IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

mESSAGE fROm thE pRESIDENtFor the love of weather clichésIt’s human nature to want to talk about the weather. Unfortunately, For any dismal natural gas-focused company (or investor) out thereit hasn’t really been a pleasant conversation for Albertans thisthat saw disappointing second quarter results from pricing andsummer. It seems like the eastern part of the country might have weather delays, we’d like to help pull you through by rememberinghogged all of the heat and good weather this year.that every cloud has a silver lining, and after the rain comes therainbow. If that doesn’t do it for you, then how about red ink atThe weather discussion even made its way into many intermediatenight, sailor’s delight?and junior oil and gas companies’ second quarter reports this year.We heard numerous times that drilling programs and operations At Bryan Mills Iradesso, we continue to be busy helpingwere stalled by the wet weather. Because of this, many companies many energy industry companies communicate with theirreported lower-than-expected production volumes and cash flows stakeholders. It’s not a surprise that the energy industry hasfor the period. In effect, they were blaming their results on the rain. many communications challenges. These challenges range fromhow to communicate about strategy and technical approaches toInvestors can take comfort in knowing that oil and gas plays never getexploration and development, to the need to communicate aboutcompletely rained out, they only get delayed. And although weatherenvironmental and social responsibility from within an industrycan play a factor in timing, and on a bigger scale, commodity pricing,that produces pollution-emitting fuel. To invoke another cliché, thethe weather can’t totally ruin a crop the way it can in farming.oil and gas industry needs to show that it doesn’t have its head inSpeaking of weather clichés, this is an industry where we like to talkthe clouds when it comes to environmental issues. I believe thatabout commodity prices by referencing the perfect storm. The lowjust like the end-users who actually burn the fuels, the majority ofnatural gas prices we are experiencing now are not the result of athis industry doesn’t have its head in the clouds.perfect storm, more like the result of a steady nagging drizzle. OurI’d like to close by emphasizing the purpose of the iQ Report.comparisons are getting stale when it comes to the high price of oilThis report is meant to educate readers on the dynamic Canadianrelative to cheap cost of the same energy equivalency in natural gas.intermediate and junior oil and gas industry, while drawingIt has been more than a year now of the two main commodities in thisattention to some of the considerations for making investments inindustry being grossly out-of-step with one another. It seems to havethe sector. We also shamelessly try to build on our credibility whilebecome a fact of life, which probably means we’re due for a change.drawing attention to snapshots we have provided for some of ourThe facts are that the fundamentals for natural gas have been tooongoing clients. I hope you find this report useful in serving theseweak for too long. Even the companies that were most focused onpurposes.natural gas have started to give in and shift their focus to oil. TheBlue skies ahead,median junior oil and gas company has actually seen success indropping its natural gas production weighting from 75 percentof production in the third quarter of 2009, to 65 percent ofproduction in this most recent quarter. The production mixes beingreported by the juniors are starting to reflect more investmentsPeter Knappbeing directed to oil. I anticipate that this drop in gas weightingPresident, Bryan Mills Iradessowill continue over the next year as such a high number of drillingprograms are targeting oil rather than gas.

contentSin t H i S i SSueSepteMBer 20101 Q2 SnapSHot4 Junior & interMeDiateWHeeling anD Dealing5 Junior coMpariSon cHartS6 Q2 production (boe/d)7 Q2 production Mix - natural gas Weighting (%)8 change in production - Q1 2010 to Q2 2010 (%)9 change in production per Share - Q1 2010 to Q2 201010 enterprise Value Versus Q2 production ($ per boe/d)11 Q2 cash flow netback ($/boe)12 Q2 operating and transportation expenses ($/boe)13 Q2 general and administrative cash expenses ($/boe)14 Q2 Depletion, Depreciation and accretion expenses ($/boe)15 annualized Q2 cash flow Multiples16 Q2 net Debt to annualized cash flow17 Q2 total return – capital gains and distributions or dividends (%)18 Juniors listing – Data table29 interMeDiate coMpariSon cHartS30 Q2 2010 production (boe/d)30 Q2 production Mix – natural gas weighting (%)31 change in production – Q1 2010 – Q2 2010 (%)31 change in production per share – Q1 2010 – Q2 201032 enterprise Value versus Q2 production ($ per boe/d)32 Q2 cash flow netback ($/Boe)33 Q2 operating expenses and transportation expenses ($/boe)33 Q2 general and administrative cash expenses ($/boe)34 Q2 Depletion, Depreciation and accretion expenses ($/boe)34 annualized Q2 cash flow Multiples35 Q2 net Debt to annualized cash flow35 Q2 total return – capital gains and distributions36 intermediates listing – Data table42 canaDian coMpanieSoperating aBroaD47 eMerging conVentionalcoMpanieS WatcH liSt48 eMerging oil SanDS coMpanieS2BRYAN MILLS IRADESSO • i Q . BMir.coM

ABBREVIATIONSbbls • barrels of oilboe • barrels of oil equivalentboe/d • barrels of oil equivalent per daymcf • thousand cubic feetmmcf • million cubic feetNGLs • natural gas liquidsASSUMPTIONS• Barrels of oil equivalent calculated using6 mcf = 1 boe• Net debt has been calculated by including bank debt,debentures, preferred convertible shares andworking capital.• For companies with A/B share structures,B shares have been converted to A sharesusing end-of-period share prices.• For trusts, exchangeable units have been convertedto trust units using end-of-period exchange ratios.JuniorProfiles20 Arsenal Energy21 Delphi Energy22 Equal Energy23 Exall Energy Corporation24 Novus Energy25 Second Wave Petroleum26 Surge Energy27 Tamarack Valley Energy28 Terra EnergyIntermediateProfiles37 Crescent Point Energy38 Galleon Energy39 NAL Oil and Gas Trust40 Perpetual Energy41 PetroBakken EnergyInterNationalProfiles44 Bengal Energy45 Petrolifera Petroleum46 PetromineralesDISCLAIMERThe information used to compile this report is publicly available.Bryan Mills Iradesso provides the comparison to shine thespotlight on these segments of the energy industry, and tocommunicate the achievements and growth potential of the oiland gas companies and trusts. The iQ Report does not constitutea solicitation or recommendation for the purchase or sale of anysecurity; it is provided for information only and is not intendedto serve as investment advice. Bryan Mills Iradesso cannot beheld responsible for accuracy and all readers are encouragedto conduct their own research. This report is provided by BryanMills Iradesso as a service to the reader without responsibility foraccuracy. Bryan Mills Iradesso must be credited with developingthe iQ Report if any part of it is reproduced. The companies thathave provided a corporate profile for this report have paid BryanMills Iradesso a fee.RETURN UNDELIVERABLE CANADIAN ADDRESSES TO:BRYAN MILLS IRADESSO400, 805 - 10 AVENUE SW CALGARY AB T2R 0B4QUARTERLY REPORT : Q2 2010 3

coM pariS onjunioroil & gas companiesINCLUSION 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 ExchangeQ uarterlY report : Q2 2010 5

Junior coMpariSonQ2 proDuction (Boe/D)Median = 2,060 boe/dEqualVeroDelphiAndersonBellatrixFreeholdAngleBlackPearlTerraTwinButteBonterraLegacyEmergeOrionOpenRangeOrleansRockSeaviewCequenceProspExSondeInsigniaCinchPaintedPonyBellamontCrocottaWestFireYohoSurgeArsenalWaldronArcanMidwayArtekWildStreamFortressMontereyGreatPlainsTriOilSecondWaveArgosyCulaneWhitecapIronhorseRenegadeNuLochWranglerWestExallPetro-ReefNovusSureTamarackTwocoDeeThreeIntlSovereignDejourPalliserBowoodDiaz5995365285287379649518538397947747717367146599809369251,0981,4391,4171,9271,7701,9431,7441,6711,6651,6622,0602,0432,5352,5322,5152,4482,3732,2702,2582,8922,8713,2213,1973,0864,4644,4244,0533,9563,7205,7335,7176,5316,4897,2907,1637,7327,6717,6558,0359,010a persistent crowd9,570For this report, “junior” oil and gas companies are limited to thosewith production from 500 barrels of oil equivalent per day (boe/d)to 9,999 boe/d. Other parameters are included on the previouspage. Enterprise valuations for these companies range from a lowof about $10 million all the way up to a billion dollars.“Intermediate” and “emerging” domestic companies are featuredin sections beginning on page 30 and 48 respectively. A sectionon Canadian-based international companies is found startingon page 42.Over the years, the number of companies meeting our juniorcriteria fluctuates, however there are always new names to replacethose that get lost to the steady flow of mergers and acquistions.Overall, this sector has proven it will persist and evolve throughthe changing environment. See our “Wheeling and Dealing”section on page 4 for a list of recent transactions.0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,0006BRYAN MILLS IRADESSO • i Q . BMir.coM

