Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Toro Oil & Gas Ltd., Valuation and Financial Data 8 Toro Oil & Gas Ltd., Share Price Performance 8 Share Price Performance, Q1, 2015-Q1, 2016 8 Toro Oil & Gas Ltd., Key Valuation Metrics 9 Key Valuation Metrics, Q1, 2015-Q1, 2016 9 Toro Oil & Gas Ltd., 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 Toro Oil & Gas Ltd., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 12 Toro Oil & Gas Ltd., Quarterly Production Trends 13 Toro Oil & Gas Ltd., 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 Toro Oil & Gas Ltd., 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 Toro Oil & Gas Ltd., Natural Gas Production 17 Total Natural Gas Production Trend, Q1, 2015-Q1, 2016 17 Natural Gas Production, By Country/Region, Q1, 2015-Q1, 2016 18 Toro Oil & Gas Ltd., Valuation and Financial Data, 2011-2015 19 Toro Oil & Gas Ltd., Share Price Performance, 2011-2015 19 Share Price Performance, 2011-2015 19 Key Valuation Metrics, 2011-2015 20 Toro Oil & Gas Ltd., Production and Reserves Trends 21 Total Oil and Gas, Reserves and Production 21 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 21 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 23 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 25 Crude Oil/Liquids Production and Reserve 26 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 26 Crude Oil Production and Reserves By Country/Region, 2011-2015 27 Crude Oil/Liquids Reserve Changes, 2011-2015 29 Natural Gas Production and Reserve 30 Natural Gas Production and Reserve Trend, 2011-2015 30 Natural Gas Production and Reserves, By Country/Region, 2011-2015 31 Natural Gas Reserve Changes, 2011-2015 33 Total Crude Oil and Natural Gas Reserves Life Index 34 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 34 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 35 Toro Oil & Gas Ltd., E&P Costs Trends 37 Allocation of the Upstream Capital Expenditure 37 Upstream Capital Expenditure, 2011-2015 37 Acquisition Costs By Country/Region, 2011-2015 38 Exploration and Development Costs, By Country/Region, 2011-2015 40 Oil and Gas Cost Per boe, US$/boe 42 Oil and Gas Cost Per boe, US$/boe, 2011-2015 42 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 44 Toro Oil & Gas Ltd., Reserve Replacement Ratio 46 Oil and Gas Production Replacement Ratio 46 Oil and Gas Production Replacement Ratio, 2011-2015 46 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 48 Toro Oil & Gas Ltd., Results of Oil & Gas Operations Trend 52 Oil and Gas Revenue and Expenses 52 Oil and Gas Revenue and Expenses, 2011-2015 52 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 53 Oil and Gas Revenue and Expenses, Per boe 58 Oil and Gas Revenue and Expenses, By boe, 2011-2015 58 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 59 Oil and Gas Performance Metrics 63 Toro Oil & Gas Ltd., Land Holdings and Well Data 64 Developed and Undeveloped Acreage 64 Gross and Net Developed and Undeveloped Acreage, 2011-2015 64 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 65 Well Statistics 67 Producible Oil and Gas Well, 2011-2015 67 Producible Oil and Gas Well, By Country/Region, 2011-2015 68 Exploration and Development Wells Drilled, 2011-2015 72 Recent Developments 73 Toro Oil & Gas Ltd. - Recent Developments 73 Aug 25, 2016: Toro Oil & Gas Reports Second Quarter 2016 Financial And Operating Results, Amended Credit Facility And Corporate Update 73 May 25, 2016: Toro Oil & Gas Announces First Quarter 2016 Financial And Operating Results 74 Mar 31, 2016: Toro Oil & Gas Announces Fourth Quarter Results And Filing Of Year-End Materials 76 Mar 02, 2016: Toro Oil & Gas Announces 139% Increase To 2015 Year End Reserves 78 Nov 17, 2015: Toro Oil & Gas Reports Third Quarter 2015 Financial And Operating Results 79 Oct 22, 2015: Toro Oil & Gas reports results of first phase drilling program 80 Aug 25, 2015: Toro Oil & Gas Reports Q2 2015 Financial And Operating Results Along With Initial First-Phase Drilling Update 81 Aug 10, 2015: Toro Oil & Gas Closes Total Proceeds Of Production Volume Royalty Agreement With Source Rock Royalties 82 Jul 16, 2015: Toro Announces Initial Closing Of Production Volume Royalty Agreement 82 May 26, 2015: Toro Oil & Gas Reports First Quarter 2015 Financial And Operating Results 83 Appendix 85 Methodology 85 Coverage 85 Secondary Research 85 Primary Research 85 Data Information Sources 86 Company Source 86 SEC/Other Regulatory Filings 86 Other Sources 86 Expert Panel Validation 86 Data Definition 86 Oil and Gas Reserves 86 Units of Measure 87 About GlobalData 87 Disclosure 87 Disclaimer 87

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