Iradesso Q2 2010

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Q2 2010

RELEASED SEptEmbER 2010 / VOLUmE 21ISSN 1718-9799 pm41045505

iq.ir.co Ssd by

I R A D E S S OQ U A R T E R L Y

CANADIAN OIL & GAS COmpARISON

inancial doperating reSultSfor 59 Juniors and23 Intermediates

eaturingact SHeetSfrom Juniors, Intermediatesand Internationals

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For the love of weather clichsIts human nature to want to talk about the weather. Unfortunately,it hasnt really been a pl easant conversation for Albertans this

summer. It seems l ike the eastern part of the country might have

hogged all of the heat and good weather this year.

The weather discussion even made its way into many intermediate

and junior oil and gas companies second quarter reports this year.

We heard numerous times that drilling programs and operations

were stalled by the wet weather. Because of this, many companies

reported lower-than-expected production volumes and cash lows

for the period. In effect, they were blaming their results on the rain.

Investors can take comfort in knowing that oil and gas plays never getcompletely rained out, they only get delayed. And although weather

can play a factor in timing, and on a bigger scale, commodity pricing,

the weather cant totally ruin a crop the way it can in farming.

Speaking of weather clichs, this is an industry where we like to talk

about commodity prices by referencing the perfect storm. The low

natural gas prices we are experiencing now are not the result of a

perfect storm, more like the result of a steady nagging drizzle. Our

comparisons are getting stale when it comes to the high price of oil

relative to cheap cost of the same energy equivalency in natural gas.

It has been more than a year now of the two main commodities in this

industry being grossly out-of-step with one another. It seems to have

become a fact of life, which probably means were due for a change.

The facts are that the fundamentals for natural gas have been too

weak for too long. Even the companies that were most focused on

natural gas have started to give in and shift their focus to oil. The

median junior oil and gas company has actually seen success in

dropping its natural gas production weighting from 75 percent

of production in the third quarter of 2009, to 65 percent of

production in this most recent quarter. The production mixes being

reported by the juniors are starting to relect more investments

being directed to oil. I a nticipate that this drop in gas weighting

will continue over the next year as such a high number of d rilling

programs are targeting oil rather than gas.

For any dismal natural gas-focused company (or investor) out there

that saw disappointing second quarter results from pricing and

weather delays, wed like to help pull you through by remembering

that every cloud has a silver lining, and after the rain comes the

rainbow. If that doesnt do it for you, then how about red ink at

night, sailors delight?

At Bryan Mills Iradesso, we continue to be busy helping

many energy industry companies communicate with their

stakeholders. Its not a surprise that the energy industry has

many communications challenges. These challenges range from

how to communicate about strategy and technical approaches to

exploration and development, to the need to communicate about

environmental and social responsibility from within an industry

that produces pollution-emitting fuel. To invoke another clich, the

oil and gas industry needs to show that it doesnt have its head in

the clouds when it comes to environmental issues. I believe that

just like the end-users who actually burn the fuels, the majority of

this industry doesnt have its head in t he clouds.

Id like to close by emphasizing the purpose of the iQ Report.

This report is meant to educate readers on the dynamic Canadian

intermediate and junior oil and gas industry, while drawing

attention to some of the considerations for making investments in

the sector. We also shamelessly try to build on our credibility while

drawing attention to snapshots we have provided for some of our

ongoing clients. I hope you find this report useful in serving these

purposes.

Blue skies ahead,

Peter Knapp

President, Bryan Mills Iradesso

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Q u a r t e r l Y r e p o r t : Q 2 2 0 1 0 1

400, 805 10h av SWcy, aB cd t2r 0B4

h: 403.503.0144: 1.866.415.1070m: @bm.m

September 2010 / VOL. 21

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or fll ou he suscriion or a

iq.ir.co o ensure you receive your

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r e Le ASe SCHe D U Le

Q3 2010 Q rs:

Wk Dmb 6, 2010

communication

matters

Information for investors

iq.bmir.com

Q2 snapshot

For the junior companies in this report, with production between 500 and

10,000 boe/d, the median operating costs were $13.06 per boe, median general

and administrative costs were $4.24 per boe and median netbacks were $14.92

per boe. By contrast, economies of scales helped the intermediate companies

with production between 10,000 and 100,000 boe/d. The intermediates

reported median operating costs of $10.73 boe/d, me dian general and

administrative costs of $2.00 per boe, and median cash low netbacks of $20.80

per boe. Intermediates are able to have lower costs that enable them to make

more money per unit of production.

During the second quarter, the median junior had a return of negative seven

percent for investors. When the subsequent two months are incorporated, the

median return was negative 11 percent. Investments in intermediates faredslightly better. The median return for intermediate companies was negative

ive percent for the second quarter, recovering to negative one percent when

the subsequent two months are also factored in. In all cases, we are including

dividends and distributions in calculating the total return.

Many junior oil and gas companies have been talking about shifting their

focus from natural gas to oil for more than a year now. The economics are

much more compelling with oil versus natural gas given current commodity

prices. When calculated based on volumes of six thousand cubic feet of natural

gas being equivalent to one barrel of oil, the median junior was weighted 65

percent to natural gas for the second quarter. This is a drop from 71 percent inthe first quarter.

In reading one second quarter report after another, our researchers noticed

a common thread weather delays. Many junior and intermediate producers

made note of the fact that they had to delay their drilling program or postpone

well servicing due to wet conditions. From what we have heard, these challenges

persisted into the third quarter of 2010 for much of western Canada.

We have created and included one-page snapshots for our investor relations

clients and subscribing companies. These snapshots are designed to give youa quick overview of some noteworthy junior, intermediate and international

companies. It is amazing how much information can be communicated in one

page, but we hope it will whet your appetite for to ind out more. In our opinion,

the best source for this information is company websites, where you should head

straight to the latest presentation to ind the most up-to-date information.

Bigger coMpanieS, loWer coStS,HigHer netBacKS

lacKluStre MarKet

JuniorS SHiting to oi l

BlaMe it on tHe rain

SnapSHot oVerVieWS

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c o n t e n t S

B R Y A N M I L L S I R A D E S S O i Q . B M i r . c o M2

1 Q2 SnapSHot

4 Junior & interMeDiateWHeeling anD Dealing

5 Junior coMpariSon cHartS6 Q2 pd b/d

7 Q2 pd M n gs Wh %

8 ch pd Q1 2010 Q2 2010 %

9 ch pd Sh Q1 2010 Q2 2010

10 es V Vss Q2 pd $ b/d

11 Q2 csh w nbk $/b

12 Q2 o d ts ess $/b

13 Q2 g d admsv csh ess $/b

14 Q2 D, D d a ess $/b

15 ad Q2 csh w Ms

16 Q2 n Db ad csh w

17 Q2 t r c s d dsbs dvdds %

18 Js ls D tb

29 interM eDiate coMpariSon cHartS30 Q2 2010 pd b/d

30 Q2 pd M s wh %31 ch pd Q1 2010 Q2 2010 %

31 ch pd sh Q1 2010 Q2 2010

32 es V vss Q2 d $ b/d

32 Q2 csh w nbk $/Boe

33 Q2 o ess d ts ss $/b

33 Q2 g d admsv csh ess $/b

34 Q2 D, D d a ess $/b

34 ad Q2 csh w Ms

35 Q2 n Db ad csh w

35 Q2 c s d dsbs

36 imds ls D tb

42 canaDi an coMpanieSoperating aBroaD

47 eM erging conVen tiona lcoMpanieS WatcH liSt

48 eMerging oil SanDS coMpanieS

i n t H i S i S S u eSepteMBer 2010

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Q U A R T E R L Y R E P O R T : Q 2 2 0 1 0 3

RETURN UNDELIVERABLE CANADIAN ADDRESSES TO:

BRYAN MILLS IRADESSO

400, 805 - 10 AVENUE SW CALGARY AB T2R 0B4

ABBREVIATIONS

bbls barrelofoil

boe barrelofoilequivalent

boe/d barrelofoilequivalentperday

mcf thouandcubicfeet

mmcf millioncubicfeet

NGLs naturalgaliquid

ASSUMPTIONS

Barrelofoilequivalentcalculateduing

6mcf=1boe

Netdebthabeencalculatedbyincludingbankdebtdebenture,preferredconvertiblehareand

workingcapital.

ForcompaniewithA/Bharetructure,

BharehavebeenconvertedtoAhare

uingend-of-periodhareprice.

Fortrut,exchangeableunithavebeenconverted

totrutunituingend-of-periodexchangeratio.

DISCLAIMER

Theinformationuedtocompilethireportipubliclyavailable.

BryanMillIradeoprovidethecompariontohinethe

potlightontheeegmentoftheenergyindutry,andto

communicatetheachievementandgrowthpotentialoftheoil

andgacompanieandtrut.TheiQReportdoenotcontitute

aolicitationorrecommendationforthepurchaeoraleofany

ecurity;itiprovidedforinformationonlyandinotintended

toerveainvetmentadvice.BryanMillIradeocannotbe

heldreponibleforaccuracyandallreaderareencouraged

toconducttheirownreearch.ThireportiprovidedbyBryan

MillIradeoaaervicetothereaderwithoutreponibilityfor

accuracy.BryanMillIradeomutbecreditedwithdeveloping

theiQReportifanypartofitireproduced.Thecompaniethat

haveprovidedacorporateproleforthireporthavepaidBryan

MillIradeoafee.

