ACUMEN CAPITAL RESEARCH

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1 Q1/13 REPORT DESCRIPTION: We mark to market Q1/13 commodity prices and update our estimates for 2013 & 2014 Trevor Reynolds Oil and Gas Research Analyst (403) April 29, 2013 In this report we mark to market Q1/13 commodity prices, update our price deck and where applicable make changes to our models. In our last commodity piece dated January 24, 2013 we introduced a 2014 price deck, made minor upward revisions to gas prices and decreased our WCS price. Edmonton par and WTI oil prices for the first quarter were in-line, while WCS was volatile beyond reason, ranging from a differential (US$ WTI) of ~$41.50/bbl near the beginning of January to ~$14.35/bbl at the end of March. On the natural gas front, prices for the quarter were generally in-line with our price deck with AECO performing slightly better than expected. We outline Q1/13 marked to market commodity prices versus our forecast in figure 1. Figure 1: Q1/13 Commodity Price versus our Forecast Q1/13 Actual Forecast Variance WTI Crude Oil (US$/bbl) % Edmonton Par (C$/bbl) % WCS (US$/bbl) % NYMEX Natural Gas (US$/mmbtu) % AECO Natural Gas (C$/mcf) % Foreign Exchange (C$/US$) % Basis Differential (US$/mmbtu) % Source: Acumen Capital, Bloomberg Increase to our natural gas and WCS price deck, slight decrease to WTI & Edmonton Par. We outline changes to our commodity price deck for 2013 and 2014 in figure 2. Our forecast for WTI and Edmonton par light oil decreases slightly to reflect the decrease in forward pricing based on a decrease in expected demand, increasing production and strong storage levels. Our Western Canada Select (WCS) price deck increases for 2013 largely based on performance in the first quarter. WCS differentials are currently ~$US 17.25/bbl. Based on performance into the second quarter, we increase our natural gas price deck. We remain somewhat conservative in comparison to futures on the natural gas front due to uncertainty as to how the industry will respond to the recent price increase. Our price deck incorporates Acumen estimates in conjunction with consensus numbers from multiple sources including EIA, IEA and Bloomberg strip pricing. Figure 2: Updated Commodity Price Deck 2013F 2014F New Old Change New Old Change WTI Crude Oil (US$/bbl) % % Edmonton Par (C$/bbl) % % Western Canada Select (US$/bbl) % % WCS Differential to WTI (US$/bbl) % % NYMEX Natural Gas (US$/mmbtu) % % AECO Natural Gas (C$/mcf) % % Foreign Exchange (C$/US$) % % Basis Differential (US$/mmbtu) % % Source: Acumen Capital, Bloomberg

2 C$/mcf Degree Days Bcf US$/MMBtu Apr 29, 2013 Page 2 of 10 Natural gas pricing has had a strong rally since the beginning of the year, in-line with our estimates for Q1/13, but outperforming our previous price deck for Q2/13 to date. The rally is largely attributed to the significant erosion of U.S. gas storage, which currently sits ~0.8 TCF below last year s all-time highs. The larger than expected deterioration of storage is due to a combination of slightly higher than expected weather related demand, coal to natural gas switching, a drop in the U.S. rig count (subsequent to what appeared to be an upward trend in the rig count at the time of our last report) and an improvement to the near term supply demand balance. Since the January EIA STEO report, production forecasts for 2013 and 2014 have decreased slightly with a commensurate increase in forecast demand. As previously outlined, we are increasing our price deck for natural gas. We expect natural gas pricing to be largely dependent on a number of factors including; the timing and rate at which producers commence drilling and bring behind pipe production on-stream, the rate (electric power generation) demand deteriorates due to gas to coal switching and summer cooling demand. We outline natural gas commodity data in figure 3. Figure 3: Natural Gas Commodity Data Total Working Natural Gas In Storage 4,000 3,500 3,000 2,500 2,000 1,500 1, Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 5-Year Range 11/12 12/13 5-Year Avg Average US Natural Gas Production Demand Balance Pipeline Imports bcf/d bcf/d bcf/d bcf/d F F *Total Dry Gas Production NYMEX Gas Prices Year Rolling AECO Basis Differential to NYMEX US Heating Degree Days Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 5-Year Range Year Avg *Week ending Thursday

