Oil Monitor 2013 06 21 - · PDF fileIofina (LN) Coastal Energy (LN) Madagascar Oil (LN)...

21 June 2013

il Monitor

This is a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Non-US research analysts who have prepared this report are not registered/qualified as research analysts with FINRA, may not be associated persons of the member organisation and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Disclosures can be found at the end of the report.

Fox-Davies Capital

Week’s Summary Last week, North Dakota set another new monthly oil production record at 793m bpd in April according to data released by North Dakota's Department of Mineral Resources (14th June 2013). This marks somewhat of an achievement as it is the ninth month that the State has produced in excess of 700m bpd, and in our opinion, significant investment hasn’t really even begun as yet. Just as the Barnett was a hotspot for gas, we believe that the Williston basin and Bakken in particular, will be the follow-up to the Eagle Ford.

Like the equity markets, the commodity markets have been impacted by Chairman Bernanke’s suggestion that QE3 might come to a close in 2014; the oil price has fallen by 14% from its highs in February and 3% in the last 2 days. While against a backdrop of a stronger outlook (the reasoning behind the withdrawal of QE3) should support a higher oil price environment, the fact that the oil price has fallen implied a number of things, that (i) the financial buyers facing the prospect of higher borrowing costs are closing out positions; and (ii) the currency outlook for the US dollar is strengthening significantly, which precipitates a decline in the price as purchasing parity is maintained. Either way, it looks as if the next 6 months are going to be increasingly volatile, not just for the oil price, but energy prices generally.

Finally, for those of us in the northern hemisphere today is the summer solstice, the longest day of the year; the shortest for those in the southern hemisphere. Stonehenge (above) is traditionally the focus point for the summer solstice in the UK, where the Druid order pays homage to the sun.

In This Edition Risers and Fallers 1

UK Listed Equities 1

International Listed Equities 2

Research Published This Week 4 TomCo Energy (TOM LN) 1p 4 Shale Oil's New Dawn ▲NAV - $184mm 4

News Roundup 4

Covered Stocks 4 Gulf Keystone (LSE) (GKP LN) 146p 4 Outlook More Important ►►BUY – 350p 4 Range Res. (LSE) (RRL LN) 3p 5 Promising Progress ►NAV - $953mm 5 San Leon Energy (LSE) (SLE LN) 5p 6 Next Stage Starts ►►NAV - $748mm 6

Other stocks 7 3Legs Resources (3LEG LN) 28p 7 Polish Progress - 7 Chevron (CVX US) $118 7 Kurdish Interest Rises - 7 Edge Resources (EDE CN) C$0.16 8 1Q’13 Reflects Difficult Operating Environment - 8

Also in today’s news: GeoPark Holdings (Page 8), Leni Gas & Oil (9), Petrel Resources (9), Rialto Energy (9) and SeaEnergy (10)

Data Watch 11

Commodities 11

Currencies 12

Oil & Gas Equity Data 13

Stocks under coverage 13

Watch List 14

Sector Performances 15

Peer Comparisons 17 Exploration & Production 17 Explorers 26 Integrated Majors 39 Refiners 41 Gas Storage & Transportation 42 Drillers 45 Equipment & Services 47

Risers and Fallers

For further information, please contact: Research: +44 20 3463 5030

Sales: +44 20 3463 5050

www.fox-davies.com

Oil Monitor 21 June 2013

Fox-Davies Capital 2

UK Listed Equities The wider malaise in the equity markets has been reflected in the Oil & Gas sector with 68% of the UK sector declining on the week and 22% rising; the balance have remained flat. In particular, this week has been a good week for the Green Dragon “Group,” where Greka has risen 11.4% and Green Dragon 3.1%. of the fallers, Nostra Terra fell on the back of its recent fundraising.

Biggest Movers

14.7%

11.4%

8.7%

6.5%

6.3%

5.7%

3.8%

3.7%

3.2%

3.1%

3.1%

3.0%

-8.7%

-8.7%

-9.1%

-9.3%

-9.7%

-9.8%

-10.8%

-11.4%

-11.8%

-13.1%

-16.4%

-18.2%

-50% -40% -30% -20% -10% 0% 10% 20%

Argosy Energy (LN)

Greka Drilling (LN)

Ascent Resources (LN)

Maple Energy (LSE) (LN)

Sirius Petroleum (LN)

Desire Petroleum (LN)

Genel Energy (LN)

ROXI Petroleum (LN)

Eland Oil & Gas (LN)

Green Dragon Gas (LN)

Providence Resources (LSE) (LN)

Aminex (LN)

Sefton Resources (LN)

San Leon Energy (LSE) (LN)

Caza Oil & Gas (LSE) (LN)

Independent Resources (LN)

Oilex (LSE) (LN)

Fastnet Oil & Gas (LSE) (LN)

Nostra Terra Oil & Gas (LN)

KEA Petroleum (LN)

New World O&G (LN)

Iofina (LN)

Coastal Energy (LN)

Madagascar Oil (LN)

Source: Fox-Davies Estimates



International Listed Equities Biggest Movers

380.0%

337.5%

320.0%

300.0%

280.0%

265.0%

200.0%

200.0%

133.3%

100.0%

100.0%

100.0%

-50.0%

-50.0%

-50.0%

-50.0%

-50.0%

-73.3%

-73.3%

-76.0%

-79.3%

-89.9%

-98.3%

-100.0%

-200% -100% 0% 100% 200% 300% 400% 500%

Turner Valley Oil & Gas (US)

Toro Venture (US)

Royalite Petroleum (US)

Copper Creek Gold (US)

Rock Ridge Resources (US)

Norse Energy (ADR) (US)

Petron Energy II (US)

Chimera Energy (US)

Westbridge Energy (CN)

Canadian Tactical Training Academy (US)

King Resources (US)

Otis Energy (AU)

Sundance Energy (CN)

OMDA Oil & Gas (US)

Sahara Energy (CN)

Caspian International Oil (US)

Frontier Energy (US)

Maverick Minerals (US)

China Oil & Methanol Group (US)

Australian Oil & Gas (US)

Century Petroleum (US)

GSV (US)

Micron Enviro Systems (US)

Savanna East Africa (US)

Source: Fox-Davies Estimates



Research Published This Week TomCo Energy (TOM LN) 1p

Shale Oil's New Dawn ▲NAV - $184mm

The Company is awaiting Red Leaf and Total to complete their EPS

trial and commercialisation evaluation before proceeding with

heavy expenditures. This places the Company in the most

advantageous position, one in which it is best able to maximise

returns.

EcoShale Technology

The EcoShale process is a hybrid in-situ and ex-situ technology, where

the shale is mined and restored in ground bound capsule, combining

the best of both in-situ and ex-situ, resulting in a relatively cheap cost

effective solution to accessing the resources. A successful EPS test will

de-risk the process and expedite the next stage of TomCo’s

development. However, if it is not successful, there are other retorting

options available to management.

Oil Shale

Oil shale is not the same as shale or tight oil. Oil Shales require

pyrolysis to liberate the oil. Oil Shale is widespread and where

accessible, its principal use traditionally was as a solid fuel. The recent

high oil price environment has made oil extraction economic and as

such has reignited interest in the pyrolysis of the oil shale for use as a

feed stock.

Oil Shale in Uinta

The Mahogany shale contains one of the most significant oil bearing

series in the Green River formation, due mostly to its high organic

content. The Green River Formation is pervasive in the Uinta basin

which is where TomCo’s Holliday block is located. While there is 1.3trn

bbl of reserves in the Uinta basin, substantial work is required before a

full assessment of the recoverable reserves; work conducted by TomCo

identifies 126mm bbl of 2P reserves.

Current Valuation

The current valuation (1.1p per share, £20.2mm - $31.4mm) is not a fair

reflection of the value of the underlying assets, or the progress that the

Company has made in developing its assets but of the fact that there is

a hiatus in activity ahead of the announcement of commercialisation by

Red Leaf (2014) and the start of the Company’s development

programme (2015).

Valuation $184mm (£118mm – 6p)

We have valued TomCo’s assets at $184mm (6p), using risk adjusted

EMV analysis to account for the commercialisation risks associated with

the EcoShale process; this is some 456% above TomCo’s current price.

Should Red Leaf declare commerciality with respect to the EcoShale

technology, the valuation should trade towards its un-risked valuation

of $321mm (11p).

YE Sep (£mm unless stated) 2012 2013E 2014E 2015E

Production (m boepd) - - - -

Revenues 0.01 0.01 0.01 0.01

Operating costs (1.00) (0.45) (0.45) (15.44)

EBITDA (1.00) (0.45) (0.45) (7.94)

PBT (1.57) (0.42) (0.41) (16.04)

Net Income (1.57) (0.42) (0.41) (16.04)

EPS (p) (0.13) (0.03) (0.02) (0.96)

CFPS (p) (0.09) (0.04) (0.03) (10.64)

Source: Company & Fox-Davies Text

Description TomCo Energy PLC is an oil and gas exploration andproduction company. The Company has Oil Shaleassets in the Uinta Basin located in the State of Utah, inthe United States.

Market Cap £20mm

Metric 5D 1M 1Y

Price 1p 1p 2p

Change (4%) (14%) (42%)

Source: Bloomberg & Fox-Davies data

3m Performance (p)

1.00

1.10

1.20

1.30

1.40

1.50


A full copy of this note is available on our website (www.fox-

davies.com).

News Roundup Covered Stocks Gulf Keystone (LSE) (GKP LN) 146p

Outlook More Important ►BUY – 350p

Gulf Keystone’s 2012 results (20th June 2013) close out what has been a

year of substantial progress for the Company, one in which it has

started the process of becoming a fully-fledged producer with

sustainable cash flows.

The political risk is also improving in Kurdistan as a more progressive

tone has been struck between Erbil and Baghdad, and the latest news

that Erbil has approved a Turkish entity to develop 2 blocks in the

disputed territories of Ninewa and Salahaddin indicates that Turkish

relations are improving above and beyond just providing an export

route for Kurdistan’s oil production.

Now that the Company is in the rollout phase of its preliminary

development programme, that it has spent $100mm is not concerning

in the context of the fact that the Company has reaffirmed its

commitment to having 40m bpd production online by the end of 2013;

of course this would be better still if it was all for the export markets,

but we believe that this will be soon enough. The only concern that we

have for the immediate outlook is the litigation, which is an overhang

on the stock.

However, here too we seem to have a measure of relief (one way or

another) on the horizon, with the Company disclosing at their results

meeting that they are anticipating a ruling on the 23rd of August 2013.

Following this news, we are reiterating our 350p Target Price and BUY

Recommendation.



In this news:

Shaikan Block (75% working interest; Operator)

Completion of the agreed five-well appraisal programme in August 2012

Submission of the Appraisal Report in August 2012

Declaration of Commercial Discovery for the Shaikan field with effect from 1 August 2012

Field Development Plan ("FDP") submitted for review and approval by the Ministry of Natural Resources of the Kurdistan Regional Government in January 2013

Shaikan-8, the first post-appraisal well was drilled and completed as a gas injection well in December 2012

Shaikan-10, the first development well, will spud in July 2013

Reprocessing of the 3D seismic data is on-going to improve siting of development wells

Shaikan-7, the first deep exploration well, targeting previously undrilled mid to lower Triassic and, potentially, Permian horizons, spudded on 16 June 2013

Total production of 1.14 million barrels gross from the Shaikan Extended Well Test ("EWT") facility since the commencement of stable production testing operations in November 2011

The EWT facility has been replaced with the first Shaikan production facility (PF-1) capable of producing 20,000 barrels of oil per day ("bopd"); the commissioning of PF-1 is in progress

Construction is on-going of the second Shaikan production facility (PF-2) with the aim of commissioning the unit, capable of producing 20,000 bopd, by the end of 2013

Sheikh Adi Block (80% working interest; Operator)

Jurassic oil discovery following the drilling of the Sheikh Adi-2 exploration well in November 2012

Acquisition of additional 2D seismic data is planned

Akri-Bijeel Block (20% working interest)

New Triassic oil discovery following the drilling of Bakrman-1, the first exploration well to target the Bakrman structure

Construction and commissioning of an EWT facility for the Bijell discovery on the Akri-Bijeel block is nearing completion with first test production expected in H2 2013

Drilling of two additional appraisal wells Bijell-7 and Bijell-2 is on-going

Acquisition of 490 km² of 3D seismic data, which commenced in 2012, is continuing

Ber Bahr Block (40% working interest)

Ber Bahr-1, the first exploration well on the block, was drilled to a TD of 3,930 metres and encountered a 300 metre oil column in the Jurassic in May 2012. A side-track was drilled in early 2013 making a Jurassic discovery in May 2013 and the operator plans to begin a phased development of the field in H2 2013

Financial - as at 31 December 2012

Loss after tax: $81.8 million (2011: $62.4 million)

Loss per share: $0.1 (2011: $0.08)

As at 31 December 2012, cash, cash equivalents and liquid investments: $262.3 million (2011: $237.6 million). As at 1 June 2013, cash, cash equivalents and liquid investments: $154.0 million

Description Gulf Keystone Petroleum Ltd. is an oil and gas

exploration and production company. The Company

explores, develops, and produces oil and gas primarily

in North Africa and the Middle East.

Market Cap £1,292mm

Metric 5D 1M 1Y

Price 155p 143p 168p

Change (6%) 2% (14%)


3m Performance (p)

125

135

145

155

165

175

185

195


A full copy of this release is available on the Company’s website

(www.gulfkeystone.com), or via the London Stock Exchange

(www.londonstockexchange.com).

Range Res. (LSE) (RRL LN) 3p

Promising Progress NAV - $953mm

Range’s Guatemalan programme continues to deliver promising results

(14th June 2013). Further testing will be required before reserves can be

assigned to the well, and further wells will be required before the full

extent of the Atzam’s reserves can be understood.

In this news:

Initial 7 foot section (2846-2853ft) perforated in the Upper C17 carbonates has continued to produce significant oil and gas to surface through on-going reservoir pressure testing programme

Improved oil quality recovered in production testing in past week- samples assayed 36-37° API oil

Strong well head pressures maintained over past week of between 300-400 psi during testing phase, with calculated natural reservoir pressure of approximately 1300 psi

Oil production continued between 250-600 bopd on restricted choke sizes over the past 10 days when flowing well between shut ins for pressure testing program

Potential to flow the well at higher rates with a larger choke size with optimal production flow rate to be determined on completion of the current testing and evaluation programme

Oil cut of 100% from producing zone - no reservoir water produced to date

Construction of onsite production and storage facilities underway

Negotiations advanced with a number of parties for Atzam #4 oil production

13ft zone in Upper C17 with better log interpretation (than current +600 bopd producing section in Upper C17) was not perforated due to the high pressure oil and gas production from perforated zone- will be perforated in future well production operations

C13 and C14 carbonates remain untested above this C17 section, and are the main producing zones in the nearby Rubelsanto Field- produced over 30mm bbl to date from 8 wells, 17km from Atzam Field

Current Probable Reserve estimate of 2.3m barrels of oil in Atzam #4 well alone, to be revised on completion of production and pressure testing programs in coming week

Net backs in Guatemala approximately 50% of the WTI market price - favourable economics



Area NAV

$mm p

Trinidad 549 14.4

Georgia 284 7.5

Colombia 42 1.1

Putland 71 1.9

Balance Sheet 8 0.2

Total 953 25.0

Source: Fox-Davies Data

Description Range Resources Limited explores for oil, gas, and

minerals. The Company holds interest in properties in

Somalia, United States, Georgia, and Trinidad.

Market Cap £81mm

Metric 5D 1M 1Y

Price 3p 3p 8p

Change (4%) (5%) (64%)


3m Performance (p)

2.5

3.0

3.5

4.0

4.5



(www.rangeresources.com.au), or via the London Stock Exchange


San Leon Energy (LSE) (SLE LN) 5p

Next Stage Starts ►NAV - $748mm

News that the Company has received approval to commence Lewino

fraccing operations marks the next stage of appraisal of the potential of

Poland’s shale gas. Following the fracture operations the well will have

production tubing installed and be flowed for up to 30 days.

Block

Hydrocarbon (mm boe)

NAV

Un-risked

Risked Un-risked Risked (p/share)

Core NAV - - (127) (127) (4)

Development & Appraisal NAV 58 38 217 110 4

Exploration NAV 3,782 251 20,036 765 25

Total NAV 3,841 289 20,126 748 25

Source: Fox-Davies data

Description San Leon Energy PLC explores for and produces oil and

natural gas in Europe and North Africa.

Market Cap £101mm

Metric 5D 1M 1Y

Price 6p 7p 8p

Change (3%) (26%) (36%)


3m Performance (p)

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5



(www.sanleonenergy.com), or via the London Stock Exchange




Other Stocks 3Legs Resources (3LEG LN) 28p

Polish Progress -

3’s operational update this week (20th June 2013) is another reminder (if

any were needed) of the intensity of activity in shale gas generally, and

Polish shale specifically. The technical details still need to be resolved,

the collective results from the exploratory drilling to date has been

promising. While more work is required, 3-Legs’ update provides

further confirmation that progress, albeit slow, is continuing.

In this news:

Strzeszewo LE-1 Vertical Well

A single-stage hydraulic fracture stimulation was successfully executed in the Cambrian Alum shale in May 2013.

Post-frac evaluation indicates that the proppant was successfully delivered into the target formation; the well is now in a shut-in period in readiness for a flow test.

Lebien LE-2H Horizontal Well

Further testing commenced in mid-May 2013 using nitrogen assistance to initiate production.

Activity briefly suspended for operational considerations; due to recommence in early July 2013.

2013 Drilling Programme

Leasing and permitting of new locations for the planned drilling programme is at an advanced stage.

The Company's preferred drilling contractor has been selected and a drilling contract is being finalised, with a view to spudding the next well in Q4 2013.

Description 3Legs Resources PLC was formed in January 2007 as an

exploration enterprise, to specialise in "unconventional

hydrocarbon" exploration projects in Europe. The

Company's current focus is the on-shore Baltic Basin,

Baden Wurttemburg, and the Krakow area.

Market Cap £24mm

Metric 5D 1M 1Y

Price 27p 30p 39p

Change 3% (7%) (28%)


3m Performance (p)

25

27

29

31

33

35

37



(www.3legsresources.com), or via the London Stock Exchange


Chevron (CVX US) $118

Kurdish Interest Rises -

Chevron’s disclosure that it has signed another oil exploration deal in

Kurdistan (18th June 2013) marks what is fast becoming a stampede for

the IOC’s to leave the Iraqi region; the agreement covers the Qara

Dagh field and is Chevron’s third in the region.

While Baghdad has moved to condemn the deals as illegal we believe

that the Iraqi government is missing the bigger picture here, that

western governments have tacitly provided legitimacy to Kurdistan, and

that Baghdad is fighting to win a battle it has already lost. Quite why

Baghdad is focused on Kurdistan is a mystery, especially when they

have to accept the blame for the IOC’s looking towards Kurdistan in the

first place.

If Baghdad amended the structure of the contracts in southern Iraq

away from service contracts, towards a contract that was a better

reflection of the risks and rewards, such as a PSC type of arrangement,

the IOC’s involvement in Kurdistan would come to a halt, as the

potential scale of Iraq’s resources dwarfs that of Kurdistan.

It may be its time for Baghdad to stop blaming third parties for the lack

of external investment in its oil industry, and start to look at the real

issues and accept that it is competing on a global stage for investment.

Description Chevron Corporation is an integrated energy company

with operations in countries located around the world.

The Company produces and transports crude oil and

natural gas. Chevron also refines, markets, and

distributes fuels as well as is involved in chemical

operations, mining operations, power generation and

energy services.

Market Cap $228,702mm

Metric 5D 1M 1Y

Price $122 $126 $100

Change (3%) (6%) 18%


3m Performance ($)

110

112

114

116

118

120

122

124

126

128



(www.chevron.com).



Edge Resources (EDE CN) C$0.16

1Q’13 Reflects Difficult Operating Environment -

If the closing months of 2012 pointed to the steps forward that the

Company has made (Annual Results 17th June 2013), then 1Q’13 has

highlighted the difficulties in the wider operating environment. The

growth that has been witnessed in 2012 has started to reverse in 2013

and while this is to be expected, due to the natural declines in the

reservoirs, it is a stark reminder, if one is needed, that not only is

investment required, but against the backdrop of the volume of

production, the cost base and the programme outlined, the Company

has not yet reached critical mass. The next 6 – 8 months will be critical,

as Edge needs to start to generate significant returns to support the

continued growth, or risk eroding its existing cash pile.

In this news:

Operational

Average daily production increased to 681 boe/d from 452 boe/d against previous year

- 1Q’13 - Average daily production was 585 boe/d compared to 621 boe/d in the previous quarter; the decrease results primarily from natural declines and operational issues with some Primate wells

Financial

Willesden Green natural gas property written down by $1.4 million due to continued weakness of natural gas pricing.

Operating netbacks decreased from the comparable quarter in the previous year primarily due to increased operating costs associated with the Primate heavy oil property, which only contributed for 2 months in last year's comparable quarter.

Description Edge Resources Inc. is an oil and gas exploration and

production company focused on shallow, conventional

asset development in Alberta and Saskatchewan,

Canada. The company acquires, develops and explores

for shallow, conventional, low-risk oil prospects in

Western Canada's heavy oil fairway.

