AVEDA TRANSPORTATION AND ENERGY SERVICES INC.

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1 AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED FINANCIAL STATEMENTS

2 MANAGEMENT S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS The management of Aveda Transportation and Energy Services Inc. (the "Company") is responsible for the preparation and integrity of the accompanying consolidated financial statements and all other information contained in this report. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and include amounts that are based on management s informed judgments and estimates where necessary. The Company has established internal accounting control systems which are designed to provide reasonable assurance regarding the reliability of the Company s financial reporting and the preparation of the consolidated financial statements together with the other financial information for external purposes in accordance with IFRS. The Board of Directors, through its Audit Committee, monitors management s financial and accounting policies and practices and the preparation of these consolidated financial statements. The Audit Committee meets periodically with the external auditors and management to review the work of each and the propriety of the discharge of their responsibilities. The Audit Committee reviews the consolidated financial statements of the Company with management and the external auditors prior to submission to the Board of Directors for final approval. The Board of Directors also reviews the consolidated financial statements before they are finalized. The external auditors have full and free access to the Audit Committee to discuss auditing and financial reporting matters. The Audit Committee reviews the independence of the external auditors and pre-approves audit and permitted non-audit services and fees. The Shareholders have appointed KPMG LLP as the Company s independent auditors, and in that capacity, they have audited the consolidated financial statements in accordance with Canadian generally accepted auditing standards. signed Ronnie Witherspoon President and Chief Executive Officer signed Bharat Mahajan Vice President, Finance and Chief Financial Officer April 11,

3 KPMG LLP 205 5th Avenue SW Suite 3100 Calgary AB T2P 4B9 Telephone (403) Fax (403) INDEPENDENT AUDITORS REPORT To the Shareholders of Aveda Transportation and Energy Services Inc. We have audited the accompanying consolidated financial statements of Aveda Transportation and Energy Services Inc., which comprise the consolidated statements of financial position as at December 31, 2016 and 2015, the consolidated statements of loss and comprehensive loss, changes in equity and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP.

4 estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Aveda Transportation and Energy Services Inc. as at December 31, 2016 and 2015, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants April 11, 2017 Calgary, Canada

5 AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (In thousands of Canadian dollars) December 31, December 31, Note ASSETS Current assets: Cash $ 344 $ 338 Trade and other receivables 9 26,425 13,006 Prepaid expenses 2,752 2,952 29,521 16,296 Non-current assets: Equipment and leaseholds , ,918 Intangible assets Total assets $ 130,793 $ 138,010 LIABILITIES AND SHAREHOLDERS EQUITY Current liabilities: Trade and other payables 12 $ 14,177 $ 9,217 Current tax payable ,465 9,550 Non-current liabilities: Loans and borrowings 13 57,327 34,372 Note payable 14 36,253 37,368 93,580 71,740 Shareholders equity: Share capital 15 91,476 91,474 Contributed surplus 15, 17 13,856 13,881 Accumulated other comprehensive income 14,407 16,512 Deficit (96,991) (65,147) 22,748 56,720 Total liabilities and shareholders equity $ 130,793 $ 138,010 The accompanying notes are an integral part of these consolidated financial statements. Approved by the Board of Directors "David Werklund" Director "Paul Shelley" Director 5

6 AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (In thousands of Canadian dollars, except per share amounts) Years ended December 31, Note Revenue $ 73,286 $ 101,315 Expenses: Direct operating 5, 6 84, ,532 Selling and administrative 5, 6 14,581 19,895 Foreign exchange gain (101) (480) Loss on disposal of equipment Finance costs 7 6,311 5,939 Intangible assets and goodwill impairment 11-14,352 Bargain purchase gain 24 - (9,692) Loss before income taxes (31,616) (43,292) Income taxes: Current tax expense Deferred tax expense (recovery) 8 - (17,098) 228 (16,751) Net Loss (31,844) (26,541) Other comprehensive income (loss): Foreign currency translation differences (2,105) 12,748 Comprehensive loss $ (33,949) $ (13,793) Loss per share Basic 16 $ (1.67) $ (1.38) Diluted 16 $ (1.67) $ (1.38) Weighted average number of common shares outstanding: Basic 16 19,079 19,212 Diluted 16 19,079 19,212 The accompanying notes are an integral part of these consolidated financial statements. 6