Q2 proDuction Mix — natural gaS WeigHting (%)Median = 65%TwocoFortressTamarackDeeThreeCinchBowoodOpenRangeSeaviewArgosyOrleansCequenceSureYohoPetro-ReefAndersonIntlSovereignIronhorseProspExDiazDelphiVeroSondeWaldronTerraInsigniaMontereyBellatrixCrocottaArtekWranglerWestBellamontAngleNovusTriOilTwinButteWestFireWhitecapOrionMidwayEqualGreatPlainsDejourFreeholdPitdP PaintedPonyRockSecondWaveBonterraNuLochSurgeCulaneArsenalArcanWildStreamExallPalliserBlackPearlLegacyRenegadeEmerge1349121413131825283032333538394247474852555858585761636568737376767679797882818080818584848786868888929191shifting from gas to oil989899100For a substantial amount of time, oil has been the commoditywith more attractive economics, however from a volumesstandpoint, natural gas has been the commodity with a higherweighting by volume for juniors. Finally this appears to bechanging. The median natural gas weighting has dropped from75% in Q3 2009, to 71% in Q1 2010, to 65% this most recentquarter. This is probably a good thing for the short-term financialhealth of this sector.As is standard, we convert natural gas into oil equivalence byusing a ratio of six thousand cubic feet (mcf) of natural gasto one barrel of oil equivalent (boe). This ratio comes from anenergy equivalence at the burner tip. To put this calculation intoperspective, if we were to base the equivalency ratio on spotmarket pricing, it would take around 20 mcf to equate to eachbarrel of oil.forMulaavg. natural gas production per day (boe/d)avg. total productionJunior coMpariSon0 10 20 30 40 50 60 70 80 90 100Q uarterlY report : Q2 2010 7

Junior coMpariSoncHange in proDuction — Q1 2010 to Q2 2010 (%)Median = 5.6%DejourRenegadeWaldronWildStreamBellamontMidwayPalliserOi OrionArcanCequenceGreatPlainsSecondWaveArgosyBonterraOpenRangeNuLochAndersonCinchNovusPaintedPonyOrleansTamarackEmergeVeroBlackPearlBellatrixTwinButteRockDelphiInsigniaFreeholdYohoProspExExallEqualIronhorseSeaviewDiazWestFireFortressArsenalCrocottaMontereyTwocoCulaneLegacyAngleTerraWranglerWestIntlSovereignArtekSurgeSureDeeThreePetro-Reef(18.5)(19.3)(19.4)(11.6)(13.7)(14.5)(15.9)(9.1)(7.1)(7.2)(7.3)(8.1)(8.9)(2.6)(3.4)(4.3)(6.0)(0.5)(0.8)0.70.64.43.23.13.15.75.65.15.07.97.77.27.25.812.610.69.19.18.710.410.115.014.317.527.733.532.430.841.140.345.354.152.761.0boosting production rates89.1Increasing production rates on a steady quarter-over-quarter basisis not easy to do. This is because production rates for most wellsin Western Canada decline at a steady rate. These declines needto be replaced before 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 for the time being rather than sell theproduction for less than it costs to produce.bowood, Sonde, triOil and Whitecap are not included in thischart as these companies were not operating in their currentcorporate form during the previous quarter.forMulacurrent period avg. production – previous period avg. productionprevious period avg. productionNote: Gas production converted to boe at 6 mcf: 1 boe(40.0) (20.0) 0.0 20.0 40.0 60.0 80.0 100.08BRYAN MILLS IRADESSO • i Q . BMir.coM

Junior coMpariSonenterpriSe Value VerSuS Q2 proDuction ($ per Boe/D)Median = $51,106 per boe/dMontereyArcanLegacyRenegadeSecondWaveBonterraNuLochWildStreamFreeholdPaintedPonyNovusMidwayBlackPearlWhitecapBowoodExallWestFireOrionSureDeeThreeAngleEmergeCrocottaDejourArsenalTriOilSondeOrleansSurgeBellatrixCulaneCinchArtekRockDiazPalliserVeroDelphiTwocoBellamontYohoIronhorseWaldronTwinButteGreatPlainsCequenceWranglerWestOpenRangePetro-ReefProspExAndersonArgosyTerraEqualSeaviewInsigniaTamarackFortressIntlSovereign19,41618,70317,14545,38544,78543,94640,25039,30739,12138,54637,22934,36534,14233,96633,95733,25132,05731,13429,14551,10648,07147,39241,89541,55435,67629,08329,02726,42436,24743,62362,89662,23861,99559,69357,09553,87253,78673,88972,96272,83472,04270,55669,76966,245100,34799,02597,247111,858124,125120,899144,078142,602140,210136,449155,091153,234164,426197,463production valuation252,069This chart shows each company’s enterprise value (marketcapitalization plus net debt) in relation to its average Q2production levels. The chart does not take into account the valueof land and seismic data or the quality and life expectancy of oiland gas reserves.Companies that are high on this chart may be there becauseinvestors deem them to have strong growth prospects,quality long-life reserves, high field 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 for Q2, monterey,is in the midst of being acquired by an intermediate producer,pengrowth. Companies that are low on this chart may be goodvalue investments with excellent upside potential for investorswho do their homework.forMulamarket capitalization + net debtavg. production in boeNotes: Market capitalization = August 31 share price x Q2weighted average basic shares outstandingNet debt = bank debt + debentures - working capitalFor A/B share structure companies, the separate marketprice of B shares is factored into the market capitalization0 50,000 100,000 150,000 200,000 250,000 300,00010BRYAN MILLS IRADESSO • i Q . BMir.coM

iQ SnapSHotJunior SnapSHotSHIGH-IMPACT EXPLORATION, DEVELOPMENT OPPORTUNITIESListing: TSX-DEEShares outstanding: 117.2 million at June 30, 2010August 31, 2010 share price: $2.43Market capitalization: $285 millionNet debt: $79 millionEnterprise value (market cap. + net debt): $364 millionQ2 2010 average daily production:North WestAlberta RegionNorth EastBritish ColumbiaRegionEast CentralAlberta RegionCrude oil and NGLs 1,612 bbls/d 20%Natural gas 38.5 mmcf/d 80%Total 8,035 boe/d 100%OilGasCash flow netback:DEE $17.76-$50 $50Peer Median$14.92Strategies:Delphi is well-positioned for organic growth with a large inventory of developmentopportunities complemented by a high-impact exploration program:• Disciplined field capital program internally generated and protected through activecommodity hedging program• Operatorship and ownership of infrastructure, production, capital and lands• Complementary conventional multi-zone deep basin asset base• Focused on growth through the drill bit complemented with strategic acquisitionswithin core areas— from Delphi websiteFocus of OperationsRecent News:July 28, 2010Delphi reports record production of 8,035 boe/dfor second quarter 2010June 3, 2010Delphi announces closing of $30.25 millionequity offeringMay 27, 2010Delphi announces increased credit facilityContact:300, 500 – 4 Avenue S.W.Calgary, Alberta T2P 2V6tel 403.265.6171info@delphienergy.cawww.delphienergy.caOfficersDavid Reid - President & CEOTony Angelidis - Sr VP, ExplorationBrian Kohlhammer - VP, Finance & CFOHugo Batteke - VP, OperationsMichael Kaluza - COOMichael Galvin - VP, LandRod Hume - VP, EngineeringDirectorsTony AngelidisHarry CampbellRobert LehodeyStephen MulherinAndrew OsisDavid ReidDavid SandmeyerLamont TolleyAnalyst Coverage:Acumen Capital PartnersCanaccord GenuityGMP SecuritiesMacquarie CapitalMaison Placements CanadaNational Bank FinancialPeters & Co.RBC Capital MarketsThomas Weisel PartnersWellington West Capital MarketsThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 21

Junior SnapSHotSformerly Enterra Energy TrustRELAUNCHED AND READYListing: TSX-EQU, NYSE-EQUShares outstanding: 21.9 million at June 30, 2010iQ SnapSHotAugust 31, 2010 share price: $4.91Market capitalization: $107.5 millionNet debt: $55 million + $116 million debenturesEnterprise value (market cap. + net debt): $278.5 millionQ2 2010 average daily production:CardiumTrendsViking TrendPekisko TrendCrude oil and NGLs 5,118 bbls/d 53%OilGasNatural gas 26.7 mmcf/d 47%Total 9,570 boe/d 100%Cash Flow Netback:EQU $13.04-$50 $50Peer Median$14.92Strategies:Enterra Energy Trust became Equal Energy Ltd effective June 1, 2010. This name waschosen to represent the balanced approach to asset development, financial responsibilityand 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:• Prove up growth oriented liquids-rich resource plays through the drill bitand minor acquisitions• Improve overall balance sheet• Continue to improve operational and capital efficiencies• Continue to build market confidence and a following— from Equal Energy 2009 Annual Report and Q1 2010Hunton TrendCircus TrendFocus of OperationsRecent News:August 13, 2010Equal announces increase to capital budget - second halfdrilling activity acceleratedAugust 13, 2010Equal updates Q2 2010 financial and operating resultsAugust 12, 2010Equal adds new directorContact:2700, 500 - 4th Avenue S.W.Calgary, Alberta T2P 2V6tel 403.263.0262toll free 877.263.0262info@equalenergy.comwww.equalenergy.caOfficersDon Klapko - President & CEOJohn Reader -Sr VP, & COOJohn Chimahusky - Sr VP, & COO, U.S. OperationsShane Peet - Sr VP, EngineeringMark Rupert - VP, U.S. OperationsRichard Dixon - VP, Land, U.S. OperationsPeter Letizia - VP, Production for CanadaTerry Fullerton - VP, Canadian ExplorationDirectorsJohn BrussaPeter Carpenter - ChairmanMichael DoyleVictor DusikRoger GiovanettoBrian IllingDon KlapkoAnalyst Coverage:Jennings CapitalWellington West Capital MarketsThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.22BRYAN MILLS IRADESSO • i Q . BMir.coM

