Oil Monitor - OilBarrel

Oil Monitor 

In this edition 

Commodities 1 

Mediterranean Oil & Gas (MOG LN) 4 

MEO Australia (MEO AU) 4 

San Leon Energy (SLE LN) 4 

Global Energy Development (GED LN) 4 

Gold Oil (GOO LN) 5 

Nighthawk Energy (HAWK LN) 5 

Ascent Resources (AST LN) 5 

Falkland Oil & Gas (FOGL LN) 5 

Bahamas Petroleum (BPC LN) 6 

Jupiter Energy (JPRL LN) 6 

Kea Petroleum (KEA LN) 6 

Borders & Southern Petroleum (BOR LN) 6 

Exploration & Production 8 

Exploration 17 

Integrated Majors 30 

Refiners 32 

Disclaimer: Important Information 32 

Data watch 

Indices 

Index Close Change 

FTSE All share 3,020 -35.2 

O&G 8,103 -74.0 

Dow 13,486 -111.0 

S&P 1,447 -13.1 

O&G 497 -4.3 

EuroStoxx 271 -4.8 

O&G 342 -6.1 

Source: Bloomberg & Fox-Davies 

For further information, 

please contact: 

Research: +44 20 3463 5030 

Sales: +44 20 3463 5050 

www.fox-davies.com 

28 September2012 

This is a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the 

dissemination of investment research. Non-US research analysts who have prepared this report are not registered/qualified as research analysts with FINRA, may not be associated persons of the member organisation and may not be 

subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Disclosures can be found at the end of the report. 

Fox-Davies Capital 

Commodities 

Commodity Close Change Chart 

Crude 

BFO ($/bbl) 

WTI ($/bbl) 

Crude Futures 

BFO ($/bbl) 

WTI ($/bbl) 

Gas 

Henry ($/mcf) 

NBP (p/therm) 


Currency 

113.4 

90.0 

103.8 

91.4 

3.02 

59.3 

1.6 (1.4%) 

0.0 (0.0%) 

1.8 (1.7%) 

0.2 (0.2%) 

0.26 (9.4%) 

-1.9 (-3.1%) 

125 

115 

105 

95 

85 

75 

3 Month Performance ($/bbl) 

125 

115 

105 

95 

85 

Forward Curve (33 rd month) 

12 

10 

8 

6 

4 

2 

- 

Gas price ($/mm btu) 

Currency Close Change 3 Month Performance 

USD/GBP ($/£) 1.622 1d -0.002 

1m 0.039 

3m 0.069 

USD/EUR ($/€) 1.294 1d -0.004 

1m 0.037 

3m 0.049 

YEN/USD (¥/$) 77.7 1d -0.5 

1m -0.9 

3m -1.8 


1.64 

1.60 

1.56 

1.52 

1.32 

1.28 

1.24 

1.20 

82 

80 

78 

76 

WTI BFO 

WTI BFO 

NBP Henry Hub 

1


Oil Market 

Crude oil 

US crude inventories (see below) declined by 2.4mm bbl 

to 365.2mm bbl, led by 2.3mm bbl/d decline in imports 

which stood at 7.6mm bbl/d. 

Crude Inventories (m bbl) 

400 

375 

350 

325 

300 

275 

Source: EIA, Bloomberg & Fox-Davies 

However crude inventories are still in surplus of 24.2mm 

bbl (7%) above last year. Total products supplied over 

the last four-week period have averaged 18.4mm bbl/d, 

down 3.4% y/y. Oil prices rose latter in the week on 

positive economic from the U.S. and concerns about 

disruption in oil supplies due to rising tensions between 

Iran and Western countries including Israel. 

Oil Price ($/bbl) 

Source: Bloomberg & Fox-Davies data 

In the U.S., home prices recorded strongest year-to-date 

gains since 2005, climbing 5.9% through July signaling 

steady recovery in housing market. 

Oil prices have received further support from Spain as it 

pledged to cut its high deficit to ease Europe’s debt 

crisis. Spain announced its fifth austerity package under 

which it plans to reduce its deficit to 4.5% next year from 

8.5% currently. 


365,180 

250 

Sep Nov Jan Mar May Jul Sep 

150 

125 

100 

75 

50 

Jul 09 Jan 10 Aug 10 Feb 11 Sep 11 Apr 12 Oct 12 May 13 

BFO WTI OPEC 

28 September 2012 

Brent's premium to U.S. crude further increased to 

$20.1/bbl, crossing $20 mark for the first time since 

August 16, which continues to raise questions as to 

which benchmark is trading at the “incorrect” price. 

WTI / BFO Spread ($/bbl) 

5 

- 

(5) 

(10) 

(15) 

(20) 

(25) 

(30) 

(35) 

Jul 09 Jan 10 Aug 10 Feb 11 Sep 11 Apr 12 Oct 12 May 13 


We believe that given the wealth of evidence that the 

WTI is underpriced, which is suggested by the fact that 

nearly every other crude benchmark is trading in line 

with Brent. 

Exports have trended upwards in the latest data 

available (July exports ~2.3mm bbl), but you get the 

feeling that they are limited by the demand at the 

destination (Canada received 100% of the US’ exports), 

rather than the volumes available for export. We believe 

that if the spare volumes that were available for export 

were actually available, that the Brent / WTI spread 

would close significantly. 

Distillates, Gasoline & Refinery Charge Oil 

Text Refinery utilization further declined to 87.4% due to 

ongoing seasonal maintenance period. 

Refinery Charge (m bpd) 

17 

16 

15 

14 

13 

12 

Sep Nov Jan Mar May Jul 

Source: EIA, Bloomberg & Fox-Davies data 

15,053 

Refineries are preparing to increase distillate yields for 

the upcoming winter season. 

2


Distillate fuel inventories declined 0.5mm bbl to 

127.7mm bbl last week and are 19% lower than last year 

levels. Gasoline inventories declined by 0.5mm bbl/d on 

lower output and decline in imports. 

Distillates Inventories (m bbl) 

180 

160 

140 

120 

100 



On four week average, gasoline consumption is down by 

1.0% y/y to 8.8mm bbl/d. Gasoline and diesel fuel prices 

fell for the first time in 12 weeks. 

Gasoline Inventories (m bbl) 

245 

235 

225 

215 

205 

195 

185 

175 



Natural Gas 

Text Gas inventories rose by 80bcf to 3.576 tcf (see 

following chart) and build was 24bcf lower than last year 

and almost in-line with five-year average. 

Despite lower injections over past few weeks, 

inventories remains 9.0% above last year and 8.6% 

above the five-year average and EIA expects inventories 

to hit record high levels of 3.950 tcf, by the end of 

October, when the traditional injection season ends. 


127,748 

195,828 

Gas Inventories (tcf) 

5.0 

4.0 

3.0 

2.0 

1.0 

0.0 




This year injection season began with 2.477 tcf inventory 

compared with 1.581 tcf in 2011. Temperatures during 

the storage report week were 0.9 degrees cooler than 

the 30-year normal temperature and 2.0 degrees warmer 

than the same period last year. 

From the Trading Floor 

Biggest movers 

Biggest Movers 

Odin Energy Ltd (AU) 

Nighthawk Energy (LN) 

Magnolia Petrole (LN) 

Pura Vida Energy (AU) 

Nexus Energy Ltd (AU) 

Target Energy Lt (AU) 

Tangiers Petrole (AU) 

Orca Energy Ltd (AU) 

Sino Gas & Energ (AU) 

Interlink Petr (IN) 

Tongyang Cement (KS) 

Madagascar Oil L (LN) 

Woburn Energy Pl (LN) 

Gulfsands Petrol (LN) 

Advance Energy (AU) 

Pancontinental (AU) 

Elk Petroleum Lt (AU) 

Ambassador Oil A (AU) 

Europa Oil & Gas (LN) 

Elixir Petroleum (AU) 


-100% -50% 0% 50% 

-15.5% 

-16.0% 

-16.3% 

-16.5% 

-16.7% 

-16.7% 

-18.3% 

-19.2% 

-25.6% 

-27.3% 

3.6 

40.0% 

28.7% 

28.6% 

27.2% 

21.7% 

20.0% 

19.4% 

19.0% 

16.4% 

16.4% 

3


News Highlights 

Mediterranean Oil & Gas (MOG LN) 

Interim Results – Period of Consolidation 

3m Performance The Company farmed out 75% interest 

15 

in Malta Offshore Area 4 to Genel, 

13 

allowing the Company to proceed with 

planning for the first exploration well; 

11 

Divested entire working interest in 13 

9 

non-core exploration and production 

gas assets, in onshore Italy. 

7 

We believe the company is now focus 

5 

on adding value to Ombrina Mare and 

Last Close 13p Guendalina field by accelerating 

Change (5-day) 7.2% development activities on this fields. 

As at 30 June 2012, MOG held €4.1 

million on cash and cash equivalents. 

With no leverage on the balance sheet 

and revenue flow from Guendalina gas 

field, the company is ideally placed to 

raise new borrowings to expand its 

asset base and fund its exploration 

programme. 


MEO Australia (MEO AU) 

Mud Weighs (Weights) On My Mind… 

3m Performance The Company’s announcement this 

0.30 

week that it will execute a share 

placement to existing shareholders and 

0.25 

that Heron South’s well has required a 

heavier mud, highlights not only the 

position that the Company is in vis-à-vis 

0.20 

its exploration potential, but the 

0.15 

opportunity that is currently presenting 

itself. 

Last Close A$0.22 The Company, while spending 

Change (5-day) 0.0% significantly during this period of high 

activity, still has ample resources 

(A$55mm), and the money will be 

dedicated towards funding future 

activities. Given that there is a three 

well programme underway, there is 

significant 

growth. 

potential for explosive 

That the mud weights have had to be 

upped due to an overpressure in South 

Heron, confirms the presence of a 

significant source rock, and although 

there is some 4 days of drilling to go 

before reaching the well’s objective, at 

least 2 of the 4 elements required for a 

successful drilling campaign can be 

checked off, namely source and seal. 

We are maintaining our BUY 

recommendation and A$0.60 




San Leon Energy (SLE LN) 

Outlook Brightening 

3m Performance San Leon’s 1H’12 results outline the 

15 

progress that the Company has made 

in the period, from the drilling activity in 

10 

Poland, to Albania, which we believe is 

the stalking horse in the portfolio. 

While the activity in the first half has 

5 

been significant, the results of that work 

has almost exclusively been, or is in the 

- 

process of being, delivered in the 

Last Close 11p second half. While lower drilling activity 

Change (5-day) 0.0% is expected for the remainder of the 

year, we believe the news flow will 

continue, especially with the testing of 

the Lelechow-SL1 well. 

With Barryroe looking more promising, 

the value of SLE’s 4.5% Net Royalty 

Interest to the Company is looking 

more tangible. With a relatively healthy 

cash position (when set against its 

programme), further farmouts possible, 

and the prospect of early cash flow 

from the oil lifted during the testing of 

Lelechow-SL1, the outlook for the 

Company remains buoyant. 

Following today’s announcement, we 

are reiterating our 60p target price and 

BUY recommendation. 


Global Energy Development (GED LN) 

Consolidating – 3-Year Plan on Track… 

3m Performance 2010 / 2011, management outlined its 

90 

3-Year plan for raising production and 

85 

attacking its reserves base. The 

80 

securing of $12.5mm of new long-term 

financing, repaying the outstanding 

75 

convertible, has alleviated the mediumterm 

obstacles to the continued 

70 

development of the reserves base (as 

65 

cash resources would have been 

Last Close 77p diverted to repaying the outstanding 

Change (5-day) 0.7% amounts). 

The disposal of the Peruvian assets has 

been a boon, as has the reduction in 

operating costs arising from the 

conversion of an old producer in to a 

water well, and both will now allow 

management’s time to focus on 

consolidating its position in Colombia 

and valorising its assets. 

We believe that this news should 

comfort investors that the management 

remains committed to valorising its 

assets, and that the 3–Year plan is still 

very much in play. 


4


Gold Oil (GOO LN) 

It Really is in the GOO 

3m Performance As if to prove the adage that “Cash is 

3.3 

King,” Gold’s 1H results are a salutary 

3.2 

lesson. With a heavy work programme, 

no farm-out partners and next to no 

3.1 

cash, there has to be a concern that 

3.0 

come the audited results the auditor 

has “Going Concern” issues. In respect 

2.9 

of its farm-out partners, today’s results 

2.8 

will form a rod for management’s back, 

Last Close - in that it has provided leverage for any 

Change (5-day) - potential farminees. 

Once the shares come back from 

suspension, we can't see them trading 

much above novelty value, especially as 

existing shareholders will feel obliged 

to support the Company with a rights 

issue. This doesn’t mean that the assets 

are worthless, however. Those with a 

long memory will remember a Cairn’s 

rights issue, and look what happened 

there. There is a long way to go before 

Gold could hope to emulate Cairn’s 

success, but the point is that just 

because the Company needs a rescue 

rights issue, it hasn’t impacted the 

subsurface, at all. 