37 CrecentPointEnergy

38 GalleonEnergy

39 NALOilandGaTrut

40 PerpetualEnergy

41 PetroBakkenEnergy

44 Bengal Energy

45 PetroliferaPetroleum

46 Petrominera le

I N TERMED I ATE

PROFILEs

I N TERN ATI ON ALPROFILEs

20 Arena lEnergy

21 DelphiEnergy

22 EqualEnergy

23 ExallEnergyCorporation

24 NovuEnergy

25 secondWavePetroleum

26 surgeEnergy

27 TamarackValleyEnergy

28 TerraEnergy

JUNIOR

PROFILEs

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junior & intermediatewheeling & dealing


J

Many mergers and acquisitions closed during the

last three quarters, however, the pace seems to have

subsequently slowed. Fewer new corporate deals were

d Jy & as, s s d,

b sd ds s sh.

DONE DEALS

The following deals have closed since our previous iQ Report, which means that in the case of an acquisition, the companies

concerned are no longer included in the comparison charts of this report.

Arc Energy acquired Storm Exploration

Baytex acquired Serrano Energy

Canadian Superior changed name to Sonde Resources

Cequence acquired Peloton Exploration

Compass Petroleum acquired Sun Red Capital

Crescent Point acquired Ryland Oil

Crescent Point acquired Shelter Bay

Iteration and Storm Ventures amalgamated to formChinook Energy

Roadrunner Oil & Gas changed name to Bowood Energy

in connection with corporate restructuring

Tamarack Valley acquired Tango Energy via reverse

takeover

One Exploration changed name to TriOil Resources in

connection with corporate restructuring

Pace Energy formed through the amalgamation of

Midnight with upstream assets of Provident

Paramount Energy Trust changed name to Perpetual

Energy in connection with corporate conversion

Surge Energy acquired Corinthian and

Crystal Lake Resources

Triton Energy changed name to Waldron Energy in

connection with corporate restructuring

Whitecap Resources acquired Spitire via reverse takeover

Whitecap Resources acquired Onyx 2006

Yoho acquired Canoil

DEALS ANNOUNCED, bUt NOt CLOSED

Cequence to acquire Temple Energy (expected close

September 2010)

Pengrowth to acquire Monterey Exploration (expected

close September 2010

Please note that this summary is not exhaustive and is focused

on corporate acquisitions relating to conventional juniors and

intermediate producers meeting the criteria for our comparison charts

8/8/2019 Iradesso Q2 2010

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junioroil & gas companies

c o M p a r i S o n

INCLUSION CRItERIA

Primary business must be oil and gas exploration, development and production

Q2 2010 production must fall between 500 and 9,999 barrels of oil equivalent per day (boe/d)

Majority of production must be from Western Canada

Must be publicly traded on the TSX or TSX Venture Exchange

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7,163

7,290

7,655

7,671

7,732

8,035

9,010

9,570

BlackPearl

Angle

FreeholdBellatrix

Anderson

Delphi

Vero

Equal

3,720

3,956

4,053

4,424

4,464

5,717

5,733

6,489

6,531

Rock

Orleans

OpenRange

Orion

Emerge

Legacy

Bonterra

TwinButte

Terra

2 448

2,515

2,532

2,535

2,871

2,892

3,086

3,197

3,221

Crocotta

Bellamont

PaintedPony

Cinch

Insignia

Sonde

ProspEx

Cequence

Seaview

1,770

1,927

1,943

2,043

2,060

2,258

2,270

2,373

,

Artek

Midway

Arcan

Waldron

Arsenal

Surge

Yoho

WestFire

964

980

1,098

1,417

1,439

1,662

1,665

1,671

,

Whitecap

Culane

Argosy

SecondWave

TriOil

GreatPlains

Monterey

Fortress

737

771

774

794

839

853

925

936

951

Tamarack

Sure

NovusPetro-Reef

Exall

WranglerWest

NuLoch

Renegade

Ironhorse

528

528

536

599

659

714

736

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000

Diaz

Bowood

Palliser

Dejour

IntlSovereign

DeeThree

Twoco

a persistent crowdFor this report, junior oil and gas companies are limited to thosewith production rom 500 barrels o oil equivalent per day (boe/d)to 9,999 boe/d. Other parameters are included on the previouspage. Enterprise valuations or these c ompanies range rom a low

o about $10 million all the way up to a billion dollars.

Intermediate and emerging domestic companies are eaturedin sections beginning on page 30 and 48 respectively. A sectionon Canadian-based international companies is ound startingon page 42.

Over the years, the number o companies meeting our juniorcriteria uctuates, however there are always new names to replacethose that get lost to the steady ow o mergers and acquistions.Overall, this sector has proven it will persist and evolve throughthe changing environment. See our Wheeling and Dealingsection on page 4 or a list o recent transactions.


J

Q2 proDuction (Boe/D)Md = 2,060 b/d

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88

91

91

92

98

98

99

100

Seaview

OpenRange

BowoodCinch

DeeThree

Tamarack

Fortress

Twoco

82

84

84

85

86

86

87

88

IntlSovereign

Anderson

Petro-Reef

Yoho

Sure

Cequence

Orleans

Argosy

76

76

78

79

79

80

80

81

Insignia

Terra

Waldron

Sonde

Vero

Delphi

Diaz

ProspEx

58

58

61

63

65

68

73

73

TriOil

Novus

Angle

Bellamont

WranglerWest

Artek

Crocotta

Bellatrix

39

42

47

47

48

52

55

57

Freehold

Dejour

GreatPlains

Equal

Midway

Orion

Whitecap

WestFire

14

18

25

28

30

32

33

35

38

Arcan

Arsenal

Culane

Surge

NuLoch

Bonterra

SecondWave

Rock

a n e on y

1

3

4

9

12

13

13

0 10 20 30 40 50 60 70 80 90 100

Emerge

Renegade

Legacy

BlackPearl

Palliser

Exall

WildStream

shifting from gas to oilFor a substantial amount o time, oil has been the commoditywith more attractive economics, however rom a volumesstandpoint, natural gas has been the commodity with a higherweighting by volume or juniors. Finally this appears to bechanging. The median natural gas weighting has dropped rom75% in Q3 2009, to 71% in Q1 2010, to 65% this most recentquarter. This is probably a good thing or the short-term fnancialhealth o this sector.

As is standard, we convert natural gas into oil equivalence byusing a ratio o six thousand cubic eet (mc) o natural gasto one barrel o oil equivalent (boe). This ratio comes rom anenergy equivalence at the burner tip. To put this calculation intoperspective, i we were to base the equivalency ratio on spotmarket pricing, it would take around 20 mc to equate to eachbarrel o oil.

orMula

avg. natural gas production per day (boe/d)

avg. total production


Q2 proDuction Mix natural gaS WeigHting (%)Md = 65%

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40.3

41.1

45.3

52.7

54.1

61.0

89.1

Palliser

Midway

Bellamont

WildStream

Waldron

Renegade

Dejour

12.6

14.3

15.0

17.5

27.7

30.8

32.4

33.5

OpenRange

Bonterra

Argosy

SecondWave

GreatPlains

Cequence

Arcan

r on

7.2

7.7

7.9

8.7

9.1

9.110.1

10.4

.

Vero

Emerge

Tamarack

Orleans

PaintedPony

NovusCinch

Anderson

3.2

4.4

5.0

5.1

5.6

5.7

5.8

7.2

Yoho

Freehold

Insignia

Delphi

Rock

TwinButte

Bellatrix

BlackPearl

(3.4)

(2.6)

(0.8)

(0.5)

0.6

0.7

3.1

3.1

Fortress

WestFire

Diaz

Seaview

Ironhorse

Equal

Exall

ProspEx

(9.1)

(8.9)

(8.1)

(7.3)

(7.2)

(7.1)

(6.0)

(4.3)

Terra

Angle

Legacy

Culane

Twoco

Monterey

Crocotta

Arsenal

(19.4)

(19.3)

(18.5)

(15.9)

(14.5)

(13.7)

.

(40.0) (20.0) 0.0 20.0 40.0 60.0 80.0 100.0

Petro-Reef

DeeThree

Sure

Surge

Artek

IntlSovereign

boosting production ratesIncreasing production rates on a steady quarter-over-quarter basisis not easy to do. This is because production rates or most wellsin Western Canada decline at a steady rate. These declines needto be replaced beore any additions can be made. At the sametime, certain natural gas production is uneconomic in the currentpricing environment, meaning that it makes more business senseto shut-in the production or the time being rather than sell the

production or less than it costs to produce.

bowood, Sonde, triOil and Whieca are not included in thischart as these companies were not operating in their currentcorporate orm during the previous quarter.

orMula

current period avg. production previous period avg. production

previous period avg. production

Note: Gas production converted to boe at 6 mc: 1 boe


J

cHange in proDuction Q1 2010 to Q2 2010 (%)Md = 5.6%

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Q U A R T E R L Y R E P O R T : Q 2 2 0 1 0 9

19.8

23.0

26.9

33.5

37.6

40.8

87.2

Bellamont

Cequence

GreatPlains

Orion

WildStream

Midway

Dejour

6.6

7.7

8.7

9.0

9.5

12.6

13.7

14.0

Vero

Emerge

Orleans

PaintedPony

SecondWave

OpenRange

Renegade

Bonterra

1.5

1.7

3.1

3.7

4.8

4.9

5.0

5.5

Delphi

Argosy

ProspEx

Freehold

BlackPearlAnderson

Insignia

Rock

(2.1)

(1.0)

(0.5)

(0.4)

0.2

0.3

0.4

1.0

NuLoch

Twoco

Seaview

Equal

Cinch

TwinButte

Waldron

e a r x

(9.7)

(8.3)

(7.4)

(7.3)

(6.7)

(6.0)

(4.9)

.