3 $/bbl $/bbl Active Rigs Total Rigs % Horizontal Apr 29, 2013 Page 3 of 10 Baker Hughes Canadian Rig Count U.S Rig Count ,800 1,600 1,400 1,200 Toal Oil Rig Count Total Gas Rig Count % of Total Horizontal 90% 80% 70% 60% 400 1,000 50% % % Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec % 10% 0% 5-Year Range Year Avg Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Date Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Source: Acumen Capital, Bloomberg, EIA Crude Oil WTI and Edmonton par oil prices were stable through Q1/13, tracking slightly above our price deck. Following a weak beginning to the year, WCS improved significantly through Q1/13. Oil prices in general have traded down since the beginning of Q2/13, attributed to weak growth numbers out of China, decreasing global demand expectations, strong supply and more than adequate storage. Canadian oil prices have fared well in comparison to WTI considering there has been little to no change in terms of takeaway capacity. We outline Differentials and select oil prices in figure 4. Figure 4: WTI Oil Price & Canadian Differentials Crude Prices Monthly Average Differentials to WTI WTI (US$/bbl)l Brent (US$/bbl) WCS (US$/bbl) Edmonton Par Western Canada Select (US$) Edmonton Par (C$) Bakken Light (US$) 0.00 (C$/bbl) Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Oct-10 Jul-10 Apr-10 Jan-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Oct-07 Jul-07 Apr-07 Jan-07 Source: Energy Information Administration In past reports we highlighted the impact that tight oil plays are expected to have on North America in particular over the near to medium term. Coupled with weaker than expected demand growth and relatively strong storage we believe slightly weaker oil prices may persist, resulting in the decrease to our price deck. We outline additional crude commodity data in figure 5.

4 US$/bbl mmbbl/d MMbbl MMbbl MMbbl MMbbl Apr 29, 2013 Page 4 of 10 Figure 5: Crude Production/Demand Info U.S. Crude Oil Stocks U.S. Distillate Stocks Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec 5-Year Range Year Avg 5-Year Range Year Avg U.S. Gasoline Stocks Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec U.S. Heating Oil Stocks Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec 5-Year Range Year Avg 5-Year Range Year Avg WTI Oil Prices Crude Oil Demand - Short Term OECD Non-OECD Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec F 2014F Source: Energy Information Administration, Bloomberg Updated Estimates. Our updated estimates, outlined in figure 6, reflect marked to market commodity prices for Q1/13 and our updated price deck for 2013/14. In addition we make adjustments to our models where necessary to account for operational updates (EGL & YGR) and discussions with management. EGL announced the acquisition of the remaining 7.5% WI of their Midland asset for ~$US 8.5 MM, resulting in an increase to debt in our model. In conjunction with the acquisition, EGL has increased their bank line to $US 61.0 MM from $US 48.5 MM.

