As of December 31, 2011.

Bankers' reserves were prepared by the independent engineering firms of RPS Energy Canada Ltd. (formerly APA Petroleum Engineering Inc.) for the Patos-Marina field and DeGolyer and MacNaughton Canada Limited for the Kuçova field in 2011 as well as prior years. All reserve information has been prepared in accordance with National Instrument 51-101.

The Company's actual reserves and future production will be greater than or less than the estimates provided. The estimated future net revenue from the production of the Company's reserves does not represent the fair market value of Bankers' reserves. The reserve data in this release is subject to and should be read in conjunction with the entire Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information