Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 Americas Petrogas Inc., Valuation and Financial Data 8 Americas Petrogas Inc., Share Price Performance 8 Share Price Performance, Q3, 2014-Q3, 2015 8 Americas Petrogas Inc., Key Valuation Metrics 9 Key Valuation Metrics, Q3, 2014-Q3, 2015 9 Americas Petrogas Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 10 Results of Oil & Gas Operations Per boe Produced, Q3, 2014-Q3, 2015 10 Results of Oil & Gas Operations Per boe Growth Rates, Q3, 2014-Q3, 2015 11 Americas Petrogas Inc., Quarterly E&P Costs Trends 12 Upstream Capital Expenditure, Q3, 2014-Q3, 2015 12 Americas Petrogas Inc., Quarterly Production Trends 13 Americas Petrogas Inc., Total Oil and Gas Production 13 Total Crude Oil and Natural Gas Production Trend, Q3, 2014-Q3, 2015 13 Total Crude Oil & Natural Gas Production, By Country/Region, Q3, 2014-Q3, 2015 14 Americas Petrogas Inc., Crude Oil Production 15 Total Crude Oil Production Trend, Q3, 2014-Q3, 2015 15 Crude Oil Production, By Country/Region, Q3, 2014-Q3, 2015 16 Americas Petrogas Inc., Valuation and Financial Data, 2011-2015 17 Americas Petrogas Inc., Share Price Performance, 2011-2015 17 Share Price Performance, 2011-2015 17 Key Valuation Metrics, 2011-2015 18 Americas Petrogas Inc., 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 20 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 22 Crude Oil/Liquids Production and Reserve 23 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 23 Crude Oil Production and Reserves By Country/Region, 2011-2015 24 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 29 Total Crude Oil and Natural Gas Reserves Life Index 30 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 30 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 31 Americas Petrogas Inc., E&P Costs Trends 33 Allocation of the Upstream Capital Expenditure 33 Upstream Capital Expenditure, 2011-2015 33 Exploration and Development Costs, By Country/Region, 2011-2015 34 Oil and Gas Cost Per boe, US$/boe 36 Oil and Gas Cost Per boe, US$/boe, 2011-2015 36 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 38 Americas Petrogas Inc., Reserve Replacement Ratio 40 Oil and Gas Production Replacement Ratio 40 Oil and Gas Production Replacement Ratio, 2011-2015 40 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 42 Americas Petrogas Inc., Results of Oil & Gas Operations Trend 46 Oil and Gas Revenue and Expenses 46 Oil and Gas Revenue and Expenses, 2011-2015 46 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 47 Oil and Gas Revenue and Expenses, Per boe 52 Oil and Gas Revenue and Expenses, By boe, 2011-2015 52 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 53 Oil and Gas Performance Metrics 57 Americas Petrogas Inc., 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 Recent Developments 65 Americas Petrogas Inc. - Recent Developments 65 Aug 26, 2016: GrowMax Resources Announces Second Quarter 2016 Results 65 Aug 04, 2016: Americas Petrogas Announces Name Change To GrowMax Resources 66 May 30, 2016: Americas Petrogas Announces First Quarter 2016 Results 67 Apr 29, 2016: Americas Petrogas Announces 2015 Results, Provides Corporate And Operations Update, And Filing Of Updated NI 43-101 Phosphate Mineral Resource Technical Report 68 Dec 01, 2015: Americas Petrogas Announces Third Quarter 2015 Results; Corporate And Operations Update 70 Nov 02, 2015: Americas Petrogas Announces Management Changes, Board Appointment, Private Placement And Stock Option Grant 72 Sep 01, 2015: Americas Petrogas Announces Second Quarter 2015 Results 73 Jun 30, 2015: Americas Petrogas Appoints New Director 74 Jun 02, 2015: Americas Petrogas Announces First Quarter 2015 Results 75 May 01, 2015: Americas Petrogas Announces 2014 Results And Reserves 76 Appendix 79 Methodology 79 Coverage 79 Secondary Research 79 Primary Research 79 Data Information Sources 80 Company Source 80 SEC/Other Regulatory Filings 80 Other Sources 80 Expert Panel Validation 80 Data Definition 80 Oil and Gas Reserves 80 Units of Measure 81 About GlobalData 81 Disclosure 81 Disclaimer 81

List of Tables Table 1: Americas Petrogas Inc., Key Facts 7 Table 2: Americas Petrogas Inc., Share Price Performance, Q3, 2014-Q3, 2015 8 Table 3: Americas Petrogas Inc., Key Valuation Metrics, Q3, 2014-Q3, 2015 9 Table 4: Americas Petrogas Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2014-Q3, 2015 10 Table 5: Americas Petrogas Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q3, 2014-Q3, 2015 11 Table 6: Americas Petrogas Inc., Upstream Capital Expenditure, Q3, 2014-Q3, 2015 12 Table 7: Americas Petrogas Inc., Total Crude Oil and Natural Gas, Production, Q3, 2014-Q3, 2015 13 Table 8: Americas Petrogas Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2014-Q3, 2015 14 Table 9: Americas Petrogas Inc., Total Crude Oil Production, mmbbl, Q3, 2014-Q3, 2015 15 Table 10: Americas Petrogas Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2014-Q3, 2015 16 Table 11: Americas Petrogas Inc., Share Price Performance, 2011-2015 17 Table 12: Americas Petrogas Inc., Key Valuation Metrics, 2011-2015 18 Table 13: Americas Petrogas Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 19 Table 14: Americas Petrogas Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 21 Table 15: Americas Petrogas Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 22 Table 16: Americas Petrogas Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 23 Table 17: Americas Petrogas Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 25 Table 18: Americas Petrogas Inc., Crude Oil Reserve Changes, mmbbl, 2011-2015 26 Table 19: Americas Petrogas Inc., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 27 Table 20: Americas Petrogas Inc., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 28 Table 21: Americas Petrogas Inc., Natural Gas Reserve Changes, bcf, 2011-2015 29 Table 22: Americas Petrogas Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 30 Table 23: Americas Petrogas Inc., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 32 Table 24: Americas Petrogas Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 33 Table 25: Americas Petrogas Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 35 Table 26: Americas Petrogas Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 37 Table 27: Americas Petrogas Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 39 Table 28: Americas