TOUCHSTONE EXPLORATION INC.
COMPETENT PERSON'S REPORT
Effective December 31, 2016
1171277
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COMPETENT PERSON'S REPORT
TABLE OF CONTENTS
Page
INDEPENDENT PETROLEUM CONSULTANTS' CONSENT 3
INTRODUCTION 4
COVERING LETTER 6
SUMMARY 17
RESERVES DEFINITIONS 32
EVALUATION PROCEDURE 36
PRODUCT PRICE AND MARKET FORECASTS 47
AFTER TAX ANALYSIS 51
APPENDIX ICertificates of Qualification 55
APPENDIX IIMap 1 Barrackpore Property Map 62Map 2 Coora Property Map 63Map 3 Fyzabad Property Map 64Map 4 New Dome Property Map 65Map 5 New Dome Property Map 66Map 6 Palo Seco Property Map 67Map 7 San Francique Property Map 68Map 8 South Palo Seco Property Map 69Map 9 WD-4 Property Map 70Map 10 WD-8 Property Map 71
May 19, 2017 09:56:21
INDEPENDENT PETROLEU The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an independent evaluation of the Touchstone Exploration Inc.hereby gives consent to the use of its name and to the said estimates. The effective date of the evaluation is December 31, 2016. In the course of the evaluation, the Companyinformation which included land data, well information, geological information, reservoir studies, estimates of on-stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and futconfirming that all information provided to GLJ Petroleum Consultants Ltd. is correct and complete to the best of its knowledge. Procedures recommended in the Canadian Oil and Gas Evaluaverify certain interests and financial information were applied in this evaluation. In applying these procedures and tests, nothing came to GLJ Petroleum Consultants Ltd.’s attention that would suggest that information provided by the Company was not complete and accurate. GLJ Petroleum Consultants Ltd. reserves the right to review all calculations referred to or included in this report and to revise the estimates in light of erroneous data supplied or information existing but not mapreparation of this report. The accuracy of any reserves and production estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserves considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward. Revenue projections presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilizedreport do not necessarily represent the fair market value of the reserves evaluated herein.
PERMIT TO PRACTICEGLJ PETROLEUM CONSULTANTS LTD.
Signature: Date: March 17, 2017
PERMIT NUMBER: P The Association of Professional Engineers and Geoscientists of Alberta
INDEPENDENT PETROLEU M CONSULTANTS’ CONSENT
The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an Touchstone Exploration Inc. (the “Company”) International
hereby gives consent to the use of its name and to the said estimates. The effective date of the evaluation is
the Company provided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well information, geological information, reservoir studies, estimates of
stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget forecasts, financial data and future operating plans. The Company has provided a representation letter confirming that all information provided to GLJ Petroleum Consultants Ltd. is correct and complete to the best of its knowledge. Procedures recommended in the Canadian Oil and Gas Evaluation (COGE) Handbook to verify certain interests and financial information were applied in this evaluation. In applying these procedures and tests, nothing came to GLJ Petroleum Consultants Ltd.’s attention that would suggest that information
was not complete and accurate. GLJ Petroleum Consultants Ltd. reserves the right to review all calculations referred to or included in this report and to revise the estimates in light of erroneous data supplied or information existing but not made available which becomes known subsequent to the
The accuracy of any reserves and production estimate is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserves and production estimates presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.
ions presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in future, differ materially from the forecasts utilized herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.
PERMIT TO PRACTICE GLJ PETROLEUM CONSULTANTS LTD.
PERMIT NUMBER: P 2066 The Association of Professional Engineers
and Geoscientists of Alberta
NT
The undersigned firm of Independent Petroleum Consultants of Calgary, Alberta, Canada has prepared an International oil properties and
hereby gives consent to the use of its name and to the said estimates. The effective date of the evaluation is
provided GLJ Petroleum Consultants Ltd. personnel with basic information which included land data, well information, geological information, reservoir studies, estimates of
stream dates, contract information, current hydrocarbon product prices, operating cost data, capital budget has provided a representation letter
confirming that all information provided to GLJ Petroleum Consultants Ltd. is correct and complete to the best tion (COGE) Handbook to
verify certain interests and financial information were applied in this evaluation. In applying these procedures and tests, nothing came to GLJ Petroleum Consultants Ltd.’s attention that would suggest that information
was not complete and accurate. GLJ Petroleum Consultants Ltd. reserves the right to review all calculations referred to or included in this report and to revise the estimates in light of erroneous
de available which becomes known subsequent to the
The accuracy of any reserves and production estimate is a function of the quality and quantity of available data and production estimates presented herein are
considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.
ions presented in this report are based in part on forecasts of market prices, currency exchange rates, inflation, market demand and government policy which are subject to many uncertainties and may, in
herein. Present values of revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.
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INTRODUCTION
GLJ Petroleum Consultants (GLJ) was commissioned by Touchstone Exploration Inc. (the
“Company”) to prepare an independent evaluation of its International oil reserves effective
December 31, 2016. The locations of the most significant reserves properties are indicated on the
attached index map.
The evaluation was initiated in December 2016 and completed by March 2017. Estimates of
reserves and projections of production were generally prepared using well information and
production data available from the Company to approximately December 31, 2016. The
Company provided land, accounting data and other technical information not available in the
public domain to approximately December 31, 2016. In certain instances, the Company also
provided recent engineering, geological and other information up to December 31, 2016. The
Company has confirmed that, to the best of its knowledge, all information provided to GLJ is
correct and complete as of the effective date.
This evaluation has been prepared in accordance with procedures and standards contained in the
Canadian Oil and Gas Evaluation (COGE) Handbook and Petroleum Resources Management
System (SPE PRMS) as prepared by the Society of Petroleum Engineers (SPE). The reserves
definitions used in preparing this report (included herein under “Reserves Definitions”) are those
contained in the PRMS, COGE Handbook and the Canadian Securities Administrators National
Instrument 51-101 (NI 51-101).
The evaluation was conducted on the basis of the GLJ January 1, 2017 Price Forecast which is
summarized in the Product Price and Market Forecasts section of this report.
Tables summarizing production, royalties, costs, revenue projections, reserves and present value
estimates for various reserves categories for individual properties and the Company total are
provided in the tabbed sections of this Summary Report.
The Evaluation Procedure section outlines general procedures used in preparing this evaluation. The
individual property reports, provided under separate cover, provide additional evaluation details.
The following summarizes evaluation matters that have been included/excluded in cash flow
projections:
• in accordance with NI 51-101, the effect on projected revenues of the Company’s
financial hedging activity has not been included,
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• provisions for the abandonment and reclamation of all of the Company’s existing and
future wells to which reserves have been attributed have been included; all other
abandonment and reclamation costs have not been included,
• general and administrative (G&A) costs and overhead recovery have not been included,
• undeveloped land values have not been included.
The preparation of an evaluation requires the use of judgment in applying the standards and
definitions contained in the PRMS and the COGE Handbook and NI 51-101. GLJ has applied
those standards and definitions based on its experience and knowledge of industry practice.
While GLJ believes that the reserves data set forth in this evaluation have, in all material
respects, been determined and are in accordance with PRMS and the COGE Handbook, because
the application of the standards and definitions contained in PRMS, the COGE Handbook and NI
51-101 require the use of judgment there is no assurance that the applicable securities
regulator(s) will not take a different view as to some of the determinations in the evaluation.
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May 19, 2017 Project 1171277 Mr. James Shipka Touchstone Exploration Inc. 4100, 350 - 7 Avenue SW Calgary, Alberta T2P 3W9 Shore Capital and Corporate Ltd. Suite 1400, Bond Street House 14 Clifford Street London, England W1S 4JU Dear Sirs: Re: Touchstone Exploration Inc. Competent Persons Report (CPR) Effective December 31, 2016 GLJ Petroleum Consultants (GLJ) has completed an independent reserves assessment and evaluation of the onshore producing Trinidad oil properties of Touchstone Exploration Inc. (the “Company”). This report has been prepared in preparation for the admission of the Company’s issued and to be issued share capital to the AIM market of London Stock Exchange Plc. This CPR was prepared in compliance with the “AIM note for Mining, Oil and Gas Companies, June 2009”, as published by the London Stock Exchange. The effective date of this evaluation is December 31, 2016. This evaluation has been prepared in accordance with reserves definitions, standards and procedures contained in the 2011 Petroleum Resources Management System (as defined by the Society of Petroleum Engineers, American Association of Petroleum Geologists, World Petroleum Council and the Society of Petroleum Evaluation Engineers). In addition, this evaluation was also prepared to meet disclosure requirements in accordance with procedures as outlined in the Canadian Securities Administrators document, National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101).
4100, 400 – 3rd Ave SW Calgary, AB, Canada T2P 4H2 | tel 403-266-9500 | gljpc.com
In preparation of this report, GLJ has received customary fees associated with the preparation of the reserves evaluation report. However, neither GLJ Petroleum Consultants Ltd. nor any of its directors, staff or sub-consultants who contributed to the report has any interest in the Company, its subsidiaries, or any of its assets or securities (including the common shares). Our fees are not linked to the admission of the shares to trading on the Exchange or the value of the Company. Additionally, GLJ confirms that we:
• are professionally qualified and members in good standing of a self-regulating organization of engineers and geoscientists;
• have at least 5 years of experience directly relevant to the estimation, assessment and evaluation of oil and gas reserves and resources;
• are independent of the Company, it’s directors, senior management and advisers; • will receive a fee for the preparation of the report in accordance with normal professional consulting
practice. This fee is not contingent on the admission of the Company to AIM, or value of the Comapny and we will receive no other benefit;
• are not a sole practitioner; • have the relevant and appropriate qualifications, experience and technical knowledge to appraise
professionally and independently the oil and gas assets owned by the Company; • consider that the scope of the report is appropriate and includes and discloses all information required to
be included therein and was prepared in accordance with the Guidance Note for Mining, Oil & Gas Companies issued by London Stock Exchange plc in June 2009.
It was GLJ’s primary mandate in this evaluation to provide an independent evaluation of the oil and gas reserves of the Company in aggregate. Accordingly it may not be appropriate to extract individual property or entity estimates for other purposes. Our engagement letter notes these limitations on the use of this report. The reserves estimates included in this CPR are based on production information as provided by the Company, as of December 31, 2016. The Company provided GLJ with certain geological, geophysical, economic (including lease operating statements and capital cost estimates) and engineering information used in evaluating the Company’s assets. In the preparation of reserves estimates for the Company, a site visit was not deemed to be necessary; as such no site visit was conducted by GLJ. The Company has confirmed that to their knowledge, no material change of circumstances or information would have a significant impact on the reserves contained herein.
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Reserves attributable to the proved producing, total proved, total proved plus probable categories and total proved plus probable plus possible categories were assigned as of the effective date. All the Company’s properties that have production or have shown potential for production have been assessed reserves. Contingent and/or prospective resources have not been estimated as part of this report. To evaluate contingent and/or prospective resources, the Company would be required to collect and make available additional data to GLJ. GLJ cannot currently give an indication as to the size or materiality of these resources. GLJ was not engage to, and has not currently evaluated the contingent and/or prospective reserves attributable to the Company’s assets. In addition, GLJ has not evaluated any of the Company’s interests in their non-producing prospect blocks. Our engagement agreement details the scope of the evaluation. A summary of the Company’s reserves and net present value (NPV) are as illustrated in the following tables.
Summary Of Oil And Gas Reserves
Touchstone Exploration Inc.
Effective December 31, 2016
Oil Equivalent
Company Company
Gross Net
Reserves Category Mboe Mboe
Proved
Producing 4,606 2,852
Developed Non-Producing 948 809
Undeveloped 3,423 2,434
Total Proved 8,977 6,094
Total Probable 6,722 4,922
Total Proved Plus Probable 15,698 11,016 Total Proved Plus Probable Plus Possible 20,376 14,330
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Summary Net Present Values of Future Net Revenue
Touchstone Exploration Inc.
Effective: December 31, 2016
Net Present Values of Future Net Revenue
After Income Taxes Discounted At (%/year)
0% 5% 10% 15% 20%
Reserves Category M$ M$ M$ M$ M$
Proved
Producing 65,425 46,613 38,095 32,990 29,449
Developed Non-Producing 18,099 15,447 13,486 11,982 10,795
Undeveloped 39,408 28,407 21,088 15,985 12,301
Total Proved 122,931 90,466 72,668 60,958 52,546
Total Probable 114,765 77,910 58,072 45,426 36,686
Total Proved Plus Probable 237,696 168,376 130,740 106,383 89,233
Total Proved Plus Probable Plus Possible 325,888 222,022 169,073 136,110 113,433
The preceding tables represent a consolidation of the Company’s onshore producing properties within Trinidad. The reserves as presented above have not been further adjusted for risk, and are consistent with the reserves guidance outlined in COGEH and PRMS. The reserves reflect the appropriate level uncertainty as associated with proved, proved plus probable and proved plus probable plus possible reserves. Reserves and revenue forecasts on an individual property basis for the Company are provided in the following report. Developed non-producing and undeveloped reserves as detailed, are associated with infill drilling, extension drilling and recompletion candidates attributed to reservoirs offsetting production, primarily associated with the Forest and Cruse reservoirs, as identified by the Company. Further details of the specific property evaluations can be found in the individual property reports of the Company. In addition, reserves attributable to each property, corresponding reserves categories and NPV are illustrated in the attached report documentation.
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A summary of the working interest and current development status for the Company’s reserves properties is provided in the following table.
Summary of Interests of Touchstone Exploration Inc. Onshore Trinidad Oil Reserves Properties, Effective December 31, 2016
Property Lease Operator
Working Interest Status
Productive Reservoir
Gross Licence Area (acres) Lease Expiry and Comments
Barrackpore Touchstone 100% Producing and development
Forest 211 Freehold Lease
Coora Blocks (1 & 2)
Touchstone 100% Producing and development
Morne L'Enfer, Forest and Cruse
Total Coora:1,699 (Coora 1:1,230 Coora 2: 469)
Current lease agreement Expires Dec 31, 2020, with a 5 year option to extend (upon agreement).
Fyzabad Touchstone 100% Producing and development
Forest and Cruse 94
Current lease agreement has expired August 19, 2013. Touchstone has been permitted to continue operations under the same terms and conditions until renewal.
Fyzabad Touchstone 100% Producing and development
Forest and Cruse 470 Freehold Lease
Icacos Touchstone 50% Producing Cruse 1,947 Freehold Lease
New Dome Touchstone 100% Producing Morne L'Enfer, Forest and Cruse
69 Current lease agreement Expires Dec 31, 2021, with a 5 year option to extend (upon agreement).
Palo Seco Touchstone 100% Producing and development
Cruse 499
Current lease agreement has expired August 19, 2013. Touchstone has been permitted to continue operations under the same terms and conditions until renewal.
San Francique
Touchstone 100% Producing and development
Forest and Cruse 1,351 Freehold Lease
South Palo Seco
Touchstone 100% Producing Morne L'Enfer, Forest and Cruse
2,019 Current lease agreement Expires Dec 31, 2021, with a 5 year option to extend (upon agreement).
WD-4 Touchstone 100% Producing and development
Forest and Cruse 700 Current lease agreement Expires Dec 31, 2020, with a 5 year option to extend (upon agreement).
WD-8 Touchstone 100% Producing and development
Forest and Cruse 650 Current lease agreement Expires Dec 31, 2020, with a 5 year option to extend (upon agreement).
