Corridor Resources YE 2013 Reserves

Page: 59 of 102

Petroleum ConsultantsGLJ

SECURITIES REPORTING

TABLE OF CONTENTS

Page

SECURITIES OUTLINE 60

SECURITIES DISCUSSION 61

AFTER TAX FORECAST PRICING RESERVES DATATable FP-1 Reserves And NPV Summary 66Table FP-2 Total Future Net Revenue (Undiscounted) 67Table FP-3 Future Net Revenue by Production Group 68Table FP-4 Forecast Prices Used 69Table FP-5A Reserves Reconciliation (Current) 72Table FP-5B Reserve Reconciliation (Prior) 73Table FP-6 Undeveloped Reserves Attributed In Current Year 74Table FP-7 Company Annual Capital Expenditures 75Table FP-8 Company Annual Abandonment Costs 76Table FP-9 Summary of First Year Production and Oil and Gas Reserves 77

March 03, 2014 11:06:18

SECURITIES REPORTING OUTLINE PART 1 DATE OF STATEMENT 1.1 Relevant Dates 1. Effective Date 2. Data Date 3. Preparation Date PART 2 DISCLOSURE OF RESERVES DATA 2.1 Reserves Data (Forecast Prices and Costs) 1. Breakdown of Proved Reserves 2. Net Present Value of Future Net Revenue 3. Additional Information Concerning Future Net Revenue PART 3 PRICING ASSUMPTIONS 3.2 Forecast Prices Used in Estimates PART 4 RECONCILIATION OF CHANGES IN RESERVES 4.1 Reserves Reconciliation PART 5 ADDITIONAL INFORMATION RELATING TO RESERVES DATA 5.1 Undeveloped Reserves 5.2 Significant Factors or Uncertainties 5.3 Future Development Costs PART 6 OTHER OIL AND GAS INFORMATION 6.3 Forward Contracts 6.4 Additional Information Concerning Abandonment and Reclamation Costs 6.5 Tax Horizon 6.8 Production Estimates

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SECURITIES REPORTING DISCUSSION The Canadian Securities Administrators (CSA) have set out disclosure standards for Canadian

publicly traded oil and gas companies in National Instrument 51-101 (NI 51-101).

This section presents reserves data following the item numbering and formatting in CSA Form

51-101F1 and the sample tables contained in Appendix 1 to the NI 51-101 Companion Policy

(51-101CP).

The Report on Reserves Data, Form 51-101F2, is provided separately.

Note Regarding Nomenclature: Throughout this report, “Company Interest” reserves refers to the sum of royalty interest* and working interest reserves before deduction of royalty burdens payable. “Working Interest” reserves equate to those reserves that are referred to as “Company Gross” reserves by the Canadian Securities Administrators (CSA) in NI 51-101.

In this Securities Reporting section, Company Gross (or working interest) volumes are presented in tables to correspond to NI 51-101 disclosure requirements. *Royalty interest reserves include royalty volumes derived only from other working interest owners.

PART 1 DATE OF STATEMENT Item 1.1 Relevant Dates

1. Effective Date:

The effective date of the reserves estimates and revenue projections in this report

is December 31, 2013.

2. Data Date:

Estimates of reserves and projections of production were generally prepared using

general well information and production data available in the public domain to

approximately December 31, 2013. In certain instances, the Company provided

production and well information up to December 31, 2013. The Company has

provided GLJ with a representation letter confirming that complete and correct

information has been provided to GLJ.

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3. Preparation Date:

The preparation date (the latest date of receipt of information relevant to this

evaluation) of this report is February 12, 2014.

PART 2 DISCLOSURE OF RESERVES DATA

Item 2.1 Reserves Data (Forecast Prices and Costs) 1. Breakdown of Reserves (Forecast Case)

Refer to Table FP-1 2. Net Present Value of Future Net Revenue (Forecast Case)

Refer to Table FP-1 3. Additional Information Concerning Future Net Revenue (Forecast Case)

(a) and (b) Undiscounted Revenue and Costs Refer to Table FP-2

(c) Discounted Future Net Revenue by Production Group Refer to Table FP-3

PART 3 PRICING ASSUMPTIONS

Item 3.2 Forecast Prices Used in Estimates 1. (a) The forecast reference prices used in preparing the Company’s reserves

data are provided in Table FP-4.

This price forecast is GLJ’s standard price forecast effective January 1, 2014. PART 4 RECONCILIATION OF CHANGES IN RESERVES Item 4.1 Reserves Reconciliation Tables FP-5A and FP-5B provide reconciliations of Company Gross reserves

based on forecast prices and costs for the current and prior year-end evaluations,

respectively.

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PART 5 ADDITIONAL INFORMATION RELATING TO RESERVES DATA Item 5.1 Undeveloped Reserves 1.(a) and 2.(a) Year First Attributed Table FP-6 provides a summary of the undeveloped reserves first attributed

during the current fiscal year and the Company total at the current year-end

effective date.

GLJ notes that Canadian Securities Administrators have indicated a preference

that undeveloped reserves be broken out as shown in the table below. Figures for

the current year are provided in Table FP-6; values for prior years may be

extracted from previous annual disclosure.

The following table sets out total Company undeveloped reserves evaluated by

GLJ utilizing the format preferred by the CSA.

Proved Undeveloped Reserves

* First Total at First Total at First Total at First Total at First Total at

Attributed Year-end Attributed Year-end Attributed Year-end Attributed Year-end Attributed Year-end

Prior - 87 - - 1,513 35,772 2 46 254 6,094

2011 - 87 - - - 36,739 - 47 - 6,257

2012 - 87 - - 995 36,297 1 46 167 6,183

2013 - 87 - - 2,985 39,373 4 50 501 6,699

Probable Undeveloped Reserves

* First Total at First Total at First Total at First Total at First Total at

Attributed Year-end Attributed Year-end Attributed Year-end Attributed Year-end Attributed Year-end

Prior - 434 - - 1,233 51,517 2 66 207 9,086

2011 - 434 - - 3,489 38,016 4 49 586 6,819

2012 - 174 - - 199 31,738 - 41 33 5,504

2013 - 174 - - 1,493 32,934 2 42 251 5,505

* "First Attributed" refers to reserves first attributed at year-end of the corresponding fiscal yr

Light & Medium Oil (Mbbl)

Heavy Oil (Mbbl) Natural Gas (MMcf) Natural Gas Liquids (Mbbl)

Light & Medium Oil (Mbbl)

Heavy Oil (Mbbl)

Company Gross Reserves First Attributed by Year

Natural Gas (MMcf)

Oil Equivalent (Mbbl)

Natural Gas Liquids (Mbbl)

Oil Equivalent (Mbbl)

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1.(b) and 2.(b) General Basis for Reserves and Timing of Development Proved and probable undeveloped reserves have been estimated in accordance

with procedures and standards contained in the COGE Handbook. The significant

majority of the undeveloped reserves are scheduled to be developed within the

next two years.

Item 5.2 Significant Factors or Uncertainties The evaluated oil and gas properties of the Company have no material

extraordinary risks or uncertainties beyond those which are inherent of an oil and

gas producing company.

Item 5.3 Future Development Costs

1. Table FP-7 summarizes capital development costs related to the recovery

of the Company’s reserves.

PART 6 OTHER OIL AND GAS INFORMATION Item 6.3 Forward Contracts In accordance with the provisions in NI 51-101, the impact of the Company’s

financial hedges has not been included in this report. Item 6.4 Additional Information Concerning Abandonment and Reclamation Costs The following aspects of the Company’s future abandonment and reclamation

costs have been included/excluded in the economic forecasts.

Included: • Well Abandonment Costs:

o existing and future reserves wells Excluded:

• Well Abandonment Costs: o non-reserves wells

• Pipelines • Production Facilities • Site Reclamation

Total abandonment costs are included in the reserves data summarized in Table

FP-8.

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Item 6.5 Tax Horizon Based on after tax economic forecasts prepared by GLJ, income taxes are payable

by the Company beginning in 2022 in the total proved plus probable scenario.

After tax revenue projections are provided in the After Tax Analysis section of

this report.

Item 6.8 Production Estimates Table FP-9 presents a forecast of the Company’s production by product type in

the first year of forecast.

Production for properties which individually account for 20 percent or more of the

Company’s forecast production (total proved plus probable reserves, boe basis) in

the first year of forecast has been identified separately in this table.

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Table FP-1Company: Corridor Resources Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: After Tax Analysis Pricing: GLJ (2014-01)

Effective Date: December 31, 2013

Summary Of Oil And Gas Reserves And Net Present Values of Future Net Revenue

RESERVES SUMMARY

Light And Medium Oil Heavy Oil Natural Gas Natural Gas Liquids Total Oil Equivalent

Company Company Company Company Company Company Company Company Company CompanyGross Net Gross Net Gross Net Gross Net Gross Net

Reserves Category Mbbl Mbbl Mbbl Mbbl MMcf MMcf Mbbl Mbbl Mboe Mboe

PROVEDProducing 0 0 0 0 21,119 20,637 27 26 3,547 3,466Developed Nonproducing 0 0 0 0 0 0 0 0 0 0Undeveloped 87 84 0 0 39,373 38,010 50 49 6,699 6,467

TOTAL PROVED 87 84 0 0 60,492 58,647 77 75 10,246 9,933

TOTAL PROBABLE 174 166 0 0 37,829 34,406 48 44 6,527 5,944

TOTAL PROVED PLUS PROBABLE 260 250 0 0 98,321 93,053 126 119 16,773 15,877

TOTAL PPP 521 470 0 0 204,642 176,782 261 226 34,889 30,160

NET PRESENT VALUE SUMMARY

Net Present Values of Future Net RevenueBefore Income Taxes Discounted At (%/year) Unit Value Before Income Tax

Discounted at 10%/year0% 5% 10% 15% 20%

Reserves Category M$ M$ M$ M$ M$ $/boe $/Mcfe

PROVEDProducing 83,604 66,590 55,156 47,146 41,301 15.91 2.65Developed Nonproducing 0 0 0 0 0 0.00 0.00Undeveloped 121,047 66,655 37,507 20,847 10,787 5.80 0.97

TOTAL PROVED 204,651 133,245 92,663 67,993 52,088 9.33 1.55

TOTAL PROBABLE 169,468 87,541 50,814 32,330 22,133 8.55 1.42

TOTAL PROVED PLUS PROBABLE 374,118 220,786 143,477 100,322 74,221 9.04 1.51

TOTAL PPP 913,321 453,312 269,918 179,089 127,666 8.95 1.49

Net Present Values of Future Net RevenueAfter Income Taxes Discounted At (%/year)

0% 5% 10% 15% 20%Reserves Category M$ M$ M$ M$ M$

PROVEDProducing 83,604 66,590 55,156 47,146 41,301Developed Nonproducing 0 0 0 0 0Undeveloped 113,357 63,730 36,322 20,339 10,559

TOTAL PROVED 196,960 130,320 91,477 67,485 51,859

TOTAL PROBABLE 122,595 64,972 38,843 25,541 18,092

TOTAL PROVED PLUS PROBABLE 319,555 195,292 130,320 93,026 69,951

TOTAL PPP 707,809 363,544 222,335 150,944 109,837

Note: Unit values are based on Company Net Reserves.

1142674 Class (A,B1,B2,C,F,I,R), GLJ (2014-01), cs1a February 20, 2014 11:28:58

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Total Future Net Revenue (Undiscounted)

Future FutureCapital Net Revenue Net Revenue

Operating Development Abandonment Before Income AfterRevenue Royalties Costs Costs Costs Income Taxes Tax Income Taxes

Reserves Category M$ M$ M$ M$ M$ M$ M$ M$

Proved Producing 150,031 3,244 52,064 4,329 6,791 83,604 0 83,604

Proved Developed Nonproducing 0 0 0 0 0 0 0 0

Proved Undeveloped 294,123 9,543 52,481 103,797 7,256 121,047 7,690 113,357

Total Proved 444,154 12,786 104,545 108,126 14,047 204,651 7,690 196,960

Total Probable 317,008 28,648 58,191 55,996 4,705 169,468 46,873 122,595

Total Proved Plus Probable 761,162 41,435 162,736 164,122 18,752 374,118 54,563 319,555

Total PPP 1,698,936 231,238 290,889 235,294 28,194 913,321 205,512 707,809

Notes1. Disclosure is required for Total Proved and Proved Plus Probable reserves

1142674 Class (A,B1,B2,C,F,I,R), GLJ (2014-01), cs2new February 20, 2014 11:28:59

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Effective Date: December 31, 2013Future Net Revenue by Production Group

Future Net Revenue Before Income Taxes [2](Discounted at 10% per year)

Present ValueDiscount

Entity Name M$$/boe $/Mcfe

Proved ProducingLight & Medium Oil [1] 0 0.00 0.00Gas 55,156 15.91 2.65

Total: Proved Producing 55,156 15.91 2.65

Total ProvedLight & Medium Oil [1] 5,010 55.55 9.26Gas 87,653 8.91 1.48

Total: Total Proved 92,663 9.33 1.55

Total Proved Plus ProbableLight & Medium Oil [1] 9,051 33.58 5.60Gas 134,426 8.61 1.44

Total: Total Proved Plus Probable 143,477 9.04 1.51

Total PPPLight & Medium Oil [1] 14,448 33.86 5.64Gas 255,470 8.59 1.43

Total: Total PPP 269,918 8.95 1.49

Notes1. Including solution gas and other by-products2.

