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TMK ENERGY LIMITED Interim / Quarterly Report 2014

Jan 30, 2014

65930_rns_2014-01-30_f52df1fa-0cbc-432b-850e-39453e93660e.pdf

Interim / Quarterly Report

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ASX Release

Date: 31 January 2014

December Quarterly Activity Report

Highlights

  • Completion of Duvernay Acreage Sale to Black Swan Energy Limited with Tamaska receiving a net consideration C$649,630

  • Drilling of high impact exploration Rend Lake Prospect with the Lawrence Farms #1 well

  • Oil Production continues from Fusselman Project

  • Gas Production expected to commence shortly from West Klondike

Projects

Rend Lake Prospect, Southern Illinois, USA (TMK 20%)

On 26 September 2013, the Company announced it had executed a Sale and Purchase Agreement with Jupiter Oil and Gas Inc to acquire a 20% working interest in the Rend Lake Oil Prospect in Southern Illinois, USA (Rend Lake Prospect).

The Rend Lake Prospect was drill tested by the Lawrence Farms Well #1 during December by the Operator, Anschutz Exploration Corporation (Anschutz) (50% WI). The well reached a total depth of 6,400ft on 18th December 2013.

The well was drilled to evaluate the potential for oil filled hydrothermal dolomite reservoir in the Ordovician carbonates. Unfortunately the target hydrothermal dolomite reservoir was not intersected in the well and no commercially significant hydrocarbon zones were encountered. The well was logged and extensive data has been gathered for future evaluation by the Operator. Provisional interpretation indicated some oil presence and that there may be partially dolomitized rock encountered in the well, but this will require further analysis over the coming months.

==> picture [222 x 120] intentionally omitted <==

----- Start of picture text -----

First Well Location
Anticipated Prospect Core Area
Halo of partially improved Rock
----- End of picture text -----

The prospect is covered by five leases, Tamaska has a 20% working interest in each, with between 15% and 15.4% overall net revenue interest.

Figure 1 – Rend Lake Prospect

Once Anschutz complete their technical evaluation of the logs, Tamaska will decide on whether to retain its project interest.

| ASX Release |

Fusselman Project Well, Texas - (TMK 12.5%)

The Fusselman Well, Clayton Johnson #3F, operated by Marshfield Oil & Gas, was drilled to its total depth of 9,883 feet on 3 January 2013. Tamaska holds a 12.5% working interest in the Fusselman Project in Borden County, Texas which includes another potential drilling location within the lease acreage.

Production commenced from the #3F well on 23 January 2013. Production from the well is with a pump jack (nodding donkey) and is a mixture of oil and formation water. After commencing production at 50bopd and 200bwpd, the well is currently averaging approximately 20bopd and 200bwpd. The winter weather caused a few production interruptions in December. The formation water is believed to be flowing from the underlying Montoya formation behind the production casing. Subject to JV approval, and Operators availability constraints in the next couple of months there are plans to perform a cement squeeze below the Fusselman formation to eliminate (or substantially reduce) the water production.

September 13 December 13 March 14
**Quarter ** **Quarter ** **Quarter **
**Actual ** *Estimated ** Forecast
Net Produced bbls 262 bbls
224

~240 bbls
Net Revenue after Royalty and well $ 17,538.89
$15,106.49

~$ 15,400
head taxes(US$)

*Subject to final costs and sales off take figures

The forecast production for the March quarter does not assume the squeeze occurs.

West Klondike Discovery, Louisiana - (TMK 10.2% WI)

The Wilberts Sons LLC #1 exploration well on the West Klondike Prospect in Louisiana drilled to its total depth of 10,900ft on 13 December 2012. Electric logs confirmed it as a discovery well with material net pay in 2 separate target horizons, with 4ft in the Lario sands, 6ft in the U Nod Blan and 35ft in the Lower Nod Blan sands.

As announced on 13 May 2013, the Company advised that the Wilbert Sons LLC #1 well was perforated and flow tested successfully at over 2 MMcf gas per day from the lower Nod Blan. The well has been suspended pending installation of facilities in the March 2014 quarter.

An estimate of likely ranges of reservoir reserves will be provided once production has confirmed discoveries. A summary of the reservoirs characteristics is provided below:

Depths
(ft) Sand Net Pay Content Description
10,330 -10,350 Lario 4ft Oil 18-20%porosityappears tight
10,518 -10,524 U Nod Blan 6ft Condensate/gas Goodporosity
10,616 -10,661 L Nod Blan 35ft Oil/gas Goodporosity

Tamaska has earned its 10.2% working interest in the prospect and well through paying its 14% share of drilling and completions costs to date (~US$525,000). There will be additional costs to Tamaska to install long term production facilities. The Operator has now secured pipeline route approval and the facilities design and construction is expected to commence in February 2014.

Level 7, 1008 Hay Street Perth WA 6000 | PO Box 7209, Perth WA 6850 Tel : +61 8 9389 2000 | Fax : +61 8 9389 2099 | Email : [email protected] | www.tamaska.com.au

| ASX Release |

Duvernay Shale and Rock Creek Update

The Company announced on 11 October 2013 the completion and settlement of the sale agreement with the purchaser Black Swan Energy Limited of Calgary, and Tamaska, Transerv Energy Ltd (ASX:TSV) and Mako Hydrocarbons Ltd (ASX:MKE) as the sellers. Tamaska received net consideration of C$649,630 (approximately A$662,000) before tax on settlement during the quarter. The acreage sold was the retained 3.2% carried interest in the Rimbey, Alberta sections that Black Swan acquired in January 2012.