5 Page 5 of 10 YGR provided an operational update late last week highlighted by the start-up of their 12 mmcf/d gas plant at Ferrier. YGR also announced Q1/13 production of ~1,800 boe/d, slightly below our estimate while current production of ~2,500 boe/d is tracking above our previous estimate. In addition YGR has increased their bank line to $50 MM from $42 MM. Figure 6: 2013 & 2014 Coverage Universe Estimates 2013 Production Cash Flow CFPS -FD Net Debt Company Ticker Analyst New Old Change New Old Change New Old Change New Old Change boe/d boe/d % $mm $mm % $/Sh $/Sh % $mm $mm % Arsenal AEI TR 4,000 4, % % % % Crocotta CTA TR 9,350 9, % % % % Eagle EGL-U TR 3,000 3, % % % % Manitok MEI TR 4,325 4, % % % % Marquee MQL TR 2,400 2, % % % % Palliser PXL TR 2,650 2, % % % % Rock RE TR 2,975 2, % % % % Tamarack Valley TVE TR 2,950 2, % % % % Twin Butte TBE TR 17,450 17, % % % % Yangarra YGR TR 2,325 2, % % % % Yoho YO TR 2,750 2, % % % % Zargon ZAR TR 7,500 7, % % % % Average 0.2% 3.5% 3.3% -0.8% 2014 Production Cash Flow CFPS -FD Net Debt Company Ticker Analyst New Old Change New Old Change New Old Change New Old Change boe/d boe/d % $mm $mm % $/Sh $/Sh % $mm $mm % Arsenal AEI TR 4,550 4, % % % % Crocotta CTA TR 10,800 10, % % % % Eagle EGL-U TR 3,000 3, % % % % Manitok MEI TR 5,500 5, % % % % Marquee MQL TR 2,925 2, % % % % Palliser PXL TR 3,200 3, % % % % Rock RE TR 3,200 3, % % % % Tamarack Valley TVE TR 3,425 3, % % % % Twin Butte TBE TR 18,000 18, % % % % Yangarra YGR TR 2,800 2, % % % % Yoho YO TR 4,050 4, % % % % Zargon ZAR TR 7,250 7, % % % % Average 0.0% -3.0% -3.2% 0.7% Source: Acumen Capital Coverage Universe Top Picks Our updated commodity prices have a mixed impact on estimates. Based on the changes to our price deck, natural gas weighted names in our universe fared better than the oils. In figure 7, we outline updated target multiples based on 2014 estimates. We continue to recommend a focus on companies with strong management, balance sheet strength/manageable debt, growing CF, quick payback wells and potential near term catalysts. In our two most recent commodity updates (October 11, 2012 & January 24, 2013) we highlighted CTA, YO & MEI as top picks. Since our last report CTA, YO and MEI had returns of 16.5%, 0.0% and -16.1% respectively. Since October 11, 2012 our top picks are up 3.9%, 55.0% and 27.4% respectively. We continue to see value in all three of our top picks and believe that over time, investors will be well served by holding them.

6 Page 6 of 10 Figure 7: Target Changes 2014 Target Price Investment Rating 2014 Target DACF Multiple Company Ticker New Old Change New Old New Old Change $/Sh $/Sh % Arsenal AEI % BUY BUY 4.8x 4.9x -2.6% Crocotta CTA % BUY BUY 5.1x 5.1x -0.3% Eagle EGL-U % BUY BUY 7.6x 7.7x -0.9% Manitok MEI % BUY BUY 5.2x 5.0x 3.3% Marquee MQL % SPEC BUY SPEC BUY 5.3x 5.3x 0.4% Palliser PXL % SPEC BUY SPEC BUY 4.8x 4.6x 4.3% Rock RE % BUY BUY 4.6x 4.2x 9.5% Tamarack Valley TVE % BUY BUY 4.7x 4.6x 3.2% Twin Butte TBE % BUY BUY 6.6x 6.4x 3.1% Yangarra YGR % SPEC BUY SPEC BUY 4.2x 4.3x -1.2% Yoho* YO % BUY BUY 8.0x 8.5x -5.0% Zargon ZAR % BUY BUY 6.7x 6.8x -1.2% Average 5.4x 5.3x *YO is not included in the DACF multiple average as our target price is based primarily on a risked upside. Source: Acumen Capital YO continues to focus on the Duvernay with results from the play beginning to impact quarterly numbers following pipeline delays. YO has identified and delineated a significant resource in both the Montney and Duvernay. Based on the size of the prize and costs associated with development we believe YO is at a cross roads, and will need to determine how best to proceed (sale of the company, financing or JV). Based on YO s prime Duvernay acreage, which is located in the heart of the play and surrounded by the likes of Chevron, EnCana, Exxon etc. we believe any of the three options are viable. We continue to see upside beyond our $4.00/sh target level in a take-out scenario. MEI s stock price came off since our last report, -16.1% but is still up ~83% Y/Y. MEI continues to have success drilling the highly technical Cardium along the foothills. MEI trades at a