CABOT ENERGY INC. and HIGH POWER PETROLEUM LLC. Evaluation of Oil and Gas Reserves Based on Forecast Prices and Costs As of September 30, 2017

CABOT ENERGY INC. and HIGH POWER PETROLEUM LLC Evaluation of Oil and Gas Reserves Based on Forecast Prices and Costs As of September 30, 2017

CABOT ENERGY INC. and HIGH POWER PETROLEUM LLC Evaluation of Oil and Gas Reserves Based on Forecast Prices and Costs As of September 30, 2017 Prepared For: Cabot Energy Inc. 900, 600 6 th Avenue SW Calgary, Alberta T2P 0S5 Prepared By: McDaniel & Associates Consultants Ltd. 2200, 255 5 th Avenue SW Calgary, Alberta T2P 3G6 November 2017

CABOT ENERGY INC. and HIGH POWER PETROLEUM LLC TABLE OF CONTENTS COVERING LETTER CERTIFICATES OF QUALIFICATION SUMMARY Reserves and Net Present Value Figures Property Location Map Company Share Sales Volumes Cash Flow Summary Reserves Distribution by Reserves Class and Product Reserves and Net Present Value Distribution for Major Properties Table A NI 51-101 SUMMARY 51-101F1 Summary Tables Summary of Oil and Gas Reserves Table F1-1 Summary of Net Present Value of Future Net Revenue Table F1-2 Total Future Net Revenue (Undiscounted) Table F1-3 Future Net Revenue by Product Type Table F1-4 Future Capital, Abandonment and Reclamation Costs Table F1-5 PRICE SCHEDULES EVALUATION METHODOLOGY APPENDIX 1 TOTAL PROVED RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Forecast of Revenue After Tax Company Share Table AT Reserves and Net Present Value by Property Table 2 Summary of Reserves and Net Present Value by Area Table 3 Total Proved Reserves Sorted by Company Oil Reserves Sorted by Company Gas Reserves Sorted by Company BOE Reserves Sorted by 10% Net Present Value First Year Production, Revenues and Expenses by Area Table 4 Ten Year Production, Revenues and Expenses by Area Table 5

Cabot Energy Inc. and High Power Petroleum LLC Page 2 Forecast Prices and Costs Table of Contents APPENDIX 2 TOTAL PROVED AND PROBABLE RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Forecast of Revenue After Tax Company Share Table AT Reserves and Net Present Value by Property Table 2 Summary of Reserves and Net Present Value by Area Table 3 Total Proved & Probable Reserves Sorted by Company Oil Reserves Sorted by Company Gas Reserves Sorted by Company BOE Reserves Sorted by 10% Net Present Value First Year Production, Revenues and Expenses by Area Table 4 Ten Year Production, Revenues and Expenses by Area Table 5 APPENDIX 3 TOTAL PROBABLE RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2 APPENDIX 4 PROVED PRODUCING RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2 APPENDIX 5 PROVED NON-PRODUCING RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2 APPENDIX 6 PROVED UNDEVELOPED RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2 APPENDIX 7 PROVED AND PROBABLE PRODUCING RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2 APPENDIX 8 PROVED AND PROBABLE NON-PRODUCING RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2

Cabot Energy Inc. and High Power Petroleum LLC Page 3 Forecast Prices and Costs Table of Contents APPENDIX 9 PROVED AND PROBABLE UNDEVELOPED RESERVES Forecast of Production and Revenue Before Tax Company Share Table 1 Reserves and Net Present Value by Property Table 2 APPENDIX 10 SUMMARY OF RESERVE ESTIMATES Summary of Crude Oil Reserve Estimates Summary of Natural Gas Reserve Estimates Crude Oil Natural Gas APPENDIX 11 COMPANY INTEREST DATA List of Interests and Burdens Interest

November 6, 2017 Cabot Energy Inc. 900, 600 6 th Avenue SW Calgary, Alberta T2P 0S5 Attention: Reference: Mr. Paul Lafferty, Chief Operating Officer Cabot Energy Inc. and High Power Petroleum LLC Evaluation of Oil and Gas Reserves Forecast Prices and Costs Dear Sir: Pursuant to your request, we have prepared an evaluation of the proved and probable crude oil, natural gas and natural gas products reserves and the net present values of these reserves for the petroleum and natural gas interests of Cabot Energy Inc. and High Power Petroleum LLC, hereinafter referred to as the "Company", as of September 30, 2017. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with the Canadian standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH) and National Instrument 51-101 (NI 51-101). The future net revenues and net present values presented in this report were calculated using forecast prices and costs based on our opinion of the future crude oil, natural gas and natural gas product prices at October 1, 2017 and were presented in Canadian dollars. Most of the future net revenues and net present value estimates in this report are presented before income taxes although future net revenues and net present value estimates were presented after income tax in selected tables in this summary report at the corporate level. The future net revenues presented in this report may not necessarily represent the fair market value of the reserves estimates. The properties evaluated in this report were indicated to include essentially all of the Company's conventional petroleum and natural gas interests in Canada. The Company's principal crude oil properties are located in the Rainbow 9-25 Battery area and the Rainbow 13-36 Battery area in the Province of Alberta. The principal natural gas property is located in the Rainbow 13-36 Battery area in the Province of Alberta. 2200, Bow Valley Square 3, 255-5 Avenue SW, Calgary AB T2P 3G6 Tel: (403) 262-5506 Fax: (403) 233-2744 www.mcdan.com

Cabot Energy Inc. Page 2 Forecast Prices and Costs November 6, 2017 The Company's share of remaining reserves and net present values are presented on a total Company basis in the summary section of this report. The location of the Company s properties and a summary of the forecast production, net revenue and reserves distributions are presented graphically in the summary section. In addition, the NI 51-101 summary section contains Company data in F1 format. Tables summarizing the reserves, production and revenues for the various reserves classes are presented in Appendices 1 to 10. A summary of the Company s interests and burdens in each property is presented in Appendix 11. Discussions of the assumptions and methodology employed to prepare the reserves estimates and future revenue forecasts are also contained in the "Evaluation Methodology" section. Detailed reserves estimates, future net revenue forecasts and other supporting data for each of the properties that were reviewed in detail were provided in the Detailed Property Report. Property discussions and a detailed description of the economic factors employed to derive the future net revenue forecasts were also included therein. In preparing this report, we relied upon factual information including ownership, technical well data, production, prices, revenues, operating costs, capital costs, contracts, and other relevant data from public sources as well as non-public data supplied by the Company. The extent and character of all factual information supplied by the Company were relied upon by us in preparing this report and has been accepted as represented without independent verification. We have relied upon representations made by the Company as to the completeness and accuracy of the data provided and that no material changes in the performance of the properties has occurred nor is expected to occur, from that which was projected in this report, between the date that the data was obtained for this evaluation and the date of this report, and that no new data has come to light that may result in a material change to the evaluation of the reserves presented in this report. The reserves estimates presented in this report were prepared on the basis of an overall evaluation of the reserves of the Company. Individual property reserves estimates may not reflect the same confidence level as required by the reserves definitions for the overall group of properties. Consequently, McDaniel & Associates reserves the right to re-assess the reserves estimates and future net revenues for any individual property or group of properties if considered in isolation. This report was prepared by McDaniel & Associates Consultants Ltd. for the exclusive use of Cabot Energy Inc. and is not to be reproduced, distributed or made available, in whole or in part, to any person, company or organization other than Cabot Energy Inc. without the knowledge and consent of McDaniel & Associates Consultants Ltd.