This sale was in addition to the Duvernay acreage sale the Company announced on 5 March 2013 with Canadian Pan Ocean (“CPO”). On 5 March 2013 the Company announced it had executed a Term Sheet with Canadian Pan Ocean Limited (“CPO”) to sell its Alberta Joint Venture (“AJV”) petroleum interests in the Duvernay Shale (TMK: 8% direct interest) and Rock Creek oil acreage (TMK: 16% direct interest) for cash consideration of approximately A$3.6m before tax. Completion is conditional on the execution of a formal sale and purchase agreement, due diligence and financing agreements.

Under the broader deal, CPO are also farming into Mako Hydrocarbons Ltd’s (ASX: MKO) 50% holding in the same properties. CPO will become the Operator, with the ability to earn a total working interest of up to 87.5% in the AJV properties. Further detailed information on the farmin terms is available in the MKO market releases to the ASX or their website.

As at the date of this report, both MKO and CPO have advised they are still progressing with their full transaction financing, and CPO has still not paid a deposit to Tamaska or signed the SPA. Despite these delays to completion of a transaction, Tamaska supports MKO and CPO in their endeavors to finalise their arrangements whilst investigating alternate sale options.

Tenement Summary

The Company holds the following interests in tenements:

Project Percentage Interest Number of Tenements
RendLakeProspect 20% 5
Fusselman Project 12.5% 7
WestKlondike 10.2% 6
Duvernay Shale and Rock Creek Duvernay 8%
265
RockCreek 16%

The Company has provided detailed tenement information in Schedule 1.

Corporate

Working Capital Funding and Convertible Notes

During the December quarter the Company secured short term working capital funding from its major shareholders in the lead up to the drilling of the Rend Lake Prospect, as the Company has been significantly delayed in its financing from the completion of the Duvernay sale to CPO. The interim working capital funding provided has enabled the Company to continue its current operations and projects in the normal course of business.

Level 7, 1008 Hay Street Perth WA 6000 | PO Box 7209, Perth WA 6850 Tel : +61 8 9389 2000 | Fax : +61 8 9389 2099 | Email : [email protected] | www.tamaska.com.au

| ASX Release |

This short term funding has been restructured into two Convertible Notes (Notes) with a face value of AUD$300,000 each, following approval by shareholders at the Annual General Meeting held on 28 November 2013. At the election of the note holder, the Notes may be converted to Tamaska shares at an issue price of 0.05 cents each. If not converted, the Notes are repayable after 3 years. If repaid the Notes attract an annual interest rate of 8%, if converted to shares no interest is payable by the Company.

As detailed in the Company’s Notice of Meeting, the note holders are entities related to Mr Charles Morgan (Chairman of Tamaska) and Mr Craig Burton (a major Tamaska shareholder with approximately 18% of the Company) respectively.

CEO Options

On 3 October 2013 the Board issued options to Alexander Parks, CEO. Mr Parks was awarded 300 million options exercisable at 0.15 cents each within 4 years. A vesting period of 12 months will apply to half of the options and 24 months to the other half.

Change of Share Registry

As announced on 25 October 2013, Tamaska changed share registry on 11 November 2013 to Automic Registry Services.

Cash Position at 31 December 2013

The Company had a closing cash balance of $216k at 31 December 2013.

For and on behalf of the Board

Level 7, 1008 Hay Street Perth WA 6000 | PO Box 7209, Perth WA 6850 Tel : +61 8 9389 2000 | Fax : +61 8 9389 2099 | Email : [email protected] | www.tamaska.com.au

Appendix 5B Mining exploration entity quarterly report

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Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity

Name of entity
Tamaska Oil & Gas Ltd
ABN
66 127 735 442
Quarter ended (“current quarter”)
66 127 735 442 31 December 2013
Consolidated statement of cash flows
Cash flows related to operating activities
1.1
Receipts from product sales and related
debtors
1.2
Payments for
(a) exploration & evaluation
(b) development
(c) production
(d) administration
1.3
Dividends received
1.4
Interest and other items of a similar nature
received
1.5
Interest and other costs of finance paid
1.6
Income taxes paid
1.7
Other – Royalty Payout on Acreage Sold
Net Operating Cash Flows
Current quarter
$A’000
Year to date
(6 months)
$A’000
24
(218)
-
(33)
(392)
-
-
(5)
(107)
(12)
47
(356)
-
(39)
(618)
-
1
(5)
(107)
(12)
(743) (1,089)
Cash flows related to investing activities
1.8
Payment for purchases of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.9
Proceeds from sale of:
(a) prospects
(b) equity investments
(c) other fixed assets
1.10
Loan repayment to other entities
1.11
Proceeds from loans
1.12
Other- Perity Share of Acreage Sold
Net investing cash flows
1.13
Total operating and investing cash flows
(carried forward)
-
-
-
1,335
-
-
-
-
(647)
-
-
-
1,335
-
-
-
-
(647)
688 688
(55) (401)
  • See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 1