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It should be noted that for some reserves entities, forecast reserves do extend beyond the current lease agreements. Based on past precedence and ease of renewal and contract extensions, GLJ has high certainty that the leases will be extended beyond the current agreement expiries. Touchstone Exploration Inc. holds the Company’s oil and gas interests through the following agreements:
• Lease Operatorship Agreements (“LOAs”) entered into with the Petroleum Company of Trinidad and Tobago (“Petrotrin”). These include Coora 1 and Coora 2 (Coora Block), WD-4 and WD-8.
• Farm-Out Agreements entered into with Petrotrin ( “Farmouts”). These include New Dome and South Palo Seco
• Exploration and Production Licenses (customarily described as “Crown Leases”) entered into with the Trinidad and Tobago Ministry of Energy and Energy Industries (the “Ministry”). Producing assets governed by Crown Leases include Palo Seco and a portion of the Fyzabad Block.
• Private Exploration and Production Agreements (customarily described as “Freehold Leases”). These include Barrackpore, Fyzabad, San Francique (East and West) as well as the Companies non-developed lands which were not evaluated as part of this Report.
Each agreement has unique considerations and costs structures relating to the operations of the individual block, specifically:
• Lease Operatorship Agreements (“LOAs”) involve a Head License, and a Sub-License. • Farm-Out Agreements involve a Head License, and a Sub-Licence. • Exploration and Production Licenses (customarily described as “Crown Leases”) are in standard
form.
Details of these agreements are further discussed in the Evaluation Procedures section of this report, under the heading “Interests Descriptions” of the following report. RESEVES METHODOLOGY GLJ was commissioned to evaluate the onshore Trinidad producing oil properties of the Company as at
December 31, 2016. The properties are located onshore in the southern part of the Republic of Trinidad and
Tobago, as illustrated on the following Index Map. Individual property maps are also illustrated in Appendix
II, Property Maps.
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In general, the geological environment and associated production behavior across the major properties
demonstrates generally consistent features and behavior. As such, as consistent methodology for all the
properties was used in the evaluation. This methodology is summarized in the following sections, and is as
extracted from the evaluation report.
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Geology Methodology The sediments in this area of Trinidad and Tobago occupy a tectonic province known as the Southern Basin.
This basin continues into eastern Venezuela, forming the eastern section of the Eastern Venezuela Basin.
During the period from early Cretaceous through late Eocene, this part of the Southern Basin was a deep,
northward dipping continental slope off the Guyana Shield to the south. Deposition at this time was largely
confined to clays, very fine-grained clastics, and rare gravity flows (turbidites). The deep water and anoxic
conditions at this time preserved the organic material deposited with the clay, permitting the accumulation of the
thick, organic rich rocks of the Gautier and Naparima Hill Formations.
Gradual uplift during the Paleocene and Eocene resulted in the deposition of a thick, overall regressive sequence
(Lizard Springs through San Fernando Formations), culminating in basin wide exposure and erosion at the end
of the Eocene (Upper Eocene unconformity).
By Oligocene to early Miocene time, plate movements and the associated compressional forces dominated the
area, completing the shift from a passive basin margin phase to an active margin phase. A thrust belt along the
northern margin of South America and rising terraines to the north created significant lithospheric loading,
resulting in a series of foredeep sub-basins in the area of interest. Clays were deposited in these deepwater sub-
basins, eventually becoming the thick shales and marls that characterize the Cipero Formation. Thick sequences
of sandstone, deposited via gravity flows, are known to be present near sediment supply areas and feeder
canyons/channels in the slope. Accumulations of these slope and basin floor turbidite fans are known as the
Nariva, Retrench, Herrera and Karamat Sandstones.
Tectonic activity increased dramatically in the area during the Mid-Miocene. The Cipero Formation and the
turbidite accumulations within were folded and thrust faulted into a series of high amplitude, asymmetric, east-
northeast trending anticlines, and detached overthrusts. Continued uplift and exposure and erosion of these
structures at the end of the Mid-Miocene resulted in extensive beveling of the highs, and the creation of a much
more even surface.
By Late Miocene time, compressional forces in the areas gave way to largely extensional ones. A relative drop
in sea level brought marine conditions to the area again. The rocks deposited at this time suggest a largely
transgressional/progradational sequence, with the calcareous shales of the Lengua Formation giving way to the
coarser clastics characteristic of the deltaic deposits of the Pliocene age Formations, including the Cruse, Forest,
and Morne L’Enfer Formations. However, compressional forces returned in the late Pliocene to Pleistocene,
adding another layer of structural complexity to the basin.
The onshore Southern Basin in Trinidad is a well-known, prolific petroleum producing province. Producing
reservoirs within the basin include the Morne L'Enfer, Forest, Cruse, Karamat, and Herrera Formations. These
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reservoirs occur at depths ranging from 300 to 12,000 feet. The source rock for these hydrocarbons is generally
accepted to be the organic rich Cretaceous Naparima Hill Formation. Oil is believed to have migrated into the
reservoirs along fractures associated with recent tectonism such as the Los Bajos Fault zone.
Reserves Methodology Reserves have been attributed to wells in the Cruse, Forest and Morne L’Enfer Formations. Forecast production
for all the properties has been conducted using decline curve analysis, as, in general, the estimation of oil
initially-in-place (OIIP) for individual pools is often hindered by lack of open hole well log data. While log data
is available for the majority of the wells within the field, the log suite typically includes only a spontaneous
potential (SP) log and resistivity log. General checks on the OIIP where calculated have been made, and the
recovery factors calculated are reasonable.
It should be noted that the use of OIIP and dilution factors was not used as a primary estimating method to
determine reserves. Individual well and total pool production decline analysis has been utilized to estimate the
producing reserves, where historical trends of production are extrapolated from expected initial daily rates as at
the effective date, using hyperbolic decline exponents, to expected final rates. Forecasts have been developed
with consideration to oil cut, total fluid rates and production on-time.
In addition to the producing reserves, GLJ has reviewed the proposed development programs as outlined by
the Company for each property. For the Barrackpore, Coora, Fyzabad, Palo Seco, San Francique, WD-4 and
WD-8 properties, additional undeveloped reserves were assigned, which include infill, replacement and
sidetrack wells. The locations were chosen to access reservoir units with significant remaining reserves
potential.
GLJ has audited the net pay mapping as provided by the Company, and examined in detail the wells that
immediately offset a proposed location. Offset wells reviewed by GLJ were used as analogies in volumetric
reserve estimates at the proposed infill locations. Audited net pay maps were used to estimate volumes of
OIIP that may be accessed by each reservoir horizon at a proposed infill location. Production allocation was
used to estimate recovery to date on a zone basis in the area of proposed infill locations and to estimate the
volume of oil that may be recovered by each of the infill locations. In areas that appear to have a high
recovery factor to date, or have recently recorded low reservoir pressures, the assigned reserves were reduced
to acknowledge these risks.
The Company has historically undertaken several workovers and recompletions as part of their ongoing yearly
development and operations. As such, there is significant upside associated with workovers and recompletions.
GLJ has estimated EURs based on the response of previous workovers and recompletions carried out in the
field. GLJ has included additional reserves associated with these candidates in the WD-4, WD-8, Coora and
Fyzabad properties, in the proved and proved plus probable developed non-producing reserves categories.
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Production Forecasts
In establishing all production forecasts, consideration was given to existing gas contracts and the possibility
of contract revisions, to the operator's plans for development drilling and to reserves and well capability.
Generally, development drilling in an area was not considered unless there was some indication from the
operator that drilling could be expected.
The on-stream date for currently shut-in reserves was estimated with consideration given to the following:
• proximity to existing facilities • plans of the operator • economics
Details of the reserves, NPV and forecast 2017 production associated with each property for all reserves
categories can be found in the indexed tab entitled “Summary of Reserves and Values” as located in the
Summary section of this report, and as illustrated on the Company Production, Reserves and Present Value
Summary Table. A summary of these values are provided in the required table as below:
Further information regarding the evaluation procedure, pricing, economic considerations and forecasts are also provided in the following report. Certificates of qualification for Competent Persons involved in the evaluation of the Company’s assets are also included in the attached report. It is trusted that this evaluation meets your current requirements. Should you have any questions regarding this analysis, please contact the undersigned. Yours very truly, GLJ PETROLEUM CONSULTANTS LTD.
Trisha S. MacDonald, P. Eng. Manager, Engineering TSM/jem Attachments
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))))
))
)))
)
Barrackpore
San FraniqueNew Dome
Fyzabad
Coora Block
WD-8
Palo SecoSouth Palo Seco
IcacosWD-4
61°30'0"W
61°30'0"W
62°0'0"W
62°0'0"W
10°3
0'0"N
10°3
0'0"N
10°0
'0"N
10°0
'0"N
9°30'0
"N
9°30'0
"N
600,000
600,000
650,000
650,000
700,000
700,0001,050,000 1,050,000
1,100,000 1,100,000
1,150,000 1,150,000
Map 1Index Map
Property Locations
Company: Touchstone Exploration Inc.Property: Trinidad
Effective Date: December 31, 2016Project: s1171036/indm01
1:900,000
WGS 1984 UTM Zone 20N
) Property Locations
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SUMMARY
TABLE OF CONTENTS
Page
LIST OF TABLESTable 1 Summary of Reserves and Values 18Table 2 Company Production, Reserves and Present Value Summary 19
LIST OF DRAWINGSDrawing 1 Historical and Forecast Company Interest Oil Equivalent Production 20Drawing 2 Historical and Forecast Company Interest Total Oil Production 21
PROVED RESERVES 22
PROBABLE AND PROVED PLUS PROBABLE RESERVES 26
POSSIBLE AND PROVED PLUS PROBABLE PLUS POSSIBLE 29
May 19, 2017 09:56:21
Table 1Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Summary of Reserves and Values
Proved TotalDeveloped Proved Proved
Proved Non- Undevelope Total Total Plus TotalProducing Producing d Proved Probable Probable PPP
MARKETABLE RESERVESLight & Medium Oil (Mbbl)Total Company Interest 3,955 735 2,890 7,580 5,914 13,494 17,514Working Interest 3,955 735 2,890 7,580 5,914 13,494 17,514Net After Royalty 2,297 618 1,960 4,874 4,207 9,082 11,819
Heavy Oil (Mbbl)Total Company Interest 651 213 533 1,397 808 2,205 2,862Working Interest 651 213 533 1,397 808 2,205 2,862Net After Royalty 555 191 474 1,220 714 1,934 2,511
Oil Equivalent (Mboe)Total Company Interest 4,606 948 3,423 8,977 6,722 15,698 20,376Working Interest 4,606 948 3,423 8,977 6,722 15,698 20,376Net After Royalty 2,852 809 2,434 6,094 4,922 11,016 14,330
BEFORE TAX PRESENT VALUE (M$)0% 135,098 49,825 112,953 297,876 327,003 624,878 882,3675% 83,260 41,109 83,755 208,125 220,427 428,551 580,2218% 68,943 37,019 71,157 177,119 183,025 360,143 481,07210% 62,240 34,654 64,199 161,093 163,770 324,863 431,26912% 56,935 32,531 58,161 147,628 147,706 295,334 390,24715% 50,732 29,732 50,503 130,967 128,052 259,018 340,56520% 43,305 25,887 40,562 109,753 103,515 213,269 279,046
FIRST 6 YEARS BEFORE TAX CASH FLOW (M$)2017 12,287 1,956 -1,437 12,806 3,099 15,905 19,0122018 11,453 8,574 2,175 22,201 10,654 32,856 45,0022019 9,779 10,277 6,083 26,139 27,700 53,839 76,0292020 8,274 8,023 21,775 38,071 41,644 79,715 101,6932021 7,122 5,880 22,055 35,057 39,572 74,629 91,5772022 6,720 4,563 15,512 26,795 29,332 56,127 69,292
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
Run Date: May 19, 2017 09:49:53
1171277 Class (A,B1,B2,C,F,I,R), GLJ (2017-01), psum May 19, 2017 09:50:02
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Table 2Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Company Production, Reserves and Present Value Summary
2017 Company Interest Prod'n Company Interest Reserves Net After Royalty Reserves Reserve Before Income TaxLife Discounted Present Value (M$)
Gas Oil NGL Oil Eq. Gas Oil NGL Sulphur Oil Eq. Gas Oil NGL Sulphur Oil Eq. IndexEntity Description Mcf/d bbl/d bbl/d boe/d MMcf Mbbl Mbbl Mlt Mboe MMcf Mbbl Mbbl Mlt Mboe yrs 0% 5% 8% 10% 12%
Proved Producing 0 1,277 0 1,277 0 4,606 0 0 4,606 0 2,852 0 0 2,852 9.9 135,098 83,260 68,943 62,240 56,935Proved Developed Non-Producing 0 202 0 202 0 948 0 0 948 0 809 0 0 809 12.9 49,825 41,109 37,019 34,654 32,531Proved Undeveloped 0 149 0 149 0 3,423 0 0 3,423 0 2,434 0 0 2,434 62.9 112,953 83,755 71,157 64,199 58,161Total Proved 0 1,628 0 1,628 0 8,977 0 0 8,977 0 6,094 0 0 6,094 15.1 297,876 208,125 177,119 161,093 147,628Probable Producing 0 40 0 40 0 1,500 0 0 1,500 0 957 0 0 957 103.2 70,526 33,088 24,090 20,190 17,274Probable Developed Non-Producing 0 61 0 61 0 1,452 0 0 1,452 0 1,253 0 0 1,253 64.7 86,856 65,568 56,217 51,016 46,486Probable Undeveloped 0 61 0 61 0 3,770 0 0 3,770 0 2,712 0 0 2,712 170.3 169,621 121,771 102,718 92,564 83,947Total Probable 0 162 0 162 0 6,722 0 0 6,722 0 4,922 0 0 4,922 113.7 327,003 220,427 183,025 163,770 147,706Proved Plus Probable Producing 0 1,317 0 1,317 0 6,107 0 0 6,107 0 3,809 0 0 3,809 12.7 205,624 116,348 93,033 82,430 74,209Proved Plus Probable Developed Non-Producing 0 263 0 263 0 2,399 0 0 2,399 0 2,062 0 0 2,062 25.0 136,680 106,677 93,236 85,670 79,017Proved Plus Probable Undeveloped 0 210 0 210 0 7,192 0 0 7,192 0 5,146 0 0 5,146 93.9 282,574 205,526 173,875 156,763 142,108Total Proved Plus Probable 0 1,790 0 1,790 0 15,698 0 0 15,698 0 11,016 0 0 11,016 24.0 624,878 428,551 360,143 324,863 295,334Total Possible 0 156 0 156 0 4,678 0 0 4,678 0 3,314 0 0 3,314 82.2 257,489 151,669 120,928 106,406 94,913Total PPP 0 1,946 0 1,946 0 20,376 0 0 20,376 0 14,330 0 0 14,330 28.7 882,367 580,221 481,072 431,269 390,247