Company Net Reserves.Other company revenue and costs not related to a specific production group have been allocated proportionately to production groups. Unit values are based on

Percentage of Future Net Revenue (10% DCF)

Light/Med Oil (5.4 %)

Gas (94.6 %)

Total Proved


Gas (93.7 %)

Total Proved Plus Probable


Gas (94.6 %)

Total PPP

1142674 Class (A,C,I,R), GLJ (2014-01), cs3new March 03, 2014 09:17:18

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Table FP-4 (1 of 3)GLJ Petroleum Consultants

Crude Oil and Natural Gas LiquidsGLJ (2014-01)

Effective January 01, 2014

Light, Sweet Bow River WCS Heavy Light Sour MediumNYMEX WTI Near Brent Blend Crude Oil Crude Oil Crude Oil Crude Oil Crude Oil Crude Oil

Bank of Month Futures Contract Crude Oil (40 API, Stream Stream Proxy (12 (35 API, (29 API, Alberta Natural Gas LiquidsCanada Crude Oil at FOB North 0.3%S) Quality Quality API) 1.2%S) 2.0%S) (Then Current Dollars)Average Cushing Oklahoma Sea at Edmonton at Hardisty at Hardisty at Hardisty at Cromer at Cromer

Noon EdmontonExchange Constant Then Then Then Then Then Then Then Then Spec Edmonton Edmonton Pentanes

Inflation Rate 2014 $ Current Current Current Current Current Current Current Current Ethane Propane Butane PlusYear % USD/CAD USD/bbl USD/bbl USD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl

2014 2.0 0.9500 97.50 97.50 107.50 92.76 77.46 75.60 65.72 90.91 86.27 13.26 57.83 73.22 105.20

2015 2.0 0.9500 95.59 97.50 107.50 97.37 81.30 79.36 70.03 95.42 90.55 14.08 58.42 75.95 107.11

2016 2.0 0.9500 93.71 97.50 105.00 100.00 83.50 81.50 72.85 98.00 93.00 14.89 60.00 78.00 107.00

2017 2.0 0.9500 91.88 97.50 102.50 100.00 83.50 81.50 72.85 98.00 93.00 15.71 60.00 78.00 107.00

2018 2.0 0.9500 90.07 97.50 102.50 100.00 83.50 81.50 72.85 98.00 93.00 16.53 60.00 78.00 107.00

2019 2.0 0.9500 88.31 97.50 102.50 100.00 83.50 81.50 72.85 98.00 93.00 17.34 60.00 78.00 107.00

2020 2.0 0.9500 87.50 98.54 102.50 100.77 84.14 82.13 73.42 98.75 93.71 17.77 60.46 78.60 107.82

2021 2.0 0.9500 87.50 100.51 103.38 102.78 85.82 83.76 74.90 100.72 95.58 18.13 61.67 80.17 109.97

2022 2.0 0.9500 87.50 102.52 105.45 104.83 87.53 85.44 76.42 102.73 97.49 18.52 62.90 81.77 112.17

2023 2.0 0.9500 87.50 104.57 107.56 106.93 89.28 87.14 77.97 104.79 99.44 18.88 64.16 83.40 114.41

2024+ 2.0 0.9500 87.50 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr

Historical futures contract price is an average of the daily settlement price of the near month contract over the calendar month.

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Table FP-4 (2 of 3)GLJ Petroleum Consultants

Natural Gas and SulphurGLJ (2014-01)

Effective January 01, 2014

Midwest Alberta Plant GateHenry Hub Nymex Price at AECO/NIT

Near Month Contract Chicago Spot Spot British Columbia AlbertaSaskatchewan Plant Gate Sulphur Sulphur

Constant Then Then Then Constant Then Westcoast Spot FOB at Plant2014 $ Current Current Current 2014 $ Current ARP Alliance SaskEnergy Spot Sumas Spot Station 2 Plant Gate Vancouver Gate

Year USD/MMBtu USD/MMBtu USD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu USD/MMBtu CAD/MMBtu CAD/MMBtu USD/lt CAD/lt

2014 4.25 4.25 4.35 4.03 3.81 3.81 3.81 3.18 3.91 3.95 4.20 3.88 3.68 75.00 28.95

2015 4.41 4.50 4.60 4.26 3.97 4.04 4.04 3.43 4.14 4.18 4.45 4.11 3.91 100.00 55.26

2016 4.57 4.75 4.85 4.50 4.11 4.28 4.28 3.68 4.38 4.42 4.70 4.35 4.15 125.00 81.58

2017 4.71 5.00 5.10 4.74 4.25 4.51 4.51 3.93 4.61 4.66 4.95 4.59 4.38 127.50 84.21

2018 4.85 5.25 5.35 4.97 4.39 4.75 4.75 4.19 4.85 4.89 5.20 4.82 4.62 130.05 86.89

2019 4.98 5.50 5.60 5.21 4.51 4.98 4.98 4.44 5.08 5.13 5.45 5.06 4.86 132.65 89.63

2020 5.00 5.63 5.73 5.33 4.53 5.11 5.11 4.57 5.21 5.25 5.58 5.18 4.98 135.30 92.42

2021 5.00 5.74 5.84 5.44 4.53 5.21 5.21 4.68 5.31 5.36 5.69 5.29 5.08 138.01 95.27

2022 5.00 5.86 5.96 5.55 4.54 5.32 5.32 4.80 5.42 5.47 5.81 5.40 5.19 140.77 98.18

2023 5.00 5.97 6.07 5.66 4.54 5.42 5.42 4.91 5.52 5.58 5.92 5.51 5.30 143.59 101.15

2024+ 5.00 +2.0%/yr +2.0%/yr +2.0%/yr 4.54 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr

Unless otherwise stated, the gas price reference point is the receipt point on the applicable provincial gas transmission system known as the plant gate.The plant gate price represents the price before raw gas gathering and processing charges are deducte

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Table FP-4 (3 of 3)GLJ Petroleum ConsultantsInternational and Frontier

GLJ (2014-01)Effective January 01, 2014

NYMEX WTI NearMonth Futures Light National

Bank of Contract Louisiana Brent Blend BalancingCanada Crude Oil at Sweet Maya Crude Oil Henry Hub Nova Scotia PointAverage CAD - Cushing Oklahoma Crude Oil Crude Oil FOB North Sea Spot Goldboro (UK)

Noon CAD - GBP EUROExchange Exchange Exchange Then Then Then Then Then Then Then Then Then Then Then Then Then Then

Inflation Rate Rate Rate Current Current Current Current Current Current Current Current Current Current Current Current Current CurrentYear % USD/CAD CAD/GBP CAD/EUR USD/bbl CAD/bbl USD/bbl CAD/bbl USD/bbl CAD/bbl USD/bbl CAD/bbl USD/MMBtu CAD/MMBtu USD/MMBtu CAD/MMBtu USD/MMBtu CAD/MMBtu

2014 2.0 0.950 1.6750 1.4250 97.50 102.63 102.13 107.50 91.38 96.18 107.50 113.16 4.25 4.47 4.92 5.17 10.75 11.32

2015 2.0 0.950 1.6500 1.4000 97.50 102.63 102.13 107.50 93.53 98.45 107.50 113.16 4.50 4.74 5.16 5.43 10.75 11.32

2016 2.0 0.950 1.6500 1.4000 97.50 102.63 101.85 107.21 91.35 96.16 105.00 110.53 4.75 5.00 5.41 5.69 10.50 11.05

2017 2.0 0.950 1.6500 1.4000 97.50 102.63 100.45 105.74 89.18 93.87 102.50 107.89 5.00 5.26 4.92 5.17 10.25 10.79

2018 2.0 0.950 1.6500 1.4000 97.50 102.63 100.45 105.74 89.18 93.87 102.50 107.89 5.25 5.53 5.16 5.43 10.25 10.79

2019 2.0 0.950 1.6500 1.4000 97.50 102.63 100.45 105.74 89.18 93.87 102.50 107.89 5.50 5.79 5.41 5.69 10.25 10.79

2020 2.0 0.950 1.6500 1.4000 98.54 103.73 100.45 105.74 89.18 93.87 102.50 107.89 5.63 5.93 5.53 5.83 10.25 10.79

2021 2.0 0.950 1.6500 1.4000 100.51 105.80 101.31 106.64 89.94 94.67 103.38 108.82 5.74 6.04 5.64 5.94 10.34 10.88

2022 2.0 0.950 1.6500 1.4000 102.52 107.92 103.34 108.78 91.74 96.57 105.45 111.00 5.86 6.17 5.76 6.06 10.55 11.10

2023 2.0 0.950 1.6500 1.4000 104.57 110.07 105.41 110.96 93.58 98.50 107.56 113.22 5.97 6.28 5.87 6.18 10.76 11.32

2024+ 2.0 0.950 1.6500 1.4000 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr

Historical futures contract price is an average of the daily settlement price of the near month contract over the calendar month.

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Total Oil Light and Medium Oil Heavy Oil Natural Gas Liquids Proved Proved Proved Proved

Proved Probable + Probable Proved Probable + Probable Proved Probable + Probable Proved Probable + ProbableFACTORS (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl)

December 31, 2012 87 174 260 87 174 260 0 0 0 74 56 121

Discoveries 0 0 0 0 0 0 0 0 0 0 0 0

Extensions* 0 0 0 0 0 0 0 0 0 4 2 6

Infill Drilling* 0 0 0 0 0 0 0 0 0 0 0 0

Improved Recovery* 0 0 0 0 0 0 0 0 0 0 0 0

Technical Revisions 0 0 0 0 0 0 0 0 0 4 (1) 3

Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0

Dispositions 0 0 0 0 0 0 0 0 0 0 0 0

Economic Factors 0 0 0 0 0 0 0 0 0 0 0 0

Production 0 0 0 0 0 0 0 0 0 (4) 0 (4)

December 31, 2013 87 174 260 87 174 260 0 0 0 77 48 125

Total Gas Conventional Natural Gas Coal Bed Methane BOE Proved Proved Proved Proved

Proved Probable + Probable Proved Probable + Probable Proved Probable + Probable Proved Probable + ProbableFACTORS (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (Mboe) (Mboe) (Mboe)

December 31, 2012 57,639 36,830 94,469 57,639 36,830 94,469 0 0 0 9,767 7,800 16,126

Discoveries 0 0 0 0 0 0 0 0 0 0 0 0

Extensions* 2,911 1,443 4,354 2,911 1,443 4,354 0 0 0 489 242 731

Infill Drilling* 0 0 0 0 0 0 0 0 0 0 0 0


Technical Revisions 2,868 (443) 2,425 2,868 (443) 2,425 0 0 0 482 (75) 407

Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0

Dispositions 0 0 0 0 0 0 0 0 0 0 0 0

Economic Factors 0 0 0 0 0 0 0 0 0 0 0 0

Production (2,927) 0 (2,927) (2,927) 0 (2,927) 0 0 0 (492) 0 (492)

December 31, 2013 60,492 37,829 98,321 60,492 37,829 98,321 0 0 0 10,246 6,526 16,772

* The above change categories correspond to standards set out in the Canadian Oil and Gas Evaluation Handbook. For reporting under NI 51-101, reserves additions under Infill Drilling, Improved Recovery and Extensions should be combined and reported as "Extensions and Improved Recovery".

TABLE FP-5ADECEMBER 31, 2013

RECONCILIATION OF COMPANY GROSS RESERVESBY PRINCIPAL PRODUCT TYPE

FORECAST PRICES AND COSTS

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Total Oil Light and Medium Oil Heavy Oil Natural Gas Liquids Proved Proved Proved Proved

Proved Probable + Probable Proved Probable + Probable Proved Probable + Probable Proved Probable + ProbableFACTORS (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl)

December 31, 2011 87 434 521 87 434 521 0 0 0 75 56 131

Discoveries 0 0 0 0 0 0 0 0 0 0 0 0

Extensions* 0 0 0 0 0 0 0 0 0 0 0 0

Infill Drilling* 0 0 0 0 0 0 0 0 0 0 0 0


Technical Revisions 0 (260) (260) 0 (260) (260) 0 0 0 6 3 9

Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0

Dispositions 0 0 0 0 0 0 0 0 0 0 0 0

Economic Factors 0 0 0 0 0 0 0 0 0 (2) (12) (14)

Production 0 0 0 0 0 0 0 0 0 (4) 0 (4)

December 31, 2012 87 174 260 87 174 260 0 0 0 74 47 122

Total Gas Conventional Natural Gas Coal Bed Methane BOE Proved Proved Proved Proved

Proved Probable + Probable Proved Probable + Probable Proved Probable + Probable Proved Probable + ProbableFACTORS (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (MMcf) (Mboe) (Mboe) (Mboe)

December 31, 2011 58,688 43,966 102,654 58,688 43,966 102,654 0 0 0 9,938 7,800 17,738

Discoveries 0 0 0 0 0 0 0 0 0 0 0 0

Extensions* 0 0 0 0 0 0 0 0 0 0 0 0

Infill Drilling* 0 0 0 0 0 0 0 0 0 0 0 0


Technical Revisions 3,479 977 4,456 3,479 977 4,456 0 0 0 591 (77) 514

Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0

Dispositions 0 0 0 0 0 0 0 0 0 0 0 0

Economic Factors (1,234) (8,114) (9,348) (1,234) (8,114) (9,348) 0 0 0 (208) (1,364) (1,572)

Production (3,293) 0 (3,293) (3,293) 0 (3,293) 0 0 0 (553) 0 (553)

December 31, 2012 57,639 36,830 94,469 57,639 36,830 94,469 0 0 0 9,768 6,359 16,127

* The above change categories correspond to standards set out in the Canadian Oil and Gas Evaluation Handbook. For reporting under NI 51-101, reserves additions under Infill Drilling, Improved Recovery and Extensions should be combined and reported as "Extensions and Improved Recovery".

FORECAST PRICES AND COSTS

TABLE FP-5BDECEMBER 31, 2012

RECONCILIATION OF COMPANY GROSS RESERVESBY PRINCIPAL PRODUCT TYPE

Page: 73 of 102




Undeveloped Reserves Attributed in Current Year

Proved Undeveloped ReservesConventional Natural Gas

L&M Oil (Mbbl) Heavy Oil (Mbbl) Natural Gas (MMcf) Liquids (Mbbl) BOE (Mbbl)

Attributed Current Attributed Current Attributed Current Attributed Current Attributed CurrentThis Year* Total This Year Total This Year Total This Year Total This Year Total

0 87 0 0 2,985 39,373 4 50 501 6,699

Probable Undeveloped ReservesConventional Natural Gas

L&M Oil (Mbbl) Heavy Oil (Mbbl) Natural Gas (MMcf) Liquids (Mbbl) BOE (Mbbl)

Attributed Current Attributed Current Attributed Current Attributed Current Attributed CurrentThis Year Total This Year Total This Year Total This Year Total This Year Total

0 174 0 0 1,493 32,934 2 42 251 5,705

* Refers to reserves first attributed in this fiscal year ending on the effective date.

BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0

1142674 Class (A,C,I,R), GLJ (2014-01), cs7a February 24, 2014 15:39:56

Page: 74 of 102




Company Annual Capital Expenditures (M$)

Year Totals10%

Entity Description 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Subtotal Remainder Total Discounted

Proved Producing 2,300 0 0 0 0 2,029 0 0 0 0 0 0 4,329 0 4,329 3,394

Total Proved 17,550 11,781 13,460 19,287 40,510 3,064 0 0 0 0 0 0 105,652 2,473 108,126 80,127

Total Proved Plus Probable 17,550 11,781 13,460 19,287 40,510 37,070 21,679 0 0 0 0 0 161,337 2,785 164,122 111,722

Total PPP 17,550 11,781 13,460 19,606 48,845 37,070 43,357 39,802 0 0 0 0 231,470 3,823 235,294 148,268

1142674 Class (A,C,I,R), GLJ (2014-01), cs4 February 20, 2014 11:29:17

Page: 75 of 102




Company Annual Abandonment Costs (M$)

Year Totals10%

Entity Description 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Subtotal Remainder Total Discounted

Proved Producing 125 383 0 0 541 414 141 0 0 299 0 0 1,902 4,889 6,791 2,065

Total Proved 125 383 0 0 541 414 141 0 0 299 0 311 2,213 11,834 14,047 2,578

Total Proved Plus Probable 0 128 390 0 0 552 422 0 146 0 0 311 1,949 16,802 18,752 2,084

Total PPP 0 128 0 398 0 0 563 0 439 0 152 0 1,680 26,514 28,194 1,734

1142674 Class (A,C,I,R), GLJ (2014-01), cs5 February 20, 2014 11:29:17

Page: 76 of 102



Effective Date: December 31, 2013Summary of First Year Production and Oil and Gas Reserves

2014 Average Daily Production Reserves

Light and Heavy Natural Natural Gas Oil Light and Heavy Natural Natural Gas OilMedium Oil Oil Gas Liquids Equivalent Medium Oil Oil Gas Liquids Equivalent

Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny Compny CompnyGross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net Gross Net

Entity Description bbl/d bbl/d bbl/d bbl/d Mcf/d Mcf/d bbl/d bbl/d bbl/d bbl/d Mbbl Mbbl Mbbl Mbbl MMcf MMcf Mbbl Mbbl Mboe Mboe

Proved ProducingMcCully 0 0 0 0 7,243 7,049 9 9 1,216 1,184 0 0 0 0 21,119 20,637 27 26 3,547 3,466

Total: Proved Producing 0 0 0 0 7,243 7,049 9 9 1,216 1,184 0 0 0 0 21,119 20,637 27 26 3,547 3,466

Proved Developed NonproducingMcCully 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total: Proved Developed Nonproducing 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Proved UndevelopedMcCully 33 32 0 0 1,112 1,015 1 1 220 203 87 84 0 0 39,373 38,010 50 49 6,699 6,467

Total: Proved Undeveloped 33 32 0 0 1,112 1,015 1 1 220 203 87 84 0 0 39,373 38,010 50 49 6,699 6,467

Total ProvedMcCully 33 32 0 0 8,355 8,063 11 10 1,436 1,386 87 84 0 0 60,492 58,647 77 75 10,246 9,933

Total: Total Proved 33 32 0 0 8,355 8,063 11 10 1,436 1,386 87 84 0 0 60,492 58,647 77 75 10,246 9,933

Total ProbableMcCully 16 16 0 0 320 279 0 0 70 63 174 166 0 0 37,829 34,406 48 44 6,527 5,944

Total: Total Probable 16 16 0 0 320 279 0 0 70 63 174 166 0 0 37,829 34,406 48 44 6,527 5,944

Total Proved Plus ProbableMcCully 50 48 0 0 8,675 8,342 11 11 1,507 1,449 260 250 0 0 98,321 93,053 126 119 16,773 15,877

Total: Total Proved Plus Probable 50 48 0 0 8,675 8,342 11 11 1,507 1,449 260 250 0 0 98,321 93,053 126 119 16,773 15,877

Total PPPMcCully 51 49 0 0 9,104 8,752 12 11 1,580 1,519 521 470 0 0 204,642 176,782 261 226 34,889 30,160

Total: Total PPP 51 49 0 0 9,104 8,752 12 11 1,580 1,519 521 470 0 0 204,642 176,782 261 226 34,889 30,160


1142674 Class (A,B1,B2,C,F,I,R), GLJ (2014-01), cs6 February 20, 2014 11:29:18

Page: 77 of 102


Page: 78 of 102


AFTER TAX ANALYSIS

TABLE OF CONTENTS

Page

AFTER TAX DISCUSSION 79

SUMMARY OF RESERVES AND VALUES 80

ECONOMIC FORECASTSProved Producing 81Proved Undeveloped 84Total Proved 87Total Probable 90Total Proved Plus Probable 93Total PPP 96

March 03, 2014 11:06:18

AFTER TAX ANALYSIS

Canadian income taxes were calculated based on currently legislated federal and provincial tax

rates, tax regulations and tax pool information provided by the Company. After tax values for

reserves development status or production status subcategories (i.e. developed, undeveloped,

producing, non-producing) are calculated by difference.

Tax Pools

The following tax pools as of the effective date were included in the income tax calculations:

Tax Pool Classification Write-Off Rate (%)_ Tax Pool (M$) Canadian Oil and Gas Property Expense (COGPE) 10 3,783

Canadian Exploration Expense (CEE) 100 76,950

Canadian Development Expense (CDE) 30 75,320

Capital Cost Allowance: (CCA)

Class 41 25 13,360

Class 10 30 17,250

Tax Rates Federal income tax calculations incorporate recently enacted reductions in general corporate

income tax rates as follows:

Year Federal Income

Tax Rate 2014+ 15.0%

Allocation of revenues to Canadian provinces for income tax purposes depends on several

factors in addition to the provincial origin of the resource revenues. The average future annual

provincial tax rate has been calculated based on an allocation of provincial resource revenues and

their respective tax rate as follows:

Year Alberta

Tax Rate Alberta

Allocation N.S.

Tax Rate N.S.

Allocation NB

Tax Rate NB

Allocation Man.

Tax Rate Man.

Allocation Avg. Ann. Tax Rate

2014+ 10.00% 0.00% 16.00% 45.00% 10.00% 55.0% 12.00% 0.00% 12.75%

Company total after tax economic forecasts for all reserves categories are attached.

Page: 79 of 102


Company: Corridor Resources Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: After Tax Analysis Pricing: GLJ (2014-01)


Summary of Reserves and Values

Proved TotalDeveloped Proved

Proved Non- Proved Total Total Plus TotalProducing producing Undeveloped Proved Probable Probable PPP

MARKETABLE RESERVESLight & Medium Oil (Mbbl)Total Company Interest 0 0 87 87 174 260 521Working Interest 0 0 87 87 174 260 521Net After Royalty 0 0 84 84 166 250 470

Gas (MMcf)Total Company Interest 21,119 0 39,373 60,492 37,829 98,321 204,642Working Interest 21,119 0 39,373 60,492 37,829 98,321 204,642Net After Royalty 20,637 0 38,010 58,647 34,406 93,053 176,782

Natural Gas Liquids (Mbbl)Total Company Interest 27 0 50 77 48 126 261Working Interest 27 0 50 77 48 126 261Net After Royalty 26 0 49 75 44 119 226

Oil Equivalent (Mboe)Total Company Interest 3,547 0 6,699 10,246 6,527 16,773 34,889Working Interest 3,547 0 6,699 10,246 6,527 16,773 34,889Net After Royalty 3,466 0 6,467 9,933 5,944 15,877 30,160

BEFORE TAX PRESENT VALUE (M$)0% 83,604 0 121,047 204,651 169,468 374,118 913,3215% 66,590 0 66,655 133,245 87,541 220,786 453,3128% 59,223 0 47,171 106,394 62,393 168,787 326,85410% 55,156 0 37,507 92,663 50,814 143,477 269,91812% 51,626 0 29,771 81,397 41,992 123,390 226,70215% 47,146 0 20,847 67,993 32,330 100,322 179,08920% 41,301 0 10,787 52,088 22,133 74,221 127,666

AFTER TAX PRESENT VALUE (M$)0% 83,604 0 113,357 196,960 122,595 319,555 707,8095% 66,590 0 63,730 130,320 64,972 195,292 363,5448% 59,223 0 45,481 104,704 47,109 151,814 266,52510% 55,156 0 36,322 91,477 38,843 130,320 222,33512% 51,626 0 28,932 80,558 32,516 113,074 188,52515% 47,146 0 20,339 67,485 25,541 93,026 150,94420% 41,301 0 10,559 51,859 18,092 69,951 109,837


Run Date: February 20, 2014 11:28:56

1142674 Class (A,B1,B2,C,F,I,R), GLJ (2014-01), psum February 24, 2014 15:37:04

Page: 80 of 102


Company: Corridor Resources Inc. Reserve Class: ProvedProperty: Corporate Development Class: ProducingDescription: After Tax Analysis Pricing: GLJ (2014-01)

Effective Date: December 31, 2013Economic Forecast

PRODUCTION FORECASTResidue Gas Production Condensate Production Total Oil Equiv. Production

Company Company Company Company Company CompanyCompany Daily Yearly Net Yearly Price Daily Yearly Net Yearly Price Daily Yearly Net Yearly Price

Year Gas Wells Mcf/d MMcf MMcf $/Mcf bbl/d Mbbl Mbbl $/bbl boe/d Mboe Mboe $/boe

2014 22 7,243 2,644 2,573 6.40 9 3 3 90.41 1,216 444 432 38.782015 21 6,398 2,335 2,276 6.69 8 3 3 89.95 1,075 392 382 40.522016 19 5,287 1,930 1,887 6.57 7 2 2 86.86 888 324 317 39.762017 19 4,522 1,651 1,614 5.76 6 2 2 83.75 759 277 271 34.952018 19 3,944 1,440 1,408 6.04 5 2 2 83.27 662 242 236 36.612019 17 3,470 1,267 1,239 6.32 4 2 2 82.78 583 213 208 38.282020 15 3,124 1,140 1,116 6.19 4 1 1 82.27 525 192 187 37.482021 15 2,808 1,025 1,003 6.31 4 1 1 82.69 472 172 168 38.202022 15 2,562 935 915 6.44 3 1 1 84.34 430 157 154 39.002023 15 2,313 844 826 6.56 3 1 1 86.04 388 142 139 39.742024 14 2,117 773 756 6.69 3 1 1 87.75 356 130 127 40.532025 14 1,947 711 695 6.83 2 1 1 89.51 327 119 117 41.34Sub. 16,694 16,308 6.38 21 21 86.33 2,804 2,739 38.66Rem. 4,426 4,329 7.52 6 6 98.60 743 727 45.54Tot. 21,119 20,637 6.62 27 26 88.90 3,547 3,466 40.10

REVENUE AND EXPENSE FORECAST

Revenue Before BurdensRoyalty Burdens Gas Processing Total Net

Working Interest Royalty Company Pre-Processing Allowance Royalty Revenue Operating ExpensesInterest Interest After After

Oil Gas NGL+Sul Total Total Total Crown Other Crown Other Process. Royalty Fixed Variable TotalYear M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$

2014 0 16,911 305 17,216 0 17,216 461 0 0 0 461 16,755 2,480 582 3,0622015 0 15,623 268 15,891 0 15,891 404 0 0 0 404 15,487 2,508 524 3,0322016 0 12,674 214 12,888 0 12,888 287 0 0 0 287 12,600 2,505 442 2,9462017 0 9,511 176 9,688 0 9,688 212 0 0 0 212 9,475 2,543 385 2,9282018 0 8,699 153 8,852 0 8,852 193 0 0 0 193 8,659 2,545 343 2,8872019 0 8,009 134 8,143 0 8,143 177 0 0 0 177 7,966 1,836 308 2,1442020 0 7,058 120 7,178 0 7,178 156 0 0 0 156 7,022 1,857 283 2,1402021 0 6,469 108 6,577 0 6,577 143 0 0 0 143 6,434 1,878 259 2,1372022 0 6,025 101 6,126 0 6,126 133 0 0 0 133 5,993 1,916 241 2,1572023 0 5,541 93 5,634 0 5,634 122 0 0 0 122 5,512 1,929 222 2,1512024 0 5,174 87 5,261 0 5,261 114 0 0 0 114 5,147 1,956 207 2,1642025 0 4,852 81 4,933 0 4,933 107 0 0 0 107 4,826 1,996 194 2,190Sub. 0 106,546 1,840 108,385 0 108,385 2,509 0 0 0 2,509 105,876 25,949 3,989 29,938Rem. 0 33,288 557 33,845 0 33,845 734 0 0 0 734 33,111 20,793 1,333 22,126Tot. 0 139,834 2,396 142,230 0 142,230 3,244 0 0 0 3,244 138,987 46,742 5,323 52,064Disc 0 79,468 1,376 80,844 0 80,844 1,897 0 0 0 1,897 78,947 20,250 2,943 23,194

Net Capital Investment Before Tax Cash FlowNet Prod'n Other Aband. Oper.

Mineral TaxCapital TaxNPI Burden Revenue Income Costs Income Dev. Plant Tang. Total Annual Cum. 10.0% DcfYear M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$

2014 0 0 0 13,693 910 125 14,478 2,300 0 0 2,300 12,178 12,178 11,6112015 0 0 0 12,455 822 383 12,894 0 0 0 0 12,894 25,072 22,7882016 0 0 0 9,654 807 0 10,461 0 0 0 0 10,461 35,533 31,0312017 0 0 0 6,547 764 0 7,310 0 0 0 0 7,310 42,843 36,2672018 0 0 0 5,771 683 541 5,913 0 0 0 0 5,913 48,756 40,1182019 0 0 0 5,822 596 414 6,004 0 0 2,029 2,029 3,975 52,731 42,4712020 0 0 0 4,883 532 141 5,274 0 0 0 0 5,274 58,006 45,3102021 0 0 0 4,297 468 0 4,764 0 0 0 0 4,764 62,770 47,6412022 0 0 0 3,836 421 0 4,258 0 0 0 0 4,258 67,028 49,5352023 0 0 0 3,361 382 299 3,444 0 0 0 0 3,444 70,471 50,9282024 0 0 0 2,983 348 0 3,331 0 0 0 0 3,331 73,802 52,1522025 0 0 0 2,636 317 0 2,953 0 0 0 0 2,953 76,755 53,139Sub. 0 0 0 75,938 7,048 1,902 81,084 2,300 0 2,029 4,329 76,755 76,755 53,139Rem. 0 0 0 10,984 753 4,889 6,848 0 0 0 0 6,848 83,604 55,156Tot. 0 0 0 86,923 7,801 6,791 87,932 2,300 0 2,029 4,329 83,604 83,604 55,156Disc 0 0 0 55,753 4,861 2,065 58,550 2,193 0 1,201 3,394 55,156 55,156 55,156

1142674 Proved Producing, GLJ (2014-01), pri February 24, 2014 15:37:05

Page: 81 of 102


AFTER TAX ANALYSIS

Tax Pool Balances Incl. Current Year Additions Depreciation & WriteoffsOper.

Income CCA COGPE CDE CEE Other CCA COGPE CDE CEE Other TotalYear M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$

2014 14,478 30,610 3,782 77,620 76,949 2,598 4,030 378 23,286 0 0 27,6942015 12,894 26,580 3,404 54,334 76,949 2,598 3,168 340 16,300 0 0 19,8082016 10,461 23,412 3,063 38,034 76,949 2,598 2,515 306 11,410 0 0 14,2312017 7,310 20,897 2,757 26,624 76,949 2,598 2,020 276 7,987 0 0 10,2822018 5,913 18,878 2,481 18,637 76,949 2,598 1,643 248 5,591 0 0 7,4822019 6,004 19,264 2,233 13,046 76,949 2,598 1,609 223 3,914 0 258 6,0042020 5,274 17,655 2,010 9,132 76,949 2,340 1,578 201 2,740 0 755 5,2742021 4,764 16,077 1,809 6,392 76,949 1,584 1,297 181 1,918 0 1,369 4,7642022 4,258 14,779 1,628 4,475 76,949 216 1,082 163 1,342 1,455 216 4,2582023 3,444 13,698 1,465 3,132 75,494 0 916 147 940 1,442 0 3,4442024 3,331 12,782 1,319 2,193 74,052 0 787 132 658 1,754 0 3,3312025 2,953 11,995 1,187 1,535 72,298 0 687 119 460 1,687 0 2,953Sub. 81,084 11,995 1,187 1,535 72,298 0 21,331 2,714 76,546 6,338 2,598 109,526Rem. 6,848 11,995 1,187 1,535 72,298 0 4,240 696 1,044 4,461 0 10,440Tot. 87,932 11,995 1,187 1,535 72,298 0 25,571 3,410 77,590 10,799 2,598 119,967Disc 58,550 15,817 1,959 61,053 3,575 1,325 83,729

Federal Provincial Net Cash Flow Net Cash FlowIncome Before Income Tax After Income Tax

Taxable Tax Income Tax Income ARTD & TaxIncome Rate Tax Rate Tax Investment Payable Annual Cum. 10.0% Dcf Annual Cum. 10.0% Dcf

Year M$ % M$ % M$ Credits M$ M$ M$ M$ M$ M$ M$

2014 -13,216 15.0 0 12.8 0 0 0 12,178 12,178 11,611 12,178 12,178 11,6112015 -6,914 15.0 0 12.8 0 0 0 12,894 25,072 22,788 12,894 25,072 22,7882016 -3,771 15.0 0 12.8 0 0 0 10,461 35,533 31,031 10,461 35,533 31,0312017 -2,972 15.0 0 12.8 0 0 0 7,310 42,843 36,267 7,310 42,843 36,2672018 -1,569 15.0 0 12.8 0 0 0 5,913 48,756 40,118 5,913 48,756 40,1182019 0 15.0 0 12.8 0 0 0 3,975 52,731 42,471 3,975 52,731 42,4712020 0 15.0 0 12.8 0 0 0 5,274 58,006 45,310 5,274 58,006 45,3102021 0 15.0 0 12.8 0 0 0 4,764 62,770 47,641 4,764 62,770 47,6412022 0 15.0 0 12.8 0 0 0 4,258 67,028 49,535 4,258 67,028 49,5352023 0 15.0 0 12.8 0 0 0 3,444 70,471 50,928 3,444 70,471 50,9282024 0 15.0 0 12.8 0 0 0 3,331 73,802 52,152 3,331 73,802 52,1522025 0 15.0 0 12.8 0 0 0 2,953 76,755 53,139 2,953 76,755 53,139Sub. -28,442 0 0 0 0 76,755 76,755 53,139 76,755 76,755 53,139Rem. -3,592 0 0 0 0 6,848 83,604 55,156 6,848 83,604 55,156Tot. -32,034 0 0 0 0 83,604 83,604 55,156 83,604 83,604 55,156Disc -25,179 0 0 0 0 55,156 55,156 55,156 55,156 55,156 55,156

SUMMARY OF RESERVES

Remaining Reserves at Jan 01, 2014 Oil Equivalents Reserve Life Indic. (yr)

Working Roy/NPI Total Oil Eq. Company % of Reserve Life HalfProduct Units Interest Interest Company Net Factor Mboe Total Life Index Life

Residue Gas MMcf 21,119 0 21,119 20,637 6.000 3,520 99 22.0 8.0 5.4Gas Heat Content BBtu 22,439 0 22,439 21,927 0.000 0 0 22.0 8.0 5.4Condensate Mbbl 27 0 27 26 1.000 27 1 22.0 8.0 5.4Total: Oil Eq. Mboe 3,547 0 3,547 3,466 1.000 3,547 100 22.0 8.0 5.4

PRODUCT REVENUE AND EXPENSES

Average First Year Unit Values Net Revenue After Royalties

Wellhead Operating Other Prod'n Undisc % of 10% Disc % ofProduct Units Base Price Price Adjust. Price Net Burdens Expenses Expenses Revenue M$ Total M$ Total

Residue Gas $/Mcf 3.81 2.59 6.40 0.17 1.16 0.00 5.07 136,645 98 77,603 98Condensate $/bbl 113.16 -22.75 90.41 2.42 0.00 0.00 87.98 2,342 2 1,344 2Total: Oil Eq. $/boe 23.55 15.23 38.78 1.04 6.90 0.00 30.84 138,987 100 78,947 100


Page: 82 of 102


REVENUE BURDENS AND NET PRESENT VALUE SUMMARY

Net Present Value Before Income Tax Net Present Value After Income Tax

Revenue Burdens (%) Prod'n Operating Capital Cash Flow Operating Capital Cash FlowDisc. Rate Revenue Income Invest. Income Invest.

Entity Name Initial Average % M$ M$ M$ M$ $/boe M$ M$ M$ $/boe

Crown Royalty 2.6800 2.2805 0.0 86,923 87,932 4,329 83,604 23.57 87,932 4,329 83,604 23.57Non-crown Royalty 0.0000 0.0000 5.0 67,812 70,386 3,796 66,590 18.77 70,386 3,796 66,590 18.77Mineral Tax 0.0000 0.0000 8.0 59,983 62,765 3,542 59,223 16.70 62,765 3,542 59,223 16.70

10.0 55,753 58,550 3,394 55,156 15.55 58,550 3,394 55,156 15.5512.0 52,131 54,887 3,261 51,626 14.56 54,887 3,261 51,626 14.5615.0 47,586 50,231 3,085 47,146 13.29 50,231 3,085 47,146 13.2920.0 41,730 44,145 2,844 41,301 11.64 44,145 2,844 41,301 11.64

Evaluator: Werth, James P.Run Date: February 20, 2014 11:28:56


Page: 83 of 102


Company: Corridor Resources Inc. Reserve Class: ProvedProperty: Corporate Development Class: UndevelopedDescription: After Tax Analysis Pricing: GLJ (2014-01)


PRODUCTION FORECASTLight & Medium Oil Production Solution Gas Production Residue Gas Production

Company Wells Company Company Company Company Company CompanyDaily Yearly Net Yearly Price Daily Yearly Net Yearly Price Daily Yearly Net Yearly Price

Year Oil Gas bbl/d Mbbl Mbbl $/bbl Mcf/d MMcf MMcf $/Mcf Mcf/d MMcf MMcf $/Mcf

2014 1 3 33 12 12 107.36 16 6 6 6.40 1,097 400 365 6.402015 1 4 79 29 27 107.24 37 14 13 6.69 4,112 1,501 1,394 6.692016 1 6 40 15 14 104.49 19 7 7 6.57 5,108 1,864 1,768 6.572017 1 9 24 9 9 101.74 12 4 4 5.76 7,617 2,780 2,665 5.762018 1 15 16 6 6 101.62 8 3 3 6.04 11,182 4,081 3,922 6.042019 1 16 12 4 4 101.49 6 2 2 6.32 12,625 4,608 4,432 6.322020 1 16 9 3 3 101.36 4 2 1 6.19 9,444 3,447 3,323 6.192021 1 16 7 3 2 102.16 3 1 1 6.31 7,395 2,699 2,607 6.312022 1 16 6 2 2 104.20 3 1 1 6.44 6,008 2,193 2,123 6.442023 1 16 5 2 2 106.29 2 1 1 6.56 5,000 1,825 1,771 6.562024 1 16 4 1 1 108.42 2 1 1 6.69 4,250 1,551 1,509 6.692025 1 16 3 1 1 110.59 1 1 1 6.83 3,646 1,331 1,298 6.83Sub. 87 84 105.16 41 39 6.43 28,281 27,177 6.32Rem. 0 0 0.00 0 0 0.00 11,050 10,794 8.02Tot. 87 84 105.16 41 39 6.43 39,332 37,970 6.80

Total Gas Production Condensate Production Total Oil + NGL Production

Company Company Company Company Company CompanyDaily Yearly Net Yearly Price Daily Yearly Net Yearly Price Daily Yearly Net Yearly Price

Year Mcf/d MMcf MMcf $/Mcf bbl/d Mbbl Mbbl $/bbl bbl/d Mbbl Mbbl $/bbl

2014 1,112 406 370 6.40 1 1 0 90.41 35 13 12 106.662015 4,149 1,514 1,407 6.69 5 2 2 89.95 84 31 29 106.152016 5,127 1,871 1,775 6.57 7 2 2 86.86 47 17 16 102.032017 7,629 2,785 2,669 5.76 10 4 3 83.75 34 12 12 96.612018 11,190 4,084 3,925 6.04 14 5 5 83.27 31 11 11 93.082019 12,630 4,610 4,434 6.32 16 6 6 82.78 28 10 10 90.682020 9,448 3,448 3,324 6.19 12 4 4 82.27 21 8 7 90.382021 7,399 2,701 2,608 6.31 9 3 3 82.69 16 6 6 90.932022 6,011 2,194 2,123 6.44 8 3 3 84.34 13 5 5 92.682023 5,003 1,826 1,772 6.56 6 2 2 86.03 11 4 4 94.462024 4,252 1,552 1,509 6.69 5 2 2 87.75 9 3 3 96.282025 3,647 1,331 1,298 6.83 5 2 2 89.51 8 3 3 97.86Sub. 28,322 27,216 6.32 36 35 84.56 123 118 99.09Rem. 11,050 10,794 8.02 14 14 105.17 14 14 105.17Tot. 39,373 38,010 6.79 50 49 90.34 137 132 99.72

Total Oil Equiv. Production

Company DailyCompany Yearly Net Yearly PriceYear boe/d Mboe Mboe $/boe

2014 220 80 74 49.152015 775 283 264 47.292016 901 329 312 42.662017 1,306 477 457 36.202018 1,896 692 665 37.182019 2,133 779 749 38.632020 1,596 582 561 37.842021 1,249 456 441 38.562022 1,015 370 359 39.362023 845 308 299 40.092024 718 262 255 40.892025 616 225 219 41.68Sub. 4,843 4,654 39.45Rem. 1,856 1,813 48.57Tot. 6,699 6,467 41.98

1142674 Proved Undeveloped, GLJ (2014-01), pri February 24, 2014 15:37:08

Page: 84 of 102






2014 1,304 2,597 47 3,948 0 3,948 277 0 0 0 277 3,671 26 162 1892015 3,078 10,131 175 13,383 0 13,383 861 0 0 0 861 12,522 119 515 6352016 1,538 12,289 208 14,035 0 14,035 701 0 0 0 701 13,334 172 520 6922017 907 16,045 298 17,251 0 17,251 706 0 0 0 706 16,544 288 707 9952018 609 24,679 434 25,723 0 25,723 1,000 0 0 0 1,000 24,723 430 1,012 1,4422019 437 29,148 487 30,072 0 30,072 1,146 0 0 0 1,146 28,927 1,250 1,148 2,3992020 329 21,345 362 22,036 0 22,036 794 0 0 0 794 21,243 1,275 876 2,1522021 258 17,042 285 17,585 0 17,585 599 0 0 0 599 16,986 1,301 700 2,0012022 211 14,134 236 14,582 0 14,582 468 0 0 0 468 14,114 1,327 580 1,9072023 177 11,984 201 12,362 0 12,362 367 0 0 0 367 11,994 1,353 492 1,8452024 151 10,389 174 10,714 0 10,714 295 0 0 0 295 10,419 1,381 426 1,8072025 123 9,090 152 9,366 0 9,366 233 0 0 0 233 9,133 1,406 372 1,779Sub. 9,123 178,874 3,060 191,057 0 191,057 7,446 0 0 0 7,446 183,610 10,330 7,511 17,841Rem. 0 88,657 1,483 90,140 0 90,140 2,096 0 0 0 2,096 88,044 31,089 3,551 34,640Tot. 9,123 267,531 4,543 281,197 0 281,197 9,543 0 0 0 9,543 271,654 41,418 11,063 52,481Disc 6,994 118,542 2,031 127,566 0 127,566 5,011 0 0 0 5,011 122,555 8,770 5,008 13,778



2014 0 0 0 3,482 83 0 3,565 15,250 0 0 15,250 -11,685 -11,685 -11,1412015 0 0 0 11,888 315 0 12,203 11,781 0 0 11,781 422 -11,263 -10,7762016 0 0 0 12,642 550 0 13,193 13,460 0 0 13,460 -268 -11,531 -10,9872017 0 0 0 15,549 1,450 0 16,999 19,287 0 0 19,287 -2,288 -13,819 -12,6262018 0 0 0 23,281 1,518 0 24,799 40,510 0 0 40,510 -15,711 -29,530 -22,8572019 0 0 0 26,528 1,200 0 27,728 3,064 0 -2,029 1,035 26,693 -2,838 -7,0552020 0 0 0 19,091 975 0 20,066 0 0 0 0 20,066 17,229 3,7452021 0 0 0 14,985 805 0 15,790 0 0 0 0 15,790 33,019 11,4712022 0 0 0 12,208 678 0 12,885 0 0 0 0 12,885 45,904 17,2022023 0 0 0 10,149 571 0 10,720 0 0 0 0 10,720 56,624 21,5372024 0 0 0 8,612 495 0 9,107 0 0 0 0 9,107 65,731 24,8852025 0 0 0 7,354 431 311 7,474 0 0 0 0 7,474 73,206 27,383Sub. 0 0 0 165,770 9,070 311 174,529 103,352 0 -2,029 101,324 73,206 73,206 27,383Rem. 0 0 0 53,404 3,856 6,945 50,314 0 0 2,473 2,473 47,841 121,047 37,507Tot. 0 0 0 219,174 12,926 7,256 224,844 103,352 0 444 103,797 121,047 121,047 37,507Disc 0 0 0 108,778 5,976 513 114,240 77,370 0 -637 76,733 37,507 37,507 37,507

AFTER TAX ANALYSIS



2014 3,565 0 0 15,250 0 0 0 0 4,575 0 0 4,5752015 12,203 0 0 22,456 0 0 0 0 6,737 0 0 6,7372016 13,193 0 0 29,179 0 0 0 0 8,754 0 668 9,4222017 16,999 0 0 39,713 0 -668 0 0 11,914 183 1,930 14,0272018 24,799 0 0 68,309 -183 -2,598 0 0 20,493 2,737 0 23,2302019 27,728 -2,029 0 50,880 -2,920 -2,598 -254 0 15,264 12,976 -258 27,7282020 20,066 -1,775 0 35,616 -15,896 -2,340 -444 0 10,685 10,580 -755 20,0662021 15,790 -1,331 0 24,931 -26,477 -1,584 -333 0 7,479 10,012 -1,369 15,7902022 12,885 -999 0 17,452 -36,489 -216 -250 0 5,236 8,115 -216 12,8852023 10,720 -749 0 12,216 -44,604 0 -187 0 3,665 7,242 0 10,7202024 9,107 -562 0 8,551 -51,846 0 -140 0 2,565 6,682 0 9,1072025 7,474 -421 0 5,986 -58,528 0 -105 0 1,796 5,784 0 7,474Sub. 174,529 -421 0 5,986 -58,528 0 -1,713 0 99,162 64,312 0 161,762Rem. 50,314 -421 0 5,986 -58,528 0 4,115 212 4,212 1,838 0 10,378Tot. 224,844 -421 0 5,986 -58,528 0 2,403 212 103,374 66,150 0 172,139Disc 114,240 -304 19 63,833 31,894 584 96,026


Page: 85 of 102


Federal Provincial Net Cash Flow Net Cash Flow

Income Before Income Tax After Income TaxTaxable Tax Income Tax Income ARTD & TaxIncome Rate Tax Rate Tax Investment Payable Annual Cum. 10.0% Dcf Annual Cum. 10.0% Dcf


2014 -1,010 15.0 0 12.8 0 0 0 -11,685 -11,685 -11,141 -11,685 -11,685 -11,1412015 5,466 15.0 0 12.8 0 0 0 422 -11,263 -10,776 422 -11,263 -10,7762016 3,771 15.0 0 12.8 0 0 0 -268 -11,531 -10,987 -268 -11,531 -10,9872017 2,972 15.0 0 12.8 0 0 0 -2,288 -13,819 -12,626 -2,288 -13,819 -12,6262018 1,569 15.0 0 12.8 0 0 0 -15,711 -29,530 -22,857 -15,711 -29,530 -22,8572019 0 15.0 0 12.8 0 0 0 26,693 -2,838 -7,055 26,693 -2,838 -7,0552020 0 15.0 0 12.8 0 0 0 20,066 17,229 3,745 20,066 17,229 3,7452021 0 15.0 0 12.8 0 0 0 15,790 33,019 11,471 15,790 33,019 11,4712022 0 15.0 0 12.8 0 0 0 12,885 45,904 17,202 12,885 45,904 17,2022023 0 15.0 0 12.8 0 0 0 10,720 56,624 21,537 10,720 56,624 21,5372024 0 15.0 0 12.8 0 0 0 9,107 65,731 24,885 9,107 65,731 24,8852025 0 15.0 0 12.8 0 0 0 7,474 73,206 27,383 7,474 73,206 27,383Sub. 12,768 0 0 0 0 73,206 73,206 27,383 73,206 73,206 27,383Rem. 39,937 4,157 3,533 0 7,690 47,841 121,047 37,507 40,151 113,357 36,322Tot. 52,704 4,157 3,533 0 7,690 121,047 121,047 37,507 113,357 113,357 36,322Disc 18,214 641 545 0 1,185 37,507 37,507 37,507 36,322 36,322 36,322

SUMMARY OF RESERVES



Light/Med Oil Mbbl 87 0 87 84 1.000 87 1 12.0 7.1 2.2Solution Gas MMcf 41 0 41 39 6.000 7 0 12.0 7.1 2.2Residue Gas MMcf 39,332 0 39,332 37,970 6.000 6,555 98 30.0 98.3 7.4Total: Gas MMcf 39,373 0 39,373 38,010 6.000 6,562 98 30.0 97.0 7.4Gas Heat Content BBtu 41,833 0 41,833 40,385 0.000 0 0 30.0 97.0 7.4Condensate Mbbl 50 0 50 49 1.000 50 1 30.0 96.2 7.4Total: Oil+NGL Mbbl 137 0 137 132 1.000 137 2 30.0 10.8 3.6Total: Oil Eq. Mboe 6,699 0 6,699 6,467 1.000 6,699 100 30.0 83.4 7.3




Light/Med Oil $/bbl 92.76 14.59 107.36 3.75 6.62 0.00 96.99 8,784 3 6,729 5Solution Gas $/Mcf 3.81 2.59 6.40 0.22 0.27 0.00 5.91 253 0 194 0Residue Gas $/Mcf 3.81 2.59 6.40 0.57 0.27 0.00 5.56 258,228 95 113,681 93Total: Gas $/Mcf 3.81 2.59 6.40 0.56 0.27 0.00 5.57 258,481 95 113,876 93Condensate $/bbl 113.16 -22.75 90.41 7.88 0.00 0.00 82.53 4,389 2 1,951 2Total: Oil+NGL $/bbl 93.61 13.05 106.66 3.92 6.35 0.00 96.39 13,173 5 8,680 7Total: Oil Eq. $/boe 34.01 15.13 49.15 3.45 2.35 0.00 43.35 271,654 100 122,555 100






10.0 108,778 114,240 76,733 37,507 5.60 113,055 76,733 36,322 5.4212.0 97,552 102,540 72,769 29,771 4.44 101,701 72,769 28,932 4.3215.0 83,950 88,299 67,452 20,847 3.11 87,791 67,452 20,339 3.0420.0 67,257 70,753 59,966 10,787 1.61 70,525 59,966 10,559 1.58



Page: 86 of 102


Company: Corridor Resources Inc. Reserve Class: ProvedProperty: Corporate Development Class: TotalDescription: After Tax Analysis Pricing: GLJ (2014-01)





2014 1 24 33 12 12 107.36 16 6 6 6.40 8,339 3,044 2,938 6.402015 1 25 79 29 27 107.24 37 14 13 6.69 10,510 3,836 3,670 6.692016 1 25 40 15 14 104.49 19 7 7 6.57 10,395 3,794 3,655 6.572017 1 28 24 9 9 101.74 12 4 4 5.76 12,139 4,431 4,280 5.762018 1 33 16 6 6 101.62 8 3 3 6.04 15,126 5,521 5,331 6.042019 1 32 12 4 4 101.49 6 2 2 6.32 16,095 5,875 5,671 6.322020 1 31 9 3 3 101.36 4 2 1 6.19 12,568 4,587 4,438 6.192021 1 30 7 3 2 102.16 3 1 1 6.31 10,204 3,724 3,610 6.312022 1 30 6 2 2 104.20 3 1 1 6.44 8,570 3,128 3,037 6.442023 1 30 5 2 2 106.29 2 1 1 6.56 7,313 2,669 2,597 6.562024 1 29 4 1 1 108.42 2 1 1 6.69 6,367 2,324 2,265 6.692025 1 29 3 1 1 110.59 1 1 1 6.83 5,592 2,041 1,993 6.83Sub. 87 84 105.16 41 39 6.43 44,975 43,484 6.34Rem. 0 0 0.00 0 0 0.00 15,476 15,123 7.88Tot. 87 84 105.16 41 39 6.43 60,451 58,607 6.73




2014 8,355 3,050 2,943 6.40 11 4 4 90.41 44 16 15 103.242015 10,547 3,850 3,683 6.69 13 5 5 89.95 92 34 32 104.712016 10,414 3,801 3,662 6.57 13 5 5 86.86 54 20 19 100.122017 12,151 4,435 4,284 5.76 16 6 5 83.75 40 15 14 94.752018 15,134 5,524 5,333 6.04 19 7 7 83.27 36 13 13 91.702019 16,101 5,877 5,673 6.32 21 8 7 82.78 32 12 11 89.602020 12,572 4,589 4,440 6.19 16 6 6 82.27 25 9 9 89.092021 10,207 3,726 3,611 6.31 13 5 5 82.69 20 7 7 89.452022 8,573 3,129 3,038 6.44 11 4 4 84.34 16 6 6 91.032023 7,316 2,670 2,598 6.56 9 3 3 86.03 14 5 5 92.672024 6,369 2,325 2,265 6.69 8 3 3 87.75 12 4 4 94.352025 5,594 2,042 1,993 6.83 7 3 3 89.51 10 4 4 95.82Sub. 45,016 43,524 6.34 57 56 85.22 144 139 97.21Rem. 15,476 15,123 7.88 20 19 103.29 20 19 103.29Tot. 60,492 58,647 6.73 77 75 89.84 164 158 97.94



2014 1,436 524 506 40.372015 1,850 675 646 43.352016 1,789 653 629 41.222017 2,065 754 728 35.742018 2,558 934 901 37.032019 2,716 991 957 38.552020 2,120 774 749 37.752021 1,721 628 609 38.462022 1,445 528 512 39.252023 1,233 450 438 39.982024 1,073 392 382 40.772025 943 344 336 41.57Sub. 7,647 7,393 39.16Rem. 2,599 2,540 47.70Tot. 10,246 9,933 41.33

1142674 Total Proved, GLJ (2014-01), pri February 24, 2014 15:37:10

Page: 87 of 102






2014 1,304 19,508 352 21,164 0 21,164 739 0 0 0 739 20,425 2,507 744 3,2502015 3,078 25,753 443 29,274 0 29,274 1,265 0 0 0 1,265 28,010 2,628 1,039 3,6672016 1,538 24,962 422 26,923 0 26,923 988 0 0 0 988 25,935 2,677 962 3,6392017 907 25,557 474 26,938 0 26,938 919 0 0 0 919 26,020 2,831 1,092 3,9232018 609 33,378 587 34,574 0 34,574 1,193 0 0 0 1,193 33,382 2,975 1,354 4,3302019 437 37,157 621 38,215 0 38,215 1,322 0 0 0 1,322 36,893 3,086 1,456 4,5422020 329 28,403 482 29,214 0 29,214 949 0 0 0 949 28,265 3,132 1,159 4,2912021 258 23,510 393 24,162 0 24,162 742 0 0 0 742 23,420 3,179 959 4,1382022 211 20,160 337 20,708 0 20,708 601 0 0 0 601 20,107 3,243 821 4,0632023 177 17,526 293 17,996 0 17,996 489 0 0 0 489 17,506 3,282 714 3,9962024 151 15,564 260 15,975 0 15,975 409 0 0 0 409 15,566 3,337 634 3,9712025 123 13,943 233 14,299 0 14,299 340 0 0 0 340 13,959 3,402 567 3,969Sub. 9,123 285,420 4,899 299,442 0 299,442 9,956 0 0 0 9,956 289,487 36,278 11,501 47,779Rem. 0 121,945 2,040 123,985 0 123,985 2,831 0 0 0 2,831 121,154 51,881 4,885 56,766Tot. 9,123 407,365 6,940 423,427 0 423,427 12,786 0 0 0 12,786 410,641 88,160 16,385 104,545Disc 6,994 198,010 3,407 208,410 0 208,410 6,908 0 0 0 6,908 201,502 29,021 7,951 36,971



2014 0 0 0 17,175 993 125 18,043 17,550 0 0 17,550 493 493 4702015 0 0 0 24,343 1,137 383 25,097 11,781 0 0 11,781 13,316 13,809 12,0122016 0 0 0 22,296 1,357 0 23,653 13,460 0 0 13,460 10,193 24,002 20,0442017 0 0 0 22,096 2,213 0 24,310 19,287 0 0 19,287 5,022 29,024 23,6422018 0 0 0 29,052 2,201 541 30,712 40,510 0 0 40,510 -9,798 19,226 17,2612019 0 0 0 32,350 1,796 414 33,732 3,064 0 0 3,064 30,668 49,894 35,4172020 0 0 0 23,974 1,508 141 25,340 0 0 0 0 25,340 75,234 49,0552021 0 0 0 19,282 1,272 0 20,555 0 0 0 0 20,555 95,789 59,1122022 0 0 0 16,044 1,099 0 17,143 0 0 0 0 17,143 112,932 66,7372023 0 0 0 13,510 953 299 14,164 0 0 0 0 14,164 127,095 72,4652024 0 0 0 11,595 843 0 12,438 0 0 0 0 12,438 139,534 77,0372025 0 0 0 9,990 748 311 10,427 0 0 0 0 10,427 149,961 80,521Sub. 0 0 0 241,708 16,119 2,213 255,613 105,652 0 0 105,652 149,961 149,961 80,521Rem. 0 0 0 64,389 4,608 11,834 57,163 0 0 2,473 2,473 54,690 204,651 92,663Tot. 0 0 0 306,096 20,727 14,047 312,776 105,652 0 2,473 108,126 204,651 204,651 92,663Disc 0 0 0 164,531 10,837 2,578 172,790 79,563 0 564 80,127 92,663 92,663 92,663

AFTER TAX ANALYSIS



2014 18,043 30,610 3,782 92,870 76,949 2,598 4,030 378 27,861 0 0 32,2692015 25,097 26,580 3,404 76,790 76,949 2,598 3,168 340 23,037 0 0 26,5452016 23,653 23,412 3,063 67,213 76,949 2,598 2,515 306 20,164 0 668 23,6532017 24,310 20,897 2,757 66,337 76,949 1,930 2,020 276 19,901 183 1,930 24,3102018 30,712 18,878 2,481 86,946 76,766 0 1,643 248 26,084 2,737 0 30,7122019 33,732 17,235 2,233 63,926 74,029 0 1,355 223 19,178 12,976 0 33,7322020 25,340 15,880 2,010 44,748 61,053 0 1,135 201 13,424 10,580 0 25,3402021 20,555 14,745 1,809 31,324 50,472 0 964 181 9,397 10,012 0 20,5552022 17,143 13,781 1,628 21,927 40,460 0 832 163 6,578 9,570 0 17,1432023 14,164 12,949 1,465 15,349 30,890 0 729 147 4,605 8,684 0 14,1642024 12,438 12,220 1,319 10,744 22,206 0 647 132 3,223 8,436 0 12,4382025 10,427 11,573 1,187 7,521 13,770 0 581 119 2,256 7,471 0 10,427Sub. 255,613 11,573 1,187 7,521 13,770 0 19,618 2,714 175,708 70,650 2,598 271,288Rem. 57,163 11,573 1,187 7,521 13,770 0 8,355 908 5,256 6,299 0 20,818Tot. 312,776 11,573 1,187 7,521 13,770 0 27,973 3,622 180,964 76,949 2,598 292,106Disc 172,790 15,513 1,978 124,886 35,469 1,909 179,755


Page: 88 of 102





2014 -14,226 15.0 0 12.8 0 0 0 493 493 470 493 493 4702015 -1,448 15.0 0 12.8 0 0 0 13,316 13,809 12,012 13,316 13,809 12,0122016 0 15.0 0 12.8 0 0 0 10,193 24,002 20,044 10,193 24,002 20,0442017 0 15.0 0 12.8 0 0 0 5,022 29,024 23,642 5,022 29,024 23,6422018 0 15.0 0 12.8 0 0 0 -9,798 19,226 17,261 -9,798 19,226 17,2612019 0 15.0 0 12.8 0 0 0 30,668 49,894 35,417 30,668 49,894 35,4172020 0 15.0 0 12.8 0 0 0 25,340 75,234 49,055 25,340 75,234 49,0552021 0 15.0 0 12.8 0 0 0 20,555 95,789 59,112 20,555 95,789 59,1122022 0 15.0 0 12.8 0 0 0 17,143 112,932 66,737 17,143 112,932 66,7372023 0 15.0 0 12.8 0 0 0 14,164 127,095 72,465 14,164 127,095 72,4652024 0 15.0 0 12.8 0 0 0 12,438 139,534 77,037 12,438 139,534 77,0372025 0 15.0 0 12.8 0 0 0 10,427 149,961 80,521 10,427 149,961 80,521Sub. -15,675 0 0 0 0 149,961 149,961 80,521 149,961 149,961 80,521Rem. 36,345 4,157 3,533 0 7,690 54,690 204,651 92,663 47,000 196,960 91,477Tot. 20,670 4,157 3,533 0 7,690 204,651 204,651 92,663 196,960 196,960 91,477Disc -6,965 641 545 0 1,185 92,663 92,663 92,663 91,477 91,477 91,477

SUMMARY OF RESERVES













10.0 164,531 172,790 80,127 92,663 9.04 171,605 80,127 91,477 8.9312.0 149,682 157,428 76,030 81,397 7.94 156,588 76,030 80,558 7.8615.0 131,536 138,530 70,537 67,993 6.64 138,022 70,537 67,485 6.5920.0 108,987 114,897 62,810 52,088 5.08 114,669 62,810 51,859 5.06



Page: 89 of 102


Company: Corridor Resources Inc. Reserve Class: ProbableProperty: Corporate Development Class: TotalDescription: After Tax Analysis Pricing: GLJ (2014-01)





2014 -1 0 16 6 6 107.36 8 3 3 6.40 312 114 99 6.402015 -1 0 37 14 13 107.24 18 6 6 6.69 1,019 372 332 6.692016 -1 2 18 7 6 104.49 9 3 3 6.57 1,114 407 379 6.572017 -1 0 11 4 4 101.74 5 2 2 5.76 1,352 494 467 5.762018 -1 0 7 3 3 101.62 3 1 1 6.04 2,083 760 726 6.042019 -1 6 49 18 17 101.49 23 9 8 6.32 5,972 2,180 2,065 6.322020 0 7 96 35 33 101.36 45 17 16 6.19 8,920 3,256 3,070 6.192021 0 6 76 28 27 102.16 36 13 13 6.31 8,559 3,124 2,956 6.312022 0 6 44 16 15 104.20 21 8 7 6.44 7,097 2,590 2,463 6.442023 0 6 29 10 10 106.29 14 5 5 6.56 6,033 2,202 2,099 6.562024 0 7 20 7 7 108.42 10 4 3 6.69 5,225 1,907 1,821 6.692025 0 7 15 6 5 110.58 7 3 3 6.83 4,542 1,658 1,584 6.83Sub. 153 147 103.74 72 69 6.38 19,063 18,062 6.41Rem. 20 19 117.99 10 9 7.29 18,684 16,266 8.63Tot. 174 166 105.40 82 78 6.49 37,747 34,328 7.51




2014 320 117 102 6.40 0 0 0 90.41 17 6 6 106.942015 1,037 378 338 6.69 1 0 0 89.95 39 14 13 106.652016 1,123 410 382 6.57 1 1 0 86.86 20 7 7 103.222017 1,358 495 469 5.76 2 1 1 83.75 13 5 4 99.272018 2,086 762 727 6.04 3 1 1 83.27 10 4 3 96.682019 5,995 2,188 2,073 6.32 8 3 3 82.78 57 21 20 98.982020 8,965 3,272 3,086 6.19 11 4 4 82.28 107 39 37 99.322021 8,595 3,137 2,969 6.31 11 4 4 82.69 87 32 30 99.702022 7,118 2,598 2,471 6.44 9 3 3 84.35 53 19 18 100.782023 6,047 2,207 2,104 6.56 8 3 3 86.03 36 13 13 101.982024 5,235 1,911 1,824 6.69 7 2 2 87.75 27 10 9 103.302025 4,549 1,661 1,587 6.83 6 2 2 89.51 21 8 7 104.79Sub. 19,136 18,131 6.41 24 23 84.67 178 170 101.12Rem. 18,693 16,275 8.63 24 21 113.05 44 40 115.31Tot. 37,829 34,406 7.50 48 44 98.68 222 210 103.93



2014 70 26 23 54.862015 212 77 70 52.342016 207 76 71 45.532017 239 87 83 38.012018 358 131 125 37.932019 1,056 386 365 41.242020 1,602 585 552 41.312021 1,520 555 525 41.412022 1,239 452 430 41.302023 1,044 381 363 41.562024 899 328 314 42.072025 779 284 272 42.70Sub. 3,367 3,192 41.77Rem. 3,160 2,753 52.64Tot. 6,527 5,944 47.03

1142674 Total Probable, GLJ (2014-01), pri February 24, 2014 15:37:13

Page: 90 of 102






2014 645 747 14 1,405 0 1,405 126 0 0 0 126 1,279 -5 62 572015 1,467 2,532 44 4,043 0 4,043 361 0 0 0 361 3,682 -22 169 1462016 704 2,692 46 3,441 0 3,441 217 0 0 0 217 3,224 -8 136 1282017 406 2,855 53 3,314 0 3,314 174 0 0 0 174 3,141 -35 141 1062018 269 4,602 81 4,952 0 4,952 222 0 0 0 222 4,729 13 199 2112019 1,830 13,836 232 15,898 0 15,898 815 0 0 0 815 15,083 105 651 7562020 3,549 20,254 345 24,148 0 24,148 1,329 0 0 0 1,329 22,819 177 1,047 1,2252021 2,840 19,796 332 22,969 0 22,969 1,200 0 0 0 1,200 21,769 207 984 1,1912022 1,664 16,738 280 18,681 0 18,681 900 0 0 0 900 17,781 204 782 9862023 1,111 14,486 243 15,839 0 15,839 732 0 0 0 732 15,107 222 655 8782024 805 12,791 214 13,811 0 13,811 616 0 0 0 616 13,195 238 567 8042025 619 11,339 190 12,148 0 12,148 532 0 0 0 532 11,616 239 496 735Sub. 15,910 122,667 2,073 140,650 0 140,650 7,225 0 0 0 7,225 133,425 1,334 5,888 7,223Rem. 2,377 161,230 2,698 166,306 0 166,306 21,424 0 0 0 21,424 144,882 44,349 6,619 50,968Tot. 18,287 283,897 4,771 306,955 0 306,955 28,648 0 0 0 28,648 278,307 45,684 12,507 58,191Disc 9,573 82,100 1,387 93,060 0 93,060 6,276 0 0 0 6,276 86,785 3,822 3,859 7,681



2014 0 0 0 1,223 34 -125 1,381 0 0 0 0 1,381 1,381 1,3172015 0 0 0 3,535 87 -255 3,877 0 0 0 0 3,877 5,259 4,6782016 0 0 0 3,096 120 390 2,826 0 0 0 0 2,826 8,085 6,9052017 0 0 0 3,035 236 0 3,270 0 0 0 0 3,270 11,355 9,2472018 0 0 0 4,518 280 -541 5,339 0 0 0 0 5,339 16,694 12,7242019 0 0 0 14,326 433 138 14,621 34,006 0 0 34,006 -19,384 -2,690 1,2482020 0 0 0 21,594 515 282 21,828 21,679 0 0 21,679 149 -2,541 1,3292021 0 0 0 20,578 478 0 21,056 0 0 0 0 21,056 18,515 11,6312022 0 0 0 16,795 434 146 17,083 0 0 0 0 17,083 35,598 19,2292023 0 0 0 14,230 400 -299 14,929 0 0 0 0 14,929 50,527 25,2662024 0 0 0 12,391 369 0 12,759 0 0 0 0 12,759 63,286 29,9562025 0 0 0 10,881 330 0 11,211 0 0 0 0 11,211 74,497 33,703Sub. 0 0 0 126,202 3,716 -264 130,182 55,684 0 0 55,684 74,497 74,497 33,703Rem. 0 0 0 93,914 6,337 4,969 95,282 0 0 312 312 94,970 169,468 50,814Tot. 0 0 0 220,116 10,053 4,705 225,464 55,684 0 312 55,996 169,468 169,468 50,814Disc 0 0 0 79,104 2,810 -494 82,408 31,800 0 -206 31,594 50,814 50,814 50,814

AFTER TAX ANALYSIS



2014 1,381 0 0 0 0 0 0 0 0 0 0 02015 3,877 0 0 0 0 0 0 0 0 0 2,429 2,4292016 2,826 0 0 0 0 -2,429 0 0 0 3,325 -499 2,8262017 3,270 0 0 0 -3,325 -1,930 0 0 0 5,200 -1,930 3,2702018 5,339 0 0 0 -8,525 0 0 0 0 5,339 0 5,3392019 14,621 0 0 34,006 -13,865 0 0 0 10,202 4,420 0 14,6212020 21,828 0 0 45,483 -18,284 0 0 0 13,645 8,183 0 21,8282021 21,056 0 0 31,838 -26,467 0 0 0 9,551 11,504 0 21,0562022 17,083 0 0 22,286 -37,972 0 0 0 6,686 -7,082 0 -3962023 14,929 0 0 15,601 -30,890 0 0 0 4,680 -8,684 0 -4,0042024 12,759 0 0 10,920 -22,206 0 0 0 3,276 -8,436 0 -5,1602025 11,211 0 0 7,644 -13,770 0 0 0 2,293 -7,471 0 -5,178Sub. 130,182 0 0 7,644 -13,770 0 0 0 50,333 6,299 0 56,632Rem. 95,282 0 0 7,644 -13,770 0 1,893 98 5,359 -6,299 0 1,051Tot. 225,464 0 0 7,644 -13,770 0 1,893 98 55,692 0 0 57,683Disc 82,408 -91 4 26,235 8,299 330 34,777


Page: 91 of 102





2014 1,381 15.0 0 12.8 0 0 0 1,381 1,381 1,317 1,381 1,381 1,3172015 1,448 15.0 0 12.8 0 0 0 3,877 5,259 4,678 3,877 5,259 4,6782016 0 15.0 0 12.8 0 0 0 2,826 8,085 6,905 2,826 8,085 6,9052017 0 15.0 0 12.8 0 0 0 3,270 11,355 9,247 3,270 11,355 9,2472018 0 15.0 0 12.8 0 0 0 5,339 16,694 12,724 5,339 16,694 12,7242019 0 15.0 0 12.8 0 0 0 -19,384 -2,690 1,248 -19,384 -2,690 1,2482020 0 15.0 0 12.8 0 0 0 149 -2,541 1,329 149 -2,541 1,3292021 0 15.0 0 12.8 0 0 0 21,056 18,515 11,631 21,056 18,515 11,6312022 17,479 15.0 695 12.8 591 0 1,286 17,083 35,598 19,229 15,797 34,312 18,6572023 18,933 15.0 2,840 12.8 2,414 0 5,254 14,929 50,527 25,266 9,675 43,987 22,5702024 17,920 15.0 2,688 12.8 2,285 0 4,973 12,759 63,286 29,956 7,787 51,774 25,4322025 16,389 15.0 2,458 12.8 2,090 0 4,548 11,211 74,497 33,703 6,663 58,437 27,659Sub. 73,549 8,681 7,379 0 16,060 74,497 74,497 33,703 58,437 58,437 27,659Rem. 94,231 16,655 14,157 0 30,812 94,970 169,468 50,814 64,158 122,595 38,843Tot. 167,781 25,337 21,536 0 46,873 169,468 169,468 50,814 122,595 122,595 38,843Disc 47,632 6,471 5,500 0 11,972 50,814 50,814 50,814 38,843 38,843 38,843