iQ SnapSHotJunior SnapSHotSCRUDE OIL FOCUS AT MITSUE, MARTEN MOUNTAIN, ABListing: TSX-EEShares outstanding: 52.2 million at June 30, 2010August 31, 2010 share price: $1.02Market capitalization: $53 millionNet debt: $9 millionEnterprise value (market cap. + net debt): $62 millionQ2 2010 average daily production:JayarAitken CreekMitsueBow IslandCrude oil and NGLs 729 bbls/d 87%Natural gas 0.7 mmcf/d 13%Total 839 boe/d 100%OilGasCash flow netback:EE $27.35-$50 $50Peer Median$14.92Strategies: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 MartenMountain discovery made during the 2010 winter drilling program, and a disciplinedcapital program focused on developing light sweet crude opportunities and existing goodproduction practices and pool optimization strategies.The fiscal 2010 capital budget of $22.1 million is focused on Mitsue / Marten Mountainlight oil projects. Eight wells are to be drilled in the area during the year, of which fourwere already drilled by mid-August.— from Exall Energy Corporation website and August 2010 presentationHarris CountyFocus of OperationsRecent News:August 13, 2010Exall announces new well flowing 450 barrels per dayon three day testAugust 11, 2010Exall announces Q2 2010 results with year-over-yearproduction increase of 234 percentJuly 28, 2010Exall announces results of June 30, 2010 reserves updateincluding 930.4 Mboe addition to total proved reservesContact:400, 715 - 5th Avenue S.W.Calgary, Alberta T2P 2X6tel 403.237.7820www.exall.comOfficersStephen Roman - Executive ChairmanFrank Rebeyka - Vice Chairman & CEORoger Dueck - President & COOWarren Coles - VP, Finance & CFOGlen Kerr - VP, OperationsDirectorsStephen RomanFrank RebeykaRoger DueckWayne EganBernard LangAllan MenziesRoderick PhippsAnalyst Coverage:nilThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 23

Junior SnapSHotSiQ SnapSHotVIKING FOCUS, BUILDING THROUGH TRANSACTIONSListing: TSXV-NVSWembleyShares outstanding: 165.6 million at June 30, 2010August 31, 2010 share price: $0.76WapitiMarket capitalization: $126 millionNet debt: nil, $23 million of working capitalEnterprise value (market cap. + net debt): $103 millionQ2 2010 average daily production:GarringtonDodsland (Viking)RoncottRocanvilleCrude oil and NGLs 322 bbls/d 42%Natural gas 2.7 mmcf/d 58%Total 774 boe/d 100%OilGasCash flow netback:NVS -$9.74-$50 $50Peer Median$14.92Strategies: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 company’s name was changed to Novus Energy Inc. in mid 2009,and a new growth strategy was put in place targeting:• Light oil resource plays with significant original oil-in-place• Application of horizontal multi-stage fracture technology to exponentially increaseoil recovery• Focus on well delineated, low geological risk reserves• Lands to possess large aerial extent to support large-scale, repeatable drilling programs— from Novus websiteFocus of OperationsRecent News:September 9, 2010Novus announces normal course issuer bidAugust 27, 2010Novus announces second quarter 2010 resultsJuly 8, 2010Novus announces operational update and closing ofacquisition in its Dodsland Saskatchewan core areaJune 2, 2010Novus announces successful closing of previouslyannounced acquisitionsContact:1200, 520 - 5th Avenue S.W.Calgary, Alberta T2P 3R7tel 403.263.4310info@novusenergy.cawww.novusenergy.caOfficersHugh Ross - President & CEOKetan Panchmatia - VP, Finance & CFOGreg Groten - VP, ExplorationJulian Din - VP, Business DevelopmentJack Lane - VP, OperationsDirectorsMichael HalvorsonHarry KnutsonAl KroontjeBruce MacdonaldLarry MahHugh RossAnalyst Coverage:Canaccord GenuityClarus SecuritiesCormark SecuritiesHaywood SecuritiesGMP SecuritiesJacob SecuritiesJennings CapitalMackie Research CapitalRaymond JamesStifel NicolausThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.24BRYAN MILLS IRADESSO • i Q . BMir.coM

iQ SnapSHotJunior SnapSHotSLARGE OIL PLAYS, JUDY CREEK FOCUSListing: TSXV-SCSShares outstanding: 70.9 million at June 30, 2010August 31, 2010 share price: $2.72Market capitalization: $193 millionNet debt: $21 million + $4 million debenturesEnterprise value (market cap. + net debt): $218 millionQ2 2010 average daily production:Judy CreekBattle CreekProvostTablelandCrude oil and NGLs 943 bbls/d 67%Natural gas 2.8 mmcf/d 33%Total 1,417 boe/d 100%OilGasCash Flow Netback:SCS $19.48-$50 $50Peer Median$14.92Strategies:• Fast growth through the drill bit• Utilize resource play potential of properties• High working interests and operatorship in core areas• Exploit multi-zone potential on significant land baseStrengths:• Experienced management team with specialties in property areasand horizontal drilling• Large drilling inventory of both high impact exploration wells and lower riskdevelopment wells• Year round access with facilities and services available— from Second Wave websiteFocus of OperationsRecent News:August 27, 2010Second Wave reports financial and operating results forthe three months ended June 30, 2010July 20, 2010Second Wave announces closing of 27 million bought dealequity financing and update on frac results in Judy CreekJune 28, 2010Second Wave announces $27 million bought deal equityfinancingContact:1700, 520 - 5th Avenue S.W.Calgary, Alberta T2P 3R7tel 403.451.0165info@secondwavepetroleum.comwww.secondwavepetroleum.comOfficersColin Witwer - President & CEORandy Denecky - VP, Finance & CFODouglas Hibbs - VP, ExplorationRandy Bergmann - VP, LandDevery Neumann - VP, OperationsKelly Novakowski - ControllerDirectorsBrian BakerNeil BokenfohrDonald FoulkesRobert GoodsJim ReidAlan SteeleColin WitwerAnalyst Coverage:Acumen Capital PartnersGMP SecuritiesWellington West Capital MarketsThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 25

Junior SnapshotsiQ SNAPSHOTSTRATEGIC ACQUISITIONS, HIGH NETBACK LIGHT OIL PLAYSListing: TSXV-SGYShares outstanding: 31.1 million at June 30, 2010August 31, 2010 share price: $5.20Market capitalization: $162 millionNet debt: nil, $22 million of working capitalEnterprise value (market cap. + net debt): $140 millionQ2 2010 average daily production:Western AlbertaCentral AlbertaSouthern AlbertaManitobaCrude oil and NGLs 1,621 bbls/d 72%Natural gas 3.8 mmcf/d 28%Total 2,258 boe/d 100%OilGasCash flow netback:SGY $23.07-$50 $50Peer Median$14.92Strategies:• Target per share growth via acquisitions with a focused exploitation, development andexploration plan• Build an oil and liquids rich natural gas resource base through the identification andcapture of new and emerging resource plays• Continue to position Surge in early stage oil resource plays• Optimize base production and exploit significant undeveloped land base• Apply team’s expertise, experience, and proven track record to build core areas with:• Large scalable reserves• Significant undeveloped land• Available infrastructure• Multi-zone potential• Operatorship• All-season accessFocus of OperationsRecent News:August 26, 2010Surge announces second quarter 2010 resultsJuly 21, 2010Surge announces stock option grantsJuly 20, 2010Surge announces increase in bank line and closing ofpreviously announced acquisitionJuly 12, 2010Surge closes previously announced PrivateCo-1 acquisitionand acquires additional unit interest at Waskada insouthwest ManitobaContact:2300, 635 - 8th Avenue S.W.Calgary, Alberta T2P 3M3tel 403.930.1010info@surgeenergy.cawww.surgeenergy.caOfficersDan O’Neil - President & CEOMax Lof - CFODan Brown - COOMalcolm Adams - VP, Corporate DevelopmentMargaret Elekes - VP, LandKevin Angus - VP, ExplorationAnalyst Coverage:Cormark SecuritiesFirstEnergy Capital CorporationGMP SecuritiesMacquarie Equities ResearchNational Bank FinancialWellington West Capital MarketsDirectorsPeter BannisterPaul Colborne - ChairmanColin DaviesRobert LeachKeith MacdonaldDan O’NeilJames PasiekaMurray SmithThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.26BRYAN MILLS IRADESSO • iq.bmir.com