Nighthawk Energy (HAWK LN) 

Sharpening the focus 

3m Performance During the year Nighthawk rationalized 

8 

its asset base to focus on the Jolly Ranch 

project. It has made decent progress on 

6 

the Jolly Ranch project (Colorado) 

4 

following the decision to increase its 

stake to 75% and assume operatorship 

2 

at the beginning of the year. Since then 

it has completed the first stage 

- 

development plan which comprised 

Last Close 7p completing work-over programs on 15 

Change (5-day) 28.7% wells. Although it did encounter a few 

setbacks, the Company has been 

successful in increasing production to 

60bpd in Aug 2012 from the 30bpd last 

year. 

Nighthawk has commenced the second 

and most important phase of its 

development plan (4 well plan) with the 

drilling of the first new well (Craig 6-2 

well) at Jolly Ranch in nearly three years; 

the well has been successful and has 

produced over 600 barrels. 

Plans to bring the John Craig 6-2 well 

onto permanent production will provide 

a substantial uplift to production 

volumes and will be revenue and cash 

flow accretive. 




Ascent Resources (AST LN) 

All eyes on Petišovci’s project 

3m Performance Interim Results: We believe the current 

year would all be about commencing 

gas production from the Petišovci / 

Lovászi tight gas re-development 

project in Slovenia. 

The Petišovci gas project with 

independent P50 gas-in-place estimate 

of 504bcf has the potential to bring 

step-change in the Company’s 

production and revenue line. 

The production is now scheduled to 

start in 2013 after witnessing certain 

operational delays. 

The 200 km 2 

3 

2 

1 

- 

Last Close 2p 

Change (5-day) -12.3% 

project area straddles the 

Hungary/Slovenia border and contains 

three depleted shallow conventional oil 

and gas fields. Design and engineering 

for Phase 1 of the Petišovci project is 

complete and procurement and 

construction will commence as soon the 

necessary consents are finalised. 

With no major activities planned on 

other blocks, timely progress of the 

Petišovci’s project holds key to the 

company’s valuation. 


Falkland Oil & Gas (FOGL LN) 

Place Your Bets Please… 

3m Performance Scotia has been spudded and as we 

100 

highlighted following the results of the 

90 

last well (Loligo or 42/07-01 to give it its 

snappier title), we believe that the risk 

80 

profile has reduced somewhat. 

70 

What has been unchanged however is 

60 

the fact that the basin appears to be 

gas prone. Still, given the migration 

50 

pathways, it is all about location, 

Last Close 67p location, location, and with Scotia being 

Change (5-day) -2.9% further out of the basin, we are hope 

that the chances of intersecting a more 

liquids prone accumulation is higher, as 

liquids are the first to be driven out of 

the source rock (assuming the gas is 

thermogenic) and theoretically travel 

further through the reservoir 

sandstones, albeit slower, it’s about 

finding that optimum point. 

We are reiterating current 100p Target 

Price, but maintaining our HOLD 

recommendation ahead on the well’s 

results. 


5


Bahamas Petroleum (BPC LN) 

Out of its Hands 

3m Performance All that the Company can do, it has 

10 

done, or is in the process of doing. That 

8 

a referendum will be held by the 

Bahamian Government largely leaves its 

6 

future in the hands of the people of the 

4 

Bahamas, so it is only right that the 

Company now spend its time, effort 

2 

and funds on supporting a “Yes” 

- 

campaign. 

Last Close 5p If they are successful, then the farm- 

Change (5-day) -7.4% outs can proceed with vigour, which will 

be necessary, as the wells will be up to 

22,500ft deep means that it could be a 

300 day well (assuming 25m per day 

drill speed) and the cost will be north of 

$100mm (Drillship up to 4,000ft 

@~$200m/day). 


Jupiter Energy (JPRL LN) 

Positive Interim update 

3m Performance The Company continues to make 

40 

overall good progress on its Block 31, 

Kazakhstan. Trial crude production from 

30 

J-50 and J-52 wells during 2Q’12 

20 

averaged 21,500 bbls, which was in-line 

with the company’s estimates. 

10 

It completed testing of the J-51 well 

which produced 25,700bbl oil during 

- 

the 4 months trial period which ended 

Last Close 36p on 12th September 2012. Workover on 

Change (5-day) 28.7% the exploration well J-53 is expected to 

be completed during 4Q’12, which will 

be followed by a 3 month production 

testing period. 

Jupiter plans to file trial production 

application for both the J-51 and J-53 

wells before year end. Thus we expect 

overall production to improve 

significantly next year. The Company 

raised $A11.6mm (before costs) through 

a rights issue during the period, which 

is sufficient to fully fund this year’s 

exploration 

program. 

program and workover 

The updated reserve report released in 

June’12 estimated 2P reserves at 

37mm, up 54% compared to the 

previous report. With 2 new 

exploration wells planned for H2’12, 

testing of the J-53 well and a new 

reserve report due in early 2013, we are 

upbeat about the company’s prospect. 




Kea Petroleum (KEA LN) 

Declares Puka as Commercial Discovery 

3m Performance This week’s news went a long way in de- 

15 

risking its Puka field and is valuation 

positive. Field gross recoverable 

10 

resource is estimated at 1mm bbl of oil 

with a potential upside of up to 3mm 

bbl. Additional flow test results from 

5 

Puka-1 well are better than initial 

production test results which led to 

- 

declaration of commerciality. News that 

Last Close 8p Kea now plans to drill Puka 2 well (follow 

Change (5-day) -4.3% up well) is another positive. 


Borders & Southern Petroleum (BOR LN) 

A Question of Commerciality 

3m Performance We feel somewhat awkward having a 

80 

SELL on a Company that has, in all 

honesty, done, or is doing nothing 

60 

wrong. It has formulated a hypothesis, 

40 

tested successfully and is further 

refining its hypothesis. The only issue is 

20 

geography. Were this find in another 

basin, they would be held aloft on 

- 

shields and carried through the street 

Last Close 25p by the Company’s owners. But, 

Change (5-day) 5.3% unfortunately, this is a gassy asset in the 

South Falklands Basin. 

As we have highlighted, there will need 

to be a significant amount of gas 

produced to lift sufficient liquids to 

make this commercial, which raises the 

issue of the where that point of 

inflection will be. What will be the rate? 

What will be the operating costs? These 

are the questions that require answers. 

We believe for all the successes, this is 

the question that will be very difficult to 

answer with certainty inside of 5 to 10 

years, which puts it beyond most 

investors’ time horizons. As a result of 

this, we are maintaining our SELL 

Recommendation and 18p price target, 

as between today and that point in 

time, there will be a round of funding 

required (current uncommitted cash 

~$55mm). 

Is it all bleak? No. to our mind, the real 

game changer will be the Falklands 

Island Government allowing 

hydrocarbons to be landed. A land 

based LNG and processing facility will 

significant de-risk the development and 

appraisal risks associated with Darwin, 

and could lift not only BOR’s valuations, 

but that of FOGL, RKH and all the other 

Falklands players that have potentially 

gassy assets. 


6


Stocks under coverage 

Company Ticker Recommendation Date 


Price 


Latest Target Difference 

Aminex AEX LN BUY Nov'11 4p 13p 225% 

Borders & Southern Petroleum BOR LN SELL Sep'12 25p 18p (28%) 

BowLeven BLVN LN Buy Nov'11 77p 250p 225% 

Circle Oil COP LN BUY Jun'12 21p 95p 352% 

Desire Petroleum DES LN UR Mar'11 24p 40p 67% 

Enegi Oil ENEG LN UR Nov'10 10p 25p 150% 

Falkland Oil & Gas FOGL LN HOLD Sep'12 67p 100p 49% 

Great Eastern Energy GEEC LN BUY Mar'12 263p 440p 67% 

Gulf Keystone (London) GKP LN BUY May'12 235p 350p 49% 

Gulfsands Petroleum GPX LN HOLD Apr'12 100p 200p 100% 

Hardy Oil & Gas HDY LN BUY Aug'11 128p 250p 95% 

Heritage Oil (London) HOIL LN BUY Apr'12 195p 315p 62% 

Jubilant Energy JUB LN BUY Mar'12 15p 55p 267% 

Matra Petroleum MTA LN BUY Apr'12 2p 4p 95% 

Max Petroleum MXP LN SELL Mar'11 4p 10p 150% 

Melrose Resources MRS LN BUY Apr'12 129p 175p 36% 

MEO Australia (ASX)* MEO AU BUY Feb'12 A$0.22 A$0.60 173% 

Premier Oil PMO LN BUY Jul'12 363p 485p 34% 

Range Resources (London)* RRL LN BUY Aug'12 5p 24p 380% 

Red Emperor (London)* RMP LN BUY Aug'12 4p 48p 1,100% 

Rockhopper Exploration RKH LN BUY Jul'12 173p 350p 102% 

San Leon Energy (London)* SLE LN BUY Jun'12 11p 60p 445% 

Sefton Resources SER LN BUY Sep'12 2p 6p 200% 

Sterling Energy SEY LN HOLD Apr'12 42p 35p (17%) 

Tower Resources TRP LN BUY Jul'12 3p 5p 67% 

TXO * TXO LN BUY Apr'12 0.28p 0.90p 221% 

Victoria Oil & Gas * VOG LN BUY Jul'12 3p 13p 333% 


NOTE: Bold indicates Research this week 

* - Fox-Davies Client 

7


Comparables 

Exploration & Production 



Exchange Reserves Per Barrel of Reserves ($/boe) Per Daily Barrel of Production ($/bopd) 

ASE 2P 10.5 27,139 

Dublin 2P 0.5 - 

EN Paris 1P 9.9 - 

Hong Kong 1P 32.0 - 

Karachi 1P 1.2 16,572 

London 1P 10.2 48,351 

2P 7.1 - 

London Intl 2P 3.6 45,179 

MICEX Main 2P 2.3 31,307 

NASDAQ CM 1P 10.0 48,847 

NASDAQ GM 1P 20.3 13,812 

NASDAQ GS 1P 16.5 52,299 

Natl India 1P 24.2 - 

2P 36.1 - 

New York 1P 12.6 48,391 

NYSE MKT LLC 1P 17.3 52,117 

Oslo 2P 12.7 40,081 

OTC US 1P 5.7 27,309 

2P 11.5 - 

OTC BB 1P 9.4 33,974 

RTS 2P 4.4 36,062 

Stockholm 2P 37.1 - 

Tokyo 2P 9.0 53,007 

Toronto 1P 11.3 43,985 

2P 10.5 - 

Venture 1P 13.7 37,359 

2P 10.8 - 

Source: Bloomberg & Fox-Davies Data 

Company Name 

Bloomberg 

Ticker 

Previous Closing 

Price 

Local Currency Local Market $ 

Market Cap 

Per Barrel of Per Daily Barrel of 

Reserves ($/boe) Production ($/bopd) 

Abraxas Petroleum AXAS US $2.33 $215mm $215mm 8.02 60,088 

Advantage Oil & Gas AAV CN C$3.66 C$616mm $629mm 2.36 21,688 

Afren (London) AFR LN 140p £1,520mm $2,465mm 13.32 56,656 

Alamo Energy ALME US $0.01 $1mm $1mm 0.32 14,961 

Alexander Resources ALX CN C$0.19 C$12mm $12mm 12.63 18,001 

Amadeus Energy (ASX) AMU AU A$0.22 A$51mm $49mm 10.97 27,139 

American Eagle Energy AMZG US $0.71 $33mm $33mm 20.55 2,228,922 

American Standard Energy ASEN US $0.70 $36mm $36mm 10.22 65,078 

Amerisur Resources AMER LN 35p £339mm $549mm 71.31 - 

Aminex AEX LN 4p £33mm $54mm 0.01 - 

Anadarko Petroleum APC US $70.23 $35,092mm $35,092mm 13.45 73,151 

8


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Anderson Energy AXL CN C$0.23 C$40mm $40mm 1.26 5,090 