7 AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (In thousands of Canadian dollars) Accumulated Other Share Contributed Comprehensive Note Capital Surplus Income Deficit Total Balance, January 1, 2016 $ 91,474 $ 13,881 $ 16,512 $ (65,147) $ 56,720 Loss (31,844) (31,844) Foreign currency translation differences - - (2,105) - (2,105) RSUs Converted to Common Stock 2 (2) - Stock-based compensation expense 17 - (23) - - (23) Balance, December 31, 2016 $ 91,476 $ 13,856 $ 14,407 $ (96,991) $ 22,748 Accumulated Other Share Contributed Comprehensive Note Capital Surplus Income Deficit Total Balance, January 1, 2015 $ 95,525 $ 11,227 $ 3,764 $ (38,606) $ 71,910 Loss (26,541) (26,541) Foreign currency translation differences ,748-12,748 Shares repurchased 15 (4,051) 2, (1,806) Stock-based compensation expense Balance, December 31, 2015 $ 91,474 $ 13,881 $ 16,512 $ (65,147) $ 56,720 The accompanying notes are an integral part of these consolidated financial statements. 7

8 AVEDA TRANSPORTATION AND ENERGY SERVICES INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of Canadian dollars) Cash provided by (used in) Years Ended December 31, Note Operating activities: Net loss $ (31,844) $ (26,541) Items not affecting cash: Depreciation of equipment and leaseholds 10 18,210 20,748 Amortization of intangible assets ,245 Finance costs 7 6,311 5,939 Foreign exchange gain (101) (480) Loss on disposal of equipment Intangible assets and goodwill impairment 11-14,352 Bargain purchase gain net of intangible write-off 24 - (13,886) Stock-based compensation expense 17 (23) 409 Income tax expense (recovery) (16,751) Changes in non-cash balances relating to operations 18 (8,100) 35,516 Change in earn out payable - (1,500) Income taxes paid (262) (661) Finance costs paid (5,598) (5,536) Net cash provided by (used in) operating activities (20,900) 12,915 Investing activities: Purchase of equipment and leaseholds 10 (3,552) (996) Proceeds from disposal of equipment and leaseholds 2, Business combination 24 - (18,480) Proceeds from sale of assets 24-27,121 Purchase of intangible assets 11 - (86) Net cash provided by (used in) investing activities (1,395) 8,278 Financing activities: Repurchase of common shares, net of share repurchase costs 15 - (1,806) Net increase (repayment) of loans and borrowings 22,303 (19,962) Net cash provided by (used in) financing activities 22,303 (21,768) Effect of foreign exchange rate changes on cash balances (2) (3) Change in cash 6 (578) Cash, beginning of year Cash, end of year $ 344 $ 338 The accompanying notes are an integral part of these consolidated financial statements. 8

9 1. Reporting Entity Aveda Transportation and Energy Services Inc. (the "Company") was incorporated pursuant to the laws of the Province of Alberta and is a publicly-traded company listed on the TSX Venture Exchange ("TSXV") under the symbol "AVE". The Company s registered office is Suite 1600, th Avenue S.W., Calgary, Alberta, T2P 3C4. The Company s primary business activity is the provision of specialized equipment and services for the transportation of equipment required for the exploration, development and production of petroleum resources. The Company operates in Western Canada and the United States. 2. Basis of Preparation a) Statement of Compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS"). These consolidated financial statements were authorized for issue by the Board of Directors on April 11, The policies applied in these consolidated financial statements are based upon IFRS issued and effective as of December 31, b) Basis of Measurement These consolidated financial statements have been prepared on the historical cost basis. c) Functional and Presentation Currency These consolidated financial statements are presented in Canadian dollars which is the functional currency of the Company and its Canadian subsidiary. The Company s United States ("U.S.") subsidiaries have a functional currency of U.S. dollars. As the Company has operations in the United States, the consolidated financial results may vary between periods due to the effect of foreign exchange fluctuations in translating the revenues and expenses of its operations in the United States to Canadian dollars. All financial information presented in Canadian dollars has been rounded to the nearest thousand except for per share amounts. d) Use of Estimates and Judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions. The carrying amount of assets, liabilities, accruals, contingent liabilities, as well as the determination of fair values, reported income and expense in these consolidated financial statements depends on the use of estimates, judgments and assumptions. Actual results may differ materially from these estimates. Estimates, judgments and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. 9

