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IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

Junior SnapSHotSformerly

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

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