Appendix 5B Mining exploration entity quarterly report

==> picture [95 x 62] intentionally omitted <==

1.13
Total operating and investing cash flows
(brought forward)
(55) (401)
Cash flows related to financing activities
1.14
Proceeds from issues of shares, options, etc.
1.15
Proceeds from sale of forfeited shares
1.16
Proceeds from borrowings
1.17
Repayment of borrowings
1.18
Dividends paid
1.19
Other (over subs & capital raising expenses)
Net financing cash flows
-
-
-
-
-
-
-
-
400
-
-
-
- 400
Net increase (decrease) in cash held
1.20
Cash at beginning of quarter/year
1.21
Exchange rate adjustments to item 1.20
1.22
Cash at end ofquarter
(55)
272
(1)
(1)
218
(1)
216 216

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23
1.24
Aggregate amount of payments to the parties included in item 1.2
Aggregate amount of loans to the parties included in item 1.10
Current quarter
$A'000
91
-
1.25 Explanation necessary for an understanding of the transactions
Directors' fees

Non-cash financing and investing activities

2.1
2.2
Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows
None
Details of outlays made by other entities to establish or increase their share in projects in which the
reportingentityhas an interest
None

Appendix 5B Mining exploration entity quarterly report

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Financing facilities available

Add notes as necessary for an understanding of the position.

Financing facilities available
Add notes as necessary for an understanding of the position.
3.1
Loan facilities
3.2
Credit standby arrangements
Amount available
$A’000

Amount used
$A’000
600 600
- -

Estimated cash outflows for next quarter

4.1
Exploration and evaluation
4.2
Development
4.3
Production
4.4
Administration
$A’000
100
-
-
75
Total 175

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.
Current quarter
$A’000
Previous quarter
$A’000
5.1
Cash on hand and at bank
5.2
Deposits at call
5.3
Bank overdraft
5.4
Other(provide details)-held on trust
216 272
- -
- -
- -
Total: cash at end ofquarter(item 1.22) 216 272
  • See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 3

Appendix 5B Mining exploration entity quarterly report

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Changes in interests in mining tenements

6.1
Interests in mining
tenements
relinquished,
reduced or lapsed
6.2
Interests in mining
tenements acquired
or increased
Tenement reference Nature of
interest
(note(2))
Interest at
beginning of
quarter
Interest at end
of quarter
T38 R6 W5M:12
T38 R6 W5M:24
T38 R6 W5M:25
T38 R6 W5M:NE26
T38 R6 W5M:35,36
T39 R6 W5M:1
T39 R6 W5M:E2
T38 R5 W5M:28
T38 R5 W5M:33
T38 R5 W5M:35
T39 R6 W5M:12
T39 R5 W5M:NE7
T39 R5 W5M:NW11
T39 R5 W5M:14
T39 R5 W5M:16
T39 R5 W5M:17
T39 R5 W5M:19
T39 R5 W5M:20
T39 R5 W5M:21
T39 R5 W5M:22
T39 R5 W5M:Ptn 23
T39 R5 W5M:28
T39 R5 W5M:29
T39 R5 W5M:30
T39 R5 W5M:N&SE31
T39 R5 W5M:SW31
T39 R5 W5M:32
T39 R5 W5M:34
T39 R6 W5M:13
T39 R6 W5M:14
T39 R6 W5M:15
T39 R6 W5M:23
T39 R6 W5M:24
T39 R6 W5M:25
T39 R6 W5M:NE26
T39 R6 W5M:34
T39 R6 W5M:36
T40 R4 W5M:E10
T40 R4 W5M:17
T40 R4 W5M:W21
T40 R4 W5M:E27
T40 R5 W5M:SW1,2,9,10
T40 R5 W5:3
T40 R5 W5M:6
T40 R5 W5M:15
T40 R5 W5M:22
T40 R5 W5M:25
T40 R5 W5M:28
T40 R5 W5M:32
T40 R6 W5M:NE12
T41 R5 W5M:6
T41 R5 W5M:7
Sale of
interest to
Black Swan
3.2% 0%
None

Appendix 5B Mining exploration entity quarterly report

==> picture [95 x 62] intentionally omitted <==

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

Total number Number quoted Issue price per
security (see
note 3) (cents)
Amount paid up
per security (see
note 3) (cents)
7.1
Preference
+securities
(description)
7.2
Changes during
quarter
(a) Increases
through issues
(b) Decreases-
capital returns,
buy-backs or
redemptions
14,000 Unquoted Class D
7.3
+Ordinary
securities
7.4
Changes during
quarter
(a) Increases-
through issues
(b) Decreases-
capital returns or
buy-backs
6,396,006,280 6,396,006,280 Fully paid
7.5
+Convertible debt
securities
(description)
7.6
Changes during
quarter
(a) Increases
through issues
(b) Decreases-
maturing or
conversion of
securities
1,200,000,000 Convertible note
$0.0005 each
Fully paid
1,200,000,000 Convertible note
$0.0005 each
Fully paid
7.7
Options
(description and
conversion factor)
7.8
Issued during
quarter
7.9
Exercised during
quarter
7.10
Expired during
quarter
3,260,000,000
300,000,000
3,260,000,000 Exercise price
$0.005 each
$0.0015 each
Expiry date
17 August 2015
3 October 2017
300,000,000 Exercise price
$0.0015 each
Expiry date
3 October 2017
7.11
Debentures
(totals only)
7.12
Unsecured notes
(totals only)
  • See chapter 19 for defined terms.