Angle Energy NGL CN C$3.81 C$341mm $348mm 4.57 25,645 

Antrim Energy (London) AEY LN 52p £96mm $156mm 8.65 94,797 

Antrim Energy (Toronto) AEN CN C$0.80 C$147mm $150mm 8.36 91,548 

Apache APA US $86.84 $33,973mm $33,973mm 11.06 44,293 

Apco Oil and Gas APAGF US $16.39 $483mm $483mm 10.66 32,586 

Approach Resources AREX US $30.06 $1,159mm $1,159mm 14.77 176,922 

ARC Resources ARX CN C$24.10 C$7,388mm $7,538mm 12.72 88,533 

Arcan Resources ARN CN C$1.14 C$111mm $114mm 2.76 30,960 

Argosy Energy GSY CN C$0.16 C$4mm $4mm 1.15 5,866 

Arpetrol RPT CN C$0.02 C$9mm $9mm 1.06 26,329 

Arsenal Energy AEI CN C$0.47 C$73mm $75mm 5.98 32,140 

Artek Exploration RTK CN C$2.43 C$106mm $108mm 5.56 57,632 

Ascent Resources AST LN 2p £16mm $26mm 299.32 - 

Athabasca Oil ATH CN C$13.05 C$5,214mm $5,320mm 11.51 - 

Anton Oilfield Services ATPAQ US $0.14 $7mm $7mm 0.06 292 

Australian Canadian Oil Royalties AUCAF US $0.18 $9mm $9mm 239.91 1,210,203 

Bankers Petroleum BNK CN C$2.95 C$746mm $761mm 2.85 - 

Barnwell Industries BRN US $3.14 $26mm $26mm 6.84 12,380 

Bashneft OAO BANE RU $64.00 $10,891mm $10,891mm 4.42 36,062 

Bayfield Energy Holdings BEH LN 26p £55mm $90mm 4.70 114,904 

Beach Energy (ASX) BPT AU A$1.27 A$1,589mm $1,522mm 19.45 - 

Bengal Energy BNG CN C$0.78 C$41mm $41mm 212.80 994,154 

Berry Petroleum BRY US $40.67 $2,130mm $2,130mm 7.63 58,798 

Bill Barrett BBG US $25.26 $1,217mm $1,217mm 5.13 23,864 

Birchcliff Energy BIR CN C$6.54 C$925mm $944mm 3.29 50,156 

BlackPearl Resources PXX CN C$3.56 C$1,016mm $1,036mm 28.93 135,909 

Blue Dolphin Energy BDCO US $6.50 $69mm $69mm 370.85 2,024,497 

BNP Resources BNX/A CN C$0.05 C$3mm $3mm 22.85 457,300 

Bonanza Creek Energy BCEI US $23.47 $939mm $939mm 21.11 211,218 

Bonavista Energy BNP CN C$17.15 C$2,893mm $2,952mm 8.39 41,709 

Bonterra Energy BNE CN C$43.82 C$868mm $886mm 21.25 136,263 

BPZ Resources BPZ US $2.86 $333mm $333mm 9.59 88,256 

BreitBurn Energy Partners BBEP US $19.45 $1,539mm $1,539mm 9.87 77,745 

Bridge Energy (London) BRDG LN 126p £80mm $130mm 5.57 64,796 

Bridge Energy (Oslo) BRIDGE NO NO₭11.10 NO₭704mm $124mm 5.32 61,860 

Burleson Energy BUR AU A$0.04 A$15mm $15mm 4.93 - 

C&C Energia CZE CN C$6.40 C$409mm $417mm 22.66 36,251 

Cabot Oil & Gas COG US $45.02 $9,454mm $9,454mm 17.85 105,386 

Cadogan Petroleum CAD LN 19p £43mm $69mm 35.69 - 

Cairn India CAIR IN INR331 INR631,789mm $11,976mm 36.15 - 

Callon Petroleum Co CPE US $6.05 $239mm $239mm 14.73 46,254 

CAMAC Energy CAK US $0.48 $75mm $75mm 28.08 80,977 

Canacol Energy CNE CN C$0.45 C$275mm $281mm 28.18 70,366 

9


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Canadian Natural Resources CNQ CN C$30.85 C$33,781mm $34,467mm 4.54 56,586 

Canadian Oil nds COS CN C$21.13 C$10,238mm $10,446mm 6.86 97,767 

Candax Energy CAX CN C$0.04 C$43mm $44mm 11.59 79,982 

Carnarvon Petroleum CVN AU A$0.10 A$68mm $65mm 5.39 116,439 

Carrizo Oil & Gas CRZO US $25.34 $1,013mm $1,013mm 6.25 47,197 

Caspian Energy CEK CN C$0.10 C$21mm $22mm 6.37 228,619 

Celtic Exploration CLT CN C$18.23 C$1,925mm $1,964mm 13.65 117,572 

Central Natural Resources CTNR US $25.65 $14mm $14mm 20.15 244,319 

Cequence Energy CQE CN C$1.70 C$326mm $333mm 5.41 35,358 

Charger Energy CHX CN C$0.42 C$6mm $6mm 0.62 2,317 

Chesapeake Energy CHK US $19.10 $12,709mm $12,709mm 3.90 22,367 

Chinook Energy CKE CN C$1.51 C$323mm $330mm 10.82 24,139 

Cimarex Energy XEC US $58.83 $5,059mm $5,059mm 14.41 49,860 

Circle Oil COP LN 21p £120mm $194mm 8.41 23,109 

Clayton Williams Energy CWEI US $52.73 $641mm $641mm 9.85 42,519 

CNOOC (Hong Kong) 883 HK HK$15.90 HK$709,876mm $91,548mm 32.04 106,088 

CNOOC (ADR) CEO US $206 $91,860mm $91,860mm 32.14 106,449 

Coastal Energy CEO LN 1,155p £1,308mm $2,121mm 23.94 182,008 

Comstock Resources CRK US $17.96 $865mm $865mm 3.80 18,915 

Concho Resources CXO US $94.43 $9,849mm $9,849mm 25.00 149,212 

ConocoPhillips COP US $57.39 $69,703mm $69,703mm 8.14 73,414 

Contango Oil & Gas MCF US $49.81 $762mm $762mm 17.14 51,391 

Continental Resources /OK CLR US $75.60 $13,694mm $13,694mm 26.46 218,393 

Corridor Resources CDH CN C$0.65 C$58mm $59mm 3.15 28,938 

CREDO Petroleum CRED US $14.50 $146mm $146mm 34.65 172,176 

Crescent Point Energy CPG CN C$43.79 C$15,221mm $15,530mm 36.42 209,411 

Crew Energy CR CN C$7.31 C$883mm $901mm 6.37 39,203 

Crimson Exploration CXPO US $4.33 $199mm $199mm 5.74 25,471 

Crocotta Energy CTA CN C$2.73 C$241mm $245mm 8.01 63,085 

Cubic Energy QBC US $0.39 $30mm $30mm 2.98 41,960 

Cue Energy (ASX) CUE AU A$0.14 A$94mm $90mm 19.58 - 

Daleco Resources DLOV US $0.10 $5mm $5mm 52.51 240,619 

Daybreak Oil & Gas DBRM US $0.05 $2mm $2mm 10.08 65,162 

DeeThree Exploration DTX CN C$5.50 C$368mm $376mm 37.91 195,986 

Dejour Energy DEJ CN C$0.24 C$35mm $36mm 1.88 77,346 

Denbury Resources DNR US $16.54 $6,470mm $6,470mm 13.85 98,175 

Det Norske Oljeselskap DETNOR NO NO₭94.60 NO₭12,101mm $2,126mm 35.33 - 

Devon Energy DVN US $60.63 $24,525mm $24,525mm 7.93 35,983 

Diaz Resources DZR CN C$0.02 C$2mm $2mm 2.35 4,684 

Donnybrook Energy DEI CN C$0.12 C$23mm $24mm 6.80 217,560 

Dorchester Minerals DMLP US $22.04 $676mm $676mm 44.23 112,091 

Dragon Oil (London) DGO LN 602p £2,964mm $4,805mm 4.06 66,972 

DualEx Energy International DXE CN C$0.20 C$17mm $18mm 736.85 138,464 

Dune Energy DUNR US $1.85 $73mm $73mm 5.35 26,749 

10


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Eagle Ford Oil & Gas ECCE US $0.15 $5mm $5mm 0.08 - 

Earthstone Energy ESTE US $14.60 $25mm $25mm 18.60 61,155 

Egdon Resources EDR LN 8p £11mm $17mm 7.89 - 

EGPI Firecreek EFIR US $0.00 $1mm $1mm 1.32 35,654 

Eland Oil & Gas ELA LN 110p £148mm $239mm 15.19 - 

Emerald Oil EOX US $0.84 $138mm $138mm 38.95 511,530 

Encana ECA CN C$21.43 C$15,760mm $16,080mm 6.76 26,486 

Endeavour International END US $9.50 $443mm $443mm 18.72 125,772 

Energen EGN US $52.04 $3,754mm $3,754mm 10.69 65,098 

Energy XXI Bermuda EXXI US $35.05 $2,779mm $2,779mm 22.89 61,874 

Enerplus ERF CN C$16.31 C$3,222mm $3,288mm 10.20 43,730 

EnQuest (London) ENQ LN 116p £930mm $1,508mm 13.09 - 

EOG Resources (ADR) EOG US $113 $30,567mm $30,567mm 14.42 69,251 

Energy Partners EPL US $20.24 $791mm $791mm 21.06 63,573 

EQT EQT US $58.84 $8,802mm $8,802mm 9.38 92,367 

Equal Energy EQU CN C$3.41 C$120mm $122mm 3.12 11,755 

Maurel et Prom MAU FP €11.68 €1,419mm $1,836mm 9.94 124,068 

EV Energy Partner EVEP US $62.99 $2,422mm $2,422mm 12.26 124,409 

Evolution Petroleum EPM US $8.25 $238mm $238mm 17.62 412,805 

Exall Energy EE CN C$0.84 C$52mm $53mm 11.64 48,705 

EXCO Resources XCO US $8.03 $1,740mm $1,740mm 7.49 19,881 

Exillon Energy EXI LN 141p £228mm $370mm 1.40 31,934 

Fairborne Energy FEL CN C$1.35 C$139mm $141mm 2.12 9,235 

Far East Energy FEEC US $0.13 $45mm $45mm 4.67 346,196 

FieldPoint Petroleum FPP US $4.50 $36mm $36mm 22.63 139,731 

Forest Oil FST US $8.41 $994mm $994mm 3.02 17,173 

Freehold Royalties FRU CN C$19.81 C$1,300mm $1,327mm 62.01 192,932 

FX Energy FXEN US $7.70 $408mm $408mm 43.70 194,062 

Gasco Energy GSX US $0.14 $24mm $24mm 3.49 13,063 

Gastar Exploration GST US $1.69 $111mm $111mm 6.18 30,694 

GeoPark Holdings GPK LN 705p £299mm $485mm 9.48 - 

GeoPetro Resources GPR US $0.12 $5mm $5mm 1.64 53,889 

Glen Rose Petroleum GLRP US $0.09 $3mm $3mm 4.60 68,678 

GED GED LN 77p £28mm $45mm 0.41 40,862 

GMX Resources GMXR US $0.83 $63mm $63mm 1.26 5,567 

Goodrich Petroleum GDP US $12.44 $453mm $453mm 5.18 23,696 

Gran Tierra Energy GTE US $5.13 $1,375mm $1,375mm 47.65 78,841 

Gravis Oil GRAVE US $0.06 $1mm $1mm 1.67 10,094 

Great Eastern Energy GEEC LN 263p £313mm $507mm 2.90 - 

Green Dragon Gas GDG LN $3.98 $543mm $543mm 11.36 - 

Greenfields Petroleum GNF CN C$4.85 C$75mm $77mm 6.19 68,851 

Guide Exploration GO CN C$1.71 C$175mm $178mm 7.39 14,373 

Gulf Keystone (London) GKP LN 235p £2,059mm $3,339mm 2.38 445,162 

Gulfport Energy GPOR US $31.16 $1,735mm $1,735mm 89.00 270,592 

11


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Gulfsands Petroleum GPX LN 100p £123mm $199mm 2.61 23,291 