cHange in proDuction — Q1 2010 to Q2 2010 (%)Median = 4%ProgressBirchcliffAdvantageFairbornePerpetualParamountPeytoDaylightBonavistaTrilogyCelticGalleonBaytexEnerplusNuVistaComptonZargonPengrowthARCNALPetroBakkenCrescentPointCrew(19.7)(1.5)(1.7)(1.9)(2.0)(0.0)(0.1)(0.1)0.20.21.64.23.84.45.06.37.77.59.211.312.618.7production growth24.1Overall production continues to climb. In the second quarter of2010 the median intermediate oil and gas company increased itsoverall production by 4% after increasing production by 3% inthe first quarter of 2010. This compares with declines in 2009 of2% in the first quarter, 1% in the second quarter and 4% in thethird quarter.There are a variety of reasons why a company’s productionfluctuates from quarter to quarter. If no effort were made bya conventional oil and gas company to stabilize or increaseproduction, its production would naturally decline at ratesvarying from 20 percent to 30 percent per year depending on itscommodity mix, depth of wells and age of assets.While the fastest way to increase production is by making anacquisition, companies can also maintain or increase productionby drilling wells and conducting field optimization.forMulacurrent period avg. production – previous period avg. productionprevious period avg. productionNote: Gas production converted to boe at 6 mcf: 1 boeinterMeDiate coMpariSon(25.0) (20.0) (15.0) (10.0) (5.0) 0.0 5.0 10.0 15.0 20.0 25.0 30.0cHange in proDuction per SHare — Q1 2010 to Q2 2010 (%)Median = 0.1%BirchcliffAdvantageFairborneZargonParamountCelticGalleonPeytoTrilogyBaytexBonavistaNuVistaEnerplusComptonPengrowthARCPerpetualDaylightProgressCrescentPointNALPetroBakkenCrew(20.9)(10.0)(6.4)(4.4)(3.5)(2.0)(2.1)(2.7)(0.0)(0.4)(25.0) (20.0) (15.0) (10.0) (5.0) 0.0 5.0 10.0 15.0 20.0 25.00.20.10.00.82.83.93.73.77.411.311.312.4holding steady18.3While each company’s overall production increased 4% onaverage in the second quarter of 2010, production on a per sharebasis did not change. This means issuers funded most of 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 of 2009 whenthe average intermediate reported a decline in production pershare of 5.6% relative to the previous quarter. At that time, onlyfive of the 25 intermediates were able to increase productionon a per share basis from the first quarter to the second quarter.By comparison, 13 of the 23 intermediates managed thisachievement in the second quarter of 2010.forMulacurrent production per share – previous production per shareprevious production per shareNote: Production per share = average production rate forthe period divided by basic weighted average sharesoutstanding during the period.For the trusts included in this comparison, substituteshares for units.Gas production converted to boe at 6 mcf: 1 boe.Q uarterlY report : Q2 2010 31

interMeDiate coMpariSonenterpriSe Value VerSuS Q2 proDuction ($ per Boe/D)Median = $63,949/boeCrescentPointPetroBakkenCrewBirchcliffParamountBaytexPeytoARCBonavistaProgressNALCelticTrilogyEnerplusDaylightAdvantageZargonPengrowthNuVistaFairbornePerpetualComptonGalleon25,61731,30330336,85347,15143,03953,97653,95563,94963,71361,27959,83957,81167,68267,59172,59786,77095,128100,467110,776108,928120,266118,323value per barrel159,937This graph shows each intermediate company’s enterprise value perflowing barrel of oil equivalent per day (boe/d) of Q2 production.Enterprise value is calculated by multiplying the share or unitprice on August 31, 2010 by the weighted average number ofshares outstanding during Q2 before adding debt and debenturesoutstanding net of working capital at the end of the quarter.A high number means the markets are placing more value on theproduction of a particular company, perhaps for reasons suchas long life reserves, a higher proportion of oil to gas, high fieldnetbacks, or perceived strong production growth prospects.The Q2 2010 median value was $63,949/boe, almost identicalto the median enterprise value of $63,388/boe reported in theprevious quarter and much higher than the median value of$51,279/boe reported in the second quarter of 2009.forMulamarket capitalization + net debtaverage production in barrels of oil equivalentNote: Market capitalization = August 31 share price x Q2weighted average basic shares outstandingNet debt = bank debt + debentures - working capitalFor A/B share structure companies, the separate market priceof B shares is also factored into the market capitalization0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000Q2 caSH floW netBacK ($/Boe)Median = $20.80/boePetroBakkenCrescentPointBaytexARCPengrowthNALPeytoEnerplusBonavistaBirchcliffZargonCelticAdvantageFairborneCrewParamountDaylightGalleonTrilogyNuVistaProgressPerpetualCompton0.2115.5714.9413.2811.3727.1925.4324.7723.6822.7922.4721.7021.1920.9620.8019.7619.5918.878718.6518.5418.3936.6440.62living on the marginDespite all that has happened over the past year, the median cashflow netback in Q2 2010 of $20.80/boe is almost unchangedfrom the median cash flow netback of $20.24/boe reported in Q22009. These netbacks are well below the heights reached in 2008,when the median intermediate reported a cash flow netback forthe second quarter of $37.43/boe.Cash flow netbacks are equivalent to sales margins. Theyindicate how much cash flow a company generates from eachbarrel of oil equivalent (boe) of production. Companieswith higher netbacks may have a better chance of thrivingduring periods of lower commodity prices when higher costproduction may be uneconomical.forMulacash flow from operationstotal production in the periodNotes: Total production in the period = Average daily productionx 91 days in the period320.00 10.00 20.00 30.00 40.00 50.00BRYAN MILLS IRADESSO • i Q . BMir.coM

Q2 Net Debt to Annualized Cash FlowMedian = 1.9ComptonPerpetualDaylightBirchcliffNuVistaPeytoAdvantageProgressFairbornePetroBakkenTrilogyBonavistaNALZargonPengrowthCrewBaytexARCEnerplusGalleonCrescentPointCelticParamount(0.5)Compton’s Q2 cash flow was negligible in comparison to net debt.1.00.91.11.21.21.31.31.61.61.81.91.92.12.12.12.32.32.62.62.8to owe or not to oweThe median net debt to annualized cash flow of 1.9 in the secondquarter of 2010 compares with 2.0 in Q2 2009 and 1.1 in Q2 2008.We calculate net debt as bank debt plus debentures net ofworking capital. This category features a wide range of debtlevels, including one company with cash and one company with$1.1 billion in debt leverage.3.6FORMULAnet debtcash flow for period x 4Note: Net debt = bank debt + debentures - working capitalConvertible debentures make up a portion of the debt loadfor Advantage, Baytex, Daylight, Fairborne, NAL, Perpetual,PetroBakken and Progress. Bonavista had debentures thatmatured and were cash settled on June 30, 2010.Intermediate Comparison(1.0) (0.5) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0Q2 Total Return - Capital Gains and Distributions (%)April through June Median: -5% April through August Median: -1%TrilogyParamountCelticFairbornePerpetualBonavistaPeytoBaytexBirchcliffEnerplusProgressCrescentPointARCCrewZargonAdvantageNuVistaPengrowthDaylightNALPetroBakkenGalleonComptonslip slidingAfter holding steady in the first quarter of 2010, the stock priceof the median intermediate oil and gas company slid 5% in thesecond quarter of 2010. This is the total return including dividendsand distributions where applicable. Fortunately, when themonths of July and August are factored into the mix, the medianintermediate declined only 1% from April through August 2010.FORMULAcapital gain + total distributions or dividends over the period pershare or unitmarket price at end of the previous periodNote: Capital gain in period = market price at end of currentperiod – market price at end of previous periodShare price change plus distributions from April throughAugust 2010Share price change plus distributions from April throughJune 2010(56.4)(48.9)(22.6)(0.3)(0.7)(0.9)(5.0)(6.0)(7.3)(9.0)(9.1)(10.7)(13.7)2.41.54.411.510.99.08.717.016.931.6(70.0) (60.0) (50.0) (40.0) (30.0) (20.0) (10.0) 0.0 10.0 20.0 30.0 40.0QUARTERLY REPORT : Q2 2010 35

