Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Traverse Energy Ltd., Valuation and Financial Data 9 Traverse Energy Ltd., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Traverse Energy Ltd., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Traverse 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 Traverse Energy Ltd., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Traverse Energy Ltd., Quarterly Production Trends 14 Traverse 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 Traverse 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 Traverse 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 Traverse Energy Ltd., Valuation and Financial Data, 2011-2015 20 Traverse Energy Ltd., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Traverse 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 Traverse 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 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 Traverse Energy 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 Traverse Energy 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 Traverse Energy 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 Traverse Energy Ltd. - Recent Developments 73 Aug 15, 2016: Traverse Energy Announces 2016 Second Quarter Results 73 May 16, 2016: Traverse Energy Announces 2016 First Quarter Results 73 Apr 14, 2016: Traverse Energy Announces 2015 Year End Results 74 Mar 14, 2016: Traverse Energy Announces 2015 Year End Reserves 76 Nov 16, 2015: Traverse Energy Announces 2015 Third Quarter Results 76 Aug 24, 2015: Traverse Energy Announces Horizontal Drilling Results 77 Aug 13, 2015: Traverse Energy Announces 2015 Second Quarter Results 78 May 11, 2015: Traverse Energy Announces 2015 First Quarter Results 78 Mar 13, 2015: Traverse Energy Announces 2014 Year End Reserves 79 Feb 10, 2015: Traverse Energy Announces Revised 2015 Capital Budget & Program 80 Appendix 81 Methodology 81 Coverage 81 Secondary Research 81 Primary Research 81 Data Information Sources 82 Company Source 82 SEC/Other Regulatory Filings 82 Other Sources 82 Expert Panel Validation 82 Data Definition 82 Oil and Gas Reserves 82 Units of Measure 83 About GlobalData 83 Disclosure 83 Disclaimer 83

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