Diaz

Novus

Exall

Culane

WestFire

Crocotta

Tamarack

(14.7)

(14.7)

(13.7)

(12.0)

(11.8)

(11.7)

(10.9)

.

Arcan

Artek

IntlSovereign

Legacy

Monterey

WranglerWest

Ironhorse

(43.4)

(27.8)

(19.5)

(18.5)

(18.4)

(16.0)

.

(60.0) (40.0) (20.0) 0.0 20.0 40.0 60.0 80.0 100.0

Surge

DeeThree

Petro-Reef

Sure

Terra

Yoho

per share growth is what countsIt is challenging or oil and gas companies to steadily increase

overall production rates. By extension, it is even more

daunting when production growth is required on a per share

basis. Amazingly, around hal o juniors were able to increase

production rom the rst quarter to the second quarter o 2010

on a per share basis.

It costs money to increase production, whether it be via drilling or

acquisitions. Thereore, junior companies need to deploy their cash

fow careully in order to grow, and they typically need to augment

this with strong access to capital rom equity or debt nancings in

order to be able to keep growing.

FORmULA

current production per share previous production per share

previous production per share

Note: Production per share = average production rate or the period

divided by basic weighted average shares outstanding during

the period.

For the trusts included in this comparison, subsititute shares

or units.

Gas production converted to boe at 6 mc: 1 boe.

ChAngE in PROdUCTiOn PER shARE Q1 2010 TO Q2 2010 (%)mea = 0.1%

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140,210

142,602

144,078153,234

155,091

164,426

197,463

252,069

WildStream

NuLoch

BonterraSecondWave

Renegade

Legacy

Arcan

Monterey

72 962

73,889

97,247

99,025

100,347

111,858

120,899

124,125

136,449

WestFire

Exall

Bowood

Whitecap

BlackPearl

Midway

Novus

PaintedPony

Freehold

61,995

62,238

62,896

66,245

69,769

70,556

72,042

72,834

,

Arsenal

Dejour

Crocotta

Emerge

Angle

DeeThree

Sure

Orion

44,785

45,385

47,392

48,071

51,106

53,786

53,872

57,095

,

Rock

Artek

Cinch

Culane

Bellatrix

Surge

Orleans

Sonde

37,229

38,546

39,121

39,307

40,250

41,554

41,895

43,623

43,946

Waldron

Ironhorse

Yoho

Bellamont

Twoco

Delphi

Vero

Palliser

az

31,134

32,057

33,251

33,957

33,966

34,142

34,365

35,676

36,247

Argosy

Anderson

ProspEx

Petro-Reef

OpenRange

WranglerWest

Cequence

GreatPlains

TwinButte

17,145

18,703

19,416

26,424

29,027

29,083

29,145

0 50,000 100,000 150,000 200,000 250,000 300,000

IntlSovereign

Fortress

Tamarack

Insignia

Seaview

Equal

Terra

production valuationThis chart shows each companys enterprise value (marketcapitalization plus net debt) in relation to its average Q2production levels. The chart does not take into account the valueo land and seismic data or the quality and lie expectancy o oiland gas reserves.

Companies that are high on this chart may be there becauseinvestors deem them to have strong growth prospects,quality long-lie reserves, high feld netbacks, high dividend ordistribution yields, or exceptional management teams. As anindication that these numbers make sense, the company that hasthe highest enterprise value versus production or Q2, monerey,is in the midst o being acquired by an intermediate producer,pengrowh. Companies that are low on this chart may be goodvalue investments with excellent upside potential or investors

who do their homework.

orMula

market capitalization + net debt

avg. production in boe

Notes: Market capitalization = August 31 share price x Q2weighted average basic shares outstanding

Net debt = bank debt + debentures - working capital

For A/B share structure companies, the separate marketprice o B shares is actored into the market capitalization


J

enterpriSe Value VerSuS Q2 proDuction ($ per Boe/D)Md = $51,106 b/d

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25.50

27.35

28.3733.19

33.61

35.31

36.42

41.52

Arcan

Exall

RenegadePaintedPony

Bonterra

WildStream

Freehold

Legacy

19.60

20.83

21.05

21.48

21.99

22.09

22.10

22.28

23.07

O enRan e

NuLoch

WestFire

BlackPearl

Arsenal

Whitecap

IntlSovereign

Midway

Surge

16.01

16.93

17.62

17.76

18.56

19.36

19.48

19.49

Orleans

Vero

Bellamont

Delphi

Rock

Angle

SecondWave

Orion

13.25

13.32

13.99

14.62

14.92

15.01

15.08

15.70

.

Sure

Ironhorse

TwinButte

Artek

Seaview

Yoho

GreatPlains

Culane

10.38

11.43

11.66

11.96

12.27

12.47

12.80

12.86

13.04

Argosy

WranglerWest

Crocotta

Terra

TriOil

Cinch

Anderson

Petro-Reef

qua

6.97

7.61

7.96

9.62

9.63

9.74

9.77

9.90

10.27

Diaz

Palliser

BellatrixInsignia

ProspEx

Waldron

Cequence

Monterey

Dejour

(9.74)

(1.37)

1.02

1.96

5.09

5.53

6.56

(20.00) (10.00) 0.00 10.00 20.00 30.00 40.00 50.00

Novus

Bowood

Twoco

Sonde

Tamarack

DeeThree

Fortress

show me the marginsCompanies near the top o this chart are seeing the mosteconomic beneft rom existing production. Meanwhile, thosenear the bottom have costs that are reducing their margins.

The median cash ow netback this quarter o $14.92 per boe islower than the median o $18.87 per boe or Q1 o 2010. This is areection o lower natural gas prices realized during Q2.

Cash ow is the result o adding back non-cash expenses suchas depreciation and uture taxes to net earnings. Cash ow takesinto account the hard costs o operating as well as general andadministrative costs. It is a measurement that is not defned bygenerally accepted accounting principles (GAAP) in Canada.

orMula

cash ow rom operations

total production in the period

Note: Total production in the period = average daily productionx 91 days in period


Q2 caSH loW netBacK ($/Boe)Md = $14.92/b

8/8/2019 Iradesso Q2 2010

14/52

17.57

17.61

18.71

19.23

19.43

20.64

21.74

27.34

Diaz

Surge

GreatPlainsSecondWave

Culane

Novus

Arsenal

Emerge

15.29

15.76

15.77

15.79

16.23

16.31

16.73

16.91

17.13

Insi nia

TwinButte

WranglerWest

Bowood

TriOil

Fortress

WestFire

Rock

Palliser

14.26

14.28

14.50

14.55

15.00

15.11

15.12

15.28

Bellatrix

Bellamont

IntlSovereign

Cequence

Artek

WildStream

Renegade

BlackPearl

11.98

12.11

12.12

12.40

13.06

13.13

13.38

14.13

.

PaintedPony

Dejour

Arcan

Legacy

Orion

Waldron

Bonterra

Monterey

10.23

10.39

10.44

10.79

11.27

11.29

11.38

11.42

11.48

Sonde

Petro-Reef

DeeThree

Crocotta

Equal

NuLoch

Delphi

Whitecap

ure

7.40

7.59

8.93

9.39

9.45

9.56

9.73

9.89

10.01

Orleans

Argosy

Twoco

ProspEx

Seaview

Terra

Tamarack

Anderson

Vero

3.35

4.16

4.30

4.72

5.70

6.21

7.15

0.00 5.00 10.00 15.00 20.00 25.00 30.00

Ironhorse

Cinch

Freehold

Yoho

OpenRange

Angle

Exall

trying to get more for lessCompanies that do a good job o controlling operating andtransportation costs earn more money rom their production.The ability to be an efcient operator relates to the productivityo wells, the proximity o producing areas, economies o scale,

control over acilities and a companys production methods.Some companies with high operating costs this quarter may beincurring expenses in an operating area that will not increasewhen production increases or the area, showing the potential orimproving economies o scale.

orMula

operating expenses including transportation costs




J

Q2 operating anD tranSportation ex penSeS ( $/Boe)Md = $13.06/b

8/8/2019 Iradesso Q2 2010

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9.66

10.24

11.3413.59

13.61

14.11

16.79

18.73

Bowood

NuLoch

ArgosyRenegade

Sonde

Dejour

Palliser

Novus

6.18

6.24

6.27

6.72

6.78

6.80

7.83

8.72

8.97

Midwa

Fortress

Exall

Ironhorse

Surge

SecondWave

TriOil

Arcan

Orion

5.03

5.10

5.34

5.39

5.41

5.53

5.54

5.80

.

Twoco

Equal

GreatPlains

DeeThree

Culane

Arsenal

Tamarack

Petro-Reef

3.99

4.09

4.13

4.20

4.24

4.26

4.34

4.34

.

Whitecap

Cequence

Terra

Artek

Emerge

Sure

Waldron

Cinch

3.27

3.31

3.38

3.51

3.52

3.54

3.80

3.89

3.95

Insignia

WestFire

Crocotta

WranglerWest

Freehold

Bellamont

Rock

Bellatrix

az

2.42

2.44

2.52

2.54

2.63

2.67

2.69

2.77

3.22

Delphi

ProspEx

OrleansIntlSovereign

PaintedPony

Legacy

TwinButte

Anderson

Angle

1.98

2.03

2.16

2.30

2.35

2.38

2.42

0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 20.00

Vero

OpenRange

Yoho

BlackPearl

Bonterra

Seaview

WildStream

watching overheadGeneral and administrative expenses (G&A) pay or theengineering, geology, accounting, business development andother ofce-related expenses o oil and gas companies. G&Ashould be lower per boe or larger companies because many othese costs are fxed and do not increase with the amount oproduction. A lower amount o G&A per boe is good as long as itisnt at the cost o growth or o meeting the regulatory and legalrequirements o being a public company.