interMeDiate coMpariSoninterMeDiate Data taBleShortenedcompanynameStocksymbol& exchange(T=TSX,V=Venture)Share priceAug 31/10($)Q2/10average dailyproduction(boe/d)Q2/10 weightedshares outstanding(basic) includingexchangeable(000)June 30/10net debt beforedebentures($000)June 30/10debenturesoutstanding($000)Q2/10net income($000)Q2/10cash flow($000)ChiefexecutiveAdvantage Andy Mah AAV-T 6.38 25,365 163,264 292,264 132,504 (22,279) 45,605ARC John Dielwart AET.UN-T 19.81 66,208 253,211 728,800 0 44,900 153,200Baytex Anthony Marino BTE.UN-T 34.95 44,104 110,947 397,579 155,864 33,027 109,123Birchcliff Jeffery Tonken BIR-T 8.98 12,357 124,549 250,370 0 215 23,825Bonavista Keith MacPhail BNP.UN-T 24.64 65,855 153,451 999,870 0 45,449 130,068Celtic David Wilson CLT-T 11.43 18,029 89,644 128,322 0 4,827 34,122Compton Tim Granger CMT-T 0.41 19,409 263,579 499,511 0 (52,254) 374CrescentPoint Scott Saxberg CPG-T 37.55 54,915 215,197 702,198 0 63,399 183,099Crew Dale Shwed CR-T 16.50 12,048 79,888 107,350 0 (2,691) 20,693Daylight Anthony Lambert DAY-T 9.11 42,273 190,336 521,846 273,810 (30,733) 71,309Enerplus Gordon Kerr ERF.UN-T 24.42 84,909 179,335 823,718 0 31,296 173,628Fairborne Steven VanSickle FEL-T 4.25 15,394 102,483 129,529 97,476 (7,121) 27,448Galleon Steve Sugianto GO-T 3.52 16,222 85,144 115,844 0 2,328 27,146NAL Andrew Wiswell NAE.UN-T 10.73 29,609 144,617 269,944 179,634 8,046 63,797NuVista Alex Verge NVA-T 10.60 28,512 88,539 405,856 0 (1,377) 38,752Paramount Clay Riddell POU-T 19.85 12,787 72,399 (44,260) 0 (28,808) 21,697Pengrowth Derek Evans PGF.UN-T 10.33 75,517 291,055 1,067,882 0 (6,128) 170,190Perpetual Susan Riddell Rose PMT-T 4.94 31,950 142,118 257,197 218,196 (44,211) 33,072PetroBakken John Wright PBN-T 20.13 42,263 188,615 695,752 590,263 (15,388) 156,213Peyto Darren Gee PEY.UN-T 14.09 22,202 119,420 429,397 0 24,696 46,047Progress Michael Culbert PRQ-T 11.74 43,520 213,259 196,471 245,405 (23,288) 52,599Trilogy Jim Riddell TET-T 11.05 24,087 114,998 263,900 0 1,557 34,129Zargon Craig Hansen ZAR.UN-T 18.00 10,050 23,377 121,670 0 8,653 19,173T OTAL797,5869,361,010 1,893,152 34,115 1,635,309A VERAGE34,678148,236 407,000 82,311 1,483 71,100M EDIAN28,512142,118 292,264 0 215 45,605Despite having significant production in Western Canada, we have notincluded certain intermediate producers in our comparison, includingthe following:Petrobank:international operations and oil sands interestsProvident:integrated businessesVermilion:international operationsCanadian Oil Sands: oil sands focusData provided by Canoils Database and BMIR researchers.36BRYAN MILLS IRADESSO • i Q . BMir.coM

ACQUIRE, DEVELOP, EXPLOIT – SHAUNAVON & BAKKEN FOCUSListing: TSX-CPGWorsleyiQ SNAPSHOTJohn LakeIntermediate SnapshotsShares outstanding: 223.4 million at June 30, 2010August 31, 2010 share price: $37.55Market capitalization: $8,389 millionNet debt: $702 millionSounding LakeShaunavonDodsland/PlatoBattrumViewfieldEnterprise value (market cap. + net debt): $9,091 millionQ2 2010 average daily production:CantuarTatagwaManorCrude oil and NGLs 48,928 bbls/d 89%Natural gas 35.919 mmcf/d 11%Total 54,915 boe/d 100%OilGasCash flow netback:CPG $36.64-$50 $50Peer Median$20.80Strategies:Since inception, Crescent Point has successfully implemented a three-part businessstrategy to drive shareholder growth in reserves, production and cash flow.DEVELOP AND EXPLOIT:• Increase recovery factors through infill drilling, water flood optimization andimproved technology.ACQUIRE:• Focus on high-quality, large resource-in-place pools with production and reserves upsideMANAGE RISK:• Maintain strong balance sheet, significant unutilized bank line capacity and 3 ½-yearhedging program— from Crescent Point websiteFocus of OperationsRecent News:August 20, 2010Crescent Point completes acquisition of Ryland OilCorporationAugust 16, 2010Crescent Point confirms August 2010 dividendAugust 5, 2010Crescent Point announces second quarter resultsJuly 15, 2010Crescent Point confirms July 2010 dividendJuly 2, 2010Crescent Point completes acquisition of Shelter Bay EnergyContact:2800, 111 - 5th Avenue S.W.Calgary, Alberta T2P 3Y6tel 403.693.0020toll-free 888.693.0020info@crescentpointenergy.comInvestor Relationstoll-free 877.403.1678investorrelations@crescentpointenergy.comwww.crescentpointenergy.comOfficersScott Saxberg - President & CEOGreg Tisdale - CFONeil Smith - VP, Engineering & Business DevelopmentDave Balutis - VP, ExplorationBrad Borggard - VP, Corporate PlanningDerek Christie - VP, GeosciencesTrent Stangl - VP, Marketing & Investor RelationsSteven Toews - VP, Engineering WestTamara MacDonald - VP, LandKen Lamont - VP, Finance and TreasurerMark Eade - Corporate SecretaryRyan Gritzfeldt - VP, Engineering EastDirectorsPeter Bannister - ChairmanPaul ColborneKen CugnetHugh GillardGerald RomanzinScott SaxbergGregory TurnbullAnalyst Coverage:BMO Nesbitt BurnsCanaccord GenuityCIBC Wood GundyCormark SecuritiesCredit SuisseDundee SecuritiesFirstEnergy CapitalGMP SecuritiesHaywood SecuritiesMackie Research Capital CorporationMacquarie Capital Markets CanadaNational Bank FinancialPeters & Co.Raymond JamesRoyal Bank of CanadaScotia CapitalStifel Nicolaus CanadaTD NewcrestUBS Securities CanadaThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.QUARTERLY REPORT : Q2 2010 37

interMeDiate SnapSHotSUNLOCKING SIGNIFICANT POTENTIAL FROM RESOURCE PLAYSListing: TSX-GOShares outstanding: 85.1 million at June 30, 2010August 31, 2010 share price: $3.52Market capitalization: $300 millionNet debt: $116 millionEnterprise value (market cap. + net debt): $416 millionQ2 2010 average daily production:Peace River ArchiQ SnapSHotCrude oil and NGLs 4,940 bbls/d 30%Natural gas 67.689 mmcf/d 70%Total 16,222 boe/d 100%OilGasCash flow netback:GO $18.39-$50 $50Peer Median$20.80Strategies:• Maintain balance sheet strength – debt is approximately 1x cashflow – debt isapproximately 50% of bank line• Increase portion of reserves which are proven and proven developed producing• Aggressively farmout while maintaining large infrastructure and resource plays• Manage on a business unit basis— from Galleon August 2010 presentationFocus of OperationsRecent News:August 12, 2010Galleon announces Q2 2010 financial and operationalresultsJuly 27, 2010Galleon reports end of strategic alternative process andprovides second half 2010 guidanceJune 28, 2010Galleon announces closing of the Puskwa propertydisposition and Q2 2010 operations updateContact:Livingston Place, West Tower400, 250 – 2nd Street S.W.Calgary, Alberta T2P 0C1tel 403.261.6012information@galleonenergy.comwww.galleonenergy.comOfficersGlenn Carley - Executive Chairman & DirectorSteve Sugianto - President & CEOShivon Crabtree - VP, Finance and CFOJim Iverson - VP, ExplorationDale Orton - VP, Engineering & Corporate DevelopmentDevin Sundstrom - VP, ProductionChris Tibbles - VP, LandBill Wee - VP, OperationsDirectorsJohn BrussaGlenn Carley - Executive ChairmanWilliam CookeLawrence FenwickDaryl GilbertBrad MunroSteve SugiantoAnalyst Coverage:Cormark SecuritiesDundee Capital MarketsFirstEnergy Capital CorporationGMP SecuritiesMacquarie Capital Makets CanadaRBC Capital MarketsSchachter Asset ManagementScotia CapitalThomas Weisel PartnersThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.38BRYAN MILLS IRADESSO • i Q . BMir.coM

PRUDENT AND STABLE ACQUISITIONSListing: TSX-NAE.UNShares outstanding: 146.0 million at June 30, 2010August 31, 2010 share price: $10.73Market capitalization: $1,567 millionNet debt: $270 million + $180 million debenturesEnterprise value (market cap. + net debt): $2,017 millionQ2 2010 average daily production:iQ SnapSHotTight GasCardium Tight GasMississippian OilinterMeDiate SnapSHotSCrude oil and NGLs 14,455 bbls/d 49%Natural gas 90.926 mmcf/d 51%Total 29,609 boe/d 100%OilGasCash flow netback:NAL $23.68-$50 $50Peer Median$20.80Strategies:NAL’s focus for 2010 will build on the Trust’s positive performance in 2009. The Trustplans to maintain its leadership position in the Cardium oil resource play in centralAlberta, continue ongoing activity in the attractive Mississippian oil portfolio in SESaskatchewan and invest in strategic gas opportunities on the Trust’s expanded landportfolio. NAL has established the following targets for 2010:• Increase size and market liquidity through strategic transactions• Maintain a balanced portfolio - 50/50 oil/gas weighting• Sustain financial strength and flexibility• Continue to broaden institutional ownership• Develop a sustainable plan for conversion to yield oriented corporation to delivercompetitive risk adjusted returns— from NAL website and May 2010 presentationFocus of OperationsRecent News:August 10, 2010NAL announces second quarter results - Increased capitalspending positions production growth in second half ofyearAugust 10, 2010NAL announces August distributionAugust 3, 2010NAL announces conference call details for second quarter2010 resultsContact:1000, 550 - 6th Avenue S.W.Calgary, Alberta T2P 0S2tel 403.294.3600toll-free 866.614.8933investor.relations@nal.cawww.nal.caOfficersAndrew Wiswell - President & CEOKeith Steeves - VP, Finance & CFOMarlon McDougall - VP, Operations & COOJohn Koyanagi - VP, Business DevelopmentDirectorsWilliam EeuwesDonald IngramKel JohnstonIrvine Koop - ChairmanGordon LackenbauerBarry StewartAndrew WiswellAnalyst Coverage:BMO Capital MarketsCanaccord GenuityCIBC World MarketsFirstEnergy Capital CorporationGMP SecuritiesMacquarie CapitalNational Bank FinancialPeters & Co.Raymond JamesRBC Capital MarketsScotia CapitalTD SecuritiesStifel NicolausThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 39