Reserves CharacterizationPercentage of Total PPP Company Interest BOE Reserves
Light/Med Oil (86.0 %)Light/Med Oil (86.0 %)
Hvy Oil (14.0 %)
Product Types
Proved Developed Non-Producing (4.7 %)
Proved Producing (22.6 %)
Proved Undeveloped (16.8 %)
Possible Producing (7.3 %)
Possible Undeveloped (12.2 %)
Possible Developed Non-Producing (3.5 %)
Probable Producing (7.4 %)
Probable Developed Non-Producing (7.1 %)
Probable Undeveloped (18.5 %)
Reserves Classifications
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
1171277 Class (A,B1,B2,C,D,E1,E2,F,G,H1,H2,I,O,R), GLJ (2017-01), crv May 19, 2017 09:50:04
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Historical and Forecast ProductionCompany: Touchstone Exploration Inc. Pricing: GLJ (2017-01)Property: Corporate Effective Date: December 31, 2016Description: Summary
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Year
080
016
0024
0032
0040
0048
0056
0064
0072
0080
00
Oil
Equi
vale
nt (b
oe/d
)
AC
I
R
Legend
A: Proved ProducingC: Total ProvedI: Total Proved Plus ProbableR: Total PPP
Company* Interest Oil Equivalent
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Year
080
016
0024
0032
0040
0048
0056
0064
0072
0080
00
Oil
Equi
vale
nt (b
oe/d
)
Legend
Light & Medium OilHeavy Oil
Company* Interest Oil Equivalent - Total PPP
production. Consequently, company actuals may differ from the history shown due to changes in ownership.*Note: Historical company interest production is based on current interests in the evaluated reserves entities applied to reported actual gross lease
Company Interest Oil Equivalent1171277 / May 19, 2017
Drawing 1
Page: 20 of 71
Historical and Forecast ProductionCompany: Touchstone Exploration Inc. Pricing: GLJ (2017-01)Property: Corporate Effective Date: December 31, 2016Description: Summary
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
Year
080
016
0024
0032
0040
0048
0056
0064
0072
0080
00To
tal O
il (b
bl/d
)
AC
I
R
Legend
A: Proved ProducingC: Total ProvedI: Total Proved Plus ProbableR: Total PPP
Company* Interest Total Oil
the history shown due to changes in ownership.*Note: Historical company interest production is based on current interests in the evaluated reserves entities applied to reported actual gross lease production. Consequently, company actuals may differ from
Company Interest Total Oil1171277 / May 19, 2017
Draw
ing 2
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PROVED RESERVES
TABLE OF CONTENTS
Page
SUMMARY OF RESERVES AND VALUES 23
COMPANY PRODUCTION, RESERVES AND PRESENT VALUE SUMMARY 24
May 19, 2017 09:56:21
Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Summary of Reserves and Values
Proved TotalProved Developed Proved Proved Total
Producing Non-Producing Undeveloped Non-Producing Proved
MARKETABLE RESERVESLight & Medium Oil (Mbbl)Total Company Interest 3,955 735 2,890 3,625 7,580Working Interest 3,955 735 2,890 3,625 7,580Net After Royalty 2,297 618 1,960 2,578 4,874
Heavy Oil (Mbbl)Total Company Interest 651 213 533 746 1,397Working Interest 651 213 533 746 1,397Net After Royalty 555 191 474 665 1,220
Oil Equivalent (Mboe)Total Company Interest 4,606 948 3,423 4,371 8,977Working Interest 4,606 948 3,423 4,371 8,977Net After Royalty 2,852 809 2,434 3,243 6,094
BEFORE TAX PRESENT VALUE (M$)0% 135,098 49,825 112,953 162,777 297,8765% 83,260 41,109 83,755 124,865 208,1258% 68,943 37,019 71,157 108,176 177,11910% 62,240 34,654 64,199 98,853 161,09312% 56,935 32,531 58,161 90,693 147,62815% 50,732 29,732 50,503 80,235 130,96720% 43,305 25,887 40,562 66,448 109,753
FIRST 6 YEARS BEFORE TAX CASH FLOW (M$)2017 12,287 1,956 -1,437 519 12,8062018 11,453 8,574 2,175 10,749 22,2012019 9,779 10,277 6,083 16,360 26,1392020 8,274 8,023 21,775 29,798 38,0712021 7,122 5,880 22,055 27,935 35,0572022 6,720 4,563 15,512 20,075 26,795
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
Run Date: May 19, 2017 09:49:50
1171277 Class (A,B1,B2,B,C), GLJ (2017-01), psum May 19, 2017 09:50:51
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Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Company Production, Reserves and Present Value Summary
2017 Company Interest Prod'n Company Interest Reserves Net After Royalty Reserves Reserve Before Income TaxLife Discounted Present Value (M$)
Gas Oil NGL Oil Eq. Gas Oil NGL Sulphur Oil Eq. Gas Oil NGL Sulphur Oil Eq. IndexEntity Description Mcf/d bbl/d bbl/d boe/d MMcf Mbbl Mbbl Mlt Mboe MMcf Mbbl Mbbl Mlt Mboe yrs 0% 5% 8% 10% 12%
Proved ProducingBarrackpore 0 46 0 46 0 81 0 0 81 0 73 0 0 73 4.8 1,472 1,466 1,433 1,405 1,375Coora Block 0 214 0 214 0 1,769 0 0 1,769 0 953 0 0 953 22.6 62,137 27,591 20,073 16,976 14,727Fyzabad 0 140 0 140 0 475 0 0 475 0 422 0 0 422 9.3 21,215 14,863 12,523 11,330 10,348Icacos 0 11 0 11 0 42 0 0 42 0 36 0 0 36 10.9 1,872 1,329 1,121 1,013 923New Dome 0 26 0 26 0 86 0 0 86 0 56 0 0 56 9.0 2,367 1,830 1,599 1,472 1,364Palo Seco 0 13 0 13 0 43 0 0 43 0 37 0 0 37 8.7 1,678 1,319 1,156 1,064 984San Francique 0 63 0 63 0 206 0 0 206 0 184 0 0 184 9.0 9,778 7,436 6,437 5,894 5,429South Palo Seco 0 8 0 8 0 6 0 0 6 0 4 0 0 4 1.9 -26 -16 -11 -9 -7WD-4 0 439 0 439 0 827 0 0 827 0 464 0 0 464 5.2 18,406 15,822 14,600 13,892 13,256WD-8 0 317 0 317 0 1,072 0 0 1,072 0 622 0 0 622 9.3 16,198 11,622 10,013 9,202 8,536
Total: Proved Producing 0 1,277 0 1,277 0 4,606 0 0 4,606 0 2,852 0 0 2,852 135,098 83,260 68,943 62,240 56,935
Proved Developed Non-ProducingBarrackpore 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0Coora Block 0 47 0 47 0 209 0 0 209 0 155 0 0 155 12.2 9,556 7,609 6,744 6,258 5,829Fyzabad 0 41 0 41 0 210 0 0 210 0 189 0 0 189 13.9 11,868 9,848 8,888 8,330 7,827Icacos 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0New Dome 0 1 0 1 0 3 0 0 3 0 2 0 0 2 6.6 -7 7 12 13 15Palo Seco 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0San Francique 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0South Palo Seco 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0WD-4 0 59 0 59 0 286 0 0 286 0 253 0 0 253 13.3 15,322 12,867 11,684 10,991 10,363WD-8 0 54 0 54 0 240 0 0 240 0 210 0 0 210 6.2 13,085 10,778 9,691 9,062 8,498
Total: Proved Developed Non-Producing 0 202 0 202 0 948 0 0 948 0 809 0 0 809 49,825 41,109 37,019 34,654 32,531
Proved UndevelopedBarrackpore 0 0 0 0 0 45 0 0 45 0 40 0 0 40 3.2 1,393 1,091 946 862 786Coora Block 0 49 0 49 0 804 0 0 804 0 542 0 0 542 45.1 32,257 23,707 20,167 18,247 16,601Fyzabad 0 0 0 0 0 421 0 0 421 0 376 0 0 376 14.9 17,883 13,749 11,842 10,754 9,791Icacos 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0New Dome 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0Palo Seco 0 0 0 0 0 112 0 0 112 0 98 0 0 98 20.6 4,521 3,546 3,080 2,809 2,567San Francique 0 0 0 0 0 36 0 0 36 0 32 0 0 32 4.8 1,809 1,508 1,359 1,270 1,190South Palo Seco 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0WD-4 0 57 0 57 0 1,120 0 0 1,120 0 720 0 0 720 54.1 24,457 17,736 14,853 13,272 11,908WD-8 0 44 0 44 0 885 0 0 885 0 625 0 0 625 28.1 30,632 22,419 18,911 16,984 15,319
Total: Proved Undeveloped 0 149 0 149 0 3,423 0 0 3,423 0 2,434 0 0 2,434 112,953 83,755 71,157 64,199 58,161
Total Proved Non-ProducingBarrackpore 0 0 0 0 0 45 0 0 45 0 40 0 0 40 3.2 1,393 1,091 946 862 786Coora Block 0 96 0 96 0 1,013 0 0 1,013 0 697 0 0 697 28.9 41,814 31,316 26,911 24,505 22,430Fyzabad 0 41 0 41 0 631 0 0 631 0 565 0 0 565 41.9 29,750 23,597 20,730 19,084 17,618
1171277 Class (A,B1,B2,B,C), GLJ (2017-01), crv May 19, 2017 09:50:53
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Page 2
Company Production, Reserves and Present Value Summary
2017 Company Interest Prod'n Company Interest Reserves Net After Royalty Reserves Reserve Before Income TaxLife Discounted Present Value (M$)
Gas Oil NGL Oil Eq. Gas Oil NGL Sulphur Oil Eq. Gas Oil NGL Sulphur Oil Eq. IndexEntity Description Mcf/d bbl/d bbl/d boe/d MMcf Mbbl Mbbl Mlt Mboe MMcf Mbbl Mbbl Mlt Mboe yrs 0% 5% 8% 10% 12%
Total Proved Non-Producing (Cont.)Icacos 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0New Dome 0 1 0 1 0 3 0 0 3 0 2 0 0 2 6.6 -7 7 12 13 15Palo Seco 0 0 0 0 0 112 0 0 112 0 98 0 0 98 20.6 4,521 3,546 3,080 2,809 2,567San Francique 0 0 0 0 0 36 0 0 36 0 32 0 0 32 4.8 1,809 1,508 1,359 1,270 1,190South Palo Seco 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0 0 0 0 0WD-4 0 116 0 116 0 1,405 0 0 1,405 0 973 0 0 973 33.3 39,780 30,603 26,537 24,262 22,271WD-8 0 97 0 97 0 1,125 0 0 1,125 0 835 0 0 835 16.0 43,717 33,197 28,602 26,047 23,817
Total: Total Proved Non-Producing 0 351 0 351 0 4,371 0 0 4,371 0 3,243 0 0 3,243 162,777 124,865 108,176 98,853 90,693
Total ProvedBarrackpore 0 46 0 46 0 126 0 0 126 0 114 0 0 114 7.5 2,865 2,557 2,379 2,267 2,160Coora Block 0 310 0 310 0 2,782 0 0 2,782 0 1,651 0 0 1,651 24.6 103,951 58,906 46,983 41,481 37,156Fyzabad 0 181 0 181 0 1,106 0 0 1,106 0 988 0 0 988 16.7 50,966 38,460 33,253 30,414 27,966Icacos 0 11 0 11 0 42 0 0 42 0 36 0 0 36 10.9 1,872 1,329 1,121 1,013 923New Dome 0 27 0 27 0 89 0 0 89 0 57 0 0 57 9.0 2,360 1,837 1,610 1,486 1,379Palo Seco 0 13 0 13 0 155 0 0 155 0 135 0 0 135 31.6 6,199 4,865 4,236 3,874 3,551San Francique 0 63 0 63 0 242 0 0 242 0 217 0 0 217 10.6 11,588 8,944 7,796 7,164 6,619South Palo Seco 0 8 0 8 0 6 0 0 6 0 4 0 0 4 1.9 -26 -16 -11 -9 -7WD-4 0 555 0 555 0 2,232 0 0 2,232 0 1,437 0 0 1,437 11.0 58,186 46,425 41,137 38,155 35,527WD-8 0 414 0 414 0 2,197 0 0 2,197 0 1,457 0 0 1,457 14.5 59,915 44,818 38,615 35,249 32,353
Total: Total Proved 0 1,628 0 1,628 0 8,977 0 0 8,977 0 6,094 0 0 6,094 297,876 208,125 177,119 161,093 147,628
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
1171277 Class (A,B1,B2,B,C), GLJ (2017-01), crv May 19, 2017 09:50:53
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PROBABLE AND PROVED PLUS PROBABLE RESERVES
TABLE OF CONTENTS
Page
SUMMARY OF RESERVES AND VALUES 27
COMPANY PRODUCTION, RESERVES AND PRESENT VALUE SUMMARY 28
May 19, 2017 09:56:21
Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Summary of Reserves and Values
TotalProved
Total PlusProbable Probable
MARKETABLE RESERVESLight & Medium Oil (Mbbl)
Total Company Interest 5,914 13,494Working Interest 5,914 13,494Net After Royalty 4,207 9,082
Heavy Oil (Mbbl)Total Company Interest 808 2,205Working Interest 808 2,205Net After Royalty 714 1,934
Oil Equivalent (Mboe)Total Company Interest 6,722 15,698Working Interest 6,722 15,698Net After Royalty 4,922 11,016
BEFORE TAX PRESENT VALUE (M$)0% 327,003 624,8785% 220,427 428,5518% 183,025 360,14310% 163,770 324,86312% 147,706 295,33415% 128,052 259,01820% 103,515 213,269
FIRST 6 YEARS BEFORE TAX CASH FLOW (M$)2017 3,099 15,9052018 10,654 32,8562019 27,700 53,8392020 41,644 79,7152021 39,572 74,6292022 29,332 56,127
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
Run Date: May 19, 2017 09:49:51
1171277 Class (F,I), GLJ (2017-01), psum May 19, 2017 09:50:57
Page: 27 of 71
Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Company Production, Reserves and Present Value Summary
2017 Company Interest Prod'n Company Interest Reserves Net After Royalty Reserves Reserve Before Income TaxLife Discounted Present Value (M$)
Gas Oil NGL Oil Eq. Gas Oil NGL Sulphur Oil Eq. Gas Oil NGL Sulphur Oil Eq. IndexEntity Description Mcf/d bbl/d bbl/d boe/d MMcf Mbbl Mbbl Mlt Mboe MMcf Mbbl Mbbl Mlt Mboe yrs 0% 5% 8% 10% 12%
Total ProbableBarrackpore 0 2 0 2 0 124 0 0 124 0 112 0 0 112 212.1 4,846 3,781 3,278 2,991 2,737Coora Block 0 29 0 29 0 1,681 0 0 1,681 0 1,117 0 0 1,117 156.2 86,697 50,991 40,655 35,661 31,641Fyzabad 0 28 0 28 0 700 0 0 700 0 626 0 0 626 67.4 45,978 30,484 25,256 22,621 20,449Icacos 0 0 0 0 0 14 0 0 14 0 12 0 0 12 345.5 905 418 284 225 183New Dome 0 0 0 0 0 28 0 0 28 0 18 0 0 18 177.1 945 514 375 310 260Palo Seco 0 0 0 0 0 66 0 0 66 0 58 0 0 58 999.9 3,823 2,839 2,416 2,182 1,981San Francique 0 1 0 1 0 279 0 0 279 0 250 0 0 250 824.3 15,382 10,335 8,468 7,508 6,711South Palo Seco 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3.8 4 4 4 4 3WD-4 0 68 0 68 0 1,639 0 0 1,639 0 1,180 0 0 1,180 65.8 74,990 55,364 47,240 42,840 39,069WD-8 0 33 0 33 0 2,190 0 0 2,190 0 1,548 0 0 1,548 184.2 93,433 65,698 55,050 49,427 44,674
Total: Total Probable 0 162 0 162 0 6,722 0 0 6,722 0 4,922 0 0 4,922 327,003 220,427 183,025 163,770 147,706
Total Proved Plus ProbableBarrackpore 0 48 0 48 0 250 0 0 250 0 225 0 0 225 14.3 7,711 6,338 5,657 5,258 4,897Coora Block 0 340 0 340 0 4,463 0 0 4,463 0 2,768 0 0 2,768 36.0 190,648 109,898 87,638 77,143 68,797Fyzabad 0 209 0 209 0 1,806 0 0 1,806 0 1,614 0 0 1,614 23.6 96,944 68,944 58,510 53,036 48,414Icacos 0 11 0 11 0 56 0 0 56 0 49 0 0 49 14.5 2,778 1,747 1,404 1,238 1,106New Dome 0 28 0 28 0 117 0 0 117 0 75 0 0 75 11.6 3,305 2,351 1,985 1,796 1,638Palo Seco 0 14 0 14 0 221 0 0 221 0 193 0 0 193 44.8 10,022 7,704 6,651 6,056 5,532San Francique 0 64 0 64 0 521 0 0 521 0 466 0 0 466 22.4 26,970 19,279 16,263 14,672 13,330South Palo Seco 0 8 0 8 0 6 0 0 6 0 4 0 0 4 1.9 -22 -12 -8 -5 -3WD-4 0 623 0 623 0 3,871 0 0 3,871 0 2,617 0 0 2,617 17.0 133,176 101,788 88,377 80,995 74,595WD-8 0 447 0 447 0 4,387 0 0 4,387 0 3,005 0 0 3,005 26.9 153,347 110,516 93,665 84,676 77,027
Total: Total Proved Plus Probable 0 1,790 0 1,790 0 15,698 0 0 15,698 0 11,016 0 0 11,016 624,878 428,551 360,143 324,863 295,334
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
1171277 Class (F,I), GLJ (2017-01), crv May 19, 2017 09:50:57
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POSSIBLE AND PROVED PLUS PROBABLE PLUS POSSIBLE
TABLE OF CONTENTS
Page
SUMMARY OF RESERVES AND VALUES 30
COMPANY PRODUCTION, RESERVES AND PRESENT VALUE SUMMARY 31
May 19, 2017 09:56:21
Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Summary of Reserves and Values
Total TotalPossible PPP
MARKETABLE RESERVESLight & Medium Oil (Mbbl)
Total Company Interest 4,020 17,514Working Interest 4,020 17,514Net After Royalty 2,737 11,819
Heavy Oil (Mbbl)Total Company Interest 657 2,862Working Interest 657 2,862Net After Royalty 577 2,511
Oil Equivalent (Mboe)Total Company Interest 4,678 20,376Working Interest 4,678 20,376Net After Royalty 3,314 14,330
BEFORE TAX PRESENT VALUE (M$)0% 257,489 882,3675% 151,669 580,2218% 120,928 481,07210% 106,406 431,26912% 94,913 390,24715% 81,547 340,56520% 65,778 279,046
FIRST 6 YEARS BEFORE TAX CASH FLOW (M$)2017 3,107 19,0122018 12,147 45,0022019 22,190 76,0292020 21,978 101,6932021 16,948 91,5772022 13,165 69,292
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