10 Significant estimates used in the preparation of these consolidated financial statements include estimation over impairment testing, estimates of future earnings used for the recognition of deferred tax assets, estimates and assumptions used in the determination of the allowance for doubtful accounts, and estimates of the useful lives of equipment and leaseholds. In addition, significant estimates are used in acquisition accounting. The acquired assets, assumed liabilities (other than deferred taxes) and contingent consideration are recognized at fair value on the date the Company effectively obtains control. The measurement of the assets and liabilities acquired in each business combination is based on the information available on the acquisition date. The estimate of fair value of the acquired intangible assets (including goodwill), property, plant and equipment and other assets and the liabilities assumed at the date of acquisition as well as the useful lives of the acquired intangible assets and property, plant and equipment is based on assumptions. The measurement is largely based on projected cash flows, discount rates and market conditions at the date of acquisition. Contingent consideration is based on the likelihood of various outcomes of specified future events. Significant judgments applied in the preparation of these consolidated financial statements include the determination of cash generating units ("CGU") and the determination of the functional currency of the Company s U.S. operations. The determination of CGUs (refer to Note 3(f)) was based on management s judgment in assessing shared infrastructure, independence of revenue earned, operating asset utilization, geographic proximity and exposure to similar risks. The determination of the Company s U.S. operations functional currency was based on management s judgment in assessing the denomination of the currency in which sales are priced, expenses are incurred and the operations reside. Information about accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in Note Significant Accounting Policies The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements. The accounting policies have also been applied consistently by Company entities. a) Basis of Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases to exist. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All significant intercompany balances and transactions have been eliminated on consolidation. 10

11 b) Business Combinations The acquisitions of businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets obtained, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired business. The acquired business identifiable assets, liabilities and contingent liabilities are recognized at their fair values at the acquisition date. To the extent the fair value of consideration paid exceeds the fair value of the net identifiable tangible and intangible assets, goodwill is recognized. To the extent the fair value of consideration paid is less than the fair value of net identifiable tangible assets and intangible assets, the excess is recognized in income. Goodwill is not depreciated, but is measured at cost less any accumulated impairment losses. Transaction costs incurred in connection with a business combination, such as legal fees, due diligence fees and other professional and consulting fees are expensed as incurred. c) Translation of Foreign Currency i. Foreign Currency Transactions Transactions in foreign currencies are translated to the respective functional currencies of the Company and its subsidiaries at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the period, adjusted for effective interest and payments during the period, and the amortized cost in foreign currency translated at the exchange rate at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Foreign currency differences arising on retranslation are recognized in income or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. ii. Foreign Operations The assets and liabilities of foreign operations are translated to Canadian dollars at exchange rates applicable at each reporting date. The income and expenses of foreign operations are translated to Canadian dollars at exchange rates at the dates of the transactions. Foreign currency translation differences are recognized in other comprehensive income in the cumulative translation account. Foreign exchange gains or losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income in the cumulative translation account. 11