interMeDiate SnapSHotSformerly Paramount Energy TrustNATURAL GAS FOCUS WITH GAME CHANGER OPPORTUNITIESListing: TSX-PMTShares outstanding: 143.6 million at June 30, 2010August 31, 2010 share price: $4.94Market capitalization: $709 millionNet debt: $257 million + $218 million debenturesEnterprise value (market cap. + net debt): $1,184 millionQ2 2010 average daily production:West Central DistrictNorthern DistrictSevero Energy CorporationiQ SnapSHotCrude oil and NGLs - 0%Natural gas 191.7 mmcf/d* 100%Total 31,950 boe/d 100%OilGas* Includes deemed production. See company documents for details.Cash flow netback:PMT $11.37-$50 $50Peer Median$20.80Strategies:BASE ASSETS - sustainable cash flow generators+ GAME CHANGERS - high impact resource plays and Warwick gas storage business+ OPTION VALUE - exposure to emerging technologies and investments= SHAREHOLDER VALUE— from June 2010 Corporate PresentationRecent News:Focus of OperationsJuly 12, 2010Perpetual Energy confirms July 2010 dividend andupdates hedgingJune 30, 2010Paramount Energy Trust converts into Perpetual EnergyInc., updates gas storage funding and announcesmanagement additionContact:3200, 605 - 5th Avenue S.W.Calgary, Alberta T2P 3H5tel 403.269.4400toll free 800.811.5522info@perpetualenergyinc.comwww.perpetualenergyinc.comOfficersClayton Riddell - Executive ChairmanSusan Riddell Rose - President & CEOCameron Sebastian - VP, Finance and CFOJeff Green - VP, Production Operations & AdministrationGary Jackson - VP, Land, Operation & AcquisitionsKevin Marjoram - VP, Warwick Gas StorageMarcello Rapini - VP, MarketingBill Thorton - VP, Heavy OilRick Warters - VP, Geoscience & New VenturesDirectorsClayton Riddell - Executive Chairman BoardSusan Riddell RoseKaren GenowayRandall JohnsonRobert MaitlandDonald NelsonGeoffrey MerrittHoward WardAnalyst Coverage:BMO Nesbitt BurnsCanaccord AdamsCormark SecuritiesFirst Energy Capital CorporationNational Bank FinancialPeters & Co.Raymond JamesRBC Capital MarketsScotia CapitalTD NewcrestThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.40BRYAN MILLS IRADESSO • i Q . BMir.coM

TECHNICAL EXCELLENCE, HIGH NETBACKSListing: TSX-PBNShares outstanding: 188.5 million at June 30, 2010August 31, 2010 share price: $20.13Market capitalization: $3,795 millionNet debt: $696 million + $590 million debenturesEnterprise value (market cap. + net debt): $5,081 millionQ2 2010 average daily production:CardiumiQ SnapSHotHorn RiverMoniasSE SaskatchewaninterMeDiate SnapSHotSCrude oil and NGLs 34,852 bbls/d 82%Natural gas 44.468 mmcf/d 18%Total 42,263 boe/d 100%OilGasCash flow netback:PBN $40.62-$50 $50Peer Median$20.80Focus of OperationsStrategies:PetroBakken’s strategic application of next-generation technologies is unlocking thehidden potential of proven resource plays in Western Canada. The company combineshigh-growth, long-life Bakken reserves in Saskatchewan with significant Cardiumpotential in Alberta and development opportunities in the Horn River and Montney gasresource play in northeast British Columbia.PetroBakken has one of the dominant positions in the Bakken, Canada’s mostsignificant light oil play in the last five years, and now has a strategic foothold in theCardium. The company is using long-reach horizontal wells and innovative multi-stagefracturing techniques to efficiently increase fracture density.The company’s strategy is to deliver accretive production and reserves growth alongwith an attractive dividend yield by continuing to expand and exploit its advancedtechnologies and proven and opportunity-rich resource assets.Recent News:August 16, 2010PetroBakken confirms August dividendAugust 10, 2010PetroBakken announces second quarter 2010 resultswith over 42,200 boepd of production and an operatingnetback of $46.10 per boeJuly 15, 2010PetroBakken confirms July dividendContact:Fifth Avenue Place, East Tower800, 425 – 1st Street S.W.Calgary, Alberta T2P 3L8tel 403.268-7800ir@petrobakken.comwww.petrobakken.comOfficersJohn Wright - CEOGregg Smith - President & COOMary Bulmer - VP, Corporate ServicesAndrea Hatzinikolas - Corporate SecretaryPeter Hawkes - VP, ExplorationBill Kanters - VP, Business Development & Corp. PlanningRene LaPrade - Sr VP, OperationsDoreen Scheidt - ControllerPeter Scott - Sr VP & CFODirectorsIan BrownMartin HislopCraig LothianKenneth McKinnonCorey RuttanDan ThemigJohn Wright - ChairmanAnalyst Coverage:Bank of AmericaBMO Nesbitt BurnsCanaccord GenuityCormark SecuritiesFirst Energy CapitalGMP SecuritiesHaywood SecuritiesMacquariePeters & CoRaymond JamesRBC Capital MarketsScotia CapitalTD SecuritiesThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 41

Canadian companiesoperating abroadUNITED STATESAltaCanadaArcherArsenalBlackbirdBNK PetroleumBridgeBrownstoneBucking HorseCaza Oil &GasDoxaEnhanced OilEpsilonExallLexamLynden EnergyLNG EnergyNextractionNiMinKodiakSaxonTG WorldThunderbirdTransAtlanticTynerVestaZoneThis map shows the footprint of activitiesfor TSX and TSX Venture listed oil and gascompanies with a market capitalizationof more than $5 million and less than100,000 boe/d of production in the secondquarter of 2010. If you know a company thatmeets this criteria that has been left out,please email us at ircontact@bmir.com.GUATEMALAQuetzalCOLOMBIAAlangeAzabacheBrownstoneCanacolC&C EnergiaGran TierraLoon EnergyPacific RubialesParexPetrodoradoPetroliferaPetromineralesPetro VistaSurocoQuetzalECUADORIvanhoePERUAmericasPetrogasGran TierraLoonPacific RubialesPetrodoradoPetroliferaPetromineralesVerazCUBASherrittTRINIDAD & TOBAGOParexPrimeraSondeGUYANACanacolCGXGroundstarBRAZILBrownstoneCanacolPetro VistaARGENTINAAmericasPetrogasAntrimAzabacheCrown PointGran TierraMadalenaPetrolifera42BRYAN MILLS IRADESSO • i Q . BMir.coM

UNITED KINGDOMAntrimBridgeCanadian OverseasPetroleum LimitedCirrusIthacaSericaSterlingStraticXcite EnergyITALYCygamSaxonSurocoHUNGARYDualExFalconWinstarTUNISIACandaxCygamDualExMadalenaWinstarNIGERIAExileMartFRANCESterlingVermilionSPAINEurogasSaxonSericaSherrittMALICentricHeritageNETHERLANDSCirrusVermilionMALTAHeritageNIGERTG WorldUKRAINETranseuroALBANIABankersPetromanasStreamSYRIADualExGroundstarETHIOPIAAfrica OilEpsilonROMANIASterlingTransAtlanticWinstarARMENIATranseuroIRAQGroundstarHeritageNikoShaMaranTethysVastWesternZagrosYEMENCalvalleyEpsilonTransGlobeKAZAKHSTANCaspianTethysINDIABengalBrownstoneCanoroNikoRUSSIAHeritagePetroKamchatkaTAJIKISTANTethysTHAILANDCoastalPan OrientCHINAIvanhoePrimelinePAPUA NEW GUINEAEaglewoodLNG EnergyCONGOEnergulfHeritageNAMIBIAEnergulfUniversalTANZANIAAntrimHeritageOrca GroupEGYPTGroundstarSea DragonTransGlobeSOMALIAAfrica OilMADAGASCARCandaxNikoPAKISTANHeritageNikoSherrittINDONESIACBM AsiaNikoSericaAUSTRALIABengalFalconRodiniaTexaltaVermilionNEW ZEALANDTAG OilQUARTERLY REPORT : Q2 2010 43