A number o the companies at the high end o this chart hadhigh G&A expenses due to corporate activities over the period.In certain cases, anomolous transaction costs were identifed infnancial statements, allowing us to remove those amounts ortaarack Valley and Surge, who completed recapitalizationsduring the quarter. Savvy investors should take the time tounderstand what is happening that causes expenses to be higherthan peers and whether or not it will translate into growth thatwill reward shareholders.

Non-cash compensation expenses, mostly stock options andother share or unit-based incentives, oten make up a signifcantportion o compensation packages at junior oil and gascompanies. These are not included in this chart.

orMula

general & administrative expenses




Q2 general anD aDMiniStratiVe caSH expenSeS ($/Boe)Md = $4.24/b

8/8/2019 Iradesso Q2 2010

16/52

24.51

24.76

24.85

24.88

25.15

25.23

25.72

25.93

26.15

26.22

27.37

27.44

27.58

27.69

27.89

27.90

28.01

29.12

29.13

29.27

29.29

29.35

29.59

30.30

30.93

32.35

32.60

34.34

36.26

36.81

37.97

43.23

44.99

56.48

Arcan

Freehold

Bellatrix

OpenRange

Midway

WestFire

WranglerWest

Orleans

Insignia

Tamarack

Bellamont

Culane

Whitecap

PaintedPony

Crocotta

Sonde

SecondWave

Anderson

NuLoch

WildStream

TriOil

IntlSovereign

Palliser

Emerge

Diaz

Bowood

Twoco

GreatPlains

BlackPearlArsenal

Petro-Reef

Renegade

Novus

Legacy

10.00

10.86

13.33

14.66

14.97

15.45

15.65

16.21

16.28

17.68

18.30

18.60

19.01

19.11

19.49

19.72

20.18

20.50

20.64

21.00

21.68

22.09

22.73

24.00

24.35

0.00 10.00 20.00 30.00 40.00 50.00 60.00

Bonterra

Exall

Dejour

Terra

Monterey

Ironhorse

DeeThree

Orion

TwinButte

Vero

ProspEx

Yoho

Angle

Waldron

Surge

Fortress

Seaview

Rock

Delphi

Artek

Cinch

Cequence

Equal

Argosy

ure

accounting for the costof inding reservesDepletion, depreciation and accretion expenses (DD&A) maybe considered an approximation o fnding, development and

acquisition costs or oil and gas reserves. DD&A expenses arean ongoing writedown o assets as they are used up. Increasingamounts may mean reserves were more expensive to acquire inthe frst place and as a result are losing value on the companysbooks at a aster pace.

orMula

depletion, depreciation & accretion expenses




J

Q2 Depletion, Depreciation anD accretion expenSeS ($/Boe)Md = $25.15/b

8/8/2019 Iradesso Q2 2010

17/52

9.2

9.5

9.5

9.7

9.9

10.3

10.3

10.3

10.4

10.5

10.5

10.9

10.9

11.5

11.8

12.3

12.8

13.4

13.8

14.8

14.9

15.0

15.7

16.7

17.3

17.6

18.8

21.3

21.6

35.1

70.0

80.0

108.5

OrleansProspEx

WestFire

Cequence

Angle

Orion

PaintedPony

Freehold

Cinch

Tamarack

Waldron

Legacy

WildStream

Emerge

Bonterra

Whitecap

BlackPearl

TriOil

Midway

Crocotta

Sure

Renegade

Palliser

Dejour

Diaz

Bellatrix

NuLoch

Arcan

SecondWave

DeeThreeMonterey

Sonde

Twoco

Bowood

Novus

2.1

4.8

5.3

6.1

6.1

6.4

6.4

6.5

6.6

6.7

6.8

6.9

7.1

7.2

7.3

7.4

7.5

7.7

7.8

7.9

8.2

8.2

8.4

8.5

0.0 20.0 40.0 60.0 80.0 100.0 120.0

IntlSovereign

OpenRange

Seaview

Equal

Bellamont

Surge

Delphi

GreatPlains

Rock

Terra

Vero

Anderson

TwinButte

Yoho

Petro-Reef

Exall

Insignia

Arsenal

Fortress

Ironhorse

WranglerWest

Argosy

Culane

Artek

These two companies had Q2 cash low that was negative or negligiblein comparison to enterprise values and market capitalizations.

a wide range of multiplesWhile the median cash ow multiples dont seem to change allthat much rom one quarter to another, it is normal to see awide range o multiples depending on the markets view o theprospects or each company.

This calculation o annualized cash ow multiples uses theclosing market price on August 31, 2010 combined with Q2 2010weighted average shares outstanding, net debt and cash ow. Thevalues shown on the chart relate to the enterprise value multipleso annualized cash ow denoted by the dark bars. The lighter barsdo not take net debt into account as they are simply a reectiono market capitalization as a multiple o annualized cash ow. Thedierence between the lengths o the two bars shows how muchdebt a company has.

orMulaenterprise value

(cash ow or period x 4)

Note: Enterprise value = (weighted average basic shares xAugust 31, 2010 share price) + net debt

For A/B share structure companies, the separate market priceo B shares is also actored into the market capitalization

Market Capitalization to Annualized Cash Flow

Enterprise Value to Annualized Cash Flow


annualizeD Q2 caSH loW MultipleSes v ad csh w Md = 9.7 Mk c ad csh w Md = 7.7

8/8/2019 Iradesso Q2 2010

18/52

1.5

1.8

1.8

1.9

2.0

2.0

2.0

2.0

2.1

2.1

2.1

2.2

2.2

2.2

2.4

2.5

2.6

2.6

2.7

3.2

3.2

3.3

3.6

3.7

3.8

4.0

4.9

5.3

5.4

5.7

6.1

9.6

Delphi

WranglerWest

Sure

Orleans

Anderson

Vero

Midway

OpenRange

Terra

Dejour

Renegade

Angle

ProspEx

TwinButte

SecondWave

GreatPlains

Cequence

Insignia

Waldron

Arcan

Ironhorse

Culane

Petro-Reef

Bellatrix

Equal

Whitecap

Monterey

Crocotta

ArtekArgosy

Fortress

Diaz

Bowood

Twoco

(9.6)

(3.2)

(2.2)

(1.8)

(1.8)

(1.2)

0.1

0.3

0.3

0.4

0.5

0.6

0.6

0.8

0.8

1.1

1.2

1.2

1.2

1.3

1.3

1.3

1.3

1.4

(15.0) (10.0) (5.0) 0.0 5.0 10.0 15.0

Novus

Sonde

Tamarack

DeeThree

Palliser

BlackPearl

Surge

WestFire

NuLoch

PaintedPony

WildStream

Orion

IntlSovereign

Seaview

Freehold

Cinch

Exall

Bonterra

Arsenal

Emerge

TriOil

Bellamont

Legacy

Rock

o o

Novus has a positive net cash position that isnt shown on this chart because o negativecash low in comparison. The other six companies with negative debt to cash low ratios are

also in good shape with positive cash positions.

debt managementThis measurement compares, in years, how long it wouldtheoretically take to become debt ree i cash low remainedsteady year ater year and it was 100 percent dedicated to payingdown the debt shown at the end o Q2. In times where equitymarkets arent providing capital at a reasonable value, it can beadvantageous or companies to be able to utilize debt to fnancetheir growth. Assuming they are creditworthy, those companieswith less debt may be in the ortunate position o having moreoptions open to take advantage o potential asset-buyingopportunities. Companies with higher debt may not have as manydesirable options.

Companies with negative values on the chart have a positive workingcapital position that they will be able to use to und growth.

orMula

net debt

cash ow or period x 4

Note: Net debt = bank debt + debentures - working capital

Convertible debentures make up a portion o the debtload or Bellatrix, Diaz, Equal, Second Wave, Sonde, Twocoand Whitecap


J

Q2 net DeBt to annualizeD caSH loWMd = 2.0

These two companies had Q2 cash low that was negativeor negligible in comparison to net debt.

8/8/2019 Iradesso Q2 2010

19/52

11.8

12.1

13.8

28.1

33.3

43.7

170.8

Sure

Orleans

BlackPearl

Seaview

DeeThree

Exall

Monterey

2.4

4.2

5.2

5.8

6.7

7.0

8.2

10.2

Freehold

Tamarack

Vero

Rock

SecondWave

Crocotta

Arcan

Bonterra

(6.9)

(6.5)

(5.5)

(4.8)

(4.1)

(3.8)(1.4)

1.5

.

PaintedPon

Delphi

WildStream

Arsenal

Angle

TwinButteWranglerWest

Cinch

o o

(12.8)

(12.1)

(12.0)

(11.6)

(11.1)

(10.1)

(9.6)

(7.4)

NuLoch

IntlSovereign

Waldron

Palliser

Bellatrix

Midway

Anderson

ProspEx

(21.4)

(20.1)

(20.0)

(18.9)

(18.6)

(18.5)

(18.0)

(16.2)

Dejour

Emerge

Diaz

Insignia

Legacy

Terra

Orion

Cequence

(31.4)

(30.7)

(30.3)(29.3)

(26.8)

(25.0)

(24.6)

21.8

Argosy

Renegade

NovusSurge

Twoco

Petro-Reef

Bellamont

OpenRange

(53.1)

(52.3)

(49.0)

(46.3)

(40.5)

(34.3)

.