12 d) Financial Instruments The Company s financial assets and liabilities are classified into the following categories: Classification Measurement Cash Loans and receivables Amortized cost Trade and other receivables Loans and receivables Amortized cost Trade and other payables Other financial liabilities Amortized cost Loans and borrowings Other financial liabilities Amortized cost Note payable Other financial liabilities Amortized cost The Company has not classified any of its financial instruments as held-to-maturity, at fair value through income or loss, or available for sale. i. Non-derivative Financial Assets The Company initially recognizes loans and receivables and deposits on the date that they originated. All other financial assets (including assets designated at fair value through income or loss) are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Company s non-derivative financial assets are comprised solely of loans and receivables. Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise trade and other receivables. ii. Non-derivative Financial Liabilities The Company initially recognizes debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated at fair value through income or loss) are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. 12

13 Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Company has the following non-derivative financial liabilities: loans and borrowings, note payable, and trade and other payables. Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. iii. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. e) Equipment and leasehold improvements Equipment and leasehold improvements are recorded at cost less accumulated depreciation and accumulated impairment losses. Depreciation on additions and disposals is prorated from the month of purchase or disposal. Depreciation is recognized in income or loss on a declining balance basis over the estimated useful lives of each part of an item of equipment and leasehold improvements, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Company will obtain ownership by the end of the lease term. Depreciation is recorded annually at the following depreciation rates: Asset Method Rate Trucks, trailers and automotive equipment Declining Balance 15% Equipment, furniture and fixtures Declining Balance 15-30% Computer equipment Declining Balance 30% Building Declining Balance 4% Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located, and borrowing costs on qualifying assets. When parts of an item of equipment and leasehold improvements have different useful lives, they are accounted for as separate items (major components) of equipment and leasehold improvements. The cost of day-to-day servicing of equipment and leasehold improvements are recognized in direct operating expenses. Gains and losses on disposal of an item of equipment and leasehold improvements are determined by comparing the proceeds from disposal with the carrying amount of equipment and leasehold improvements, and are recognized net within direct operating expenses in the consolidated statement of comprehensive income. Depreciation methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. No revisions to estimates were made in 2016 or

14 f) Goodwill Goodwill is the amount that results when the fair value of consideration transferred for an acquired business exceeds the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. When the Company enters into a business combination, the acquisition method of accounting is used. Goodwill is assigned, as of the date of the business combination, to a CGU or groups of CGU s that are expected to benefit from the business combination. Each cash generating unit represents the lowest level at which goodwill is monitored for internal management purposes and it is never larger than an operating segment. Following initial recognition, goodwill is measured at cost less accumulated impairment losses. Goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. Impairment is determined by assessing the recoverable amount of the CGU or units to which the goodwill relates. Where the recoverable amount of the CGU or units is less than the carrying amount, an impairment loss is recognized. g) Intangible Assets Intangible assets acquired individually or as part of a group of other assets are initially recognized and measured subsequently at cost less accumulated depreciation and accumulated impairment losses. The cost of a group of intangible assets acquired in a transaction, including those acquired in a business combination that meet the specified criteria for recognition apart from goodwill, is allocated to the individual assets acquired based on their relative fair values. Amortization is recognized in income or loss based on the amortization methods noted below over the estimated useful lives of the intangible asset, other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. The estimated useful life and depreciation method are reviewed annually and adjusted if appropriate. The estimated useful lives and amortization methods of the Company s intangible assets are as follows: Assets Method Useful life Customer relationships Straight-line 5 years Non-competition agreements Straight-line years Software Straight-line 5 years h) Leases At inception of an arrangement, the Company determines whether such an arrangement contains a lease. Leasing contracts are classified as either finance or operating leases. The Company separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values at inception. Leases where the Company assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of liability. 14