international SnapSHotSWORLD-CLASS RESOURCE PLAYS IN STABLE COUNTRIESListing: TSX-BNGShares outstanding: 18.2 million at June 30, 2010August 31, 2010 share price: $0.96Market capitalization: 17 millionNet debt: nil, $0.6 million working capital as at June 30, 2010Enterprise value (market cap. + net debt): $18 millionQ2 2010 average daily production:INDIACauvery BasiniQ SnapSHotCrude oil and NGLs 31 bbls/d 33%Natural gas 0.4 mmcf/d 67%Total 94 boe/d 100%OilGasTimor SeaAUSTRALIAStrategies:The Bengal Energy edge includes a veteran team with international experience, worldclassresource plays in stable countries, and a balance of exploration and exploitation.Bengal’s growth strategy is as follows:• Develop a portfolio of high-impact opportunities• Conduct rigorous geo-science evaluation of large exploration blocks in internationalbid rounds to gain low-cost exposure to significant value adding opportunities• Manage technical risk and capital exposure through targeted farmouts to majors andnational oil companies• Purchase/develop/exploit producing assets to underpin value— from Bengal website and June 2010 corporate presentationFocus ofOperationsCooper BasinRecent News:August 30, 2010Bengal announces equity financing of up to $12 millionand the appointment of two new directors- Robert Steele and Richard BonnycastleAugust 13, 2010Bengal fiscal Q1 2011 results, production start-up inAustralia and second production sharing contract in IndiaJune 30, 2010Bengal signs production sharing contract in IndiaContact:1000, 736 - 6th Avenue S.W.Calgary, Alberta T2P 3T7tel 403.205.2526info@bengalenergy.cawww.bengalenergy.caOfficersBradley Johnson - CEOChayan Chakrabarty - PresidentBryan Goudie - CFOJames Mott- VP, ExplorationDirectorsRichard BonnycastleChayan ChakrabartyRichard EdgarTed HanburyJames HoweBradley Johnson - ChairmanRobert SteeleIan TowersAnalyst Coverage:nilThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.44BRYAN MILLS IRADESSO • i Q . BMir.coM

PREMIER SOUTH AMERICAN OIL AND GAS PRODUCERListing: TSX-PDPShares outstanding: 145.5 million at June 30, 2010May 31, 2010 share price: $0.58Market capitalization: $84 millionNet debt: $9 millionEnterprise value (market cap. + net debt): $93 millionQ2 2010 average daily production:TurpialCOLOMBIAPERUMagdalena &Sierra NevadaBlock 106Block 107/133iQ SnapSHotinternational SnapSHotSCrude oil and NGLs 3,356 bbls/d 86%Natural gas 3.2 mmcf/d 14%Total 3,887 boe/d 100%Strategies:Petrolifera’s overall objective is to build a premier South American crude oil, natural gasand natural gas liquids producer. The Company has a proven growth strategy that hasbeen custom-developed for its specific situation, involving the following:• SECURE ground floor opportunities• OPERATE with high working interests• CAPITALIZE on national expertise in branch offices• LEVERAGE ground floor opportunities to fuel growth• ESTABLISH a low-cost production base in areas of activity• CAPITALIZE on management’s technical expertise in focus areas• BALANCE program with risk-adjusted exposure to high impact projects— from Petrolifera websiteOilGasARGENTINAPuesto Morales/RinconadaFocus of OperationsRecent News:September 7, 2010Petrolifera initiates review of strategic alternatives andprovides operational updateAugust 5, 2010Petrolifera announces second quarter 2010 results withstrengthened financial positionAugust 4, 2010Petrolifera completes amendment to reserve-backedcredit facility and reduces indebtednessMay 31, 2010Petrolifera updates operations - next drilling in Colombiawill be at San Angel on Magdalena License in October2010Contact:900, 322 - 6 Avenue S.W.Calgary, Alberta T2P 0B2tel 403.539.8450inquiries@petrolifera.cawww.petrolifera.caOfficersRichard Gusella - Executive ChairmanGary Wine - President & COOKristen Bibby - VP, Finance & CFORobert Erlich - VP, Exploration & New VenturesJennifer Kennedy - Corporate SecretaryLeandro Carbone - Country Manager, ArgentinaJose Cleves - Country Manager, ColombiaCarlos Monges - Country Manager, PeruDirectorsPasquale Di CapoColin EvansRichard Gusella - Executive ChairmanAndrew GustajtisGordon JohnstonStewart McGregorChristopher SmithGary Wine - PresidentAnalyst Coverage:CIBC World MarketsCormark SecuritiesGMP SecuritiesJennings CapitalMacquarie ResearchOctagon CapitalRaymond JamesRBC Capital MarketsScotia CapitalThomas Weisel PartnersUBSThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.Q uarterlY report : Q2 2010 45

international SnapSHotSFINDING OPPORTUNITY, ANSWERS, ENERGYListing: TSX-PMGShares outstanding: 99.4 million at June 30, 2010August 31, 2010 share price: $24.75Market capitalization: $2,460 millionCastor, Casanare Este, MapacheAntorchaBlocks 59,15, 25 & 31Corcel &GuatiquiaCOLOMBIAOrito, Las AguilasNeivaJaguar, JoropoCasimenaChiguiro Este,Chiquiro OesteRio AriariiQ SnapSHotNet debt: $12 million ($79 million debentures less $67 million working capital)Enterprise value (market cap. + net debt): $2,472 millionQ2 2010 average daily production:Crude oil and NGLs 44,203 bbls/d 100%OilGasBlock 161Block 131Block 114Block 126Block 141Natural gas 0 mmcf/d 0%Total 44,203 boe/d 100%Strategies:HIGH IMPACT EXPLORATION1.9 million acres in Colombia (100% WI), 9.4 million gross acres (5.2 million net) in PeruFocus of OperationsPROVEN SUCCESSFour consecutive years of over 100% production growthHIGH VALUE PRODUCTION BASEAverage production base of over 44,200 bopd (Q2 2010)attracting industry-leading operating netbacksEXTENSIVE, DIVERSIFIED DRILLING INVENTORYMore than 70 drillable exploration prospects over 20 exploration blocks and90 development locations— from Petrominerales August 2010 corporate presentationRecent News:August 31, 2010Petrominerales provides InterOil update - announcesintention to direct resources to other opportunitiesAugust 25, 2010Petrominerales closes US$550 million convertiblenote offeringAugust 25, 2010Petrominerales reports another record quarter with105 percent increase in productionContact:1900, 111 – 5th Avenue S.W.Calgary, Alberta T2P 3Y6tel 403.750.4400ir@petrominerales.comwww.petrominerales.comOfficersCorey Ruttan - President & CEOJohn Scott - COOKelly Sledz - CFORuben Cano - VP, Services and LogisticsAndrea Hatzinikolas - Assistant CorporateSecretary & General CounselAllen Knight - VP, New VenturesErik Lyngberg - Sr VP, ExplorationAlastair MacDonald - Corporate SecretaryTannya Morales - VP, FinanceJeff Chant - VP, Organizational PerformanceDirectorsAlastair MacDonaldKenneth McKinnonJerald OaksErnesto SarpiEnrique Umaña-ValenzuelaJohn WrightGeir YtrelandAnalyst Coverage:Bank of America/Merrill LynchBMO Nesbitt BurnsCanaccord GenuityClarus SecuritiesCormark SecuritiesDundee Capital Markets SecuritiesFirstEnergy Capital CorporationFraser MacKenzieGenuity CapitalGMP SecuritiesHaywood SecuritiesJennings CapitalMacquarie CapitalPeters & Co.Raymond JamesRBC Capital MarketsScotia CapitalTD NewcrestThomas Weisel Partners GroupUBS SecuritiesThis company snapshot has been assembled by BMIR using publicly available information. The snapshot is not endorsed by the company profiled.46BRYAN MILLS IRADESSO • i Q . BMir.coM

