Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Montana Exploration Corp., Valuation and Financial Data 8 Montana Exploration Corp., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Montana Exploration Corp., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Montana Exploration Corp., 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 Montana Exploration Corp., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Montana Exploration Corp., Quarterly Production Trends 13 Montana Exploration Corp., 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 Montana Exploration Corp., Natural Gas Production 15 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 15 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 16 Montana Exploration Corp., Valuation and Financial Data, 2011-2015 17 Montana Exploration Corp., Share Price Performance, 2011-2015 17 Share Price Performance, 2011-2015 17 Key Valuation Metrics, 2011-2015 18 Montana Exploration Corp., 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 21 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 23 Crude Oil/Liquids Production and Reserve 24 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 24 Crude Oil Production and Reserves By Country/Region, 2011-2015 25 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 Montana Exploration Corp., E&P Costs Trends 34 Allocation of the Upstream Capital Expenditure 34 Upstream Capital Expenditure, 2011-2015 34 Acquisition Costs By Country/Region, 2011-2015 35 Exploration and Development Costs, By Country/Region, 2011-2015 36 Oil and Gas Cost Per boe, US$/boe 38 Oil and Gas Cost Per boe, US$/boe, 2011-2015 38 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 40 Montana Exploration Corp., Reserve Replacement Ratio 42 Oil and Gas Production Replacement Ratio 42 Oil and Gas Production Replacement Ratio, 2011-2015 42 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 44 Montana Exploration Corp., Results of Oil & Gas Operations Trend 48 Oil and Gas Revenue and Expenses 48 Oil and Gas Revenue and Expenses, 2011-2015 48 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 49 Oil and Gas Revenue and Expenses, Per boe 53 Oil and Gas Revenue and Expenses, By boe, 2011-2015 53 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 54 Oil and Gas Performance Metrics 57 Montana Exploration Corp., Land Holdings and Well Data 58 Developed and Undeveloped Acreage 58 Gross and Net Developed and Undeveloped Acreage, 2011-2015 58 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 59 Well Statistics 61 Producible Oil and Gas Well, 2011-2015 61 Producible Oil and Gas Well, By Country/Region, 2011-2015 62 Exploration and Development Wells Drilled, 2011-2015 67 Recent Developments 68 Montana Exploration Corp. - Recent Developments 68 Sep 27, 2016: Montana Exploration Announces Five-Well Shaunavon Oil Drilling Program 68 Apr 20, 2016: Montana Exploration Announces Year-End Fiscal Results 69 Dec 01, 2015: Montana Exploration Signs Strategic Agreement With US Based Utility Increasing Shaunavon Oil Lands And Eagle Gas Lands To 447,000 Acres 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: Montana Exploration Corp., Key Facts 7 Table 2: Montana Exploration Corp., Share Price Performance, Q1, 2015-Q1, 2016 8 Table 3: Montana Exploration Corp., Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Table 4: Montana Exploration Corp., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Table 5: Montana Exploration Corp., Results of Oil & Gas Operations Per boe Growth Rates, %, Q1, 2015-Q1, 2016 11 Table 6: Montana Exploration Corp., Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Table 7: Montana Exploration Corp., Total Crude Oil and Natural Gas, Production, Q1, 2015-Q1, 2016 13 Table 8: Montana Exploration Corp., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Table 9: Montana Exploration Corp., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Table 10: Montana Exploration Corp., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 16 Table 11: Montana Exploration Corp., Share Price Performance, 2011-2015 17 Table 12: Montana Exploration Corp., Key Valuation Metrics, 2011-2015 18 Table 13: Montana Exploration Corp., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 20 Table 14: Montana Exploration Corp., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 22 Table 15: Montana Exploration Corp., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 23 Table 16: Montana Exploration Corp., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 24 Table 17: Montana Exploration Corp., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 25 Table 18: Montana Exploration Corp., Crude Oil Reserve Changes, mmbbl, 2011-2015 26 Table 19: Montana Exploration Corp., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Table 20: Montana Exploration Corp., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 29 Table 21: Montana Exploration Corp., Natural Gas Reserve Changes, bcf, 2011-2015 30 Table 22: Montana Exploration Corp., Oil and Gas Reserves Life Index, Years, 2011-2015 31 Table 23: Montana Exploration Corp., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 33 Table 24: Montana Exploration Corp., Upstream Capital Expenditure, US$ mil, 2011-2015 34 Table 25: Montana Exploration Corp., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 35 Table 26: Montana Exploration Corp., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 37 Table 27: Montana Exploration Corp., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 39 Table 28: Montana Exploration Corp., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 41 Table 29: Montana Exploration Corp., Oil and Gas Production Replacement Ratio, %, 2011-2015 43 Table 30: Montana Exploration Corp., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 47 Table 31: Montana Exploration Corp., Revenue and Expenses, US$ mil, 2011-2015 48 Table 32: Montana Exploration Corp., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 52 Table 33: Montana Exploration Corp., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 53 Table 34: Montana Exploration Corp., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 56 Table 35: Montana Exploration Corp., Oil and Gas Performance Metrics, 2011-2015 57 Table 36: Montana Exploration Corp., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 58 Table 37: Montana Exploration Corp., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 60 Table 38: Montana Exploration Corp., Producible Oil and Gas Wells, 2011-2015 61 Table 39: Montana Exploration Corp., Producible Oil and Gas Wells, By Country/Region, 2011-2015 66 Table 40: Montana Exploration Corp., Exploratory and Developed Wells, 2011-2015 67 List of Figures Figure 1: Montana Exploration Corp., Share Price Performance, CAD/Share, Q1, 2015-Q1, 2016 8 Figure 2: Montana Exploration Corp., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2015-Q1, 2016 9 Figure 3: Montana Exploration Corp., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q1, 2015-Q1, 2016 10 Figure 4: Montana Exploration Corp., Upstream Capital Expenditure, US$ mil, Q1, 2015-Q1, 2016 12 Figure 5: Montana Exploration Corp., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2015-Q1, 2016 13 Figure 6: Montana Exploration Corp., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2015-Q1, 2016 14 Figure 7: Montana Exploration Corp., Total Natural Gas Production, bcf, Q1, 2015-Q1, 2016 15 Figure 8: Montana Exploration Corp., Natural Gas Production, By Country/Region, bcf, Q1, 2015-Q1, 2016 16 Figure 9: Montana Exploration Corp., Share Price Performance, CAD/Share, 2011-2015 17 Figure 10: Montana Exploration Corp., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 18 Figure 11: Montana Exploration Corp., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 19 Figure 12: Montana Exploration Corp., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 21 Figure 13: Montana Exploration Corp., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 21 Figure 14: Montana Exploration Corp., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 23 Figure 15: Montana Exploration Corp., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 24 Figure 16: Montana Exploration Corp., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 25 Figure 17: Montana Exploration Corp., Crude Oil Reserve Changes, mmbbl, 2015 26 Figure 18: Montana Exploration Corp., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Figure 19: Montana Exploration Corp., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 28 Figure 20: Montana Exploration Corp., Gas Production, By Country/Region, bcf, 2011-2015 28 Figure 21: Montana Exploration Corp., Natural Gas Reserve Changes, bcf, 2015 30 Figure 22: Montana Exploration Corp., Oil and Gas Reserves Life Index, Years, 2011-2015 31 Figure 23: Montana Exploration Corp., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 24: Montana Exploration Corp., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 32 Figure 25: Montana Exploration Corp., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 33 Figure 26: Montana Exploration Corp., Upstream Capital Expenditure, US$ mil, 2011-2015 34 Figure 27: Montana Exploration Corp., Unproved Acquisition Costs, By Country/Region, US$ mil, 2011-2015 35 Figure 28: Montana Exploration Corp., Development Costs, By Country/Region, US$ mil, 2011-2015 36 Figure 29: Montana Exploration Corp., Exploration Costs, By Country/Region, US$ mil, 2011-2015 36 Figure 30: Montana Exploration Corp., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 38 Figure 31: Montana Exploration Corp., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 40 Figure 32: Montana Exploration Corp., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 40 Figure 33: Montana Exploration Corp., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 41 Figure 34: Montana Exploration Corp., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 42 Figure 35: Montana Exploration Corp., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 44 Figure 36: Montana Exploration Corp., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 44 Figure 37: Montana Exploration Corp., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 45 Figure 38: Montana Exploration Corp., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 45 Figure 39: Montana Exploration Corp., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 46 Figure 40: Montana Exploration Corp., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 46 Figure 41: Montana Exploration Corp., Revenue and Expenses, US$ mil, 2011-2015 48 Figure 42: Montana Exploration Corp., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 49 Figure 43: Montana Exploration Corp., Exploration Expenses, By Country/Region, US$ mil, 2011-2015 49 Figure 44: Montana Exploration Corp., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 50 Figure 45: Montana Exploration Corp., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 46: Montana Exploration Corp., Production Costs, By Country/Region, US$ mil, 2011-2015 51 Figure 47: Montana Exploration Corp., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 51 Figure 48: Montana Exploration Corp., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 53 Figure 49: Montana Exploration Corp., Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 54 Figure 50: Montana Exploration Corp., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 54 Figure 51: Montana Exploration Corp., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 55 Figure 52: Montana Exploration Corp., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 55 Figure 53: Montana Exploration Corp., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 56 Figure 54: Montana Exploration Corp., Oil and Gas Performance Metrics, 2011-2015 57 Figure 55: Montana Exploration Corp., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 58 Figure 56: Montana Exploration Corp., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 59 Figure 57: Montana Exploration Corp., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 59 Figure 58: Montana Exploration Corp., Producible Oil and Gas Wells, 2011-2015 61 Figure 59: Montana Exploration Corp., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 62 Figure 60: Montana Exploration Corp., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 62 Figure 61: Montana Exploration Corp., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 63 Figure 62: Montana Exploration Corp., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 63 Figure 63: Montana Exploration Corp., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 64 Figure 64: Montana Exploration Corp., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 64 Figure 65: Montana Exploration Corp., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 65 Figure 66: Montana Exploration Corp., Exploratory and Developed Wells, 2011-2015 67