(100.0) (50.0) 0.0 50.0 100.0 150.0 200.0

Artek

Culane

Fortress

WestFire

Equal

GreatPlains

lacklustre marketFor most juniors, total return (change in share or unit priceplus distributions and dividends) declined during the secondquarter o 2010, recovering slightly in the subsequent twomonths. Overall, median gains o around 14% or juniors inthe irst quarter o 2010 have not been maintained throughthe year.

bowood, Sonde, triOil and Whieca are not included inthis chart as they didnt exist in t he same corporate orm atthe beginning o the period.

orMulacapital gain + total distributions in that period per share or unit

market price at end o the previous period

Note: Capital gain in period = market price at end o period market price at end o previous period

Share price change plus distributions rom April throughAugust 2010

Share price change plus distributions rom April throughJune 2010


Q2 total return - capital gainS anD DiStriButionS or DiViDenDS (%)a hh J Md: 7.0% a hh as Md: 11.1%

8/8/2019 Iradesso Q2 2010

20/52

Shortened

company

name

Chief

executive

Stock

symbol

& exchange

(T=TSX,

V=Venture)

Share

price

August

31/10

($)

Q2/10

average

daily

production

(boe/d)

Q2/10

weighted shares

outstanding

(basic) including

exchangeable &

B shares converted

(000)

June 30/10

net debt before

debentures

($000)

June 30/10

debentures

outstanding

($000)

Q2/10

net income

($000)

Q2/10

cash flow

($000)

Anderson Brian Dau AXL-T 1.03 7,732 172,400 70,284 0 (8,891) 9,004

Angle Gregg Fischbuch NGL-T 6.80 7,290 58,404 111,438 0 (955) 12,845

Arcan Ed Gilmet ARN-V 4.35 1,943 75,029 57,264 0 (992) 4,509Argosy Peter Salamon GSY-T 0.70 1,098 14,995 23,683 0 795 1,037

Arsenal Tony van Winkoop AEI-T 0.80 2,060 134,766 19,886 0 (1,853) 4,121Artek Darryl Metcalfe RTK-V 1.15 1,770 25,488 51,034 0 (1,294) 2,356

Bellamont Steve Moran BMX.A-V 0.52 2,515 150,908 20,814 0 (1,887) 4,032

Bellatrix Raymond Smith BXE-T 3.36 7,671 92,481 34,390 46,906 (10,812) 5,560

BlackPearl John Festival PXX-T 3.05 7,163 268,047 (98,724) )672,01(0 14,003

Bonterra George Fink BNE-T 39.70 5,733 18,730 82,454 0 10,887 17,533Bowood Robert Mercier BWD-V 0.26 528 186,233 2,942 0 (1,616) (66)Cequence Howard Crone CQE-T 1.92 3,197 42,048 29,126 0 (3,751) 2,842

Cinch Sid Dykstra CNH-T 1.36 2,535 81,775 8,942 0 (1,865) 2,878

Crocotta Robert Zakresky CTA-T 1.52 2,448 65,126 54,977 0 (2,935) 2,597

Culane Donald Staus CLN-V 1.16 980 24,520 18,643 0 (819) 1,399

DeeThree Martin Cheyne DTX-V 2.80 714 19,098 (3,133) 0 (550) 359Dejour Robert Hodgkinson DEJ-T 0.33 599 98,698 4,710 0 (344) 560Delphi David Reid DEE-T 2.43 8,035 104,808 79,217 0 (2,742) 12,988

Diaz Robert Lamond DZR-T 0.12 528 85,994 6,357 6,527 (1,112) 335

Emerge Thomas Greschner EME-T 3.18 4,464 82,981 31,803 0 (6,357) 6,412

Equal Don Klapko EQU-T 4.91 9,570 21,935 54,650 115,973 (4,066) 11,357

Exall Frank Rebeyka EE-T 1.02 839 52,154 8,797 0 795 2,088

Fortress Cameron Bailey FEI-T 0.13 1,671 55,295 24,332 0 (39,985) 997Freehold William Ingram FRU.UN-T 16.65 7,655 58,112 76,901 0 9,214 25,367

GreatPlains Stephen Gibson GPX-T 0.34 1,662 109,770 22,520 0 (2,344) 2,280

Insignia Jeffrey Newcommon ISN-T 1.63 2,871 30,660 25,882 0 (4,588) 2,514

IntlSovereign Sharad Mistry ISR-T 0.51 659 16,096 3,092 0 (80) 1,326

Ironhorse Larry Parks IOG-V 0.80 951 27,331 14,799 0 (231) 1,153

Legacy Trent Yanko LEG-T 10.69 5,717 77,442 112,228 0 (7,563) 21,603Midway Scott Ratushny MEL-T 2.95 1,927 62,370 31,577 0 (3,797) 3,908

Monterey Patrick Manuel MXL-T 8.53 1,665 45,765 29,408 0 (1,348) 1,500

Novus Hugh Ross NVS-V 0.76 774 153,288 (22,883) )021,4(0 (686)

NuLoch Glenn Dawson NLR.A-V 1.30 925 101,979 1,915 0 (722) 1,754

OpenRange Scott Dawson ONR-T 1.29 4,053 60,934 59,050 0 (2,495) 7,228

Orion Gary Guidry OIP-T 1.05 4,424 290,668 17,028 0 (99) 7,846Orleans Barry Olson OEX-T 2.60 3,956 65,176 43,641 0 (3,616) 5,763PaintedPony Patrick Ward PPY.A-V 6.70 2,532 55,873 8,592 0 350 7,647

Palliser Kevin Gibson PXL-V 0.76 536 34,368 (2,745) 0 (1,096) 371

Petro-Reef Theodore Donhuysen PER-V 0.35 794 39,210 13,446 0 (1,789) 930

ProspEx John Rossall PSX-T 1.37 3,086 57,385 24,006 0 (1,900) 2,704Renegade Michael Erickson RPL-V 2.87 936 43,384 20,705 0 (2,001) 2,417Rock Allen Bey RE-T 4.36 3,720 30,591 33,230 0 (601) 6,283Seaview Michael Wuetherick CVU.A-V 1.14 3,221 76,006 11,230 0 (1,840) 4,374

SecondWave Colin Witwer SCS-V 2.72 1,417 70,802 20,686 3,890 (1,578) 2,512

Sonde Marvin Chronister SOQ-T 2.97 2,892 62,296 (35,682) 15,771 (17,663) 516

Sure Jeffrey Boyce SHR-T 1.04 771 46,849 6,797 0 (951) 929

Surge Dan O'Neil SGY-V 5.20 2,258 27,589 (22,006) )515,7(0 4,740Tamarack Brian Schmidt TVE-V 0.25 737 74,640 (4,347) )001,3(0 342Terra Cas Morel TT-T 1.32 6,531 98,920 59,765 0 (1,741) 7,105

TriOil Russell Tripp TOL-V 3.75 1,439 20,762 8,050 0 (2,372) 1,606

TwinButte Jim Saunders TBE-T 1.26 6,489 128,153 73,741 0 (1,739) 8,261

Twoco Wayne Malinowski TWO-V 0.21 736 14,941 18,355 8,213 (1,623) 68

Vero Douglas Bartole VRO-T 6.11 9,010 43,472 111,875 0 574 13,879Waldron Ernie Sapieha WDN-V 1.98 2,043 28,620 19,402 0 (1,791) 1,810

WestFire Lowell Jackson WFE-T 4.66 2,373 36,759 1,855 0 (842) 4,546

Whitecap Grant Fagerheim WCP-V 0.41 964 157,989 21,014 9,671 (712) 1,938

WildStream Neil Roszell WSX-V 6.35 1,744 36,938 9,923 0 405 5,602

WranglerWest Steven Johnson WX-V 3.55 853 6,441 6,264 0 (945) 888

Yoho Brian McLachlan YO-V 2.68 2,270 26,545 17,676 0 (1,094) 3,102TOTAL )879,361(059,602778,035,1676,571 283,871AVERAGE 2,978 72,035 25,947 29,564 (2,779) 4,811

MEDIAN 2,060 58,112 20,686 9,671 (1,739) 2,704

For A/B share structures, B shares arenot shown above, but are included in thecalculations or some o our charts. When wecalculate market capitalization, we use the Ashares outstanding times the A share price,plus the B shares outstanding times the Bshare price.

Eastern Canada-ocused juniors(including Queserre , who was includedin previous comparisons), coalbedmethane-ocused junior companies, andoil sands-ocused junior companies arenot included in this comparison.

Coass peroleu is not included in thecomparison as results have yet to be releasedor the quarter and year ended June 30, 2010.Compass began trading on May 31, 2010 withproduction o 795 boe/d or its third quarterperiod ended March 31, 2010.

Yohos year end is September 30. As such,Yohos third quarter ended June 30, 2010 isused to compare with the second quarter orother companies.

Data provided by Canoils database andBMIR researchers.


J

Junior Data taBle

8/8/2019 Iradesso Q2 2010

21/52

For more information, please contact the Calgary ofce at 403-269-6003 www.canoi ls .com

CANOILS

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Future Enhancements: Assets Database: Provides reserves/production and drilling data based on a by

company basis as well as a by feld/zone/pool etc. Launch date beginning o October 2010!

Greenhouse Gas Emissi ons: As reported by Alberta Canada, annual greenhouse

gas emissions will be available by oil sands project. Variables rom this data will include

CO2 per barrel produced or in-situ, mining and upgrading projects. Estimated coverage

included in our database is Q3 2010.

