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IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso

interMeDiate

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

IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso
IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso
IRADESSO QUARTERLY - BMIR - Bryan Mills Iradesso
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