slight premium to their reserve based NAV (ex. land) of ~$2.33/sh. However, we view MEI s reserve bookings (and value) as conservative in comparison to most unconventional competitors with only ~$69 MM of future development capital versus 2013 capex guidance of ~$70 MM. Our estimates, which are generally in-line with guidance, show CF per share increasing ~140% in MEI remains in a strong financial position with more than manageable debt (0.6x 2013F CF) and strong potential catalysts throughout the year. CTA has been a recommendation of ours for some time based on management and asset quality. CTA has three strong plays that despite being gas weighted provide strong economics based on liquid content and top tier operating costs. CTA plans to drill two exploration oil plays that provide potential catalysts for 2013 beyond the usual production and CF growth. Supplementary Top Picks In addition to our top picks we highlight Rock (RE), Tamarack Valley (TVE) and Yangarra (YGR) as names that present a buying opportunity at current levels. The three names generally carry a higher level of risk than our top picks (in our opinion) for various reasons, but in some cases present greater upside based on price level. RE has had a difficult run over the past few years following a failed sale. We like RE based on a renewed management team and asset (Mantario), combined with balance sheet strength and growing CF (CFPS

7 Page 7 of 10 growth forecast ~52% Y/Y) for Our estimates show improving netbacks and production levels for RE in Q1/13 based on Mantario providing a potential near term catalyst. TVE has always offered strong Management, but to a certain degree lacked the necessary production and CF. We like TVE at current levels based on guidance, which in the past has been reliable and achievable and significant improvements in drilling results over the past year. For 2013, TVE s capex program is generally inline with CF that is expected to grow ~70% y/y (per share). Net debt is slightly higher than we would like to see but appears manageable. YGR has in the past over promised and under delivered in terms of guidance. That said, Management have been buyers of stock in the market since day one (insider ownership ~22% basic and ~29% fully diluted), showing their conviction in the company. Based on the recent start-up of a 12 mmcf/d gas plant at Ferrier, we believe YGR now has improved control of their production in the area, reducing behind pipe volumes. We expect Q1/13 results to be weak, but look to Q2/13 as a potential catalyst. In addition, YGR has a significant Duvernay land position (~60 net sections) that is slowly being de-risked by off-set drilling and has the potential to be a company maker.

8 Page 8 of 10 Appendix 1: Comparables Tables VALUATION Commodity Prices 2013: US$91.08/bbl WTI, C$3.57/mcf AECO, $1.00 USD/CAD Commodity Prices 2014: US$89.00/bbl WTI, C$3.73/mcf AECO, $1.00 USD/CAD Ticker Analyst Price E.V./Production P/CF FD EV/DACF Target Target Projected Shares Market Average E.V. / P+P Target EV/DACF Investment Simple Price Return O/S Cap. Vol. Reserves* 2014 Rating 13E 14E 13E 14E 13E 14E P/CF 2014 Coverage Universe (C$/share) (mm) ($mm) ($/boe/d) ($/boe) Arsenal Energy Inc. AEI TR % ,566 35,601 31, x 1.7x 3.7x 3.1x 3.4x 4.8x BUY Crocotta Energy Inc. CTA TR % ,628 41,577 36, x 3.2x 5.0x 4.3x 4.0x 5.1x BUY Eagle Energy Inc. EGL-U TR % ,305 90,492 90, x 5.6x 6.0x 6.5x 6.8x 7.6x BUY Manitok Energy Ltd. MEI TR % ,724 49,836 40, x 2.8x 4.1x 3.2x 4.7x 5.2x BUY Marquee Energy Ltd. MQL TR % ,220 32,997 30, x 1.2x 4.4x 3.8x 2.9x 5.3x SPEC BUY Palliser Oil & Gas Corp. PXL TR % ,541 24,408 22, x 1.2x 3.0x 3.2x 3.0x 4.8x SPEC BUY Rock Energy Inc. RE TR % ,153 19,245 20, x 2.2x 2.8x 3.2x 3.7x 4.6x BUY Tamarack Valley Energy Ltd. TVE TR % ,954 38,151 34, x 1.8x 3.3x 3.3x 3.4x 4.7x BUY Twin Butte Energy Ltd. TBE TR % ,621,932 43,954 42, x 4.2x 5.5x 5.3x 5.5x 6.6x BUY Yangarra Resouces Ltd. YGR TR % ,267 33,124 28, x 1.5x 3.2x 2.9x 2.9x 4.2x SPEC BUY Yoho Resouces Ltd. YO TR % ,447 64,337 45, x 4.8x 8.9x 6.0x 6.9x 8.0x BUY Zargon Oil & Gas ZAR TR % ,073 44,456 49, x 3.6x 4.5x 5.5x 5.0x 6.7x BUY Average 42,023 38, x 2.7x 4.2x 4.1x 4.2x 5.3x UR. - Estimates Under Review, Rest. - Restricted VALUATION Reserves (Proved +Probable)** Oil Gas Total Gas Weight Reserve Metrics** Netback Operating Costs CFPS Growth Production/Share Net Asset Value** Recycle FD&A Field Corporate Ratio Costs* 13E Y/Y 14E Y/Y 13E Y/Y 14E Y/Y E 2014E 2013E 2014E 2013E 2014E Growth Growth Growth NAVPS P/NAV (mmbbl) (bcf) (mmboe) (%) (%) ($/boe) ($/boe) ($/boe) ($/boe) ($/boe) ($/boe) ($/boe) (%) (%) (%) (%) (C$/share) (%) AEI % 65% % 17% 6% 14% % CTA % 58% % 20% 34% 16% % EGL-U % 68% % -9% -6% -6% % MEI % 54% % 29% 63% 27% % MQL % 54% % 32% -3% 22% % PXL % 70% % 5% 7% 0% % RE % 65% % 1% 25% 8% % TVE % 59% % 7% 18% 16% % TBE % 56% % 2% -2% 2% % YGR % 57% % 16% 20% 20% % YO % 39% % 56% 11% 47% % ZAR % 59% nm nm % -17% -9% 138% % Average 38% 59% % 15% 14% 24% 57% *FD&A include Future Development Capital. **Based upon most recent Independent Reserve Engineers Assessment available Recycle ratio calculated using corporate netback, including capitalized G&A. Total Proved VALUATION Production Re-Investment Cash Flow Per 2013E 2014E Cash Flow CapEx Net Debt CapEx/CF Net Debt/CF Share fd Total Gas YOY Total Gas YOY 13E 14E 13E 14E 13E 14E 14E 14E 13E 14E 13E 14E (mboe/d) (%) (%) (mboe/d) (%) (%) ($mm) ($mm) ($mm) ($mm) ($mm) ($mm) (%) (%) AEI % 7% % 14% % 101% 2.0x 1.7x CTA % 35% % 16% % 111% 1.4x 1.3x EGL-U 3.0 6% 16% 3.0 5% 0% % 49% 1.1x 1.1x MEI % 81% % 27% % 104% 0.6x 0.5x MQL % 5% % 22% % 146% 3.5x 3.1x PXL 2.7 2% 25% 3.2 2% 21% % 140% 1.9x 2.2x RE % 25% % 8% % 149% 0.6x 1.1x TVE % 36% % 16% % 114% 1.5x 1.6x TBE % 19% % 3% % 66% 1.5x 1.4x YGR % 21% % 20% % 118% 1.8x 1.7x YO % 25% % 47% % 126% 1.9x 1.5x ZAR % -8% % -3% % 105% 2.0x 2.7x Average 36% 23% 34% 288% 123% 110% 1.8x 1.8x

9 Page 9 of 10 Disclosure Requirements Is this an issuer related or industry related publication? Issuer Industry Do the Analysts have a financial interest in securities of the subject issuer? If yes, nature of interest: Analyst Owns Shares Arsenal Energy Inc. Yes No Crocotta Energy Inc. Yes No Eagle Energy Inc. Yes No Manitok Energy Inc. Yes No Marquee Energy Ltd. Yes No Palliser Oil & Gas Corp. Yes No Rock Energy Inc. Yes No Tamarack Valley Energy Ltd. Yes No Twin Butte Energy Ltd. Yes No Yangarra Resources Ltd. Yes No Yoho Resources Ltd. Yes No Zargon Oil & Gas Ltd.. Yes No Is Acumen Capital Partners a market maker in the issuer s securities at the date of this report? Yes No Does Acumen Capital Partners beneficially own more than 1% of any class of common equity of the issuer? Yes No Does Acumen Capital Partners or the Analyst/Associate have any actual material conflicts of interest with the issuer? Explanation: Yes No Does the Analyst/Associate or Household member serve as a Director, Officer, or Advisory Board Member of the issuer? Yes No Has the Analyst/Associate received any direct compensation from the subject company in the past 12 months?* Yes No Has Acumen Capital Partners managed or co-managed an offering of securities by the issuer in the past 12 months? Arsenal Energy Inc. Yes No Crocotta Energy Inc. Yes No Eagle Energy Inc. Yes No Manitok Energy Inc. Yes No Marquee Energy Ltd. Yes No Palliser Oil & Gas Corp. Yes No Rock Energy Inc. Yes No Tamarack Valley Energy Ltd. Yes No Twin Butte Energy Ltd. Yes No Yangarra Resources Ltd. Yes No Yoho Resources Ltd. Yes No Zargon Oil & Gas Ltd.. Yes No Has Acumen Capital Partners received compensation for investment banking and related services from the issuer in the past 12 months? Arsenal Energy Inc. Yes No Crocotta Energy