Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 8 Key Information 8 Company Overview 8 Perpetual Energy Inc., Valuation and Financial Data 9 Perpetual Energy Inc., Share Price Performance 9 Share Price Performance, Q1, 2015-Q1, 2016 9 Perpetual Energy Inc., Key Valuation Metrics 10 Key Valuation Metrics, Q1, 2015-Q1, 2016 10 Perpetual Energy Inc., 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 Perpetual Energy Inc., Quarterly E&P Costs Trends 13 Upstream Capital Expenditure, Q1, 2015-Q1, 2016 13 Perpetual Energy Inc., Quarterly Production Trends 14 Perpetual Energy Inc., 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 Perpetual Energy Inc., 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 Perpetual Energy Inc., 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 Perpetual Energy Inc., Valuation and Financial Data, 2011-2015 20 Perpetual Energy Inc., Share Price Performance, 2011-2015 20 Share Price Performance, 2011-2015 20 Key Valuation Metrics, 2011-2015 21 Perpetual Energy Inc., 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 Perpetual Energy Inc., 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$/boe 41 Oil and Gas Cost Per boe, US$/boe, 2011-2015 41 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 43 Perpetual Energy Inc., Reserve Replacement Ratio 45 Oil and Gas Production Replacement Ratio 45 Oil and Gas Production Replacement Ratio, 2011-2015 45 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 47 Perpetual Energy Inc., Results of Oil & Gas Operations Trend 51 Oil and Gas Revenue and Expenses 51 Oil and Gas Revenue and Expenses, 2011-2015 51 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 52 Oil and Gas Revenue and Expenses, Per boe 57 Oil and Gas Revenue and Expenses, By boe, 2011-2015 57 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 58 Oil and Gas Performance Metrics 62 Perpetual Energy Inc., Land Holdings and Well Data 63 Developed and Undeveloped Acreage 63 Gross and Net Developed and Undeveloped Acreage, 2011-2015 63 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 64 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 Perpetual Energy Inc. - Recent Developments 73 Aug 04, 2016: Perpetual Energy Releases Second Quarter 2016 Financial And Operating Results 73 May 09, 2016: Perpetual Energy Releases First Quarter 2016 Financial And Operating Results 77 Mar 02, 2016: Perpetual Energy Releases Fourth Quarter And Year-End 2015 Financial And Operating Results And 2015 Year-End Reserves 82 Nov 10, 2015: Perpetual Energy Releases Third Quarter 2015 Financial And Operating Results 90 Aug 10, 2015: Perpetual Energy Releases Second Quarter 2015 Financial And Operating Results 95 May 11, 2015: Perpetual Energy Releases First Quarter 2015 Financial And Operating Results 100 Mar 05, 2015: Perpetual Energy Releases Fourth Quarter And Year-End 2014 Financial And Operating Results 104 Feb 04, 2015: Perpetual Energy Releases 2014 Year-End Reserves 108 Jan 21, 2015: Perpetual Energy Exceeds 2014 Exit Rate Target And Provides Operational, Capital Spending And Hedging Update 113 Appendix 115 Methodology 115 Coverage 115 Secondary Research 115 Primary Research 115 Data Information Sources 116 Company Source 116 SEC/Other Regulatory Filings 116 Other Sources 116 Expert Panel Validation 116 Data Definition 116 Oil and Gas Reserves 116 Units of Measure 117 About GlobalData 117 Disclosure 117 Disclaimer 117

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