Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Twin Butte Energy Ltd., Valuation and Financial Data 9 Twin Butte Energy Ltd., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Twin Butte Energy Ltd., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Twin Butte Energy Ltd., Quarterly Results of Oil & Gas Operations Per boe Produced 11 Results of Oil & Gas Operations Per boe Produced, Q1, 2015-Q1, 2016 11 Results of Oil & Gas Operations Per boe Growth Rates, Q1, 2015-Q1, 2016 12 Twin Butte Energy Ltd., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Twin Butte Energy Ltd., Quarterly Production Trends 14 Twin Butte Energy Ltd., Total Oil and Gas Production 14 Total Crude Oil and Natural Gas Production Trend, Q1, 2015-Q1, 2016 14 Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 15 Twin Butte Energy Ltd., Crude Oil Production 16 Total Crude Oil Production Trend, Q1, 2015-Q1, 2016 16 Crude Oil Production, By Country/Region, Q1, 2015-Q1, 2016 17 Twin Butte Energy Ltd., Natural Gas Production 18 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 18 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 19 Twin Butte Energy Ltd., Valuation and Financial Data, 2011-2015 20 Twin Butte Energy Ltd., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Twin Butte Energy Ltd., Production and Reserves Trends 22 Total Oil and Gas, Reserves and Production 22 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 22 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 24 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 26 Crude Oil/Liquids Production and Reserve 27 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 27 Crude Oil Production and Reserves By Country/Region, 2011-2015 28 Crude Oil/Liquids Reserve Changes, 2011-2015 30 Natural Gas Production and Reserve 31 Natural Gas Production and Reserve Trend, 2011-2015 31 Natural Gas Production and Reserves, By Country/Region, 2011-2015 32 Natural Gas Reserve Changes, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index 35 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 35 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 36 Twin Butte Energy Ltd., E&P Costs Trends 38 Allocation of the Upstream Capital Expenditure 38 Upstream Capital Expenditure, 2011-2015 38 Acquisition Costs By Country/Region, 2011-2015 39 Exploration and Development Costs, By Country/Region, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe 43 Oil and Gas Cost Per boe, US$/boe, 2011-2015 43 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 45 Twin Butte Energy Ltd., Reserve Replacement Ratio 47 Oil and Gas Production Replacement Ratio 47 Oil and Gas Production Replacement Ratio, 2011-2015 47 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 49 Twin Butte Energy Ltd., Results of Oil & Gas Operations Trend 53 Oil and Gas Revenue and Expenses 53 Oil and Gas Revenue and Expenses, 2011-2015 53 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 54 Oil and Gas Revenue and Expenses, Per boe 59 Oil and Gas Revenue and Expenses, By boe, 2011-2015 59 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 60 Oil and Gas Performance Metrics 64 Twin Butte Energy Ltd., Land Holdings and Well Data 65 Developed and Undeveloped Acreage 65 Gross and Net Developed and Undeveloped Acreage, 2011-2015 65 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 66 Well Statistics 69 Producible Oil and Gas Well, 2011-2015 69 Producible Oil and Gas Well, By Country/Region, 2011-2015 70 Exploration and Development Wells Drilled, 2011-2015 74 Recent Developments 75 Twin Butte Energy Ltd. - Recent Developments 75 Sep 02, 2016: Twin Butte Energy Announces Appointment of Receiver 75 Aug 24, 2016: Twin Butte Energy receives Reassessments From Canada Revenue Agency 75 Aug 11, 2016: Twin Butte Energy Announces Second Quarter Financial Results And Provides Arrangement Agreement Update 75 Jun 22, 2016: Twin Butte Announces Extension Of Credit Facilities 76 Jun 21, 2016: Twin Butte Announces Extension Of Credit Facilities 77 Jun 09, 2016: Twin Butte Announces Extension of Credit Facilities 77 Jun 08, 2016: Twin Butte Announces Extension Of Credit Facilities 77 Jun 07, 2016: Twin Butte Provides Update On Credit Facilities 78 May 31, 2016: Twin Butte Announces Extension Of Credit Facilities 78 May 12, 2016: Twin Butte Energy Announces First Quarter Financial Results 78 Appendix 81 Methodology 81 Coverage 81 Secondary Research 81 Primary Research 81 Data Information Sources 82 Company Source 82 SEC/Other Regulatory Filings 82 Other Sources 82 Expert Panel Validation 82 Data Definition 82 Oil and Gas Reserves 82 Units of Measure 83 About GlobalData 83 Disclosure 83 Disclaimer 83

List of Tables Table 1: Twin Butte Energy Ltd., Key Facts 8 Table 2: Twin Butte Energy Ltd., Share Price Performance, Q1, 2015-Q1, 2016 9 Table 3: Twin Butte Energy Ltd., Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Table 4: Twin Butte Energy Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Table 5: Twin Butte Energy Ltd., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 12 Table 6: Twin Butte Energy Ltd., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Table 7: Twin Butte Energy Ltd., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 14 Table 8: Twin Butte Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Table 9: Twin Butte Energy Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Table 10: Twin Butte Energy Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Table 11: Twin Butte Energy Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Table 12: Twin Butte Energy Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Table 13: Twin Butte Energy Ltd., Share Price Performance, 2011-2015 20 Table 14: Twin Butte Energy Ltd., Key Valuation Metrics, 2011-2015 21 Table 15: Twin Butte Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 23 Table 16: Twin Butte Energy Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 25 Table 17: Twin Butte Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 26 Table 18: Twin Butte Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Table 19: Twin Butte Energy Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 29 Table 20: Twin Butte Energy Ltd., Crude Oil Reserve Changes, mmbbl, 2011-2015 30 Table 21: Twin Butte Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Table 22: Twin Butte Energy Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 33 Table 23: Twin Butte Energy Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 34 Table 24: Twin Butte Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Table 25: Twin Butte Energy Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 37 Table 26: Twin Butte Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Table 27: Twin Butte Energy Ltd., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 40 Table 28: Twin Butte Energy Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 42 Table 29: Twin Butte Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 44 Table 30: Twin Butte Energy Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 46 Table 31: Twin Butte Energy Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 48 Table 32: Twin Butte Energy Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 