Market Cap C$21mm

Metric 5D 1M 1Y

Price C$0.22 C$0.19 C$0.15

Change (27%) (16%) 7%


3m Performance (C$)

0.15

0.16

0.17

0.18

0.19

0.20

0.21

0.22

0.23

0.24



(www.edgeres.com), or via the London Stock Exchange


GeoPark Holdings (GPK LN) 583p

Tarotaro Discovery Good, But How Good? -

News that the results of GeoPark’s Tarotaro-1 well has led it to

announce a discovery (17th June 2013) boosts the Company in a number

of ways, not least: (i) it could potentially add to the its base; (ii) adds

revenues in a supportive fiscal environment; and (iii) it provides further

diversification away from Argentina.

While the news is positive, we need to await the results of the appraisal

programme before we get carried away with what it could mean for

reserves.

Description Geopark Holdings Limited is an oil and gas company

exploration and production company. The Company

operates in Colombia, Chile and Argentina.

Market Cap £253mm

Metric 5D 1M 1Y

Price 570p 578p 648p

Change 2% 1% (10%)


3m Performance (p)

550

570

590

610

630

650

670



(www.geo-park.com), or via the London Stock Exchange




Leni Gas & Oil (LGO LN) 0.95p

Trinidad Increasingly the Key -

Leni Gas and Oil has this week (20th June 2013) announced a new

partnership with Beach Oilfield to explore the deeper horizons below

7,000 feet to the deeper Herrera, which is productive elsewhere in

Trinidad.

The new partnership covers 7,200 gross acres of private petroleum

leases which are already productive at shallow horizons (Icacos and

Bonasse). This marks an intensification of the Company’s involvement in

Trinidad and by partnering with Beach, it also helps diversify the risks.

Description Leni Gas & Oil PLC invests in oil and natural gas

projects that are either already producing or have

previously explored hydrocarbons. The Company has

secured exploration areas in the US Gulf of Mexico,

Spain, Trinidad, and Malta.

Market Cap £18mm

Metric 5D 1M 1Y

Price 0.97p 1p 0.79p

Change (4%) (18%) 20%


3m Performance (p)

0.75

0.85

0.95

1.05

1.15

1.25



(www.lenigasandoil.com), or via the London Stock Exchange


Petrel Resources (PET LN) 15p

Next Stage Approaching -

Petrel’s results (20th June 2013) has marked the close to a period in

which not only has the Company made significant progress, but also the

attractiveness of the Irish offshore basins.

The Company is well placed to now enter the next stage of its

development, one in which the interest in the basin’s prospectivity and

quality of its work to date will be reflected in the farmout partners and

the deal that it structures.

In this news:

Technical geological and geophysical work on Petrel's two Licensing Options in the Irish Atlantic Margin has been completed.

Petrel has identified major potential prospects within both of its Licence Options.

High potential prospects have been mapped in mounded Lower Cretaceous fan sandstones and in Eocene shelf clinoform sheet sands in Quad 35 (Option 11/4).

Work on Quad 45 (Option 11/6) has identified prospects at three levels within the Lower Cretaceous and Lower Tertiary.

A new management team is operating in Iraq, which has clarified Petrel's relationship with the Iraqi authorities, and is pursuing existing and new opportunities.

The authorities in Ghana have been provided with evidence of Petrel's financial and technical ability to conduct the required work programme on Tano 2A Block.

Post-period highlight: Petrel is in discussions with prospective partners for an exploration work programme under full Frontier Exploration Licences on the Atlantic Margin acreage.

Description Petrel Resources plc is an oil and gas exploration

company. The Group has exploration blocks in Iraq,

Uganda, Namibia and Ireland.

Market Cap £12mm

Metric 5D 1M 1Y

Price 16p 18p 5p

Change (2%) (16%) 230%


3m Performance (p)

12

13

14

15

16

17

18

19

20



(www.petrelresources.com), or via the London Stock Exchange




Rialto Energy (LSE) (RIA LN) 2p

Lifeline Sought & Normality Reigns -

This week, Rialto announced that it was intending to raise A$16mm in a

share placing to be used for the exploration (Hippo North) and

development work (Gazelle) already underway at the Company’s

interests in Cote d'Ivoire.

Contingent in all of this is the fact that the Company needs to

renegotiate the existing work programme that the Company is currently

committed to.

Success in the next stages will be essential for the Company’s survival,

and although Rob Sheppard did not create the issues that the

Company is facing, he is managing as best he can with the resources he

has available.

News that the Starfish well in Ghana has been spudded (19th June

2013) marks a close to what has been a difficult period for the

Company.

The funding issues have not disappeared, but the spudding,

irrespective of the outcome of the well, provides the Company, and

investors, with a slice of normality.

While the net exposure to the well has been reduced by Vitol’s farmin,

the prospective 292mm boe prospect (~18mm boe net to Rialto) has

the potential to brighten the Company’s outlook.

Description Rialto Energy Ltd. explores for oil & gas. The Company

is a West African focused E&P company with assets

offshore Cote d'Ivoire and Ghana.

Market Cap £14mm

Metric 5D 1M 1Y

Price 2p 2p 17p

Change (6%) (12%) (88%)


3m Performance (p)

2.0

3.0

4.0

5.0

6.0

7.0

8.0



(www.rialtoenergy.com), or via the London Stock Exchange


SeaEnergy (SEA LN) 25p

Can Poachers be Gamekeepers? -

The announcement that SeaEnergy’s Board will be shuffled with

Commercial Director assuming the additional role of Finance Director

(19th June 2013) is motivated by noble intentions (costs), but we can’t

help but think that this increases the Company’s systemic risk.

Amongst other things, a CFO/FD should not only support the

development of projects, their office should also police risks and fairly

and impartially assess projects.

While we don’t doubt Steven Bertram’s integrity, we believe that there

are times where the two offices (CFO/FD & Business Development) are

necessarily in opposition, and that the CFO/FD’s independence from

business development provides for a full and unbiased appraisal of a

project. To our mind, you are either poacher, or gamekeeper, you can’t

be both.

Description SeaEnergy PLC develops offshore wind farms. The

farms generate electricity from the wind's energy.

Market Cap £12mm

Metric 5D 1M 1Y

Price 24p 23p 27p

Change 2% 5% (11%)


3m Performance (p)

20

21

22

23

24

25

26

27

28

29



(www.seaenergy-plc.com), or via the London Stock Exchange




Data Watch Commodities Commodity Close Change Charts

Crude

BFO ($/bbl)

WTI ($/bbl)

101.9

98.2

-3.0 (-2.8%)

-1.3 (-1.3%)

75

85

95

105

115

125

Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

WTI BFO

6 Month Performance ($/bbl)

Crude Futures

BFO ($/bbl)

WTI ($/bbl)

102.1

93.4

-3.0 (-2.9%)

-2.8 (-3.0%)

80

90

100

110

Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15

WTI BFO

Forward Curve (33rd month)

Gas

Henry ($/mcf)

NBP (p/therm)

3.90

57.8

0.17 (4.6%)

-4.0 (-6.5%)

-

2

4

6

8

10

12

14

16

18

Dec 12 Jan 13 Feb 13 Mar 13

NBP Henry Hub

6 Month ($/mm btu)

Source: Bloomberg & Fox-Davies



Currencies Currency Close Change 6 Month Performance

USD/GBP ($/£) 1.548 1d -0.022

1m 0.033

3m 0.031

1.48

1.50

1.52

1.54

1.56

1.58

1.60

1.62

1.64


USD/EUR ($/€) 1.322 1d -0.013

1m 0.032

3m 0.032

1.26

1.28

1.30

1.32

1.34

1.36

1.38


YEN/USD (¥/$) 97.9 1d 3.6

1m -4.6

3m 3.0

90

92

94

96

98

100

102

104

Mar 13 Apr 13 May 13 Jun 13




Oil & Gas Equity Data Stocks Under Coverage

Company Ticker Recommendation Date of Last

Update

Price

Latest NAV Difference

Aminex AEX LN BUY Oct'12 3p 13p 333%

Afren (LSE) AFR LN BUY Oct'12 122p 250p 105%

Borders & Southern Petroleum BOR LN HOLD Jan'13 14p 18p 29%

BowLeven BLVN LN BUY Nov'11 64p 250p 291%

Circle Oil COP LN BUY Feb'13 16p 95p 494%

Desire Petroleum DES LN UR Apr'12 14p 40p 186%

Enegi Oil ENEG LN UR Nov'10 8p 25p 213%

Falkland Oil & Gas FOGL LN HOLD May'13 27p 55p 104%

Great Eastern Energy GEEC LN BUY Jan'13 263p 440p 67%

Gulf Keystone (LSE) GKP LN BUY Jan'13 143p 350p 145%

Gulfsands Petroleum GPX LN HOLD Apr'13 73p 150p 105%

Hardy Oil & Gas HDY LN BUY Nov'12 115p 185p 61%

Heritage Oil (LSE) HOIL LN BUY Dec'12 140p 340p 143%

Jubilant Energy JUB LN BUY Feb'13 13p 45p 246%

Matra Petroleum MTA LN HOLD Jun'13 1p 1p -

Max Petroleum MXP LN BUY Aug'12 4p 10p 150%

MEO Australia (ASX)* MEO AU - Dec'12 A$0.06 A$0.55 817%

Petroceltic (LSE) PCI LN BUY Feb'13 144p 15p (90%)

Premier Oil (LSE) PMO LN BUY Jan'13 349p 485p 39%

Range Resources (LSE)* RRL LN - Jun'13 3p 25p 733%

Red Emperor (LSE)* RMP LN - Nov'12 3p 48p 1,500%

Rockhopper Exploration RKH LN BUY Dec'12 122p 350p 187%

San Leon Energy (LSE)* SLE LN - Jan'13 5p 25p 400%

Sterling Energy SEY LN HOLD Oct'12 35p 35p -

TomCo Energy (LSE)*** TOM LN - Jun'13 1.08p 5.00p 363%

Tower Resources TRP LN BUY Jan'13 1.68p 5.00p 198%

TXO *** TXO LN - Jan'13 0.16p 0.40p 150%

Victoria Oil & Gas * VOG LN BUY Feb'13 1p 6p 500%

NOTE: Bold indicates Research this week

* Fox-Davies Capital Limited acts as corporate broker for the Relevant Issuer.

** Fox-Davies Capital Limited acts as NOMAD for the Relevant Issuer.

*** Fox-Davies Capital Limited acts as corporate broker and NOMAD for the Relevant Issuer.




Watch List

Company Name Bloomberg Ticker

Comment Date Added

to List

Price

LocalCurrency

Per Barrel of Reserves/Reso

urces ($/boe)

Per DailyBarrel of

Production($/bopd)

Cairn Energy CNE LN The current valuation of the Company reflects the cash and readily liquidated investments (~$2.7bn). As such the price of the shares bear no relation to the value of the business as it stands at the moment, or its ability to generate significant returns for investors

March 2013 259p 0.10 -

Chariot Oil & Gas CHAR LN There has been a significant amount of activity in Chariot's portfolio, and while the prospects for near-term drilling are dim, Company is entering a period of consolidation, which is should emerge from with a buoyant exploration programme, which will of course need funding

May 2013 17p 0.00 -

Fastnet Oil & Gas (LSE) FAST LN Fastnet’s acreage will allow it to high-grade its most attractive prospects, and ultimately allow it to farmout from a position of relative strength

May 2013 20p 0.00 -

Petrel Resources PET LN With a number of operating interests in a variety of prospective locations (Ghana, Iraq & Ireland), the Company has all the ingredients necessary to generate significant returns for investors

April 2013 15p 0.01 -

Rialto Energy (ASX) RIA AU Despite the issues it has recently encountered, the Company has entered a period of consolidation, which we believe it should exit in a stronger position. The inevitable funding round should be the catalyst to change the Company's fortunes and allow it to capitalise on its acreage positions

August 2012 A$0.04 0.02 -

Tangiers Petroleum (ASX) TPT AU While the Company will need further funding in the medium term, it is in a much better position following the farmout of its Australian acreage and sharpened focus on Morocco. As such, its outlook remains bright

May 2013 A$0.18 0.01 -

Exillon Energy (LSE) EXI LN An upgrade to reserves as a result, and given the progress that the Company has made in the past 12 months, we believe that this is not fully, or fairly, reflected in the share price. While there needs to be a better balance on the board, with more technical presence added, all the ingredients are in place

August 2012 120p 1.05 24,121

GED GED LN GED's acreage positions and increased foucs on Colombia means that to our mind it is in the right addresses. With cash flow meeting its operational needs, the valuation reflects only the current production, not the value within the reserves base

August 2013 74p 0.47 38,019

Mediterranean Oil & Gas MOG LN Despite its scuffles with Leni Gas & Oil, its renewed focus since the arrival of Bill Higgs as CEO has brought an air of renewed confidence in the management's ability to realise the value within its portfolio

August 2012 8p 0.92 -

Salamander Energy (LSE) SMDR LN As the news flow has confirmed, the Company is set on its exploration programme, and while we would like to see it step up its focus on development, this will be the focus for the next 2 years

August 2012 153p 10.76 75,072

Soco International SIA LN The strength of the portfolio, the operational gearing, cash generation and liquidity, and the longer-term exploration outlook means that the Company should start to make headway in the near to medium term

August 2012 358p 12.47 133,219

Zhaikmunai ZKM LI Proximity to its existing producing Chinarevskoye Field which has Oil Processing Facility and associated infrastructure, will substantially reduce development cost besides providing other operational benefits.

August 2012 $11.25 4.71 58,432




Sector Performances

Figure 1 – UK Oil & Gas Equity Performance

Performance Relative to UK Oil & Gas Index

60

70

80

90

100

110

120

130

140


UK Oil & Gas Wider UK Market Relative to UK Oil & Gas


Figure 2 – S&P 500 Oil & Gas Equity Performance


260

310

360

410

460

510

560

610


S&P 500 Oil & Gas S&P 500 Index"&" Relative to S&P 500 Oil & Gas




Figure 3 – DJ Europe STOXX 600 Oil & Gas Equity Performance


225

245

265

285

305

325

345

365

385


STOXX Europe 600 Oil & Gas STOXX Europe 600STOXX Europe 600 Oil & Gas




Peer Comparisons Exploration & Production Exchange Reserves Per Barrel of Reserves ($/boe) Per Daily Barrel of Production ($/bopd)

ASE 2P 10.9 41,600

Bangkok 1P 24.0 61,130

Dublin 2P 3.2 51,883

EN Paris 2P 1.3 20,682

Hong Kong 1P 19.8 69,150

2P 4.6 -

Karachi 1P 1.3 17,850

London 2P 8.8 41,167

London Intl 2P 4.7 58,432

MICEX Main 2P 2.0 32,073

NASDAQ CM 1P 6.6 45,511

NASDAQ GM 1P 15.2 38,780

NASDAQ GS 1P 20.2 73,442

New York 1P 18.7 55,735

2P 9.5 -

NYSE MKT LLC 1P 12.6 47,118

2P 34.7 -

Oslo 2P 10.7 46,326

OTC US 1P 13.3 52,815

2P 14.1 -

RTS 2P 5.6 47,707

Singapore 2P 2.0 -

Tokyo 2P 5.9 34,639

Toronto 1P 15.7 47,303

2P 11.5 -

Venture 1P 29.7 45,922

2P 13.0 -



Last Price Market Cap EV

Local Currency Local Market $Per Barrel of

Reserves ($/boe)Per Daily Barrel of

Production ($/bopd)

3D Oil TDO AU A$0.10 A$23mm A$17mm $18mm 1.94 -

Abraxas Petroleum AXAS US $2.19 $203mm $334mm $334mm 10.89 80,472

Advantage Oil & Gas AAV CN C$4.18 C$704mm C$1,218mm $1,174mm 3.68 40,359

Afren (LSE) AFR LN 122p £1,328mm £1,713mm $2,652mm 12.64 60,959

Alamo Energy ALME US $0.01 $0.6mm $3.3mm $3.3mm 1.12 51,800

Alexander Resources ALX CN C$0.21 C$13mm C$25mm $24mm 24.97 35,581

Altex Industries ALTX US $0.09 $1.2mm $1.2mm $1.2mm 235.10 379,764

American Standard Energy ASEN US $0.25 $13mm $42mm $42mm 12.12 77,149

Americas Petrogas BOE CN C$1.10 C$234mm C$201mm $193mm 140.77 -

Amerisur Resources AMER LN 46p £472mm £443mm $685mm 89.00 -

Anadarko Petroleum APC US $83.11 $41,677mm $53,232mm $53,232mm 20.24 70,577

Anderson Energy AXL CN C$0.16 C$28mm C$178mm $172mm 10.45 27,251







Production ($/bopd)

Angle Energy NGL CN C$3.16 C$256mm C$454mm $437mm 5.35 28,988

Antrim Energy (Toronto) AEN CN C$0.10 C$18mm C$41mm $40mm 2.38 45,763

Apache APA US $84.93 $33,280mm $46,738mm $46,738mm 15.99 58,425

Apco Oil and Gas APAGF US $12.82 $117mm $350mm $350mm 3.65 9,064

Approach Resources AREX US $24.71 $960mm $1,111mm $1,111mm 11.47 138,050

ARC Resources ARX CN C$27.75 C$8,621mm C$9,347mm $9,012mm 14.35 94,027

Argent Energy AET-U CN C$10.08 C$495mm C$557mm $537mm 29.71 247,981

Arpetrol RPT CN C$0.01 C$2.9mm C$1.6mm $1.5mm 0.18 4,531

Arsenal Energy AEI CN C$0.42 C$66mm C$133mm $128mm 8.50 35,474

Artek Exploration RTK CN C$3.26 C$204mm C$210mm $202mm 6.57 70,661

Ascent Resources AST LN 0.63p £7.2mm £9.7mm $15mm 855.30 -

Athabasca Oil ATH CN C$6.61 C$2,648mm C$2,416mm $2,330mm 6.39 1,453,583

ATP Oil & Gas ATPAQ US $0.08 $4.0mm $2,338mm $2,338mm 19.34 93,445

Aurora Oil & Gas (ASX) AUT AU A$2.80 A$1,254mm A$1,521mm $1,646mm 21.38 -

Aust-Can Oil Royalties AUCAF US $0.25 $12mm $14mm $14mm 385.62 1,945,203

Avalon Oil & Gas AOGN US $0.13 $0.4mm $2.1mm $2.1mm 83.00 307,201

Bankers Petroleum BNK CN C$2.76 C$701mm C$788mm $760mm 3.37 -

Barnwell Industries BRN US $3.17 $26mm $34mm $34mm 11.33 16,874

Bashneft BANE RU $60.80 $750mm $14,694mm $14,694mm 5.65 47,707

Baytex Energy BTE CN C$37.45 C$4,613mm C$5,224mm $5,037mm 23.69 99,648

Beach Energy (ASX) BPT AU A$1.19 A$1,503mm A$1,067mm $1,154mm 14.75 -

Beach Energy (ADR) BCHEY US $21.72 $1,378mm $1,378mm $1,378mm 17.61 -

Bellatrix Exploration BXE CN C$5.32 C$574mm C$799mm $770mm 11.33 4,241,811

Bengal Energy BNG CN C$0.69 C$43mm C$40mm $39mm 198.20 925,944

Berry Petroleum BRY US $42.91 $2,260mm $4,087mm $4,087mm 14.67 110,618

Bill Barrett BBG US $21.24 $1,036mm $2,166mm $2,166mm 12.03 38,664

Birchcliff Energy BIR CN C$8.29 C$1,179mm C$1,761mm $1,698mm 5.12 71,953

BlackPearl Resources PXX CN C$1.81 C$536mm C$547mm $528mm 2.47 55,875

BNP Resources BNX/A CN C$0.03 C$1.8mm C$1.9mm $1.8mm 15.28 305,890

Bonanza Creek Energy BCEI US $36.28 $1,461mm $1,649mm $1,649mm 30.53 172,611

Bonavista Energy BNP CN C$13.92 C$2,514mm C$3,687mm $3,555mm 9.27 49,896

Bonterra Energy BNE CN C$48.18 C$1,475mm C$1,664mm $1,604mm 35.18 253,211

BPI Energy Holdings BPIGF US $0.00 $0.0mm $12mm $12mm 4.13 132,645

BPZ Resources BPZ US $1.75 $206mm $360mm $360mm 21.89 110,734

BreitBurn Energy Partners BBEP US $17.95 $1,754mm $2,587mm $2,587mm 16.92 110,435

Bridge Energy (Oslo) BRIDGE NO NO₭10.80 NO₭685mm NO₭935mm $157mm 6.73 78,262

Burleson Energy BUR AU A$0.01 A$3.8mm A$1.1mm $1.2mm 0.40 -

Cabot Oil & Gas COG US $68.94 $14,501mm $15,608mm $15,608mm 23.25 122,035

Cadogan Petroleum CAD LN 16p £38mm £10mm $16mm 8.21 35,326

Callon Petroleum CPE US $3.41 $136mm $271mm $271mm 19.07 61,733

Calvalley Petroleums CVI/A CN C$1.60 C$127mm C$56mm $54mm 1.83 15,361

CAMAC Energy CAK US $0.55 $86mm $84mm $84mm 27.26 209,723

Canacol Energy CNE CN C$2.99 C$259mm C$366mm $353mm 20.73 68,413

Canadian Natural CNQ CN C$29.61 C$32,286mm C$41,767mm $40,269mm 5.08 60,473

Canadian Oil nds COS CN C$19.45 C$9,425mm C$9,792mm $9,441mm 6.44 88,354







Production ($/bopd)