Cabot Energy Inc. and High Power Petroleum LLC Page 3 Forecast Prices and Costs November 6, 2017 We reserve the right to revise any estimates provided herein if any relevant data existing prior to preparation of this report was not made available, if any data between the effective date of the evaluation and the date of this report were to vary significantly from that forecast, or if any data provided was found to be erroneous. Sincerely, McDANIEL & ASSOCIATES CONSULTANTS LTD. APEGA PERMIT NUMBER: P3145 - ~ V..~ M. J. Verney, P~ø~ng. C. 0. ~ Eng. D. G. Jenkin in, P. Geol. MJV/COC/DGJ:jep [17 0279] McDaniel & Associates Consultants Ltd.

CERTIFICATE OF QUALIFICATION I, Michael Verney, Petroleum Engineer of 2200, 255-5th Avenue, S.W., Calgary, Alberta, Canada hereby certify: 1. That I am Vice President of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Cabot Energy Inc., the report entitled Cabot Energy Inc. and High Power Petroleum LLC, Evaluation of Oil and Gas Reserves, Based on Forecast Prices and Costs, As of September 30, 2017, dated November 6, 2017, and that I was involved in the preparation of this report. 2. That I attended the Queen s University in the years 2002 to 2006 and that I graduated with a Bachelor of Science degree in Civil Engineering and a Bachelor of Arts degree in Economics, that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 10 years of experience in oil and gas reservoir studies and evaluations. 3. That I have no direct or indirect interest in the properties or securities of Cabot Energy Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Cabot Energy Inc., or any affiliate thereof. 4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question. M. J. Veme/. Eng. Calgary, Alberta Dated: November 6, 2017

CERTIFICATE OF QUALIFICATION I, Cynthia 0. Chan, Petroleum Engineer of 2200, 255-5th Avenue, S.W., Calgary, Alberta, Canada hereby certify: 1. That I am an Associate of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Cabot Energy Inc., the report entitled Cabot Energy Inc. and High Power Petroleum LLC, Evaluation of Oil and Gas Reserves, Based on Forecast Prices and Costs, As of September 30, 2017, dated November 6, 2017, and that I was involved in the preparation of this report. 2. That I attended the University of Calgary in the years 2000 to 2005 and that I graduated with a Bachelor of Science degree in Mechanical Engineering, that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 10 years of experience in oil and gas reservoir studies and evaluations. 3. That I have no direct or indirect interest in the properties or securities of Cabot Energy Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Cabot Energy Inc., or any affiliate thereof. 4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question. C. 0. Chan, P. Eng. Calgary, Alberta Dated: November 6, 2017

CERTIFICATE OF QUALIFICATION I, David G. Jenkinson, Petroleum Geologist of 2200, 255-5th Avenue, S.W., Calgary, Alberta, Canada hereby certify: 1. That I am an Associate for McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Cabot Energy Inc., the report entitled Cabot Energy Inc. and High Power Petroleum LLC, Evaluation of Oil and Gas Reserves, Based on Forecast Prices and Costs, As of September 30, 2017, dated November 6, 2017, and that I was involved in the preparation of this report. 2. That I attended the University of Saskatchewan in the years 2000 to 2004, graduating with a Bachelor of Science degree in Geology; that I am a registered Professional Geologist with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 10 years of experience in oil and gas reservoir studies and evaluations. 3. That I have no direct or indirect interest in the properties or securities of Cabot Energy Inc., nor do I expect to receive any direct or indirect interest in the properties or securities of Cabot Energy Inc., or any affiliate thereof. 4. That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question. U David G. - nkinson, P. Geol. Calgary, Alberta Dated: November 6, 2017

Reserves and Net Present Value Table A PDP PNP PUD TP PADP PANP PAUD TPA PPDP PPNP PPUD TPP Light and Medium Oil (Mbbl) Working Interest Volume 1,175.1 383.3 337.5 1,895.9 313.2 329.8 68.5 711.5 1,488.4 713.1 406.0 2,607.4 Royalty Interest Volume - - - - - - - - - - - - Net Volume 1,038.6 340.3 282.0 1,660.9 268.0 288.3 55.1 611.5 1,306.6 628.7 337.1 2,272.4 Natural Gas (MMcf) Working Interest Volume 81.5 69.2-150.7 22.4 1,427.9-1,450.4 104.0 1,497.1-1,601.1 Royalty Interest Volume - - - - - - - - - - - - Net Volume 72.5 61.6-134.1 19.8 1,346.1-1,366.0 92.3 1,407.8-1,500.1 Natural Gas Liquids (Mbbl) Working Interest Volume 0.0 - - 0.0 0.0 - - 0.0 0.0 - - 0.0 Royalty Interest Volume - - - - - - - - - - - - Net Volume 0.0 - - 0.0 0.0 - - 0.0 0.0 - - 0.0 Total (MBOE) (1) Working Interest Volume 1,188.7 394.8 337.5 1,921.0 317.0 567.8 68.5 953.3 1,505.7 962.6 406.0 2,874.3 Royalty Interest Volume - - - - - - - - - - - - Net Volume 1,050.7 350.6 282.0 1,683.3 271.3 512.7 55.1 839.2 1,322.0 863.3 337.1 2,522.4 Net Present Value Before Tax (M$) 0.0% 26,249.1 8,710.5 11,918.6 46,878.1 9,917.7 10,272.7 3,103.2 23,293.6 36,166.8 18,983.2 15,021.8 70,171.7 5.0% 22,945.6 7,354.9 9,981.4 40,282.0 6,899.8 6,867.6 2,269.7 16,037.1 29,845.4 14,222.5 12,251.2 56,319.1 10.0% 20,210.6 6,211.9 8,527.2 34,949.8 5,026.4 4,843.0 1,755.2 11,624.6 25,237.1 11,054.9 10,282.4 46,574.4 15.0% 18,005.1 5,308.5 7,423.0 30,736.6 3,816.0 3,588.5 1,422.7 8,827.1 21,821.1 8,896.9 8,845.7 39,563.7 20.0% 16,224.9 4,601.2 6,565.4 27,391.5 2,999.6 2,763.8 1,195.2 6,958.6 19,224.5 7,365.0 7,760.6 34,350.2 $/BOE Before Tax (2) 0.0% 22.08 22.06 35.31 24.40 31.29 18.09 45.31 24.44 24.02 19.72 37.00 24.41 5.0% 19.30 18.63 29.57 20.97 21.77 12.09 33.14 16.82 19.82 14.78 30.18 19.59 10.0% 17.00 15.74 25.27 18.19 15.86 8.53 25.63 12.19 16.76 11.48 25.33 16.20 15.0% 15.15 13.45 21.99 16.00 12.04 6.32 20.77 9.26 14.49 9.24 21.79 13.76 20.0% 13.65 11.65 19.45 14.26 9.46 4.87 17.45 7.30 12.77 7.65 19.12 11.95 Net Present Value After Tax (M$) 0.0% 26,249.1 8,267.8 8,705.5 43,222.3 9,548.4 5,335.6 2,160.3 17,044.2 35,797.4 13,603.4 10,865.7 60,266.6 5.0% 22,945.6 7,087.1 7,670.0 37,702.7 6,695.9 3,673.6 1,459.2 11,828.7 29,641.6 10,760.6 9,129.2 49,531.4 10.0% 20,210.6 6,045.8 6,828.1 33,084.6 4,910.7 2,676.6 1,035.4 8,622.8 25,121.3 8,722.5 7,863.5 41,707.3 15.0% 18,005.1 5,203.2 6,150.1 29,358.4 3,748.6 2,065.3 777.7 6,591.6 21,753.7 7,268.5 6,927.8 35,949.9 20.0% 16,224.9 4,533.0 5,595.7 26,353.6 2,959.4 1,662.4 616.6 5,238.3 19,184.3 6,195.3 6,212.3 31,591.9 (1) Barrels of Oil Equivalent based on 6:1 for Natural Gas, 1:1 for Condensate and C5+, 1:1 for Ethane,1:1 for Propane, 1:1 for Butanes. BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. (2) NPV/BOE based on Company Share BOE reserves. 17-0279 11/1/2017 2:06:57 PM

