Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Connacher Oil and Gas Limited, Valuation and Financial Data 8 Connacher Oil and Gas Limited, Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Connacher Oil and Gas Limited, Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Connacher Oil and Gas 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 Connacher Oil and Gas Limited, Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Connacher Oil and Gas Limited, Quarterly Production Trends 13 Connacher Oil and Gas Limited, Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 14 Connacher Oil and Gas Limited, Crude Oil Production 15 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 15 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 16 Connacher Oil and Gas Limited, Valuation and Financial Data, 2011-2015 17 Connacher Oil and Gas Limited, Share Price Performance, 2011-2015 17 Share Price Performance, 2011-2015 17 Key Valuation Metrics, 2011-2015 18 Connacher Oil and Gas Limited, Production and Reserves Trends 19 Total Oil and Gas, Reserves and Production 19 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 19 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 Total Crude Oil and Natural Gas Reserves Life Index 27 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 27 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 28 Connacher Oil and Gas Limited, E&P Costs Trends 30 Allocation of the Upstream Capital Expenditure 30 Upstream Capital Expenditure, 2011-2015 30 Exploration and Development Costs, By Country/Region, 2011-2015 31 Oil and Gas Cost Per boe, US$/boe 33 Oil and Gas Cost Per boe, US$/boe, 2011-2015 33 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 35 Connacher Oil and Gas Limited, Reserve Replacement Ratio 37 Oil and Gas Production Replacement Ratio 37 Oil and Gas Production Replacement Ratio, 2011-2015 37 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 39 Connacher Oil and Gas 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 47 Oil and Gas Revenue and Expenses, By boe, 2011-2015 47 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 48 Oil and Gas Performance Metrics 51 Connacher Oil and Gas Limited, Land Holdings and Well Data 52 Developed and Undeveloped Acreage 52 Gross and Net Developed and Undeveloped Acreage, 2011-2015 52 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 53 Well Statistics 55 Producible Oil and Gas Well, 2011-2015 55 Producible Oil and Gas Well, By Country/Region, 2011-2015 56 Exploration and Development Wells Drilled, 2011-2015 59 Recent Developments 60 Connacher Oil and Gas Limited - Recent Developments 60 Sep 13, 2016: Connacher Oil And Gas Announces Extension Of CCAA Stay 60 Aug 26, 2016: Connacher Announces Q2 2016 Results 60 Aug 10, 2016: Connacher Announces Extension Of CCAA Stay 62 Jun 13, 2016: Connacher Announces Extension Of CCAA Stay 62 May 17, 2016: Connacher Files For CCAA Protection And Receives Order Permitting Interim Financing Of Up To US$20 Million 62 May 16, 2016: Connacher Oil And Gas Intends To File For CCAA Protection And Receives Commitments For Up To US$20 Million Of Financing 63 May 10, 2016: Connacher Announces Q1 2016 Results 64 May 05, 2016: Connacher Announces Update On Impact Of Wildfires 65 May 02, 2016: Connacher Enters Into Second Forbearance Agreement 66 Mar 31, 2016: Connacher Enters Into A Forbearance Agreement 66 Appendix 68 Methodology 68 Coverage 68 Secondary Research 68 Primary Research 68 Data Information Sources 69 Company Source 69 SEC/Other Regulatory Filings 69 Other Sources 69 Expert Panel Validation 69 Data Definition 69 Oil and Gas Reserves 69 Units of Measure 70 About GlobalData 70 Disclosure 70 Disclaimer 70

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