Candax Energy CAX CN C$0.03 C$27mm C$58mm $56mm 14.88 102,745

Carnarvon Petroleum CVN AU A$0.04 A$38mm A$17mm $19mm 1.56 33,790

Carrizo Oil & Gas CRZO US $28.03 $1,132mm $2,029mm $2,029mm 16.28 75,965

Central Natural Resources CTNR US $27.25 $15mm $7.1mm $7.1mm 9.95 120,613

Cequence Energy CQE CN C$1.63 C$344mm C$386mm $372mm 3.91 39,601

Chesapeake Energy CHK US $20.08 $13,383mm $32,175mm $32,175mm 11.89 47,647

Chinook Energy CKE CN C$1.07 C$229mm C$292mm $282mm 5.69 22,375

Cimarex Energy XEC US $66.94 $5,787mm $6,638mm $6,638mm 17.16 61,803

Clayton Williams Energy CWEI US $43.36 $527mm $1,353mm $1,353mm 17.76 87,181

CNOOC (Hong Kong) 883 HK HK$12.72 HK$567,901mm HK$473,585mm $61,060mm 19.81 69,150

CNOOC (ADR) CEO US $164 $73,251mm $73,251mm $73,251mm 23.76 82,956

Coastal Energy CEO LN 831p £944mm £997mm $1,543mm 17.42 132,420

Comstock Resources CRK US $16.17 $781mm $2,109mm $2,109mm 17.20 45,972

Concho Resources CXO US $84.59 $8,859mm $12,162mm $12,162mm 26.68 146,232

Condor Petroleum/Canada CPI CN C$0.53 C$183mm C$176mm $169mm 984.98 766,876

Connacher Oil and Gas CLL CN C$0.07 C$29mm C$824mm $795mm 1.76 64,690

ConocoPhillips COP US $60.28 $73,702mm $90,364mm $90,364mm 10.26 94,230

Contango Oil & Gas MCF US $33.90 $515mm $433mm $433mm 9.73 29,180

Continental Res. (OK) CLR US $84.50 $15,686mm $19,606mm $19,606mm 24.63 197,420

Cooper Energy COE AU A$0.43 A$142mm A$79mm $85mm 45.33 -

Corridor Resources CDH CN C$0.91 C$81mm C$68mm $65mm 1.81 40,988

Crescent Point Energy CPG CN C$35.60 C$13,623mm C$15,359mm $14,809mm 24.22 148,865

Crew Energy CR CN C$5.45 C$663mm C$957mm $923mm 5.85 32,175

Crimson Exploration CXPO US $2.79 $130mm $369mm $369mm 18.41 55,632

Crocotta Energy CTA CN C$2.95 C$263mm C$354mm $341mm 8.64 47,763

Cubic Energy QBC US $0.32 $25mm $52mm $52mm 8.90 47,884

Cue Energy (ASX) CUE AU A$0.12 A$80mm A$26mm $28mm 6.66 -

Cue Energy (ADR) CUEYY US $2.34 $82mm $82mm $82mm 19.37 -

Cygam Energy CYG CN C$0.11 C$12mm C$12mm $12mm 72.37 60,692

Daleco Resources DLOV US $0.19 $13mm $14mm $14mm 137.67 634,867

DeeThree Exploration DTX CN C$7.25 C$553mm C$600mm $578mm 28.34 134,266

Dejour Energy DEJ CN C$0.20 C$30mm C$35mm $33mm 1.75 72,118

Denbury Resources DNR US $17.38 $6,486mm $9,720mm $9,720mm 23.51 134,760

Det Norske Oljeselskap DETNOR NO NO₭83.35 NO₭11,728mm NO₭14,051mm $2,353mm 55.43 -

Devon Energy DVN US $52.71 $21,400mm $27,051mm $27,051mm 8.89 38,397

Diamondback Energy FANG US $32.64 $1,376mm $1,407mm $1,407mm 34.75 473,354

Donnybrook Energy DEI CN C$0.03 C$5.9mm C$0.9mm $0.9mm 0.25 8,118

Dorchester Minerals DMLP US $23.77 $729mm $715mm $715mm 48.05 111,593

Double Eagle Petroleum DBLE US $3.96 $45mm $127mm $127mm 9.26 25,125

Dragon Oil (Dublin) DGO ID €6.92 €3,401mm €1,786mm $2,361mm 2.51 -

Dragon Oil (LSE) DGO LN 588p £2,888mm £1,510mm $2,338mm 1.98 32,591

DualEx Energy DXE CN C$0.17 C$17mm C$14mm $13mm 566.31 106,416

Edge Resources EDE CN C$0.16 C$21mm C$36mm $35mm 6.14 53,549

Egdon Resources EDR LN 9p £12mm £11mm $17mm 19.24 -

EGPI Firecreek EFIR US $0.00 $1.9mm $8.1mm $8.1mm 14.77 398,183







Production ($/bopd)

Eland Oil & Gas ELA LN 129p £175mm £178mm $275mm 17.47 -

Encana ECA CN C$18.11 C$13,319mm C$18,277mm $17,621mm 4.89 31,832

Endeavour International END US $3.39 $160mm $978mm $978mm 37.24 122,101

Energen EGN US $52.79 $3,813mm $5,658mm $5,658mm 16.02 83,600

Energy XXI Bermuda EXXI US $25.15 $1,996mm $3,217mm $3,217mm 26.51 71,642

Enerplus ERF CN C$15.05 C$3,006mm C$4,202mm $4,051mm 11.65 49,019

EnQuest (LSE) ENQ LN 121p £968mm £850mm $1,316mm 10.24 -

Environmental Energy Services EESV US $0.00 $0.2mm $3.3mm $3.3mm 502,478.33 -

EOG Resources (ADR) EOG US $131 $35,617mm $40,821mm $40,821mm 22.06 84,807

Energy Partners EPL US $28.22 $1,108mm $1,785mm $1,785mm 22.61 121,117

EQT EQT US $79.21 $11,916mm $14,550mm $14,550mm 13.85 116,326

EV Energy Partner EVEP US $33.88 $1,338mm $2,369mm $2,369mm 15.20 83,970

Evolution Petroleum EPM US $10.87 $311mm $289mm $289mm 21.43 502,111

Exall Energy EE CN C$0.22 C$15mm C$73mm $70mm 15.25 63,838

EXCO Resources XCO US $7.41 $1,612mm $2,917mm $2,917mm 16.57 32,088

Exillon Energy (LSE) EXI LN 120p £193mm £180mm $279mm 1.05 24,121

Far East Energy FEEC US $0.22 $74mm $113mm $113mm 12.59 634,006

Faroe Petroleum FPM LN 111p £236mm £214mm $331mm 13.90 38,539

Forest Oil FST US $4.09 $488mm $2,127mm $2,127mm 9.06 37,305

Freehold Royalties FRU CN C$23.28 C$1,550mm C$1,598mm $1,541mm 61.83 174,133

FX Energy FXEN US $3.71 $198mm $205mm $205mm 24.70 89,901

Gasco Energy GSXN US $0.03 $4.2mm $30mm $30mm 12.32 24,732

Genel Energy GENL LN 922p £2,008mm £1,585mm $2,454mm 5.52 -

GeoMet GMET US $0.18 $7.3mm $171mm $171mm 7.13 25,842

GeoPark Holdings GPK LN 583p £253mm £394mm $611mm 10.47 -

GeoPetro Resources GPR US $0.07 $3.6mm $11mm $11mm 3.58 200,189

Glen Rose Petroleum GLRP US $0.18 $5.8mm $11mm $11mm 18.77 280,212

GED GED LN 74p £27mm £33mm $51mm 0.47 38,019

GMX Resources GMXRQ US $0.24 $1.5mm $403mm $403mm 8.09 35,822

Goodrich Petroleum GDP US $11.49 $422mm $1,042mm $1,042mm 18.08 68,201

Gran Tierra Energy GTE US $5.74 $1,547mm $1,311mm $1,311mm 20.61 72,356

Great Eastern Energy GEEC LN 263p £313mm £381mm $590mm 3.37 232,451

Green Dragon Gas GDG LN 215p £293mm £306mm $473mm 8.81 675,833

Gulf Keystone (LSE) GKP LN 143p £1,269mm £1,282mm $1,986mm 1.42 264,737

Gulf Keystone (ADR) GFKSY US $48.80 $2,166mm $2,166mm $2,166mm 1.55 288,794

Gulfport Energy GPOR US $49.19 $3,806mm $3,879mm $3,879mm 273.94 548,394

Gulfsands Petroleum GPX LN 73p £89mm £30mm $47mm 0.62 5,528

Halcon Resources HK US $5.58 $2,063mm $4,570mm $4,570mm 41.70 479,358

Hardy Oil & Gas HDY LN 115p £84mm £65mm $101mm 47.98 -

Harvest Natural Resources HNR US $3.15 $124mm $275mm $275mm 7.14 33,706

Hawk Exploration HWK/A CN C$0.44 C$15mm C$22mm $21mm 16.17 50,748

Hawkley Oil and Gas HOG AU A$0.05 A$15mm A$8.0mm $8.6mm 1.08 41,148

Hemisphere Energy HME CN C$0.48 C$26mm C$27mm $26mm 32.59 136,493

Heritage Oil (LSE) HOIL LN 140p £357mm £582mm $901mm 2.10 1,096,313

HKN HKNI US $81.00 $33mm $216mm $216mm 9,790,670.85 15,621,209,215







Production ($/bopd)

Houston American Energy HUSA US $0.31 $16mm $11mm $11mm 543.81 854,729

Hyperion Exploration HYX CN C$0.43 C$23mm C$56mm $54mm 9.65 53,707

Ignis Petroleum Group IGPG US $0.00 $0.1mm $5.5mm $5.5mm 552.70 82,999

Inpex (ADR) IPXHY US $10.70 $15,647mm $15,647mm $15,647mm 0.01 103

Inpex (Tokyo) 1605 JP ¥411,500 ¥1,504,362mm ¥1,402,191mm $14,320mm 5.89 34,639

Insignia Energy ISN CN C$1.34 C$77mm C$86mm $83mm 2.81 25,165

InterOil E&P IOX NO NO₭1.36 NO₭343mm NO₭544mm $91mm 12.54 14,390

Interra Resources ITRR SP S$0.47 S$210mm S$195mm $153mm 1.96 186,852

Isramco ISRL US $88.50 $241mm $260mm $260mm 6.87 117,236

Ithaca Energy (LSE) IAE LN 115p £364mm £353mm $546mm 12.34 89,858

Ithaca Energy (Toronto) IAE CN C$1.82 C$577mm C$558mm $538mm 12.15 88,489

JKX Oil & Gas (LSE) JKX LN 50p £85mm £85mm $132mm 1.32 16,677

John D Oil & Gas JDOGQ US $0.00 $0.0mm $9.7mm $9.7mm 26.73 61,796

Jubilant Energy JUB LN 13p £54mm £283mm $438mm 13.24 1,085,962

Knight Energy KNECQ US $0.00 $0.0mm $3.3mm $3.3mm 19.83 112,568

Kodiak Oil & Gas KOG US $8.72 $2,313mm $3,562mm $3,562mm 37.31 246,172

Kosmos Energy KOS US $10.50 $4,080mm $4,583mm $4,583mm 105.17 270,889

Kunlun Energy (Hong Kong) 135 HK HK$12.98 HK$104,710mm HK$134,564mm $17,350mm 216.29 304,154

Lartez Energy LCTZ US $0.02 $0.8mm $0.8mm $0.8mm 9.17 8,200

Lansdowne Oil & Gas LOGP LN 43p £60mm £55mm $85mm 1.51 -

Laredo Petroleum LPI US $20.14 $2,605mm $3,926mm $3,926mm 20.33 123,260

Legacy Oil & Gas LEG CN C$5.01 C$788mm C$1,293mm $1,246mm 13.13 77,011

Legacy Reserves LGCY US $25.92 $1,488mm $2,264mm $2,264mm 26.79 150,041

Leni Gas & Oil LGO LN 0.95p £18mm £18mm $28mm 3.92 162,244

LGX Oil & Gas OIL CN C$0.40 C$35mm C$42mm $40mm 22.21 74,857

Lightstream LTS CN C$8.18 C$1,591mm C$3,715mm $3,582mm 17.26 83,824

Linc Energy (ASX) LNC AU A$1.18 A$613mm A$763mm $826mm 4.91 -

Linc Energy (ADR) LNCGY US $11.00 $571mm $571mm $571mm 3.39 -

Linn Energy LINE US $33.31 $7,830mm $14,018mm $14,018mm 17.08 121,536

Lochard Energy LHD LN 4p £13mm £22mm $34mm 13.89 30,802

Lone Pine Resources LPR US $0.38 $33mm $386mm $386mm 12.03 26,691

Lonestar Resources LNR AU A$0.16 A$108mm A$83mm $90mm 20.15 49,862

Long Run Exploration LRE CN C$3.83 C$422mm C$739mm $713mm 8.84 53,033

Longview Oil LNV CN C$4.97 C$233mm C$352mm $339mm 9.52 53,668

LRR Energy LRE US $14.57 $283mm $580mm $580mm 20.26 89,162

Lucas Energy LEI US $1.23 $33mm $54mm $54mm 7.73 364,111

Lundin (ADR) LNDNY US $21.60 $6,867mm $6,867mm $6,867mm 33.92 -

Lundin (Stockholm) LUPE SS SE₭133 SE₭42,346mm SE₭45,164mm $6,905mm 34.11 -

Madalena Ventures MVN CN C$0.29 C$92mm C$67mm $65mm 73.39 779,846

Magellan Petroleum MPET US $1.07 $48mm $34mm $34mm 3.86 168,995

Magnum Hunter Resources MHR US $3.48 $590mm $1,936mm $1,936mm 26.02 143,123

Marathon Oil MRO US $34.29 $24,305mm $30,081mm $30,081mm 14.74 62,975

Marquee Energy MQL CN C$0.49 C$27mm C$27mm $26mm 2.30 15,124

Matador Resources MTDR US $11.17 $624mm $824mm $824mm 33.66 88,551

Matra Petroleum MTA LN 0.93p £18mm £13mm $21mm 1.37 293,037







Production ($/bopd)

Maurel & Prom Nigeria MPNG FP €3.43 €396mm €240mm $317mm 1.32 20,682

Max Petroleum MXP LN 4p £73mm £156mm $242mm 22.73 -

McMoRan Exploration MMR US $16.75 $2,732mm $3,898mm $3,898mm 103.19 164,747

Mediterranean Oil & Gas MOG LN 8p £34mm £27mm $42mm 0.92 -

MEG Energy MEG CN C$30.00 C$6,639mm C$7,691mm $7,415mm 2.80 256,781

Memorial Production MEMP US $19.25 $745mm $1,229mm $1,229mm 11.75 105,665

Metgasco MEL AU A$0.05 A$24mm A$20mm $22mm 0.31 -

Mexco Energy MXC US $5.61 $11mm $14mm $14mm 6.63 58,853

Mid-Con Energy Partners MCEP US $22.58 $434mm $513mm $513mm 39.04 267,905

Midstates Petroleum MPO US $6.04 $413mm $1,160mm $1,160mm 15.13 114,214

Miller Energy Resources MILL US $3.98 $173mm $230mm $230mm 24.67 202,459

Molopo Energy (ASX) MPO AU A$0.24 A$58mm A$49mm $53mm 0.34 -

Montana Exploration MTZ CN C$0.19 C$15mm C$15mm $14mm 34.23 98,838

New Source Energy Partners LP NSLP US $20.45 $139mm $175mm $175mm 9.49 15,190

NZ Oil & Gas (Aukland) NZO NZ NZ$0.82 NZ$334mm NZ$92mm $119mm 12.15 -

NZ Oil & Gas (ADR) NZEOY US $6.78 $276mm $276mm $276mm 28.27 -

Newfield Exploration NFX US $23.25 $3,149mm $6,150mm $6,150mm 10.58 43,357

Nido Petroleum (ASX) NDO AU A$0.02 A$45mm A$21mm $23mm 1.53 -

Nighthawk Energy (LSE) HAWK LN 5p £51mm £54mm $84mm 331.42 3,602,122

Niko Resources NKO CN C$6.78 C$476mm C$584mm $563mm 8.74 15,217

Noble Energy NBL US $58.79 $21,020mm $23,438mm $23,438mm 19.12 93,293

Northern Oil and Gas NOG US $13.31 $849mm $1,279mm $1,279mm 18.83 123,716

Northern Petroleum NOP LN 34p £32mm £13mm $21mm 0.30 25,849

Norwegian Energy AS NOR NO NO₭3.43 NO₭1,221mm NO₭4,923mm $824mm 7.34 -

NovaTek (Moscow) NVTK RM RUB327 RUB991,809mm RUB1,108,339mm $33,795mm 2.29 32,073

NuVista Energy NVA CN C$7.27 C$863mm C$919mm $886mm 9.10 44,936

Oakridge Energy OAKR US $1.32 $5.3mm $4.3mm $4.3mm 6.12 95,186

Oasis Petroleum OAS US $38.83 $3,634mm $4,642mm $4,642mm 32.21 205,152

Oil India OINL IN INR574 INR345,323mm INR215,651mm $3,634mm 15.67 -

Oil Search (LSE) OSH AU A$7.92 A$10,613mm A$11,265mm $12,190mm 23.75 -

Oil Search (ADR) OISHY US $71.10 $9,528mm $9,528mm $9,528mm 18.56 -

Oracle Energy OEC CN C$0.11 C$4.3mm C$4.4mm $4.2mm 52.96 -

Pacificast Oil Trust ROYT US $17.95 $693mm $693mm $693mm 20.27 207,660

Pacific Rubiales Energy PRE CN C$19.95 C$6,441mm C$7,622mm $7,349mm 12.24 60,162

Pak Pet (Karachi) PPL PA PKR218 PKR357,784mm PKR324,000mm $3,278mm 1.27 17,850

Palliser Oil & Gas PXL CN C$0.48 C$31mm C$63mm $61mm 34.52 44,174

Pan Orient Energy POE CN C$1.68 C$95mm C$11mm $10mm 0.55 4,108

Panhandle Oil and Gas PHX US $28.00 $231mm $242mm $242mm 11.56 50,747

Panoro Energy PEN NO NO₭3.00 NO₭704mm NO₭1,065mm $178mm 16.16 422,916

Parallel Energy Trust PLT-U CN C$3.79 C$200mm C$423mm $408mm 8.50 63,285

Paramount Resources POU CN C$37.21 C$3,548mm C$4,173mm $4,023mm 44.93 193,319

Parex Resources PXT CN C$4.20 C$455mm C$516mm $498mm 21.51 43,489

Pioneer Drilling PDCE US $52.11 $1,581mm $2,267mm $2,267mm 11.46 96,887

Pengrowth Energy PGF CN C$5.03 C$2,600mm C$4,164mm $4,014mm 8.35 45,339

Penn Virginia PVA US $4.60 $300mm $920mm $920mm 7.87 50,248







Production ($/bopd)

Penn West Petroleum PWT CN C$11.35 C$5,505mm C$8,523mm $8,218mm 11.97 50,390

Perpetual Energy PMT CN C$1.14 C$169mm C$371mm $358mm 4.58 17,174

Petro River Oil PTRC US $0.18 $133mm $136mm $136mm 293.20 1,769,645

Petroceltic (Dublin) PCI ID €1.71 €300mm €459mm $607mm 7.56 21,436

Petroceltic (LSE) PCI LN 144p £253mm £383mm $593mm 7.40 20,958

Petrodorado Energy PDQ CN C$0.06 C$29mm C$29mm $28mm 52.57 -

Petrol Oil & Gas POIG US $0.00 $0.1mm $26mm $26mm 14.73 67,679

Petrominerales PMG CN C$6.10 C$516mm C$1,091mm $1,051mm 29.44 -

Petroneft (Dublin) PTR ID €0.04 €23mm €32mm $43mm 0.44 82,331

Petroneft (LSE) PTR LN 3p £19mm £27mm $42mm 0.43 79,996

Petroquest Energy PQ US $4.09 $264mm $453mm $453mm 7.45 19,007

Petsec Energy (ASX) PSA AU A$0.13 A$31mm A$5.1mm $5.5mm 2.85 -

Petsec Energy (ADR) PSJEY US $0.60 $29mm $29mm $29mm 14.78 -

Peyto Expl & Dev PEY CN C$29.88 C$4,445mm C$5,097mm $4,914mm 12.03 105,447

Pine Cliff Energy PNE CN C$0.89 C$137mm C$129mm $124mm 31.22 145,005

Pinecrest Energy PRY CN C$0.63 C$135mm C$232mm $223mm 13.81 71,165

Pioneer Natural Resources PXD US $146 $19,980mm $22,744mm $22,744mm 20.60 133,656

Pioneer Southwest Energy PSE US $34.36 $1,227mm $1,381mm $1,381mm 27.75 181,990

Plains E&P PXP US $48.90 $6,333mm $15,610mm $15,610mm 35.13 142,990

Po Valley Energy PVE AU A$0.10 A$12mm A$14mm $15mm 6.57 25,127,054

PostRock Energy PSTR US $1.50 $36mm $178mm $178mm 11.96 21,928

Premier Oil (LSE) PMO LN 349p £1,846mm £2,558mm $3,961mm 13.71 67,935

Premier Oil (ADR) PMOIY US $5.45 $2,884mm $2,884mm $2,884mm 9.98 49,461

PrimeEnergy PNRG US $33.30 $81mm $202mm $202mm 7.79 46,998

Primeline Energy Holdings PEH CN C$0.33 C$31mm C$30mm $29mm 3.10 -

Providence Resources (Dublin) PRP ID €6.35 €410mm €394mm $520mm 2.32 -

PTT Exp. & Prod. (Bangkok) PTTEP TB THB157 THB621,303mm THB641,971mm $20,596mm 24.04 61,130