Halcon Resources HK US $7.28 $1,574mm $1,574mm 73.60 376,533 

Hardy Oil & Gas HDY LN 128p £93mm $151mm 72.09 - 

Harvest Natural Resources HNR US $9.11 $342mm $342mm 7.85 47,817 

Hawk Exploration HWK/A CN C$0.38 C$13mm $13mm 9.93 31,158 

Hawkley Oil and Gas HOG AU A$0.19 A$55mm $52mm 6.53 248,654 

Hemisphere Energy HME CN C$0.68 C$34mm $35mm 43.83 183,576 

Heritage Oil (London) HOIL LN 195p £503mm $816mm 1.90 992,772 

Houston American Energy HUSA US $0.96 $36mm $36mm 308.30 1,013,950 

Hyperion Exploration HYX CN C$0.62 C$34mm $34mm 6.08 33,819 

Inpex (ADR) IPXHY US $15.12 $22,110mm $22,110mm 0.02 146 

Inpex (Tokyo) 1605 JP ¥465,500 ¥1,701,775mm $21,913mm 9.01 53,007 

Insignia Energy ISN CN C$0.70 C$41mm $42mm 1.39 - 

InterOil E&P IOX NO NO₭7.94 NO₭379mm $67mm 9.18 10,530 

Isramco ISRL US $120 $327mm $327mm 8.97 147,942 

Ithaca Energy IAE CN C$1.86 C$482mm $492mm 9.05 110,619 

Ivanhoe Energy IE CN C$0.54 C$186mm $190mm 115.97 196,054 

JKX Oil & Gas (London) JKX LN 77p £132mm $214mm 2.20 22,529 

Kodiak Oil & Gas KOG US $9.43 $2,487mm $2,487mm 62.10 632,049 

Kosmos Energy KOS US $11.42 $4,445mm $4,445mm 86.81 255,482 

La Cortez Energy LCTZ US $0.14 $7mm $7mm 75.52 67,533 

Laredo Petroleum Holdings LPI US $21.83 $2,799mm $2,799mm 17.34 114,579 

Legacy Oil & Gas LEG CN C$6.95 C$996mm $1,016mm 11.46 82,199 

Legacy Reserves LGCY US $29.01 $1,393mm $1,393mm 21.61 104,929 

LGX Oil & Gas OIL CN C$0.91 C$28mm $28mm 15.53 52,327 

Linn Energy LINE US $41.19 $8,220mm $8,220mm 14.28 131,014 

Lone Pine Resources LPR US $1.60 $136mm $136mm 1.97 8,387 

Longview Oil LNV CN C$7.12 C$333mm $340mm 8.96 52,868 

LRR Energy LRE US $18.83 $296mm $296mm 8.78 44,392 

Lucas Energy LEI US $2.29 $57mm $57mm 8.16 384,035 

Lundin (Stockholm) LUPE SS SE₭162 SE₭51,374mm $7,879mm 37.15 - 

Magnum Energy /Canada MEN CN C$0.13 C$7mm $8mm 12.53 36,507 

Magnum Hunter Resources MHR US $4.48 $754mm $754mm 16.36 133,019 

Manitok Energy MEI CN C$1.95 C$120mm $123mm 13.43 172,406 

Marathon Oil MRO US $30.02 $21,177mm $21,177mm 11.62 52,493 

Marquee Energy MQL CN C$0.99 C$52mm $53mm 4.75 31,177 

Matador Resources Co MTDR US $10.37 $576mm $576mm 17.12 77,988 

Max Petroleum MXP LN 4p £41mm $66mm 6.18 - 

McMoRan Exploration Co MMR US $11.87 $1,921mm $1,921mm 43.77 59,709 

Mediterranean Oil & Gas MOG LN 13p £56mm $90mm 2.09 - 

MEG Energy MEG CN C$37.15 C$7,223mm $7,369mm 3.58 276,906 

Melrose Resources (London) MRS LN 129p £148mm $240mm 2.43 6,082 

Memorial Production Partners MEMP US $18.99 $322mm $322mm 5.71 44,573 

Metgasco MEL AU A$0.20 A$78mm $75mm 1.15 - 

12


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Mexco Energy MXC US $6.60 $13mm $13mm 6.26 55,545 

Mid-Con Energy Partners MCEP US $21.89 $401mm $401mm 39.84 335,576 

Miller Energy Resources MILL US $5.26 $221mm $221mm 23.69 194,416 

Montana Exploration MTZ CN C$0.37 C$8mm $8mm 18.95 54,696 

Newfield Exploration Co NFX US $31.56 $4,260mm $4,260mm 6.35 29,989 

Nexen NXY CN C$24.83 C$13,160mm $13,427mm 14.85 70,670 

Nido Petroleum (ASX) NDO AU A$0.04 A$50mm $48mm 3.32 - 

Niko Resources NKO CN C$12.49 C$645mm $658mm 10.22 17,780 

Noble Energy NBL US $93.11 $16,558mm $16,558mm 13.23 72,118 

Norse Energy (Oslo) NEC NO NO₭2.15 NO₭234mm $41mm 3.89 47,853 

Norse Energy (ADR) NSEEY US $0.37 $40mm $40mm 3.81 46,865 

Northern Oil and Gas NOG US $16.92 $1,076mm $1,076mm 22.87 203,360 

Northern Petroleum NOP LN 66p £63mm $102mm 1.34 62,713 

Norwegian Energy AS NOR NO NO₭5.10 NO₭1,244mm $219mm 9.67 - 

NovaTek OAO NVTK RM RUB354 RUB1,074,549mm $34,651mm 2.38 34,982 

Novus Energy NVS CN C$0.87 C$165mm $169mm 11.48 84,558 

Oakridge Energy OAKR US $1.55 $6mm $6mm 8.88 138,067 

Oasis Petroleum OAS US $29.10 $2,716mm $2,716mm 34.30 252,775 

Oil India OINL IN INR493 INR296,059mm $5,612mm 24.20 - 

Oil Search (London) OSH AU A$7.42 A$9,879mm $9,462mm 16.45 - 

Oil Search (ADR) OISHY US $78.09 $10,397mm $10,397mm 18.08 - 

Oilex (ASX) OEX AU A$0.06 A$21mm $20mm 0.24 - 

Oilex (London) OEX LN 4p £14mm $23mm 0.27 - 

Oracle Energy OEC CN C$0.12 C$4mm $4mm 45.82 - 

Pace Oil & Gas PCE CN C$2.90 C$136mm $139mm 1.95 9,630 

Pacific Rubiales Energy PRE CN C$23.35 C$6,891mm $7,031mm 14.23 67,083 

Pakistan Petroleum (Karachi) PPL PA PKR176 PKR288,527mm $3,043mm 1.18 16,572 

Palliser Oil & Gas PXL CN C$0.67 C$36mm $37mm 20.94 26,796 

Pan Orient Energy POE CN C$2.86 C$162mm $166mm 8.71 65,137 

Panhandle Oil and Gas PHX US $31.24 $257mm $257mm 13.79 60,372 

Paramount Resources POU CN C$29.72 C$2,543mm $2,595mm 47.14 143,199 

Pioneer Drilling Co PDCE US $31.57 $955mm $955mm 6.15 47,351 

Pengrowth Energy PGF CN C$6.68 C$3,364mm $3,433mm 10.18 45,578 

Penn Virginia PVA US $6.45 $296mm $296mm 1.94 13,439 

Penn West Petroleum PWT CN C$14.23 C$6,786mm $6,924mm 9.50 41,844 

Perpetual Energy PMT CN C$1.23 C$181mm $185mm 2.20 7,552 

PetroBakken Energy PBN CN C$13.95 C$2,620mm $2,673mm 13.14 65,572 

Petrodorado Energy PDQ CN C$0.19 C$89mm $91mm 171.53 - 

Petroneft (Dublin) PTR ID €0.10 €41mm $53mm 0.55 102,545 

Petroneft (London) PTR LN 8p £32mm $52mm 0.53 99,625 

Petroquest Energy PQ US $6.74 $432mm $432mm 9.34 30,116 

Petsec Energy (ASX) PSA AU A$0.15 A$35mm $34mm 12.56 - 

Petsec Energy (ADR) PSJEY US $0.76 $36mm $36mm 13.29 - 

Pinecrest Energy PRY CN C$1.70 C$364mm $372mm 4.56 40,014 

13


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Pioneer Natural Resources PXD US $105 $12,877mm $12,877mm 11.88 94,303 

Pioneer Southwest Energy Partners PSE US $26.17 $935mm $935mm 18.28 133,581 

Plains Exploration & Production PXP US $37.36 $4,819mm $4,819mm 11.50 47,037 

PostRock Energy PSTR US $1.56 $19mm $19mm 0.89 2,152 

Premier Oil (London) PMO LN 363p £1,918mm $3,111mm 10.58 76,202 

Premier Oil (ADR) PMOIY US $6.02 $3,185mm $3,185mm 10.83 78,022 

PrimeEnergy PNRG US $27.03 $71mm $71mm 3.89 17,208 

Primera Energy Resources PTT CN C$0.17 C$10mm $10mm 4.36 26,355 

Progress Energy Resources PRQ CN C$21.89 C$5,150mm $5,254mm 15.56 116,192 

Pyramid Oil Co PDO US $4.30 $20mm $20mm 36.40 129,939 

QEP Resources QEP US $31.66 $5,628mm $5,628mm 9.00 42,952 

QR Energy QRE US $19.45 $728mm $728mm 9.47 53,231 

Questerre Energy QEC CN C$0.71 C$164mm $167mm 64.37 259,195 

Quicksilver Resources KWK US $4.28 $740mm $740mm 1.53 10,354 

Range Resources (US) RRC US $70.08 $11,387mm $11,387mm 13.00 118,695 

Range Resources (ASX)* RRS AU A$0.08 A$159mm $152mm 7.00 179,081 

Range Resources (London)* RRL LN 5p £105mm $170mm 7.82 200,083 

Range Resources (ADR)* RGRYY US $3.00 $159mm $159mm 7.30 186,960 

Recovery Energy RECV US $4.39 $79mm $79mm 124.37 283,180 

Red Fork Energy (ASX) RFE AU A$0.73 A$281mm $269mm 15.10 - 

Red Fork Energy (ADR) RDFEY US $7.26 #VALUE! #VALUE! - - 

Renegade Petroleum RPL CN C$2.70 C$242mm $247mm 28.92 99,387 

Resaca Exploitation RSOX LN 14p £3mm $4mm 0.35 8,102 

Reserve Petroleum RSRV US $295 $47mm $47mm 57.65 116,643 

Resolute Energy REN US $9.13 $565mm $565mm 9.59 89,031 

Rex Energy REXX US $13.33 $703mm $703mm 11.11 105,039 

RMP Energy RMP CN C$2.09 C$215mm $219mm 9.40 60,773 

Roc Oil (ASX) ROC AU A$0.37 A$249mm $239mm 15.82 - 

Rock Energy RE CN C$0.97 C$38mm $39mm 1.75 12,823 

Rockhopper Exploration RKH LN 173p £491mm $796mm 1.77 - 

Rosetta Resources ROSE US $47.62 $2,518mm $2,518mm 15.30 203,996 

ROXI Petroleum RXP LN 3p £19mm $31mm 12.36 - 

Royale Energy ROYL US $4.32 $48mm $48mm 59.73 86,600 

RusPetro RPO LN 109p £363mm $589mm 0.38 127,976 

Salamander Energy (London) SMDR LN 206p £529mm $858mm 11.38 47,591 

Sanchez Energy SN US $20.05 $672mm $672mm 99.75 1,399,067 

SandRidge Energy SD US $6.99 $3,433mm $3,433mm 7.12 52,295 

Santos (ASX) STO AU A$11.36 A$10,855mm $10,398mm 8.05 - 

Santos (ADR) SSLTY US $11.71 $11,190mm $11,190mm 8.66 - 

Saratoga Resources SARA US $5.44 $168mm $168mm 8.59 63,550 

Sea Dragon Energy SDX CN C$0.07 C$24mm $25mm 3.43 22,557 

Second Wave Petroleum SCS CN C$0.94 C$79mm $81mm 10.15 47,031 

Serica Energy (London) SQZ LN 29p £51mm $82mm 9.90 - 

Shoreline Energy SEQ CN C$3.70 C$21mm $21mm 3.96 36,173 

14


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Skope Energy SKL CN C$0.15 C$1mm $1mm 0.08 195 

