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• At Umbach, there are 30.4 net producing and non-producing horizontal wells with 21,749 Mboe of 2P reserves plus 73.4 net future horizontal drilling locations with 53,519 Mboe of 2P reserves. Associated 2P FDC was $484.0 million net. 

• At Umbach, 53 net 2P horizontal drilling locations were assigned an average of 4.4 Bcf gross raw gas on the 100% working interest lands, an increase of 26% from 3.5 Bcf gross raw gas assigned in 2013. On the 60% working interest lands, 20.4 net 2P horizontal drilling locations were assigned an average of 3.2 Bcf gross raw gas, an increase of 7% from 3.0 Bcf gross raw gas assigned in 2013. 

• At Umbach, 2P reserves were recognized in the upper Montney only on 18% or 25.5 net sections of Storm’ s 141 net sections in the area with DPIIP averaging 43 Bcf gross raw gas per section in the upper Montney (total net DPIIP 1.1 Tcf on 25.5 net sections). Forecast recovery of DPIIP totals 40% for 2P reserves. 

• The forecast decline in 2015 is 35% for wells on production at December 31, 2014 (decline from January 2015 to December 2015). 

(1) The all-in calculation reflects the result of Storm’ s entire capital investment program as it takes into account the effect of acquisitions, dispositions and revisions, as well as the change in FDC. 

## INFORMATION REGARDING DISCLOSURE ON OIL AND GAS RESERVES AND RESOURCES 

All amounts are stated in Canadian dollars unless otherwise specified. Where applicable, natural gas has been converted to barrels of oil equivalent ("Boe") based on 6 Mcf:1 Boe. The Boe rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not recognize a value equivalent at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. Production volumes and revenues are reported on a company gross basis, before deduction of Crown and other royalties, unless otherwise stated. Unless otherwise specified, all reserves volumes are based on "company gross reserves" using forecast prices and costs. The oil and gas reserves statement for the year ended December 31, 2014, which will include complete disclosure of oil and gas reserves and other information in accordance with NI 51-101, will be contained within the Annual Information Form which will be available on SEDAR. 

References to estimates of oil and gas classified as DPIIP are not, and should not be confused with, oil and gas reserves. 

## Gross Company Interest Reserves as at December 31, 2014 (Before deduction of royalties payable, not including royalties receivable) 

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Numbers in this table may not add due to rounding. 