CompanyAbenteuer Resources Corp.TickerABU-VChief ExecutiveLewis DillmanQ2 2010Production(boe/d)18Aug 31, 2010share price($)0.230Alpetro Resources Ltd.ALF-V Nazrul Islam1110.140Anglo Canadian Oil Corp. ACG-V Todd Montgomery 7 0.640Anterra Energy Inc.AE.A-V Gary Fang1560.065Base oil & Gas Ltd. BOG-V Dennis Feuchuk 13 0.260Bayshore Petroleum Corp.BSH-V Alan Tang70.055Berkley Resources Inc. BKS-C Matt Wayrynen 15 0.030Blackdog Resources Ltd. DOG-V David Corcoran 63 0.300Blackhawk Resource Corp. BLR-V Dave Antony not available 0.140Blacksteel Energy Inc. BEY-V Jacques Soroka 15 0.450BNP Resources Inc.BNX.A-V Gregory Bilcox110.070Border PetroleumBOP.H - V Kelly Kimbley270.025Canada Gas Corp. CJC-V Chad McMillan not available 0.040Canadian Energy Exploration XPL-V Lawrence Buzan 20 0.210Century Energy Ltd. CEY-V Brian McBeath not available 0.035Circumpacific Energy Corporation CER-V Bradley Lingo 166 0.175Cobra Venture Corporation CBV-V Dan Evans not available 0.200Cumberland Oil and Gas Ltd.COG-V Daniel Allan720.200Cypress Hills Resource Corp. CHY-V Ted Fostey not available 0.350Desmarais Energy Corp.DES-V James Long320.100Detector Exploration Ltd. DEX-V Ronald Alexander 124 0.065Elkwater Resources Ltd.ELW-V Don Brown1060.110Emerald Bay Energy Inc. EBY-V Shelby Beattie 121 0.050Fairwest Energy Corp.FEC-V Vern Fauth3870.035Great Pacific International Inc. GPI-V Thalbinder Poonian 7 0.070Guardian Exploration Inc. GX-V Graydon Kowal 116 0.030Hawk Exploration Ltd. HWK.A-V Steve Fitzmaurice 346 0.960Hemisphere Energy Corp.HME-V Don Simmons270.210Hermes Financial Inc. HFI-V David Wehrhahn 34 0.035Huntington ExplorationHEI-V Alan Smith120.025Kallisto Energy Corp.KEC-V Robyn Lore2520.820Kierland Resources Ltd.KIR-V Chad Dust790.035Longford Energy Inc. LFD-V Ahmed Said not available 0.210Magnum Energy Inc. MEN-V Richard Nemeth 277 0.300Marksmen Resources Ltd. MAH-V Peter Malenica 65 0.250Mount Dakota Energy Corp.MMO-V Gary Claytens250.045Nordic Oil & Gas Ltd. NOG-V Donald Benson 23 0.055Paramax Resources Ltd. PXM-V Joseph Casabona not available 0.330Paris Energy Inc.PI-V John McLeod280.065Pemberton Energy Ltd. PBT-V Richard Saxon not available 0.040Pennant Energy Inc. PEN-V Thomas Yingling not available 0.135Pennine Petroleum Corporation PNN-V Desmond Smith 13 0.045PetroGlobe Inc.PGB-V Jason James3030.150Petro Uno Resources Ltd PUP-V William Ambrose 92 0.460Petrostar Petroleum Corporation PEP-V Bruce Scafe not available 0.050Pine Cliff Energy Ltd.PNE-V George Fink2350.345Pinecrest Energy Inc. PRY-V Wade Becker not available 1.430Poplar Creek Resources Inc. PCK-V John Carruthers 24.613 0.070Primary Petroleum Corporation PIE-V Michele Marrandino 46 0.450Relentless Resources Ltd.RRL-V Daniel Wilson150.085Reliable Energy Ltd. REL-V Murray Swanson 311 0.335Ria Resources Corp. RIA-V John MacMillan 57 0.090Riata Resources Corp. RTR-C James Breimayer 40 0.015Ripper Oil and Gas Inc.RIP-V Jerry Ball3620.350RockBridge Resources Inc. RBE-V Gary Mathiesen not available 0.125Sagres Energy Inc.SGI-V David Johnson60.430Sharon Energy Ltd. SHY-V Robert Lamond 32 0.135SkyWest Energy Corp. SKW-V Lawrence Urichuk 40 0.475Solara Exploration Ltd. SAA.A-V Donald Holding 292 0.245Spartan Exploration Ltd. SPE-T Richard McHardy 486 2.800Stetson Oil & Gas Ltd.SSN-V Ahmed Said30.035Strategic Oil & Gas Ltd.SOG-V Arn Schoch2660.840Texalta Petroleum Ltd. TEX.A-V William Nixon not available 0.450Torque Energy Inc. TQE-V Brian Bayley 139.36 0.180Trafina Energy Ltd.TFA.A-V Kelly Ogle4130.335Traverse Energy Ltd.TVL-V Laurie Smith1000.580Triple 8 Energy Ltd.TEE-V Trevor Spagrud40.085Tudor Corporation Ltd. TDR-T Lionel Conn not available 0.370Tuscany Energy Ltd. TUS-V Robert Lamond 124 0.160Valeura Energy Inc. VLE-V Jim McFarland 263 0.475Vecta Energy Corporation VER-V Thomas Coffman 55 0.020West Isle Energy Inc. WEI-C Robert McLeay 38 0.150Western Plains Petroleum Ltd. WPP-V David Forrest490.145Yangarra Resources Ltd. YGR-V Jim Evaskevich 354 0.730EmergingconventionalcompaniesThis watch list of emerging public companies serves asour reference point for tracking companies’ growth andtheir potential inclusion in the iQ Report. With the paceof oil and gas operations in Canada, this list is alwayschanging and is by no means exhaustive. If you know ofany other oil and gas company that belongs on this list,please let us know at ircontact@bmir.com.QUARTERLY REPORT : Q2 2010 47

Emerging oil sands companiescomparison of companies developing oil sands assets inPeaceRiverGrande PrairieALBERTAEdmontonAthabascaCalgaryFortMcMurrayColdLakeSASKATCHEWANLloydminsterSaskatoonReginaKeen interest in the oil sands has led to the emergence of a number ofpublicly traded companies looking to tap into the world’s second largestoil reserve. The exploitation of oil sands resources generally involves farmore time and capital than conventional oil and gas development, and anumber of these emerging companies are now close to or at the point ofproduction. Although there are a number of senior producers, integratedsand several high-profile, private companies in the oil sands space, for thepurposes of this comparison, we have focused on emerging oil sands players,listed on either the TSX or the TSX Venture Exchanges. In most cases theirprimary focus is on oil sands development. Because of their high need fordevelopment capital, many of these companies are publicly listed to facilitateaccess to capital. With the potential for substantial production over manyyears, successful companies in this sector will deliver considerable value totheir shareholders. The challenge for investors is to find the companies thatwill succeed most expeditiously and to have the patience to see results.CompanyChief executiveStock symbol& exchange(t=tSX,V=Venture)Share priceAug 31, 2010($)market cap August31/10 share price &June 30/10 shareso/s($000)Area of focus(see map)Stage of developmentalberta oilsands Shabir premji V-aoS $ 0.29 $ 30,536 athabasca Delineation drilling SagD anticipatedathabasca oil Sands Sveinung Svarte t-atH $ 10.39 $ 4,014,914 athabasca Delineation drilling in situ recovery methodsBronco energy peter pelensky t-Bcf $ 0.185 $ 8,038 athabascaconnacher oil and gas richard gusella t-cll $ 1.20 $ 514,800 athabascaproduction fromeast Wabamum formationproducing from Q4/07,new pod completedexcelsior energy David Winter V-ele $ 0.33 $ 92,649 athabasca Delineation drillingRecoverymethodSagDSagDSagD or cogDanticipatedHabanero resources Jason gigliotti V-Hao $ 0.105 $ 9,084 athabasca Delineation drilling SagD anticipatedMeg energy William Mccaffrey t-Meg $ 31.240 $ 5,912,357 athabasca production SagDnorth peace energy louis Dufresne V-npe $ 0.165 $ 12,570 peace river/athabasca pilot on production since Q2 2009 cSS pilotopti canada christopher Slubicki t-opc $ 1.03 $ 290,203 athabasca production from Q3 2008 SagD, upgraderpetrobank energy John Wright t-pBg $ 36.98 $ 3,919,621 athabasca/peace river/SK pilots, licensing agreements tHaiSouthern pacific res Byron lutes t-Stp $ 0.98 $ 221,177 athabascaDelineation drilling;heavy oil productionSagD anticipatedutS energy William roach t-utS $ 3.54 $ 1,680,226 athabasca Development & planning Mining, upgradernoteS:1. oilsands Quest is traded on the amex exchange (BQi) and patch international is traded on the otc Bulletin Board (ptcH) and several german exchanges2. andora energy, grizzly oil Sands, laricina energy, Meg energy, oSuM, Sunshine oil Sands and Value creation are private oil sands players3. athabasca oil Sands completed an ipo on april 8 2010. Shares outstanding as at May 8, 20104. Southern pacific’s shares outstanding are provided as at May 31, 2010 of 316.2 million.A GUIDE TO THERMAL IN SITU RECOVERY METHODSSteam-assisted gravity drainage (SAGD)A method of producing heavy oil which involves two horizontal wellbores, one above the other; steam is injected into the upper wellboreand softened bitumen is recovered from the lower wellbore.Cyclic steam stimulation (CSS)A method of producing heavy oil which involves injecting steam, allowing time for the steam to heat and soften the heavy oil andproducing the oil from the same wellbore used to inject the steam.Toe-to-Heel Air Injection (THAI)A method of producing heavy oil which involves injecting air through a vertical well at the top of the reservoir, near the toe of ahorizontal well; a combustion front is then created which sweeps the oil from the toe to the heel of the horizontal producing well.Source: The Centre for Energy.48BRYAN MILLS IRADESSO • i Q . BMir.coM

TrusT CNW To geT your iNformaTioNTo The righT people aT The righT Time.“Crescent Point Energy relies on CNW’snewswire service to distribute our newsreleases within Canada and around theworld. In our business, the importanceof timely and accurate disclosurecannot be underestimated. The staffat CNW are reliable, helpful, efficientand a pleasure to work with.”“PotashCorp has worked with CNWsince 1995 and over the years, we havecome to appreciate the personal, yetprofessional, approach with whichwe are constantly treated. in ourexperience, the CNW team takes itsjob very seriously and works hard toensure our releases are disseminatedin a timely and accurate manner.”Norma DeaverInvestor Relations CoordinatorPotashCorpTrent StanglVice President Marketing and Investor RelationsCrescent Point Energyour experience and service become your advantage.Call us at (403) 269.7605 or visit www.newswire.ca to learn more.

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