30/9/2001

Appendix 5B Page 5

Appendix 5B Mining exploration entity quarterly report

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Compliance statement

  • 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

  • 2 This statement does give a true and fair view of the matters disclosed.

==> picture [132 x 42] intentionally omitted <==

Sign here: ............................................................ Date: 31 January 2014 (Director) Print name: Brett Mitchell

Notes

  • 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

  • 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

  • 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

  • 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

  • 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

Schedule 1 Tenements held at 31 December 2013

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Rend Lake Prospect

As at 31 December 2013, Tamaska has a 20% interest in the following tenements in the Rend Lake Prospect, located in Franklin and Jefferson Counties, Illinois.


Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.

Lake Prospect, located in Franklin and Jefferson Counties, Illinois.
Lands
T6S-R2E
Sec. 9: E/2
Sec. 10: All
Sec. 11: W/2
Sec. 14: W/2
Sec. 15: All
Sec. 16: E/2
Limited to the base of the
New Albany Shale down to
10,000 feet below the
earths surface







T5S-R2E
Sec. 27: S/2
Sec. 34: All
T6S-R2E
Sec. 3: All
Sec. 10: N/2N/2N/2
Limited from Top of
the Lingle Member
of Devonian to
Basement
T6S-R2E
Sec. 22: All
Sec. 27: N/2, N/2SW
Limited from Top of
the Lingle Member
of Devonian to
Basement
T5S-R2E
Sec. 3: W/2
Sec. 4: E/2
Sec. 9: E/2
Sec. 10: W/2
Sec. 16: NE, N/2SE
Sec. 15: N/2, N/2S/2
Limited from Top of
the Lingle Member
of Devonian to
Basement
T5S-R2E
Sec. 15: S/2S/2
Sec. 22: All
Sec. 27: N/2
Sec. 16: SE
Sec. 21: E/2
Sec. 28: NE

West Klondike Prospect

As at 31 December 2013, Tamaska has a 10.2% working interest in the following tenements in the West Klondike Prospect, located in Iberville Parish, Louisiana.

Lease Number WK#1A WK#1B WK#1C WK#2 WK#3A WK#3B

Fusselman Tenements

As at 31 December 2013, Tamaska has a 12.5% working interest in the following tenements in the Clayton Johnson #3F well, located in Borden County, Texas.

Tenement Location

Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co. Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co. Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co. Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co. Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co. Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co. Northeast Quarter of Section 5, All in Block 32 T-4-N, T&P Railroad Co.

Rock Creek and Duvernay Tenements

As at 31 December 2013, Tamaska has an interest in the following tenements, all located in the Province of Alberta, Canada.

Crown Lease or Licence # Legal Description Rights Interest
0410090077 T38-R4W5: NW16 b.b. Mann.to b.Rock Cr. 16%
0410090077 T38-R4W5: NW16 b.b. Rock Cr. 8%
0410090078 T38-R4W5: N17 b.b. Mann.to b.Rock Cr. 16%
0410090078 T38-R4W5: N17 b.b. Rock Cr. to b. Jurassic 8%

Schedule 1 Tenements held at 31 December 2013

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Rock Creek and Duvernay Tenements continued