Zama Virgo Rainbow, SWB ALBERTA Edmonton Calgary 1:5,000,000 0 50 100 150 200 Kilometers Property Location Map AB lmb / 06-Nov-17

Company Share Sales Volumes Total Reserves 10,000 PDP TP TPP Crude Oil (bbl/day) 1,000 100 10 1,000 PDP TP TPP Natural Gas (Mcf/day) 100 10 1 1 PDP TP TPP NGL (bbl/day) 0.1 0.01 0 10,000 PDP TP TPP BOE (BOE/day) 1,000 100 10 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Historical production data is estimated based on the company share interest as of the reference date. 17-0279 11/1/2017 2:06:57 PM

Cash Flow Summary Total Reserves 25,000 Company Share Revenue (M$) 22,500 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2,500 0 18,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Net Operating Income (M$) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0-2,000 4,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Total Capital (M$) 3,600 3,200 2,800 2,400 2,000 1,600 1,200 800 400 0 18,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Future Net Revenue Before Tax (M$) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0-2,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 PDP TP TPP 17-0279 11/1/2017 2:06:57 PM

Reserves Distribution by Reserves Class and Product Total Reserves Reserves Distribution by Reserves Class Reserves Distribution by Product Total Proved Reserves Total Proved & Probable Reserves 17-0279 11/1/2017 2:06:58 PM

Reserves and Net Present Value Distribution for Major Properties Total Proved & Probable Reserves Top Properties by 10% NPV Top Crude Oil Properties by Volume Top Natural Gas Properties by Volume 17-0279 11/1/2017 2:06:58 PM

Summary of Oil & Gas Reserves Total Reserves Table F1-1 Reserves Light & Medium Oil Heavy Oil Conventional Natural Gas Natural Gas Liquids Gross (1) Net (2) Gross (1) Net (2) Gross (1) Net (2) Gross (1) Net (2) Reserves Category (Mbbl) (Mbbl) (Mbbl) (Mbbl) (MMcf) (MMcf) (Mbbl) (Mbbl) Proved Developed Producing 1,175.1 1,038.6 - - 81.5 72.5 0.0 0.0 Non-Producing 383.3 340.3 - - 69.2 61.6 - - Undeveloped 337.5 282.0 - - - - - - Total Proved 1,895.9 1,660.9 - - 150.7 134.1 0.0 0.0 Total Probable 711.5 611.5 - - 1,450.4 1,366.0 0.0 0.0 Total Proved & Probable 2,607.4 2,272.4 - - 1,601.1 1,500.1 0.0 0.0 (1) Gross reserves are working interest reserves before royalty deductions. (2) Net reserves are working interest reserves after royalty deductions plus royalty interest reserves. 17-0279 11/1/2017 2:06:58 PM

Summary of Net Present Value of Future Net Revenue Total Reserves Table F1-2 Net Present Values of Future Net Revenue Before Income Taxes Discounted at (%/year) After Income Taxes Discounted at (%/year) Unit Value Before Tax @0.0% @5.0% @10.0% @15.0% @20.0% @0.0% @5.0% @10.0% @15.0% @20.0% @10.0% (1) Reserves Category (M$) (M$) (M$) (M$) (M$) (M$) (M$) (M$) (M$) (M$) ($/BOE) Proved Developed Producing 26,249.1 22,945.6 20,210.6 18,005.1 16,224.9 26,249.1 22,945.6 20,210.6 18,005.1 16,224.9 19.24 Non-Producing 8,710.5 7,354.9 6,211.9 5,308.5 4,601.2 8,267.8 7,087.1 6,045.8 5,203.2 4,533.0 17.72 Undeveloped 11,918.6 9,981.4 8,527.2 7,423.0 6,565.4 8,705.5 7,670.0 6,828.1 6,150.1 5,595.7 30.24 Total Proved 46,878.1 40,282.0 34,949.8 30,736.6 27,391.5 43,222.3 37,702.7 33,084.6 29,358.4 26,353.6 20.76 Total Probable 23,293.6 16,037.1 11,624.6 8,827.1 6,958.6 17,044.2 11,828.7 8,622.8 6,591.6 5,238.3 13.85 Total Proved & Probable 70,171.7 56,319.1 46,574.4 39,563.7 34,350.1 60,266.6 49,531.4 41,707.3 35,949.9 31,591.9 18.46 (1) The unit values are based on net reserve volumes. 17-0279 11/1/2017 2:06:58 PM

Total Future Net Revenue (Undiscounted) Total Reserves Table F1-3 Abandonment & Future Net Future Net Operating Development Reclamation Revenue Before Income Revenue After Revenue (1) Royalties (2) Costs Costs Costs Income Taxes Taxes Income Taxes Reserves Category M$ M$ M$ M$ M$ M$ M$ M$ Total Proved Reserves 133,030 15,946 61,186 2,822 6,197 46,878 3,656 43,222 Total Proved & Probable Reserves 196,087 23,948 89,291 4,142 8,535 70,172 9,905 60,267 (1) Includes all product revenues and other revenues as forecast. (2) Royalties include any net profits interests, as well as the Saskatchewan Corporation Capital Tax Surcharge. 17-0279 11/1/2017 2:06:58 PM