SM Energy SM US $52.80 $3,440mm $3,440mm 15.97 43,070 

Soco International SIA LN 331p £1,098mm $1,780mm 13.66 145,953 

Sonde Resources SOQ CN C$0.70 C$44mm $44mm 4.51 15,513 

Southern Pacific Resource STP CN C$1.43 C$488mm $498mm 2.75 117,096 

Southwestern Energy SWN US $34.94 $12,198mm $12,198mm 11.83 50,886 

Spindletop Oil & Gas SPND US $2.09 $16mm $16mm 36.94 119,666 

Sprint Energy SPS AU A$0.02 A$15mm $15mm 1.22 - 

Sterling Energy SEY LN 42p £92mm $150mm 374.81 273,613 

Sterling Resources SLG CN C$1.40 C$312mm $318mm 9.63 4,486,415 

Stone Energy SGY US $25.41 $1,259mm $1,259mm 12.75 34,429 

Storm Resources SRX CN C$1.50 C$93mm $95mm 10.90 164,168 

Sun River Energy SNRV US $0.11 $4mm $4mm 124.13 120,494 

Sure Energy SHR CN C$0.62 C$38mm $38mm 6.58 31,836 

Surge Energy SGY CN C$7.75 C$551mm $562mm 17.11 90,690 

Swift Energy SFY US $20.83 $893mm $893mm 5.42 30,212 

Talisman Energy TLM CN C$13.47 C$13,900mm $14,182mm 11.07 38,537 

Tap Oil (ASX) TAP AU A$0.73 A$175mm $168mm 20.68 - 

Tatneft (Moscow) TATN RM RUB202 RUB439,006mm $14,157mm 2.15 27,632 

Tatneft (ADR) OAOFY US $40.00 $14,528mm $14,528mm 2.20 28,356 

Tengasco TGC US $0.72 $43mm $43mm 16.77 81,963 

Terra Energy TT CN C$0.11 C$11mm $11mm 0.32 2,166 

Tethys Petroleum TPL CN C$0.71 C$204mm $208mm 14.32 42,620 

Texas Vanguard Oil TVOC US $10.90 $15mm $15mm 18.97 56,829 

Texon Petroleum TXN AU A$0.38 A$92mm $88mm 13.68 - 

Torquay Oil TOC/A CN C$0.13 C$6mm $6mm 5.31 17,797 

TransAtlantic Petroleum TNP CN C$1.03 C$379mm $387mm 18.83 82,774 

TransGlobe Energy TGL CN C$10.39 C$762mm $778mm 13.01 64,272 

Traverse Energy TVL CN C$0.64 C$28mm $29mm 110.67 225,779 

Triangle Petroleum TPLM US $7.19 $319mm $319mm 214.84 1,222,797 

Tribute Resources TRB CN C$0.05 C$3mm $4mm 93.19 - 

Trilogy Energy TET CN C$25.17 C$2,284mm $2,331mm 25.45 80,341 

Tullow Oil (London) TLW LN 1,373p £12,455mm $20,197mm 67.25 260,937 

Tullow Oil (ADR) TUWOY US $11.10 $20,139mm $20,139mm 67.06 - 

Tuscany Energy TUS CN C$0.08 C$10mm $10mm 5.84 39,461 

Twin Butte Energy TBE CN C$2.82 C$612mm $625mm 20.03 80,456 

Twoco Petroleums TWO CN C$0.08 C$6mm $6mm 1.23 13,496 

Ultra Petroleum UPL US $21.93 $3,354mm $3,354mm 3.86 28,565 

Urals Energy UEN LN 5p £13mm $20mm 26.82 - 

US Energy Wyoming USEG US $2.14 $59mm $59mm 18.27 47,749 

Vaalco Energy EGY US $8.63 $499mm $499mm 83.02 95,268 

Vanguard Natural Resources VNR US $28.94 $1,670mm $1,670mm 20.70 122,417 

Venoco VQ US $11.87 $730mm $730mm 7.42 40,179 

Vermilion Energy VET CN C$46.18 C$4,547mm $4,639mm 31.70 129,426 

15


Company Name 


Bloomberg 

Ticker 


Price 


Market Cap 




Vero Energy VRO CN C$2.53 C$124mm $126mm 3.53 13,231 

Victoria Oil & Gas * VOG LN 3p £69mm $112mm 2.08 258,439 

W&T Offshore WTI US $19.24 $1,431mm $1,431mm 12.00 30,021 

Waldron Energy WDN CN C$0.48 C$19mm $20mm 1.67 6,985 

Warren Resources WRES US $3.06 $220mm $220mm 9.71 44,833 

Westfire Energy WFE CN C$4.08 C$275mm $281mm 9.54 47,537 

Whitecap Resources WCP CN C$7.48 C$951mm $970mm 13.10 166,284 

Whiting Petroleum WLL US $47.08 $5,538mm $5,538mm 15.93 80,854 

Winstar Resources WIX CN C$3.00 C$107mm $110mm 9.20 65,125 

Woodside Petroleum (ASX) WPL AU A$33.14 A$27,304mm $26,154mm 17.75 - 

Woodside Petroleum (ADR) WOPEY US $34.50 $28,425mm $28,425mm 19.29 - 

WPX Energy WPX US $16.73 $3,330mm $3,330mm 3.60 13,304 

Xcite Energy (London) XEL LN 110p £319mm $518mm 4.46 - 

Xcite Energy (Toronto) XEL CN C$1.75 C$508mm $518mm 4.47 - 

Yoho Resources YO CN C$1.74 C$80mm $81mm 5.67 32,877 

ZaZa Energy ZAZA US $2.99 $304mm $304mm 52.70 355,808 

Zhaikmunai ZKM LI $10.16 $1,898mm $1,898mm 3.64 45,179 


16


Exploration 



Exchange Per Barrel of Resource ($/boe) 

ASE 0.08 

Canada Ntnl 0.01 

London 0.07 

Venture 0.06 


Company Name 

Bloomberg 

Ticker 


Price 

Market Cap 


Per Barrel of Resources 

($/boe) 

3D Oil TDO AU A$0.07 A$15mm $14mm - 

3Legs Resources 3LEG LN 42p £35mm $57mm - 

Abenteuer Resources ABU CN C$0.07 C$1mm $1mm - 

Acer Energy ACN AU A$0.21 A$95mm $91mm - 

Adira Energy ADENF US $0.14 $25mm $25mm - 

Advance Energy AVD AU A$0.01 A$5mm $4mm - 

ADX Energy ADX AU A$0.02 A$9mm $8mm - 

Africa Oil AOI CN C$9.65 C$2,135mm $2,178mm - 

Alberta Oilsands AOS CN C$0.10 C$15mm $15mm - 

Alcorn Gold Resources APM PM PHP0.02 PHP2,295mm $55mm - 

Alkane Energy ALK LN 20p £20mm $33mm - 

Alon Natural Gas Exploration ALGS IT ILs3,635 ILs50,740mm $12,976mm - 

Altex Industries ALTX US $0.10 $1mm $1mm - 

Altima Resources ARH CN C$0.05 C$12mm $12mm - 

Ambassador Oil and Gas AQO AU A$0.10 A$14mm $13mm - 

American Energy Group AEGG US $0.16 $6mm $6mm - 

Americas Petrogas BOE CN C$1.56 C$330mm $336mm - 

Anglo Canadian Oil ACG CN C$0.03 C$6mm $6mm - 

Antares Energy AZZ AU A$0.49 A$125mm $119mm - 

Anterra Energy AE/A CN C$0.05 C$12mm $13mm - 

Archer Petroleum ARK CN C$0.10 C$mm $mm - 

Argos Resources ARG LN 24p £52mm $85mm 0.09 

Atlantic Petroleum ATLA IR DKK190 DKK499mm $87mm - 

Aurelian Oil & Gas AUL LN 9p £43mm $69mm - 

Aurora Oil & Gas (ASX) AUT AU A$3.60 A$1,612mm $1,544mm - 

AusTex Oil (ASX) AOK AU A$0.14 A$44mm $43mm - 

AusTex Oil (ADR) ATXDY US $7.19 $47mm $47mm - 

Austin Exploration (ASX) AKK AU A$0.03 A$42mm $40mm - 

Australian Oil & Gas AOGC US $0.03 $1mm $1mm - 

Australian Oil AOC AU A$0.05 A$4mm $4mm - 

Avner Oil Exploration AVNRL IT ILs224 ILs747,002mm $191,039mm - 

AWE AWE AU A$1.31 A$684mm $655mm - 

Azabache Energy AZA CN C$0.30 C$37mm $38mm - 

Azabache Energy AZGS US $0.16 $2mm $2mm - 

Bahamas Petroleum (London) BPC LN 5p £57mm $92mm 0.01 

Bakken Resources BKKN US $0.29 $16mm $16mm - 

17


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Baraka Energy and Resources BKP AU A$0.01 A$27mm $26mm - 

Bass Strait Oil BAS AU A$0.02 A$8mm $8mm - 

Bayou City Exploration BYCX US $0.64 $1mm $1mm - 

Bayshore Petroleum BSH CN C$0.33 C$5mm $5mm - 

Baytex Energy BTE CN C$47.12 C$5,667mm $5,782mm - 

Bellatrix Exploration BXE CN C$3.96 C$426mm $434mm - 

Benakat Petroleum Energy BIPI IJ IDR184 IDR6,448,050mm $672mm - 

Big Sky Petroleum BSP CN C$0.14 C$8mm $9mm - 

Blackhawk Resource /Canada BLR CN C$0.13 C$3mm $3mm - 

Blacksands Petroleum BSPE US $1.15 $19mm $19mm - 

Blue Energy BUL AU A$0.05 A$51mm $49mm - 

Bluebird Energy BBE LN 0.45p £2mm $4mm - 

BNK Petroleum BKX CN C$0.71 C$102mm $105mm - 

Bontan BNTNF US $0.05 $2mm $2mm - 

Border Petroleum BOR CN C$0.14 C$31mm $32mm - 

Borders & Southern Petroleum BOR LN 25p £121mm $196mm - 

Boss Resources BOE AU A$0.06 A$23mm $22mm - 

Bounty Oil & Gas NL BUY AU A$0.02 A$15mm $14mm - 

BowLeven BLVN LN 77p £227mm $368mm - 

Brenham Oil & Gas BRHM US $0.07 $8mm $8mm - 

Brinx Resources BNXR US $0.07 $2mm $2mm - 

Brixton Energy BRX CN C$0.03 C$1mm $1mm - 

Brookwater Ventures BW CN C$0.03 C$3mm $3mm - 

Brownstone Energy BWN CN C$0.22 C$28mm $28mm - 

BRS Resources BRS CN C$0.10 C$5mm $5mm - 

Buccaneer Energy BCC AU A$0.06 A$82mm $78mm - 

Bucking Horse Energy BUC CN C$1.48 C$33mm $34mm - 

Buru Energy BRU AU A$2.92 A$733mm $702mm - 

Butte Energy BEN CN C$0.21 C$9mm $9mm - 

Cairn Energy CNE LN 276p £1,660mm $2,692mm - 

Cairn Energy (ADR) CRNCY US $8.94 $2,693mm $2,693mm - 

Calvalley Petroleums CVI/A CN C$2.17 C$205mm $209mm - 

Canada Energy Partners CE CN C$0.16 C$13mm $14mm - 

Canadian Imperial Venture CQV CN C$0.02 C$8mm $8mm - 

Canadian Overseas Petroleum XOP CN C$0.22 C$61mm $62mm - 

Canadian Phoenix Resources CXP CN C$1.20 C$69mm $70mm - 

Canadian Quantum Energy CQM CN C$0.14 C$4mm $4mm - 

Canadian Spirit Resources SPI CN C$0.36 C$33mm $33mm - 

Cobalt International Energy CIG AU A$0.06 A$14mm $13mm - 

Caza Oil & Gas (London) CAZA LN 7p £12mm $19mm - 

Caza Oil & Gas (Toronto) CAZ CN C$0.10 C$16mm $17mm - 

CBM Asia Development TCF CN C$0.17 C$29mm $29mm - 

Central Petroleum (ASX) CTP AU A$0.14 A$187mm $179mm - 

CGX Energy OYL CN C$0.24 C$99mm $101mm - 

18


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Challenger Energy CEL AU A$0.08 A$26mm $25mm - 

Chariot Oil & Gas CHAR LN 31p £63mm $102mm 0.01 

Circle Star Energy CRCL US $0.36 $11mm $11mm - 

Clontarf Energy CLON LN 2p £4mm $6mm - 

Cobalt International Energy CIE US $22.16 $9,099mm $9,099mm - 

Cobra Venture CBV CN C$0.24 C$4mm $4mm - 

Columbus Energy CEL CN C$0.03 C$2mm $2mm - 

Comet Ridge COI AU A$0.11 A$44mm $42mm - 

Commodity Quest AB COMQ SS SE₭0.08 SE₭14mm $2mm - 

Constellation Energy Partners CEP US $1.29 $31mm $31mm - 

Contact Exploration CEX CN C$0.17 C$32mm $33mm - 

Continental Energy CPPXF US $0.05 $5mm $5mm - 

Cooper Energy COE AU A$0.51 A$168mm $161mm - 

Cross Border Resources XBOR US $1.20 $19mm $19mm - 

Crown Point Ventures CWV CN C$0.40 C$41mm $42mm - 

CUB Energy KUB CN C$0.40 C$84mm $86mm - 

Cygam Energy CYG CN C$0.36 C$37mm $38mm - 

Cypress Hills Resource CHY CN C$0.15 C$2mm $2mm - 

Deep Well Oil & Gas DWOG US $0.08 $11mm $11mm - 

Delek Drilling - DEDRL IT ILs1,270 ILs694,648mm $177,650mm - 

Delek Energy Systems DLEN IT ILs158,800 ILs808,160mm $206,680mm - 

Delphi Energy DEE CN C$1.27 C$167mm $170mm - 

Delta Oil & Gas DLTA US $0.10 $1mm $1mm - 

Derek Oil & Gas DRK CN C$0.03 C$3mm $3mm - 

Desire Petroleum DES LN 24p £80mm $130mm - 

Desmarais Energy DES CN C$0.04 C$2mm $2mm - 

Devin Energy DVC/H CN C$0.48 C$4mm $4mm - 

DNO (Oslo) DNO NO NO₭11.03 NO₭11,287mm $1,983mm - 

Double Eagle Petroleum Co DBLE US $5.55 $62mm $62mm - 

Doxa Energy DXA CN C$0.15 C$5mm $5mm - 

Dragon Oil (Dublin) DGO ID €7.54 €3,715mm $4,805mm - 

Drillsearch Energy DLS AU A$1.55 A$599mm $574mm - 

Duma Energy DUMA US $1.95 $26mm $26mm - 

Dundee Energy DEN CN C$0.40 C$66mm $67mm - 

Eaglewood Energy EWD CN C$0.48 C$42mm $42mm - 

Earth Heat Resources EHR AU A$0.01 A$7mm $6mm - 

East West Petroleum EW CN C$0.39 C$32mm $33mm - 

Eastern American Natural Gas NGT US $21.16 $125mm $125mm - 

Eco Atlantic Oil & Gas EOG CN C$0.35 C$21mm $22mm - 

Ecosse Energy * ECS CN C$0.43 C$20mm $20mm 0.01 

Edge Resources EDE CN C$0.31 C$33mm $34mm - 

El Condor Minerals LCO CN C$0.06 C$6mm $6mm - 

Elixir Petroleum EXR AU A$0.02 A$7mm $6mm - 

Elk Petroleum ELK AU A$0.25 A$36mm $35mm - 

19


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Emerald Bay Energy EBY CN C$0.06 C$6mm $6mm - 