Crown Lease or Licence # Legal Description Rights Interest
0410090079 T38-R4W5: 18 b.b. Mann.to b.Rock Cr. 16%
0410090079 T38-R4W5: 18 b.b. Rock Cr. 8%
0510090712 T38-R5W5: 10 b.b. Mann.to b.Rock Cr. 16%
0510090712 T38-R5W5: 10 b.b. Rock Cr. 8%
0510070216 T38-R5W5: 12 b.b. Mann.to b.Rock Cr. 16%
0510070216 T38-R5W5: 12 b.b. Rock Cr. 8%
0510090715 T38-R5W5: N&SE13 b.b. Mann.to b.Rock Cr. 16%
0510090715 T38-R5W5: N&SE13 b.b. Rock Cr. 8%
0510090717 T38-R5W5: NW15 b.b.Vik. to.b. Mann. 16%
0510090716 T38-R5W5: NW15 b.b. Mann.to b.Rock Cr. 16%
0510090716 T38-R5W5: NW15 b.b. Rock Cr. 8%
0510090725 T38-R5W5: S&NE24 b.b. Mann.to b.Rock Cr. 16%
0510090725 T38-R5W5: S&NE24 b.b. Rock Cr. 8%
0510090756 T39-R6W5:N&SE24 surf. To b. Edmt. 16%
0510080087 T41-R6W5: 19 b.b. Vik. to b. Rock Cr. 16%
0510080087 T41-R6W5: 19 b.b. Rock Cr. excl. Duvernay 8%
0510080087 T41-R6W5: 30 b.b. Mann. to base Rock Cr. 16%
0510080087 T41-R6W5: 30 b.b. Rock Cr. excl. Duvernay 8%
0510080088 T41-R7W5: 13 b.b. Vik. to b. Rock Cr. 16%
0510080088 T41-R7W5: 13 b.b. Rock Cr. excl. Duvernay 8%
0510120361 T41-R7W5: 14 b.b. Vik. to b. Rock Cr. 16%
0510120361 T41-R7W5: 14 b.b. Rock Cr. excl. Duvernay 8%
0510080091 T41-R7W5: 25 b.b. Mann.to b.Rock Cr. 16%
0510080091 T41-R7W5: 25 b.b. Rock Cr. excl. Duvernay 8%
0511020101 T41-R7W5: NE26 b.b. Mann.to b.Rock Cr. 16%
0511020101 T41-R7W5: NE26 b.b. Rock Cr. excl. Duvernay 8%
0510080093 T41-R7W5: 27 b.b. Vik. to b. Rock Cr. 16%
0510080093 T41-R7W5: 27 b.b. Rock Cr. excl. Duvernay 8%
0511020102 T41-R7W5: S&NW 28 b.b. Mann.to b.Rock Cr. 16%
0511020102 T41-R7W5: S&NW 28 b.b. Rock Cr. excl. Duvernay 8%
0510080097 T41-R7W5: S&NW 36 b.b.Vik. to b. Rock Cr. 16%
0510080097 T41-R7W5: S&NW 36 b.b. Rock Cr. excl. Duvernay 8%
0510080097 T41-R7W5: NE 36 b.b. Jurassic excl. Duvernay 8%
0511020104 T42-R5W5:NE16 NG in Lower Mann. Rock Cr. 16%
0511020106 T42-R5W5:W22 NG in Lower Mann. Rock Cr. 16%
0511020117 T43-R5W5:20 b.b. Vik. to b. Mann. 16%
0511020118 T43-R6W5:NW13 b.b. Vik .to b. Mann. 16%
0511040359 T43-R6W5:20 b.b. Mann. to b. Rock Cr. 16%
0511020120 T43-R6W5:36 b.b. Vik. to b. Mann. 16%
0511020123 T43-R8W5:19 b.b. Mann.to b.Rock Cr. 16%
0511020123 T43-R8W5:19 b.b. Rock Cr. 8%
0511020124 T44-R9W5:5 b.b. Mann. to b. Rock Cr. 16%
0511020130 T44-R9W5:17 b.b. Mann.to b.Rock Cr. 16%
0511020130 T44-R9W5:17 b.b. Rock Cr. 8%
0511020131 T44-R9W5:29 b.b. Mann.to b.Rock Cr. 16%
0511020131 T44-R9W5:29 b.b. Rock Cr. 8%
0511020141 T46-R9W5:20 b.b. Mann.to b.Rock Cr. 16%
0511020141 T46-R9W5:20 b.b. Rock Cr. 8%
0511020145 T46-R10W5:21 b.b. Mann.to b.Rock Cr. 16%
0511020145 T46-R10W5:21 b.b. Rock Cr. 8%
0511020147 T46-R10W5:22 b.b. Mann.to b.Rock Cr. 16%
0511020147 T46-R10W5:22 b.b. Rock Cr. 8%
0511020148 T46-R10W5:28 b.b. Mann.to b.Rock Cr. 16%
0511020148 T46-R10W5:28 b.b. Rock Cr. 8%

Schedule 1 Tenements held at 31 December 2013

==> picture [95 x 62] intentionally omitted <==

Rock Creek and Duvernay Tenements continued

Crown Lease or Licence # Legal Description Rights Interest
0511020150 T46-R10W5:33 b.b. Mann.to b.Rock Cr. 16%
0511020150 T46-R10W5:33 b.b. Rock Cr. 8%
0511020151 T47-R8W5: E6 b.b. Mann.to b. Rock Cr. 16%
0511020151 T47-R8W5: E6 b.b. Rock Cr. to b. Jurassic 8%
0511020151 T47-R8W5: W6 b.b. Mann to b. Rock Cr. 16%
0511020151 T47-R8W5: W6 b.b. Rock Cr. to b. Nordegg 8%
0511020152 T47-R8W5:7 b.b. Mann to b. Rock Cr. 16%
0511020152 T47-R8W5:7 b.b. Rock Cr. to b. Nordegg 8%
0511040364 T47-R8W5:13 b.b. Mann.to b.Rock Cr. 16%
0511040364 T47-R8W5:13 b.b. Rock Cr. 8%
0510090785 T47-R8W5:15 b.b. Mann.to b.Rock Cr. 16%
0510090785 T47-R8W5:15 b.b. Rock Cr. 8%
0510090786 T47-R8W5:17 b.b. Mann.to b.Rock Cr. 16%
0510090786 T47-R8W5:17 b.b. Rock Cr. 8%
0510090787 T47-R8W5:18 b.b. Mann.to b.Rock Cr. 16%
0510090787 T47-R8W5:18 b.b. Rock Cr. 8%
0510090788 T47-R8W5:20 b.b. Mann.to b.Rock Cr. 16%
0510090788 T47-R8W5:20 b.b. Rock Cr. 8%
0510090789 T47-R8W5:21 b.b. Mann.to b.Rock Cr. 16%
0510090789 T47-R8W5:21 b.b. Rock Cr. 8%
0510090790 T47-R8W5:23 b.b. Mann.to b.Rock Cr. 16%
0510090790 T47-R8W5:23 b.b. Rock Cr. 8%
0510090791 T47-R8W5:24 b.b. Mann.to b.Rock Cr. 16%
0510090791 T47-R8W5:24 b.b. Rock Cr. 8%
0510090793 T47-R8W5:25 b.b. Mann.to b.Rock Cr. 16%
0510090793 T47-R8W5:25 b.b. Rock Cr. 8%
0510090794 T47-R8W5:26 b.b. Mann.to b.Rock Cr. 16%
0510090794 T47-R8W5:26 b.b. Rock Cr. 8%
0510090795 T47-R8W5:S&NE27 b.b. Mann.to b.Rock Cr. 16%
0510090795 T47-R8W5:S&NE27 b.b. Rock Cr. 8%
0510090796 T47-R8W5:S28 b.b. Mann.to b.Rock Cr. 16%
0510090796 T47-R8W5:S28 b.b. Rock Cr. 8%
0510090798 T47-R8W5:35 b.b. Mann.to b.Rock Cr. 16%
0510090798 T47-R8W5:35 b.b. Rock Cr. 8%
0511040371 T47-R9W5: E12 b.b. Mann.to b.Rock Cr. 16%
0511040371 T47-R9W5: E12 b.b. Rock Cr. 8%
0510090799 T47-R9W5: NE13 b.b. Mann.to b.Rock Cr. 16%
0510090799 T47-R9W5: NE13 b.b. Rock Cr. 8%
0511020163 T47-R9W5: 22 b.b. Mann.to b.Rock Cr. 16%
0511020163 T47-R9W5: 22 b.b. Rock Cr. 8%
0511020165 T47-R9W5: 23 b.b. Mann.to b.Rock Cr. 16%
0511020165 T47-R9W5: 23 b.b. Rock Cr. 8%
0511020166 T47-R10W5: 3 b.b. Mann.to b.Rock Cr. 16%
0511020166 T47-R10W5: 3 b.b. Rock Cr. 8%
0511020167 T47-R10W5: 4 b.b. Mann.to b.Rock Cr. 16%
0511020167 T47-R10W5: 4 b.b. Rock Cr. 8%
0511020168 T47-R10W5: 10 b.b. Mann.to b.Rock Cr. 16%
0511020168 T47-R10W5: 10 b.b. Rock Cr. 8%
0511020169 T47-R10W5: 15 b.b. Mann.to b.Rock Cr. 16%
0511020169 T47-R10W5: 15 b.b. Rock Cr. 8%
0511020175 T47-R10W5: W25 b.b. Mann.to b.Rock Cr. 16%
0511020175 T47-R10W5: W25 b.b. Rock Cr. 8%
0511020176 T47-R11W5: 13 b.b. Mann.to b.Rock Cr. 16%
0511020176 T47-R11W5: 13 b.b. Rock Cr. 8%