Future Net Revenue by Product Type Total Reserves Table F1-4 Future Net Revenue Before Income Taxes Unit Value (1) (discounted @ 10%) $/Mcf Reserves Category Product Type M$ $/bbl Total Proved Reserves Light and Medium Oil (Including Solution Gas and By-products) 34,951 21.04 Conventional Natural Gas (Including By-products) -1-2.32 Total 34,950 Total Proved & Probable Reserves Light and Medium Oil (Including Solution Gas and By-products) 45,949 20.22 Conventional Natural Gas (Including By-products) 626 0.47 Total 46,574 (1) Unit values are calculated using the 10% discount rate divided by the Major Product Type Net reserves for each group. 17-0279 11/1/2017 2:06:59 PM

Future Capital, Abandonment and Reclamation Costs Total Reserves Table F1-5 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Remaining Total Capital Cost Forecast (M$) Total Proved Undiscounted 884 1,938 - - - - - - - - - - - - - - 2,822 Discounted @ 10.0% 873 1,805 - - - - - - - - - - - - - - 2,678 Total Proved & Probable Undiscounted 884 3,258 - - - - - - - - - - - - - - 4,142 Discounted @ 10.0% 873 3,073 - - - - - - - - - - - - - - 3,947 Abandonment and Reclamation Cost Forecast (M$) Total Proved Undiscounted - - - - - - 127 108 457-365 372 543 596 503 3,127 6,197 Discounted @ 10.0% - - - - - - 71 55 221-143 139 177 179 135 521 1,640 Total Proved & Probable Undiscounted - - - - - - 88 131 201 347 426 451 869 410 546 5,066 8,535 Discounted @ 10.0% - - - - - - 50 68 97 154 169 165 291 124 151 718 1,987 17-0279 11/1/2017 2:06:59 PM

McDaniel & Associates Consultants Ltd. Summary of Crude Oil and Natural Gas Liquids Price Forecasts October 1, 2017 Table 1 Alberta Western Sask Edmonton WTI Brent Edmonton Bow River Canadian Alberta Cromer Cond. & US/CAN Crude Crude Light Hardisty Select Heavy Medium Natural Edmonton Edmonton Edmonton Exchange Oil Oil Crude Oil Crude Oil Crude Oil Crude Oil Crude Oil Gasolines Ethane Propane Butanes Inflation Rate Year $US/bbl $US/bbl $C/bbl $C/bbl $C/bbl $C/bbl $C/bbl $/bbl $/bbl $/bbl $/bbl % $US/$CAN (1) (2) (3) (4) (5) (6) (7) History 1987 19.30 24.30 20.79 23.80 9.98 16.80 0.755 1988 16.00 18.70 14.41 18.30 8.19 12.95 0.812 1989 19.60 22.20 18.09 21.80 8.14 10.35 0.844 1990 24.50 27.60 21.06 16.00 27.00 13.67 16.21 0.857 1991 21.40 23.40 15.07 9.05 22.90 11.91 15.25 0.873 1992 20.55 23.50 17.52 12.95 23.00 10.55 14.05 0.828 1993 18.60 21.90 16.70 13.30 21.50 14.10 13.55 0.775 1994 17.20 22.20 18.43 15.00 21.75 12.50 13.45 0.732 1995 18.45 24.25 20.80 17.25 23.76 13.90 13.80 0.729 1996 22.10 29.35 25.11 20.05 28.75 22.20 17.15 0.733 1997 20.55 19.09 27.80 21.22 14.40 31.10 18.60 19.05 0.722 1998 14.40 12.77 20.35 14.60 9.40 17.00 21.85 10.95 11.90 0.687 1999 19.25 17.86 27.60 23.35 19.65 25.47 27.60 15.45 17.73 0.673 2000 30.31 28.40 44.72 34.35 27.80 40.10 46.25 31.55 35.00 0.674 2001 25.97 24.42 39.60 25.07 18.05 32.22 42.44 29.15 28.45 0.646 2002 26.10 24.95 39.95 31.65 27.60 34.93 40.79 19.85 26.10 0.637 2003 31.05 28.85 43.15 32.68 27.40 37.57 44.19 30.15 33.45 0.716 2004 41.40 38.30 52.54 37.60 36.14 30.40 45.94 54.09 33.28 39.45 0.770 2005 56.56 54.48 68.72 44.83 44.60 34.35 57.47 69.63 43.29 52.58 0.826 2006 66.23 65.20 72.80 51.55 51.22 43.14 61.25 75.06 44.05 60.10 0.880 2007 72.30 72.80 76.35 53.25 52.90 44.63 65.40 77.36 NA 49.45 63.75 0.935 2008 99.60 97.80 102.20 84.30 82.94 75.55 93.20 104.75 NA 58.40 75.25 0.943 2009 61.80 61.60 65.90 60.30 58.58 55.30 62.80 68.15 NA 38.60 49.25 0.880 2010 79.50 79.90 77.50 68.50 67.23 61.45 73.80 84.25 NA 46.70 66.05 0.971 2011 95.10 111.25 95.00 78.55 77.10 67.90 88.90 104.20 NA 55.15 76.50 1.012 2012 94.20 111.65 86.10 74.35 73.08 63.65 82.10 100.80 NA 28.60 69.55 1.000 2013 97.95 108.60 93.05 76.55 75.25 65.25 88.25 104.65 NA 38.90 69.40 0.971 2014 93.00 99.00 93.50 80.40 79.10 71.20 87.80 102.40 NA 45.05 69.60 0.906 2015 48.80 52.35 57.75 46.10 44.80 39.55 51.45 60.30 NA 6.65 35.55 0.780 2016 43.30 43.55 53.85 40.30 39.00 33.35 48.95 56.20 NA 13.15 34.35 0.760 2017 (9 mos) 49.50 51.70 61.00 50.45 49.25 44.10 57.95 64.90 NA 25.15 41.55 0.770 Forecast 2017 (3 mos) 52.50 55.50 61.60 48.00 47.40 41.00 57.30 64.60 8.80 30.70 45.10 0.0 0.800 2018 55.00 57.00 64.80 52.50 51.80 45.00 60.30 67.80 10.00 30.10 47.50 0.0 0.800 2019 58.70 59.70 67.10 55.70 55.00 48.00 62.40 70.20 10.80 28.70 49.20 2.0 0.825 2020 62.40 63.40 71.50 59.30 58.60 51.10 66.50 74.60 11.80 29.20 52.40 2.0 0.825 2021 69.00 70.10 76.90 63.80 63.10 55.00 71.50 80.10 13.20 28.50 56.30 2.0 0.850 2022 73.10 74.20 81.70 67.80 67.00 58.40 76.00 84.90 14.20 30.40 59.90 2.0 0.850 2023 74.50 75.60 83.20 69.10 68.20 59.50 77.40 86.50 14.40 30.90 61.00 2.0 0.850 2024 76.00 77.10 84.90 70.50 69.60 60.70 79.00 88.30 14.60 31.50 62.20 2.0 0.850 2025 77.50 78.60 86.60 71.90 71.00 61.90 80.50 90.00 15.00 32.20 63.40 2.0 0.850 2026 79.10 80.30 88.40 73.40 72.50 63.20 82.20 91.90 15.20 32.80 64.80 2.0 0.850 2027 80.70 81.90 90.20 74.90 74.00 64.50 83.90 93.80 15.60 33.50 66.10 2.0 0.850 2028 82.30 83.50 91.90 76.30 75.40 65.70 85.50 95.60 16.00 34.20 67.30 2.0 0.850 2029 83.90 85.10 93.70 77.80 76.80 67.00 87.10 97.40 16.20 34.80 68.60 2.0 0.850 2030 85.60 86.90 95.60 79.30 78.40 68.40 88.90 99.40 16.60 35.50 70.00 2.0 0.850 2031 87.30 88.60 97.50 80.90 80.00 69.70 90.70 101.40 17.00 36.30 71.40 2.0 0.850 Thereafter +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr 2.0 0.850 (1) West Texas Intermediate at Cushing Oklahoma 40 degrees API/0.5% sulphur (2) North Sea Brent Blend 37 degrees API/1.0% sulphur (3) Edmonton Light Sweet 40 degrees API, 0.3% sulphur (4) Bow River at Hardisty, Alberta (Heavy stream) (5) Western Canadian Select at Hardisty, Alberta (6) Heavy crude oil 12 degrees API at Hardisty, Alberta (after deduction of blending costs to reach pipeline quality) (7) Midale Cromer crude oil 29 degrees API, 2.0% sulphur G171001 - Effective October 1, 2017

