Prospectus re Admission to the Official List - Heritage Oil

At the end of the last reporting period under previous CGAAP—31 December 2006Effect ofPrevious transitionNotes CGAAP to IFRS IFRS$ $ $AssetsNon-current assetsIntangible exploration assets (b)(c)(f)(k) — 54,767,332 54,767,332Intangible developmentcosts ................ 1,574,039 — 1,574,039Property, plant andequipment ........... (a)(b)(d)(f)(g)(h)(k) 98,311,833 (66,124,735) 32,187,098Deferred financing fees .... (i) 2,539,726 (2,539,726) —Other financial assets (j) 719,380 195,178 914,558103,144,978 (13,701,951) 89,443,027Current assetsInventories ............. (d)(g) 50,552 48,369 98,921Prepaid expenses ........ 531,273 — 531,273Trade and other receivables . 9,839,506 — 9,839,506Cash and cash equivalents . . 46,861,146 — 46,861,14657,282,477 48,369 57,330,846160,427,455 (13,653,582) 146,773,873LiabilitiesCurrent liabilitiesTrade and other payables . . 12,715,381 — 12,715,381Borrowings ............. 147,720 — 147,72012,863,101 — 12,863,101Non-current liabilitiesBorrowings ............. (i) 65,525,524 (2,400,681) 63,124,843Provisions ............. 62,322 — 62,322Deferred tax liabilities ..... (f) 2,346,605 (2,346,605) —Derivative financial liability . (l) — 27,997,140 27,997,14067,934,451 23,249,854 91,184,30580,797,552 23,249,854 104,047,40679,629,903 (36,903,436) 42,726,467EquityShare capital ........... (i)(l) 27,865,874 (3,284,890) 24,580,984Reserves .............. (e)(k) 2,533,532 103,526 2,637,058Retained earnings (deficit) . (a)(c)(d)(e)(g)(h)(j)(k)(l) 49,230,497 (33,722,072) 15,508,42579,629,903 (36,903,436) 42,726,467215