Prospectus re Admission to the Official List - Heritage Oil

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Reconciliation of loss for the year ended 31 December 2006Effect ofPrevious transitionNotes CGAAP to IFRS IFRS$ $ $RevenuePetroleum and natural gas ................ 3,938,512 — 3,938,512Drilling services ........................ 2,895,727 — 2,895,7276,834,239 — 6,834,239ExpensesPetroleum and natural gas ................ 723,611 — 723,611Drilling rig operating .................... 2,291,585 — 2,291,585General and administrative ................ (e) 8,977,345 (349,218) 8,628,127Foreign exchange losses (gains) ............ (k) 798,194 (171,189) 627,005Depletion, depreciation and amortisation ..... (d)(g) 691,011 660,976 1,351,987Exploration expenditure .................. (a) — 6,066,977 6,066,977Impairment of unproved petroleum andnatural gas .......................... (a) 986,964 (986,964) —14,468,710 5,220,582 19,689,292Finance income (costs)Interest income ........................ (h) 1,767,898 (431,547) 1,336,351Finance costs .......................... (h) (5,996,553) 1,354,427 (4,642,126)Loss on derivative liability ................ (i) — (24,851,295) (24,851,295)Unrealised gain on other financial assets ...... (j) — 195,178 195,178(4,228,655) (23,733,237) (27,961,892)Loss from continuing operations ............ (11,863,126) (28,953,819) (40,816,945)Gain (loss) on disposal of discontinuedoperations .......................... (g)(h) 9,950,968 (750,268) 9,200,700Earnings from discontinued operations ....... 3,248,490 — 3,248,490Net loss ............................. (f) 1,336,332 (29,704,087) (28,367,755)216
Reconciliation of cash flow statement for the year ended 31 December 2006Effect ofPrevious transitionNotes CGAAP to IFRS IFRS$ $ $Cash provided by (used in)Operating activitiesNet loss from continuingoperations .............. (a)(d)(e)(g)(h)(i)(k)(l) (11,863,126) (28,953,819) (40,816,945)Items not involving cashDepletion, depreciation andamortisation ........... (d)(g) 691,011 660,976 1,351,987Finance costs—accretionexpenses .............. (h) 860,895 (213,442) 647,453Foreign exchange losses .... (k) 593,837 (171,189) 422,648Stock-based compensation . . (e) 1,483,945 (66,901) 1,417,044Impairment of unprovedpetroleum and natural gasproperties ............. (a) 986,964 (986,964) —Gain on other financial assets (j) — (195,178) (195,178)Loss on derivative financialinstruments ........... (l) — 24,851,295 24,851,295Increase in trade and otherreceivables ............ (972,251) — (972,251)Increase in prepaid expenses . (312,051) — (312,051)Decrease in inventory ...... 142,809 — 142,809Increase in trade and otherpayables .............. 725,738 — 725,738(7,662,229) (5,075,222) (12,737,451)Discontinued operations ...... 3,748,853 — 3,748,853(3,913,376) (5,075,222) (8,988,598)Investing activitiesProperty, plant and equipmentexpenditures ............ (a)(b)(h) (33,512,387) 21,247,324 (12,265,063)Intangible explorationexpenditures ............ (a)(b)(h) — (16,172,102) (16,172,102)Intangible developmentexpenditures ............ (386,668) — (386,668)(33,899,055) 5,075,222 (28,823,833)Discontinued operations ...... 17,576,116 — 17,576,116(16,322,939) 5,075,222 (11,247,717)Financing activitiesShares issued for cash ....... 1,318,945 — 1,318,945Convertible bonds .......... 60,000,000 — 60,000,000Convertible bond issue costs . . . (3,000,000) — (3,000,000)Repayment of long-term debt . . (287,759) — (287,759)58,031,186 — 58,031,186Decrease in cash and cashequivalents ............. 37,794,871 — 37,794,871Cash and cash equivalents—Beginning of year ......... 8,583,321 — 8,583,321Foreign exchange gains on cashheld in foreign currency .... 482,954 — 482,954Cash and cash equivalents—End of year ............. 46,861,146 — 46,861,146217
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This document comprises a prospectu
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SUMMARY INFORMATIONThis summary mus
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Summary Consolidated Income Stateme
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Summary Consolidated Cash Flow Stat
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Production from the Zapadno Chumpas
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Given the geographic spread of the
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RISK FACTORSAny investment in the O
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wells may change as a result of low
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which could have a materially adver
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Failure to obtain additional financ
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contractual or pricing terms, both
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years. In addition, since December
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UgandaUganda is among the poorest c
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Market Price of the Ordinary Shares
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DIRECTORS, CORPORATE SECRETARY, SEN
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EXPECTED TIMETABLE OF PRINCIPAL EVE
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CurrenciesAll references in this do
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PART I—INFORMATION ON THE GROUPOV
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Strong management and technical tea
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the availability of existing infras
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In 2005, the Group acquired a 95 pe
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The Group acquired a 10 per cent. i
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The Group is the operator and has a
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exploration wells. The total estima
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The Group has also entered into a s
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Pakistan has current proved hydroca
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operational by drawing up an Enviro
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Mr. Buckingham has never had any as
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Date2007 ........ On 18 January 200
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(3) One common share of Heritage Ho
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(f) General Sir Michael WilkesGener
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Remuneration CommitteeThe Remunerat
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Goldsworth House, Denton Way, Golds
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ResourcesA summary of the gross Con
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The post tax Net Present Value (NPV
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RPS EnergyHeritage Oil - Competent
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Summary Consolidated Balance Sheets
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Summary Consolidated Balance Sheets
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locks during the first three and a
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On 2 October 2007, the Group execut
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of amplitude anomalies, further sup
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The increase in operating expenses
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5.11 Discontinued OperationsThe res
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6. RESULTS OF CONTINUING OPERATIONS
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6.7 Foreign Exchange LossesThere wa
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6.14 Capital ExpendituresThe follow
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7.3 Petroleum and Natural Gas Reven
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7.14 Capital ExpendituresAdditions
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10. LIQUIDITY AND CAPITAL RESOURCES
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Year Ended 31 December 2005 Prepare
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Intangible E&E assets related to ea
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11.2 The year ended 31 December 200
Page 167 and 168: (c) Reconciliation of loss for the
Page 169 and 170: Year Ended 31 December 2004 Prepare
Page 171 and 172: PART VII—FINANCIAL INFORMATIONA.