McDaniel & Associates Consultants Ltd. Summary of Natural Gas Price Forecasts October 1, 2017 Table 2 Alberta Alberta Sask. British U.S. AECO Alberta Alberta Spot Prov. Columbia British Henry Hub Spot Average Aggregator Sales Gas Average Columbia Gas Price Price Plantgate Plantgate Plantgate Plantgate Plantgate Station 2 Year $US/MMBtu $C/MMBtu $C/MMBtu $C/MMBtu $C/MMBtu $C/MMBtu $C/MMBtu $C/MMBtu (1) History 1987 1.50 1.64 1.82-1988 1.85 1.44 1.66 1.21 1989 1.68 1.47 1.57 1.28 1990 1.67 1.45 1.64 1.20 1991 1.54 1.18 1.31 0.97 1.13 1992 1.79 1.22 1.30 1.04 1.10 1993 2.13 1.89 1.60 2.16 2.13 1994 1.92 1.83 1.81 1.86 1.87 1995 1.62 1.18 1.23 1.02 1.12 1996 2.50 1.39 1.54 1.63 1.34 1.47 1997 2.59 1.87 1.84 1.86 1.67 1.98 1998 2.06 2.04 1.90 1.88 1.84 2.05 2.00 1999 2.28 2.96 2.60 2.46 2.78 2.82 2.77 2000 4.31 5.02 4.80 4.57 4.85 4.78 4.88 2001 3.98 6.30 5.90 5.25 6.10 5.71 6.30 2002 3.36 4.07 3.89 3.80 3.90 3.90 3.93 2003 5.49 6.66 6.37 6.00 6.49 6.40 6.32 2004 5.90 6.87 6.62 6.35 6.70 6.48 6.45 2005 8.60 8.58 8.43 8.48 8.42 8.35 8.12 2006 6.75 7.16 6.87 6.59 6.96 6.67 6.45 2007 6.95 6.65 6.41 6.35 6.43 6.18 6.25 2008 8.85 8.15 7.90 8.10 7.90 8.07 8.10 2009 3.95 4.20 3.95 3.90 3.95 3.87 4.05 2010 4.40 4.15 3.90 3.85 3.90 3.96 3.90 2011 4.00 3.70 3.50 3.75 3.50 3.56 3.30 2012 2.75 2.45 2.25 2.25 2.25 2.31 2.25 2013 3.75 3.20 3.00 3.00 3.00 3.10 2.90 3.08 2014 4.35 4.40 4.20 4.20 4.20 4.40 4.10 4.20 2015 2.60 2.80 2.55 2.55 2.55 2.70 2.00 2.10 2016 2.50 2.10 1.90 1.90 1.90 2.20 1.55 1.68 2017 (9 mos) 3.00 2.60 2.30 2.30 2.30 2.60 1.95 2.08 Forecast 2017 (3 mos) 3.00 2.40 2.20 2.20 2.20 2.30 1.90 2.03 2018 3.00 2.70 2.50 2.50 2.50 2.60 2.20 2.33 2019 3.15 2.90 2.70 2.70 2.70 2.80 2.50 2.63 2020 3.30 3.15 2.95 2.95 2.95 3.05 2.75 2.89 2021 3.65 3.50 3.30 3.30 3.30 3.40 3.10 3.24 2022 3.85 3.75 3.55 3.55 3.55 3.65 3.35 3.49 2023 3.90 3.80 3.60 3.60 3.60 3.70 3.40 3.54 2024 4.00 3.90 3.65 3.65 3.65 3.75 3.40 3.55 2025 4.10 4.00 3.75 3.75 3.75 3.85 3.50 3.65 2026 4.15 4.05 3.80 3.80 3.80 3.90 3.55 3.70 2027 4.25 4.15 3.90 3.90 3.90 4.00 3.65 3.81 2028 4.35 4.25 4.00 4.00 4.00 4.10 3.75 3.91 2029 4.40 4.30 4.05 4.05 4.05 4.15 3.80 3.96 2030 4.50 4.40 4.15 4.15 4.15 4.30 3.90 4.06 2031 4.60 4.50 4.25 4.25 4.25 4.40 4.00 4.17 Thereafter +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr (1) This forecast also applies to direct sales contracts and the Alberta gas reference price used in the Crown royalty calculations. G171001 - Effective October 1, 2017

CABOT ENERGY INC. and HIGH POWER PETROLEUM LLC Evaluation of Oil and Gas Reserves Based on Forecast Prices and Costs As of September 30, 2017 Evaluation Methodology INTRODUCTION Estimates of the proved and probable crude oil, natural gas and natural gas products reserves and the associated net present values before and after income taxes attributable to the properties of the Company have been presented in this report as of September 30, 2017. Reserves estimates were prepared for six properties in which the Company was indicated to have an interest in Western Canada based on detailed studies of the reservoir and performance characteristics as well as historical revenues and costs. The basic information employed in the preparation of this report was obtained from the Company's files, public sources and from our own non-confidential files. A field inspection of the properties was not conducted in view of the generally accepted reliability of the data sources for Western Canadian properties. Detailed reserves estimates, future net revenue forecasts and other supporting data for each of the properties that were reviewed in detail were provided in the Detailed Property Report. Property discussions and a detailed description of the economic factors employed to derive the future net revenue forecasts were also included therein. The effective date of this report is September 30, 2017. The reserves estimates presented herein were based on the operating and economic conditions and development status as of that date except for changes planned for the immediate future or in the process of implementation. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH) and National Instrument 51-101 (NI 51-101). A brief review of the methodology employed in arriving at the reserves and net present value estimates is presented in this section. RESERVES ESTIMATES Crude Oil The crude oil reserves estimates presented in this report were based on a review of the volumetric data and performance characteristics of the individual wells and reservoirs in question. Volumetric estimates of the original oil in-place were based on individual well petrophysical interpretations, geological studies of pool configurations, and in some cases on published estimates. In those cases where indicative oil production decline and/or increasing gas-oil and oil cut trends were evident, the remaining reserves were determined