52 Table 33: Twin Butte Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 53 Table 34: Twin Butte Energy Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 58 Table 35: Twin Butte Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Table 36: Twin Butte Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 63 Table 37: Twin Butte Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 64 Table 38: Twin Butte Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Table 39: Twin Butte Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 68 Table 40: Twin Butte Energy Ltd., Producible Oil and Gas Wells, 2011-2015 69 Table 41: Twin Butte Energy Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 73 Table 42: Twin Butte Energy Ltd., Exploratory and Developed Wells, 2011-2015 74 List of Figures Figure 1: Twin Butte Energy Ltd., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 9 Figure 2: Twin Butte Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 10 Figure 3: Twin Butte Energy Ltd., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 11 Figure 4: Twin Butte Energy Ltd., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 13 Figure 5: Twin Butte Energy Ltd., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 14 Figure 6: Twin Butte Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 15 Figure 7: Twin Butte Energy Ltd., Total Crude Oil Production, mmbbl, Q1, 2015-Q1, 2016 16 Figure 8: Twin Butte Energy Ltd., Crude Oil Production, By Country/Region, mmbbl, Q1, 2015-Q1, 2016 17 Figure 9: Twin Butte Energy Ltd., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 18 Figure 10: Twin Butte Energy Ltd., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 19 Figure 11: Twin Butte Energy Ltd., Share Price Performance, CAD/Share, 2011-2015 20 Figure 12: Twin Butte Energy Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 21 Figure 13: Twin Butte Energy Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 22 Figure 14: Twin Butte Energy Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 24 Figure 15: Twin Butte Energy Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 24 Figure 16: Twin Butte Energy Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 26 Figure 17: Twin Butte Energy Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 27 Figure 18: Twin Butte Energy Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 28 Figure 19: Twin Butte Energy Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 28 Figure 20: Twin Butte Energy Ltd., Crude Oil Reserve Changes, mmbbl, 2015 30 Figure 21: Twin Butte Energy Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 31 Figure 22: Twin Butte Energy Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 32 Figure 23: Twin Butte Energy Ltd., Gas Production, By Country/Region, bcf, 2011-2015 32 Figure 24: Twin Butte Energy Ltd., Natural Gas Reserve Changes, bcf, 2015 34 Figure 25: Twin Butte Energy Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 35 Figure 26: Twin Butte Energy Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 27: Twin Butte Energy Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 36 Figure 28: Twin Butte Energy Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 37 Figure 29: Twin Butte Energy Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 38 Figure 30: Twin Butte Energy Ltd., Proved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 31: Twin Butte Energy Ltd., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 39 Figure 32: Twin Butte Energy Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 33: Twin Butte Energy Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 41 Figure 34: Twin Butte Energy Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 43 Figure 35: Twin Butte Energy Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 36: Twin Butte Energy Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 45 Figure 37: Twin Butte Energy Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 46 Figure 38: Twin Butte Energy Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 47 Figure 39: Twin Butte Energy Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 49 Figure 40: Twin Butte Energy Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 49 Figure 41: Twin Butte Energy Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 50 Figure 42: Twin Butte Energy Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 50 Figure 43: Twin Butte Energy Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 51 Figure 44: Twin Butte Energy Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 51 Figure 45: Twin Butte Energy Ltd., Revenue and Expenses, US$ mil, 2011-2015 53 Figure 46: Twin Butte Energy Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 54 Figure 47: Twin Butte Energy Ltd., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 54 Figure 48: Twin Butte Energy Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 49: Twin Butte Energy Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 55 Figure 50: Twin Butte Energy Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 56 Figure 51: Twin Butte Energy Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 56 Figure 52: Twin Butte Energy Ltd., Production Costs, By Country/Region, US$ mil, 2011-2015 57 Figure 53: Twin Butte Energy Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 57 Figure 54: Twin Butte Energy Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 59 Figure 55: Twin Butte Energy Ltd., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 56: Twin Butte Energy Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 60 Figure 57: Twin Butte Energy Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 58: Twin Butte Energy Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 61 Figure 59: Twin Butte Energy Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 60: Twin Butte Energy Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 62 Figure 61: Twin Butte Energy Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 63 Figure 62: Twin Butte Energy Ltd., Oil and Gas Performance Metrics, 2011-2015 64 Figure 63: Twin Butte Energy Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 65 Figure 64: Twin Butte Energy Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 65: Twin Butte Energy Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 66 Figure 66: Twin Butte Energy Ltd., Total Gross Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 67: Twin Butte Energy Ltd., Total Net Developed Acreage, By Country/Region, Acres, 2011-2015 67 Figure 68: Twin Butte Energy Ltd., Producible Oil and Gas Wells, 2011-2015 69 Figure 69: Twin Butte Energy Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 70: Twin Butte Energy Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 70 Figure 71: Twin Butte Energy Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 71 Figure 72: Twin Butte Energy Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 71 Figure 73: Twin Butte Energy Ltd., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 74: Twin Butte Energy Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 72 Figure 75: Twin Butte Energy Ltd., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 73 Figure 76: Twin Butte Energy Ltd., Exploratory and Developed Wells, 2011-2015 74