Page 173 and 174: DeclarationFor the purposes of Pros
Page 175 and 176: HERITAGE OIL LIMITEDNOTES TO BALANC
Page 177 and 178: AUDITED AND UNAUDITED FINANCIAL INF
Page 179 and 180: HERITAGE OIL CORPORATIONCONSOLIDATE
Page 183 and 184: HERITAGE OIL CORPORATIONNOTES TO CO
Page 185 and 186: Intangible E&E assets related to ea
Page 187 and 188: k) InvestmentsThe Group classifies
Page 189 and 190: usually when legal title passes to
Page 191 and 192: iii) IFRIC 12, ‘‘Service conces
Page 193 and 194: v) Liquidity riskLiquidity risk is
Page 195 and 196: ii) DerivativesDerivatives are reco
Page 197 and 198: 5 Other finance costsNine-month per
Page 199 and 200: Congo to the other partners in the
Page 201 and 202: No assets have been pledged as secu
Page 203 and 204: 31 December 30 September2005 2006 2
Page 205 and 206: 16 Trade and other payables31 Decem
Page 207 and 208: A reconciliation of the asset retir
Page 209 and 210: 21 Loss per shareThe following tabl
Page 211 and 212: 25 Commitments and contingenciesHer
Page 213 and 214: In November 2007, the Group farmed-
Page 215 and 216: Reconciliation of loss for the year
Page 217: At the end of the last reporting pe
Page 221 and 222: At 31 December 2006, this has resul
Page 223 and 224: AUDITED FINANCIAL STATEMENTS RELATI
Page 225 and 226: AUDITORS’ REPORT TO THE SHAREHOLD
Page 229 and 230: HERITAGE OIL CORPORATIONNOTES TO CO
Page 231 and 232: effective as hedges, both at incept
Page 233 and 234: A ceiling test was undertaken at De
Page 235 and 236: 6. Share capital:(a) Authorized:Unl
Page 237 and 238: fair value of stock options are amo
Page 239 and 240: C. PRO FORMA FINANCIAL INFORMATION
Page 241 and 242: PRO FORMA NET ASSET STATEMENTThe fo
Page 243 and 244: Production assumptionsProduction du
Page 245 and 246: Macroeconomic assumptionsThe Direct
Page 247 and 248: Accordingly, the Illustrative Proje
Page 249 and 250: Arrangement AgreementPursuant to th
Page 251 and 252: PART X—ADDITIONAL INFORMATION1. R
Page 253 and 254: (ii) no share or loan capital of th
Page 255 and 256: (j)In Alberta, the principal jurisd
Page 257 and 258: nominal amount has been paid up of
Page 259 and 260: instrument of transfer (in the case
Page 261 and 262: up on all the shares conferring tha
Page 263 and 264: (B) may be a director or other offi
Page 265 and 266: and is in default for a period of 1
Page 267 and 268: (c)have sufficient moneys, assets o
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(e)against surrender of the Exchang
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e, to the extent that the same is r
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(g)(ii) by arranging for the credit
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(b) rights, options or warrants oth
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any provision of provincial, territ
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7.5 None of the major shareholders
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Position stillDirector/Senior Manag
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employment or terminates his or her
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All rights of a holder of Exchangea
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agreement of this nature. These cir
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to change. Where the Company pays a
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As part of an agreement reached in
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(x) Foreign Property Information Re
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19. DOCUMENTS AVAILABLE FOR INSPECT
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declared and unpaid dividends on ea
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‘‘DTR’’‘‘DutchCo’’
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‘‘ISIN’’‘‘ITA’’‘
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anniversary of the Effective Date a
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‘‘Support Agreement’’‘‘
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emaining quantities recovered will
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Prospectus re Admission to the Official List - Heritage Oil

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