Cabot Energy Inc. and High Power Petroleum LLC Page 2 Forecast Prices and Costs November 6, 2017 by extrapolating these trends to economic limiting conditions. Where definitive production information was not yet available, the reserves estimates were usually volumetrically determined using recovery factors based on analogy with similar wells or reservoirs or on estimates of recovery efficiencies. The cumulative production figures were taken from published sources or from records of the Company and estimated for those recent periods where such data were not available. Natural Gas and Products The natural gas reserves estimates for non-associated gas and gas cap pools were based on a study of the volumetric data and performance characteristics of the individual wells and reservoirs in question. Volumetric estimates of the initial gas in-place were based on individual well petrophysical interpretations, geological studies of the pools and areas, and in some cases on published estimates. Material balance estimates of the initial gas in-place were employed where sufficient information was available for a reliable estimate. The reserves recoverable from the currently producing properties were estimated from studies of production performance characteristics and/or reservoir pressure histories. In those cases where indicative gas production decline and/or increasing oil-gas ratio and water-gas ratio trends were evident, the remaining reserves were determined by extrapolating these trends to economic limiting conditions. In cases of competitive drainage in multi-well pools the reserves were based on an analysis of the relevant factors relating to the future pool depletion by existing and possible future wells. The recovery factors for the nonproducing properties were estimated from a consideration of test rates, reservoir pressures and by analogy with similar wells or reservoirs. Natural gas reserves estimates for solution gas production from producing crude oil properties were based on an analysis of producing gas-oil ratios and existing sales gas recoveries. Solution gas reserves were assigned to non-producing oil properties where there was a likelihood of those reserves being recovered and sold from existing facilities or facilities that are expected to be available in the near future. The natural gas products reserves estimates for the producing properties were based on historical and anticipated future recoveries of these products from the natural gas reserves. The natural gas products recoveries from the non-producing natural gas reserves were estimated from gas analyses, well test information and from analogy with similar reservoirs. Natural gas products reserves were only assigned to non-producing properties in those cases where there was a likelihood that the gas production would be processed through existing facilities capable of extracting these products or where such a facility will be available in the near future. RESERVES DEFINITIONS The crude oil, natural gas and natural gas products reserves estimates presented in this report have been based on the definitions and guidelines prepared by the Standing Committee on Reserves Definitions of the CIM (Petroleum Society) as presented in the COGE Handbook. A summary of those definitions is presented below.

Cabot Energy Inc. and High Power Petroleum LLC Page 3 Forecast Prices and Costs November 6, 2017 Reserves Categories Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: analysis of drilling, geological, geophysical and engineering data; the use of established technology; and specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed. Reserves are classified according to the degree of certainty associated with the estimates Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves. Other criteria that must also be met for the categorization of reserves are provided in the COGE Handbook. Development and Production Status Each of the reserves categories (proved, probable and possible) may be divided into developed and undeveloped categories: Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (for example, when compared to the cost of drilling a well) to put the reserves on production. The developed category may be subdivided into producing and non-producing. Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty.

Cabot Energy Inc. and High Power Petroleum LLC Page 4 Forecast Prices and Costs November 6, 2017 Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption of production is unknown. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned. In multi-well pools it may be appropriate to allocate total pool reserves between the developed and undeveloped categories or to subdivide the developed reserves for the pool between developed producing and developed non-producing. This allocation should be based on the estimator's assessment as to the reserves that will be recovered from specific wells, facilities and completion intervals in the pool and their respective development and production status. Levels of Certainty for Reported Reserves The qualitative certainty levels referred to in the definitions above are applicable to individual reserves entities (which refers to the lowest-level at which reserves calculations are performed) and to reported reserves (which refers to the highest-level sum of individual entity estimates for which reserves estimates are presented). Reported reserves should target the following levels of certainty under a specific set of economic conditions: at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimated proved reserves; at least a 50 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved + probable reserves; and at least a 10 percent probability that the quantities actually recovered will equal or exceed the sum of the estimated proved + probable + possible reserves. Additional clarification of certainty levels associated with reserves estimates and the effect of aggregation is provided in the COGE Handbook. NET PRESENT VALUE ESTIMATES The net present values of the crude oil, natural gas and natural gas products reserves were obtained by employing future production and revenue analyses. The future crude oil production was generally predicated on the anticipated performance characteristics of the individual wells and reservoirs in question. The future natural gas production was also predicated on the anticipated performance characteristics of the individual wells and reservoirs in question with an allowance for any gas sales contract or gas processing facility restrictions. In those areas where shut-in natural gas reserves exist, the commencement of

Cabot Energy Inc. and High Power Petroleum LLC Page 5 Forecast Prices and Costs November 6, 2017 production was based on the proximity to a pipeline connection and the relevant factors relating to the future marketing of the reserves. The future production of gas-cap reserves was assumed to occur near the end of the oil producing life. Solution gas production was based on the forecast of the oil producing rates and current and forecast sales gas-oil ratios. The natural gas products production forecasts were based on the anticipated recoveries of these products from the produced natural gas. The Company's share of future crude oil revenue was derived by employing the Company s share of production and the forecast reference crude oil price less the historical quality and transportation price differential for each respective field. The forecast natural gas prices with an adjustment for the heating value of the gas were employed to calculate the Company s share of future natural gas revenues. The forecast reference natural gas products prices with adjustments to reflect historical price differentials realized by the Company in each respective property were employed to calculate the Company s share of future natural gas products revenues. Royalties and mineral taxes payable to the Crown were estimated based on the methods in effect as of September 30, 2017. Freehold and overriding royalties payable to others were estimated based on the indicated applicable rates. In those cases where a proportionate share of the natural gas gathering and processing charges were indicated to be payable by the Crown or royalties owned by others, these charges have been deducted in determining the net royalties payable. In all cases, estimates of the applicable capital expenditures and operating costs with an allowance for inflation were deducted in arriving at the Company's share of future net revenues. An allowance for future well abandonment costs and well site reclamation was made for all of the Company's working interest wells assigned reserves. No allowance was made for the abandonment and reclamation of any facilities. The net present values were then obtained by employing 5, 10, 15 and 20 percent nominal annual discount rates compounded monthly. The Company's share of remaining reserves and net present values are presented on a total Company basis in the summary section of this report. In addition, the NI 51-101 summary section contains Company data in F1 format. Most of the future net revenues and net present values estimated in this report are presented before income taxes. Future net revenues and net present values are presented after income tax in selected tables at the corporate level. The estimates of future income taxes were based on our understanding of current Canadian Oil and Gas tax calculations; however, income tax experts should be consulted before relying on any of the income tax estimates presented in this report. The future net revenue forecasts and net present value estimates for the probable reserves were calculated by subtracting the total proved forecasts from the proved + probable forecasts. Summaries of the Company's share of remaining reserves together with forecast future revenues, royalties, taxes, operating and capital costs, abandonments and reclamations, future net revenue, income taxes and net present values are presented in detailed tabulations for each reserves category in Appendices 1 to 10.