PTT Exp. & Prod. (ADR) PEXNY US $10.09 $20,029mm $20,029mm $20,029mm 23.37 59,446

QEP Resources QEP US $28.05 $5,028mm $8,443mm $8,443mm 12.46 55,798

QR Energy QRE US $16.40 $959mm $2,188mm $2,188mm 21.72 128,633

Questerre Energy QEC CN C$0.76 C$179mm C$132mm $127mm 18.67 185,954

Quicksilver Resources KWK US $1.71 $302mm $2,400mm $2,400mm 9.46 38,357

Range Resources (US) RRC US $77.52 $12,641mm $15,578mm $15,578mm 13.86 119,158

Range Resources (ASX)* RRS AU A$0.05 A$128mm A$110mm $119mm 5.48 140,169

Range Resources (ADR)* RGRYY US $1.76 $126mm $126mm $126mm 2.34 -

Red Fork Energy (ASX) RFE AU A$0.50 A$192mm A$145mm $157mm 8.82 -

Red Fork Energy (ADR) RDFEY US $5.04 $196mm $196mm $196mm 10.99 -

Regal Petroleum RPT LN 19p £62mm £43mm $67mm 0.45 50,567

Renegade Petroleum RPL CN C$1.11 C$225mm C$506mm $488mm 14.41 128,678

Resaca Exploitation RSOX LN 3p £0.7mm £37mm $57mm 1.89 78,424

Reserve Petroleum RSRV US $305 $49mm $31mm $31mm 28.47 58,563

Resolute Energy REN US $7.79 $618mm $1,018mm $1,018mm 14.37 132,023

Rex Energy REXX US $17.45 $929mm $1,171mm $1,171mm 11.04 100,767

RMP Energy RMP CN C$4.18 C$450mm C$545mm $526mm 20.44 95,223

Roc Oil (ASX) ROC AU A$0.50 A$338mm A$236mm $256mm 17.05 -







Production ($/bopd)

Rock Energy RE CN C$1.26 C$50mm C$58mm $56mm 6.23 23,216

Rockhopper Exploration RKH LN 122p £346mm £323mm $500mm 1.11 -

Rosetta Resources ROSE US $44.13 $2,696mm $3,150mm $3,150mm 15.36 82,761

ROXI Petroleum RXP LN 4p £25mm £75mm $116mm 46.58 -

RusPetro RPO LN 38p £125mm £342mm $530mm 0.33 69,723

Salamander Energy (LSE) SMDR LN 153p £394mm £511mm $792mm 10.76 75,072

Samson Oil & Gas (ASX) SSN AU A$0.02 A$59mm A$31mm $34mm 33.75 -

Samson Oil & Gas (ADR) SSN US $0.43 $61mm $48mm $48mm 48.69 -

Sanchez Energy SN US $22.88 $792mm $573mm $573mm 26.83 443,055

SandRidge Energy SD US $4.83 $2,388mm $6,429mm $6,429mm 11.13 68,345

Santonia Energy STE CN C$1.73 C$177mm C$197mm $190mm 7.25 15,350

Santos (ASX) STO AU A$12.69 A$12,268mm A$11,951mm $12,933mm 9.70 -

Santos (ADR) SSLTY US $11.38 $11,002mm $11,002mm $11,002mm 8.25 -

Saratoga Resources SARA US $1.65 $51mm $180mm $180mm 10.16 57,563

Sea Dragon Energy SDX CN C$0.09 C$32mm C$31mm $30mm 4.09 26,878

Second Wave Petroleum SCS CN C$0.30 C$25mm C$25mm $24mm 3.05 14,123

Senex Energy (ASX) SXY AU A$0.55 A$622mm A$385mm $416mm 13.49 -

Senex Energy (ADR) VPEMY US $4.86 $554mm $554mm $554mm 17.96 -

Serica Energy (LSE) SQZ LN 22p £40mm £26mm $40mm 6.96 -

Shoreline Energy SEQ CN C$3.10 C$24mm C$71mm $68mm 12.68 115,844

Sino Gas & Energy Holdings SEH AU A$0.10 A$124mm A$99mm $107mm 1.17 -

Sino Oil & Gas Holdings 702 HK HK$0.20 HK$2,587mm HK$2,977mm $384mm 4.63 804,862

SM Energy SM US $60.46 $4,007mm $5,537mm $5,537mm 18.44 53,893

Soco International SIA LN 358p £1,187mm £1,049mm $1,625mm 12.47 133,219

Southern Pacific Resource STP CN C$0.43 C$169mm C$637mm $615mm 2.47 167,980

Southwestern Energy SWN US $35.98 $12,632mm $14,318mm $14,318mm 20.36 52,861

Sprint Energy SPS AU A$0.01 A$9.2mm A$7.7mm $8.3mm 0.69 -

Spyglass Resources SGL CN C$1.98 C$254mm C$462mm $445mm 7.11 32,734

Sterling Energy SEY LN 35p £77mm £0.4mm $0.7mm 1.64 1,199

Stone Energy SGY US $21.76 $1,087mm $1,743mm $1,743mm 13.19 40,405

Strategic Oil & Gas SOG CN C$0.93 C$196mm C$238mm $229mm 43.13 -

Strike Energy STX AU A$0.08 A$47mm A$36mm $38mm 29.05 -

Sun River Energy SNRV US $0.20 $0.9mm $11mm $11mm 376.64 365,602

Sure Energy SHR CN C$0.18 C$11mm C$29mm $28mm 4.88 23,612

Surge Energy SGY CN C$5.05 C$360mm C$562mm $542mm 11.58 59,812

Swift Energy SFY US $12.16 $527mm $1,514mm $1,514mm 7.68 46,042

Talisman Energy TLM CN C$11.83 C$12,238mm C$16,825mm $16,222mm 11.43 45,235

Tap Oil (ASX) TAP AU A$0.49 A$117mm A$7.6mm $8.2mm 1.34 -

Tatneft (Moscow) TATN RM RUB183 RUB398,134mm RUB461,550mm $14,073mm 1.61 -

Tatneft (ADR) OAOFY US $34.28 $734mm $12,446mm $12,446mm 1.43 -

Terra Energy TT CN C$0.28 C$28mm C$77mm $74mm 2.11 14,130

Tethys Petroleum TPL CN C$0.86 C$247mm C$270mm $261mm 17.98 44,195

TomCo Energy (LSE)*** TOM LN 1p £20mm £20mm $31mm 0.24 -

TomCo Energy (US OTC)*** TMCGF US $0.02 $29mm $259mm $259mm 2.05 -

TORC Oil & Gas TOG CN C$1.52 C$293mm C$269mm $260mm 9.12 212,811







Production ($/bopd)

Touchstone Exploration TAB CN C$0.21 C$28mm C$47mm $46mm 4.87 23,833

Tourmaline Oil TOU CN C$41.60 C$7,650mm C$7,828mm $7,547mm 16.51 143,467

TransAtlantic Petroleum TNP CN C$0.79 C$291mm C$313mm $301mm 13.85 65,048

TransGlobe Energy TGL CN C$6.32 C$467mm C$466mm $449mm 9.20 25,640

Trap Oil Group TRAP LN 11p £25mm £15mm $23mm 11.08 14,105

Traverse Energy TVL CN C$0.58 C$27mm C$24mm $23mm 88.63 180,798

Tribute Resources TRB CN C$0.06 C$4.1mm C$8.1mm $7.9mm 208.56 -

Trilogy Energy TET CN C$30.64 C$2,806mm C$4,228mm $4,077mm 40.75 117,799

Trinity E&P TRIN LN 104p £98mm £85mm $132mm 4.23 35,311

Trioil Resources TOL CN C$2.21 C$141mm C$173mm $167mm 8.43 77,265

Tullow Oil (LSE) TLW LN 1,019p £9,254mm £9,900mm $15,328mm 39.26 198,042

Tullow Oil (ADR) TUWOY US $7.83 $14,221mm $14,221mm $14,221mm 36.43 -

Twin Butte Energy TBE CN C$2.26 C$565mm C$757mm $730mm 12.81 49,172

Ultra Petroleum UPL US $20.55 $3,143mm $5,061mm $5,061mm 9.42 41,134

Urals Energy UEN LN 5p £12mm £12mm $19mm 0.32 9,434

Vaalco Energy EGY US $5.74 $332mm $230mm $230mm 29.62 45,724

Valeura Energy VLE CN C$0.46 C$27mm C$3.4mm $3.3mm 0.63 2,515

Vanguard Natural Res. VNR US $27.49 $2,085mm $3,100mm $3,100mm 19.77 164,932

Vermilion Energy VET CN C$50.87 C$5,147mm C$5,693mm $5,489mm 33.82 142,428

Victoria Oil & Gas * VOG LN 1p £61mm £68mm $106mm 1.96 243,558

Voc Energy VOC US $13.82 $235mm $247mm $247mm 17.98 96,516

Volga Gas VGAS LN 87p £70mm £71mm $110mm 1.74 45,855

W&T Offshore WTI US $13.77 $1,036mm $2,084mm $2,084mm 17.38 43,429

Waldron Energy WDN CN C$0.34 C$14mm C$48mm $46mm 3.93 16,456

Warren Resources WRES US $2.58 $188mm $270mm $270mm 10.66 47,542

Whitecap Resources WCP CN C$10.22 C$1,508mm C$1,851mm $1,784mm 20.09 120,418

Whiting Petroleum WLL US $46.21 $5,445mm $7,545mm $7,545mm 19.82 90,515

Winstar Resources WIX CN C$2.45 C$88mm C$80mm $77mm 6.76 50,944

Woodside (ASX) WPL AU A$35.31 A$29,092mm A$27,233mm $29,470mm 19.12 150,546

Woodside (ADR) WOPEY US $31.83 $26,225mm $26,225mm $26,225mm 17.02 133,970

WPX Energy WPX US $18.80 $3,764mm $5,347mm $5,347mm 6.56 21,307

Xcite Energy (LSE) XEL LN 100p £292mm £314mm $487mm 4.20 -

Xcite Energy (Toronto) XEL CN C$1.62 C$473mm C$508mm $490mm 4.22 -

Yoho Resources YO CN C$2.90 C$146mm C$179mm $173mm 6.14 77,514

Zargon Oil & Gas ZAR CN C$6.22 C$186mm C$284mm $274mm 8.66 33,510

ZaZa Energy ZAZA US $1.37 $140mm $280mm $280mm 83.20 269,917

Zhaikmunai ZKM LI $11.25 $2,101mm $2,454mm $2,454mm 4.71 58,432




Explorers Exchange Per Barrel of Resource ($/boe)

ASE 0.03

London 0.06

OTC US 0.13

Venture 0.12





Resources ($/boe)

3Legs Resources 3LEG LN 28p £24mm £24mm $37mm -

3MV Energy TMV CN C$0.15 C$10.5mm C$10mm $10mm -

Abby ABBY US $0.03 $3.3mm $3.3mm $3.3mm -

Abenteuer Resources ABU CN C$0.11 C$0.9mm C$0.9mm $0.9mm -

Adira Energy (ADR) ADENF US $0.02 $2.9mm $2.9mm $2.9mm -

Adira Energy (TSX) ADL CN C$0.01 C$1.9mm C$1.9mm $1.8mm -

Advance Energy AVD AU A$0.00 A$8.4mm A$8.4mm $9.0mm -

ADX Energy ADX AU A$0.01 A$5.3mm A$5.3mm $5.8mm 0.00

Africa Oil AOI CN C$7.24 C$1,636mm C$1,636mm $1,577mm 0.13

Alberta Oilsands AOS CN C$0.03 C$0.8mm C$0.8mm $0.8mm -

Alon Natural Gas Exp ALGS IT ILs5,578 ILs1,330mm ILs1,330mm $366mm -

Altima Resources ARH CN C$0.04 C$14mm C$14mm $14mm -

Amarok Energy AMR CN C$0.20 C$19mm C$19mm $18mm -

Ambassador Oil and Gas AQO AU A$0.15 A$10mm A$9.8mm $11mm -

American Eagle Energy AMZG US $1.70 $83mm $83mm $83mm -

American Energy Group AEGG US $0.20 $8.7mm $8.7mm $8.7mm -

Aminex AEX LN 3p £21mm £21mm $32mm 0.02

Antares Energy AZZ AU A$0.31 A$123mm A$123mm $133mm -

Anterra Energy AE/A CN C$0.05 C$33mm C$33mm $32mm -

Arcan Resources ARN CN C$0.48 C$369mm C$369mm $356mm -

Archer Petroleum ARK CN C$0.54 C$17mm C$17mm $16mm -

Argos Resources ARG LN 19p £39mm £39mm $60mm 0.07

Armour Energy AJQ AU A$0.20 A$10mm A$10mm $11mm -

Artisan Energy AEC CN C$0.45 C$29mm C$29mm $28mm -

Atikwa Resources ATK CN C$0.01 C$2.4mm C$2.4mm $2.3mm -

Atlantic Petroleum ATLA IR DKK170 DKK450mm DKK450mm $80mm -

Atlas Resource Partners ARP US $21.52 $1,751mm $1,751mm $1,751mm -

AusTex Oil (ASX) AOK AU A$0.14 A$43mm A$43mm $47mm -

AusTex Oil (ADR) ATXDY US $6.33 $55mm $55mm $55mm -

Austin Exploration (ASX) AKK AU A$0.01 A$15mm A$15mm $17mm -

Australian Oil & Gas AOGC US $0.00 $0.1mm $0.1mm $0.1mm -

Australian Oil AOC AU A$0.04 A$2.1mm A$2.1mm $2.3mm -

Avner Oil Exploration AVNRL IT ILs272 ILs11,129mm ILs11,129mm $3,062mm -

AWE AWE AU A$1.21 A$589mm A$589mm $638mm -

Azabache Energy AZA CN C$0.13 C$16mm C$16mm $15mm -

Aztec Oil & Gas AZGS US $0.12 $4.2mm $4.2mm $4.2mm -






Resources ($/boe)

Bahamas Petroleum (LSE) BPC LN 4p £35mm £35mm $55mm 0.01

Bakken Resources BKKN US $0.25 $14mm $14mm $14mm -

Baraka Energy and Resources BKP AU A$0.00 A$5.4mm A$5.4mm $5.8mm -

Bass Strait Oil BAS AU A$0.01 A$3.1mm A$3.1mm $3.4mm -

Bayou City Exploration BYCX US $1.50 $1.5mm $1.5mm $1.5mm -

Bayshore Petroleum BSH CN C$0.28 C$4.6mm C$4.6mm $4.4mm -

Benakat Petroleum Energy BIPI IJ IDR119 IDR4,525,480mm IDR4,525,480mm $452mm -

Berkley Renewables BKS CN C$0.05 C$0.5mm C$0.5mm $0.4mm -

Big Sky Petroleum BSP CN C$0.06 C$2.4mm C$2.4mm $2.3mm -

Birch Lake Energy BLK CN C$0.02 C$0.4mm C$0.4mm $0.4mm -

Black Ridge O&G ANFC US $0.70 $34mm $34mm $34mm -

Blackbird Energy BBI CN C$0.05 C$4.0mm C$4.0mm $3.9mm -

Blackdog Resources DOG CN C$0.12 C$5.0mm C$5.0mm $4.8mm -

Blacksands Petroleum BSPE US $2.30 $41mm $41mm $41mm -

Blue Dolphin Energy BDCO US $5.32 $72mm $72mm $72mm -

Blue Energy BUL AU A$0.05 A$28mm A$28mm $30mm -

Blugrass Energy BLUG US $0.00 $0.3mm $0.3mm $0.3mm -

BNK Petroleum BKX CN C$0.76 C$145mm C$145mm $140mm -

Bontan BNTNF US $0.22 $18mm $18mm $18mm -

Border Petroleum BOR CN C$0.02 C$5.0mm C$5.0mm $4.8mm -

Borders & Southern Petroleum BOR LN 14p £40mm £40mm $62mm -

Boss Resources BOE AU A$0.01 A$2.3mm A$2.3mm $2.5mm -

Bounty Oil & Gas BUY AU A$0.01 A$4mm A$3.6mm $3.9mm -

BowLeven BLVN LN 64p £132mm £132mm $205mm -

BP Prudhoe Bay Royalty BPT US $94.68 $2,025mm $2,025mm $2,025mm -

Brenham Oil & Gas BRHM US $0.04 $4.7mm $4.7mm $4.7mm -

Brinx Resources BNXR US $0.06 $1.4mm $1.4mm $1.4mm -

Britannia Mining MSVSD US $0.09 $2.1mm $2.1mm $2.1mm -

Brixton Energy BRX CN C$0.02 C$1.1mm C$1.1mm $1.1mm -

Brookwater Ventures BW CN C$0.01 C$1.3mm C$1.3mm $1.2mm -

Brownstone Energy BWN CN C$0.06 C$2.7mm C$2.7mm $2.6mm -

BRS Resources BRS CN C$0.06 C$2.7mm C$2.7mm $2.6mm -

Buccaneer Energy BCC AU A$0.03 A$69mm A$69mm $75mm -

Buru Energy BRU AU A$1.30 A$264mm A$264mm $285mm -

Butte Energy BEN CN C$0.13 C$5.5mm C$5.5mm $5.3mm -

Cairn Energy CNE LN 259p £546mm £546mm $846mm 0.10

Cairn Energy (ADR) CRNCY US $7.93 $2,392mm $2,392mm $2,392mm 0.28

Cairn India CAIR IN INR294 INR388,040mm INR388,040mm $6,539mm -

Canada Energy Partners CE CN C$0.08 C$6.6mm C$6.6mm $6.4mm -

Canadian Imperial Venture CQV CN C$0.03 C$0.8mm C$0.8mm $0.7mm -

Canadian Overseas Petroleum XOP CN C$0.19 C$52mm C$52mm $50mm -

Canadian Quantum Energy CQM CN C$0.03 C$1.2mm C$1.2mm $1.1mm -

Canadian Spirit Resources SPI CN C$0.23 C$19mm C$19mm $18mm -

Carbon Energy CNXAY US $0.53 $21mm $21mm $21mm -

Cassandra Oil CASO SS SE₭25.50 SE₭4,174mm SE₭4,174mm $638mm -






Resources ($/boe)

Caza Oil & Gas (LSE) CAZA LN 11p £15mm £15mm $24mm -

Caza Oil & Gas (Toronto) CAZ CN C$0.18 C$24mm C$24mm $23mm -

CBM Asia Development TCF CN C$0.11 C$17mm C$17mm $16mm -

Central Petroleum (ASX) CTP AU A$0.07 A$88mm A$88mm $95mm -

Century Petroleum CYPE US $0.00 $0.1mm $0.1mm $0.1mm -

CGX Energy OYL CN C$0.13 C$96mm C$96mm $93mm -

Challenger Energy CEL AU A$0.06 A$16mm A$16mm $17mm -

Chariot Oil & Gas CHAR LN 17p £34mm £34mm $53mm 0.00

Cheetah Oil & Gas COHG US $0.01 $0.1mm $0.1mm $0.1mm -

Chesapeake Granite Wash CHKR US $14.66 $196mm $196mm $196mm -

Cheyenne Resources CYRS US $0.00 $0.0mm $0.0mm $0.0mm -

Circle Star Energy CRCL US $0.05 $1.9mm $1.9mm $1.9mm -

CLIQ Energy CLIQ MK MYR0.67 MYR1,338mm MYR1,338mm $417mm -

Clontarf Energy CLON LN 1p £1.9mm £1.9mm $2.9mm 0.00

Cobalt International Energy CIE US $25.87 $10,200mm $10,200mm $10,200mm -

Cobra Venture CBV CN C$0.20 C$1.8mm C$1.8mm $1.7mm -

Comet Ridge COI AU A$0.24 A$74mm A$74mm $80mm -

Commodity Quest COMQ SS SE₭3.32 SE₭55mm SE₭55mm $8.4mm -

Conpet Ploiesti COTE RO RON34.03 RON554mm RON554mm $162mm -

Constellation Energy Partners CEP US $2.03 $130mm $130mm $130mm -

Contact Exploration CEX CN C$0.22 C$47mm C$47mm $45mm -

Continental Energy CPPXF US $0.09 $9.0mm $9.0mm $9.0mm -

Coral Sea Petroleum CSP AU A$0.19 A$17mm A$17mm $19mm -

Cosco Capital COSCO PM PHP9.14 PHP66,523mm PHP66,523mm $1,516mm -

Cott Oil and Gas CMT AU A$0.15 A$8.5mm A$8.5mm $9.2mm -

Cross Border Resources XBOR US $0.50 $19.2mm $19mm $19mm -

Cross Timbers Royalty CRT US $25.62 $154mm $154mm $154mm -

Crown Energy CRWN SS SE₭7.60 SE₭194mm SE₭194mm $30mm -

Crown Point Ventures CWV CN C$0.22 C$13mm C$13mm $12mm -

Crudecorp CRUDE NO NO₭6.50 NO₭4,826mm NO₭4,826mm $808mm -

CUB Energy KUB CN C$0.25 C$62mm C$62mm $60mm -

Cypress Hills Resource CHY CN C$0.07 C$0.9mm C$0.9mm $0.8mm -

Daybreak Oil & Gas DBRM US $0.13 $9.3mm $9.3mm $9.3mm -

Deep Rock Oil & Gas DPRK US $0.00 $0.0mm $0.0mm $0.0mm -

Deep Well Oil & Gas DWOG US $0.05 $8.8mm $8.8mm $8.8mm -

Delek Drilling - DEDRL IT ILs1,572 ILs10,678mm ILs10,678mm $2,938mm -

Delek Energy Systems DLEN IT ILs177,000 ILs12,820mm ILs12,820mm $3,528mm -

Deloro Resources DLL CN C$0.01 C$0.3mm C$0.3mm $0.3mm -

Delphi Energy DEE CN C$1.30 C$300mm C$300mm $289mm -

Delta Oil & Gas DLTA US $0.04 $0.6mm $0.6mm $0.6mm -

Derek Oil & Gas DRK CN C$0.02 C$4.9mm C$4.9mm $4.7mm -

Desire Petroleum DES LN 14p £39mm £39mm $61mm 0.02

Desmarais Energy DES CN C$0.03 C$3.9mm C$3.9mm $3.7mm -

Detector Exploration DEX CN C$0.02 C$0.7mm C$0.7mm $0.7mm -

Devin Energy DVC/H CN C$0.91 C$7.2mm C$7.2mm $7.0mm -






Resources ($/boe)