Cold Flow Product ion: This is heavy oil production rom oil sands leases, as classifed

by the Albertan Energy Resources Conservation Board (ERCB). Estimated coverage o this

production into our database is Q1 2011.

Financia l and Operat ing Analys is

of Canadian Oi l & Gas Companies

CanOils gives you the edge in discovering actionable opportunities in Canadian oil and gas. Fast, accurate,

complete annual and quarterly data and analysis transorms your ability to analyse and compare the perormance

o Canadas exploration andproduction companies. Additional modules track the deal metrics on allM&AaectingTSX or TSX-V listed E&P companies as well as project and company coverage in the complex Oil Sands sector.

Execut ive Compensat ion 2009Available in October!

An example snapshot of t he analys is

you can draw from t he CanOi ls Key

Personnel Modul e:

In 2009, Named Executive Ofcers o TSX-listed

companies received $485 million in compensation.

O this, 23% or $109 million was paid in cash, 49% in

options or shares and 16% in bonuses.

The average compensation paid to a CEO o a Junior

Producer1 was $750,000, compared to $1.9 million or

an Intermediate Producer2.

Directors received $91 million in compensation,

comprised o $29 million in ees, $48 million in options

or shares and $14 million or other reasons.

1 Analysis o 51 TSX-listed E&P companies, with productionless than 10,000 boe/d.

2 Analysis o 29 TSX-listed E&P companies with productionbetween 10,000 and 100,000 boe/d.

0

50

100

150

200

250

Company

5

Company

1

Company

2

Company

3

Company

4

Fees Options Share Awards

Typical Direct or s Compensat ion

CDN$

Thousand

s

Use CanOils

Key Personnel Module t o:

View and track changes in the Management

and Board o Directors o companies

Access detailed analysis o Executive

and Director compensation

Value or Money metrics

See what other Boards each Director sits on

8/8/2019 Iradesso Q2 2010

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This company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.

Focus of Operations

HIGH-IMPACT OIL RESOURCE FOCUSED INVENTORY

Listing: TSX-AEIShares outstanding: 134.2 million at June 30, 2010

August 31, 2010 share price: $0.80

Market capitalization: $107 million

Net debt: $20 million

Enterprise value (market cap. + net debt): $127 million

Q2 2010 average daily production:

Crude oil and NGLs 1,695 bbls/d 82%

Natural gas 2.2 mmcf/d 18%

Total 2,060 boe/d 100%

Cash fow netback:

Peer Median

14.92

AEI $21.99

-$50 $50

Strategies: Managementhassoldnon-coreassetsandrefocusedArsenal

Oilweightedexplorationandproductionwithbothlight&heavyoilassets

75%oilweightingbyproduction,85%oilweightingbyreserves

OilcashowenginefundsBakkenDevelopment

OnlyCanadianjuniorwithkeyacreageincoreNorthDakotaBakkenresourceplay

Multi-year,lowrisk,drillinginventoryincludingBakken,ThreeForks,PrincessandEvi

Currentlytradingbelowitspeergroup

from Arsenal August 2010 corporate presentation

il

G

Recent News:August 11, 2010Arsenal Energy releases Q2 results

May 31, 2010ArsenalEnergyreleasesupdateonNorthDakotaBakkenProgram

May 27, 2010Arsenal Energy announces Normal Course Issuer Bid

May 20, 2010ArsenalEnergyannouncessuccessfulThreeForkswellatLindahl,NorthDakota

Contact:1900, 639-5th Avenue SWCalgary,AlbertaT2P0M9

tel 403.262.4854

[email protected]

Analyst Coverage:WellingtonWestCapitalMarkets

OcersTonyvanWinkoop-President&CEO

J.PaulLawrence-VP,Finance&CFO

RonForth-VP,Engineering

JayLaForge-VP,Production

GjoaTaylor-VP,Land

GregKaidannek-ChiefGeophysicist

Wade Hansen - Chief GeologistLeoNolte-VP,Drilling

DirectorsNeil MacKay - ChairmanBillPowers

TonyvanWinkoop

WilliamHews

CurtisStewart

Harley Kempthorne

EviSoutheast Alberta

Central Alberta

NorthDakota

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Focus of Operations

HIGH-IMPACT EXPLORATION, DEVELOPMENT OPPORTUNITIES

Listing: TSX-DEEShares outstanding: 117.2 million at June 30, 2010









Cash fow netback:

Peer Median

$14.92

DEE $17.76

-$50 $50

Strategies:Delphi is well-positioned for organic growth with a large inventory of development

opportunities complemented by a high-impact exploration program:

Disciplinedeldcapitalprograminternallygeneratedandprotectedthroughactive

commodity hedging program

Operatorshipandownershipofinfrastructure,production,capitalandlands

Complementaryconventionalmulti-zonedeepbasinassetbase

Focusedongrowththroughthedrillbitcomplementedwithstrategicacquisitions

within core areas

from Delphi website

il

G

Recent News:July 28, 2010Delphi reports record production of 8,035 boe/dforsecondquarter2010

June 3, 2010Delphi announces closing of $30.25 million

equityoffering

May 27, 2010Delphi announces increased credit facility

Contact:300, 500 4 Avenue S.W.

Calgary, Alberta T2P 2V6

tel 403.265.6171

[email protected]

www.delphienergy.ca

Analyst Coverage:Acumen Capital Partners

Canaccord GenuityGMP Securities

MacquarieCapitalMaison Placements Canada

National Bank Financial

Peters & Co.RBC Capital MarketsThomas Weisel Partners

Wellington West Capital Markets

OcersDavid Reid - President & CEOTony Angelidis - Sr VP, Exploration

Brian Kohlhammer - VP, Finance & CFOHugo Batteke - VP, Operations

MichaelKaluza-COO

Michael Galvin - VP, Land

Rod Hume - VP, Engineering

DirectorsTony Angelidis

Harry CampbellRobert Lehodey

Stephen MulherinAndrew Osis

David ReidDavid Sandmeyer

Lamont Tolley

East CentralAlberta Region

North WestAlberta Region

North EastBritish ColumbiaRegion

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Focus of Operations

RELAUNCHED AND READY

Listing: TSX-EQU, NYSE-EQUShares outstanding: 21.9 million at June 30, 2010


Market capitalization: $107.5 million

Net debt: $55 million + $116 million debentures

Enterprise value (market cap. + net debt): $278.5 million





Cash Flow Netback:

Peer Median

$14.92

EQU $13.04

-$50 $50

Strategies:Enterra Energy Trust became Equal Energy Ltd effective June 1, 2010. This name waschosen to represent the balanced approach to asset development, nancial responsibility

and strategic corporate direction. Internally, Equal is continuing with the transition to agrowth oriented exploration and production model.

The 2010 Equal Energy business plan priorities are to:

Proveupgrowthorientedliquids-richresourceplaysthroughthedrillbitand minor acquisitions

Improveoverallbalancesheet

Continuetoimproveoperationalandcapitalefciencies Continuetobuildmarketcondenceandafollowing

from Equal Energy 2009 Annual Report and Q1 2010

il

G

Recent News:August 13, 2010Equal announces increase to capital budget - second half

drilling activity accelerated

August 13, 2010

Equal updates Q2 2010 nancial and operating results

August 12, 2010

Equal adds new director

Contact:2700, 500 - 4th Avenue S.W.

Calgary,AlbertaT2P2V6

tel 403.263.0262

toll free 877.263.0262

[email protected]

Analyst Coverage:Jennings Capital

WellingtonWestCapitalMarkets

OfcersDonKlapko-President&CEO

JohnReader-SrVP,&COO

JohnChimahusky-SrVP,&COO,U.S.Operations

ShanePeet-SrVP,Engineering

MarkRupert-VP,U.S.Operations

RichardDixon-VP,Land,U.S.Operations

PeterLetizia-VP,ProductionforCanadaTerryFullerton-VP,CanadianExploration

DirectorsJohn BrussaPeterCarpenter-Chairman

Michael DoyleVictorDusik

Roger GiovanettoBrian Illing

DonKlapko

formerly Enterra Energy Trust

VikingTrend

PekiskoTrend

Circus Trend

Hunton Trend

CardiumTrends

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Focus of Operations

CRUDE OIL FOCUS AT MITSUE, MARTEN MOUNTAIN, AB

Listing: TSX-EEShares outstanding: 52.2 million at June 30, 2010






Crude oil and NGLs 729 bbls/d 87%


Total 839 boe/d 100%

Cash fow netback:

Peer Median

$14.92

EE $27.35

-$50 $50

Strategies:The Corporation will enhance shareholder value through exploration and developmentand selective acquisition opportunities.

Exall Energy is expected to increase its oil production as a result of the recent Marten

Mountain discovery made during the 2010 winter drilling program, and a disciplinedcapital program focused on developing light sweet crude opportunities and existing good

production practices and pool optimization strategies.