Run Date: May 19, 2017 09:49:53
1171277 Class (O,R), GLJ (2017-01), psum May 19, 2017 09:50:59
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Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: Summary Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Company Production, Reserves and Present Value Summary
2017 Company Interest Prod'n Company Interest Reserves Net After Royalty Reserves Reserve Before Income TaxLife Discounted Present Value (M$)
Gas Oil NGL Oil Eq. Gas Oil NGL Sulphur Oil Eq. Gas Oil NGL Sulphur Oil Eq. IndexEntity Description Mcf/d bbl/d bbl/d boe/d MMcf Mbbl Mbbl Mlt Mboe MMcf Mbbl Mbbl Mlt Mboe yrs 0% 5% 8% 10% 12%
Total PossibleBarrackpore 0 1 0 1 0 105 0 0 105 0 94 0 0 94 256.5 5,256 3,807 3,193 2,862 2,580Coora Block 0 24 0 24 0 1,025 0 0 1,025 0 746 0 0 746 116.2 65,196 36,005 27,978 24,272 21,385Fyzabad 0 32 0 32 0 570 0 0 570 0 510 0 0 510 49.3 42,553 23,553 18,546 16,243 14,444Icacos 0 0 0 0 0 10 0 0 10 0 8 0 0 8 537.3 659 253 159 122 96New Dome 0 0 0 0 0 38 0 0 38 0 24 0 0 24 472.3 1,539 683 459 364 295Palo Seco 0 0 0 0 0 37 0 0 37 0 32 0 0 32 999.9 2,285 1,655 1,408 1,277 1,167San Francique 0 1 0 1 0 139 0 0 139 0 124 0 0 124 601.3 10,440 5,538 4,156 3,533 3,058South Palo Seco 0 0 0 0 0 3 0 0 3 0 2 0 0 2 170.1 4 5 6 6 6WD-4 0 63 0 63 0 1,465 0 0 1,465 0 942 0 0 942 63.3 63,132 42,792 35,513 31,819 28,779WD-8 0 34 0 34 0 1,285 0 0 1,285 0 830 0 0 830 102.3 66,424 37,378 29,510 25,908 23,103
Total: Total Possible 0 156 0 156 0 4,678 0 0 4,678 0 3,314 0 0 3,314 257,489 151,669 120,928 106,406 94,913
Total PPPBarrackpore 0 49 0 49 0 355 0 0 355 0 320 0 0 320 19.9 12,967 10,145 8,851 8,120 7,477Coora Block 0 364 0 364 0 5,489 0 0 5,489 0 3,514 0 0 3,514 41.3 255,844 145,902 115,616 101,415 90,182Fyzabad 0 241 0 241 0 2,376 0 0 2,376 0 2,124 0 0 2,124 27.0 139,497 92,497 77,055 69,279 62,859Icacos 0 11 0 11 0 66 0 0 66 0 57 0 0 57 16.9 3,437 2,000 1,563 1,360 1,202New Dome 0 28 0 28 0 154 0 0 154 0 100 0 0 100 15.2 4,845 3,034 2,444 2,160 1,934Palo Seco 0 14 0 14 0 258 0 0 258 0 225 0 0 225 52.0 12,306 9,359 8,059 7,334 6,699San Francique 0 64 0 64 0 660 0 0 660 0 591 0 0 591 28.1 37,409 24,816 20,420 18,205 16,388South Palo Seco 0 8 0 8 0 8 0 0 8 0 5 0 0 5 2.8 -18 -7 -2 0 2WD-4 0 686 0 686 0 5,337 0 0 5,337 0 3,559 0 0 3,559 21.3 196,308 144,580 123,890 112,813 103,374WD-8 0 481 0 481 0 5,673 0 0 5,673 0 3,835 0 0 3,835 32.3 219,771 147,894 123,175 110,584 100,131
Total: Total PPP 0 1,946 0 1,946 0 20,376 0 0 20,376 0 14,330 0 0 14,330 882,367 580,221 481,072 431,269 390,247
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
1171277 Class (O,R), GLJ (2017-01), crv May 19, 2017 09:50:00
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SPE-PRMS RESOURCES AND RESERVES DEFINITIONS
GLJ Petroleum Consultants (GLJ) has prepared estimates of resources and reserves in accordance
with the definitions and standards contained in the Petroleum Resources Management System (SPE-
PRMS) prepared by the Society of Petroleum Engineers (SPE). The SPE-PRMS document was
reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association
of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE). The
SPE-PRMS definitions and guidelines are similar to those contained in the Canadian Oil and Gas
Evaluation (COGE) Handbook, which is referenced by the Canadian Securities Administrators in
“National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities” and the standards
normally used in Canadian oil and gas evaluations. Reserve and resources volumes derived under the
SPE-PRMS and COGEH standards would not generally be materially different. The following are
excerpts from the SPE-PRMS.
A. Fundamental Resources Definitions
Total Petroleum Initially-In-Place (PIIP) is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered (equivalent to “total resources”).
Discovered Petroleum Initially-In-Place (equivalent to discovered resources) is that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production.
Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. Reserves must further satisfy four criteria: they must be discovered, recoverable, commercial, and remaining (as of the evaluation date) based on the development project(s) applied. Reserves are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by development and production status. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations but the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies. Contingent Resources may include, for example, projects for which there are currently no viable markets, or where commercial recovery is dependent on technology under development, or where evaluation of the accumulation is insufficient to clearly assess commerciality. Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.
Undiscovered Petroleum Initially-In-Place (equivalent to undiscovered resources) is that quantity of petroleum estimated, on a given date, to be contained within accumulations yet to be discovered.
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Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub-classified based on project maturity.
B. Uncertainty Categories for Resources Estimates
The range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or by a probability distribution. When the range of uncertainty is represented by a probability distribution, a low, best, and high estimate shall be provided such that:
Low Estimate: There should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. Best Estimate: There should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. High Estimate: There should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
When using the deterministic scenario method, typically there should also be low, best, and high estimates, where such estimates are based on qualitative assessments of relative uncertainty using consistent interpretation guidelines. These same approaches to describing uncertainty may be applied to reserves, contingent resources, and prospective resources. There may be significant risk that sub-commercial and undiscovered accumulations will not achieve commercial production. However, it is useful to consider and identify the range of potentially recoverable quantities independently of such risk or consideration of the resources class to which the quantities will be assigned.
C. Reserves Categories
The following summarizes the definitions of each Reserves category in terms of both the deterministic incremental approach and scenario approach and also provides the probability criteria if probabilistic methods are applied.
Proved Reserves Proved reserves are those quantities of petroleum, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations. If deterministic methods are used, the term reasonable certainty is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. Probable Reserves Probable reserves are those additional reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than proved reserves but more certain to be recovered than possible reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated proved plus probable reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.
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Possible Reserves Possible reserves are those additional reserves which analysis of geoscience and engineering data suggest are less likely to be recoverable than probable reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of proved plus probable plus possible (3P) reserves, which is equivalent to the high estimate scenario. In this context, when probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate.
Development and Production Status Each of the reserves categories (proved, probable, and possible) may be divided into developed and undeveloped categories.
Developed Reserves Developed reserves are those reserves that are expected quantities to be recovered from existing wells and facilities. Developed Producing Reserves Developed producing reserves are those reserves expected to be recovered from intervals that are open and producing at the time of the estimate. Developed Non-Producing Reserves Developed non-producing reserves include shut-in and behind-pipe reserves. Undeveloped Reserves Undeveloped reserves are quantities expected to be recovered through future investments.
D. Discovered and Commercial
Discovery Status A discovery is one petroleum accumulation, or several petroleum accumulations collectively, for which one or several exploratory wells have established through testing, sampling, and/or logging the existence of a significant quantity of potentially moveable hydrocarbons. In this context, “significant” implies that there is evidence of a sufficient quantity of petroleum to justify estimating the in-place volume determined by the well(s) and for evaluating the potential for economic recovery. Commercial Status Discovered recoverable volumes (Contingent Resources) may be considered commercially producible, and thus Reserves, if the entity claiming commerciality has demonstrated firm intention to proceed with development and such intention is based upon all of the following criteria:
• Evidence to support a reasonable timetable for development;
• A reasonable assessment of the future economics of such development projects meeting defined investment and operating criteria;
• A reasonable expectation that there will be a market for all or at least the expected sales quantities of production required to justify development;
• Evidence that the necessary production and transportation facilities are available or can be made available;
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• Evidence that legal, contractual, environmental, governmental, and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated.
E. Economic Status of Resources Estimates
Projects may be further characterized by their Economic Status. All projects classified as Reserves must be economic under defined conditions. Based on assumptions regarding future conditions and their impact on ultimate economic viability, projects currently classified as Contingent Resources may be broadly divided into two groups:
Marginal Contingent Resources Marginal contingent resources are those quantities associated with technically feasible projects that are either currently economic or projected to be economic under reasonably forecasted improvements in commercial conditions but are not committed for development because of one or more contingencies. Sub-Marginal Contingent Resources Sub-marginal contingent resources are those quantities associated with discoveries for which analysis indicates that technically feasible development projects would not be economic and/or other contingencies would not be satisfied under current or reasonably forecasted improvements in commercial conditions. These projects nonetheless should be retained in the inventory of discovered resources pending unforeseen major changes in commercial conditions.
Where evaluations are incomplete such that it is premature to clearly define ultimate chance of commerciality, it is acceptable to note that project economic status is “undetermined” (i.e., “contingent resources – economic status undetermined”).
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EVALUATION PROCEDURE
TABLE OF CONTENTS INTEREST DESCRIPTIONS WELL DATA ACCOUNTING SUMMARY PRODUCTION FORECASTS ECONOMIC PARAMETERS OIL EQUIVALENT OR GAS EQUIVALENT LIST OF ABBREVIATIONS
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EVALUATION PROCEDURE
The following outlines the methodology employed by GLJ Petroleum Consultants (GLJ) in
conducting the evaluation of the Company’s oil and gas properties. GLJ evaluation procedures are in
compliance with standards contained in Petroleum Resources Management System (SPE
PRMS)prepared by the Society of Petroleum Engineers (SPE) and the Canadian Oil and Gas
Evaluation (COGE) Handbook.
INTEREST DESCRIPTIONS
The Company provided GLJ with current land interest information. The Company provided a
representation letter confirming accuracy of land information. Certain cross-checks of land and
accounting information were undertaken by GLJ as recommended in the COGE Handbook. In this
process, nothing came to GLJ’s attention that indicated that information provided by the Company
was incomplete or unreliable.
In GLJ’s reports, “Company Interest” reserves and values refer to the sum of royalty interest* and
working interest reserves before deduction of royalty burdens payable. “Working Interest” reserves
equate to those reserves that are referred to as “Company Gross” reserves by the Canadian Securities
Administrators (CSA) in NI 51-101.
*Royalty interest reserves include royalty volumes derived only from other working interest owners. Lease Information, Agreements and Obligations
In Trinidad, oil and gas interests may be held pursuant to various instruments. Touchstone
Exploration Inc. holds the Company’s oil and gas interest through the following agreements:
(i) Lease Operatorship Agreements (“LOAs”) entered into with the Petroleum Company of
Trinidad and Tobago (“Petrotrin”). These include Coora 1 and Coora 2 (Coora Block), WD-4 and
WD-8.
(ii) Farm-Out Agreements entered into with Petrotrin (“Farmouts”). These include New Dome and
South Palo Seco,
(iii) Exploration and Production Licenses (customarily described as “Crown Leases”) entered
into with the Trinidad and Tobago Ministry of Energy and Energy Industries (the “Ministry”).
Producing assets governed by Crown Leases include Palo Seco and a portion of the Fyzabad Block.
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(iv) Private Exploration and Production Agreements (customarily described as “Freehold
Leases”). These include Barrackpore, Fyzabad, San Francique (East and West) as well as the
Companies non-developed lands which were not evaluated as part of this Report. The different
operating agreements have unique considerations and cost structures relating to operations on the
individual blocks, specifically:
i) Lease Operatorship Agreements (“LOAs”) involve a Head License, and a Sub-License.
The Ministry issues an Exploration and Production (Public Petroleum Rights) License (the “Head
License”) to Petrotrin. Petrotrin then issues the LOA (the “Sub-License”) to the Operator.
The LOA contains a schedule of Existing Wells (Schedule 1) and provides the Operator with certain
rights and obligations with respect to the Existing Wells and the associated facilities. The Operator is
permitted to produce from specified formations within the Existing Wells. The LOAs also set out a
series of work obligations to be performed by the Operator and allow the Operator to develop the
LOA Block through new drilling and the reworking of existing wells. The LOAs do not utilize
Operating Committees or Management Committees for decision making. Rather, decisions rest with
the Operator who is required to report to, and obtain approvals from, Petrotrin.