Diaz Resources DZR CN C$0.02 C$5.6mm C$5.6mm $5.4mm -

DNO (Oslo) DNO NO NO₭11.10 NO₭10,954mm NO₭10,954mm $1,834mm -

Black Warrior Trust DOM US $4.95 $39mm $39mm $39mm -

Donnycreek Energy DCK CN C$2.06 C$68mm C$68mm $66mm -

Doxa Energy DXA CN C$0.07 C$6.3mm C$6.3mm $6.1mm -

Drillsearch Energy DLS AU A$1.03 A$411mm A$411mm $445mm -

Duma Energy DUMA US $2.49 $33mm $33mm $33mm -

Dundee Energy DEN CN C$0.35 C$130mm C$130mm $125mm -

Dune Energy DUNR US $1.64 $181mm $181mm $181mm -

Eagle Ford Oil & Gas ECCE US $0.36 $24mm $24mm $24mm -

Eagleford Energy EFRDF US $0.06 $4.5mm $4.5mm $4.5mm -

Eaglewood Energy EWD CN C$0.27 C$14mm C$14mm $13mm -

Earthstone Energy ESTE US $14.07 $26mm $26mm $26mm -

East West Petroleum EW CN C$0.31 C$5mm C$4.6mm $4.4mm -

ECA Marcellus Trust I ECT US $9.81 $173mm $173mm $173mm -

Eco Atlantic Oil & Gas EOG CN C$0.50 C$27mm C$27mm $26mm -

Eden Energy EDNE US $0.06 $0.4mm $0.4mm $0.4mm -

EFL Overseas EFLO US $1.65 $32mm $32mm $32mm -

Elndor Minerals LCO CN C$0.01 C$3.0mm C$3.0mm $2.9mm -

Elixir Petroleum EXR AU A$0.02 A$1.8mm A$1.8mm $1.9mm -

Elk Petroleum ELK AU A$0.20 A$26mm A$26mm $29mm -

Elkwater Resources ELW CN C$0.14 C$5.1mm C$5.1mm $4.9mm -

Emerald Bay Energy EBY CN C$0.05 C$6.7mm C$6.7mm $6.5mm -

Emerald Oil & Gas EMR AU A$0.01 A$4.8mm A$4.8mm $5.2mm -

Emerald Oil EOX US $6.37 $284mm $284mm $284mm -

Empire Energy International EEGC US $0.01 $9.7mm $9.7mm $9.7mm -

Empire Energy (ASX) EEG AU A$0.07 A$60mm A$60mm $65mm -

Empire Energy (ADR) EEGNY US $1.18 $18mm $18mm $18mm -

Empire Oil & Gas EGO AU A$0.01 A$52mm A$52mm $57mm -

Empire Petroleum EMPR US $0.01 $0.9mm $0.9mm $0.9mm -

Empyrean Energy EME LN 6p £12mm £12mm $18mm -

Enegi Oil ENEG LN 8p £9.3mm £9.3mm $14mm -

Energi Mega Per'da (Indonesia) ENRG IJ IDR121 IDR13,135,389mm IDR13,135,389mm $1,313mm -

EnerJex Resources ENRJ US $0.50 $34mm $34mm $34mm -

Enhanced Oil Resources EOR CN C$0.07 C$10mm C$10mm $10mm -

Entek Energy ETE AU A$0.03 A$5mm A$5.4mm $5.8mm -

Enterprise Energy Resources EER CN C$0.06 C$2.9mm C$2.9mm $2.8mm -

EPI Holdings EPIHY US $0.00 $66mm $66mm $66mm -

Epsilon Energy EPS CN C$3.30 C$190mm C$190mm $183mm -

Equal Energy EQU CN C$3.85 C$160mm C$160mm $154mm -

ERHC Energy ERHE US $0.07 $52mm $52mm $52mm -

Maurel et Prom MAU FP €12.00 €1,867mm €1,867mm $2,468mm -

Eurasia Energy EUENF US $0.01 $0.2mm $0.2mm $0.2mm -

Europa Oil & Gas Holdings EOG LN 10p £13mm £13mm $20mm -

Exoma Energy EXE AU A$0.02 A$5.3mm A$5.3mm $5.8mm -






Resources ($/boe)

Falcon Oil & Gas FO CN C$0.23 C$177mm C$177mm $171mm -

Falkland Oil & Gas FOGL LN 27p £84mm £84mm $130mm 0.03

FAR (ASX) FAR AU A$0.03 A$39mm A$39mm $42mm -

Fastnet Oil & Gas (LSE) FAST LN 20p £45mm £45mm $70mm 0.00

FEC Resources FECOF US $0.01 $3.6mm $3.6mm $3.6mm -

FieldPoint Petroleum FPP US $3.40 $32mm $32mm $32mm -

Fitzroy River FZR AU A$0.33 A$25mm A$25mm $27mm -

Force Energy FORC US $0.00 $0.1mm $0.1mm $0.1mm -

Forent Energy FEN CN C$0.08 C$7mm C$7.4mm $7.2mm -

Fortune Oil & Gas FOGC US $0.00 $0.0mm $0.0mm $0.0mm -

Forum Energy FEP LN 49p £24mm £24mm $37mm -

Frontera Resources FRR LN 0.78p £28mm £28mm $43mm 0.37

Frontier Energy FRGY US $0.00 $0.0mm $0.0mm $0.0mm -

Frontier Resources FRGP PZ 7p £5.3mm £5.3mm $8.2mm -

Gale Force Petroleum GFP CN C$0.20 C$24mm C$24mm $23mm -

Galileo Petroleum GPL CN C$0.03 C$0.2mm C$0.2mm $0.2mm -

Gambit Energy GMEI US $1.30 $35mm $35mm $35mm -

Gas2Grid GGX AU A$0.03 A$16mm A$16mm $17mm -

Gasol GAS LN 19p £8.9mm £8.9mm $14mm -

Gastar Exploration GST US $2.70 $351mm $351mm $351mm -

Gastem GMR CN C$0.02 C$1.7mm C$1.7mm $1.7mm -

GeoGlobal Resources GGLR US $0.03 $5.0mm $5.0mm $5.0mm -

Georox Resources GXR CN C$0.07 C$1.2mm C$1.2mm $1.2mm -

Givot Olam Oil Exploration GIVOL IT ILs4.60 ILs455mm ILs455mm $125mm -

Global Oil & Gas AG 3GOK GR €0.44 €1.7mm €1.7mm $2.2mm -

Global Petroleum (ASX) GBP AU A$0.10 A$17mm A$17mm $18mm -

Global Petroleum (LSE) GBP LN 7p £14mm £14mm $21mm -

Globe Exploration GLEX IT ILs26.00 ILs7mm ILs7.0mm $1.9mm -

Gold Oil GOO LN 1p £17mm £17mm $26mm 0.01

Golden Gate Petroleum (ASX) GGP AU A$0.00 A$9.6mm A$9.6mm $10mm -

Gran Tierra Exchangeco GTX CN C$5.72 C$39mm C$39mm $38mm -

Grand Gulf Energy GGE AU A$0.00 A$2.0mm A$2.0mm $2.1mm -

Greencastle Resources VGN CN C$0.06 C$2.8mm C$2.8mm $2.7mm -

Greenfields Petroleum GNF CN C$3.46 C$72mm C$72mm $69mm -

Greenpower Energy GPP AU A$0.02 A$1.2mm A$1.2mm $1.3mm -

Greenvale Mining (ASX) GRV AU A$0.08 A$3.9mm A$3.9mm $4.2mm -

Groundstar Resources GSA CN C$0.09 C$0.1mm C$0.1mm $0.1mm -

GSV GSVI US $0.01 $0.5mm $0.5mm $0.5mm -

GTL GTLC RM RUB0.77 RUB2,039mm RUB2,039mm $62mm -

Guardian Exploration GX CN C$0.01 C$0.8mm C$0.8mm $0.7mm -

Gujarat Natural Resources GERL IN INR53.75 INR2,206mm INR2,206mm $37mm -

Gulfast Oil & Gas GCOG US $0.00 $0.9mm $0.9mm $0.9mm -

Gulf Shores Resources GUL CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Gulf United Energy GLFE US $0.00 $2.2mm $2.2mm $2.2mm -

Hibiscus Petroleum Bhd HIBI MK MYR1.44 MYR517mm MYR517mm $161mm -






Resources ($/boe)

Hindustan Oil Exploration HOE IN INR34.20 INR12,076mm INR12,076mm $203mm -

Holloman Energy HENC US $0.67 $73mm $73mm $73mm -

Horizon Oil HZN AU A$0.36 A$470mm A$470mm $508mm -

Horn Petroleum HRN CN C$0.25 C$17mm C$17mm $17mm -

HRT Part. em Petroleo HRTP3 BZ BrR2.29 BrR676mm BrR676mm $299mm -

Hugoton Royalty Trust HGT US $9.05 $362mm $362mm $362mm -

Hull Energy HULL US $0.09 $12.6mm $13mm $13mm -

Huntington Exploration HEI CN C$0.03 C$3.5mm C$3.5mm $3.4mm -

Hyperdynamics HDY US $0.44 $32mm $32mm $32mm -

Icon Energy (Aust) ICN AU A$0.14 A$51mm A$51mm $55mm -

IGAS Energy IGAS LN 117p £280mm £280mm $433mm -

Incremental Oil & Gas IOG AU A$0.13 A$19mm A$19mm $21mm -

Independence Energy IDNG US $0.01 $1.0mm $1.0mm $1.0mm -

Index Oil & Gas IXOG US $0.00 $0.1mm $0.1mm $0.1mm -

Indigo-Energy IDGG US $0.00 $0.4mm $0.4mm $0.4mm -

Indus Gas INDI LN 920p £1,770mm £1,770mm $2,740mm -

Infinity Energy Resources IFNY US $1.95 $55mm $55mm $55mm -

INOC Dead Sea HLDSL IT ILs2,755 ILs868mm ILs868mm $239mm -

Interlink Petroleum ITP IN INR18.25 INR852mm INR852mm $14mm -

Int. Frontier Resources IFR CN C$0.06 C$0.3mm C$0.3mm $0.3mm -

Iofina IOF LN 197p £245mm £245mm $380mm -

Iona Energy INA CN C$0.55 C$309mm C$309mm $298mm -

IPB Petroleum IPB AU A$0.24 A$19mm A$19mm $21mm -

Ironhorse Oil & Gas IOG CN C$0.19 C$8.6mm C$8.6mm $8.3mm -

Israel Land Dev. Energy IE IT ILs47.00 ILs76mm ILs76mm $21mm -

Israel Opportunity Energy ISOPL IT ILs10.20 ILs76mm ILs76mm $21mm -

Isramco Negev 2 ISRAL IT ILs63.20 ILs10,455mm ILs10,455mm $2,877mm -

Ivanhoe Energy IE CN C$1.03 C$124mm C$124mm $120mm -

Jacka Resources JKA AU A$0.08 A$17mm A$17mm $18mm -

Jadela Oil JOC CN C$0.08 C$0.1mm C$0.1mm $0.1mm -

Japan Petroleum 1662 JP ¥4,080 ¥169,204mm ¥169,204mm $1,728mm -

Jayhawk Energy JYHW US $0.02 $1.4mm $1.4mm $1.4mm -

Junex JNX CN C$0.51 C$15mm C$15mm $14mm -

Jupiter Energy JPR AU A$0.54 A$70mm A$70mm $75mm -

Jura Energy JEC CN C$0.28 C$21mm C$21mm $20mm -

Kairiki Energy KIK AU A$0.00 A$9.3mm A$9.3mm $10mm -

Kallisto Energy KEC CN C$0.08 C$11.5mm C$11mm $11mm -

Kanto Natural Gas 1661 JP ¥662 ¥30,571mm ¥30,571mm $312mm -

Karoon Gas (ASX) KAR AU A$5.19 A$762mm A$762mm $825mm -

KazMunaiGas E&P RDGZ KZ KZT13,125 KZT773,118mm KZT773,118mm $5,100mm -

KEA Petroleum KEA LN 4p £15mm £15mm $23mm -

Kelt Exploration KEL CN C$7.35 C$614mm C$614mm $592mm -

Key Petroleum KEY AU A$0.01 A$3.1mm A$3.1mm $3.3mm -

KFG Resources KFG CN C$0.04 C$2.0mm C$2.0mm $2.0mm -

Kina Petroleum KPL AU A$0.30 A$41mm A$41mm $45mm -






Resources ($/boe)

Kingsland Energy KLE CN C$0.23 C$18mm C$18mm $17mm -

Knol Resources NOL CN C$0.17 C$1.0mm C$1.0mm $0.9mm -

Kodiak Energy KDKN US $0.01 $5.2mm $5.2mm $5.2mm -

Kulczyk Oil Ventures KOV PW PLN1.16 PLN623mm PLN623mm $191mm -

Kunlun Energy (ADR) KLYCY US $83.66 $13,498mm $13,498mm $13,498mm -

Lakes Oil LKO AU A$0.01 A$28mm A$28mm $31mm -

Lapidoth-Heletz LPHLL IT ILs13.50 ILs59mm ILs59mm $16mm -

Lariat Energy LE CN C$0.05 C$0.8mm C$0.8mm $0.8mm -

Leed Resources LDP LN 0.14p £3.4mm £3.4mm $5.3mm -

Lekoil LEK LN 35p £64mm £64mm $98mm -

Lexaria LXRP US $0.05 $2.2mm $2.2mm $2.2mm -

LinnCo LLC LNCO US $36.80 $7,317mm $7,317mm $7,317mm -

Lion Energy LIO AU A$0.02 A$2.1mm A$2.1mm $2.3mm -

LL&E Royalty Trust LRTR US $1.12 $21mm $21mm $21mm -

LNG Energy LNG CN C$0.02 C$13.0mm C$13mm $13mm -

Longreach Oil & Gas LOI CN C$0.75 C$19mm C$19mm $19mm 0.05

Longreach Oil LGO AU A$0.00 A$2.2mm A$2.2mm $2.4mm -

Loon Energy LNE CN C$0.03 C$0.5mm C$0.5mm $0.5mm -

Lynden Energy LVL CN C$0.78 C$95mm C$95mm $92mm -

Madagascar Oil MOIL LN 14p £48mm £48mm $75mm -

Magnolia Petroleum MAGP LN 2p £21mm £21mm $33mm -

Magnum Energy MEN CN C$0.06 C$8.9mm C$8.9mm $8.6mm -

Mammoth Energy Group MMTE US $0.00 $0.7mm $0.7mm $0.7mm -

Manas Petroleum MNAP US $0.06 $8.7mm $8.7mm $8.7mm -

Manitok Energy MEI CN C$2.92 C$212mm C$212mm $204mm -

Marauder Resources MES CN C$0.08 C$7.6mm C$7.6mm $7.3mm -

Mari Gas MARI PA PKR139 PKR9,312mm PKR9,312mm $94mm -

Marine Petroleum Trust MARPS US $16.95 $34mm $34mm $34mm -

Marksmen Energy MAH CN C$0.15 C$5.0mm C$5.0mm $4.9mm -

Mart Resources MMT CN C$1.52 C$510mm C$510mm $492mm -

MASS Petroleum MASP US $0.25 $13mm $13mm $13mm -

Matachewannsolidated MCM/A CN C$0.36 C$2.4mm C$2.4mm $2.3mm -

Maverick Drilling & Exploration MAD AU A$0.36 A$93mm A$93mm $101mm -

Maverick Minerals MVRM US $0.04 $0.9mm $0.9mm $0.9mm -

Maxim Resources MXM CN C$0.08 C$1.7mm C$1.7mm $1.6mm -

Mcchip Resources MCS CN C$1.42 C$5.2mm C$5.2mm $5.0mm -

Medco Energi (Indonesia) MEDC IJ IDR1,740 IDR11,798,669mm IDR11,798,669mm $1,179mm -

MEO Australia (ASX)* MEO AU A$0.06 A$32mm A$32mm $34mm 0.01

MEO Australia (ADR) MEOAY US $0.59 $37mm $37mm $37mm 0.02

Mercom Oilnds PLC MMO LN 0.48p £1.0mm £1.0mm $1.6mm -

Mesa Royalty Trust MTR US $21.82 $41mm $41mm $41mm -

Metalore Resources MET CN C$3.30 C$4.4mm C$4.4mm $4.3mm -

MGM Energy MGX CN C$0.23 C$85mm C$85mm $82mm -

MIE Holdings 1555 HK HK$1.80 HK$8,400mm HK$8,400mm $1,083mm -

Mira Resources MRP CN C$0.04 C$5.7mm C$5.7mm $5.5mm -






Resources ($/boe)

Misen Energy MISE SS SE₭14.45 SE₭2,228mm SE₭2,228mm $341mm -

Moby Oil & Gas MOG AU A$0.01 A$1.6mm A$1.6mm $1.8mm -

Modiin MDINL IT ILs7.80 ILs42mm ILs42mm $11mm -

Monarch Energy MNL CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Mooncor Oil & Gas MOO CN C$0.01 C$1.5mm C$1.5mm $1.4mm -

Mountainview Energy MVW CN C$0.50 C$62mm C$62mm $60mm -

MV Oil MVO US $29.72 $342mm $342mm $342mm -

Naphtha Explo NFEXL IT ILs1,315 ILs577mm ILs577mm $159mm -

Naphtha Israel Petroleum NFTA IT ILs1,922 ILs5,844mm ILs5,844mm $1,608mm -

Neon Energy (ASX) NEN AU A$0.24 A$102mm A$102mm $110mm -

New Frontier Energy NFEI US $0.03 $1.9mm $1.9mm $1.9mm -

New Guinea Energy (ASX) NGE AU A$0.02 A$17mm A$17mm $19mm -

New Guinea Energy (ADR) NGELY US $1.18 $20mm $20mm $20mm -

New Klondike Exploration NK CN C$0.06 C$0.8mm C$0.8mm $0.8mm -

New Standard Energy NSE AU A$0.12 A$31mm A$31mm $34mm -

New Western Energy NWTR US $0.20 $14mm $14mm $14mm -

New World O&G NEW LN 0.75p £5.2mm £5.2mm $8.0mm 0.03

New Zealand Energy NZ CN C$0.39 C$2mm C$1.6mm $1.5mm -

Newton Energy NTN CN C$0.02 C$0.3mm C$0.3mm $0.2mm -

Nextraction Energy NE CN C$0.20 C$11.1mm C$11mm $11mm -

Nexus Energy NXS AU A$0.09 A$216mm A$216mm $233mm -

Nighthawk Energy (ADR) NHEGY US $1.89 $89mm $89mm $89mm -

NiMin Energy NNN/H CN C$0.10 C$6.6mm C$6.6mm $6.4mm -

Nitro Petroleum NTRO US $0.55 $3.3mm $3.3mm $3.3mm -

Nordic Oil & Gas NOG CN C$0.02 C$4.0mm C$4.0mm $3.9mm -

Norse Energy (Oslo) NEC NO NO₭0.28 NO₭170mm NO₭170mm $28mm -

Norse Energy (ADR) NSEEY US $0.18 $20mm $20mm $20mm -

North American Oil & Gas NAMG US $1.02 $61mm $61mm $61mm -

North Energy (Oslo) NORTH NO NO₭5.30 NO₭564mm NO₭564mm $95mm -

North European Oil Royalty NRT US $24.95 $229mm $229mm $229mm -

North Sea Energy NUK CN C$0.27 C$14mm C$14mm $14mm 0.28

North West Oil Group NWOL US $0.01 $0.0mm $0.0mm $0.0mm -

Northern Spirit Resources NS CN C$0.06 C$15mm C$15mm $14mm -

Norwest Energy NL NWE AU A$0.02 A$13mm A$13mm $14mm -

Nostra Terra Oil & Gas NTOG LN 0.44p £12mm £12mm $18mm -

Novus Energy NVS CN C$0.75 C$225mm C$225mm $217mm -

NuEnergy Gas NGY AU A$0.04 A$8mm A$7.9mm $8.5mm -

NWEST Energy NWN CN C$0.12 C$0.7mm C$0.7mm $0.7mm -

Oando Energy Resources OER CN C$1.49 C$662mm C$662mm $639mm -

Octagon 88 Resources OCTX US $5.14 $136mm $136mm $136mm -

Octanex NL OXX AU A$0.21 A$19mm A$19mm $21mm -

Odin Energy ODN AU A$0.00 A$0.2mm A$0.2mm $0.2mm -

Odyssey Energy ODY AU A$0.01 A$2.0mm A$2.0mm $2.1mm -

OGX (BOVESPA) OGXP3 BZ BrR0.87 BrR9,184mm BrR9,184mm $4,068mm -

OGX (ADR) OGXPY US $0.38 $1,230mm $1,230mm $1,230mm -






Resources ($/boe)