Inc. Yes No Eagle Energy Inc. Yes No Manitok Energy Inc. Yes No Marquee Energy Ltd. Yes No Palliser Oil & Gas Corp. Yes No Rock Energy Inc. Yes No Tamarack Valley Energy Ltd. Yes No Twin Butte Energy Ltd. Yes No Yangarra Resources Ltd. Yes No Yoho Resources Ltd. Yes No Zargon Oil & Gas Ltd.. Yes No Other disclosures? Yes No Acumen Recommendation Structure: Buy Speculative Buy Hold Sell Under Review Tender Full Recommendation Structure explanation can be found at the Acumen Capital Partners website: * Acumen has a pool for compensation purposes, which includes research analysts, investment banking personnel and institutional traders. Revenue in the pool includes trading commissions, advisory fees, new issue commissions and broker warrant proceeds. The information transmitted is privileged, confidential, may be subject to copyright and is intended solely for the use of the individual or entity to which the transmission is addressed. This transmission is provided for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited, nor in any jurisdiction where Acumen is not registered to do so. Views expressed are those of the sender and not necessarily those of Acumen Capital Finance Partners Limited or its subsidiaries. Any unauthorized use, distribution, review or disclosure is prohibited. If you received this in error, please notify the sender and delete or destroy this message and any copies. Acumen does or seeks to do business with companies covered

10 Page 10 of 10 in our research comments and reports. As a result, investors should be aware that the firm may be in a conflict of interest. Investors should consider this report as only a single factor in making their investment decision ACUMEN CAPITAL STAFF LIST RESEARCH Brian D. Pow, MBA Vice President Research, Equity Analyst (403) bdp@acumencapital.com Trevor Reynolds Oil and Gas Research Analyst (403) treynolds@acumencapital.com Stephen Cardon Research Associate (403) scardon@acumencapital.com INSTITUTIONAL SALES Brian Parker President & CEO, Institutional Sales (403) bparker@acumencapital.com Douglas S. Gowland, C.A., CFA Vice President, Institutional Sales (403) doug@acumencapital.com Andre Drouillard, CFA Institutional Sales (403) andre@acumencapital.com Liam Farrell Head Trader (403) lfarrell@acumencapital.com Larry Conn Institutional Trading (403) lconn@acumencapital.com David Waite Institutional Trading (403) dwaite@acumencapital.com Crystal Bellefountaine Associate (403) cbellefountaine@acumencapital.com INVESTMENT BANKING Kelly Hughes Vice President, Investment Banking (403) khughes@acumencapital.com Ian Thomson Vice President, Investment Banking (403) ian@acumencapital.com Ken Chow, CFA Associate, Investment Banking (403) kchow@acumencapital.com RETAIL SALES Robert Laidlaw Vice President (403) rlaidlaw@acumencapital.com Imran Mulji Investment Advisor (403) imulji@acumencapital.com Margaret MacBurnie Investment Advisor Assistant (403) mmacburnie@acumencapital.com Sheldon LeLievre Vice President, Sr. Investment Advisor (403) sheldon@acumencapital.com Craig Madill Investment Advisor (403) cmadill@acumencapital.com Erin Williams Associate (403) ewilliams@acumencapital.com Donny Woo Vice President, Sr. Investment Advisor (403) donny@acumencapital.com Darren Fong Investment Advisor (403) dfong@acumencapital.com Alan Tolg Investment Advisor (403) atolg@acumencapital.com Ron Cairns Investment Advisor (403) rcairns@acumencapital.com Cory Jackson Investment Advisor (403) cjackson@acumencapital.com TREASURY AND OPERATIONS Cindy Marthaller Operations Manager (403) cindy@acumencapital.com Myja Miller CFO, COO, CCO (403) mmiller@acumencapital.com Michelle Martin Compliance Manager (403) mmartin@acumencapital.com Sarah Visser Client Services (403) svisser@acumencapital.com Acumen Capital Finance Partners Limited Suite 700, Avenue SW Calgary, AB T2P 0R9 Main Phone: