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Reserves

The Company’s oil and gas reserves are evaluated annually by Sproule, independent reserves evaluators, in compliance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”) and National Instrument 51-101, Standards of Disclosure For Oil and Gas Activities (“NI 51-101”). The following is a summary of total corporate reserves and values using forecasted prices and costs, effective December 31, 2015.

Reserve Summary, as at December 31, 2015(1)
(Forecast Pricing)

Company Interest Reserves(2)

Description

Oil & NGLs

(Mbbl)

Gas

(MMcf)

Total

(Mboe)

NPV BT, $M

(0% Discount)

NPV BT, $M

(10% Discount)

Proved producing

799.6

169

827.8

26,332

18,004

Proved non-producing

172.4

38

178.8

4,877

3,205

Proved undeveloped

34.4

9

36

350

165

Total proved(3)

1,007

217

1,025

31,558

21,373

Probable

866.5

211

901.3

22,382

10,876

Total proved plus probable(3)

1,873

427

1,944

53,940

32,249

(1) Based on Sproule’s December 31, 2015 forecast prices.
(2) Company interest reserves are the Company’s total working interest reserves before royalties.
(3) Numbers may not add due to rounding.

Estimates of future net revenue do not represent fair market value. Additional reserve information as required under NI 51-101 is available on the Company’s website at www.anterraenergy.com, or on SEDAR at www.sedar.com.