Deloitte LLP

Tourmaline Oil Corp. is a Canadian intermediate crude oil and natural gas exploration and production company focused on long-term growth through an aggressive exploration, development, production and acquisition program in the Western Canadian Sedimentary Basin. Tourmaline commenced active operations in the fall of 2008 with the objective of building a successful Canadian intermediate crude oil and natural gas exploration, development and production company with a long-term business strategy similar to that of Duvernay Oil Corp. and Berkley Petroleum Corp., companies previously founded and managed by certain key members of Tourmaline’s senior management team. During the two-year period since commencing active operations, Tourmaline, through a series of strategic acquisitions, farm-ins and land acquisitions combined with its active capital exploration and development program, has assembled an extensive undeveloped land position with a large, multi-year drilling inventory and operating control of important natural gas processing and transportation infrastructure in two core long-term growth areas – the Alberta Deep Basin and the Greater Peace River High. Tourmaline is executing a large-scale, repeatable capital exploration and development program in these two core long-term growth areas. Tourmaline’s long-term business strategy is to increase shareholder value by building an extensive asset base over two to three core exploration and production areas and exploiting and developing these areas to increase reserves, production and cash flows at an attractive return on invested capital. The Company seeks to execute this strategy by: aggressively drilling and developing its extensive undeveloped land position; adopting and employing advanced drilling and completion techniques; enhancing returns by focusing on operational and cost efficiencies; pursuing strategic acquisitions with significant potential synergies; and wildcat exploration drilling for new pool discoveries. Management believes Tourmaline has a number of competitive advantages that management expects will help the Company successfully execute its long-term business strategy including: an extensive undeveloped land position in two long-term growth areas; a large, multi-year drilling inventory; an incentivized management team with demonstrated operating and acquisition skills; majority operating control of the Company’s core assets; a strong balance sheet; and a focus on operational efficiencies and cost containment.

Birchcliff Energy Ltd. engages in the exploration, development, production, and acquisition of petroleum and natural gas reserves. Its properties include Peace River Arch and Montney/Doig Resource Play. The company was founded by Myles R. Bosman, Gordon W. Cameron, Bruno P. Geremia, Laurence A. Shaw, Werner A. Siemens, James W. Surbey, and A. Jeffery Tonken on July 6, 2004 and is headquartered in Calgary, Canada.

BP Plc operates as an integrated oil and gas company. It operates through the following segments: Upstream, Downstream and Rosneft. The Upstream segment engages in the oil and natural gas exploration, field development and production, midstream transportation, storage and processing and marketing and trade of natural gas, including liquefied natural gas and power and natural gas liquids. The Downstream segment refines, manufactures, markets, transports, supplies, and trades crude oil, petroleum, petrochemicals products and related services to wholesale and retail customers. The Rosneft segment engages in investment activities. The company was founded by William Knox D'Arcy on April 14, 1909 and is headquartered in London, the United Kingdom.