Emerald Oil & Gas NL EMR AU A$0.01 A$12mm $12mm - 

Empire Energy International EEGC US $0.01 $2mm $2mm - 

Empire Energy Group (ASX) EEG AU A$0.15 A$45mm $43mm - 

Empire Energy Group (ADR) EEGNY US $4.89 $73mm $73mm - 

Empire Oil & Gas EGO AU A$0.01 A$62mm $60mm - 

Empire Petroleum EMPR US $0.02 $2mm $2mm - 

Empyrean Energy EME LN 9p £19mm $30mm - 

Enegi Oil ENEG LN 10p £13mm $21mm - 

Energi Mega Persada (Indonesia) ENRG IJ IDR90.00 IDR3,652,570mm $381mm - 

EnerJex Resources ENRJ US $0.64 $45mm $45mm - 

Enhanced Oil Resources EOR CN C$0.16 C$26mm $26mm - 

Entek Energy ETE AU A$0.09 A$47mm $45mm - 

Enterprise Energy Resources EER CN C$0.13 C$6mm $6mm - 

Epsilon Energy /Canada EPS CN C$1.97 C$98mm $100mm - 

ERHC Energy ERHE US $0.14 $101mm $101mm - 

Europa Oil & Gas Holdings EOG LN 7p £10mm $16mm - 

European Gas EPG AU A$0.38 A$29mm $28mm - 

Exoma Energy EXE AU A$0.09 A$37mm $35mm - 

FairWest Energy FEC CN C$0.04 C$11mm $11mm - 

Falcon Oil & Gas FO CN C$0.20 C$139mm $142mm - 

Falkland Oil & Gas FOGL LN 67p £214mm $348mm 0.07 

FAR (ASX) FAR AU A$0.04 A$87mm $84mm - 

Faroe Petroleum FPM LN 151p £321mm $521mm - 

FEC Resources FECOF US $0.01 $6mm $6mm - 

Force Energy FORC US $0.02 $1mm $1mm - 

Forent Energy FEN CN C$0.06 C$8mm $8mm - 

Forum Energy FEP LN 76p £27mm $44mm - 

Frontera Resources FRR LN 0.49p £10mm $16mm - 

Gale Force Petroleum GFP CN C$0.24 C$15mm $15mm - 

Gallic Energy GLC CN C$0.07 C$11mm $11mm - 

Gambit Energy GMEI US $0.25 $7mm $7mm - 

Gas2Grid GGX AU A$0.08 A$47mm $45mm - 

Gasol GAS LN 19p £6mm $10mm - 

Gastem GMR CN C$0.07 C$6mm $6mm - 

Genel Energy GENL LN 772p £1,650mm $2,676mm - 

GeoGlobal Resources GGR US $0.12 $17mm $17mm - 

GeoMet GMET US $0.16 $6mm $6mm - 

Georox Resources GXR CN C$0.10 C$3mm $3mm - 

Givot Olam Oil Exploration GIVOL IT ILs3.30 ILs34,878mm $8,920mm - 

Global Oil & Gas AG 3GOK GR €1.05 €5mm $7mm - 

Global Petroleum (ASX) GBP AU A$0.14 A$28mm $27mm - 

Global Petroleum (London) GBP LN 9p £17mm $28mm - 

Globe Exploration GLEX IT ILs22.80 ILs248mm $64mm - 

20


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Golden Gate Petroleum (ASX) GGP AU A$0.01 A$19mm $18mm - 

Gran Tierra Exchangeco GTX CN C$5.00 C$38mm $39mm - 

Grand Gulf Energy GGE AU A$0.00 A$11mm $11mm - 

Greencastle Resources VGN CN C$0.10 C$5mm $5mm - 

Greenpower Energy GPP AU A$0.06 A$4mm $4mm - 

Greenvale Mining (ASX) GRV AU A$0.05 A$3mm $3mm - 

Groundstar Resources GSA CN C$0.02 C$1mm $1mm - 

GSV GSVI US $0.02 $mm $mm - 

Guardian Exploration GX CN C$0.02 C$1mm $2mm - 

Gujarat Natural Resources GERL IN INR85.00 INR3,294mm $62mm - 

Gulf Coast Oil & Gas GCOG US $0.00 $mm $mm - 

Gulf Keystone (ADR) GFKSY US $78.67 $3,446mm $3,446mm - 

Gulf Shores Resources GUL CN C$0.02 C$1mm $2mm - 

Gulf United Energy GLFE US $0.06 $33mm $33mm - 

Hibiscus Petroleum Bhd HIBI MK MYR1.76 MYR772mm $252mm - 

Hindustan Oil Exploration HOE IN INR118 INR15,398mm $292mm - 

HKN HKN US $1.90 $33mm $33mm - 

Holloman Energy HENC US $0.31 $34mm $34mm - 

Horizon Oil HZN AU A$0.30 A$339mm $325mm - 

Horn Petroleum HRN CN C$0.33 C$32mm $33mm - 

HRT Participacoes em Petroleo HRTP3 BZ BrR4.56 BrR1,343mm $662mm - 

Huntington Exploration HEI CN C$0.04 C$3mm $3mm - 

Hyperdynamics HDY US $0.70 $118mm $118mm - 

Icon Energy /Australia ICN AU A$0.22 A$103mm $99mm - 

Idaho Natural Resources IDN/H CN C$0.30 C$1mm $1mm - 

IGAS Energy IGAS LN 78p £126mm $204mm - 

Incremental Oil & Gas IOG AU A$0.24 A$37mm $36mm - 

Index Oil & Gas IXOG US $0.00 $mm $mm - 

Indigo-Energy IDGG US $0.00 $1mm $1mm - 

Indus Gas INDI LN 990p £1,811mm $2,936mm - 

Infinity Energy Resources IFNY US $1.68 $35mm $35mm - 

INOC Dead Sea HLDSL IT ILs1,552 ILs48,955mm $12,520mm - 

Interlink Petroleum ITP IN INR20.95 INR522mm $10mm - 

International Frontier Resources IFR CN C$0.09 C$5mm $5mm - 

Interra Resources ITRR SP SGD0.42 SGD184mm $150mm - 

Iofina IOF LN 67p £85mm $138mm - 

Iona Energy INA CN C$0.45 C$145mm $148mm - 

Ironhorse Oil & Gas IOG CN C$0.14 C$4mm $4mm - 

Israel Land Development Energy IE IT ILs18.80 ILs17,517mm $4,480mm - 

Israel Opportunity Energy ISOPL IT ILs18.00 ILs13,434mm $3,436mm - 

Isramco Negev 2 ISRAL IT ILs48.40 ILs626,863mm $160,315mm - 

Jacka Resources JKA AU A$0.15 A$37mm $36mm - 

Jadela Oil JOC CN C$0.25 C$7mm $7mm - 

Japan Petroleum Exploration 1662 JP ¥3,130 ¥178,894mm $2,304mm - 

21


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Jayhawk Energy JYHW US $0.02 $1mm $1mm - 

Jubilant Energy JUB LN 15p £61mm $99mm - 

Junex JNX CN C$0.76 C$51mm $52mm - 

Jupiter Energy JPR AU A$0.53 A$81mm $77mm - 

Jura Energy JEC CN C$0.30 C$21mm $21mm - 

Kairiki Energy KIK AU A$0.00 A$5mm $5mm - 

Kallisto Energy KEC CN C$0.09 C$5mm $5mm - 

Kanto Natural Gas Development 1661 JP ¥427 ¥26,045mm $335mm - 

Karoon Gas (ASX) KAR AU A$5.40 A$1,196mm $1,145mm - 

KazMunaiGas E&P JSC RDGZ KZ KZT16,275 KZT1,093,557mm $7,297mm - 

KEA Petroleum KEA LN 8p £43mm $69mm - 

Key Petroleum KEY AU A$0.03 A$14mm $13mm - 

KFG Resources KFG CN C$0.04 C$2mm $2mm - 

Kina Petroleum KPL AU A$0.37 A$72mm $69mm - 

Kingsland Energy KLE CN C$0.65 C$41mm $42mm - 

Kulczyk Oil Ventures KOV PW PLN1.30 PLN626mm $197mm - 

Kunlun Energy (Hong Kong) 135 HK HK$13.58 HK$109,083mm $14,068mm - 

L&M Energy LME NZ NZ$0.06 NZ$41mm $50mm - 

Lakes Oil LKO AU A$0.00 A$21mm $20mm - 

Lansdowne Oil & Gas LOGP LN 57p £80mm $129mm - 

Lapidoth-Heletz LPHLL IT ILs10.00 ILs14,024mm $3,586mm - 

Lariat Energy LE CN C$0.08 C$1mm $1mm - 

Leed Resources LDP LN 0.28p £7mm $12mm - 

Leni Gas & Oil LGO LN 0.40p £5mm $8mm - 

Lexaria LXRP US $0.08 $1mm $1mm - 

Linc Energy (ASX) LNC AU A$0.63 A$318mm $304mm - 

Linc Energy (ADR) LNCGY US $6.70 $338mm $338mm - 

Lion Energy LIO AU A$0.04 A$5mm $4mm - 

LNG Energy LNG CN C$0.06 C$20mm $21mm - 

Longford Energy LFD/H CN C$0.13 C$23mm $23mm - 

Longreach Oil & Gas LOI CN C$0.95 C$22mm $23mm 0.06 

Longreach Oil LGO AU A$0.00 A$1mm $1mm - 

Loon Energy LNE CN C$0.10 C$2mm $2mm - 

Lynden Energy LVL CN C$0.67 C$74mm $75mm - 

Madagascar Oil MOIL LN 26p £67mm $109mm - 

Madalena Ventures MVN CN C$0.25 C$77mm $79mm - 

Magellan Petroleum MPET US $1.04 $56mm $56mm - 

Magnolia Petroleum MAGP LN 4p £26mm $42mm - 

Mako Hydrocarbons (ASX) MKE AU A$0.09 A$15mm $14mm - 

Mammoth Energy Group MMTE US $0.00 $1mm $1mm - 

Manas Petroleum MNAP US $0.11 $19mm $19mm - 

Marauder Resources East Coast MES CN C$0.06 C$4mm $4mm - 

Mari Gas MARI PA PKR97.51 PKR8,959mm $94mm - 

Marksmen Energy MAH CN C$0.10 C$3mm $3mm - 

22


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Mart Resources MMT CN C$1.44 C$512mm $523mm - 

