Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Dundee Energy Limited, Valuation and Financial Data 8 Dundee Energy Limited, Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Dundee Energy Limited, Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Dundee Energy Limited, Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 10 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 11 Dundee Energy Limited, Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Dundee Energy Limited, Quarterly Production Trends 13 Dundee Energy Limited, Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Dundee Energy Limited, Crude Oil Production 14 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 14 Dundee Energy Limited, Natural Gas Production 15 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 15 Dundee Energy Limited, Valuation and Financial Data, 2011-2015 16 Dundee Energy Limited, Share Price Performance, 2011-2015 16 Share Price Performance, 2011-2015 16 Key Valuation Metrics, 2011-2015 17 Dundee Energy Limited, Production and Reserves Trends 18 Total Oil and Gas, Reserves and Production 18 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 18 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 20 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 22 Crude Oil/Liquids Production and Reserve 23 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 23 Crude Oil Production and Reserves By Country/Region, 2011-2015 24 Crude Oil/Liquids Reserve Changes, 2011-2015 26 Natural Gas Production and Reserve 27 Natural Gas Production and Reserve Trend, 2011-2015 27 Natural Gas Production and Reserves, By Country/Region, 2011-2015 28 Natural Gas Reserve Changes, 2011-2015 30 Total Crude Oil and Natural Gas Reserves Life Index 31 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 31 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 32 Dundee Energy Limited, E&P Costs Trends 34 Allocation of the Upstream Capital Expenditure 34 Upstream Capital Expenditure, 2011-2015 34 Oil and Gas Cost Per boe, US$/boe 35 Oil and Gas Cost Per boe, US$/boe, 2011-2015 35 Dundee Energy Limited, Reserve Replacement Ratio 36 Oil and Gas Production Replacement Ratio 36 Oil and Gas Production Replacement Ratio, 2011-2015 36 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 38 Dundee Energy Limited, Results of Oil & Gas Operations Trend 42 Oil and Gas Revenue and Expenses 42 Oil and Gas Revenue and Expenses, 2011-2015 42 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 43 Oil and Gas Revenue and Expenses, Per boe 48 Oil and Gas Revenue and Expenses, By boe, 2011-2015 48 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 49 Oil and Gas Performance Metrics 53 Dundee Energy Limited, Land Holdings and Well Data 54 Developed and Undeveloped Acreage 54 Gross and Net Developed and Undeveloped Acreage, 2011-2015 54 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 55 Well Statistics 58 Producible Oil and Gas Well, 2011-2015 58 Producible Oil and Gas Well, By Country/Region, 2011-2015 59 Recent Developments 63 Dundee Energy Limited - Recent Developments 63 Sep 27, 2016: Dundee Energy Announces Resignation Of Director 63 Aug 05, 2016: Dundee Energy Announces Second Quarter 2016 Financial Results 63 Apr 28, 2016: Dundee Energy Announces First Quarter 2016 Financial Results 64 Feb 19, 2016: Dundee Energy Announces 2015 Financial Results 65 Oct 30, 2015: Dundee Energy Announces Third Quarter 2015 Financial Results 66 Jul 31, 2015: Dundee Energy Announces Changes To The Board 67 Jul 31, 2015: Dundee Energy Announces Second Quarter 2015 Financial Results 67 Jun 16, 2015: Dundee Energy Announces Management Changes 68 Apr 30, 2015: Dundee Energy Announces First Quarter 2015 Financial Results 68 Feb 20, 2015: Dundee Energy Announces 2014 Financial Results 69 Appendix 71 Methodology 71 Coverage 71 Secondary Research 71 Primary Research 71 Data Information Sources 72 Company Source 72 SEC/Other Regulatory Filings 72 Other Sources 72 Expert Panel Validation 72 Data Definition 72 Oil and Gas Reserves 72 Units of Measure 73 About GlobalData 73 Disclosure 73 Disclaimer 73

List of Tables Table 1: Dundee Energy Limited, Key Facts 7 Table 2: Dundee Energy Limited, Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Dundee Energy Limited, Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Dundee Energy Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Dundee Energy Limited, Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Dundee Energy Limited, Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Dundee Energy Limited, Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Dundee Energy Limited, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 14 Table 9: Dundee Energy Limited, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Table 10: Dundee Energy Limited, Share Price Performance, 2011-2015 16 Table 11: Dundee Energy Limited, Key Valuation Metrics, 2011-2015 17 Table 12: Dundee Energy Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 19 Table 13: Dundee Energy Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 21 Table 14: Dundee Energy Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 22 Table 15: Dundee Energy Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 23 Table 16: Dundee Energy Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 25 Table 17: Dundee Energy Limited, Crude Oil Reserve Changes, mmbbl, 2011-2015 26 Table 18: Dundee Energy Limited, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Table 19: Dundee Energy Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 29 Table 20: Dundee Energy Limited, Natural Gas Reserve Changes, bcf, 2011-2015 30 Table 21: Dundee Energy Limited, Oil and Gas Reserves Life Index, Years, 2011-2015 31 Table 22: Dundee Energy Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 33 Table 23: Dundee Energy Limited, Upstream Capital Expenditure, US$ mil, 2011-2015 34 Table 24: Dundee Energy Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 35 Table 25: Dundee Energy Limited, Oil and Gas Production Replacement