Schedule 1 Tenements held at 31 December 2013

==> picture [95 x 62] intentionally omitted <==

Rock Creek and Duvernay Tenements continued

Crown Lease or Licence # Legal Description Rights Interest
0511080062 T47-R11W5: S36 b.b. Mann.to b.Rock Cr. 16%
0511080062 T47-R11W5: S36 b.b. Rock Cr. 8%
0511080062 T47-R11W5: N36 b.b. Mann. to b. Rock Cr. 16%
0511080062 T47-R11W5: N36 b.b. Rock Cr. to b. Nordegg & b.b.
Nisku
8%
0510090803 T48-R7W5:7 b.b. Mann.to b.Rock Cr. 16%
0510090803 T48-R7W5:7 b.b. Rock Cr. 8%
0510090814 T48-R8W5:3 b.b. Mann.to b.Rock Cr. 16%
0510090814 T48-R8W5:3 b.b. Rock Cr. 8%
0510090819 T48-R8W5:11 b.b. Mann.to b.Rock Cr. 16%
0510090819 T48-R8W5:11 b.b. Rock Cr. 8%
0510090820 T48-R8W5:12 b.b. Mann. to b. Rock Cr. 16%
0510090820 T48-R8W5:12 b.b. Rock Cr. to b. Nordegg 8%
0510090824 T48-R8W5:17 b.b. Mann.to b.Rock Cr. 16%
0510090824 T48-R8W5:17 b.b. Rock Cr. 8%
0510090826 T48-R8W5:23 b.b. Mann.to b.Rock Cr. 16%
0510090826 T48-R8W5:23 b.b. Rock Cr. 8%
0510090829 T48-R8W5:S29 b.b. Nisku 8%
0511030259 T48-R9W5:NE21 b.b. Mann.to b.Rock Cr. 16%
0511030259 T48-R9W5:NE21 b.b. Rock Cr. 8%
0511030261 T48-R9W5:22 b.b. Mann.to b.Rock Cr. 16%
0511030261 T48-R9W5:22 b.b. Rock Cr. 8%
0511040374 T48-R10W5:SW10 b.b. Mann.to b.Rock Cr. 16%
0511040374 T48-R10W5:SW10 b.b. Rock Cr. 8%
0511030272 T49-R9W5:N9 b.b. Mann.to b.Rock Cr. 16%
0511030272 T49-R9W5:N9 b.b. Rock Cr. 8%
0512070098 T49-R9W5:S9 b.b. Nisku 8%
0511030277 T49-R9W5:16 b.b. Mann.to b.Rock Cr. 16%
0511030277 T49-R9W5:16 b.b. Rock Cr. 8%
0511040377 T49-R9W5:SE21 b.b. Mann.to b.Rock Cr. 16%
0511040377 T49-R9W5:SE21 b.b. Rock Cr. 8%
5412070164 T49-R9W5:N&SW21,22,23 b.b. Nordegg 8%
0511100144 T49-R9W5:22 b.b. Mann. to b. Rock Cr. 16%
0511100144 T49-R9W5:22 b.b. Rock Cr. to b. Nordegg 8%
0511100145 T49-R9W5:23 b.b. Mann. to b. Rock Cr. 16%
0511100145 T49-R9W5:23 b.b. Rock Cr. to b. Nordegg 8%
0510120376 T49-R11W5:N&SW16 b.b. Mann. to b. Rock Cr . 16%
0510120376 T49-R11W5:N&SW16 b.b. Rock Cr. to b. Banff 8%
0510120378 T49-R11W5:N&SW16,SE21 b. b. Banff 8%
0510120379 T49-R11W5:SE21 b.b. Mann. to b. Rock Cr. 16%
0510120379 T49-R11W5:SE21 b.b. Rock Cr. to b. Banff 8%
0511030282 T49-R11W5:36 b.b. Mann.to b.Rock Cr. 16%
0511030282 T49-R11W5:36 b.b. Rock Cr. 8%
0511030286 T50-R8W5:7 b.b. Mann.to b.Rock Cr. 16%
0511030286 T50-R8W5:7 b.b. Rock Cr. 8%
0511030287 T50-R8W5:E18 b.b. Mann.to b.Rock Cr. 16%
0511030287 T50-R8W5:E18 b.b. Rock Cr. 8%
0511030289 T50-R9W5:1 b.b. Mann.to b.Rock Cr. 16%
0511030289 T50-R9W5:1 b.b. Rock Cr. 8%
0511030293 T50-R9W5:29 b.b. Nordegg 8%
0511030294 T50-R9W5:33 b.b. Mann.to b.Rock Cr. 16%
0511030294 T50-R9W5:33 b.b. Rock Cr. 8%
0511030297 T50-R10W5:N5 b.b. Mann.to b.Rock Cr. 16%
0511030297 T50-R10W5:N5 b.b. Rock Cr. 8%