MASS Petroleum MASP US $0.30 $9mm $9mm - 

Matachewan Consolidated Mines MCM/A CN C$0.25 C$3mm $3mm - 

Matra Petroleum MTA LN 2p £30mm $49mm - 

Maurel & Prom Nigeria MPNG FP €2.06 €238mm $307mm - 

Maverick Drilling & Exploration MAD AU A$1.20 A$541mm $518mm - 

Maverick Minerals MVRM US $0.26 $3mm $3mm - 

Maxim Resources MXM CN C$0.04 C$1mm $1mm - 

Mcchip Resources MCS CN C$1.77 C$10mm $10mm - 

Medco Energi (Indonesia) MEDC IJ IDR1,710 IDR5,698,491mm $594mm - 

MEO Australia (ASX)* MEO AU A$0.22 A$119mm $114mm 0.05 

MEO Australia (ADR) MEOAY US $2.38 $128mm $128mm - 

Metalore Resources MET CN C$4.00 C$7mm $7mm - 

MGM Energy MGX CN C$0.23 C$72mm $74mm - 

Micron Enviro Systems MSVS US $0.00 $1mm $1mm - 

MIE Holdings 1555 HK HK$1.91 HK$5,057mm $652mm - 

Mira Resources MRP CN C$0.18 C$28mm $29mm - 

Misen Energy AB MISE SS SE₭7.00 SE₭1,015mm $156mm - 

Moby Oil & Gas MOG AU A$0.02 A$7mm $6mm - 

Modiin - MDINL IT ILs14.00 ILs32,257mm $8,250mm - 

Molopo Energy (ASX) MPO AU A$0.61 A$149mm $142mm - 

Monarch Energy MNL CN C$0.01 C$1mm $1mm - 

Mooncor Oil & Gas MOO CN C$0.01 C$1mm $1mm - 

Morumbi Resources MOC CN C$0.40 C$15mm $16mm - 

Mountainview Energy MVW CN C$0.32 C$28mm $28mm - 

Naphtha Explo - NFEXL IT ILs720 ILs31,574mm $8,075mm - 

Naphtha Israel Petroleum NFTA IT ILs1,402 ILs136,431mm $34,891mm - 

Neon Energy (ASX) NEN AU A$0.29 A$145mm $139mm - 

New Frontier Energy NFEI US $0.03 $2mm $2mm - 

New Guinea Energy (ASX) NGE AU A$0.03 A$29mm $28mm - 

New Guinea Energy (ADR) NGELY US $1.55 $26mm $26mm - 

New Standard Energy NSE AU A$0.48 A$147mm $140mm - 

New Western Energy NWTR US $0.60 $40mm $40mm - 

New World Oil and Gas NEW LN 11p £28mm $46mm 0.15 

New Zealand Energy NZ CN C$2.10 C$256mm $261mm - 

New Zealand Oil & Gas (Aukland) NZO NZ NZ$0.83 NZ$326mm $392mm - 

Newton Energy NTN CN C$0.10 C$2mm $2mm - 

Nextraction Energy NE CN C$0.30 C$10mm $10mm - 

Nexus Energy NXS AU A$0.14 A$186mm $178mm - 

Nighthawk Energy (London) HAWK LN 7p £49mm $79mm - 

NiMin Energy NNN CN C$1.06 C$74mm $76mm - 

Nitro Petroleum NTRO US $0.01 $1mm $1mm - 

Nordic Oil & Gas NOG CN C$0.03 C$3mm $3mm - 

North Energy (Oslo) NORTH NO NO₭5.70 NO₭233mm $41mm - 

23


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

North Sea Energy NUK CN C$0.29 C$17mm $17mm - 

North West Oil Group NWOL US $0.00 $mm $mm - 

Norwest Energy NL NWE AU A$0.07 A$70mm $67mm - 

Nostra Terra Oil & Gas NTOG LN 0.39p £9mm $15mm - 

NuVista Energy NVA CN C$4.51 C$449mm $458mm - 

Octanex NL OXX AU A$0.14 A$26mm $25mm - 

Odin Energy ODN AU A$0.01 A$1mm $1mm - 

Odyssey Energy ODY AU A$0.02 A$8mm $8mm - 

OGX (BOVESPA) OGXP3 BZ BrR6.42 BrR20,775mm $10,236mm - 

OGX (ADR) OGXPY US $3.14 $10,161mm $10,161mm - 

Oil & Gas Development OGDC PA PKR178 PKR766,038mm $8,079mm - 

Oil & Gas Exploration & Production 4O1 BU BGN1.72 BGN21mm $14mm - 

Oil & Natural Gas ONGC IN INR280 INR2,396,393mm $45,425mm - 

Oil Basins OBL AU A$0.04 A$22mm $22mm - 

Online Energy ONL CN C$0.34 C$16mm $16mm - 

Opal Energy OPA/H CN C$0.11 C$1mm $1mm - 

Ophir Energy OPHR LN 603p £2,403mm $3,897mm - 

Orca Energy OGY AU A$0.03 A$14mm $14mm - 

Orca Exploration Group ORC/B CN C$2.67 C$88mm $90mm - 

Oriental Petroleum & Minerals OPM PM PHP0.02 PHP2,160mm $52mm - 

Osage Exploration & Development OEDV US $1.12 $54mm $54mm - 

Otis Energy OTE AU A$0.00 A$5mm $4mm - 

Otto Energy OEL AU A$0.09 A$102mm $98mm - 

PA Resources AB PAR SS SE₭0.66 SE₭421mm $65mm - 

Pacific Paradym Energy PPE CN C$0.03 C$2mm $2mm - 

Painted Pony Petroleum PPY CN C$10.85 C$764mm $780mm - 

Pakistan Oilfields POL PA PKR431 PKR101,951mm $1,075mm - 

Paloma Resources PLO/H CN C$0.06 C$1mm $1mm - 

Pan Pacific Petroleum PPP AU A$0.16 A$91mm $87mm - 

Pancontinental (ASX) PCL AU A$0.10 A$115mm $110mm - 

Panoro Energy PEN NO NO₭3.75 NO₭880mm $155mm - 

PanTerra Resource PRC CN C$0.09 C$2mm $2mm - 

Pantheon Resources PANR LN 14p £15mm $24mm - 

Paramax Resources PXM/H CN C$0.19 C$2mm $2mm - 

Parex Resources PXT CN C$4.86 C$527mm $538mm - 

Paris Energy PI CN C$0.05 C$1mm $1mm - 

Park Place Energy PKPL US $0.07 $1mm $1mm - 

Patch International PTCHF US $0.00 $mm $mm - 

Pegasi Energy Resources PGSI US $0.68 $37mm $37mm - 

Pennant Energy PEN CN C$0.08 C$5mm $6mm - 

Petra Petroleum PTL CN C$0.24 C$17mm $17mm - 

Petrel Energy PRL AU A$0.05 A$11mm $11mm - 

Petrel Resources PET LN 7p £5mm $9mm - 

Petrichor Energy PTP CN C$0.38 C$6mm $6mm - 

24


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Petro Matad MATD LN 8p £14mm $23mm - 

Petro One Energy POP CN C$0.40 C$24mm $24mm - 

Petroamerica Oil PTA CN C$0.22 C$127mm $130mm - 

Petrobank Energy & Resources PBG CN C$13.46 C$1,341mm $1,368mm - 

Petroceltic (Dublin) PCI ID €0.09 €218mm $282mm - 

Petroceltic (London) PCI LN 7p £170mm $275mm - 

PetroEnergy Resources PERC PM PHP6.00 PHP1,643mm $39mm - 

Petroforte International PFI CN C$0.03 C$1mm $1mm - 

Petrofrontier PFC CN C$0.77 C$49mm $50mm - 

Petroglobe PGB CN C$0.02 C$2mm $2mm - 

Petrogrand AB PETRO SS SE₭6.80 SE₭274mm $42mm - 

PetroHunter Energy PHUN US $0.01 $4mm $4mm - 

Petrolia PEA CN C$1.24 C$78mm $79mm - 

Petrolympic PCQ CN C$0.07 C$6mm $6mm - 

Petromanas Energy PMI CN C$0.19 C$117mm $119mm - 

Petromin Resources PTR CN C$0.08 C$5mm $5mm - 

Petrominerales PMG CN C$7.95 C$718mm $733mm - 

PetroNova PNA CN C$0.40 C$65mm $67mm - 

PetroQuest Resources PQRJ US $0.00 $mm $mm - 

Petrostar Petroleum PEP CN C$0.14 C$4mm $4mm - 

Peyto Exploration & Development PEY CN C$24.41 C$3,512mm $3,584mm - 

Philex Petroleum PXP PM PHP24.50 PHP41,650mm $998mm - 

Philodrill OV PM PHP0.05 PHP9,018mm $216mm - 

Phoenix Canada Oil PCO CN C$2.00 C$10mm $10mm - 

Pine Cliff Energy PNE CN C$0.63 C$40mm $41mm - 

Pioneer Oil & Gas POGS US $0.91 $7mm $7mm - 

Planet Gas PGS AU A$0.02 A$11mm $11mm - 

PNOC Exploration PECB PM PHP67.00 PHP32,143mm $770mm - 

Po Valley Energy PVE AU A$0.17 A$18mm $18mm - 

Polyard Petroleum International 8011 HK HK$0.16 HK$292mm $38mm - 

Porto Energy PEC CN C$0.15 C$30mm $30mm - 

PRD Energy PRD CN C$0.50 C$57mm $58mm - 

President Petroleum PPC LN 21p £33mm $54mm - 

Primary Petroleum PIE CN C$0.31 C$46mm $47mm - 

Primeline Energy Holdings PEH CN C$0.55 C$52mm $53mm - 

Providence Resources (US) PVRS US $0.05 $1mm $1mm - 

Providence Resources (Dublin) PRP ID €8.75 €563mm $728mm - 

Providence Resources (London) PVR LN 685p £441mm $715mm - 

Pryme Energy (ASX) PYM AU A$0.08 A$21mm $20mm - 

Pryme Energy (ADR) POGLY US $0.67 $17mm $17mm - 

PTT E&P (Bangkok) PTTEP TB THB163 THB539,498mm $17,528mm - 

PTT E&P (ADR) PEXNY US $10.25 $17,015mm $17,015mm - 

Pura Vida Energy NL PVD AU A$0.80 A$42mm $40mm 0.10 

QGEP Participacoes QGEP3 BZ BrR12.20 BrR3,243mm $1,598mm - 

25


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Quest Petroleum NL QPN AU A$0.01 A$14mm $14mm - 

Raimount Energy RMT CN C$2.25 C$10mm $10mm - 

Rancher Energy RNCHQ US $0.01 $1mm $1mm - 

Ratio Oil Exploration 1992 RATIL IT ILs27.40 ILs201,948mm $51,647mm - 

Rawson Resources RAW AU A$0.06 A$6mm $6mm - 

Red Emperor (ASX)* RMP AU A$0.06 A$16mm $15mm - 

Red Emperor (London)* RMP LN 4p £11mm $17mm - 

Red Sky Energy ROG AU A$0.00 A$6mm $6mm - 

Regal Petroleum RPT LN 18p £57mm $93mm - 

Ria Resources RIA CN C$0.05 C$1mm $1mm - 

Rialto Energy (ASX) RIA AU A$0.16 A$106mm $101mm 0.13 

Rialto Energy (London) RIA LN 11p £73mm $118mm 0.15 

Ring Energy RNGE US $5.81 $39mm $39mm - 

Riverdale Oil & Gas RVDO US $0.06 $1mm $1mm - 

Rocksource RGT NO NO₭1.20 NO₭104mm $18mm - 

Rodinia Oil ROZ CN C$0.03 C$3mm $3mm - 

Running Fox Resource RUN CN C$0.08 C$4mm $4mm - 

SacOil Holding SCL SJ ZAR28.00 ZAR25,712mm $3,115mm - 

Sagres Energy SGI CN C$0.02 C$3mm $3mm - 

Sahara Energy SAH CN C$0.05 C$4mm $5mm - 

Samson Oil & Gas (ASX) SSN AU A$0.05 A$86mm $83mm - 

Samson Oil & Gas (ADR) SSN US $1.08 $97mm $97mm - 

San Leon Energy (London)* SLE LN 11p £120mm $194mm 0.07 

Santa Maria Petroleum SMQ CN C$0.14 C$8mm $9mm - 

Saxon Oil SXN CN C$0.02 C$3mm $3mm - 

Seaenergy SEA LN 31p £15mm $25mm - 

Sefton Resources * SER LN 2p £8mm $13mm - 

Selan Exploration Technology SXT IN INR336 INR5,709mm $108mm - 

Senex Energy (ASX) SXY AU A$0.65 A$735mm $704mm - 

Sentry Petroleum SPLM US $0.03 $1mm $1mm - 

Shamaran Petroleum SNM CN C$0.44 C$353mm $360mm - 

Shelton Petroleum SHELB SS SE₭12.00 SE₭128mm $20mm - 

Shemen Oil & Gas Resouces SMOG IT ILs14.10 ILs43,565mm $11,141mm - 

Shona Energy SHO CN C$0.34 C$79mm $81mm - 

Simba Energy SMB CN C$0.13 C$28mm $29mm - 

Sino Gas & Energy Holdings SEH AU A$0.07 A$80mm $77mm - 

Sino Oil And Gas Holdings 702 HK HK$0.15 HK$1,878mm $242mm - 

Sintana Energy SNN CN C$0.17 C$51mm $52mm - 

Sirius Petroleum SRSP LN 4p £33mm $53mm - 

Sky Petroleum SKPI US $0.15 $10mm $10mm - 

Slavneft-Megionneftegaz MFGS RM RUB452 RUB44,963mm $1,450mm - 

Softrock Minerals SFT CN C$0.04 C$1mm $1mm - 

Solara Exploration SAA/A CN C$0.02 C$2mm $2mm - 

Solimar Energy SGY AU A$0.05 A$23mm $22mm - 

26


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Solo Oil SOLO LN 0.33p £11mm $18mm - 

Sound Oil SOU LN 0.48p £10mm $16mm - 

South China Resources SOC PM PHP1.16 PHP1,051mm $25mm - 

South Texas Oil STXXQ US $0.00 $mm $mm - 

Southern Star Energy SSEY US $0.02 $1mm $1mm - 

Spartan Oil STO CN C$4.67 C$389mm $397mm - 

Sprott Resource SCP CN C$3.93 C$427mm $435mm - 

Statesman Resources SRR CN C$0.22 C$2mm $2mm - 

Stealth Ventures SLV CN C$0.08 C$1mm $1mm - 

Stetson Oil and Gas SSN CN C$0.10 C$4mm $4mm - 

Strata Oil & Gas SOIGF US $0.09 $6mm $6mm - 

Strategic Oil & Gas SOG CN C$0.71 C$133mm $136mm - 

Stream Oil & Gas SKO CN C$0.84 C$56mm $57mm - 

Strike Energy STX AU A$0.22 A$135mm $129mm - 

Sun Resources SUR AU A$0.08 A$140mm $134mm - 

Sundance Energy Australia SEA AU A$0.76 A$211mm $202mm - 

Sundance Energy SNY CN C$0.03 C$2mm $2mm - 

Sunshine Oilsands 2012 HK HK$3.23 HK$9,266mm $1,195mm - 

Superior Oil & Gas Co SIOR US $0.02 $3mm $3mm - 

Suroco Energy SRN CN C$0.39 C$52mm $53mm - 

Swede Resources SERSB SS SE₭1.14 SE₭19mm $3mm - 

Syngas SYS AU A$0.00 A$2mm $2mm - 

TAG Oil TAO CN C$7.39 C$442mm $451mm - 

Tamarack Valley Energy TVE CN C$2.75 C$82mm $83mm - 

Tamaska Oil & Gas TMK AU A$0.00 A$6mm $6mm - 

TAMM Oil and Gas TAMO US $0.12 $11mm $11mm - 

Tangiers Petroleum (ASX) TPT AU A$0.37 A$40mm $38mm 0.03 

Tangiers Petroleum (London) TPET LN 22p £23mm $38mm 0.03 

Target Energy TEX AU A$0.12 A$42mm $40mm - 

Terrace Energy TZR CN C$1.23 C$78mm $79mm - 

Tethys Oil TETY SS SE₭46.80 SE₭1,523mm $234mm - 

Thunderbird Energy TBD CN C$0.13 C$11mm $11mm - 

Titan Energy TTE AU A$0.02 A$16mm $16mm - 

TomCo Energy TOM LN 2p £20mm $32mm - 

Torchlight Energy Resources TRCH US $2.05 $31mm $31mm - 

Total Gabon EC FP €349 €1,571mm $2,031mm - 

Touchstone Exploration TAB CN C$0.21 C$23mm $23mm - 

Tourmaline Oil TOU CN C$30.97 C$5,095mm $5,199mm - 

Tower Resources TRP LN 3p £50mm $81mm 0.05 

Trans-Asia Oil & Energy Dev TA PM PHP1.19 PHP3,368mm $81mm - 

Transerv Energy TSV AU A$0.01 A$38mm $36mm - 

Transeuro Energy TSU CN C$0.06 C$19mm $19mm - 

Trap Oil Group TRAP LN 18p £41mm $67mm - 

Triangle Energy Global TEG AU A$0.00 A$6mm $5mm - 

27


Company Name 


Bloomberg 

Ticker 


Price 

Market Cap 




($/boe) 