The LOAs also attach a series of Schedules and Appendices including: a list of Existing Wells;
royalties and pricing terms; local content requirements; financial terms for payments of financial
obligations relating to the Head License, and for the performance bond related to the individual
agreement.
The operator is responsible for financial obligations related to the head lease between the MEEI and
Petrotrin (allocated based on property production as a proportion of net head license production).
This includes amounts related to minimum payment, annual surface rentals, training contributions,
research contributions and scholarship contributions.
With respect to decommissioning, the operator is responsible for the proportionate cost of
abandoning a well based on the quantity of petroleum produced from the effective date as a
proportionate of cumulative production of petroleum from the well. The operator must remit
US$0.28 to a joint well abandonment fund to be used for future decommissioning costs as agreed by
both parties.
(ii) Farm-Out Agreements involve a Head License, and a Sub-License.
As is the case with the LOAs, with respect to the Farmout Agreements the Minister issues a Head
Licence to Petrotrin. Petrotrin then enters into a Farmout Agreement with the Operator.
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The Farmout Agreements do not contain a schedule of existing wells in the way that the LOAs do.
Rather, the Farmout Agreements grant the Operator the right to drill and produce Petroleum from the
Farmout Lands, excluding specified Deeper Horizons and specified Private Rights Areas. The
Farmout Agreement also contains an obligation to perform certain work (the “Work Obligations”).
As is the case with the LOAs, the Farmout Agreements do not utilize Operating Committees or
Management Committees for decision making. Rather, decisions rest with the Operator who is
required to report to, and obtain approvals from, Petrotrin. Similarly, the Farmout Agreements also
attach a series of Schedules and Appendices including: a listing of wells; royalties and pricing terms;
local content requirements; financial obligations relating to the Head License, and terms of the
performance bond for the individual blocks.
The operator is responsible for financial obligations related to the head lease between the MEEI and
Petrotrin (allocated based on property hectares as a proportion of net head license hectares). This
includes amounts related to surface rentals, training contributions, research contributions and
scholarship contributions.
The operator is responsible for the proportionate cost of abandoning a well based on the quantity of
petroleum produced from the effective date as a proportionate of cumulative production of petroleum
from the well. The operator must remit US$0.28 to a joint well abandonment fund to be used for
future decommissioning costs as agreed by both parties.
(iii) Exploration and Production Licenses (customarily described as “Crown Leases”) are in standard
form.
The primary term of the Crown Leases is 6 years, with rights to extend the term upon commercial
discovery for a maximum of 25 years from the Effective Date.
The Crown Leases are subject to a Crown Royalty of 12.5 percent and an oil impost fee of US$0.52
per barrel. The operator is responsible for amounts related to minimum payment, annual surface
rentals, training contributions, research contributions, scholarship contributions, technical equipment
bonus and environmental bonus. The operator must remit US$0.25 to a joint well abandonment fund
to be used for future decommissioning costs as agreed by both parties.
(iv) Private Exploration and Production Agreements (customarily described as “Freehold
Leases”). The company holds multiple individual Freehold Leases described above, which were
entered into by various predecessors in interest over the past 60 years. The Freehold Leases are not
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in standard form, but typically provide for a term of 35 years with royalties ranging from 10.0 to 12.5
percent.
WELL DATA
Pertinent interest and offset well data such as drill stem tests, workovers, pressure surveys,
production tests, etc., were provided by the Company or were obtained from other operators, public
records or GLJ nonconfidential files.
ACCOUNTING SUMMARY
The Company provided GLJ with available accounting data on a property basis and for the corporate
total for the period January 1, 2016 to December 31, 2016. In some circumstances this information
was also provided on a cost centre basis to address major reserves entities that are a subset of a
Company property.
RESEVES METHODOLOGY GLJ was commissioned to evaluate the onshore Trinidad producing oil properties of the Company as
at December 31, 2016. The properties are located onshore in the southern part of the Republic of
Trinidad and Tobago (refer to the Index Map). In general, the geological environment and
associated production behavior across the major properties demonstrates generally consistent
features and behavior. As such, as consistent methodology for all the properties was used in the
evaluation. This methodology is summarized in the following sections.
Geology Methodology The sediments in this area of Trinidad and Tobago occupy a tectonic province known as the
Southern Basin. This basin continues into eastern Venezuela, forming the eastern section of the
Eastern Venezuela Basin.
During the period from early Cretaceous through late Eocene, this part of the Southern Basin was a
deep, northward dipping continental slope off the Guyana Shield to the south. Deposition at this time
was largely confined to clays, very fine-grained clastics, and rare gravity flows (turbidites). The deep
water and anoxic conditions at this time preserved the organic material deposited with the clay,
permitting the accumulation of the thick, organic rich rocks of the Gautier and Naparima Hill
Formations.
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Gradual uplift during the Paleocene and Eocene resulted in the deposition of a thick, overall
regressive sequence (Lizard Springs through San Fernando Formations), culminating in basin wide
exposure and erosion at the end of the Eocene (Upper Eocene unconformity).
By Oligocene to early Miocene time, plate movements and the associated compressional forces
dominated the area, completing the shift from a passive basin margin phase to an active margin
phase. A thrust belt along the northern margin of South America and rising terraines to the north
created significant lithospheric loading, resulting in a series of foredeep sub-basins in the area of
interest. Clays were deposited in these deepwater sub-basins, eventually becoming the thick shales
and marls that characterize the Cipero Formation. Thick sequences of sandstone, deposited via
gravity flows, are known to be present near sediment supply areas and feeder canyons/channels in
the slope. Accumulations of these slope and basin floor turbidite fans are known as the Nariva,
Retrench, Herrera and Karamat Sandstones.
Tectonic activity increased dramatically in the area during the Mid-Miocene. The Cipero Formation
and the turbidite accumulations within were folded and thrust faulted into a series of high amplitude,
asymmetric, east-northeast trending anticlines, and detached overthrusts. Continued uplift and
exposure and erosion of these structures at the end of the Mid-Miocene resulted in extensive
beveling of the highs, and the creation of a much more even surface.
By Late Miocene time, compressional forces in the areas gave way to largely extensional ones. A
relative drop in sea level brought marine conditions to the area again. The rocks deposited at this
time suggest a largely transgressional/progradational sequence, with the calcareous shales of the
Lengua Formation giving way to the coarser clastics characteristic of the deltaic deposits of the
Pliocene age Formations, including the Cruse, Forest, and Morne L’Enfer Formations. However,
compressional forces returned in the late Pliocene to Pleistocene, adding another layer of structural
complexity to the basin.
The onshore Southern Basin in Trinidad is a well-known, prolific petroleum producing province.
Producing reservoirs within the basin include the Morne L'Enfer, Forest, Cruse, Karamat, and
Herrera Formations. These reservoirs occur at depths ranging from 300 to 12,000 feet. The source
rock for these hydrocarbons is generally accepted to be the organic rich Cretaceous Naparima Hill
Formation. Oil is believed to have migrated into the reservoirs along fractures associated with recent
tectonism such as the Los Bajos Fault zone.
Reserves Methodology Reserves have been attributed to wells in the Cruse, Forest and Morne L’Enfer Formations. Forecast
production for all the properties has been conducted using decline curve analysis, as, in general, the
estimation of oil initially-in-place (OIIP) for individual pools is often hindered by lack of open hole
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well log data. While log data is available for the majority of the wells within the field, the log suite
typically includes only a spontaneous potential (SP) log and resistivity log. General checks on the
OIIP where calculated have been made, and the recovery factors calculated are reasonable.
Often, the operational conditions of each well (e.g. downtime, swabbing) made it difficult to identify
trends on an individual well basis. In addition, many of the wells were completed in several
formations, and have commingled production rates reported. As such, individual well and total pool
production decline analysis has been utilized to estimate the producing reserves, where historical
trends of production are extrapolated from expected initial daily rates, using hyperbolic decline
exponents, to expected final rates. Forecasts have been developed with consideration to oil cut, total
fluid rates and production on-time.
In addition to the producing reserves, GLJ has reviewed the proposed development programs as
outlined by the Company for each property. For the Barrackpore, Coora, Fyzabad, Palo Seco, San
Francique, WD-4 and WD-8 properties, additional undeveloped reserves were assigned, which
include infill, replacement and sidetrack wells. The locations were chosen to access reservoir
units with significant remaining reserves potential.
GLJ has audited the net pay mapping as provided by the Company, and examined in detail the
wells that immediately offset a proposed location. Offset wells reviewed by GLJ were used as
analogies in volumetric reserve estimates at the proposed infill locations. Audited net pay maps
were used to estimate volumes of OIIP that may be accessed by each reservoir horizon at a
proposed infill location. Production allocation was used to estimate recovery to date on a zone
basis in the area of proposed infill locations and to estimate the volume of oil that may be
recovered by each of the infill locations. In areas that appear to have a high recovery factor to
date, or have recently recorded low reservoir pressures, the assigned reserves were reduced to
acknowledge these risks.
In addition to development locations, the Company has historically undertaken several workovers
and recompletions every year. As such, there is significant upside associated with workovers and
recompletions. GLJ has estimated EURs based on the response of previous workovers and
recompletions carried out in the field. GLJ has included additional reserves associated with these
candidates in the WD-4, WD-8, Coora and Fyzabad properties, in the proved, proved plus probable
and proved plus probable plus possible developed non-producing reserves categories.
Production Forecasts
In establishing all production forecasts, consideration was given to existing gas contracts and the
possibility of contract revisions, to the operator's plans for development drilling and to reserves
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and well capability. Generally, development drilling in an area was not considered unless there
was some indication from the operator that drilling could be expected.
The on-stream date for currently shut-in reserves was estimated with consideration given to the
following:
• proximity to existing facilities • plans of the operator • Economics
Details of the reserves, NPV and forecast 2017 production associated with each property for all
reserves categories can be found in the indexed tab entitled “Summary of Reserves and Values” as
located in the Summary section of this report, and as illustrated on the Company Production,
Reserves and Present Value Summary Table.
ECONOMIC PARAMETERS
Pertinent economic parameters are listed as follows:
a) The effective date is December 31, 2016.
b) Operating and capital costs were estimated in 2017 dollars and then escalated as summarized in
the Product Price and Market Forecasts section of this report.
c) Economic forecasts were prepared for each property on a before income tax basis. Detailed
discounting of future cash flow was performed using a discount factor of 10.0 percent with all
values discounted annually to December 31, 2016, on a mid-calendar-year basis.
d) Royalty holidays applicable to existing wells or forecast drilling are included in individual
well economics. These credits are itemized within the property reports.
e) Field level overhead charges have been included; recovery of overhead expenses has not been
included.
f) The Company’s office G&A costs have not been included.
g) Abandonment and reclamation costs for all existing and future wells to which reserves have been
assigned have been included at the property level. Costs have been scheduled five years after the
last year of production for each well. Additional abandonment and reclamation costs associated
with pipelines and facilities have not been included in this analysis.
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OIL EQUIVALENT OR GAS EQUIVALENT
In this report, quantities of hydrocarbons have been converted to barrels of oil equivalent (boe);
or to sales gas equivalent (sge) using factors of 6 Mcf/boe for gas, 1 bbl/boe for all liquids, and
0 boe for sulphur. Users of oil equivalent values are cautioned that while boe based metrics are
useful for comparative purposes, they may be misleading when used in isolation.
LIST OF ABBREVIATIONS
AOF absolute open flow bbl barrels Bcf billion cubic feet of gas at standard conditions BIIP bitumen initially-in-place boe barrel of oil equivalent, in this evaluation determined using 6 Mcf/boe
for gas, 1 bbl/boe for all liquids, and 0 boe for sulphur bopd barrels of oil per day Btu British thermal units bwpd barrels of water per day DSU drilling spacing unit GCA gas cost allowance GIIP gas initially-in-place GOC gas-oil contact GOR gas-oil ratio GORR gross overriding royalty GWC gas-water contact Mbbl thousand barrels Mboe thousand boe Mcf thousand cubic feet of gas at standard conditions Mcfe thousand cubic feet of gas equivalent Mlt thousand long tons M$ thousand dollars MM$ million dollars MMbbl million barrels MMboe million boe MMBtu million British thermal units MMcf million cubic feet of gas at standard conditions MRL maximum rate limitation Mstb thousand stock tank barrels MMstb million stock tank barrels NGL natural gas liquids (ethane, propane, butane and condensate) NPI net profits interest OIIP oil initially-in-place ORRI overriding royalty interest OWC oil-water contact P&NG petroleum and natural gas PIIP petroleum initially-in-place psia pounds per square inch absolute psig pounds per square inch gauge PVT pressure-volume-temperature
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RLI reserves life index, calculated by dividing reserves by the forecast of first year production
scf standard cubic feet sge sales gas equivalent – if presented in this evaluation, determined using 1
barrel of oil or natural gas liquid = 6 Mcfe; 0 for sulphur stb stock tank barrel WI working interest WTI West Texas Intermediate
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PRODUCT PRICE AND MARKET FORECASTS January 1, 2017
GLJ Petroleum Consultants has prepared its January 1, 2017 price and market forecasts as
summarized in the attached Tables 1, 2 and 3 after a comprehensive review of information.
Information sources include numerous government agencies, industry publications, Canadian oil
refiners and natural gas marketers. The forecasts presented herein are based on an informed
interpretation of currently available data. While these forecasts are considered reasonable at this
time, users of these forecasts should understand the inherent high uncertainty in forecasting any
commodity or market. These forecasts will be revised periodically as market, economic and
political conditions change. These future revisions may be significant.
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ICE Brent Near Light, Sweet Bow River WCS Heavy Light Sour Medium
Month Contract Crude Oil Crude Oil Crude Oil Crude Oil Crude Oil Crude Oil
Crude Oil (40 API, 0.3%S) Stream Quality Stream Quality Proxy (12 API) (35 API, 1.2%S) (29 API, 2.0%S)
CADUSD FOB North Sea at Edmonton at Hardisty at Hardisty at Hardisty at Cromer at Cromer Edmonton
Exchange Constant Then Then Then Then Then Then Then Then Spec Edmonton Edmonton C5+
Inflation Rate 2017 $ Current Current Current Current Current Current Current Current Ethane Propane Butane Stream Quality
Year % USD/CAD USD/bbl USD/bbl USD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl CAD/bbl
2007 2.1 0.9352 85.35 72.39 72.71 77.06 53.64 52.38 43.42 71.13 65.71 N/A 49.56 61.78 77.38
2008 2.4 0.9428 114.99 99.64 98.30 102.90 84.31 82.95 74.94 96.08 93.10 N/A 58.38 75.33 104.78
2009 0.4 0.8798 69.60 61.78 62.50 66.32 60.18 58.66 54.46 63.84 62.96 N/A 38.03 48.17 68.17
2010 1.8 0.9711 89.25 79.52 80.25 77.87 68.45 67.27 60.76 76.58 73.76 N/A 46.84 65.91 84.27
2011 2.9 1.0115 104.91 95.12 110.86 95.53 78.59 77.14 67.64 92.35 88.33 N/A 53.66 74.42 104.17
2012 1.5 1.0009 100.94 94.21 111.71 86.60 74.42 73.13 63.64 84.51 81.37 N/A 29.04 66.70 100.84
2013 0.9 0.9711 103.41 97.96 108.77 93.47 76.33 75.01 65.11 92.30 88.13 N/A 38.88 68.81 104.70
2014 1.9 0.9055 97.24 93.00 99.71 94.58 81.08 81.03 73.73 92.68 89.67 N/A 45.53 69.20 102.44
2015 1.1 0.7831 50.04 48.78 53.60 57.20 45.50 44.82 39.25 55.49 51.87 N/A 6.49 36.75 60.42
2016 1.5 0.755 43.93 43.30 45.01 52.95 39.71 38.84 32.66 51.34 48.71 N/A 13.03 34.36 56.12
2017 Q1 2.0 0.750 54.00 54.00 56.00 68.00 52.70 52.02 45.41 66.64 63.24 11.48 29.24 48.96 70.72
2017 Q2 2.0 0.750 54.00 54.00 56.00 68.00 52.70 52.02 45.41 66.64 63.24 10.99 26.52 48.96 70.72
2017 Q3 2.0 0.750 56.00 56.00 58.00 70.67 55.33 54.63 47.96 69.25 65.72 10.99 27.56 50.88 73.49
2017 Q4 2.0 0.750 56.00 56.00 58.00 70.67 55.33 54.63 47.96 69.25 65.72 11.15 30.39 50.88 73.49
2017 Full Year 2.0 0.750 55.00 55.00 57.00 69.33 54.02 53.32 46.69 67.95 64.48 11.15 28.43 49.92 72.11
2018 2.0 0.775 57.84 59.00 61.00 72.26 57.52 56.79 50.40 70.81 67.20 9.92 26.74 54.19 74.79
2019 2.0 0.800 61.51 64.00 66.00 75.00 62.02 61.27 55.03 73.50 69.75 10.52 26.25 56.25 78.75
2020 2.0 0.825 63.14 67.00 70.00 76.36 63.76 63.00 56.96 74.84 71.02 11.27 26.73 57.27 79.80
2021 2.0 0.850 65.59 71.00 74.00 78.82 66.68 65.90 59.95 77.25 73.31 11.87 27.59 59.12 82.37
2022 2.0 0.850 67.02 74.00 77.00 82.35 70.25 69.42 63.43 80.71 76.59 12.54 28.82 61.76 86.06
2023 2.0 0.850 68.37 77.00 80.00 85.88 73.77 72.91 66.99 84.16 79.87 13.20 30.06 64.41 89.32
2024 2.0 0.850 69.64 80.00 83.00 89.41 77.34 76.45 70.48 87.62 83.15 13.56 31.29 67.06 92.99
2025 2.0 0.850 70.84 83.00 86.00 92.94 80.86 79.93 73.63 91.08 86.44 13.83 32.53 69.71 97.59
2026 2.0 0.850 72.00 86.05 89.64 95.61 84.43 83.47 77.54 93.70 88.92 14.13 33.46 71.71 99.91
2027+ 2.0 0.850 72.00 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr
A historical futures contract price is an average of the daily settlement price of the near month contract over the calendar month.
Revised 2016-12-31
Table 1
GLJ Petroleum Consultants
Crude Oil and Natural Gas Liquids
Price Forecast
Effective January 1, 2017
Cushing, OK
NYMEX WTI Near
Month Contract Alberta Natural Gas Liquids
Crude Oil at (Then Current Dollars)
Page: 48 of 71
Midwest Alliance Alberta
Price AECO/NIT Transfer Pool Sulphur Sulphur
at Chicago Spot Spot
Constant Then Then Then Then Constant Then Westcoast Spot FOB at Plant
2017 $ Current Current Current Current 2017 $ Current ARP SaskEnergy Spot Sumas Spot Station 2 Plant Gate Vancouver Gate
Year USD/MMBtu USD/MMBtu USD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu CAD/MMBtu USD/MMBtu CAD/MMBtu CAD/MMBtu USD/lt CAD/lt
2007 8.39 7.12 6.83 6.45 N/A 7.34 6.23 6.20 6.18 6.35 6.52 6.40 6.16 81.66 42.03
2008 10.27 8.90 8.91 8.16 N/A 9.15 7.94 7.88 8.07 8.04 6.47 8.21 7.99 497.39 488.63
2009 4.69 4.16 4.05 3.99 N/A 4.27 3.79 3.85 3.87 3.83 3.80 3.90 3.70 57.06 24.57
2010 4.93 4.40 4.53 4.01 N/A 4.24 3.78 3.77 3.96 3.85 4.12 3.78 3.63 88.94 48.26
2011 4.44 4.03 4.21 3.62 N/A 3.77 3.42 3.46 3.57 3.58 3.90 3.33 3.18 217.16 171.93
2012 3.03 2.83 2.92 2.40 N/A 2.37 2.21 2.25 2.31 2.26 2.70 2.30 2.12 201.03 157.91
2013 3.93 3.73 3.81 3.18 N/A 3.12 2.96 2.98 3.09 3.10 3.71 3.14 2.94 105.74 74.02
2014 4.47 4.28 5.36 4.50 N/A 4.45 4.26 4.22 4.39 4.42 4.37 4.29 4.07 145.41 110.41
2015 2.70 2.63 2.85 2.70 N/A 2.53 2.47 2.56 2.71 2.61 2.31 1.80 1.59 139.61 128.14
2016 2.59 2.55 2.48 2.19 2.31 1.98 1.95 1.95 2.22 2.09 2.18 1.78 1.60 82.84 60.06
2017 Q1 3.70 3.70 3.85 3.55 3.55 3.30 3.30 3.30 3.40 3.45 3.45 2.95 2.78 80.00 56.67
2017 Q2 3.55 3.55 3.55 3.41 3.41 3.16 3.16 3.16 3.26 3.31 2.75 2.91 2.73 80.00 56.67
2017 Q3 3.55 3.55 3.55 3.41 3.41 3.16 3.16 3.16 3.26 3.31 2.95 2.91 2.73 90.00 70.00
2017 Q4 3.60 3.60 3.65 3.46 3.46 3.20 3.20 3.20 3.30 3.36 3.40 2.96 2.78 90.00 70.00
2017 Full Year 3.60 3.60 3.65 3.46 3.46 3.20 3.20 3.20 3.30 3.36 3.14 2.93 2.76 85.00 63.33
2018 3.14 3.20 3.25 3.10 3.10 2.79 2.85 2.85 2.95 3.00 2.80 2.70 2.52 100.00 79.03
2019 3.27 3.40 3.45 3.27 3.27 2.91 3.02 3.02 3.12 3.17 3.00 2.97 2.80 102.00 77.50
2020 3.39 3.60 3.65 3.49 3.49 3.05 3.24 3.24 3.34 3.39 3.30 3.19 3.01 104.04 76.11
2021 3.51 3.80 3.85 3.67 3.67 3.15 3.41 3.41 3.51 3.57 3.60 3.37 3.19 106.12 74.85
2022 3.62 4.00 4.05 3.86 3.86 3.26 3.60 3.60 3.70 3.76 3.80 3.56 3.38 108.24 77.34
2023 3.73 4.20 4.25 4.05 4.05 3.37 3.79 3.79 3.89 3.95 4.00 3.75 3.57 110.41 79.89
2024 3.75 4.31 4.36 4.16 4.16 3.39 3.90 3.90 4.00 4.06 4.11 3.86 3.68 112.62 82.49
2025 3.75 4.39 4.44 4.24 4.24 3.39 3.97 3.97 4.07 4.14 4.19 3.94 3.76 114.87 85.14
2026 3.75 4.48 4.53 4.32 4.32 3.40 4.06 4.06 4.16 4.22 4.28 4.02 3.84 117.17 87.85
2027+ 3.75 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr 3.40 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr
Unless otherwise stated, the gas price reference point is the receipt point on the applicable provincial gas transmission system known as the plant gate.
The plant gate price represents the price before raw gas gathering and processing charges are deducted.
AECO/NIT Spot refers to the same-day spot price averaged over the period. Revised 2016-12-31
Table 2
GLJ Petroleum Consultants
Natural Gas and Sulphur
Price Forecast
Effective January 1, 2017
Spot
British ColumbiaSaskatchewan Plant GateAlberta Plant GateNYMEX Henry Hub
Near Month Contract
Page: 49 of 71
CADUSD GBPUSD EURUSD
Exchange Exchange Exchange Then Then Then Then Then Then Then Then Then Then Then Then Then Then
Inflation Rate Rate Rate Current Current Current Current Current Current Current Current Current Current Current Current Current Current
Year % USD/CAD USD/GBP USD/EUR USD/bbl CAD/bbl USD/bbl CAD/bbl USD/bbl CAD/bbl USD/bbl CAD/bbl USD/MMBtu CAD/MMBtu USD/MMBtu CAD/MMBtu USD/MMBtu CAD/MMBtu
2007 2.1 0.9352 2.0017 1.3393 72.39 76.89 75.36 80.13 59.69 63.30 72.71 77.33 7.12 7.65 6.33 6.84 6.14 6.44
2008 2.4 0.9428 1.8514 1.4573 99.64 104.27 102.31 107.04 83.90 87.62 98.30 102.81 8.90 9.36 8.32 8.77 11.41 12.12
2009 0.4 0.8798 1.5649 1.3930 61.78 69.57 64.31 72.52 56.46 63.55 62.50 70.47 4.16 4.75 3.35 3.87 4.95 5.68
2010 1.8 0.9711 1.5465 1.3274 79.52 81.85 82.78 85.20 70.29 72.35 80.25 82.58 4.40 4.53 3.83 3.96 6.39 6.58
2011 2.9 1.0115 1.6038 1.3920 95.12 94.02 112.33 111.03 98.60 97.52 110.86 109.57 4.03 3.98 3.62 3.58 9.35 9.25
2012 1.5 1.0009 1.5854 1.2861 94.21 94.11 111.77 111.62 99.60 99.50 111.71 111.57 2.83 2.82 2.72 2.72 9.38 9.37
2013 0.9 0.9711 1.5645 1.3285 97.96 100.95 106.19 109.32 97.26 100.13 108.77 112.04 3.73 3.84 5.78 5.94 10.50 10.82
2014 1.9 0.9055 1.6472 1.3288 93.00 102.50 94.24 103.88 85.79 94.53 99.71 109.89 4.28 4.72 7.11 7.86 8.25 9.12
2015 1.1 0.7831 1.5283 1.1097 48.78 62.12 49.43 62.97 44.02 55.99 53.60 68.23 2.63 3.36 3.92 4.94 6.52 8.31
2016 1.5 0.755 1.356 1.107 43.30 57.20 45.01 59.46 36.27 47.89 45.01 59.45 2.55 3.38 2.25 3.00 4.65 6.16
2017 Q1 2.0 0.750 1.250 1.050 54.00 72.00 55.44 73.92 47.04 62.72 56.00 74.67 3.70 4.93 6.65 8.87 6.00 8.00
2017 Q2 2.0 0.750 1.250 1.050 54.00 72.00 55.44 73.92 47.04 62.72 56.00 74.67 3.55 4.73 2.03 2.70 5.50 7.33
2017 Q3 2.0 0.750 1.250 1.050 56.00 74.67 57.42 76.56 48.72 64.96 58.00 77.33 3.55 4.73 2.03 2.70 5.50 7.33
2017 Q4 2.0 0.750 1.250 1.050 56.00 74.67 57.42 76.56 48.72 64.96 58.00 77.33 3.60 4.80 3.56 4.75 6.00 8.00
2017 Full Year 2.0 0.750 1.250 1.050 55.00 73.33 56.43 75.24 47.88 63.84 57.00 76.00 3.60 4.80 3.57 4.76 5.75 7.67
2018 2.0 0.775 1.250 1.050 59.00 76.13 60.39 77.92 51.85 66.90 61.00 78.71 3.20 4.13 3.17 4.08 6.00 7.74
2019 2.0 0.800 1.250 1.050 64.00 80.00 65.34 81.67 56.76 70.95 66.00 82.50 3.40 4.25 3.36 4.20 6.25 7.81
2020 2.0 0.825 1.250 1.050 67.00 81.21 69.30 84.00 60.20 72.97 70.00 84.85 3.60 4.36 3.56 4.32 6.50 7.88
2021 2.0 0.850 1.250 1.050 71.00 83.53 73.26 86.19 64.38 75.74 74.00 87.06 3.80 4.47 3.76 4.42 6.75 7.94
2022 2.0 0.850 1.250 1.050 74.00 87.06 76.23 89.68 67.76 79.72 77.00 90.59 4.00 4.71 3.96 4.66 6.89 8.10
2023 2.0 0.850 1.250 1.050 77.00 90.59 79.20 93.18 70.40 82.82 80.00 94.12 4.20 4.94 4.16 4.89 7.02 8.26
2024 2.0 0.850 1.250 1.050 80.00 94.12 82.17 96.67 73.04 85.93 83.00 97.65 4.31 5.07 4.26 5.02 7.16 8.43
2025 2.0 0.850 1.250 1.050 83.00 97.65 85.14 100.16 76.54 90.05 86.00 101.18 4.39 5.16 4.34 5.11 7.31 8.60
2026 2.0 0.850 1.250 1.050 86.05 101.24 88.74 104.40 79.78 93.86 89.64 105.46 4.48 5.27 4.43 5.21 7.45 8.77
2027+ 2.0 0.850 1.250 1.050 +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr +2.0%/yr
A historical futures contract price is an average of the daily settlement price of the near month contract over the calendar month.
Revised 2016-12-31
Table 3
GLJ Petroleum Consultants
Interna onal and Fron er
Price Forecast
Effective January 1, 2017
NationalMonth Contract Louisiana
NYMEX WTI Near Light
Month Contract
Balancing Point
(UK)
Nova Scotia
Goldboro
NYMEX Henry Hub
Near Month ContractCrude Oil
ICE Brent Near
Cushing, OK Crude Oil
Crude Oil at Sweet Crude Oil
FOB North Sea
Mexican Mayan
Page: 50 of 71
Page: 51 of 71
AFTER TAX ANALYSIS
TABLE OF CONTENTS
Page
DISCUSSION 52
SUMMARY OF RESERVES AND VALUES 54
May 19, 2017 09:56:21
AFTER TAX ANALYSIS
Trinidad
Trinidad and Tobago income taxes were calculated based on currently legislated federal and, tax
regulations and tax pool information provided by the Company. After tax values for reserves
development status or production status subcategories (i.e. developed, undeveloped, producing,
non-producing) are calculated by difference.
Tax Pools
The following tax pools as of the effective date were included in the income tax calculations:
Tax Pool Classification Write-Off Rate (%)_ Tax Pool (CAD M$) Total Tangible/Intangible 20 12,651 Non-Capital Loss 100 27,815
Tax Rates Tax rates for Trinidad are calculated based on currently legislated tax rates, tax regulations and
tax pool information provided by the Company.
In addition to royalties, the Trinidad properties are subject to production levy, oil impost tax,
supplemental petroleum tax, unemployment levy, green fund levy and a petroleum profits tax.
The production levy is limited to 3 percent of the gross income from production. Oil impost tax
is paid annually by petroleum producing companies to pay for the annual expenses of the
Ministry of Energy for the administration of the petroleum industry. Oil impost payments are 1
percent of total sales and the green fund levy is 0.3 percent on gross sales. The supplemental
profits tax ("SPT"), applies only to liquids production (not natural gas) and varies with the price
received for liquid production, the date of the block license and whether the block is on or
offshore. The revenue base for the calculation of SPT is the gross income less royalties, 50
percent of geological and geophysical costs, 100 percent of direct exploration costs, 40 percent
of development expenses, and 100 percent of enhanced recovery costs. SPT rates applicable for
the Trinidad properties at various liquid prices are set out below:
Page: 52 of 71
Weighted Average Crude Price (US$/bbl) SPT Rate (%) 0 to 49.99 0
50.00 to 90.00 18 90.01 to 199.99 18 + 0.2 × (Price-90)
200.00 and over 40
The petroleum profits tax ("PPT") and unemployment levy are 50 and 5 percent, respectively,
and are fixed by the Trinidad Government. The same revenue base is used for the calculation of
both the PPT and the unemployment levy and is the gross income less 100 percent of the royalty,
100 percent of the production levy, 100 percent of the SPT, 100 percent of workover allowance,
100 percent of dry hole expenditures, all heavy oil allowance, all operating and administrative
expenses and capital allowances (different capital items are allowed to be depreciated over
different timelines per Government regulations).