Petrogas Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 41 Table 29: Americas Petrogas Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 45 Table 30: Americas Petrogas Inc., Revenue and Expenses, US$ mil, 2011-2015 46 Table 31: Americas Petrogas Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 51 Table 32: Americas Petrogas Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 52 Table 33: Americas Petrogas Inc., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 56 Table 34: Americas Petrogas Inc., Oil and Gas Performance Metrics, 2011-2015 57 Table 35: Americas Petrogas Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 58 Table 36: Americas Petrogas Inc., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 60 Table 37: Americas Petrogas Inc., Producible Oil and Gas Wells, 2011-2015 61 Table 38: Americas Petrogas Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 64 List of Figures Figure 1: Americas Petrogas Inc., Share Price Performance, CAD/Share, Q3, 2014-Q3, 2015 8 Figure 2: Americas Petrogas Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q3, 2014-Q3, 2015 9 Figure 3: Americas Petrogas Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q3, 2014-Q3, 2015 10 Figure 4: Americas Petrogas Inc., Upstream Capital Expenditure, US$ mil, Q3, 2014-Q3, 2015 12 Figure 5: Americas Petrogas Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q3, 2014-Q3, 2015 13 Figure 6: Americas Petrogas Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q3, 2014-Q3, 2015 14 Figure 7: Americas Petrogas Inc., Total Crude Oil Production, mmbbl, Q3, 2014-Q3, 2015 15 Figure 8: Americas Petrogas Inc., Crude Oil Production, By Country/Region, mmbbl, Q3, 2014-Q3, 2015 16 Figure 9: Americas Petrogas Inc., Share Price Performance, CAD/Share, 2011-2015 17 Figure 10: Americas Petrogas Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 18 Figure 11: Americas Petrogas Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 19 Figure 12: Americas Petrogas Inc., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 20 Figure 13: Americas Petrogas Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 20 Figure 14: Americas Petrogas Inc., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 22 Figure 15: Americas Petrogas Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 23 Figure 16: Americas Petrogas Inc., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 24 Figure 17: Americas Petrogas Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 24 Figure 18: Americas Petrogas Inc., Crude Oil Reserve Changes, mmbbl, 2015 26 Figure 19: Americas Petrogas Inc., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 28 Figure 20: Americas Petrogas Inc., Natural Gas Reserve Changes, bcf, 2015 29 Figure 21: Americas Petrogas Inc., Oil and Gas Reserves Life Index, Years, 2011-2015 30 Figure 22: Americas Petrogas Inc., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 31 Figure 23: Americas Petrogas Inc., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 31 Figure 24: Americas Petrogas Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 33 Figure 25: Americas Petrogas Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 34 Figure 26: Americas Petrogas Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 34 Figure 27: Americas Petrogas Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 36 Figure 28: Americas Petrogas Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 38 Figure 29: Americas Petrogas Inc., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 38 Figure 30: Americas Petrogas Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 39 Figure 31: Americas Petrogas Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 40 Figure 32: Americas Petrogas Inc., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 42 Figure 33: Americas Petrogas Inc., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 42 Figure 34: Americas Petrogas Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 43 Figure 35: Americas Petrogas Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 43 Figure 36: Americas Petrogas Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 44 Figure 37: Americas Petrogas Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 44 Figure 38: Americas Petrogas Inc., Revenue and Expenses, US$ mil, 2011-2015 46 Figure 39: Americas Petrogas Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 47 Figure 40: Americas Petrogas Inc., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 47 Figure 41: Americas Petrogas Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 48 Figure 42: Americas Petrogas Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 48 Figure 43: Americas Petrogas Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 49 Figure 44: Americas Petrogas Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 49 Figure 45: Americas Petrogas Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 50 Figure 46: Americas Petrogas Inc., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 52 Figure 47: Americas Petrogas Inc., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 53 Figure 48: Americas Petrogas Inc., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 53 Figure 49: Americas Petrogas Inc., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 54 Figure 50: Americas Petrogas Inc., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 54 Figure 51: Americas Petrogas Inc., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 55 Figure 52: Americas Petrogas Inc., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 55 Figure 53: Americas Petrogas Inc., Oil and Gas Performance Metrics, 2011-2015 57 Figure 54: Americas Petrogas Inc., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 58 Figure 55: Americas Petrogas Inc., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 59 Figure 56: Americas Petrogas Inc., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 59 Figure 57: Americas Petrogas Inc., Producible Oil and Gas Wells, 2011-2015 61 Figure 58: Americas Petrogas Inc., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 62 Figure 59: Americas Petrogas Inc., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 62 Figure 60: Americas Petrogas Inc., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 63 Figure 61: Americas Petrogas Inc., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 63 Figure 62: Americas Petrogas Inc., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 64