Trioil Resources TOL CN C$2.54 C$135mm $138mm - 

Triple Energy TNP AU A$0.02 A$5mm $4mm - 

TXO * TXO LN 0.28p £1mm $2mm - 

Tyner Resources TIP/H CN C$0.31 C$12mm $12mm - 

Ukrnafta Oil (Ukraine) UNAF UZ UAH153 UAH8,313mm $1,020mm - 

Underground Energy UGE CN C$0.04 C$8mm $8mm - 

Uniontown Energy UTOG US $0.04 $9mm $9mm - 

United American Petroleum UAPC US $0.23 $12mm $12mm - 

United Energy (Hong Kong) 467 HK HK$1.20 HK$15,643mm $2,017mm - 

Universal Energy UVSE US $0.00 $8mm $8mm - 

US Natural Gas UNGS US $0.00 $mm $mm - 

US Oil nds USO CN C$0.16 C$48mm $49mm - 

USA Superior Energy Holdings USSU US $0.00 $mm $mm - 

Valeura Energy VLE CN C$1.27 C$59mm $60mm - 

Valiant Petroleum VPP LN 419p £171mm $277mm - 

Valparaiso Energy VPO/H CN C$0.02 C$mm $mm - 

Vanoil Energy VEL CN C$0.66 C$34mm $35mm - 

Vast Exploration VST CN C$0.03 C$7mm $7mm - 

Vecta Energy VER CN C$0.01 C$1mm $1mm - 

Veraz Petroleum VRZ/H CN C$0.03 C$2mm $2mm - 

Volga Gas VGAS LN 83p £67mm $109mm - 

Warrior Energy WEN CN C$1.60 C$5mm $5mm - 

Wellstar Energy WSE/H CN C$0.19 C$4mm $4mm - 

Wentworth Resources WRL NO NO₭3.73 NO₭308mm $54mm - 

Wessex Exploration WSX LN 7p £48mm $78mm - 

Westbridge Energy WEB CN C$0.19 C$15mm $15mm - 

WesternZagros Resources WZR CN C$1.40 C$520mm $530mm - 

Westmount Energy WTE LN 26p £3mm $4mm - 

Wilton Resources WIL CN C$0.66 C$18mm $18mm - 

Woburn Energy WBN LN 0.90p £2mm $3mm - 

Worthington Energy WGAS US $0.01 $1mm $1mm - 

Wrangler West Energy WX CN C$0.90 C$6mm $6mm - 

XState Resources XST AU A$0.02 A$2mm $2mm - 

Xtract Energy XTR LN 0.30p £5mm $7mm - 

Yangarra Resources YGR CN C$0.33 C$40mm $40mm - 

Zargon Oil & Gas ZAR CN C$9.16 C$271mm $277mm - 

Zerah Oil & Gas Exploration ZRAHL IT ILs3.90 ILs5,334mm $1,364mm - 

Zeta Petroleum ZTA AU A$0.07 A$9mm $9mm - 

Zion Oil & Gas ZN US $2.36 $73mm $73mm - 

Zodiac Exploration ZEX CN C$0.05 C$18mm $18mm - 

Zone Resources ZNR CN C$0.02 C$1mm $1mm - 


28


Integrated Majors 



Exchange Per Barrel of Reserves ($/boe) Per Daily Barrel of Production ($/bopd) 

BM&FBOVESPA 4.8 25,921 

Bolsa Colomb 65.0 198,978 

BrsaItaliana 11.2 52,354 

Budapest 12.8 57,666 

Buenos Floor 3.5 7,155 

Continuous 11.5 31,481 

EN Amsterdam 9.1 39,139 

EN Paris 11.9 53,043 

Hong Kong 2.6 10,814 

London 7.8 52,547 

MICEX Main 2.5 19,937 

New York 16.8 71,506 

Oslo 15.8 51,567 

OTC US 6.3 39,081 

RTS 4.8 24,606 

Shanghai 16.6 59,116 

Toronto 7.8 92,931 


Company Name Bloomberg Ticker 


Price 

Market Cap 

Per Barrel of 


Reserves ($/boe) 

Per Daily Barrel 

of Production 

($/bopd) 

BG Group (London) BG/ LN 1,257p £42,706mm $69,248mm 8.0 104,154 

BG Group (ADR) BRGYY US $20.55 $69,818mm $69,818mm 9.4 105,011 

BP (London) BP/ LN 441p £84,063mm $136,309mm 7.7 38,602 

BP (ADR) BP US $43.04 $136,676mm $136,676mm 7.7 38,706 

Cenovus Energy CVE CN C$34.35 C$25,928mm $26,454mm 9.9 108,919 

Chevron CVX US $117 $229,963mm $229,963mm 20.0 84,624 

CNPC (Hong Kong) 386 HK HK$7.24 HK$121,491mm $15,668mm 3.9 13,898 

CPNC (ADR) SNP US $93.02 $82,299mm $82,299mm 20.5 73,004 

CNPC (Shanghai) 600028 CH CY5.99 CY418,833mm $66,643mm 16.6 59,116 

Connacher Oil and Gas CLL CN C$0.55 C$247mm $252mm 0.5 17,478 

Ecopetrol (Colombia) ECOPETL CB CP5,280 CP217,096,176mm $120,688mm 65.0 198,978 

Ecopetrol (ADR) EC US $58.53 $120,328mm $120,328mm 64.9 198,384 

Eni (Milan) ENI IM €17.39 €63,198mm $81,747mm 11.2 52,354 

Eni (ADR) E US $45.28 $82,278mm $82,278mm 11.3 52,694 

Exxon Mobil XOM US $91.80 $423,743mm $423,743mm 16.6 88,949 

Gazprom Neft (Moscow) SIBN RM RUB152 RUB718,639mm $23,174mm 3.3 19,247 

Gazprom Neft (ADR) GZPFY US $24.68 $23,403mm $23,403mm 3.3 19,437 

Gazprom (Moscow) GAZP RM RUB158 RUB3,740,415mm $120,618mm 0.8 12,594 

Gazprom (ADR) OGZPY US $10.26 $121,445mm $121,445mm 0.8 12,680 

Hess HES US $53.77 $18,363mm $18,363mm 11.5 47,978 

Husky Energy HSE CN C$26.45 C$25,974mm $26,501mm 9.2 83,495 

29





Price 

Market Cap 

Per Barrel of 


Reserves ($/boe) 


Per Daily Barrel 

of Production 

($/bopd) 

Imperial Oil IMO CN C$45.48 C$38,549mm $39,331mm 12.3 162,169 

Lukoil (Moscow) LKOH RM RUB1,933 RUB1,643,713mm $53,005mm 2.0 23,954 

Lukoil (ADR) LUKOY US $62.25 $52,948mm $52,948mm 2.0 23,928 

MOL (Budapest) MOL HB HUF18,385 HUF1,921,573mm $8,727mm 12.8 57,666 

Murphy Oil MUR US $54.04 $10,498mm $10,498mm 19.3 57,353 

Occidental Petroleum OXY US $86.26 $69,866mm $69,866mm 21.7 94,022 

OMV (ADR) OMVKY US $35.70 $11,684mm $11,684mm 10.5 40,977 

OMV (Vienna) OMV AV €27.58 €9,026mm $11,675mm 10.4 40,948 

Petrobras Argentina PESA AR ARS2.83 ARS5,714mm $1,218mm 0.0 26 

PetroBras Argentina (ADR) PZE US $8.91 $900mm $900mm 0.0 19 

PetroChina (Hong Kong) 857 HK HK$10.16 HK$214,365mm $27,645mm 1.2 7,730 

PetroChina PTR US $131 $253,818mm $253,818mm 11.1 70,975 

Petroleo Brasileiro PETR4 BZ BrR22.71 BrR127,222mm $62,683mm 4.8 25,921 

PetroBras (ADR) PBR/A US $22.47 $149,606mm $149,606mm 11.5 61,865 

PetroBras (BOVESPA) PBR US $23.29 $149,606mm $149,606mm 11.5 61,865 

Polskie Gornictwo Naftowe PGN PW PLN4.02 PLN23,718mm $7,460mm 10.3 90,121 

Repsol (Madrid) REP SM €15.23 €19,125mm $24,739mm 11.5 31,481 

Repsol (ADR) REPYY US $20.30 $25,500mm $25,500mm 11.8 32,451 

Rosneft Oil ROSN RM RUB210 RUB2,225,724mm $71,773mm 4.0 23,953 

RDS "A" (Ams) RDSA NA €27.08 €101,210mm $130,915mm 9.1 39,139 

RDS "A" (London) RDSA LN 2,160p £80,725mm $130,896mm 9.1 39,133 

RDS "B" (London) RDSB LN 2,219p £58,375mm $94,655mm 6.6 28,298 

RDS "A" (ADR) RDS/A US $70.56 $231,697mm $231,697mm 16.1 69,270 

RDS "B" (ADR) RDS/B US $72.76 $231,697mm $231,697mm 16.1 69,270 

Sasol (Johannesburg) SOL SJ ZAR36,887 ZAR23,806,036mm $2,884,496mm 2,641.8 17,329,292 

Sasol (ADR) SSL US $44.82 $28,926mm $28,926mm 26.5 173,779 

Statoil (ADR) STO US $26.16 $83,415mm $83,415mm 15.8 51,696 

Statoil (Oslo) STL NO NO₭149 NO₭473,514mm $83,207mm 15.8 51,567 

Suncor Energy SU CN C$32.42 C$49,872mm $50,885mm 7.1 92,594 

TNK-BP (Moscow) TNBP RU $2.93 $43,896mm $43,896mm 4.8 24,606 

Total (Paris) FP FP €39.49 €93,399mm $120,812mm 11.9 53,043 

Total (ADR) TOT US $51.57 $121,970mm $121,970mm 12.0 53,552 

YPF (Buenos Aires) YPFD AR ARS82.70 ARS32,527mm $6,934mm 7.0 14,284 

YPF (ADR) YPF US $13.10 $5,152mm $5,152mm 5.2 10,615 


Refiners 

Exchange Per Stream Day Barrel $/bopd 

Karachi 24.6 

Natl India 3,232.4 

New York 6,228.3 


30





Previous Closing Price Market Cap 

Per Stream Day Barrel 


$/bopd 

Alon USA Energy ALJ US $13.78 $779mm $779mm 5,331.6 

Bharat Petroleum BPCL IN INR352 INR254,164mm $4,818mm 18.0 

Byco Petroleum Pakistan BYCO PA PKR8.30 PKR8,116mm $86mm 24.6 

Chennai Petroleum MRL IN INR131 INR19,500mm $370mm 1,741.2 

CVR Energy CVI US $36.82 $3,197mm $3,197mm 29,349.4 

Delek US Holdings DK US $26.00 $1,523mm $1,523mm 25,161.6 

Hindustan Petroleum HPCL IN INR309 INR104,585mm $1,982mm 9,145.1 

Holly Frontier HFC US $41.31 $8,409mm $8,409mm 25,336.1 

Indian Oil IOCL IN INR250 INR607,716mm $11,520mm 207.1 

Mangalore Refinery & Petrochemicals MRPL IN INR61.00 INR106,909mm $2,027mm 7,904.9 

Marathon Petroleum MPC US $54.53 $18,447mm $18,447mm 13,584.2 

Sah Petroleums SAH IN INR24.80 INR1,091mm $21mm 377.8 

Sunoco SUN US $46.54 $4,874mm $4,874mm 10,089.6 

Tesoro TSO US $41.88 $5,855mm $5,855mm 10,111.6 

Valero Energy VLO US $31.44 $17,342mm $17,342mm 7,125.1 

Western Refining WNR US $26.34 $2,395mm $2,395mm 16,837.2 


31




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