As of January 1, 2014, new PPT taxation legislation came into effect. In this new tax program,
costs will be contributed to tax pools as follows:
Allowance Write Off Schedule
Exploration 100% in year incurred
Development - Tangible 50% year 1, 30% year 2, 20% year 3
Development - Intangible 50% year 1, 30% year 2, 20% year 3
Workovers & Qualifying Sidetracks 100% deduction of all costs incurred
Page: 53 of 71
Company: Touchstone Exploration Inc. Reserve Class: VariousProperty: Corporate Development Class: ClassificationsDescription: After Tax Analysis Pricing: GLJ (2017-01)
Effective Date: December 31, 2016
Summary of Reserves and Values
Proved TotalDeveloped Proved Proved
Proved Non- Undevelope Total Total Plus TotalProducing Producing d Proved Probable Probable PPP
MARKETABLE RESERVESLight & Medium Oil (Mbbl)Total Company Interest 3,955 735 2,890 7,580 5,914 13,494 17,514Working Interest 3,955 735 2,890 7,580 5,914 13,494 17,514Net After Royalty 2,297 618 1,960 4,874 4,207 9,082 11,819
Heavy Oil (Mbbl)Total Company Interest 651 213 533 1,397 808 2,205 2,862Working Interest 651 213 533 1,397 808 2,205 2,862Net After Royalty 555 191 474 1,220 714 1,934 2,511
Oil Equivalent (Mboe)Total Company Interest 4,606 948 3,423 8,977 6,722 15,698 20,376Working Interest 4,606 948 3,423 8,977 6,722 15,698 20,376Net After Royalty 2,852 809 2,434 6,094 4,922 11,016 14,330
BEFORE TAX PRESENT VALUE (M$)0% 135,098 49,825 112,953 297,876 327,003 624,878 882,3675% 83,260 41,109 83,755 208,125 220,427 428,551 580,2218% 68,943 37,019 71,157 177,119 183,025 360,143 481,07210% 62,240 34,654 64,199 161,093 163,770 324,863 431,26912% 56,935 32,531 58,161 147,628 147,706 295,334 390,24715% 50,732 29,732 50,503 130,967 128,052 259,018 340,56520% 43,305 25,887 40,562 109,753 103,515 213,269 279,046
AFTER TAX PRESENT VALUE (M$)0% 65,425 18,099 39,408 122,931 114,765 237,696 325,8885% 46,613 15,447 28,407 90,466 77,910 168,376 222,0228% 40,904 14,205 23,688 78,797 64,844 143,641 186,93610% 38,095 13,486 21,088 72,668 58,072 130,740 169,07312% 35,791 12,839 18,835 67,466 52,397 119,863 154,23515% 32,990 11,982 15,985 60,958 45,426 106,383 136,11020% 29,449 10,795 12,302 52,547 36,686 89,233 113,433
BOE Factors: HVY OIL 1.0 RES GAS 6.0 PROPANE 1.0 ETHANE 1.0COND 1.0 SLN GAS 6.0 BUTANE 1.0 SULPHUR 0.0
Run Date: May 19, 2017 09:49:57
1171277 Class (A,B1,B2,C,F,I,R), GLJ (2017-01), psum May 19, 2017 09:51:00
Page: 54 of 71
APPENDIX I
CERTIFICATES OF QUALIFICATION
Trisha S. MacDonald
Tyler S. Schlosser
Gabriella Carrelli
Page: 55 of 71
CERTIFICATION OF QUALIFICATION
I, Trisha S. MacDonald, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta,
Canada hereby certify:
1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a
detailed analysis of International oil properties of Touchstone Exploration Inc. (the
“Company”). The effective date of this evaluation is December 31, 2016;
2. That I am independent of the issuer, its directors, senior management and advisors of the
Company, and that I do not have, nor do I expect to receive any direct or indirect interest in
the securities of the Company or its affiliated companies;
3. That I attended the University of Calgary where I graduated with a Bachelor of Science
Degree in Oil and Gas Engineering in 2004;
4. That I am a Registered Professional Engineer in the Province of Alberta and a member in
good standing of APEGA (Association of Professional Engineers and Geoscientists of
Alberta);
5. That I have in excess of twelve years of experience in engineering studies relating to oil and
gas fields, and have the relevant and appropriate qualifications, experience and technical
knowledge to appraise professionally and independently the oil and gas assets owned by
the Company;
Page: 56 of 71
6. That a personal field inspection of the properties
was not considered necessary in view of the information available from the files of the
Company, and the appropriate regulatory authorities;
7. The scope of the report is appropriate for disclosure and includes a
information required to be included as detailed in the AIM Guidance Note for Mining, Oil &
Gas Companies issued by the London Stock Exchange plc in June 2009.
That a personal field inspection of the properties was not made; however, such an inspection
was not considered necessary in view of the information available from the files of the
ropriate regulatory authorities;
The scope of the report is appropriate for disclosure and includes a
information required to be included as detailed in the AIM Guidance Note for Mining, Oil &
Gas Companies issued by the London Stock Exchange plc in June 2009.
was not made; however, such an inspection
was not considered necessary in view of the information available from the files of the
The scope of the report is appropriate for disclosure and includes and discloses all
information required to be included as detailed in the AIM Guidance Note for Mining, Oil &
Gas Companies issued by the London Stock Exchange plc in June 2009.
Page: 57 of 71
CERTIFICATION OF QUALIFICATION
I, Tyler J. Schlosser, Professional Engineer, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta, Canada
hereby certify:
1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a
detailed analysis of International oil properties of Touchstone Exploration Inc. (the
“Company”). The effective date of this evaluation is December 31, 2016;
2. That I am independent of the issuer, its directors, senior management and advisors of the
Company, and that I do not have, nor do I expect to receive any direct or indirect interest in
the securities of the Company or its affiliated companies;
3. That I attended the University of Calgary where I graduated with a Bachelor of Science
Degree in Mechanical Engineering in 2007;
4. That I am a Registered Professional Engineer in the Province of Alberta and a member in
good standing of APEGA (Association of Professional Engineers and Geoscientists of
Alberta);
5. That I have in excess of ten years of experience in engineering studies relating to oil and gas
fields, and have the relevant and appropriate qualifications, experience and technical
knowledge to appraise professionally and independently the oil and gas assets owned by
the Company;
Page: 58 of 71
6. That a personal field inspection of the properties was not made; however, such an inspection
was not considered necessary in view of the information available, the files of the Company,
and the appropriate regulatory authorities;
7. The scope of the report is appropriate for disclosure and includes and discloses all
information required to be included as detailed in the AIM Guidance Note for Mining, Oil &
Gas Companies issued by the London Stock Exchange plc in June 2009.
Page: 59 of 71
CERTIFICATION OF QUALIFICATION
I, G. Gabriella Carrelli, Professional Geologist, 4100, 400 - 3rd Avenue S.W., Calgary, Alberta,
Canada hereby certify:
1. That I am an employee of GLJ Petroleum Consultants Ltd., which company did prepare a
detailed analysis of International oil properties of Touchstone Exploration Inc. (the
“Company”). The effective date of this evaluation is December 31, 2016;
2. That I am independent of the issuer, its directors, senior management and advisors of the
Company, and that I do not have, nor do I expect to receive any direct or indirect interest in
the securities of the Company or its affiliated companies;
3. That I attended the University of Calgary where I graduated with a Master’s Degree in
Geology in 2002;
4. That I am a Registered Professional Geologist in the Province of Alberta and a member in
good standing of APEGA (Association of Professional Engineers and Geoscientists of
Alberta);
5. That I have in excess of sixteen years experience in geological studies and evaluations of oil
and gas fields and have the relevant and appropriate qualifications, experience and technical
knowledge to appraise professionally and independently the oil and gas assets owned by
the Company;
Page: 60 of 71
6. That a personal field inspection of the properties was not made; however, such an inspection
was not considered necessary in view of the information available from the files of the
Company, and the appropriate regulatory authorities;
7. The scope of the report is appropriate for disclosure and includes and all information required
to be included as detailed in the AIM Guidance Note for Mining, Oil & Gas Companies
issued by the London Stock Exchange plc in June 2009.
Page: 61 of 71
Page: 62 of 71
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Document Path: Q:\Cartography_Job_Activity\Third_Party_Activity\FIELD_MAP_CO1_CO2_OCT_2016_JV.mxd
¯
V
enez
uela
Trinid
ad &
Toba
go
63 4 5 7
11
7170
6665646362
26
56555453
46454443
36353433
76
252423
1615141312
72 73 74 75
61
80
Trinidad
Venezuela
Gul f of Par i a
At lant i c Ocean
Car i bbean Sea
Columbus Channel
61°15'0"W
61°15'0"W
10°1
5'0"N
10°1
5'0"N
LegendPETROTRINWELLS
!
LEASE OPWELLS - CO1& CO2MAIN ROADSECONDARYROADRIVERSFIELDSBUFFER500FTBUILDING
PARTNERSFARM OUTLEASEOPERATOR...
0 0.50.25 Kilometers1:5,000
PETROLEUM COMPANY OF TRINIDAD AND TOBAGO LTD.
PREPARED BY: Cartographic Office
DATE: 15th December, 2016.
ROAD AND WELL MAPWell status as at last month.
COORA / QUINAM
LEASE OPERATORSHIP CO1 & CO2
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1PS 1015
1PS 735
PS 552
1PS 1145
1MK 60
FE 199
FE 152
1CL 44
PS 492
1PS 1051
1CL 141
1MK 43
1PS 1149
1PS 757
1PS 1057
PS 450
FE 153
1PS 11221PS 1017
FR 614
FE 164
1PS 11681PS 792
1PS 1195
FE 8
1PS 1087
1PS 766
1CL 102
1PS 1170
1CL 103
PS 490
1CL 180
1PS 555
FR 496
1PS 1080
1PS 801
1PS 407
1PS 1075
1PS 449
1PS 1185
PS 458
1PS 1410
FE 170
FR 641
PS 442
1PS 1445
1PS 1361
FE 163
1PS 559
1MK 35
FR 518
FE 133PS 501
FE 158
1PS 453
1MK 18
PS 466
FE 156
FR 590
FR 519
FR 1390
1PS 784
FE 30
1PS 1076
1PS 486
1CL 271
1PS 350
1CL 154
FR 943
1PS 472
FR 506
1PS 1430
1PS 405
1MK 47
FR 622
1PS 375ST
PS 504
FR 1330
1PS 410
1CL 273
FR 601
FR 565
1PS 406W
PS 448
1PS 741
1PS 349
FR 950
FR 1111
1MK 55
FR 1068
1PS 451
FR 651
FE 168
FE 157
FR 588
FR 591
1PS 469
1MK 37
1PS 461
FR 572
PS 494
FE 195
FR 637
1PS 415
1PS 385
FR 599
FE 111
FE 149
FR 500
1PS 327
1PS 455
PS 502
FR 1435
1PS 898
FE 124
1PS 311
1PS 813
FR 629
FR 1207
1PS 437
1PS 532
1PS 348
FR 983
1CL 94
PS 522
FE 151
1PS 431
PS 518
FE 18
FR 1416
FE 91
FE 108FE 121
1PS 337
FR 1436
FE 96
FE 103
1MK 56
PS 517
FR 987
1MK 22
FR 513
FR 1033
PS 512
1PS 314
FE 51
1PS 906
FR 1465
FE 165
FE 128
1PS 964
FE 167
1MK 24
1PS 370
FE 126
1PS 479
FR 1200
1PS 893
1PS 425
1PS 1197
1PS 838
1CL 296
1PS 509
FR 547
PS 121
FE 122
1PS 446
FR 557
FE 215
1PS 547
1MK 44
1PS 346
1PS 391
1PS 353
FR 1453
1MK 29
FE 94
1PS 529
PS 507
1PS 341
FE 109
1CL 269PS 105
1PS 376
1PS 338
FR 860
1PS 325
1CL 260
PS 337
FR 1434
FE 110
1PS 320
FR 854
PS 513
FE 113
1PS 1094
1PS 332
1PS 283
FE 138
1PS 380
PS 73
1CL 300
1PS 484
FE 119
1CL 278
FR 890
1PS 382
FE 112
1PS 1472
1PS 540
PS 484
FR 1402
FE 142
1PS 318
1PS 375W
1PS 471
PS 516RD2
FR 1318
FR 1403
PS 510
FE 117
1PS 359
PS 188
1MK 11
PS 244
FE 137
1CL 98
1PS 861
1CL 304
FE 36
1CL 37
FR 1210
1PS 372W
PS 471
PS 434
FR 1405
1PS 316
FE 144
1PS 1018ST
1PS 404
1CL 210
1MK 63
1PS 943
1PS 483
PS 526
1PS 1126ST
1PS 1104
FE 136
FE 99
1PS 334
FE 216