Forecast of Production and Revenue Before Tax - Company Share Total Proved Reserves Table 1 Crude Oil Natural Gas Natural Gas Liquids Sulphur Company WI & RI Sales Sales WI & RI Sales Sales WI & RI Sales Sales WI & RI Sales Sales Other Share Volume Price Revenue Volume Price Revenue Volume Price Revenue Volume Price Revenue Revenue Revenue Year Wells Mbbl $/bbl M$ MMcf $/Mcf M$ Mbbl $/bbl M$ Mlt $/lt M$ M$ M$ BOE/d 2017 (3) 39.0 66.1 54.70 3616.8 3.3 2.52 8.2 0.0 51.68 0.1 - - - - 3625.1 725 2018 51.0 329.9 58.11 19166.2 21.0 2.79 58.7 0.0 54.24 0.2 - - - - 19225.0 913 2019 50.0 299.8 60.38 18103.7 19.6 3.00 58.6 0.0 56.16 0.1 - - - - 18162.5 830 2020 48.0 224.8 64.80 14570.8 17.5 3.26 57.1 - - - - - - - 14627.9 622 2021 44.0 183.4 70.20 12874.5 15.7 3.62 56.9 - - - - - - - 12931.4 510 2022 44.0 153.1 74.96 11473.3 14.1 3.88 54.8 - - - - - - - 11528.1 426 2023 41.0 126.5 76.46 9675.5 12.7 3.93 50.0 - - - - - - - 9725.4 353 2024 38.0 107.2 78.14 8377.0 11.1 4.03 44.9 - - - - - - - 8422.0 298 2025 33.0 85.3 79.79 6807.3 9.8 4.13 40.4 - - - - - - - 6847.7 238 2026 27.0 70.2 81.54 5726.2 8.2 4.18 34.5 - - - - - - - 5760.7 196 2027 22.0 55.0 83.37 4587.3 6.4 4.27 27.3 - - - - - - - 4614.6 154 2028 19.0 44.0 85.09 3745.1 4.4 4.35 19.0 - - - - - - - 3764.1 122 2029 16.0 37.9 86.89 3291.2 3.2 4.37 14.2 - - - - - - - 3305.3 105 2030 15.0 32.2 88.80 2862.7 1.9 4.40 8.3 - - - - - - - 2871.0 89 2031 14.0 27.1 90.72 2458.2 1.7 4.50 7.6 - - - - - - - 2465.8 75 Rem. 4.0 53.3 96.67 5153.6 - - - - - - - - - - 5153.6 18 Total - 1895.9 69.88 132489.3 150.7 3.59 540.4 0.0 54.31 0.4 - - - - 133030.1 - Adjusted Royalties Mineral Sask. Cap. NPI Total Royalties & Taxes Crown Freehold Overriding Tax Surch. Pymts. Year M$ M$ M$ M$ M$ M$ % M$ 2017 (3) 454.0-46.9 - - 501.0 13.8-2018 2689.5-227.2 - - 2916.7 15.2-2019 2532.7-173.8 - - 2706.4 14.9-2020 1943.3-112.3 - - 2055.6 14.1-2021 1550.2-96.5 - - 1646.8 12.7-2022 1263.3-87.0 - - 1350.3 11.7-2023 978.1-76.5 - - 1054.6 10.8-2024 781.5-68.6 - - 850.0 10.1-2025 619.1-61.4 - - 680.5 9.9-2026 507.7-47.8 - - 555.4 9.6-2027 318.5-29.8 - - 348.2 7.5-2028 256.7-26.8 - - 283.5 7.5-2029 219.1-24.7 - - 243.8 7.4-2030 187.3-21.7 - - 209.0 7.3-2031 159.4-17.7 - - 177.1 7.2 - Rem. 346.2-20.7 - - 366.9 7.1 - Total 14806.7-1139.2 - - 15945.9 12.0 - Abd. & Capital Costs Future Net Revenue Before Tax Operating Costs Recl. Net Op. Drilling Equip. & Total NPV Costs Income & Compl. Facility Capital Annual Cum. @10.0% Year M$ $/BOE M$ M$ M$ M$ M$ M$ M$ M$ 2017 (3) 1152.0 17.28-1972.2 883.9-883.9 1088.2 1088.2 1073.1 2018 6117.2 18.35-10191.2 1374.9 563.5 1938.4 8252.8 9341.0 7667.6 2019 6171.1 20.36-9284.9 - - - 9284.9 18625.9 7886.9 2020 5764.9 25.31-6807.4 - - - 6807.4 25433.3 5251.8 2021 5585.2 30.03-5699.4 - - - 5699.4 31132.7 3995.1 2022 5394.1 34.71-4783.7 - - - 4783.7 35916.5 3048.6 2023 4939.8 38.39 127.0 3604.0 - - - 3604.0 39520.5 2090.1 2024 4646.7 42.61 108.4 2816.9 - - - 2816.9 42337.3 1486.3 2025 3852.8 44.31 456.5 1857.8 - - - 1857.8 44195.2 886.2 2026 3363.5 46.98-1841.8 - - - 1841.8 46037.0 801.6 2027 2633.0 46.94 364.5 1268.8 - - - 1268.8 47305.8 503.6 2028 2180.0 48.72 371.8 928.7 - - - 928.7 48234.5 329.1 2029 2045.8 53.25 543.4 472.4 - - - 472.4 48707.0 154.8 2030 1888.1 58.00 596.1 177.9 - - - 177.9 48884.9 51.6 2031 1724.6 62.99 502.6 61.5 - - - 61.5 48946.4 17.6 Rem. 3727.9-3127.1-2068.3 - - - -2068.3 46878.1-294.3 Total 61186.5-6197.3 49700.5 2258.8 563.5 2822.3 46878.1-34949.8 Remaining Reserves Product Gross Lease W.I. R.I. Net Light and Medium Oil (Mbbl) 2,122.7 1,895.9-1,660.9 Natural Gas (MMcf) 242.6 150.7-134.1 Natural Gas Liquids (Mbbl) 0.5 0.0-0.0 Total (MBOE) 2,163.6 1,921.0-1,683.3 Net Present Value Before Tax - M$ @ 0.0% @ 5.0% @ 10.0% @ 15.0% @ 20.0% 46,878.1 40,282.0 34,949.8 30,736.6 27,391.5 RLI Remaining Life Price Schedule 7.2 yrs 22.25 yrs G171001 17-0279 11/1/2017 2:06:59 PM