Oil & Gas Development OGDC PA PKR236 PKR1,011,607mm PKR1,011,607mm $10,234mm -

Oil & Gas Exp. & Prod. 4O1 BU BGN4.32 BGN70mm BGN70mm $48mm -

Oil & Natural Gas ONGC IN INR307 INR2,652,266mm INR2,652,266mm $44,692mm -

Oil Basins OBL AU A$0.01 A$6.7mm A$6.7mm $7.3mm -

Oil Optimization OOI CN C$0.02 C$1.8mm C$1.8mm $1.7mm -

Oilex (ASX) OEX AU A$0.06 A$10mm A$10mm $11mm -

Oilex (LSE) OEX LN 4p £8mm £8.2mm $13mm -

Oilsands Quest OBQI US $0.01 $2.3mm $2.3mm $2.3mm -

OMDA Oil & Gas OOAG US $0.00 $0.2mm $0.2mm $0.2mm -

Opal Energy OPA/H CN C$0.06 C$0.7mm C$0.7mm $0.7mm -

Ophir Energy OPHR LN 366p £2,009mm £2,009mm $3,111mm -

Orca Energy OGY AU A$0.02 A$4.3mm A$4.3mm $4.7mm -

Orca Exploration Group ORC/B CN C$2.30 C$76mm C$76mm $73mm -

Oriental Petroleum & Minerals OPM PM PHP0.02 PHP2,226mm PHP2,226mm $51mm -

Oryx Petroleum OXC CN C$14.40 C$1,408mm C$1,408mm $1,357mm -

Osage Exp & Dev. OEDV US $1.10 $63mm $63mm $63mm -

Otis Energy OTE AU A$0.00 A$0.7mm A$0.7mm $0.8mm -

Otto Energy OEL AU A$0.07 A$51mm A$51mm $55mm -

PA Resources AB PAR SS SE₭10.85 SE₭2,422mm SE₭2,422mm $370mm -

Pacific Paradym Energy PPE CN C$0.01 C$0.6mm C$0.6mm $0.6mm -

Painted Pony Petroleum PPY CN C$8.14 C$687mm C$687mm $662mm -

Pakistan Oilfields POL PA PKR501 PKR109,318mm PKR109,318mm $1,106mm -

Palo Duro Energy PDE/H CN C$0.03 C$0.8mm C$0.8mm $0.8mm -

Paloma Resources PLO/H CN C$0.01 C$0.1mm C$0.1mm $0.1mm -

Pan Pacific Petroleum PPP AU A$0.11 A$55mm A$55mm $60mm -

Pancontinental (ASX) PCL AU A$0.05 A$12mm A$12mm $13mm -

PanTerra Resource PRC CN C$0.05 C$3.6mm C$3.6mm $3.4mm -

Pantheon Resources PANR LN 19p £18mm £18mm $27mm -

Paris Energy PI CN C$0.04 C$0.6mm C$0.6mm $0.6mm -

Park Place Energy PKPL US $0.13 $2.7mm $2.7mm $2.7mm -

Passport Energy PPO CN C$0.05 C$4.1mm C$4.1mm $4.0mm -

Patch International PTCHF US $0.00 $0.0mm $0.0mm $0.0mm -

Patriot Energy/Houston TX PGYC US $0.00 $60.4mm $60mm $60mm -

Pedevco PEDO US $4.19 $64mm $64mm $64mm -

Pegasi Energy Resources PGSI US $0.89 $57mm $57mm $57mm -

Pennant Energy PEN CN C$0.02 C$1.1mm C$1.1mm $1.0mm -

Permian Basin Royalty Trust PBT US $12.96 $601mm $601mm $601mm -

Petra Petroleum PTL CN C$0.27 C$8mm C$8.2mm $7.9mm -

Petrel Energy PRL AU A$0.09 A$28mm A$28mm $30mm -

Petrel Resources PET LN 15p £9mm £8.5mm $13mm 0.01

Petrichor Energy PTP CN C$0.21 C$3.3mm C$3.3mm $3.2mm -

Petro Basin Energy PBA/H CN C$0.04 C$0.6mm C$0.6mm $0.5mm -

Petro Matad MATD LN 5p £7mm £7.4mm $11mm -

Petro One Energy POP CN C$0.19 C$9mm C$9.5mm $9.1mm -

Petroamerica Oil PTA CN C$0.24 C$114mm C$114mm $110mm -






Resources ($/boe)

Petrobank Energy & Resources PBG CN C$0.44 C$42mm C$42mm $41mm -

PetroEnergy Resources PERC PM PHP6.00 PHP3,351mm PHP3,351mm $76mm -

Petroforte International PFI CN C$0.02 C$0.9mm C$0.9mm $0.9mm -

Petrofrontier PFC CN C$0.21 C$17mm C$17mm $16mm -

Petrogrand AB PETRO SS SE₭7.10 SE₭153mm SE₭153mm $23mm -

PetroHunter Energy PHUN US $0.02 $57.8mm $58mm $58mm -

Petrolia PEA CN C$0.69 C$40mm C$40mm $39mm -

Petrolympic PCQ CN C$0.07 C$5.5mm C$5.5mm $5.3mm -

Petromanas Energy PMI CN C$0.11 C$27mm C$27mm $26mm -

Petromin Resources PTR CN C$0.04 C$3.5mm C$3.5mm $3.3mm -

PetroNova PNA CN C$0.35 C$45mm C$45mm $43mm -

Petroshale PSH CN C$0.55 C$11mm C$11mm $11mm -

Petrostar Petroleum PEP CN C$0.08 C$3.9mm C$3.9mm $3.7mm -

Philex Petroleum PXP PM PHP11.10 PHP19,282mm PHP19,282mm $440mm -

Philodrill OV PM PHP0.04 PHP6,384mm PHP6,384mm $146mm -

Phoenix Canada Oil PCO CN C$1.85 C$1.1mm C$1.1mm $1.0mm -

Pioneer Oil & Gas POGS US $0.93 $7.3mm $7.3mm $7.3mm -

Planet Gas PGS AU A$0.02 A$8mm A$8.2mm $8.8mm -

Platino Energy PZE CN C$1.22 C$87mm C$87mm $84mm -

Polyard Petroleum 8011 HK HK$0.14 HK$516mm HK$516mm $66mm -

Porto Energy PEC CN C$0.04 C$5.1mm C$5.1mm $4.9mm -

Power Resource Exploration PREXF US $0.01 $0.0mm $0.0mm $0.0mm -

PRD Energy PRD CN C$0.50 C$43mm C$43mm $41mm -

President Petroleum PPC LN 19p £39mm £39mm $61mm -

Primary Petroleum PIE CN C$0.06 C$8.8mm C$8.8mm $8.5mm -

Providence Resources (US) PVRS US $0.01 $0.3mm $0.3mm $0.3mm -

Providence Resources (LSE) PVR LN 554p £344mm £344mm $532mm -

Pryme Energy (ASX) PYM AU A$0.01 A$5.9mm A$5.9mm $6.4mm -

Pryme Energy (ADR) POGLY US $0.13 $3.8mm $3.8mm $3.8mm -

Pura Vida Energy PVD AU A$0.41 A$27mm A$27mm $30mm 0.07

Pyramid Oil PDO US $4.13 $13mm $13mm $13mm -

QGEP Participacoes QGEP3 BZ BrR10.98 BrR1,732mm BrR1,732mm $767mm -

Quest Petroleum QPN AU A$0.00 A$3.8mm A$3.8mm $4.1mm 0.07

Quoram PLC QRM LN 0.23p £1.1mm £1.1mm $1.8mm -

Radial Energy RENG US $0.00 $1.7mm $1.7mm $1.7mm -

Raging River Exploration RRX CN C$4.03 C$668mm C$668mm $644mm -

Raimount Energy RMT CN C$2.10 C$1.6mm C$1.6mm $1.6mm -

Rampart Energy RTD AU A$0.00 A$3.1mm A$3.1mm $3.4mm -

Rancher Energy RNCH US $0.01 $1.4mm $1.4mm $1.4mm -

Ratio Oil Exploration 1992 RATIL IT ILs34.00 ILs2,585mm ILs2,585mm $711mm -

Rawson Resources RAW AU A$0.08 A$4.9mm A$4.9mm $5.3mm -

Recovery Energy RECV US $1.65 $62mm $62mm $62mm -

Red Emperor (ASX)* RMP AU A$0.05 A$11mm A$11mm $12mm -

Red Sky Energy ROG AU A$0.00 A$1.8mm A$1.8mm $2.0mm -

Relentless Resources RRL CN C$0.15 C$4.9mm C$4.9mm $4.8mm -






Resources ($/boe)

Renewable Energy Solution Systems RESS US $0.02 $0.0mm $0.0mm $0.0mm -

RH Petrogas RHP SP S$0.51 S$360mm S$360mm $282mm -

Rialto Energy (ASX) RIA AU A$0.04 A$20mm A$20mm $22mm 0.02

Richfield Oil & Gas ROIL US $0.62 $26mm $26mm $26mm -

Ring Energy RNGE US $8.00 $110mm $110mm $110mm -

Riverdale Oil & Gas RVDO US $0.05 $1.4mm $1.4mm $1.4mm -

Rocksource RGT NO NO₭1.20 NO₭170mm NO₭170mm $28mm -

Rodinia Oil ROZ CN C$0.03 C$3.1mm C$3.1mm $3.0mm -

Royale Energy ROYL US $2.56 $33mm $33mm $33mm -

Royalite Petroleum RYPE US $0.00 $2.3mm $2.3mm $2.3mm -

Running Fox Resource RUN CN C$0.03 C$1.1mm C$1.1mm $1.1mm -

Sabine Royalty SBR US $50.82 $735mm $735mm $735mm -

SacOil (Johannesburg) SCL SJ ZAR27.00 ZAR215mm ZAR215mm $21mm -

Sagres Energy SGI CN C$0.01 C$1.8mm C$1.8mm $1.7mm -

Sahara Energy SAH CN C$0.01 C$0.4mm C$0.4mm $0.4mm -

San Juan Basin Royalty SJT US $15.40 $708mm $708mm $708mm -

San Leon Energy (LSE)* SLE LN 5p £102mm £102mm $157mm 0.05

San Leon Energy (ADR)* SLGYY US $6.32 $237mm $237mm $237mm 0.08

SandRidge Mississippian I SDT US $13.60 $380mm $380mm $380mm -

SandRidge Mississippian II SDR US $12.98 $484mm $484mm $484mm -

SandRidge Permian PER US $14.78 $582mm $582mm $582mm -

Santa Maria Petroleum SMQ CN C$0.04 C$1.6mm C$1.6mm $1.6mm -

Savoy Energy SNVP US $0.00 $0.1mm $0.1mm $0.1mm -

Seaenergy SEA LN 25p £7mm £6.5mm $10mm -

Sefton Resources SER LN 0.53p £5.8mm £5.8mm $8.9mm -

Selan Exploration Technology SXT IN INR262 INR2,940mm INR2,940mm $50mm -

Selena Oil & Gas Holding AB SOGH SS SE₭3.39 SE₭1,340mm SE₭1,340mm $205mm -

Sentry Petroleum SPLM US $0.03 $1.3mm $1.3mm $1.3mm -

Shamaran Petroleum SNM CN C$0.38 C$267mm C$267mm $258mm -

Shelton Petroleum SHELB SS SE₭19.50 SE₭180mm SE₭180mm $28mm -

Shemen Oil & Gas Resources SMOG IT ILs9.70 ILs300mm ILs300mm $83mm -

Shiv-Vani Services SVOG IN INR28.60 INR1,843,568mm INR1,843,568mm $31,065mm -

Silver Star Energy SVSE US $0.00 $0.1mm $0.1mm $0.1mm -

Silvermere Energy SLME LN 2p £0.3mm £0.3mm $0.5mm -

Silverwillow Energy SWE CN C$0.40 C$24mm C$24mm $23mm -

Simba Energy SMB CN C$0.08 C$16mm C$16mm $15mm -

Sintana Energy SNN CN C$0.08 C$20mm C$20mm $19mm -

Sirius Petroleum SRSP LN 4p £34mm £34mm $53mm -

Sky Petroleum SKPI US $0.09 $13.2mm $13mm $13mm -

Slavneft-Megionneftegaz MFGS RM RUB430 RUB61,352mm RUB61,352mm $1,871mm -

Softrock Minerals SFT CN C$0.02 C$0.5mm C$0.5mm $0.4mm -

Solimar Energy SGY AU A$0.02 A$10.4mm A$10mm $11mm -

Solo Oil SOLO LN 0.32p £14mm £14mm $22mm -

Sonde Resources SOQ CN C$0.78 C$31mm C$31mm $30mm -

Sound Oil SOU LN 9p £20mm £20mm $30mm 0.28






Resources ($/boe)

South China Resources SOC PM PHP1.12 PHP256mm PHP256mm $5.8mm -

South Texas Oil STXXQ US $0.01 $0.1mm $0.1mm $0.1mm -

Southern Star Energy SSEY US $0.00 $0.1mm $0.1mm $0.1mm -

Spindletop Oil & Gas SPND US $2.82 $12mm $12mm $12mm -

Sprott Resource SCP CN C$3.47 C$376mm C$376mm $362mm -

Standard Energy STDE US $0.00 $0.4mm $0.4mm $0.4mm -

Standard Exploration SDE CN C$0.07 C$4.8mm C$4.8mm $4.6mm -

Statesman Resources SRR CN C$0.05 C$1.8mm C$1.8mm $1.7mm -

Stealth Ventures SLV CN C$0.06 C$3.3mm C$3.3mm $3.1mm -

Sterling Resources SLG CN C$0.74 C$343mm C$343mm $330mm -

Stetson Oil and Gas SSN CN C$0.09 C$0.1mm C$0.1mm $0.1mm -

Storm Resources SRX CN C$2.55 C$197mm C$197mm $190mm -

Strat Petroleum SPRL US $0.00 $0.0mm $0.0mm $0.0mm -

Strata Oil & Gas SOIGF US $0.13 $8.8mm $8.8mm $8.8mm -

Strata-X Energy SXE CN C$0.26 C$22mm C$22mm $21mm -

Stream Oil & Gas SKO CN C$0.66 C$48mm C$48mm $46mm -

Striker Oil & Gas SOIS US $0.01 $2.4mm $2.4mm $2.4mm -

SueloPetrol SPT/B VC $0.61 $277mm $277mm $277mm -

Sun Resources SUR AU A$0.03 A$41mm A$41mm $44mm -

Sundance Energy Australia SEA AU A$0.83 A$314mm A$314mm $340mm -

Sundance Energy SNY CN C$0.01 C$0.8mm C$0.8mm $0.8mm -

Sunshine Oilsands 2012 HK HK$1.63 HK$3,181mm HK$3,181mm $410mm -

Suroco Energy SRN CN C$0.42 C$58mm C$58mm $55mm -

Swala Energy SWE AU A$0.17 A$20mm A$20mm $21mm -

Swede Resources SERSB SS SE₭1.02 SE₭14mm SE₭14mm $2.2mm -

Syngas SYS AU A$0.00 A$0.3mm A$0.3mm $0.4mm -

TAG Oil TAO CN C$3.00 C$113mm C$113mm $109mm -

TagLikeMe TAGG US $0.01 $3.9mm $3.9mm $3.9mm -

Talon Petroleum TPD AU A$0.05 A$4.2mm A$4.2mm $4.5mm -

Tamarack Valley Energy TVE CN C$2.18 C$109mm C$109mm $105mm -

Tamaska Oil & Gas TMK AU A$0.00 A$5.1mm A$5.1mm $5.5mm -

TAMM Oil and Gas TAMO US $0.18 $17mm $17mm $17mm -

Tangiers Petroleum (ASX) TPT AU A$0.18 A$16mm A$16mm $17mm 0.01

Target Energy TEX AU A$0.07 A$22mm A$22mm $24mm -

TEL Offshore Trust TELOZ US $3.71 $18mm $18mm $18mm -

Tengasco TGC US $0.54 $41mm $41mm $41mm -

Terrace Energy TZR CN C$1.82 C$113mm C$113mm $109mm -

Tethys Oil TETY SS SE₭66.00 SE₭2,465mm SE₭2,465mm $377mm -

Texas Vanguard Oil TVOC US $11.80 $7mm $7.5mm $7.5mm -

Texhoma Energy TXHE US $0.00 $8.3mm $8.3mm $8.3mm -

Thunderbird Energy TBD CN C$0.03 C$9.3mm C$9.3mm $8.9mm -

Tidelands Royalty TIRTZ US $4.80 $6.7mm $6.7mm $6.7mm -

Titan Energy (ASX) TTE AU A$0.01 A$9mm A$9.0mm $9.8mm -

Tlou Energy TOU AU A$0.28 A$25mm A$25mm $27mm -

Torchlight Energy Resources TRCH US $1.90 $26mm $26mm $26mm -






Resources ($/boe)

Torrent Energy TREN US $0.00 $0.6mm $0.6mm $0.6mm -

Total Gabon EC FP €423 €1,698mm €1,698mm $2,246mm -

Tower Resources TRP LN 2p £24mm £24mm $38mm 0.02

Trans Energy TENG US $3.36 $44mm $44mm $44mm -

Transerv Energy TSV AU A$0.00 A$19mm A$19mm $20mm -

Transeuro Energy TSU CN C$0.04 C$21mm C$21mm $20mm -

Triangle Energy Global TEG AU A$0.01 A$6.4mm A$6.4mm $6.9mm -

Triangle Petroleum TPLM US $7.15 $507mm $507mm $507mm -

Triple Energy TNP AU A$0.02 A$7.4mm A$7.4mm $8.0mm -

Tri-Valley TVLYQ US $0.00 $3.0mm $3.0mm $3.0mm -

Turner Valley Oil & Gas TVOG US $0.00 $0.3mm $0.3mm $0.3mm -

Tuscany Energy TUS CN C$0.04 C$3.3mm C$3.3mm $3.2mm -

TXO *** TXO LN 0.16p £2.1mm £2.1mm $3.2mm -

Tyner Resources TIP/H CN C$0.14 C$3.5mm C$3.5mm $3.4mm -

Udmurtneft UDMN RU $800 $93,472mm $93,472mm $93,472mm -

Ukrnafta Oil (Ukraine) UNAF UZ UAH118 UAH6,305mm UAH6,305mm $774mm -

Underground Energy UGE CN C$0.01 C$0.1mm C$0.1mm $0.1mm -

Uniontown Energy UTOG US $0.01 $1.4mm $1.4mm $1.4mm -

United American Petroleum UAPC US $0.10 $5.0mm $5.0mm $5.0mm -

United Energy (Hong Kong) 467 HK HK$1.06 HK$17,922mm HK$17,922mm $2,311mm -

Universal Energy UVSE US $0.00 $9.9mm $9.9mm $9.9mm -

US Energy Wyoming USEG US $2.07 $65mm $65mm $65mm -

US Natural Gas UNGS US $0.00 $1.8mm $1.8mm $1.8mm -

US Oil Sands USO CN C$0.11 C$30mm C$30mm $29mm -

USA Superior Energy Holdings USSU US $0.00 $0.8mm $0.8mm $0.8mm -

Valparaiso Energy VPO/H CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Vanoil Energy VEL CN C$0.35 C$37mm C$37mm $36mm 0.02

Vast Exploration VST CN C$0.01 C$0.6mm C$0.6mm $0.6mm -

Velocity Energy VCYE US $0.01 $14.5mm $14mm $14mm -

Veraz Petroleum VRZ/H CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Wellstar Energy WSE/H CN C$0.27 C$3.0mm C$3.0mm $2.9mm -

Wentworth Energy WNWG US $0.00 $54.5mm $55mm $55mm -

Wentworth Resources WRL NO NO₭5.44 NO₭389mm NO₭389mm $65mm -

Wescan Energy WCE CN C$0.08 C$0.8mm C$0.8mm $0.8mm -

Wessex Exploration WSX LN 1p £1.3mm £1.3mm $2.0mm -

Westbridge Energy WEB CN C$0.21 C$15mm C$15mm $14mm -

WesternZagros Resources WZR CN C$1.27 C$448mm C$448mm $432mm -

Westmount Energy WTE LN 22p £1.8mm £1.8mm $2.8mm -

Whiting USA (I) WHX US $4.03 $56mm $56mm $56mm -

Whiting USA (II) WHZ US $13.26 $244mm $244mm $244mm -

Wilton Resources WIL CN C$0.65 C$18mm C$18mm $17mm -

Woburn Energy WBN LN 1p £5.1mm £5.1mm $7.9mm -

Wolf Petroleum WOF AU A$0.06 A$7mm A$6.8mm $7.4mm -

Worthington Energy WGAS US $0.00 $0.0mm $0.0mm $0.0mm -

Wrangler West Energy WX CN C$0.26 C$6.4mm C$6.4mm $6.1mm -






Resources ($/boe)

XState Resources XST AU A$0.01 A$0.4mm A$0.4mm $0.4mm -

Xtract Energy XTR LN 0.27p £3.4mm £3.4mm $5.2mm -

XXL Energy XL CN C$0.06 C$9.0mm C$9.0mm $8.6mm -

Yangarra Resources YGR CN C$0.32 C$77mm C$77mm $74mm -

Zerah Oil & Gas Exploration ZRAHL IT ILs11.20 ILs29mm ILs29mm $8.0mm -

Zeta Petroleum ZTA AU A$0.01 A$0.4mm A$0.4mm $0.5mm -

Zion Oil & Gas ZN US $2.26 $60mm $60mm $60mm -

Zodiac Exploration ZEX CN C$0.06 C$3mm C$3.4mm $3.3mm -

Zone Resources ZNR CN C$0.01 C$1.1mm C$1.1mm $1.1mm -


Integrated Majors Exchange Per Barrel of Reserves ($/boe) Per Daily Barrel of Production ($/bopd)

BrsaItaliana 14.2 59,678

Budapest 20.8 117,354

Buenos Floor 9.3 19,493

Continuous 37.7 146,378

EN Amsterdam 16.6 66,646

EN Paris 14.3 63,922

Hong Kong 23.7 99,624

London 13.8 71,161

MICEX Main 3.0 18,651

New York 14.7 63,327

Oslo 13.5 40,252

OTC US 19.2 45,184

RTS 2.0 11,048

Shanghai 33.4 113,160

Toronto 9.0 110,153

Vienna 20.0 73,116

Warsaw 17.9 152,734



Last Price EV


Reserves ($/boe)

Per Daily Barrel ofProduction

($/bopd)

American Midstream Partners AMID US $22.06 $350mm $350mm - -

BG Group (LSE) BG/ LN 1,173p £47,378mm $73,356mm 13.1 107,389

BG Group (ADR) BRGYY US $18.22 $62,016mm $62,016mm 11.1 90,788

BP (LSE) BP/ LN 449p £97,570mm $151,067mm 8.9 43,963

BP (ADR) BP US $41.68 $131,451mm $131,451mm 7.8 38,254

Cenovus Energy CVE CN C$29.84 C$26,825mm $25,863mm 8.9 98,229

Chevron CVX US $118 $226,557mm $226,557mm 19.5 85,165

CNPC (Hong Kong) 386 HK HK$5.30 HK$1,040,341mm $134,134mm 33.4 113,160

CPNC (ADR) SNP US $87.34 $83,650mm $83,650mm 20.8 70,570

CNPC (Shanghai) 600028 CH CY4.45 CY822,629mm $134,134mm 33.4 113,160

Ecopetrol (Colombia) ECOPETL CB CP3,960 CP172,920,081mm $89,171mm - -




Last Price EV


Reserves ($/boe)


($/bopd)

Ecopetrol (ADR) EC US $40.60 $83,467mm $83,467mm - -

Elnusa Tbk ELSA IJ IDR235 IDR1,491,410mm $149mm - -

The Energy Holding ENERGYH KK KWd126 KWd94mm $331mm - -

Eni (Milan) ENI IM €15.68 €75,632mm $99,993mm 14.2 59,678

Eni (ADR) E US $40.91 $74,337mm $74,337mm 10.6 44,366

Esso Thailand (Bangkok) ESSO TB THB6.60 THB56,982mm $1,828mm - -

Exxon Mobil XOM US $89.05 $409,224mm $409,224mm 15.9 91,162

Galp (Lisbon) GALP PL €12.30 €13,354mm $17,655mm 113.4 1,129,335

Galp (ADR) GLPEY US $8.25 $13,686mm $13,686mm 87.9 875,459

Gas Plus GSP IM €4.55 €355mm $470mm - -

Gazprom Neft (Moscow) SIBN RM RUB113 RUB734,976mm $22,410mm 3.8 19,011

Gazprom Neft (ADR) GZPFY US $17.10 $16,214mm $16,214mm 2.8 13,755

Gazprom (Moscow) GAZP RM RUB108 RUB4,043,758mm $123,300mm 0.8 13,488

Gazprom (ADR) OGZPY US $6.48 $76,702mm $76,702mm 0.5 8,390

Hess HES US $64.28 $29,106mm $29,106mm 18.5 69,573

Husky Energy HSE CN C$27.71 C$29,653mm $28,590mm 9.7 103,064

Imperial Oil IMO CN C$39.63 C$37,262mm $35,925mm 10.1 146,348

INA Industrija Nafte INARA CZ HRK4,296 HRK49,522mm $8,759mm - -

Independent Resources IRG LN 6p £3mm $5mm - -

InterOil (ADR) IOC US $72.47 $3,667mm $3,667mm - -

Lukoil (Moscow) LKOH RM RUB1,866 RUB1,738,324mm $53,004mm 1.7 23,454

Lukoil (ADR) LUKOY US $56.15 $47,759mm $47,759mm 1.5 21,133

Maple Energy (LSE) MPLE LN 41p £182mm $281mm 122.7 -

MOL (Budapest) MOL HB HUF16,700 HUF3,033,267mm $13,448mm 20.8 117,354

MRS Nigeria MRSOIL NL NG₦17.80 NG₦4,521mm $28mm - -

Murphy Oil MUR US $61.15 $12,853mm $12,853mm 20.9 64,622

Naftna Industrija Srbije NIIS SG RSD813 RSD158,319mm $1,830mm - -

Occidental Petroleum OXY US $88.94 $77,196mm $77,196mm 23.1 99,476

OMV (ADR) OMVKY US $49.01 $16,040mm $16,040mm 14.5 53,196

OMV (Vienna) OMV AV €36.14 €16,675mm $22,046mm 20.0 73,116

OMV Petrom SNP RO RON0.43 RON30,854mm $9,025mm - -

Origin Energy (ASX) ORG AU A$12.70 A$19,027mm $20,590mm 20.3 -

Origin Energy (ADR) OGFGY US $12.45 $13,670mm $13,670mm 13.5 -

Petrobras Argentina PESA AR ARS3.10 ARS8,358mm $1,564mm 7.1 15,611

PetroBras Arg'na (ADR) PZE US $3.54 $715mm $715mm 3.2 7,135

PetroChina (Hong Kong) 857 HK HK$8.07 HK$2,496,683mm $321,903mm 14.1 86,088

PetroChina PTR US $103 $230,003mm $230,003mm 10.1 61,510

Petroleo Brasileiro PETR4 BZ BrR17.02 BrR384,712mm $170,415mm - -

PetroBras (ADR) PBR/A US $14.97 $94,289mm $94,289mm - -

PetroBras (BOVESPA) PBR US $14.07 $94,289mm $94,289mm - -

Petrolera delnosur PSUR AR ARS0.67 ARS62mm $12mm - -

Polskie Gornictwo Naftowe PGN PW PLN6.06 PLN41,219mm $12,621mm 17.9 152,734

PTT (Bangkok) PTT TB THB335 THB1,400,267mm $44,924mm - -

Repsol (Madrid) REP SM €16.47 €36,529mm $48,295mm 37.7 146,378

Repsol (ADR) REPYY US $21.57 $27,662mm $27,662mm 21.6 83,843




Last Price EV


Reserves ($/boe)


($/bopd)

Rosneft Oil ROSN RM RUB221 RUB4,446,493mm $135,580mm 5.6 -

RDS "A" (Amsterdam) RDSA NA €24.38 €171,700mm $227,004mm 16.6 66,646

RDS "A" (LSE) RDSA LN 2,078p £146,615mm $227,004mm 16.6 66,646

RDS "B" (LSE) RDSB LN 2,144p £146,615mm $227,004mm 16.6 66,646

RDS "A" (ADR) RDS/A US $64.29 $207,354mm $207,354mm 15.2 60,877

RDS "B" (ADR) RDS/B US $66.42 $207,354mm $207,354mm 15.2 60,877

Sasol (Johannesburg) SOL SJ ZAR42,731 ZAR291,166mm $28,568mm 27.1 169,913

Sasol (ADR) SSL US $41.36 $26,828mm $26,828mm 25.4 159,569

Statoil (ADR) STO US $21.01 $66,993mm $66,993mm 12.5 37,111

Statoil (Oslo) STL NO NO₭126 NO₭433,935mm $72,664mm 13.5 40,252

Suncor Energy SU CN C$30.83 C$53,391mm $51,476mm 7.5 92,971

Surgutneftegas SNGS RM RUB24.58 RUB878,014mm $26,772mm - -

Surg'neftegas Pref (ADR) SGTPY US $5.90 $4,544mm $4,544mm - -

Surgutneftegas (ADR) SGTZY US $7.28 $26,009mm $26,009mm - -

TNK-BP (Moscow) TNBP RU $1.34 $19,912mm $19,912mm 2.0 11,048

Total (Paris) FP FP €37.03 €108,573mm $143,544mm 14.3 63,922

Total (ADR) TOT US $48.35 $114,915mm $114,915mm 11.4 51,173

Totalte D'Ivoire TTLC BC XOF107,500 XOF67,288mm $135mm - -

YPF (Buenos Aires) YPFD AR ARS116 ARS60,433mm $11,309mm 11.6 23,374

YPF (ADR) YPF US $14.51 $5,707mm $5,707mm 5.9 11,795


Refiners Exchange Per Stream Day Barrel $/bopd

Athens 11,932.8

Bangkok 19,748.4

Bratislava 7,252.4

Bucharest -

Karachi 274.6

Natl India 11,021.0

New York 18,425.4

OTC US 15,209.4



Last Price EV

Local Currency Local Market $Per Stream Day Barrel

($/bopd)

Alon USA Energy ALJ US $15.82 $1,410mm $1,410mm 9,114.6

Bangchak Petroleum BCP TB THB31.25 THB53,986mm $1,732mm 23,497.2

Bharat Petroleum BPCL IN INR354 INR537,568mm $9,058mm 33.9

Byco Petroleum BYCO PA PKR11.13 PKR23,016mm $233mm 274.6

Chennai Petroleum MRL IN INR85.75 INR74,493mm $1,255mm 5,913.2

CVR Energy CVI US $50.55 $4,481mm $4,481mm 24,876.1

Delek US Holdings DK US $29.95 $1,733mm $1,733mm 28,940.9

Hindustan Petroleum HPCL IN INR254 INR521,351mm $8,785mm 40,525.7

HollyFrontier HFC US $42.84 $8,084mm $8,084mm 18,260.4




Last Price EV

Local Currency Local Market $Per Stream Day Barrel

($/bopd)

Indian Oil IOCL IN INR240 INR1,381,867mm $23,285mm 418.6

IRPC PCL IRPC TB THB3.04 THB106,889mm $3,429mm 19,595.7

Mangalore Ref & Pet MRPL IN INR37.85 INR124,957mm $2,106mm 8,213.5

Marathon Petroleum MPC US $73.79 $23,057mm $23,057mm 16,916.4

Motor Oil Hellas Refineries MOH GA €7.70 €1,942mm $2,568mm 11,932.8

Rompetrol Rafinare RRC RO RON0.05 RON3,416mm $999mm 30,689,943.4

Slavnaft SLN1 SK €28.00 €657mm $869mm 7,252.4

Tesoro TSO US $55.32 $8,015mm $8,015mm 13,701.4

Thai Oil (BKK) TOP TB THB65.25 THB147,013mm $4,717mm 16,152.4

Thai Oil (ADR) TOIPY US $21.77 $4,441mm $4,441mm 15,209.4

Valero Energy VLO US $35.73 $24,573mm $24,573mm 9,404.1

Western Refining WNR US $28.51 $2,827mm $2,827mm 18,873.4

Phillips 66 PSX US $60.39 $39,704mm $39,704mm 19,236.2

CVR Refining CVRR US $30.00 $4,491mm $4,491mm 24,930.9


Gas Storage & Transportation Exchange EV/EBITDA (X)

Accra 18.6

Bangkok 13.6

BM&FBOVESPA 10.8

Bucharest 3.6

Casablanca 6.8

Dhaka 8.9

Hanoi 2.1

Ho Chi Minh 3.2

Hong Kong 6.2

London 7.2

MICEX Main 1.2

NASDAQ CM 0.5

NASDAQ GM 3.2

NASDAQ GS 6.9

Natl India 8.2

New York 12.8

NYSE MKT LLC 14.2

Oslo 1.0

OTC US 8.9

Singapore 16.2

Toronto 11.8

Warsaw 6.7

Zagreb 5.7




Company Name Bloomberg Ticker Last Price EV EBITDA EV/EBITDA

Local Currency $ x

Anglo Canadian Oil ACMP US $46.00 $11,042mm $588mm 18.8

Afriquia GAZ MC MAD1,615 $728mm $108mm 6.8

AK Transneft TRNFP RM RUB72,431 $792,496mm $660,551mm 1.2

AltaGas ALA CN C$37.77 $7,488mm $583mm 12.8

An Pha Petroleum ASP VN VND5,200 $9.0mm $3.3mm 2.8

Andatee Marine AMCF US $0.48 $46mm $98mm 0.5

Atlas Energy ATLS US $49.07 $6,202mm $544mm 11.4

Atlas Pipeline Partners APL US $36.63 $4,195mm $467mm 9.0

Blueknight Energy Partners BKEP US $8.24 $609mm $191mm 3.2

Boardwalk Pipeline Partners BWP US $29.84 $10,861mm $1,330mm 8.2

Bonheur BON NO NO₭127 $3,261mm $3,166mm 1.0

Buckeye Partners BPL US $66.85 $9,650mm $854mm 11.3

Chemoil Energy (Singapore) CHEME SP $0.34 $771mm $47mm 16.5

Cheniere Energy Partners CQP US $26.29 $11,863mm $837mm 14.2

China Aviation Oil Singapore CAO SP S$0.94 $493mm $31mm 15.8

Chinese People Holdings 681 HK HK$0.19 $1,108mm $170mm 6.5

Circle Oil COP LN 16p $145mm $40mm 3.6

Crestwood Midstream Partners CMLP US $24.25 $2,198mm $221mm 9.9

Crosstex Energy (Inc) XTXI US $19.74 $2,882mm $584mm 4.9

DCP Midstream DPM US $52.11 $5,906mm $570mm 10.4

Eagle Rock Energy EROC US $8.42 $2,643mm $382mm 6.9

El Paso Pipeline Partners EPB US $40.16 $12,975mm $1,633mm 7.9

Enbridge Energy Partners EEP US $29.43 $15,993mm $1,689mm 9.5

Enbridge ENB CN C$43.42 $65,119mm $5,218mm 12.5

Enbridgeome Fund Holdings ENF CN C$23.86 $5,177mm $1,413mm 3.7

Energy Transfer Equity ETE US $54.01 $51,921mm $9,369mm 5.5

Energy Transfer Partners ETP US $47.54 $44,341mm $7,613mm 5.8

Enterprise Products Partners EPD US $58.53 $69,944mm $5,936mm 11.8

Fluxys Belgium FLUX BB €30.70 $3,444mm $526mm 6.5

Fortune Oil FTO LN 8p $411mm $77mm 5.3

Gateway Energy GNRG US $0.02 $2.1mm $0.2mm 8.9

Genesis Energy LP GEL US $50.00 $5,014mm $223mm 22.5

Ghana Oil GOIL GN GHS1.28 $126mm $6.8mm 18.6

Gibson Energy GEI CN C$24.59 $3,439mm $446mm 7.7

Global Partners GLP US $37.80 $1,780mm $260mm 6.8

Golar LNG GLNG US $32.84 $2,682mm $267mm 10.0

Golar LNG Partners GMLP US $33.75 $3,097mm $721mm 4.3

Hans Energy 554 HK HK$0.13 $1,689mm $282mm 6.0

Holly Energy Partners LP HEP US $36.91 $3,095mm $304mm 10.2

Inergy Midstream NRGM US $21.93 $2,595mm $192mm 13.5

Inter Pipeline Fund IPL-U CN C$23.16 $8,391mm $763mm 11.0

JMG Exploration JNAFRA CZ HRK2,302 $1,648mm $287mm 5.7

James Fisher & Sons FSJ LN 982p $868mm $78mm 11.1

Kinder Morgan Energy Partners LP KMP US $81.51 $48,391mm $6,127mm 7.9

Kinder Morgan/DE KMI US $36.30 $79,063mm $10,069mm 7.9

Magellan Midstream Partners MMP US $51.81 $13,915mm $831mm 16.7




Local Currency $ x

MarkWest Energy Partners LP MWE US $63.59 $12,556mm $890mm 14.1

Martin Midstream Partners MMLP US $42.50 $1,691mm $207mm 8.2

Niska Gas Storage Partners NKA US $14.31 $1,205mm $93mm 13.0

Oiltanking Partners OILT US $48.82 $2,051mm $93mm 22.0

ONEOK Partners OKS US $47.55 $15,212mm $1,591mm 9.6

Onico ONC PW PLN19.50 $13mm $1.9mm 6.7

PAA Natural Gas Storage LP PNG US $20.06 $2,330mm $199mm 11.7

Pan European Terminals PAN LN 21p $43mm $4.9mm 8.8

Petro Vietnam Southern Gas PGS VN VND18,800 $55mm $48mm 1.1

Petrolimex Gas PGC VN VND9,400 $18mm $5.1mm 3.6

Petrolimex Hanoi PJC VN VND15,000 $2.4mm $1.5mm 1.6

Petronet LNG PLNG IN INR125 $2,139mm $423mm 5.1

PetroVietNam Northern Gas PVG VN VND8,700 $17mm $4.8mm 3.7

Plains All American Pipeline LP PAA US $54.66 $26,035mm $3,265mm 8.0

Regency Energy Partners RGP US $25.66 $7,572mm $408mm 18.6

Reliance Industrial Infrastructure RIIL IN INR346 $4,909mm $431mm 11.4

Rose Rock Midstream RRMS US $36.23 $930mm $79mm 11.8

SemGroup SEMG US $52.50 $2,416mm $78mm 31.1

Siamgas & Petrochemicals SGP TB THB8.95 $632mm $46mm 13.6

Spectra Energy Partners LP SEP US $41.75 $5,645mm $214mm 26.4

Sunoco Logistics SXL US $62.08 $8,884mm $1,139mm 7.8

Targa Resources TRGP US $62.81 $6,726mm $1,393mm 4.8

Targa Resources Partners NGLS US $46.31 $7,307mm $882mm 8.3

TC Pipelines TCP US $43.81 $3,457mm $65mm 53.3

Teekay LNG Partners TGP US $42.39 $5,400mm $513mm 10.5

Teekay Offshore Partners TOO US $32.35 $4,342mm $721mm 6.0

Teekay Tankers TNK US $2.57 $919mm $341mm 2.7

Tesoro Logistics LP TLLP US $56.00 $2,576mm $223mm 11.5

Titas Gas Transmission & Distribution TITASGAS BD BDT83.20 $77,336mm $8,674mm 8.9

TransCanada TRP CN C$46.45 $58,048mm $7,175mm 8.1

Transgaz Medias TGN RO RON184 $2,014mm $559mm 3.6

Transmontaigne Partners LP TLP US $41.38 $838mm $101mm 8.3

UltraPar (BOVESPA) UGPA3 BZ BrR50.79 $14,108mm $1,311mm 10.8

Veresen VSN CN C$12.35 $4,018mm $151mm 26.6

Western Gas Partners WES US $61.09 $8,481mm $368mm 23.0

Williams WMB US $31.75 $34,660mm $3,938mm 8.8

Williams Partners WPZ US $47.37 $27,855mm $3,323mm 8.4




Drillers Exchange EV/EBITDA (X)

Bucharest -

EGX 14.5

EN Paris -

Ho Chi Minh 3.4

Hong Kong 5.9

Indonesia 4.1

Kuwait 4.5

London 10.7

London Intl 7.2

NASDAQ GS 3.6

Natl India 2.8

New York 5.1

Norway OTC -

NYSE MKT LLC 2.6

Oslo 3.6

Qatar 10.7

Tel Aviv 8.6

Tokyo 22.1

Toronto 4.3

Venture -

Xetra 8.2



Local Currency $ x

Aban Offshore ABAN IN INR268 $2,349mm $3,332mm 0.7

Akita Drilling AKT/A CN C$12.50 $215mm $53mm 4.1

ApexIndo APEX IJ IDR1,830 $637mm $155mm 4.1

Archer ARCHER NO NO₭3.70 $1,341mm $1,099mm 1.2

Atwood Oceanics ATW US $54.70 $4,513mm $587mm 7.7

Awilco Drilling AWDR NO NO₭95.50 $533mm $116mm 4.6

Burgan WDTM ABAR KK KWd285 $122mm $27mm 4.5

CAT Oil AG O2C GR €11.38 $576mm $98mm 5.9

Cathedral Energy Services CET CN C$4.75 $227mm $32mm 7.0

China Oilfield Services 2883 HK HK$14.76 $13,659mm $2,320mm 5.9

Daldrup & Soehne 4DS GR €11.85 $71mm $6.7mm 10.6

Diamond Offshore Drilling DO US $66.50 $9,284mm $1,309mm 7.1

Ensco ESV US $57.07 $17,556mm $2,881mm 6.1

Ensign Energy Services ESI CN C$16.70 $3,034mm $601mm 5.1

Eurasia Drilling EDCL LI $38.50 $6,046mm $844mm 7.2

Fred Olsen Energy FOE NO NO₭239 $3,256mm $713mm 4.6

Greka Drilling GDL LN 20p $132mm $12mm 10.7

Gulf International Services GISS QD PLN42.50 $6,083mm $571mm 10.7

Helmerich & Payne HP US $61.23 $6,578mm $1,373mm 4.8

Hercules Offshore HERO US $6.51 $1,730mm $421mm 4.1

Japan Drilling 1606 JP ¥7,770 $146,706mm $6,627mm 22.1




Local Currency $ x

Jindal Drilling & Industries JDDL IN INR180 $3,149mm $653mm 4.8

Lapidoth Israel Oil LAPD IT ILs591 $80mm $9.3mm 8.6

Nabors Industries NBR US $15.67 $8,386mm $3,364mm 2.5

National Drilling NDRL EY $81.43 $1,119mm $77mm 14.5

Noble NE US $37.14 $14,819mm $2,604mm 5.7

Northern Offshore NOF NO NO₭8.32 $228mm $75mm 3.0

Parker Drilling PKD US $5.00 $988mm $299mm 3.3

Patterson-UTI Energy PTEN US $19.79 $3,460mm $1,109mm 3.1

PetroVietnam Drilling PVD VN VND48,900 $748mm $217mm 3.4

PHX Energy Services PHX CN C$10.47 $399mm $69mm 5.8

Pioneer Energy Services PES US $6.68 $963mm $548mm 1.8

Precision Drilling PD CN C$9.05 $3,539mm $906mm 3.9

Rowans RDC US $33.82 $5,191mm $706mm 7.3

Savanna Energy Services SVY CN C$6.81 $874mm $211mm 4.2

Seadrill SDRL NO NO₭235 $30,109mm $4,057mm 7.4

Sevan Drilling AS SEVDR NO NO₭3.36 $980mm $284mm 3.4

Songa Offshore SE SONG NO NO₭5.43 $1,116mm $1,271mm 0.9

Transocean RIG US $48.40 $24,961mm $3,893mm 6.4

Trinidad Drilling TDG CN C$7.82 $1,435mm $398mm 3.6

Tuscany International Drilling TID CN C$0.20 $303mm $223mm 1.4

Unit UNT US $43.18 $2,881mm $888mm 3.2

Vantage Drilling VTG US $1.94 $2,966mm $1,148mm 2.6

Western Energy Services WRG CN C$7.62 $712mm $154mm 4.6

Xtreme Drilling XDC CN C$2.20 $308mm $88mm 3.5




Equipment & Services Exchange EV/EBITDA (X)

ASE 6.7

Bangkok 9.5

BrsaItaliana 5.0

BSE India 9.5

Bucharest 4.4

Bursa Malays 10.6

Continuous 12.5

EGX 3.7

EN Amsterdam 5.9

EN Paris 5.3

Hanoi 2.7

Hong Kong 12.2

Indonesia 1.0

Kuwait 7.6

Lagos 1.1

London 10.2

London Intl 0.9

Muscat 3.3

NASDAQ GM 2.7

NASDAQ GS 8.1

Natl India 1.5

New York 7.9

Nordic GM 8.8

Oslo 3.8

OTC US 11.7

OTC BB 3.1

RASDAQ 4.7

Shenzhen 31.6

Singapore 43.4

Tokyo 14.6

Toronto 6.4

Valetta 9.9

Venture 4.1



Local Currency $ x

Activa Resources AG NXI GR €2.21 $18mm $1.1mm 16.7

AGR Group AGR NO NO₭7.00 $1,863mm $384mm 4.8

Aker Solutions (Oslo) AKSO NO NO₭85.00 $33,601mm $6,683mm 5.0

Al Safat Energy Holding KSCC SENERGY KK KWd62.00 $43mm $4.5mm 9.6

Alam Maritim Resources AMRB MK MYR1.29 $1,550mm $101mm 15.3

AMEC (LSE) AMEC LN 992p $4,422mm $516mm 8.6

Anhui Tianda Oil Pipe 839 HK HK$1.40 $1,074mm $185mm 5.8

Anton OS (Hong Kong) 3337 HK HK$5.80 $10,026mm $509mm 19.7

Baker Hughes BHI US $44.92 $24,032mm $4,417mm 5.4




Local Currency $ x

Basic Energy Services BAS US $12.68 $1,340mm $652mm 2.1

Bat Bascov BATV RO RON20.29 $7.7mm $1.6mm 4.7

Bolt Technology BOLT US $16.50 $122mm $10mm 11.8

Bonnett's Energy BT CN C$5.05 $102mm $25mm 4.1

Bourbon GBB FP €20.14 $3,624mm $1,009mm 3.6

Bristow Group BRS US $63.02 $2,860mm $363mm 7.9

BW Offshore BWO NO NO₭7.72 $2,563mm $831mm 3.1

C&J Energy Services CJES US $18.51 $1,133mm $356mm 3.2

Cal Dive International DVR US $2.00 $319mm $21mm 14.8

Calfrac Well Services CFW CN C$31.05 $1,830mm $273mm 6.7

Calmena Energy Services CEZ CN C$0.09 $88mm $53mm 1.7

Cameron International CAM US $61.87 $15,850mm $1,426mm 11.1

Canadian Energy S&T CEU CN C$15.52 $1,083mm $69mm 15.6

CanElson Drilling CDI CN C$5.24 $473mm $98mm 4.8

Canyon Services Group FRC CN C$11.75 $706mm $65mm 10.9

CARBO Ceramics CRR US $68.81 $1,508mm $176mm 8.6

CGG (Paris) CGG FP €17.91 $6,388mm $1,902mm 3.4

CH Offshore CHO SP S$0.43 $172mm $24mm 7.3

China Oil HBP 002554 CH CY12.18 $5,216mm $103mm 50.5

Compressco Partners GSJK US $19.32 $305mm $62mm 4.9

Core Laboratories NV CLB US $149 $7,086mm $329mm 21.5

Dalmac Energy DAL CN C$0.46 $21mm $11mm 1.9

Dawson Geophysical DWSN US $38.46 $298mm $54mm 5.5

Dayang Enterprise DEHB MK MYR4.69 $2,477mm $184mm 13.5

Deep Down DPDW US $2.00 $22mm $1.9mm 11.7

Deep Industries DEEPI IN INR33.70 $1,657mm $673mm 2.5

Deleum Bhd DLUM MK MYR3.03 $430mm $57mm 7.5

Divestco DVT CN C$0.19 $20mm $16mm 1.2

DOF DOF NO NO₭25.00 $27,083mm $27,149mm 1.0

Dolphin Offshore Enterprises India DOEI IN INR102 $2,746mm $1,556mm 1.8

Dresser-Rand Group DRC US $59.56 $5,532mm $539mm 10.3

Drilling Mud PVC VN VND16,800 $54mm $21mm 2.6

Dril-Quip DRQ US $90.14 $3,340mm $184mm 18.1

Duke Offshore DKOF IN INR23.80 $121mm $13mm 9.5

Dyna-Mac Holdings DMHL SP S$0.41 $358mm $35mm 10.3

Eidesvik Offshore EIOF NO NO₭34.40 $4,102mm $2,158mm 1.9

Electromagnetic GeoServices EMGS NO NO₭9.25 $312mm $42mm 7.5

EMS Energy EMSE SP S$0.04 $46mm $11mm 4.3

Enerflex EFX CN C$13.68 $1,025mm $149mm 6.9

Enseco Energy Services ENS CN C$0.43 $39mm $54mm 0.7

Enservco ENSV US $1.02 $45mm $14mm 3.1

Exterran Holdings EXH US $28.37 $3,628mm $1,010mm 3.6

Exterran Partners EXLP US $29.06 $2,306mm $318mm 7.2

Ezion Holdings EZI SP S$2.12 $2,270mm $147mm 15.4

Ezra Holdings (Singapore) EZRA SP S$0.94 $1,942mm $365mm 5.3

Falcon Energy Group FALE SP S$0.33 $357mm $44mm 8.1




Local Currency $ x

Farstad Shipping FAR NO NO₭120 $11,938mm $3,360mm 3.6

FMC Technologies FTI US $54.66 $14,442mm $861mm 16.8

Forbes Energy Services FES US $3.53 $364mm $350mm 1.0

Forum Energy Technologies FET US $30.89 $3,206mm $333mm 9.6

Fred Olsen Production FOP NO NO₭9.23 $231mm $65mm 3.5

Fugro FUR NA €42.40 $6,504mm $903mm 7.2

Gaylin Holdings GHL SP S$0.57 $278mm $19mm 14.9

Geospace Technologies GEOS US $68.48 $861mm $84mm 10.3

Argosy Energy GTC LN 65p $14mm $1.7mm 7.8

Gi Technologies 300309 CH CY17.37 $3,162mm $112mm 28.3

GeoGlobal Resources GGS US $4.02 $457mm $541mm 0.8

Global Vectra Helicorp GVH IN INR10.68 $1,957mm $4,766mm 0.4

GOL Offshore GOFF IN INR51.30 $28,736mm $62,198mm 0.5

Guideline Geo GGEO SS SE₭1.74 $133mm $15mm 8.8

Gulf Island Fabrication GIFI US $21.03 $302mm $27mm 11.4

Gulf Petroleum Investment GPI KK KWd132 $44mm $9.7mm 4.5

Gulfmark Offshore GLF US $44.26 $1,560mm $154mm 10.2

Halliburton HAL US $41.80 $41,733mm $6,166mm 6.8

Handal Resources Bhd HDL MK MYR0.44 $83mm $13mm 6.4

Hanwei Energy Services HE CN C$0.12 $24mm $9.2mm 2.6

Havila Shipping ASA HAVI NO NO₭28.00 $6,561mm $5,566mm 1.2

Heatec Jietong Holdings HJT SP S$0.10 $22mm $0.0mm 478.3

Helix Energy Solutions Group HLX US $23.06 $2,541mm $218mm 11.7

Heurtey Petrochem ALHPC FP €28.50 $94mm $18mm 5.1

High Arctic Energy Services HWO CN C$2.08 $94mm $35mm 2.7

Hilong Holding 1623 HK HK$4.42 $6,563mm $721mm 9.1

Honghua Group 196 HK HK$2.74 $8,337mm $977mm 8.5

Hornbeck Offshore Services HOS US $53.31 $2,508mm $305mm 8.2

Hunting PLC HTG LN 766p $1,312mm $194mm 6.8

Integra Group Holdings INTE LI $0.27 $251mm $280mm 0.9

ION Geophysical IO US $6.00 $1,009mm $180mm 5.6

Japaul Oil & Maritime Services JAPAULOI NL NG₦0.54 $15,480mm $13,662mm 1.1

John Wood (LSE) WG/ LN 783p $4,697mm $549mm 8.6

Jutal Offshore Oil Services 3303 HK HK$1.79 $1,030mm $48mm 21.2

KBC Advanced Technologies PLC KBC LN 78p $35mm $5.4mm 6.4

Key Energy Services KEG US $5.97 $1,780mm $734mm 2.4

KNM Group KNMG MK MYR0.46 $1,453mm $438mm 3.3

Kreuz Holdings KRZ SP S$0.68 $310mm $62mm 5.0

Kvaerner ASA KVAER NO NO₭9.80 $2,402mm $431mm 5.6

Leader Energy Services LEA CN C$0.13 $25mm $52mm 0.5

Lonestar West LSI CN C$2.87 $61mm $5.4mm 11.2

Lufkin Industries LUFK US $88.47 $3,240mm $213mm 15.2

Maridive & Oil Services SAE MOIL EY $0.90 $676mm $183mm 3.7

Matrix Service MTRX US $15.88 $392mm $42mm 9.4

Maverick Oil & Gas MCB CN C$5.05 $128mm $21mm 6.1

McDermott International MDR US $8.52 $1,717mm $424mm 4.0




Local Currency $ x

Medserv MDS MV €3.90 $40mm $4.0mm 9.9

Mermaid Maritime MMT SP S$0.34 $9,925mm $2,045mm 4.9

Miclyn Express Offshore MIO AU A$1.82 $677mm $131mm 5.2

Mitcham Industries MIND US $16.23 $193mm $41mm 4.7

Modec 6269 JP ¥3,090 $159,673mm $10,960mm 14.6

MTQ MTQ SP S$1.62 $207mm $29mm 7.3

National Oilwell Varco NOV US $68.55 $31,328mm $4,442mm 7.1

National Petro. Services NAPESCO KK KWd530 $25mm $2.9mm 8.7

Natural Gas Services Group NGS US $22.81 $252mm $33mm 7.6

New West Energy Services NWE CN C$0.09 $7.8mm $4.4mm 1.8

Newpark Resources NR US $10.93 $1,152mm $177mm 6.5

Oceaneering OII US $71.95 $7,743mm $643mm 12.0

Oceanteam Shipping OTS NO NO₭4.72 $178mm $315mm 0.6

Oiluntry Tubular OIL IN INR38.00 $3,758mm $2,283mm 1.6

Oil States International OIS US $89.95 $5,891mm $1,080mm 5.5

Pason Systems PSI CN C$18.53 $1,352mm $156mm 8.7

Perdana Petroleum PETR MK MYR1.72 $1,016mm $72mm 14.2

Petra Energy PENB MK MYR2.05 $776mm $85mm 9.2

Petrofac PFC LN 1,274p $6,490mm $835mm 7.8

PGS (Oslo) PGS NO NO₭77.80 $3,442mm $1,017mm 3.4

Petrolia SE PDR NO NO₭7.02 $69mm $35mm 2.0

PetroVietnam Technical Service PVS VN VND17,200 $333mm $117mm 2.8

Petrowest PRW CN C$0.75 $165mm $64mm 2.6

PHI PHII US $32.98 $846mm $197mm 4.3

Plexus Holdings POS LN 198p $166mm $6.5mm 25.6

Progress Energy Resources PRS NO NO₭53.25 $2,712mm $326mm 8.3

Pulse Seismic PSD CN C$3.88 $261mm $72mm 3.6

Qualitech QLT TB THB11.30 $993mm $105mm 9.5

Questor Technology QST CN C$0.70 $13mm $1.1mm 11.2

Radiant Utama Interinsco RUIS IJ IDR225 $635,334mm $668,602mm 1.0

Rem Offshore ASA REM NO NO₭43.10 $4,165mm $1,698mm 2.5

Renaissance Services SAOG RNSS OM OMR0.60 $528mm $160mm 3.3

Rompetrol Well Services SA PTR RO RON0.39 $102mm $23mm 4.4

Rosetti Marino YRM IM €34.82 $94mm $23mm 4.0

RPC RES US $13.40 $3,033mm $622mm 4.9

Saipem (Milan) SPM IM €13.35 $14,171mm $4,865mm 2.9

Sapurakencana Petroleum SAKP MK MYR4.16 $30,248mm $1,645mm 18.4

SBM Offshore (Amsterdam) SBMO NA €13.62 $5,609mm $1,235mm 4.5

Schlumberger SLB US $72.14 $101,567mm $11,826mm 8.6

THB SGB MK MYR0.39 $1,750mm $309mm 5.7

SEACOR Holdings CKH US $79.67 $1,966mm $248mm 7.9

SEAMEC SEAM IN INR49.50 $643mm $277mm 2.3

Secure Energy Services SES CN C$13.34 $1,595mm $119mm 13.4

Shandong Molong Machinery 568 HK HK$2.54 $7,051mm $2,544mm 2.8

ShawCor SCL CN C$40.78 $2,555mm $288mm 8.9

Sichuan Renzhi 002629 CH CY10.21 $1,579mm $99mm 15.9




Local Currency $ x

Siem Offshore SIOFF NO NO₭8.05 $1,216mm $229mm 5.3

Solstad Offshore ASA SOFF NO NO₭98.00 $12,734mm $4,905mm 2.6

Spectrum ASA SPU NO NO₭48.50 $321mm $91mm 3.5

SPT Energy 1251 HK HK$4.61 $860mm $76mm 11.3

Strad Energy Services SDY CN C$3.28 $186mm $64mm 2.9

Subsea 7 (Oslo) SUBC NO NO₭126 $7,624mm $1,135mm 6.7

Superior Energy Services SPN US $27.49 $6,174mm $1,781mm 3.5

Swiber Holdings SWIB SP S$0.72 $1,271mm $549mm 2.3

Technip (Paris) TEC FP €82.69 $9,452mm $1,031mm 9.2

Tecnicas Reunidas SA TRE SM €35.78 $1,282mm $103mm 12.5

Tenaris (Milan) TEN IM €15.13 $23,695mm $2,951mm 8.0

Termbray Petro-King 2178 HK HK$5.29 $717mm $38mm 19.1

Terrex Energy TESO US $12.49 $462mm $93mm 4.9

Tesla Exploration TXL CN C$2.60 $78mm $29mm 2.7

TETRA Technologies TTI US $10.57 $1,173mm $168mm 7.0

TGC Industries TGE US $8.18 $186mm $45mm 4.1

TGS Nopec (Oslo) TGS NO NO₭189 $2,858mm $704mm 4.1

Tidewater TDW US $56.38 $3,750mm $467mm 8.0

Total Energy Services TOT CN C$14.70 $517mm $91mm 5.7

Trican Well Service TCW CN C$14.93 $2,898mm $217mm 13.4

Universal Resource & Services URS SP S$0.09 $40mm $28mm 1.4

Uzma Berhad UZMA MK MYR3.24 $447mm $44mm 10.2

Wah Seong Bhd WSC MK MYR1.86 $1,997mm $160mm 12.5

Weatherford WFT US $13.50 $19,015mm $4,596mm 4.1

Wenzel Downhole Tools WZL CN C$2.22 $84mm $23mm 3.7

Willbros Group WG US $6.43 $560mm $115mm 4.8

WorleyParsons (ASX) WOR AU A$20.10 $5,424mm $656mm 8.3

ZCL Composites ZCL CN C$4.94 $144mm $23mm 6.3


Disclaimer: Important Information This document is not independent and should not be relied on as an impartial or objective assessment of its subject matter. Given the foregoing this document is deemed to be a marketing communication and as such has not been prepared in accordance with legal requirements designed to promote the independence of investment research and Fox-Davies Capital Limited is not subject to any prohibition on dealing ahead of dissemination of this document as it would be if it were independent investment research. This document has been issued by Fox-Davies Capital Limited for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity. Fox-Davies Capital Limited and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. The information contained herein is based on materials and sources that we believe to be reliable, however, Fox-Davies Capital Limited makes no representation or warranty, either express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. Opinions expressed are our current opinions as of the date appearing on this material only. Any opinions expressed are subject to change without notice and Fox-Davies Capital Limited is under no obligation to update the information contained herein. None of Fox-Davies Capital Limited, its affiliates or employees shall have any liability whatsoever for any indirect or consequential loss or damage arising from any use of this document. This report has been approved in the UK by Fox-Davies Capital Limited solely for the purposes of section 21 of the Financial Services and Markets Act 2000. In the UK, this report is directed at and is for distribution only to persons who (i) fall within Article 19(1) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) or (ii) are professional clients or eligible counterparties of Fox-Davies Capital Limited (all such persons together being referred to as “relevant persons”). This report must not be acted on or relied up on by persons in the UK who are not relevant persons. Neither this report nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this report comes should inform themselves about, and observe any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions. Investments in general involve some degree of risk, including the risk of capital loss. The services, securities and investments discussed in this document may not be available to nor suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor’s base currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. Levels and bases for taxation may change. When we comment on AIM or OFEX shares you should be aware that because the rules for those markets are less demanding that the Official List of London Stock Exchange plc the risks are higher. Furthermore, the marketability of these shares is often restricted. Fox-Davies Capital Limited and/or its associated companies may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Fox-Davies Limited that is not reflected in this material and Fox-Davies Capital Limited may have acted upon or used the information prior to or immediately following its publication. In addition, Fox-Davies Capital Limited, the directors and employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. Neither the whole nor any part of this material may be duplicated in any form or by any means. Neither should any of this material be redistributed or disclosed to anyone without the prior consent of Fox-Davies Capital Limited. Fox-Davies Capital Limited is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange. Fox-Davies Capital Limited may distribute research in reliance on rule 15a-6(a)(2) of the Securities and Exchange Act 1934 to persons that are major US Institutional investors, however, transactions in any securities must be effected through a US registered broker-dealer. Any failure to comply with this restriction may constitute a violation of the relevant country’s laws for which Fox-Davies Capital Limited does not accept any responsibility. By accepting this document you agree that you have read the above disclaimer and to be bound by the foregoing limitations/restrictions. Please note that unless otherwise stated, the share price used in this publication is taken at the close of business for the previous day.

Fox-Davies Oil & Gas Team

Daniel Fox-Davies +44 20 3463 5060

[email protected]

Oliver Stansfield +44 20 3463 5061

[email protected]

Lisa Caires

+44 20 3463 5065 [email protected]

Richard Hail


Scott Beattie


James Pinner


Zac Phillips


Oil Monitor 2013 06 21 - · PDF fileIofina (LN) Coastal Energy (LN) Madagascar Oil (LN)...

Documents

Transcript of Oil Monitor 2013 06 21 - · PDF fileIofina (LN) Coastal Energy (LN) Madagascar Oil (LN)...