SUMMARY OF RESERVES













10.0 79,104 82,408 31,594 50,814 7.79 70,437 31,594 38,843 5.9512.0 67,624 70,420 28,427 41,992 6.43 60,943 28,427 32,516 4.9815.0 54,472 56,690 24,360 32,330 4.95 49,901 24,360 25,541 3.9120.0 39,553 41,145 19,012 22,133 3.39 37,103 19,012 18,092 2.77



Page: 92 of 102


Company: Corridor Resources Inc. Reserve Class: Proved Plus ProbableProperty: Corporate Development Class: TotalDescription: After Tax Analysis Pricing: GLJ (2014-01)





2014 0 24 50 18 17 107.36 23 9 8 6.40 8,651 3,158 3,037 6.402015 0 25 116 42 40 107.24 55 20 19 6.69 11,529 4,208 4,003 6.692016 0 27 59 21 21 104.49 28 10 10 6.57 11,510 4,201 4,034 6.572017 0 28 35 13 12 101.74 17 6 6 5.76 13,492 4,925 4,747 5.762018 0 33 24 9 8 101.62 11 4 4 6.04 17,209 6,281 6,057 6.042019 1 38 61 22 21 101.49 29 11 10 6.32 22,067 8,054 7,736 6.322020 1 38 105 38 37 101.36 49 18 17 6.19 21,487 7,843 7,508 6.192021 1 36 83 30 29 102.16 39 14 14 6.31 18,762 6,848 6,566 6.312022 1 36 49 18 17 104.20 23 8 8 6.44 15,667 5,719 5,501 6.442023 1 36 33 12 12 106.29 16 6 6 6.56 13,346 4,871 4,696 6.562024 1 36 24 9 9 108.42 11 4 4 6.69 11,592 4,231 4,086 6.692025 1 36 18 7 6 110.58 9 3 3 6.83 10,135 3,699 3,577 6.83Sub. 240 230 104.25 113 109 6.40 64,039 61,546 6.36Rem. 20 19 117.99 10 9 7.29 34,159 31,389 8.29Tot. 260 250 105.32 123 118 6.47 98,198 92,935 7.03




2014 8,675 3,166 3,045 6.40 11 4 4 90.41 61 22 21 104.272015 11,584 4,228 4,022 6.69 15 5 5 89.95 131 48 45 105.282016 11,537 4,211 4,044 6.57 15 5 5 86.86 74 27 26 100.962017 13,508 4,931 4,753 5.76 17 6 6 83.75 53 19 19 95.842018 17,220 6,285 6,060 6.04 22 8 8 83.27 46 17 16 92.782019 22,096 8,065 7,746 6.32 28 10 10 82.78 89 33 31 95.582020 21,537 7,861 7,525 6.19 28 10 10 82.27 132 48 46 97.392021 18,802 6,863 6,580 6.31 24 9 8 82.69 107 39 37 97.792022 15,691 5,727 5,509 6.44 20 7 7 84.34 69 25 24 98.462023 13,362 4,877 4,701 6.56 17 6 6 86.03 50 18 18 99.412024 11,604 4,235 4,090 6.69 15 5 5 87.75 39 14 14 100.562025 10,143 3,702 3,580 6.83 13 5 5 89.51 31 11 11 101.88Sub. 64,152 61,655 6.36 82 79 85.05 322 309 99.37Rem. 34,169 31,398 8.29 44 40 108.63 64 59 111.59Tot. 98,321 93,053 7.03 126 119 93.24 386 369 101.39



2014 1,507 550 529 41.042015 2,062 752 716 44.282016 1,996 729 700 41.672017 2,304 841 811 35.972018 2,916 1,064 1,026 37.142019 3,772 1,377 1,322 39.302020 3,722 1,358 1,300 39.282021 3,241 1,183 1,134 39.842022 2,684 980 942 40.202023 2,277 831 801 40.712024 1,973 720 695 41.362025 1,722 628 608 42.08Sub. 11,014 10,585 39.96Rem. 5,759 5,292 50.41Tot. 16,773 15,877 43.55

1142674 Total Proved Plus Probable, GLJ (2014-01), pri February 24, 2014 15:37:15

Page: 93 of 102






2014 1,948 20,255 366 22,569 0 22,569 864 0 0 0 864 21,704 2,501 805 3,3072015 4,545 28,286 487 33,317 0 33,317 1,626 0 0 0 1,626 31,691 2,605 1,208 3,8132016 2,242 27,654 468 30,364 0 30,364 1,205 0 0 0 1,205 29,159 2,669 1,098 3,7672017 1,313 28,412 528 30,253 0 30,253 1,092 0 0 0 1,092 29,160 2,796 1,233 4,0292018 878 37,980 668 39,526 0 39,526 1,415 0 0 0 1,415 38,111 2,988 1,553 4,5412019 2,267 50,993 853 54,113 0 54,113 2,137 0 0 0 2,137 51,975 3,192 2,107 5,2992020 3,879 48,657 827 53,362 0 53,362 2,279 0 0 0 2,279 51,084 3,310 2,206 5,5162021 3,099 43,307 725 47,131 0 47,131 1,942 0 0 0 1,942 45,189 3,386 1,943 5,3292022 1,875 36,897 617 39,389 0 39,389 1,501 0 0 0 1,501 37,889 3,447 1,603 5,0492023 1,288 32,011 536 33,835 0 33,835 1,221 0 0 0 1,221 32,614 3,505 1,369 4,8742024 956 28,355 475 29,786 0 29,786 1,025 0 0 0 1,025 28,761 3,575 1,200 4,7752025 743 25,282 423 26,447 0 26,447 873 0 0 0 873 25,575 3,640 1,063 4,703Sub. 25,033 408,087 6,972 440,092 0 440,092 17,180 0 0 0 17,180 422,912 37,613 17,389 55,002Rem. 2,377 283,175 4,739 290,291 0 290,291 24,254 0 0 0 24,254 266,036 96,231 11,503 107,734Tot. 27,410 691,262 11,711 730,383 0 730,383 41,435 0 0 0 41,435 688,948 133,844 28,892 162,736Disc 16,567 280,109 4,794 301,471 0 301,471 13,184 0 0 0 13,184 288,287 32,842 11,810 44,652



2014 0 0 0 18,398 1,027 0 19,424 17,550 0 0 17,550 1,874 1,874 1,7872015 0 0 0 27,878 1,224 128 28,974 11,781 0 0 11,781 17,193 19,067 16,6902016 0 0 0 25,392 1,477 390 26,479 13,460 0 0 13,460 13,019 32,087 26,9492017 0 0 0 25,131 2,449 0 27,580 19,287 0 0 19,287 8,292 40,379 32,8892018 0 0 0 33,570 2,480 0 36,051 40,510 0 0 40,510 -4,459 35,920 29,9852019 0 0 0 46,677 2,229 552 48,354 37,070 0 0 37,070 11,284 47,204 36,6652020 0 0 0 45,568 2,023 422 47,168 21,679 0 0 21,679 25,490 72,693 50,3842021 0 0 0 39,860 1,750 0 41,611 0 0 0 0 41,611 114,304 70,7432022 0 0 0 32,839 1,533 146 34,226 0 0 0 0 34,226 148,530 85,9672023 0 0 0 27,740 1,353 0 29,093 0 0 0 0 29,093 177,622 97,7312024 0 0 0 23,986 1,211 0 25,198 0 0 0 0 25,198 202,820 106,9932025 0 0 0 20,872 1,078 311 21,639 0 0 0 0 21,639 224,458 114,224Sub. 0 0 0 367,910 19,834 1,949 385,795 161,337 0 0 161,337 224,458 224,458 114,224Rem. 0 0 0 158,302 10,945 16,802 152,445 0 0 2,785 2,785 149,660 374,118 143,477Tot. 0 0 0 526,212 30,780 18,752 538,240 161,337 0 2,785 164,122 374,118 374,118 143,477Disc 0 0 0 243,635 13,647 2,084 255,198 111,363 0 359 111,722 143,477 143,477 143,477

AFTER TAX ANALYSIS



2014 19,424 30,610 3,782 92,870 76,949 2,598 4,030 378 27,861 0 0 32,2692015 28,974 26,580 3,404 76,790 76,949 2,598 3,168 340 23,037 0 2,429 28,9742016 26,479 23,412 3,063 67,213 76,949 169 2,515 306 20,164 3,325 169 26,4792017 27,580 20,897 2,757 66,337 73,624 0 2,020 276 19,901 5,383 0 27,5802018 36,051 18,878 2,481 86,946 68,240 0 1,643 248 26,084 8,076 0 36,0512019 48,354 17,235 2,233 97,932 60,164 0 1,355 223 29,379 17,396 0 48,3542020 47,168 15,880 2,010 90,231 42,769 0 1,135 201 27,069 18,763 0 47,1682021 41,611 14,745 1,809 63,161 24,005 0 964 181 18,948 21,517 0 41,6112022 34,226 13,781 1,628 44,213 2,488 0 832 163 13,264 2,488 0 16,7472023 29,093 12,949 1,465 30,949 0 0 729 147 9,285 0 0 10,1602024 25,198 12,220 1,319 21,664 0 0 647 132 6,499 0 0 7,2782025 21,639 11,573 1,187 15,165 0 0 581 119 4,550 0 0 5,250Sub. 385,795 11,573 1,187 15,165 0 0 19,618 2,714 226,041 76,949 2,598 327,920Rem. 152,445 11,573 1,187 15,165 0 0 10,248 1,006 10,615 0 0 21,869Tot. 538,240 11,573 1,187 15,165 0 0 29,866 3,720 236,656 76,949 2,598 349,789Disc 255,198 15,421 1,983 151,121 43,768 2,239 214,532


Page: 94 of 102





2014 -12,845 15.0 0 12.8 0 0 0 1,874 1,874 1,787 1,874 1,874 1,7872015 0 15.0 0 12.8 0 0 0 17,193 19,067 16,690 17,193 19,067 16,6902016 0 15.0 0 12.8 0 0 0 13,019 32,087 26,949 13,019 32,087 26,9492017 0 15.0 0 12.8 0 0 0 8,292 40,379 32,889 8,292 40,379 32,8892018 0 15.0 0 12.8 0 0 0 -4,459 35,920 29,985 -4,459 35,920 29,9852019 0 15.0 0 12.8 0 0 0 11,284 47,204 36,665 11,284 47,204 36,6652020 0 15.0 0 12.8 0 0 0 25,490 72,693 50,384 25,490 72,693 50,3842021 0 15.0 0 12.8 0 0 0 41,611 114,304 70,743 41,611 114,304 70,7432022 17,479 15.0 695 12.8 591 0 1,286 34,226 148,530 85,967 32,940 147,244 85,3952023 18,933 15.0 2,840 12.8 2,414 0 5,254 29,093 177,622 97,731 23,839 171,083 95,0342024 17,920 15.0 2,688 12.8 2,285 0 4,973 25,198 202,820 106,993 20,225 191,307 102,4692025 16,389 15.0 2,458 12.8 2,090 0 4,548 21,639 224,458 114,224 17,091 208,398 108,180Sub. 57,875 8,681 7,379 0 16,060 224,458 224,458 114,224 208,398 208,398 108,180Rem. 130,576 20,812 17,690 0 38,503 149,660 374,118 143,477 111,157 319,555 130,320Tot. 188,451 29,493 25,069 0 54,563 374,118 374,118 143,477 319,555 319,555 130,320Disc 40,666 7,112 6,045 0 13,157 143,477 143,477 143,477 130,320 130,320 130,320

SUMMARY OF RESERVES













10.0 243,635 255,198 111,722 143,477 8.55 242,041 111,722 130,320 7.7712.0 217,306 227,847 104,458 123,390 7.36 217,532 104,458 113,074 6.7415.0 186,008 195,220 94,897 100,322 5.98 187,923 94,897 93,026 5.5520.0 148,540 156,042 81,821 74,221 4.43 151,773 81,821 69,951 4.17



Page: 95 of 102


Company: Corridor Resources Inc. Reserve Class: PPPProperty: Corporate Development Class: TotalDescription: After Tax Analysis Pricing: GLJ (2014-01)





2014 1 24 51 19 18 107.36 24 9 8 6.40 9,080 3,314 3,186 6.402015 1 25 134 49 46 107.24 63 23 22 6.69 12,911 4,713 4,476 6.692016 1 26 76 28 27 104.49 36 13 13 6.57 13,346 4,871 4,667 6.572017 1 30 49 18 17 101.74 23 8 8 5.76 16,795 6,130 5,895 5.762018 1 35 34 12 12 101.62 16 6 6 6.04 25,200 9,198 8,850 6.042019 2 39 81 30 28 101.49 38 14 13 6.32 31,329 11,435 10,971 6.322020 2 44 137 50 48 101.36 65 24 23 6.19 34,222 12,491 11,954 6.192021 3 45 222 81 77 102.16 105 38 36 6.31 35,941 13,119 12,509 6.312022 3 45 190 70 66 104.20 90 33 31 6.44 33,339 12,169 11,614 6.442023 3 44 113 41 32 106.29 53 19 15 6.56 29,074 10,612 8,312 6.562024 3 44 76 28 22 108.42 36 13 10 6.69 25,748 9,398 7,381 6.692025 3 43 55 20 16 110.58 26 9 7 6.83 22,873 8,349 6,576 6.83Sub. 445 410 104.39 210 193 6.42 105,799 96,392 6.39Rem. 75 60 120.52 36 28 7.44 98,597 80,169 8.92Tot. 521 470 106.73 245 222 6.57 204,396 176,560 7.61




2014 9,104 3,323 3,194 6.40 12 4 4 90.41 63 23 22 104.222015 12,974 4,736 4,497 6.69 17 6 6 89.95 150 55 52 105.332016 13,382 4,884 4,680 6.57 17 6 6 86.86 93 34 33 101.262017 16,818 6,139 5,903 5.76 21 8 8 83.75 70 26 25 96.262018 25,216 9,204 8,856 6.04 32 12 11 83.27 66 24 23 92.722019 31,368 11,449 10,984 6.32 40 15 14 82.78 121 44 42 95.302020 34,287 12,515 11,977 6.19 44 16 15 82.27 181 66 63 96.742021 36,046 13,157 12,545 6.31 46 17 16 82.69 268 98 93 98.812022 33,428 12,201 11,645 6.44 43 16 15 84.35 233 85 81 100.562023 29,128 10,632 8,328 6.56 37 14 11 86.03 150 55 43 101.282024 25,784 9,411 7,392 6.69 33 12 9 87.75 109 40 31 102.192025 22,899 8,358 6,584 6.83 29 11 8 89.51 84 31 24 103.28Sub. 106,009 96,585 6.39 135 123 85.03 581 534 99.87Rem. 98,633 80,197 8.92 126 102 116.96 201 162 118.29Tot. 204,642 176,782 7.61 261 226 100.41 782 696 104.62



