Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Pine Cliff Energy Ltd., Valuation and Financial Data 9 Pine Cliff Energy Ltd., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Pine Cliff Energy Ltd., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Pine Cliff 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 Pine Cliff Energy Ltd., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Pine Cliff Energy Ltd., Quarterly Production Trends 14 Pine Cliff 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 Pine Cliff 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 Pine Cliff 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 Pine Cliff Energy Ltd., Valuation and Financial Data, 2011-2015 20 Pine Cliff Energy Ltd., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Pine Cliff 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 Pine Cliff 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 Pine Cliff 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 Pine Cliff 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 Pine Cliff 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 Pine Cliff Energy Ltd. - Recent Developments 75 Aug 10, 2016: Pine Cliff Energy Announces The Conclusion Of The Borrowing Base Redetermination, Closing Of A Private Placement And Second Quarter 2016 Results 75 Jun 29, 2016: Pine Cliff Energy Announces Closing Of $25 Million Disposition Of Royalty Assets And Update On Bank Redetermination Process 76 May 11, 2016: Pine Cliff Energy Announces Its First Quarter 2016 Results 77 Mar 17, 2016: Pine Cliff Energy Announces Its Fourth Quarter And Annual 2015 Results 78 Mar 01, 2016: Pine Cliff Energy Announces Graduation To Toronto Stock Exchange 79 Feb 11, 2016: Pine Cliff Energy Announces More Than 120% Increase In 2015 Year-End Reserves 79 Dec 11, 2015: Pine Cliff Energy Announces Closing Of $185 Million Strategic Acquisition, Credit Facility Increase, TSX Listing Application And 2016 Guidance 80 Nov 12, 2015: Pine Cliff Energy Announces Its Third Quarter 2015 Results And Provides Management Update 81 Aug 12, 2015: Pine Cliff Energy Announces Its Second Quarter 2015 Results 82 Aug 04, 2015: Pine Cliff Announces $70 Million Syndicated Credit Facilities 83 Appendix 84 Methodology 84 Coverage 84 Secondary Research 84 Primary Research 84 Data Information Sources 85 Company Source 85 SEC/Other Regulatory Filings 85 Other Sources 85 Expert Panel Validation 85 Data Definition 85 Oil and Gas Reserves 85 Units of Measure 86 About GlobalData 86 Disclosure 86 Disclaimer 86

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