15 Assets which are subject to operating leases are not recognized in the Company s statement of financial position. Payments made under operating leases are recognized in income or loss on a straight-line basis over the term of the lease. Lease incentives received are recognized as an integral part of the total lease expense and are recognized on a straight-line basis over the term of the lease. Contingent lease payments are accounted for in the period in which they are incurred. i) Impairment i. Financial Assets (including loans and receivables) A financial asset not carried at fair value is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Objective evidence that financial assets are impaired can include default or delinquency by a debtor, restructuring of an amount due to the Company on terms that the Company would not otherwise consider or indications that a debtor or issuer will enter bankruptcy. The Company considers evidence of impairment for receivables at both a specific asset and collective level. All individually significant receivables are assessed for specific impairment. All individually significant receivables found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Receivables that are not individually significant are collectively assessed for impairment by grouping together receivables with similar risk characteristics. In assessing collective impairment, the Company uses historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset s original effective interest rate. Losses are recognized in income or loss and reflected in an allowance account against receivables. Interest on the impaired asset continues to be recognized through the unwinding of the discount. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through income or loss. ii. Non-financial Assets The carrying amounts of the Company s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset s recoverable amount is estimated. For goodwill, and intangible assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated at least each year at the same time, December 31. Recoverability is measured by comparing the carrying amount of the asset or the CGU to which the asset belongs to the higher of its value in use and its fair value less costs to sell ("FVLCS"). Value in use is generally calculated 15

16 based on cash flows from the use of the assets discounted at a pre-tax rate. The Company estimates FVLCS based upon current prices for similar assets, adjusted EBITDA multiples compared to industry peers and discounted cash flow models. If the carrying amount of the asset, or its respective CGU, exceeds its estimated recoverable amount, the difference is recognized as an impairment charge. Corporate assets are allocated to the CGUs for impairment testing. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Impairment losses are recognized in the statement of comprehensive income. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amounts of any goodwill allocated to the CGU and then to reduce the carrying amount of other assets in the CGU on a pro rata basis. j) Employee Benefits i. Termination Benefits Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognized as an expense if the Company has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. ii. Employee Benefits A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an employee benefit expense in income or loss in the periods during which services are rendered by employees. The Canada Pension Plan and any Registered Retirement Savings Plan contributions correspond to a defined contribution plan. Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profitsharing plans if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 16

17 iii. Share-based Payment Transactions k) Provisions The Company accounts for stock-based compensation expense for stock options, restricted share units ( RSU ) and deferred share units ( DSU ) granted to employees, officers and directors in accordance with the fair value based method of accounting using the Black-Scholes model. Under the fair value method, the fair value of options, RSUs, DSUs, and PSUs are calculated at the date of grant and that value is recorded as compensation expense over the vesting periods of those grants, with a corresponding increase to contributed surplus less an estimated forfeiture rate. The forfeiture rate is based on past experience of actual forfeitures. When options are exercised, the proceeds received by the Company, along with the amount in contributed surplus, will be credited to share capital. A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under contract. The provision is measured at the present value of the lower of expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract. l) Revenue Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the Company s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the Company. Contract terms generally do not include provisions for post-service obligations. The Company recognizes revenue when the service is provided to the customer, amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the Company, and persuasive evidence of an arrangement exists. In certain circumstances, the Company uses the percentage of completion method to account for revenue earned on service contracts. In such cases, when the outcome of a contract can be estimated reliably, revenue is recognized as the services are rendered. Expenses are recognized as incurred unless they create an asset related to future activity. When the outcome of a contract cannot be estimated reliably, revenue is recognized only to the extent of costs incurred that are likely to be recoverable. An expected loss on a contract is recognized immediately. Work in progress represents the gross unbilled amount expected to be collected from customers for service contract work performed to date. 17

18 m) Finance Costs Finance costs comprise interest expense on borrowings, impairment losses on financial assets and amortization of transaction costs and discounts associated with borrowings. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognized in income or loss using the effective interest method. n) Foreign Exchange Foreign currency gains and losses are reported on a net basis. o) Income Tax Income tax expense is comprised of current and deferred tax. Current tax and deferred tax are recognized in income or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income or loss, and differences relating to investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. p) Per Share Amounts Basic per share amounts are calculated by dividing the income or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held. Diluted earnings per share is determined by adjusting the income attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for own shares held, for the effects of all dilutive potential common shares, which are comprised of share options and warrants granted. 18