The scal 2010 capital budget of $22.1 million is focused on Mitsue / Marten Mountain

light oil projects. Eight wells are to be drilled in the area during the year, of which four

were already drilled by mid-August.

from Exall Energy Corporation website and August 2010 presentation

il

G

Recent News:August 13, 2010Exall announces new well owing 450 barrels per dayon three day test

August 11, 2010Exall announces Q2 2010 results with year-over-yearproduction increase of 234 percent

July 28, 2010Exall announces results of June 30, 2010 reserves update

including 930.4 Mboe addition to total proved reserves

Contact:400, 715 - 5th Avenue S.W.Calgary, Alberta T2P 2X6

tel 403.237.7820

www.exall.com

Analyst Coverage:

nil

OcersStephen Roman - Executive ChairmanFrank Rebeyka - Vice Chairman & CEO

Roger Dueck - President & COOWarren Coles - VP, Finance & CFO

Glen Kerr - VP, Operations

DirectorsStephen Roman

Frank RebeykaRoger Dueck

Wayne EganBernard Lang

Allan MenziesRoderick Phipps

Mitsue

Aitken Creek

Bow Island

Jayar

Harris County

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Focus of Operations

VIKING FOCUS, BUILDING THROUGH TRANSACTIONS

Listing: TSXV-NVSShares outstanding: 165.6 million at June 30, 2010



Net debt: nil, $23 million of working capital






Cash fow netback:

Peer Median

$14.92

NVS -$9.74

-$50 $50

Strategies:Novus strategy is to target high-impact growth through acquisitions in highnetback properties, combined with organic growth through the drill bit. Under a newmanagement team, the companys name was changed to Novus Energy Inc. in mid 2009,and a new growth strategy was put in place targeting:

Lightoilresourceplayswithsignicantoriginaloil-in-place

Applicationofhorizontalmulti-stagefracturetechnologytoexponentiallyincreaseoil recovery

Focusonwelldelineated,lowgeologicalriskreserves

Landstopossesslargeaerialextenttosupportlarge-scale,repeatabledrillingprograms

from Novus website

il

G

Recent News:September 9, 2010Novus announces normal course issuer bid

August 27, 2010Novus announces second quarter 2010 results

July 8, 2010Novus announces operational update and closing ofacquisition in its Dodsland Saskatchewan core area

June 2, 2010Novus announces successful closing of previouslyannounced acquisitions

Contact:1200,520-5thAvenueS.W. Calgary,AlbertaT2P3R7

tel 403.263.4310

[email protected]

Analyst Coverage:Canaccord GenuityClarus SecuritiesCormark SecuritiesHaywood SecuritiesGMPSecuritiesJacob SecuritiesJennings CapitalMackie Research CapitalRaymond JamesStifel Nicolaus

OcersHughRoss-President&CEO

KetanPanchmatia-VP,Finance&CFO

GregGroten-VP,Exploration

JulianDin-VP,BusinessDevelopment

JackLane-VP,Operations

DirectorsMichael HalvorsonHarry KnutsonAlKroontje

Bruce MacdonaldLarry MahHugh Ross

Dodsland (Viking) Roncott

Wembley

Wapiti

Rocanville

Garrington

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Focus of Operations

LARGE OIL PLAYS, JUDY CREEK FOCUS

Listing: TSXV-SCSShares outstanding: 70.9 million at June 30, 2010



Net debt: $21 million + $4 million debentures






Cash Flow Netback:

Peer Median

$14.92

SCS $19.48-$50 $50

Strategies: Fastgrowththroughthedrillbit

Utilizeresourceplaypotentialofproperties

Highworkinginterestsandoperatorshipincoreareas

Exploitmulti-zonepotentialonsignicantlandbase

Strengths: Experiencedmanagementteamwithspecialtiesinpropertyareas

andhorizontaldrilling

Largedrillinginventoryofbothhighimpactexplorationwellsandlowerrisk

developmentwells Yearroundaccesswithfacilitiesandservicesavailable

from Second Wave website

il

G

Recent News:August 27, 2010SecondWavereportsnancialandoperatingresultsfor

the three months ended June 30, 2010

July 20, 2010Second Wave announces closing of 27 million bought deal

equitynancingandupdateonfracresultsinJudyCreekJune 28, 2010Second Wave announces $27 million bought deal equitynancing

Contact:1700, 520 - 5th Avenue S.W.

Calgary, Alberta T2P 3R7

tel 403.451.0165

[email protected]

www.secondwavepetroleum.com


GMP SecuritiesWellingtonWestCapitalMarkets

OfcersColinWitwer-President&CEO

RandyDenecky-VP,Finance&CFODouglasHibbs-VP,Exploration

Randy Bergmann - VP, LandDevery Neumann - VP, Operations

KellyNovakowski-Controller

DirectorsBrianBaker

NeilBokenfohr

DonaldFoulkes

Robert Goods

Jim ReidAlan Steele

ColinWitwer

BattleCreek

ProvostJudyCreek

Tableland

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Focus of Operations

STRATEGIC ACQUISITIONS, HIGH NETBACK LIGHT OIL PLAYS

Listing: TSXV-SGYShares outstanding: 31.1 million at June 30, 2010









Cash fow netback:

Peer Median

$14.92

SGY $23.07

-$50 $50

Strategies: Target per share growth via acquisitions with a focused exploitation, development and

exploration plan

Build an oil and liquids rich natural gas resource base through the identication and

capture of new and emerging resource plays

Continue to position Surge in early stage oil resource plays

Optimize base production and exploit signicant undeveloped land base

Apply teams expertise, experience, and proven track record to build core areas with:

Large scalable reserves Signicant undeveloped land

Available infrastructure Multi-zone potential Operatorship All-season access

il

G

Recent News:August 26, 2010Surge announces second quarter 2010 results

July 21, 2010Surge announces stock option grants

July 20, 2010Surge announces increase in bank l ine and closing of

previously announced acquisition

July 12, 2010Surge closes previously announced PrivateCo-1 acquisitio

and acquires additional unit interest at Waskada in

southwest Manitoba

Contact:2300, 635 - 8th Avenue S.W.Calgary, Alberta T2P 3M3

tel 403.930.1010

[email protected]

Analyst Coverage:Cormark SecuritiesFirstEnergy Capital Corporation

GMP SecuritiesMacquarie Equities Research

National Bank FinancialWellington West Capital Markets

OcersDan ONeil - President & CEOMax Lof - CFO

Dan Brown - COOMalcolm Adams - VP, Corporate Development

Margaret Elekes - VP, LandKevin Angus - VP, Exploration

DirectorsPeter Bannister

Paul Colborne - ChairmanColin Davies

Robert LeachKeith Macdonald

Dan ONeilJames Pasieka

Murray Smith

Southern Alberta

Western Alberta

Central Alberta

Manitoba

iQsNAPsHOT

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Focus of Operations

TARGETED ASSETS, SUSTAINABLE CORPORATE GROWTH

Listing: TSXV-TVEShares outstanding: 123.4 million at June 30, 2010









Cash fow netback:

Peer Median

$14.92

TVE $5.09

-$50 $50

Strategies:Tamarack Valley is focused on the identication, evaluation and operation of resourceplays, using a rigorous, proven modelling process to carefully manage risk and identify

growth opportunities. This strategic play model targets:

Longlifereserves

Horizonsthatarerepeatableandhavelargescope

Focusonriskminimization

from Tamarack Corporate Presentation August 2010

il

G

Recent News:August 30, 2010Tamarack Valley les Q2 2010 report

June 24, 2010Tamarack Valley announces stock option grant

June 17, 2010Tango completes business combination with private

companies, changes to management team and changes

name to Tamarack ValleyMay 25, 2010Tango announces conditional approval by TSXV andamended amalgamation agreement

Contact:1800, 407 - 2nd Street S.W.

Calgary, Alberta T2P 2Y3

tel 403.263.4440

[email protected]

www.tamarackvalley.ca


OcersBrian Schmidt- President & CEO

RonHozjan-VP,Finance&CFO

LewHayes-VP,Production&Operations

Niels Gundesen - VP, EngineeringKen Cruikshank- VP, Land

DirectorsFloyd PriceAnthony Lambert

Dean Setoguchi

DavidMackenzie

John Gunn

Brian SchmitdtRonHozjan

Inga

Wilder

Ansell

Hanlan

Ferrier

Harmattan

Lochend

Quaich

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Focus of Operations

STRONG ASSETS, GEOTECHNICAL EXPERTISE

Listing: TSX-TTShares outstanding: 99 million at June 30, 2010









Cash Flow Netback:

Peer Median

$14.92

TT $11.96

-$50 $50

Strategies:Over the past year, Terra Energy has focused on building a strong asset base

a high-quality, long-life reserve, production and cash ow base through landacquisitions, seismic data interpretation, and exploration and development drilling.