Ratio, %, 2011-2015 37 Table 26: Dundee Energy Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 41 Table 27: Dundee Energy Limited, Revenue and Expenses, US$ mil, 2011-2015 42 Table 28: Dundee Energy Limited, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 47 Table 29: Dundee Energy Limited, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 48 Table 30: Dundee Energy Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 52 Table 31: Dundee Energy Limited, Oil and Gas Performance Metrics, 2011-2015 53 Table 32: Dundee Energy Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 54 Table 33: Dundee Energy Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 57 Table 34: Dundee Energy Limited, Producible Oil and Gas Wells, 2011-2015 58 Table 35: Dundee Energy Limited, Producible Oil and Gas Wells, By Country/Region, 2011-2015 62 List of Figures Figure 1: Dundee Energy Limited, Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Dundee Energy Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Dundee Energy Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Dundee Energy Limited, Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Dundee Energy Limited, Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Dundee Energy Limited, Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 14 Figure 7: Dundee Energy Limited, Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Figure 8: Dundee Energy Limited, Share Price Performance, CAD/Share, 2011-2015 16 Figure 9: Dundee Energy Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 17 Figure 10: Dundee Energy Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 18 Figure 11: Dundee Energy Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 20 Figure 12: Dundee Energy Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 20 Figure 13: Dundee Energy Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 22 Figure 14: Dundee Energy Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 23 Figure 15: Dundee Energy Limited, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 24 Figure 16: Dundee Energy Limited, Oil Production, By Country/Region, mmbbl, 2011-2015 24 Figure 17: Dundee Energy Limited, Crude Oil Reserve Changes, mmbbl, 2015 26 Figure 18: Dundee Energy Limited, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Figure 19: Dundee Energy Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 28 Figure 20: Dundee Energy Limited, Gas Production, By Country/Region, bcf, 2011-2015 28 Figure 21: Dundee Energy Limited, Natural Gas Reserve Changes, bcf, 2015 30 Figure 22: Dundee Energy Limited, Oil and Gas Reserves Life Index, Years, 2011-2015 31 Figure 23: Dundee Energy Limited, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 24: Dundee Energy Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 25: Dundee Energy Limited, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 33 Figure 26: Dundee Energy Limited, Upstream Capital Expenditure, US$ mil, 2011-2015 34 Figure 27: Dundee Energy Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 35 Figure 28: Dundee Energy Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 36 Figure 29: Dundee Energy Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 38 Figure 30: Dundee Energy Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 38 Figure 31: Dundee Energy Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 39 Figure 32: Dundee Energy Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 39 Figure 33: Dundee Energy Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 40 Figure 34: Dundee Energy Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 40 Figure 35: Dundee Energy Limited, Revenue and Expenses, US$ mil, 2011-2015 42 Figure 36: Dundee Energy Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 37: Dundee Energy Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 38: Dundee Energy Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 44 Figure 39: Dundee Energy Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 44 Figure 40: Dundee Energy Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 45 Figure 41: Dundee Energy Limited, Production Costs, By Country/Region, US$ mil, 2011-2015 45 Figure 42: Dundee Energy Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 46 Figure 43: Dundee Energy Limited, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 48 Figure 44: Dundee Energy Limited, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 45: Dundee Energy Limited, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 49 Figure 46: Dundee Energy Limited, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 50 Figure 47: Dundee Energy Limited, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 50 Figure 48: Dundee Energy Limited, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 51 Figure 49: Dundee Energy Limited, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 51 Figure 50: Dundee Energy Limited, Oil and Gas Performance Metrics, 2011-2015 53 Figure 51: Dundee Energy Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 54 Figure 52: Dundee Energy Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 55 Figure 53: Dundee Energy Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 55 Figure 54: Dundee Energy Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 56 Figure 55: Dundee Energy Limited, Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 56 Figure 56: Dundee Energy Limited, Producible Oil and Gas Wells, 2011-2015 58 Figure 57: Dundee Energy Limited, Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 59 Figure 58: Dundee Energy Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 59 Figure 59: Dundee Energy Limited, Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 60 Figure 60: Dundee Energy Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 60 Figure 61: Dundee Energy Limited, Net Productive Gas Wells, By Country/Region, Number, 2011-2015 61 Figure 62: Dundee Energy Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 61 Figure 63: Dundee Energy Limited, Net Productive Oil Wells, By Country/Region, Number, 2011-2015 62