19 q) Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company s other components. The Company operates in one dominant industry segment, which involves the transportation of products, materials, and equipment required for the exploration, development and production of petroleum resources. However, it provides those services in Canada and U.S., each of which form a reportable segment. The operating results of these two segments are reviewed regularly by the Company s Chief Executive Officer to make decisions about resources to be allocated to the segment and assess its performance. r) New Standards and Interpretations not yet Adopted A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ended December 31, 2016, and have not been applied in preparing these consolidated financial statements. Management is currently reviewing the standards to determine the impact on the Company s financial statements. IFRS 9 Financial Instruments IFRS 9 will be effective for annual periods beginning on or after January 1, The new standard specifies that financial assets will be classified into one of two categories on initial recognition: financial assets measured at amortized cost or financial assets measured at fair value. Gains or losses on remeasurement of financial assets measured at fair value will be recognized in income or loss, except that for an investment in an equity instrument which is not held-for-trading. The classification and measurement of financial liabilities remain generally unchanged; however, fair value changes attributable to changes in the credit risk for financial liabilities designated at fair value through income or loss are to be recorded in other comprehensive income unless the treatment would create or enlarge an accounting mismatch in income or loss. These amounts are not subsequently reclassified to income or loss. IFRS 15 Revenue from Contracts with Customers IFRS 15 Revenue from Contracts with Customers is effective for annual periods beginning on or after January 1, The Company intends to adopt IFRS 15 for the annual period beginning on January 1, IFRS 16 Leases IFRS 16 Leases is effective for annual periods be beginning on or after January 1, The new standard specifies that leases will be recognized as asset and liabilities calculated using a prescribed methodology. The Company intends to adopt IFRS 16 for the annual period beginning on January 1,

20 4. Segment Information The Company has two operating segments. These two operating segments have been differentiated by the geography in which the business operate in. The following table provide financial results by segment: Year ended December 31, 2016 United States Canada Corporate Total Revenue 65,983 7,303-73,286 Loss (26,748) (4,905) (191) (31,844) Depreciation and amortization 15,115 3,356-18,471 Capital expenditures 3, ,552 Total assets 112,032 18, ,793 Adjusted EBITDA 1 (loss) (4,038) (2,707) (195) (6,940) Year ended December 31, 2015 United States Canada Corporate Total Revenue 89,454 11, ,315 Loss (18,554) (7,369) (618) (26,541) Depreciation and amortization 17,386 4,607-21,993 Capital expenditures Total assets 117,683 20, ,010 Adjusted EBITDA 1 (loss) (10,050) (451) (209) (10,710) (1) Adjusted EBITDA (loss) is earnings or loss before interest, taxes, depreciation and amortization, excluding foreign exchange gains or losses, write downs of intangible assets, goodwill impairment, financing costs, gains or losses on disposal of assets, stock based compensation, fees and expenses on settlement of debt and losses on extinguishment of debt, acquisition earn out adjustments, and gain or loss on business combination. 5. Expenses The Company s expenses, by nature of expense, are: Year ended December Personnel $ 36,636 $ 56,990 Subcontracts 21,238 24,521 Depreciation and amortization 18,471 21,993 Equipment 15,218 22,686 Occupancy 4,773 5,003 Selling and administrative 2,256 3,055 Field equipment under operating lease Total expenses $ 98,674 $ 134,427 20

21 6. Personnel Expenses Year ended December Operating wages, salaries and benefits $ 30,141 $ 46,842 Selling and administrative wages, salaries and benefits 6,518 9,739 Selling and administrative stock-based compensation (23) 409 Total personnel expenses $ 36,636 $ 56, Finance Costs Recognized in Income: Year ended December Interest expense and finance costs on loans and borrowings $ 3,036 $ 2,912 Transaction fees - 1,251 Interest on note payable 3,275 1,776 Total finance costs $ 6,311 $ 5, Income Tax Expense Reconciliation of effective tax rate Actual income tax expense (recovery) differs from the "expected" income tax expense (recovery) that would have been computed by applying the statutory income tax rate to loss before income taxes for the following reasons: Year ended December Loss before income taxes (31,844) (43,292) Income tax using the Company's statutory domestic rate 27% 26% Expected income tax recovery (8,598) (11,256) Change in income tax expense resulting from: Jurisdictional income tax rate differences (1,872) (4,426) Impact of deferred tax assets not recognized 10,588 2,045 Expenses not deductible for tax purposes Change in tax rate and other Gain on bargain purchase - (3,915) Actual income tax expense (recovery) $ 228 $ (16,751) The change in tax rate is a result of the Alberta corporate tax rate increasing from 10% to 12% effective July 1,