Terras dened business strategies are as follows:

Consistent growth in per share value

Manage and minimize risks

Both strategic and opportunity driven

Awareness of the time value of assets

Keen sense of stewardship from Terra website and August 2010 Corporate Presentation

il

G

Recent News:September 1, 2010Terra closes Square Creek asset acquisition

August 30, 2010Terra announces normal course issuer bid

August 5, 2010Terra Attributes 13 mmcf/day horizontal Montney test

to best use of technologies and science

Contact:970, 333 - 7th Avenue S.W.Calgary, Alberta T2P 2Z1

tel 403.699.7777

[email protected]


GMP Securities

Dundee SecuritiesMackie Research Corporation

Scotia Capital

OfcersCas Morel - President & CEO

Bud Love - VP, Finance & CFO

Tim Beatty - EVP, B.C. Operations

Tony Sabelli - EVP, AB & SASK Operations

John Behr - VP, Exploration

Graham Collins - VP, Production

Gord Oliver - VP, ExploitationYvonne Frame-Zawalykut - Controller

Jan Campbell - Corporate Secretary

DirectorsTed Anderson

Ralph Evans

Colin MacDonaldCas Morel

Robert PennerJames Wong

Brian Yaworski

Northeastern BritishColumbia and PeaceRiver Arch Region

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intermediateoil & gas companies

c o M p a r i S o n

INCLUSION CRItERIA

Primary business must be oil and gas exploration, development and production

Q2 2010 production must fall between 10,000 and 100,000 barrels of oil equivalent per day (boe/d)

Majority of production must be from Western Canada

Must be publicly traded on the TSX or TSX Venture Exchange


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43,520

44,104

54,915

65,855

66,208

75,517

84,909

ProgressBaytex

CrescentPoint

Bonavista

ARC

Pengrowth

Enerplus

24,087

25,365

28,512

29,609

31,950

42,263

42,273

Trilogy

Advantage

NuVista

NAL

Perpetual

PetroBakken

Daylight

12,357

12,787

15,394

16,222

18,029

19,409

22,202

Birchcliff

Paramount

Fairborne

Galleon

Celtic

Compton

Peyto

10,050

,

0 25,000 50,000 75,000 100,000

Zargon

74

77

80

84

84

87

100

Paramount

Celtic

Trilogy

Compton

Peyto

Progress

Perpetual

6063

70

71

72

72

73

BonavistaCrew

Galleon

Advantage

Birchcliff

Fairborne

NuVista

18

21

43

49

51

53

58

PetroBakken

Baytex

Zargon

Pengrowth

NAL

ARC

Enerplus

11

0 10 20 30 40 50 60 70 80 90 100

CrescentPoint

sizing up the peersThis iQ Report defnes intermediate oil and gas companies as those with production rom 10,000boe/d to 100,000 boe/d. In order to produce a relevant peer group, we restrict the intermediate categoryto companies and trusts with conventional oil and gas development and production as their primarybusiness, with the majority o their production in Western Canada, and with their shares or units tradedon the TSX or TSX Venture Exchange. Junior and emerging companies are eatured in sectionsbeginning on pages 5 and 48 respectively. Senior producers, with production in excess o 100,000

boe/d, are not included in this report.

There is only one dierence between the companies in our Q2 2010 comparison and our previous iQReport in Q1 2010. Ieraion Energy has een reoved ro he lis aer eing acquired ySor Venures Inernaional on June 29, 2010 o or a new inerediae coany oil and gasexlorer called Chinook Energy. Chinook sared o rade on he tSX on July 6, 2010.

See our wheeling and dealing section on page 4 or a list o recent transactions.

gas is where its atThe median natural gas weighting oWestern Canadas intermediate oil and gasplayers returned to 69.5% in the secondquarter o 2010 ater a dip to 66.1% in the

frst quarter o the year.The growth strategy o most intermediatescontinues to be ocused on oil, suggestingthat the dependence on natural gas islikely to decline again as the intermediatesintegrate new assets into their portolios.

Oil and natural gas are made comparableby converting natural gas rom thousands ocubic eet (mc) to barrels o oil equivalent(boe) at a ratio o 6:1. I n the current market,oil is priced at 3.2 times the comparableprice o natural gas. This suggests an oil priceo about $23 per bbl or parity with currentgas prices, or, conversely, a natural gas priceo about $12 per mc.


Q2 2010 proDuction (Boe/D)Md = 28,512 b/d

Q2 proDuction Mix natural gaS WeigHting (%)Md = 69.5%

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7.5

7.7

9.2

11.3

12.6

18.7

24.1

Peyto

Paramount

Perpetual

Fairborne

Advantage

Birchcliff

Progress

0.2

0.2

1.6

3.8

4.2

4.4

5.0

6.3

NuVista

Enerplus

Baytex

Galleon

Celtic

Trilogy

Bonavista

Daylight

(2.0)

(1.9)

(1.7)

(1.5)

(0.1)

(0.1)

(0.0)

CrescentPoint

PetroBakken

NAL

ARC

Pengrowth

Zargon

Compton

(19.7)

(25.0) (20.0) (15.0) (10.0) (5.0) 0.0 5.0 10.0 15.0 20.0 25.0 30.0

Crew

3.7

3.9

7.4

11.3

11.3

12.4

18.3

Galleon

Celtic

Paramount

Zargon

Fairborne

Advantage

Birchcliff

(0.0)

0.0

0.1

0.2

0.8

2.8

3.7

Compton

Enerplus

NuVista

Bonavista

Baytex

Trilogy

Peyto

(10.0)

(6.4)

(4.4)

(3.5)

(2.7)

(2.1)

(2.0)

0.4

PetroBakken

NAL

CrescentPoint

Progress

Daylight

Perpetual

ARC

engrow

(20.9)

(25.0) (20.0) (15.0) (10.0) (5.0) 0.0 5.0 10.0 15.0 20.0 25.0

Crew

production growthOverall production continues to climb. In the second quarter o2010 the median intermediate oil and gas company increased itsoverall production by 4% ater increasing production by 3% inthe frst quarter o 2010. This compares with declines in 2009 o2% in the frst quarter, 1% in the second quarter and 4% in thethird quarter.

There are a variety o reasons why a companys productionuctuates rom quarter to quarter. I no eort were made bya conventional oil and gas company to stabilize or increaseproduction, its production would naturally decline at ratesvarying rom 20 percent to 30 percent per year depending on itscommodity mix, depth o wells and age o assets.

While the astest way to increase production is by making anacquisition, companies can also maintain or increase production

by drilling wells and conducting feld optimization.

orMula

current period avg. production previous period avg. production

previous period avg. production

Note: Gas production converted to boe at 6 mc: 1 boe

holding steadyWhile each companys overall production increased 4% onaverage in the second quarter o 2010, production on a per sharebasis did not change. This means issuers unded most o thegrowth in production by issuing new shares or units. The abilityto maintain production on a per share basis is a noteworthyachievement compared with the second quarter o 2009 whenthe average intermediate reported a decline in production pershare o 5.6% relative to the previous quarter. At that time, onlyfve o the 25 intermediates were able to increase productionon a per share basis rom the frst quarter to the second quarter.

By comparison, 13 o the 23 intermediates managed thisachievement in the second quarter o 2010.

orMula

current production per share previous production per share

previous production per share

Note: Production per share = average production rate orthe period divided by basic weighted average sharesoutstanding during the period.

For the trusts included in this comparison, substituteshares or units.

Gas production converted to boe at 6 mc: 1 boe.

cHange in proDuction Q1 2010 to Q2 2010 (%)Md = 4%

cHange in proDuction per SHare Q1 2010 to Q2 2010 (%)Md = 0.1%


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95,128

100,467

108,928

110,776

118,323

120,266

159,937

Peyto

Baytex

Paramount

Birchcliff

Crew

PetroBakken

CrescentPoint

61,279

63,713

63,949

67,591

67,682

72,597

86,770

Enerplus

Trilogy

Celtic

NAL

Progress

Bonavista

ARC

36,853

43,039

47,151

53,955

53,976

57,811

59,839

Perpetual

Fairborne

NuVistaPengrowth

Zargon

Advantage

ay g

25,617

,

0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000

Galleon

22.79

23.68

24.77

25.43

27.19

36.6440.62

Peyto

NAL

Pengrowth

ARC

Baytex

CrescentPointPetroBakken

18 87

19.5919.76

20.80

20.96

21.19

21.70

22.47

Crew

FairborneAdvantage

Celtic

Zargon

Birchcliff

Bonavista

Enerplus

11.37

13.28

14.94

15.57

18.39

18.54

18.65

.

Perpetual

Progress

NuVista

Trilogy

Galleon

Daylight

Paramount

0.21

0.00 10.00 20.00 30.00 40.00 50.00

Compton

living on the marginDespite all that has happened over the past year, the median cashow netback in Q2 2010 o $20.80/boe is almost unchangedrom the median cash ow netback o $20.24/boe reported in Q22009. These netbacks are well below the heights reached in 2008,when the median intermediate reported a cash ow netback orthe second quarter o $37.43/boe.

Cash low netbacks are equivalent to sales margins. Theyindicate how much cash low a company generates rom eachbarrel o oil equivalent (boe) o production. Companieswith higher netbacks may have a bett er chance o thrivingduring periods o lower commodity prices when higher costproduction may be uneconomical.

orMula

cash ow rom operations


Notes: Total production in the period = Average daily productionx 91 days in the period

value per barrel

This graph shows each intermediate companys enterprise value perowing barrel o oil equivalent per day (boe/d) o Q2 production.Enterprise value is calculated by multiplying the share or unitprice on August 31, 2010 by the weighted average number oshares outstanding during Q2 beore adding debt and debenturesoutstanding net o working capital at the end o the quarter.

A high number means the markets are placing more value on theproduction o a particular company, perhaps or reasons suchas long lie reserves, a higher proportion o oil to gas, high feldnetbacks, or perceived strong production growth prospects.

The Q2 2010 median value was $63,949/boe, almost identicalto the median enterprise value o $63,388/boe reported in theprevious quarter and much higher than the median value o$51,279/boe reported in the second quarter o 2009.

orMula

market capitalization + net debt

average production in barrels o oil equivalentNote: Market capitalization = August 31 share price x Q2

weighted average basic shares outstanding

Net debt = bank debt + debentures - working capital

For A/B share structure companies, the separate market priceo B shares is also actored into the market capitalization


enterpriSe Value VerSuS Q2 proDuction ($ per Boe/D)Md = $63,949/b

Q2 caSH loW netBacK ($/Boe)Md = $20.80/b

8/8/2019 Iradesso Q2 2010

35/52

12.48

12.75

12.91

13.22

13.41

13.51

22.10

CrescentPoint

ARC

Zargon

Pengrowth

Paramount

Crew

Baytex

10.64

10.67

10.7

Iradesso Q2 2010

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Transcript of Iradesso Q2 2010