Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Long Run Exploration Ltd., Valuation and Financial Data 9 Long Run Exploration Ltd., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Long Run Exploration Ltd., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Long Run Exploration 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 Long Run Exploration Ltd., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Long Run Exploration Ltd., Quarterly Production Trends 14 Long Run Exploration 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 Long Run Exploration 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 Long Run Exploration 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 Long Run Exploration Ltd., Valuation and Financial Data, 2011-2015 20 Long Run Exploration Ltd., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Long Run Exploration 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 Long Run Exploration 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 Long Run Exploration 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 Long Run Exploration 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 Long Run Exploration 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 Long Run Exploration Ltd. - Recent Developments 75 May 16, 2016: Long Run Exploration Announces 2016 First Quarter Results 75 Mar 10, 2016: Long Run Exploration Announces Results For The Year Ended December 31, 2015 76 Feb 01, 2016: Long Run Announces Amendments To Credit Facilities And Related Arrangement Agreement Amendments 77 Jan 25, 2016: Long Run Exploration Announces Extension Of Interim Forbearance Agreement With Its Lending Syndicate And Deferral Of Payment Of Interest On Convertible Debentures 78 Nov 16, 2015: Long Run Exploration Announces 2015 Third Quarter Results 79 Aug 13, 2015: Long Run Exploration Announces Temporary Production Reduction As A Result Of The Alliance Pipeline Shutdown 82 Jul 29, 2015: Long Run Exploration Announces 2015 Second Quarter Results 82 Jun 01, 2015: Long Run Exploration Announces Amendments To Bank Credit Facilities 84 May 06, 2015: Long Run Exploration Announces 2015 First Quarter Results 85 Mar 04, 2015: Long Run Exploration Announces Reserves, Financial and Operating Results For The Year Ended December 31, 2014 87 Appendix 92 Methodology 92 Coverage 92 Secondary Research 92 Primary Research 92 Data Information Sources 93 Company Source 93 SEC/Other Regulatory Filings 93 Other Sources 93 Expert Panel Validation 93 Data Definition 93 Oil and Gas Reserves 93 Units of Measure 94 About GlobalData 94 Disclosure 94 Disclaimer 94

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