2014 1,580 577 554 41.002015 2,312 844 802 44.372016 2,324 848 813 41.882017 2,873 1,049 1,009 36.092018 4,269 1,558 1,499 37.132019 5,349 1,952 1,873 39.242020 5,895 2,152 2,059 38.972021 6,276 2,291 2,184 40.472022 5,805 2,119 2,022 41.142023 5,005 1,827 1,431 41.242024 4,407 1,608 1,263 41.712025 3,901 1,424 1,122 42.32Sub. 18,249 16,631 40.30Rem. 16,640 13,529 54.32Tot. 34,889 30,160 46.99

1142674 Total PPP, GLJ (2014-01), pri February 24, 2014 15:37:17

Page: 96 of 102






2014 2,010 21,258 384 23,652 0 23,652 915 0 0 0 915 22,737 2,509 843 3,3522015 5,227 31,680 545 37,452 0 37,452 1,884 0 0 0 1,884 35,569 2,642 1,361 4,0032016 2,904 32,076 542 35,523 0 35,523 1,488 0 0 0 1,488 34,034 2,723 1,291 4,0142017 1,819 35,372 657 37,848 0 37,848 1,450 0 0 0 1,450 36,399 2,848 1,547 4,3952018 1,270 55,615 979 57,863 0 57,863 2,187 0 0 0 2,187 55,676 3,069 2,273 5,3422019 3,001 72,390 1,211 76,602 0 76,602 3,110 0 0 0 3,110 73,492 3,305 2,977 6,2812020 5,067 77,462 1,316 83,844 0 83,844 3,605 0 0 0 3,605 80,239 3,516 3,438 6,9552021 8,279 83,028 1,391 92,698 0 92,698 4,310 0 0 0 4,310 88,388 3,688 3,883 7,5712022 7,244 78,608 1,316 87,168 0 87,168 3,975 0 0 0 3,975 83,193 3,814 3,634 7,4472023 4,393 69,780 1,169 75,342 0 75,342 16,327 0 0 0 16,327 59,015 3,863 3,092 6,9552024 3,020 63,006 1,055 67,082 0 67,082 14,396 0 0 0 14,396 52,686 3,939 2,728 6,6672025 2,226 57,076 956 60,257 0 60,257 12,793 0 0 0 12,793 47,465 4,001 2,437 6,437Sub. 46,462 677,350 11,521 735,332 0 735,332 66,440 0 0 0 66,440 668,892 39,916 29,504 69,420Rem. 9,092 880,112 14,728 903,932 0 903,932 164,798 0 0 0 164,798 739,134 185,601 35,869 221,469Tot. 55,554 1,557,462 26,248 1,639,264 0 1,639,264 231,238 0 0 0 231,238 1,408,026 225,517 65,373 290,889Disc 28,342 474,664 8,078 511,084 0 511,084 52,447 0 0 0 52,447 458,638 37,502 20,313 57,815



2014 0 0 0 19,384 935 0 20,320 17,550 0 0 17,550 2,770 2,770 2,6412015 0 0 0 31,565 903 128 32,341 11,781 0 0 11,781 20,560 23,330 20,4622016 0 0 0 30,020 1,067 0 31,087 13,460 0 0 13,460 17,627 40,957 34,3522017 0 0 0 32,004 1,389 398 32,995 19,606 0 0 19,606 13,389 54,346 43,9432018 0 0 0 50,334 1,639 0 51,973 48,845 0 0 48,845 3,128 57,474 45,9802019 0 0 0 67,211 3,052 0 70,263 37,070 0 0 37,070 33,193 90,667 65,6312020 0 0 0 73,285 3,315 563 76,036 43,357 0 0 43,357 32,679 123,346 83,2192021 0 0 0 80,816 3,037 0 83,854 39,802 0 0 39,802 44,052 167,398 104,7732022 0 0 0 75,746 2,973 439 78,279 0 0 0 0 78,279 245,677 139,5912023 0 0 0 52,060 3,281 0 55,341 0 0 0 0 55,341 301,018 161,9692024 0 0 0 46,019 3,317 152 49,183 0 0 0 0 49,183 350,202 180,0492025 0 0 0 41,028 2,877 0 43,904 0 0 0 0 43,904 394,106 194,721Sub. 0 0 0 599,472 27,785 1,680 625,577 231,470 0 0 231,470 394,106 394,106 194,721Rem. 0 0 0 517,665 31,887 26,514 523,038 0 0 3,823 3,823 519,215 913,321 269,918Tot. 0 0 0 1,117,137 59,671 28,194 1,148,615 231,470 0 3,823 235,294 913,321 913,321 269,918Disc 0 0 0 400,823 19,096 1,734 418,185 148,160 0 107 148,268 269,918 269,918 269,918

AFTER TAX ANALYSIS



2014 20,320 30,610 3,782 92,870 76,949 2,598 4,030 378 27,861 0 0 32,2692015 32,341 26,580 3,404 76,790 76,949 2,598 3,168 340 23,037 3,198 2,598 32,3412016 31,087 23,412 3,063 67,213 73,751 0 2,515 306 20,164 8,102 0 31,0872017 32,995 20,897 2,757 66,655 65,649 0 2,020 276 19,997 10,703 0 32,9952018 51,973 18,878 2,481 95,503 54,946 0 1,643 248 28,651 21,431 0 51,9732019 70,263 17,235 2,233 103,922 33,515 0 1,355 223 31,177 33,515 0 66,2702020 76,036 15,880 2,010 116,103 0 0 1,135 201 34,831 0 0 36,1662021 83,854 14,745 1,809 121,074 0 0 964 181 36,322 0 0 37,4672022 78,279 13,781 1,628 84,752 0 0 832 163 25,425 0 0 26,4202023 55,341 12,949 1,465 59,326 0 0 729 147 17,798 0 0 18,6732024 49,183 12,220 1,319 41,528 0 0 647 132 12,458 0 0 13,2372025 43,904 11,573 1,187 29,070 0 0 581 119 8,721 0 0 9,421Sub. 625,577 11,573 1,187 29,070 0 0 19,618 2,714 286,442 76,949 2,598 388,321Rem. 523,038 11,573 1,187 29,070 0 0 12,469 1,049 20,349 0 0 33,866Tot. 1,148,615 11,573 1,187 29,070 0 0 32,087 3,763 306,790 76,949 2,598 422,187Disc 418,185 15,252 1,983 181,479 50,622 2,252 251,588


Page: 97 of 102





2014 -11,950 15.0 0 12.8 0 0 0 2,770 2,770 2,641 2,770 2,770 2,6412015 0 15.0 0 12.8 0 0 0 20,560 23,330 20,462 20,560 23,330 20,4622016 0 15.0 0 12.8 0 0 0 17,627 40,957 34,352 17,627 40,957 34,3522017 0 15.0 0 12.8 0 0 0 13,389 54,346 43,943 13,389 54,346 43,9432018 0 15.0 0 12.8 0 0 0 3,128 57,474 45,980 3,128 57,474 45,9802019 3,993 15.0 0 12.8 0 0 0 33,193 90,667 65,631 33,193 90,667 65,6312020 39,870 15.0 4,787 12.8 4,069 0 8,856 32,679 123,346 83,219 23,823 114,490 78,4532021 46,386 15.0 6,958 12.8 5,914 0 12,872 44,052 167,398 104,773 31,180 145,670 93,7092022 51,859 15.0 7,779 12.8 6,612 0 14,391 78,279 245,677 139,591 63,888 209,558 122,1262023 36,668 15.0 5,500 12.8 4,675 0 10,175 55,341 301,018 161,969 45,166 254,724 140,3892024 35,946 15.0 5,392 12.8 4,583 0 9,975 49,183 350,202 180,049 39,208 293,932 154,8022025 34,483 15.0 5,173 12.8 4,397 0 9,569 43,904 394,106 194,721 34,335 328,268 166,276Sub. 237,256 35,588 30,250 0 65,839 394,106 394,106 194,721 328,268 328,268 166,276Rem. 489,172 75,499 64,174 0 139,674 519,215 913,321 269,918 379,541 707,809 222,335Tot. 726,428 111,088 94,424 0 205,512 913,321 913,321 269,918 707,809 707,809 222,335Disc 166,597 25,721 21,863 0 47,583 269,918 269,918 269,918 222,335 222,335 222,335

SUMMARY OF RESERVES







Light/Med Oil $/bbl 92.76 14.59 107.36 4.15 6.40 0.00 96.80 49,998 4 26,134 6Solution Gas $/Mcf 3.81 2.59 6.40 0.25 0.97 0.00 5.18 1,451 0 757 0Residue Gas $/Mcf 3.81 2.59 6.40 0.25 0.97 0.00 5.18 1,334,051 95 424,500 93Total: Gas $/Mcf 3.81 2.59 6.40 0.25 0.97 0.00 5.18 1,335,502 95 425,258 93Condensate $/bbl 113.16 -22.75 90.41 3.50 0.00 0.00 86.91 22,526 2 7,246 2Total: Oil+NGL $/bbl 96.54 7.69 104.22 4.03 5.22 0.00 94.97 72,524 5 33,380 7Total: Oil Eq. $/boe 25.79 15.21 41.00 1.59 5.81 0.00 33.61 1,408,026 100 458,638 100





Crown Royalty 3.8700 14.1062 0.0 1,117,137 1,148,615 235,294 913,321 26.18 943,102 235,294 707,809 20.29Non-crown Royalty 0.0000 0.0000 5.0 611,311 637,184 183,873 453,312 12.99 547,417 183,873 363,544 10.42Mineral Tax 0.0000 0.0000 8.0 467,676 487,994 161,140 326,854 9.37 427,665 161,140 266,525 7.64

10.0 400,823 418,185 148,268 269,918 7.74 370,602 148,268 222,335 6.3712.0 348,619 363,580 136,878 226,702 6.50 325,404 136,878 188,525 5.4015.0 289,022 301,200 122,111 179,089 5.13 273,055 122,111 150,944 4.3320.0 221,017 230,042 102,375 127,666 3.66 212,213 102,375 109,837 3.15



Page: 98 of 102


APPENDIX I

CERTIFICATES OF QUALIFICATION

Jodi L. Anhorn

T. Mark Jobin

James P. Werth

Page: 99 of 102


CERTIFICATION OF QUA

I, Jodi L. Anhorn, Professional Engineer, 4100, 400

hereby certify:

1. That I am a principal officer

a detailed analysis of Canadian oil and gas propert

“Company”). The effective date of this evaluation is

2. That I do not have, nor do I expect to receive any direct or indirect interest in the securities of

the Company or its affiliated companies.

3. That I attended the University of Calgary and that I graduated with a Master of Science

Degree in Chemical and Petr

Engineer in the Province of Alberta; and that I have in excess of twenty

in engineering studies relating to oil and gas fields.

4. That a personal field inspection of the

was not considered necessary in view of the information available from public information

and records, the files of the Company, and the appropriate provincial regulatory authorities.

CERTIFICATION OF QUALIFICATION

I, Jodi L. Anhorn, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada

principal officer of GLJ Petroleum Consultants Ltd., which company did prepare

a detailed analysis of Canadian oil and gas property of Corridor Resources Inc.

“Company”). The effective date of this evaluation is December 31, 2013.

I do not have, nor do I expect to receive any direct or indirect interest in the securities of


That I attended the University of Calgary and that I graduated with a Master of Science

Degree in Chemical and Petroleum Engineering in 1992; that I am a Registered Professional

Engineer in the Province of Alberta; and that I have in excess of twenty-

in engineering studies relating to oil and gas fields.

That a personal field inspection of the properties was not made; however, such an inspection



3rd Avenue S.W., Calgary, Alberta, Canada

of GLJ Petroleum Consultants Ltd., which company did prepare

Corridor Resources Inc. (the

.

I do not have, nor do I expect to receive any direct or indirect interest in the securities of

That I attended the University of Calgary and that I graduated with a Master of Science

oleum Engineering in 1992; that I am a Registered Professional

-one years experience

properties was not made; however, such an inspection



Page: 100 of 102


CERTIFICATIO

I, T. Mark Jobin, Professional Geologist, 4100, 400

hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a

detailed analysis of Canadian oil



the Company or its affiliated c

3. That I attended the University of Calgary and that I graduated in 1984 with a Bachelor of

Science Degree in Geology; that I am a Registered Professional Geologist in the Province of

Alberta; and, that I have in excess of twenty

relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection




I, T. Mark Jobin, Professional Geologist, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada

That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a

detailed analysis of Canadian oil and gas property of Corridor Resources Inc. (the


That I do not have, nor do I expect to receive any direct or indirect interest in the securities of


That I attended the University of Calgary and that I graduated in 1984 with a Bachelor of


Alberta; and, that I have in excess of twenty-nine years experience in geological studies

relating to oil and gas fields.



ords, the files of the Company, and the appropriate provincial regulatory authorities.

3rd Avenue S.W., Calgary, Alberta, Canada

That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a

and gas property of Corridor Resources Inc. (the


That I do not have, nor do I expect to receive any direct or indirect interest in the securities of

That I attended the University of Calgary and that I graduated in 1984 with a Bachelor of


erience in geological studies



ords, the files of the Company, and the appropriate provincial regulatory authorities.

Page: 101 of 102



I, James P. Werth, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada

hereby certify:

1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a

detailed analysis of Canadian oil and gas property of Corridor Resources Inc. (the




3. That I attended the University of Manitoba and that I graduated with a Bachelor of Science

Degree in Civil Engineering in 1979; that I am a Registered Professional Engineer in the

Province of Alberta; and, that I have in excess of thirty-four years experience in engineering

studies relating to oil and gas fields.

4. That a personal field inspection of the properties was not made; however, such an inspection



Page: 102 of 102


Corridor Resources YE 2013 Reserves

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