrel of oil or natural gas liquid = 6 Mcfe; 0 for sulphur
stb	stock tank barrel
WI	working interest
WTI	West Texas Intermediate

53

GLJ Petroleum Consultants Crude Oil and Natural Gas Liquids SEC 2015-Dec-31 Posted (12 Month Avg.) Effective January 01, 2016 Table 1    

NYMEX WTI Near Month Futures Contract Crude Oil at Cushing, Oklahoma

Brent Blend Crude Oil FOB North Sea

Light, Sweet Crude Oil (40 API, 0.3%S) at Edmonton

Bow River Crude Oil Stream Quality at Hardisty

WCS Crude Oil Stream Quality at Hardisty

Heavy Crude Oil Proxy (12 API) at Hardisty

Light Sour Crude Oil (35 API, 1.2%S) at Cromer

Medium Crude Oil (29 API, 2.0%S) at Cromer

Alberta Natural Gas Liquids (Then Current Dollars)

Inflation %

CADUSD Exchange Rate USD/CAD

Constant 2016 $ USD/bbl

Then Current USD/bbl

Then Current USD/bbl

Then Current CAD/bbl

Then Current CAD/bbl

Then Current CAD/bbl

Then Current CAD/bbl

Then Current CAD/bbl

Then Current CAD/bbl

Spec Ethane CAD/bbl

Edmonton Propane CAD/bbl

Edmonton Butane CAD/bbl

Edmonton C5+ Stream Quality CAD/bbl

0.0

0.7877

50.16

50.16

54.06

58.88

47.62

46.58

40.95

57.18

53.58

8.54

7.03

38.21

62.00

GLJ Petroleum Consultants Natural Gas and Sulphur SEC 2015-Dec-31 Posted (12 Month Avg.) Effective January 01, 2016 Table 2    

			Midwest Price at Chicago				Alberta Plant Gate
NYMEX Henry Hub Near Month Contract					AECO /NIT Spot		Spot								Saskatchewan Plant Gate						British Columbia
Constant 2016 $ USD/ MMBtu	Then Current USD/MMBtu		Then Current USD/ MMBtu		Then Current CAD/ MMBtu		Constant 2016 $ CAD/ MMBtu		Then Current CAD/ MMBtu		ARP CAD/ MMBtu		Alliance CAD/ MMBtu		SaskEnergy CAD/ MMBtu		Spot CAD/ MMBtu		Sumas Spot USD/ MMBtu		Westcoast Station 2 CAD/ MMBtu		Spot Plant Gate CAD/ MMBtu		Sulphur FOB Vancouver USD/ lt		Alberta Sulphur at Plant Gate CAD/It
2.58		2.58		2.65		2.68		2.45		2.45		2.45		1.98		2.55		2.59		2.36		1.80		1.62		139.31		126.86

54

GLJ Petroleum Consultants International and Frontier SEC 2015-Dec-31 Posted (12 Month Avg.) Effective January 01, 2016 Table 3    

Inflation %	CADUSD Exchange Rate USD/CAD						NYMEX WTI Near Month Futures Contract Crude Oil at Cushing, Oklahoma				Light Louisiana Sweet Crude Oil				Maya Crude Oil				Brent Blend Crude Oil FOB North Sea				NYMEX Henry Hub Near Month Contract				Nova Scotia Goldboro				National Balancing Point (UK)
			GBPUSD Exchange Rate USD/GBP		EURUSD Exchange Rate USD/EUR		Then Current USD/bbl		Then Current CAD/bbl		Then Current USD/ bbl		Then Current CAD/bbl		Then Current USD/bbl		Then Current CAD/bbl		Then Current USD/bbl		Then Current CAD/bbl		Then Current USD/ MMBtu		Then Current CAD/ MMBtu		Then Current USD/ MMBtu		Then Current CAD/ MMBtu		Then Current USD/ MMBtu		Then Current CAD/ MMBtu
0.0		0.7877		1.5318		1.1155		50.16		63.68		53.83		68.34		45.27		57.47		54.06		68.63		2.58		3.28		3.92		4.98		6.72		8.53

GLJ Petroleum Consultants US Liquids and Natural Gas SEC 2015-Dec-31 Posted (12 Month Avg.) Effective January 01, 2016 Table 4    