Schedule 1 Tenements held at 31 December 2013

==> picture [95 x 62] intentionally omitted <==

Rock Creek and Duvernay Tenements continued

Crown Lease or Licence # Legal Description Rights Interest
0511030298 T50-R10W5:8 b.b. Mann.to b.Rock Cr. 16%
0511030298 T50-R10W5:8 b.b. Rock Cr. 8%
0511030299 T50-R10W5:9 b.b. Mann.to b.Rock Cr. 16%
0511030299 T50-R10W5:9 b.b. Rock Cr. 8%
0511030301 T50-R10W5:17 b.b. Mann.to b.Rock Cr. 16%
0511030301 T50-R10W5:17 b.b. Rock Cr. 8%
0511030302 T50-R10W5:N17 b.b. Edmt. to b. B.R. 16%
0512070102 T50-R10W5:20 b.b. Banff 8%
0511030303 T50-R10W5:NE28 b.b. Mann.to b.Rock Cr. 16%
0511030303 T50-R10W5:NE28 b.b. Rock Cr. 8%
0512070103 T50-R10W5:NW28 b.b. Nisku 8%
0510080155 T50-R10W5:S&NW29 b.b. Mann.to b.Rock Cr. 16%
0510080155 T50-R10W5:S&NW29 b.b. Rock Cr. 8%
0510080155 T50-R10W5: E32 b.b. Nisku 8%
0511030306 T50-R10W5:N&SE31 b.b. Mann.to b.Rock Cr. 16%
0511030306 T50-R10W5:N&SE31 b.b. Rock Cr. 8%
0512070104 T50-R10W5:SW31 b.b. Nordegg 8%
0510080156 T50-R10W5: E33 b.b. Mann.to b.Rock Cr. 16%
0510080156 T50-R10W5: E33 b.b. Rock Cr. 8%
0510080156 T50-R10W5: W33 b.b. Nisku 8%
0511080073 T50-R14W5:28 b.b. Blueskyto b. Rock Cr. 16%
0511080073 T50-R14W5:28 b.b. Rock Cr. 8%
0511030316 T51-R9W5:7 b.b. Mann.to b.Rock Cr. 16%
0511030316 T51-R9W5:7 b.b. Rock Cr. 8%
0511030318 T51-R9W5:W8 b.b. Mann.to b.Rock Cr. 16%
0511030318 T51-R9W5:W8 b.b. Rock Cr. 8%
0512070105 T51-R9W5:E8 b.b. Nisku 8%
0511040379 T51-R9W5:11 b.b. Mann.to b.Rock Cr. 16%
0511040379 T51-R9W5:11 b.b. Rock Cr. 8%
0511040380 T51-R9W5:14 b.b. Mann.to b.Rock Cr. 16%
0511040380 T51-R9W5:14 b.b. Rock Cr. 8%
0511030319 T51-R9W5:15 b.b. Mann.to b.Rock Cr. 16%
0511030319 T51-R9W5:15 b.b. Rock Cr. 8%
0511120453 T51-R9W5:N&SE17 Surf. to b. Rock Cr. 16%
0511120453 T51-R9W5:N&SE17 b.b. Rock Cr. 8%
0511030321 T51-R9W5:SW17 b.b. Mann.to b.Rock Cr. 16%
0511030321 T51-R9W5:SW17 b.b. Rock Cr. 8%
0511030323 T51-R9W5:19 b.b. Mann.to b.Rock Cr. 16%
0511030323 T51-R9W5:19 b.b. Rock Cr. 8%
0511030324 T51-R9W5:23 b.b. Mann.to b.Rock Cr. 16%
0511030324 T51-R9W5:23 b.b. Rock Cr. 8%
0511030325 T51-R9W5:24 b.b. Mann.to b.Rock Cr. 16%
0511030325 T51-R9W5:24 b.b. Rock Cr. 8%
0511030326 T51-R9W5:28 b.b. Mann.to b.Rock Cr. 16%
0511030326 T51-R9W5:28 b.b. Rock Cr. 8%
0511030327 T51-R9W5:29 b.b. Mann.to b.Rock Cr. 16%
0511030327 T51-R9W5:29 b.b. Rock Cr. 8%
0512070106 T51-R9W5:32 Surf. to b. Rock Cr. 16%
0512070106 T51-R9W5:32 b.b. Rock Cr. 8%
0511030329 T51-R9W5:34 b.b. Mann.to b.Rock Cr. 16%
0511030329 T51-R9W5:34 b.b. Rock Cr. 8%
0511030330 T51-R9W5:N35 b.b. Mann.to b.Rock Cr. 16%
0511030330 T51-R9W5:N35 b.b. Rock Cr. 8%
0511030332 T51-R10W5:S2 b.b. Mann.to b.Rock Cr. 16%