1MK 70
FE 116
1PS 524
FR 1408
PS 532
FE 127
1CL 194
1ER 80
1CL 292
PS 207
1CL 35
1PS 306
PS 431
PS 487
1PS 323
1MK 34
1PS 834
FE 181
1PS 1447
PS 240
PS 221
1PS 505
PS 176 PS 78
1CL 207
FE 125
FE 107
1CL 266
1PS 530
PS 553
1PS 485
FE 98
PS 91
1PS 902
1PS 362
PS 62
1PS 1214
1PS 1254
PS 65
1PS 360
PS 203
1CL 282
1PS 482
1PS 571
FE 22
PS 68
PS 122
1PS 1018
1CL 263ST
PS 464
1CL 248
1MK 28
PS 147
1CL 264
FE 115
1MK 7
1PS 398
PS 252
PS 488
FR 935
1PS 1431
FE 139
1CL 302
FR 519RD
1CL 209
1CL 274
1CL 70
PS 378
1PS 1009
FR 1711
1PS 493
1PS 439
FR 1246
PS 500
PS 408
1CL 277
PS 547
1PS 303
1PS 918ST
PS 158RD
1PS 839
FE 169
FR 1412
1PS 313
1PS 522
PS 567
1MK 14
1PS 1119
1PS 533
1CL 279
FR 1229
PS 184
1PS 378
PS 262
FE 201
1PS 1373
1PS 363
1PS 488
PS 166X
PS 190
PS 255
1PS 658
PS 266
1PS 1000
FR 1460
1CL 289
PS 124
FE 100
FE 6
PS 119
1PS 476
PS 144
FE 114
PS 224
FE 214
PS 189
1PS 498
1PS 284
1PS 1227
PS 531
1PS 366
1MK 39
PS 462
FR 1203
1CL 303
PS 142RD
1PS 1226
PS 381
PS 217
1CL 249
PS 263
PS 555
PS 216
PS 472
1PS 1437
1CL 86
1PS 1238
PS 161
FR 1301
1MK 9
PS 231
1CL 261
FR 1697
PS 282
PS 157
PS 173
1PS 351
PS 118
FE 196
1MK 88
PS 138
PS 259
PS 499
FE 145
PS 192
PS 200X
PS 86
PS 270
1PS 1454PS 133X
PS 186
PS 179
1PS 1362
PS 437
PS 235
PS 191
FR 1698
PS 248
1PS 840
1PS 395
PS 155
1MK 62
PS 215PS 275 FE 106
1PS 377
PS 439
PS 246
1PS 1037
PS 171
PS 243
PS 206
PS 68X
1CL 265
PS 201
PS 219
1PS 1364
1CL 211ST
PS 70
PS 566
1PS 545
PS 149
PS 205
1CL 258
PS 146
1CL 254
PS 461
PS 137
PS 106
PS 506
1PS 336
PS 506ST
PS 242
PS 232
PS 209
FE 144ST2
PS 200RD
PS 197
1PS 895
1CL 283
PS 519
PS 452
PS 433
PS 429
1CL 251
PS 116
FR 1671
PS 233
PS 216X
PS 101
PS 139
PS 213X
FE 95
PS 164
1PS 1372
PS 521
PS 403
FR 1722
1PS 845
PS 195
PS 550
1PS 1246PS 213
PS 148
PS 196
PS 89
PS 269
1PS 1496
PS 229
1PS 832
1PS 521
PS 166RD
1PS 836
PS 236
PS 226
1CL 215
PS 151
PS 211
PS 185
PS 281
PS 263RD
PS 425
PS 140
FR 1411
PS 187
PS 428
PS 212
PS 208
PS 220X
1ER 53
1CL 253
FR 1417
PS 143
1PS 899
PS 108
1CL 281
PS 163
PS 481
FE 180
PS 152
PS 239
PS 172
PS 64X
PS 145
1CL 262
1MK 2
PS 220
PS 182RD
PS 150
1PS 394
1PS 1385
PS 261
PS 178
1PS 1251
PS 253
PS 503
PS 194
PS 199
PS 409
PS 162
PS 211RD
FR 1345
1PS 614
1PS 373PS 127X
PS 251
PS 173RD
PS 435
PS 265
PS 486ST
PS 74
PS 153
PS 289
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PS 520
PS 175
1PS 1131
PS 87
PS 227
1MK 67
1PS 1376RD2
PS 64
FE 144ST
PS 214
PS 81
PS 96
PS 125
PS 169RD
PS 355X
PS 81X
1CL 54
PS 183STRD
1MK 68
PS 66
PS 249X
PS 161XPS 133
PS 170
PS 497
PS 535
1PS 935
PS 156
1MK 26
PS 95XST
PS 71
1PS 1240
PS 424
1PS 1245
PS 179X
PS 238
PS 129X
PS 97
1PS 1230
PS 277
PS 126
PS 90X
PS 223
PS 264
1ER 78
1PS 578
PS 415
PS 237
1PS 1396
PS 225
PS 135
1PS 1383
PS 181
PS 72XST
PS 198
1PS 1117
1PS 846
PS 104
PS 109
PS 249XST
FR 1631
PS 165
PS 537
PS 470
1PS 1497ST1
1PS 1474
PS 235X
PS 258
PS 202
PS 80X
PS 92
FE 183
1CL 255
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PS 426
PS 107
1CL 47
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PS 474
1PS 822
PS 110
PS 557
PS 69ST
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PS 430
PS 498
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PS 113X
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1PS 1379
PS 228
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PS 271
PS 174
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PS 449
PS 160X
1PS 853
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PS 76
PS 288
PS 436
PS 279
FE 101
FR 1387
FE 194
FR 1376
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PS 230
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PS 371
1MK 16
FE 198
PS 456
EN 25
PS 284
PS 63
PS 131
PS 408X
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PS 95
PS 473
PS 114
PS 167
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EN 27
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FE 191PS 141
PS 115
PS 189X
PS 187X
PS 548
PS 523
1PS 560
PS 84
PS 72X
PS 67
PS 291
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EN 29
PS 222
1PS 558
PS 509
1PS 943X
1ER 15
EN 4
PS 349
1PS 539
PS 494X
1PS 920
PS 273
1MK 15
PS 468
PS 85
PS 511
PS 375RD
1PS 1249
EN 5
FR 1390X
1MK 72ST
PS 120
PS 131RD
1ER 75
1PS 564
EN 28
FE 190
PS 402
PS 127
1PS 655
1PS 1376
PS 438
1PS 1380
PS 332
1PS 625
PS 397
PS 233X
PS 79
PS 82X1CL 35X
PS 539
PS 93
PS 352
PS 111
1MK 87
PS 159
PS 239X
1ER 54
1MK 85
1PS 561ST
PS 72
PS 432
EN 22
PS 175XST
PS 496RD
PS 117
1ER 17
PS 1681PS 501
PS 82
PS 98
PS 130
PS 75
PS 83RD PS 90
1PS 825
PS 445
PS 335
PS 418
EN 12
1PS 1478
EN 7
EN 9
1MK 76
FR 1375
1PS 542
EN 3
FR 1652
PS 123
EN 20X
EN 18
1ER 81RD
PS 190XST
EN 2
PS 198XRD
PS 529
PS 310
EN 2ST
PS 496
PS 444
EN 17X
1ER 79
PS 353
PS 383XST
EN 7X
EN 8
EN 11X
1ER 83
PS 312
PS 128
EN 16
PS 383
PS 177
1ER 19
EN 17
EN 26X
1ER 77
EN 26
EN 11
PS 406
FE 147
FE 182
1ER 82
EN 30
EN 26XX
PS 113RD
EN 19
EN 14
PS 94
PS 103
PS 256
E r i nN o r t h
G r a n d eR a v i n e
E r i nC e n t r a l
M a c k e n z i e
S a l a z a r
L o t 8
C e n t r a lL o s B a j o s
P a l oS e c o
F o r t i nE a s t
P a l oS e c o
F o r e s tR e s e r v e
Lot 10Dam
GS 5
SG
TB 31
CS 19TB 7
TS 6
CS 1
CS 22
CS11
TS 1
T'dadWireline LTD
TB 9
TB 7
TB 605
TB 6
TB 494
TB 480
TB 3
TB 21
TB 1
GS 6
GS 31
CS 17
CS 15
GS 33
GS 26
GS 32
GS 30
GS6QT
CS 10
CS 4
GS 13
NPSTB1
CFP
CS 15
CS
TB 29
TB 28
TB 25
TB 27
TB 38
TB 26
TB 33
SG 5&22
SG 2& 7
SG 17
GS 1402
GS637
GS 519
TB 4
SG 11& 13
TB 19
4
3
8
4
8
4
8
3
0
4
4
4
68
4
4
F. 20, L
G. 16, I
G. 16, E
F. 20, D
F. 20, B
G. 16, A
F. 20, G
F. 15, O
F. 20, J F. 20, K
F. 15, N
F. 15, P G. 11, M
F. 20, H
F. 20, C
F. 20, F
Los Charro River
Aren
a Rive
r
Guapo River
Grande Ravine
CL 1 Road
#27 Road
CL 2 Road
Carapal Ext Road
Rancho Quemado Road
Salazar Trace
Ranc
hoQu
emad
oRoa
d
Gran
d Ravi
neRo
ad
Santa F lora Road
Cruse Private Road
Fores
t Rese
rveRo
ad
PS_4
WD_7M
WD_17
WD_5/ 6
WD_3
WD_1
WD_4
WD_8
CX 81
LB 33
1PS1225W
FE 5
FE 57
FR 1108
FR 87
FE 42
FR 1233
FR31
PS 222RD2
1PS265
FR 67
FE 171
FR 19
FR 69
TOS05 16
CX 61
1SLB 2
CX 62
CX 80
1CL 112FE 212
1PS 804
CX 89
FE 55
1PS262
FR 1057
1PS755
1MK 52RD
FR 86
1MK 72
FE 13
FE 47 FR 1087
CX 66
FR 1279
FR 1419
FR 61
CX 76
CX 88
FE 64
FR 33
FE 38
FR 118
FR 59A
CX 86
EN 21
FE 158RD
FR 477
EN 20
1CL 62
1PS1062W
PUP39A
1PS 999W
1MK 23
FE 150
FR 23
FR 487
FR 1FR 546
CX 75
CX 82
FE 149RD
FR 1710
FR 21
CX 63 CX 65
FR 503
1MK 6W
PS 569
PS 134
FR 14
1PS 1120
CX 87
PS 500RD
FE 102
FR 11
FR 428
1MK 21
EN 10X
FE 132
FE 20
FR 86A
FR 1266
FE 87FR 39
FE 26
CX 79
1CL 68
FR 1293
FR 109
1PS 1020W
FR 59
LB 32
1PS 263
1PS463
1PS 267
1PS1308W
CX 67
1MK 65W
FE 169RD
CX 68
FE 155
FE 62
1CL 171W
FE 120
FE 60
1PS316W
PS 174RD
PS 169
PS 266RD
MC 1
1PS 264
FR 932
1MK 48RD
FR 23A
1CL 64
1PS 1314W
FR 110
FE 167RD
CX 64
CX 83
FE 152RD
FR 479
FR 41A
1PS 375WST
FE 7RD
648,000
648,000
649,000
649,000
650,000
650,000
651,000
651,000
652,000
652,000
653,000
653,000
1,118
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1,118
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1,119
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1,119
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1,120
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1,120
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1,121
,000
1,121
,000
1,122
,000
1,122
,000
q
Coordinates are in UTM MetersProjection is UTM Naparima, based on the International 1924 Ellipsoid Zone 20
Topographic features from Lands and Surveys Division 1995 Digital Data.Well information from Finder.
1:10,000
C o l u m b u s C h a n n e l
Palo Seco
Forest ReserveFortin East
Lot 8
Grande RavineErin North
Cruse
Mackenzie
Fyzabad
Quinam
Guapo
644000
644000
652000
652000
1116
000
1116
000
1124
000
1124
000
0 200 400 600 800 1,000Meters
PETROLEUM COMPANY OF TRINIDAD AND TOBAGO LTD.
PREPARED BY: CARTOGRAPHIC OFFICEWell status as at last month.
FIELD MAP
UTM SHEET:
LegendWELLS
FIELD BOUNDARIES
PIPELINESTRUNK LINE
BULK LINE
MAIN ROAD
SECONDARY ROAD
RIVERS
PARTNERSLEASE OPERATORSHIP
FACILITY
!!
!
!
!!
INDUSTRIAL AREAS
TANK BATTERY
TANKS
BUILDING
HYDROLOGYWATER BODY
Q:\Cartography_Job_Activity\LEASE_FARMOUT_MAPS\WD_4_10000.mxdDate: Tuesday, December 31, 2013 Department: Cartography
DATE: DEC. 2013
Ven
ezue
laTri
nidad
& To
bago
63 4 5 7
11
7170
6665646362
26
56555453
46454443
36353433
76
252423
1615141312
72 73 74 7561
80
Trinidad
Venezuela
G u l f o f P a r i a
C a r i b b e a n S e a
C o l u m b u s C h a n n e l
61°6'0"W
61°6'0"W
62°7'30"W
62°7'30"W
10°1
5'0"N
10°1
5'0"N
s
NORTH WESTERN
Grande Ravine
72
PS-451
Page: 70 of 71
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WD_8F. 15, P G. 11, MG. 11, IF. 15, L
Parrylands
Lot 10Dam
P a r r y l a n d s E
F o r e s tR e s e r v e
New Camp Road
Santa Flora Road
ForestReserve Road
Forest
Reserve Road
Cruse Private Road
FR WestGate
FR 647
FR 540
FR 595
FR 556
FR 635
FR 616
FR 618
FR 526
FR 614
FR 630
FR 619ST
FE 223
FR 522
FR 613
FR 524
FR 1342
FR 598
FR 498
FR 634
FR 490
FR 602
FR 607
FR 496FR 624
FR 596
FR 535
FR 641
FR 531
FR 621
FR 495
FR 518
FR 603
FR 654
FR 564
FR 1746
FR 509
FR 512
FR 519
FR 623
FR 590
FR 589
FR 1694
FR 506
FR 521
FR 1505
FR 525
FR 631
FR 608
FR 625
FR 622
FR 514
FR 565
FR 1209
FR 1172
FR 517
FR 580
FR 489
FR 601FR 651
FR 628
FR 1695
FR 591
FR 578
FR 600
FR 1181
FR 504
FR 1190
FR 599FR 500
FR 620
FR 644
FR 1435
FR 1182
FR 629
FR 1207
FE 18
FR 501
FR 1173
FR 508
FR 1436
FR 1450
FR 513
FR 1507
FR 1183
FR 1481
FR 547
FR 1195
FR 1465
FR 1506
FR 1453
FR 1434
FR 1452
FR 1184
FR 1696
FR 1178
FR 1234
FE 211ST
FR 1250
FR 1193
FE 211
FE 223ST
FR 1736FR 519RD
FR 1198
FR 1711
FR 1246
FR 1693
FR 1697
FR 1698
FR 1470
FR 1671
FR 1746ST
FR 1712 FR 1751
FR 1720
FR 1773
FR 1713
FR 1747
FR 1730
FR 1721
FR 1719
FR 1753
FR 1375
FR 1200RD
FR 572X
FR 86
CX 81
FR 484
FR 932
FR 11
FR 493
FR 473
FR 638
FR 583
FR 122
CX 88
FR 100
CX 93
FR 1271
FR 61
FR 1267
FR 38
FR 1715
FR 118
FR 1710 FR 487
CX 67
FR 553
FR 605
FR 1302
FE 13
CX 63
FR 32A
FE 42
FR 33
TOS05 16
FR 1289
FR 1272 FR 35
FR 1269
FR 479
FR 1298
FR 1275
FR 476
FR 7
FR 31
FR 505FR 17
FR 560
FR 20
FR 1264
FR 1280
FR 485
CX 75
FR 87
FE 64
FR 533
FR 15
FR 632
FE 34
FR 1290
FE 224
FR 530
FR 611
FR 592
FR 59A
FR 100A
FR 559
FR 510
FR 19
FR 448
FR 59
FR 32
FR 110
FR 477
FR 29
FE 55
FE 20
FR 86A
FR 14
FR 615FR 503
FR 23
FR 546
FR 481
FR 35ST
CX 86
FR 1276
MC 1
FR 431
CX 65
CX 76
FR 1098
FR 483
FR 1263
FR 575
FR 1286
FR 549
FR 1748FR 594
FR 525RD
CX 80
FR 539
CX 87
FE 26
FE 12
FR 104
CX 83
FR 536
FR 80
FR 612
FR 619
FR 27
FR 1284
FR 499
CX 61
FR 494
FR 67CX 82
652,000
652,000
653,000
653,000
654,000
654,000
1,122
,000
1,122
,000
1,123
,000
1,123
,000
Document Path: Q:\Cartography_Job_Act iv ity\Third_Party_Activity\FIELD_MAP_WD_8_FEB_2017_JV.mxd
¯
Ven
ezu
ela
Trin
ida
d &
To
bag
o
Trinidad
Venezuela
C a r i b b e a n S e a
G u l f o f P a r i a
C o l u m b u s C h a n n e l61°15'0"W
61°15'0"W
10°1
5'0"N
10°1
5'0"N
Legend! LEASED WELLS
PETROTRIN WELLSMAIN ROADSECONDARY ROADRIVERSFIELDSBUFFER 500FTBUILDING
PARTNERSLEASE OPERATORSHIP
HYDROLOGYWATER BODY
PETROLEUM COMPANY OF TRINIDAD AND TOBAGO LTD.
PREPARED BY: Cartographic Off iceDATE: 22nd February, 2017.
FIELD MAPWell status as at last month.
FOREST RESERVE
LEASE OPERATORSHIP WD 8
0 100 200 30050 Met ers
1:10,000
CLIENT: Joint Venture Dept.SCALE: 1:10,000
Page: 71 of 71