22 Deferred income tax Recognized deferred tax assets and liabilities The income tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below: Equipment, leaseholds and intangibles $ (15,593) $ (16,168) Trade and other receivables Non capital tax loss carryforward 14,564 13,416 Trade and other payables Other 806 1,971 Tax assets (liabilities) - - Unrecognized deferred tax assets Deferred tax assets have not been recognized in respect of the below non-capital losses because it is not probable that future taxable income will be available against which the Company can utilize the benefits Non capital tax loss carryforward $ 107,815 $ 66,673 Taxable temporary differences recognized (43,725) (40,359) Non-capital tax losses not recognized $ 64,090 $ 26,314 The gross non-capital losses in Canada are $33,462 and expire between 2026 and The gross non-capital losses in the U.S. are $74,353 and expire between 2030 and

23 Movement in deferred tax balances during the year: Balance January 1, 2016 Recognized in profit Recognized in Business Combination Foreign exchange effect Balance December 31, 2016 Equipment, leaseholds and intangibles $ (16,168) $ 123 $ - $ 452 $ (15,593) Trade and other receivables 462 (224) - (15) 223 Non capital tax loss carryforward 13,416 1,506 - (358) 14,564 Trade and other payables 319 (308) - (11) - Capitalized acquisition costs and other 1,971 (1,097) - (68) 806 Total $ - $ - $ - $ - $ - Balance January 1, 2015 Recognized in profit Recognized in Business Combination Foreign exchange effect Balance December 31, 2015 Equipment and leaseholds $ (9,727) $ 3,848 $ (8,532) $ (1,757) $ (16,168) Trade and other receivables Non capital tax loss carryforward 1,163 11, ,416 Trade and other payables 270 (3) Capitalized acquisition costs and other 542 1, ,971 Total $ (7,544) $ 17,098 $ (8,532) $ (1,022) $ - 9. Trade and Other Receivables December 31, December 31, Trade receivables $ 24,591 $ 13,341 Work in progress 2,737 1,237 Other receivables 1 9 Allowance for doubtful accounts (904) (1,581) $ 26,425 $ 13,006 23

24 10. Equipment and Leaseholds For 2016 Trucks, Trailers and Automotive Equipment Equipment, Furniture and Fixtures Computer Equipment Leasehold Improvements Land and Building Total Cost: Balance at January 1, 2016 $ 171,125 $ 26,142 $ 550 $ 701 $ 1,758 $ 200,276 Additions 3, ,552 Disposals and write-offs of depreciated assets (17,007) 1, (15,717) Effects of movement in exchange rates (4,537) (367) (6) (12) (50) (4,972) Balance at December 31, 2016 $ 152,950 $ 27,095 $ 550 $ 735 $ 1,809 $ 183,139 Accumulated depreciation and impairment losses: Balance at January 1, 2016 $ 65,508 $ 12,898 $ 285 $ 438 $ 229 $ 79,358 Depreciation for the year 15,193 2, ,210 Disposals and write-offs of depreciated assets (14,790) 1, (26) - (13,551) Effects of movement in exchange rates (1,476) (127) (2) (5) (5) (1,615) Balance at December 31, 2016 $ 64,435 $ 16,711 $ 393 $ 495 $ 368 $ 82,402 Carrying amount at December 31, 2016 $ 88,515 $ 10,384 $ 157 $ 240 $ 1,441 $ 100,737 24

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