Schedule 1 Tenements held at 31 December 2013

==> picture [95 x 62] intentionally omitted <==

Rock Creek and Duvernay Tenements continued

Crown Lease or Licence # Legal Description Rights Interest
0511030332 T51-R10W5:S2 b.b. Rock Cr. 8%
0512070107 T51-R10W5:N2,11 b.b. Nisku 8%
0511030334 T51-R10W5:3 b.b. Mann.to b.Rock Cr. 16%
0511030334 T51-R10W5:3 b.b. Rock Cr. 8%
0510080158 T51-R10W5:N&SE4 b.b. Vik. to b. Rock Cr. 16%
0510080158 T51-R10W5:N&SE4 b.b. Rock Cr. 8%
0512070108 T51-R10W5:SW4 b.b. Nisku 8%
0511030336 T51-R10W5:SW5 b.b. Mann.to b.Rock Cr. 16%
0511030336 T51-R10W5:SW5 b.b. Rock Cr. 8%
0512070109 T51-R10W5:SE5 b.b. Nisku 8%
0510080160 T51-R10W5:N5 b.b. Vik. to b. Rock Cr. 16%
0510080160 T51-R10W5:N5 b.b. Rock Cr. 8%
0510080162 T51-R10W5:8 b.b. Mann. To b. Rock Cr. 16%
0510080162 T51-R10W5:8 b.b. Rock Cr. 8%
0510080162 T51-R10W5: 17 b.b. Vik. to b. Rock Cr. 16%
0510080162 T51-R10W5: 17 b.b. Rock Cr. 8%
0510080163 T51-R10W5:9 b.b. Vik. to b. Rock Cr. 16%
0510080163 T51-R10W5:9 b.b. Rock Cr. 8%
0511030338 T51-R10W5:13 b.b. Mann. To b. Rock Cr. 16%
0511030338 T51-R10W5:13 b.b. Rock Cr. 8%
0511030339 T51-R10W5:19 b.b. Mann. to b. Rock Cr. excl. NG
in L. Mann-Rock Cr.
16%
0511030339 T51-R10W5:19 b.b. Rock Cr. 8%
0511030341 T51-R10W5:SE20 b.b. Mann. To b. Rock Cr. 16%
0511030341 T51-R10W5:SE20 b.b. Rock Cr. 8%
0510080170 T51-R10W5:21 b.b. Mann. To b. Rock Cr. 16%
0510080170 T51-R10W5:21 b.b. Rock Cr. 8%
0511030342 T51-R10W5:24 b.b. Mann. To b. Rock Cr. 16%
0511030342 T51-R10W5:24 b.b. Rock Cr. 8%
0511040385 T51-R10W5:SW33 b.b. Mann. To b. Rock Cr. 16%
0511040385 T51-R10W5:SW33 b.b. Rock Cr. 8%
0511030343 T51-R11W5:24 b.b. Mann. to b. Rock Cr. excl. NG
in L. Mann-Rock Cr.
16%
0511030343 T51-R11W5:24 b.b. Rock Cr. 8%
0511080079 T51-R14W5:35 b.b. Bluesky-Bullhead to b. Rock Cr. 16%
0511080079 T51-R14W5:35 b.b. Rock Cr. 8%
0511030346 T52-R10W5:S7 b.b. Mann. To b. Rock Cr. 16%
0511030346 T52-R10W5:S7 b.b. Rock Cr. 8%
0510120389 T53-R12W5:24 Surf. to b. Rock Cr. 16%
0510120389 T53-R12W5:24 b.b. Rock Cr. 8%
0510120390 T53-R12W5:35 b.b. Edmt. to b. Rock Cr. 16%
0510120390 T53-R12W5:35 b.b. Rock Cr. 8%
0510120393 T54-R11W5:N6 b.b. Edmt. to b. Rock Cr. 16%
0510120393 T54-R11W5:N6 b.b. Rock Cr. 8%
0511080092 T54-R11W5:7 b.b. Mann. To b. Rock Cr. 16%
0511080092 T54-R11W5:7 b.b. Rock Cr. 8%
0511080093 T54-R12W5:12 b.b. Mann. To b. Rock Cr. 16%
0511080093 T54-R12W5:12 b.b. Rock Cr. 8%