Forecast of Production and Revenue After Tax - Company Share Total Proved Reserves Table AT Capital Cost Allowance Cdn. Oil & Gas Property Expense Canadian Development Expense Initial Expense Initial Expense CEE Initial Expense FEDE Tax Pool Balance Additions Claim Balance Additions Claim Claim Balance Additions Claim Claim Claims Year M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ 2017 (3) 1508.5-377.1 794.0-79.4-8263.0 883.9 2744.1-3200.6 2018 1131.4 563.5 353.3 714.6-71.5-6402.8 1374.9 2333.3-2758.1 2019 1341.6-335.4 643.1-64.3-5444.4-1633.3-2033.0 2020 1006.2-251.6 578.8-57.9-3811.1-1143.3-1452.8 2021 754.7-188.7 520.9-52.1 4007.3 2667.8-800.3-5048.4 2022 566.0-141.5 468.8-46.9 1619.5 1867.4-560.2-2368.1 2023 424.5-106.1 422.0-42.2-1307.2-392.2-540.5 2024 318.4-79.6 379.8-38.0-915.0-274.5-392.1 2025 238.8-59.7 341.8-34.2-640.5-192.2-286.0 2026 179.1-44.8 307.6-30.8-448.4-134.5-210.0 2027 134.3-33.6 276.8-27.7-313.9-94.2-155.4 2028 100.7-25.2 249.2-24.9-219.7-65.9-116.0 2029 75.6-18.9 224.2-22.4-153.8-46.1-87.5 2030 56.7-14.2 201.8-20.2-107.7-32.3-66.6 2031 42.5-10.6 181.6-18.2-75.4-22.6-51.4 Rem. - 31.9-159.8 - - 52.8-244.4 Total 563.5 2072.0-790.3 5626.8 2258.8 10521.8-19011.0 Revenue Royalties & Expenses Taxable Deductions Crown Other Op. Costs, Total Income Non-capital Tax WI Sales Royalty Other Total Royalty Royalty Abd., Recl. Royalties & Before Tax Pool Loss Carry- Loss Taxable Revenue Revenue Revenue Revenue Payable Payable & Taxes Expenses Deductions Claims forward Claim Income Year M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ M$ 2017 (3) 3625.1 - - 3625.1 454.0 46.9 1152.0 1653.0 1972.2 3200.6 19462.2 - - 2018 19225.0 - - 19225.0 2689.5 227.2 6117.2 9033.8 10191.2 2758.1 20690.6 7433.1-2019 18162.5 - - 18162.5 2532.7 173.8 6171.1 8877.6 9284.9 2033.0 13257.5 7251.9-2020 14627.9 - - 14627.9 1943.3 112.3 5764.9 7820.5 6807.4 1452.8 6005.7 5354.6-2021 12931.4 - - 12931.4 1550.2 96.5 5585.2 7232.0 5699.4 5048.4 651.0 651.0-2022 11528.1 - - 11528.1 1263.3 87.0 5394.1 6744.4 4783.7 2368.1 - - 2415.6 2023 9725.4 - - 9725.4 978.1 76.5 5066.8 6121.4 3604.0 540.5 - - 3063.5 2024 8422.0 - - 8422.0 781.5 68.6 4755.1 5605.1 2816.9 392.1 - - 2424.8 2025 6847.7 - - 6847.7 619.1 61.4 4309.3 4989.8 1857.8 286.0 - - 1571.8 2026 5760.7 - - 5760.7 507.7 47.8 3363.5 3918.9 1841.8 210.0 - - 1631.8 2027 4614.6 - - 4614.6 318.5 29.8 2997.5 3345.7 1268.8 155.4 - - 1113.4 2028 3764.1 - - 3764.1 256.7 26.8 2551.8 2835.3 928.7 116.0 - - 812.7 2029 3305.3 - - 3305.3 219.1 24.7 2589.1 2832.9 472.4 87.5 - - 385.0 2030 2871.0 - - 2871.0 187.3 21.7 2484.1 2693.1 177.9 66.6 - - 111.3 2031 2465.8 - - 2465.8 159.4 17.7 2227.2 2404.3 61.5 51.4 - - 10.1 Rem. 5153.6 - - 5153.6 346.2 20.7 6855.0 7221.9-2068.3 244.4 22.7 - Total 133030.1 - - 133030.1 14806.7 1139.2 67383.8 83329.6 49700.5 19011.0 20713.3 13540.0 Federal Provincial Cash Flow Total Tax NPV Taxable Income Tax Rate Tax Payable Taxable Income Tax Rate Tax Payable BTCF Payable ATCF Cum. ATCF @10.0% Year M$ % M$ M$ % M$ M$ M$ M$ M$ M$ 2017 (3) - - - - - - 1088.2-1088.2 1088.2 1073.1 2018 - - - - - - 8252.8-8252.8 9341.0 7667.6 2019 - - - - - - 9284.9-9284.9 18625.9 7886.9 2020 - - - - - - 6807.4-6807.4 25433.3 5251.8 2021 - - - - - - 5699.4-5699.4 31132.7 3995.1 2022 2415.6 15.0 362.3 2415.6 12.0 289.9 4783.7 652.2 4131.5 35264.3 2635.4 2023 3063.5 15.0 459.5 3063.5 12.0 367.6 3604.0 827.2 2776.9 38041.1 1613.7 2024 2424.8 15.0 363.7 2424.8 12.0 291.0 2816.9 654.7 2162.2 40203.3 1143.6 2025 1571.8 15.0 235.8 1571.8 12.0 188.6 1857.8 424.4 1433.5 41636.7 684.2 2026 1631.8 15.0 244.8 1631.8 12.0 195.8 1841.8 440.6 1401.2 43038.0 610.9 2027 1113.4 15.0 167.0 1113.4 12.0 133.6 1268.8 300.6 968.2 44006.2 385.3 2028 812.7 15.0 121.9 812.7 12.0 97.5 928.7 219.4 709.3 44715.5 250.6 2029 385.0 15.0 57.7 385.0 12.0 46.2 472.4 103.9 368.5 45084.0 121.0 2030 111.3 15.0 16.7 111.3 12.0 13.4 177.9 30.0 147.9 45231.8 42.7 2031 10.1 15.0 1.5 10.1 12.0 1.2 61.5 2.7 58.8 45290.6 16.8 Rem. - - - - - - -2068.3 - -2068.3 43222.3-294.3 Total 13540.0-2031.0 13540.0-1624.8 46878.1 3655.8 43222.3 33084.6 Net Present Value - M$ @0.0% @5.0% @10.0% @15.0% @20.0% Before Tax Cash Flow 46878.1 40282.0 34949.8 30736.6 27391.5 After Tax Cash Flow 43222.3 37702.7 33084.6 29358.4 26353.6 17-0279 11/1/2017 2:06:59 PM