US Natural Gas Liquids (Then Current Dollars)															US Natural Gas (Then Current Dollars)
Conway							Mont Belvieu								Opal Rocky Mountain Natural Gas USD/MMBtu		Algonquin City-Gates Natural Gas USD/MMBtu
Ethane USD/bbl	Propane USD/bbl		Butane USD/bbl		Condensate USD/bbl		Ethane USD/bbl		Propane USD/bbl		Butane USD/bbl		Condensate USD/bbl
6.99		17.33		25.91		44.98		7.86		19.47		26.40		45.78		2.46		4.91

55

APPENDIX I

CERTIFICATES OF QUALIFICATION

Jodi L. Anhorn

T. Mark Jobin

Chad P. Lemke

Trisha S. MacDonald

Graham P. Simpson

Mirek Zaoral

Angie H.W. Wong

Warren R. Bindon

Natasha Gvozdenovic

John J. Hirschmiller

Nicholas T. Loran

56

CERTIFICATION OF QUALIFICATION

I, Jodi L. Anhorn, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am a principal officer of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary and that I graduated with a Master of Science Degree in Chemical and Petroleum Engineering in 1992; that I am a Registered Professional Engineer in the Province of Alberta; and that I have in excess of twenty-three years experience in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

57

CERTIFICATION OF QUALIFICATION

I, T. Mark Jobin, Professional Geologist, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary and that I graduated in 1984 with a Bachelor of Science Degree in Geology; that I am a Registered Professional Geologist in the Province of Alberta; and, that I have in excess of thirty-one years experience in geological studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

58

CERTIFICATION OF QUALIFICATION

I, Chad P. Lemke, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary where I graduated with a Bachelor of Science Degree in Mechanical Engineering in 2004; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have in excess of twelve years of experience in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

59

CERTIFICATION OF QUALIFICATION

I, Trisha S. MacDonald, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary where I graduated with a Bachelor of Science Degree in Oil and Gas Engineering in 2004; that I am a Registered Professional Engineer in the Province of Alberta; and, that I have in excess of eleven years of experience in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

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CERTIFICATION OF QUALIFICATION

I, Graham P. Simpson, Professional Geoscientist, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary where I graduated with a Doctorate Degree in Geology in 1999; that I am a Registered Professional Geoscientist in the Province of Alberta; and, that I have in excess of twenty-three years experience in geological studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

61

CERTIFICATION OF QUALIFICATION

I, Mirek Zaoral, Professional Geologist, 4100, 400 - 3rd Avenue S.W. Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary and that I graduated in 1977 with a Bachelor of Science Degree with honours in Geology; that I am a registered Professional Geologist in the Province of Alberta; and, that I have in excess of thirty-eight years experience in geological studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

62

CERTIFICATION OF QUALIFICATION

I, Angie H.W. Wong, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary and that I graduated with a Bachelor of Science Degree in Chemical Engineering in (2009); that I am a Registered Professional Engineer in the Province of Alberta; and, that I have in excess of seven years experience in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

63

CERTIFICATION OF QUALIFICATION

I, Warren R. Bindon, Geoscientist In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Alberta where I graduated with a Master’s of Science Degree in Geology in 2011; and, that I am a Geoscientist In Training and have in excess of five years of experience in geological studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

Warren R. Bindon, M.Sc., G.I.T.

64

CERTIFICATION OF QUALIFICATION

I, Natasha Gvozdenovic, Engineer In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the University of Calgary, where I graduated with a Bachelor’s Degree in Chemical Engineering in 2014; and, that I am an Engineer In Training; and, that I have in excess of two years of experience in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

Natasha Gvozdenovic, E.I.T.

65

CERTIFICATION OF QUALIFICATION

I, John J. Hirschmiller, Geoscientist In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended the Dalhousie University where I graduated with a Bachelor of Science Degree in Earth Sciences (First Class Honours) in 2013; and, that I am a Geologist In Training; and, that I have in excess of three years of experience in geological studies relating to oil and gas fields. I have also attended the Northern Alberta Institute of Technology and where I graduated with a Diploma in Geological Technology (Honours) in 2010.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

John J. Hirschmiller, G.I.T.

66

CERTIFICATION OF QUALIFICATION

I, Nicholas Loran, Engineer In Training, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a detailed analysis of Canadian oil and gas properties of Brion Energy Corp. (the “Company”). The effective date of this evaluation is December 31, 2015.

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of the Company or its affiliated companies.

3. That I attended Rensselaer Polytechnic Institute where I graduated with a Degree in Mechanical Engineering in 2011; and, that I am an Engineer In Training; and, that I have in excess of four years of experience in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of the information available from public information and records, the files of the Company, and the appropriate provincial regulatory authorities.

Nicholas Loran, E.I.T.

67