Angle Energy Inc.

Inception

• Angle Energy Inc. incorporated as blind pool start-up – zero production.
• First private placement equity issue, raising $14.9 million.
• Created over 30 varied drilling prospects.
• Obtained a small but strategic land position in Garrington and Harmattan.

Q4-05

Year End

• Drilled 9 wells (8 net) for a 94% success rate; capital expenditures of $25.2 million.
• Signed a multi-well farm-in in the Harmattan/Crossfield area of West Central Alberta.
• Acquired ownership or access to 120 sections of land, of which more than 85% is in the Harmattan/Crossfield core area.
• Company brings first production of Harmattan on stream, exits year at 35 boe/d.

Q1-06

• Drilled 5 wells (4.4 net) for a 68% success rate; capital expenditures of $11.5 million.
• Discovered a new pool in the Harmattan area with significant deliverability; initial well tests at 12.5mmcf/d AOF.
• Brought three wells on-stream at initial rates of approximately 850 boe/d.
• Generated positive cash flow of $1.1 million or $0.04 per share for the quarter.
• Established an initial revolving credit facility of $7.3 million.

Q2-06

• Drilled 6 wells (4.5 net) for an 89% net success rate; capital expenditures of $8.0 million.
• Realized average production of 701 boe/d for the period; cash flow of $0.78 million.
• Established foothold at Ferrier with a 3.5-section farm-in.
• Continued to develop future drill prospects in Mannville sand play and the higher impact Elkton play.
• Closed an equity financing for gross proceeds of $11.5 million and completed arrangements for a revolving credit facility for $10 million.

Q3-06

• Drilled 7.0 wells (6.4 net) for a 69% net success rate; capital expenditures of $19.2 million.
• Realized average production of 1,218 boe/d for the period; cash flow of $1.5 million.
• Deanne/Rough exploration prospect is internally generated.

Q4-06

Year End

• Drilled 22 (18.7 net) wells in 2006 for a 74% net success rate; capital expenditures of $57.8 million.
• Average production of 1,281 boe/d for 2006; exit 3,500 boe/d 2006; cash flow of $8.0 million.
• Reserves independently evaluated at 12.3 million boe proved plus probable; achieved F&D of $11.94 (proven) $7.42 (P+P) recycle ratios of 1.7 and 2.7 respectively.
• Closed an equity financing for gross proceeds of $12.0 million.
• Expanded credit facility by $10 million for a total banking facility of $20 million; ended 2006 with $10.8 million in net debt.

Q1-07

• Drilled 7 gross (6.1 net) wells for a 75% net success rate; capital expenditures of $18 million.
• Realized average production of 3,494 boe/d for the quarter; cash flow of $8.1 million.
• Doubled credit facility from $20 million to $40 million.

Q2-07

• Due to wet conditions, did not complete any drilling; capital expenditures of $4.7 million.
• Realized average production of 3,326 boe/d for the quarter; cash flow of $7.3 million.
• Continued to expand drilling prospect inventory in core Harmattan/Crossfield area, emerging Ferrier area and in a number of new locations adjacent to core lands.

Q3-07

• Drilled 7 gross (6.0 net) wells for a 83% success rate; capital expenditures of $17.9 million.
• Realized average production of 2,989 boe/d; cash flow of $6.6 million.
• Increased credit facility from $40 million to $50 million.

Q4-07

Year End

• Drilled 19 gross (16.6 net) wells for a 76% net success rate; capital expenditures of $59.1 million.
• Average production of 3,334 boe/d for 2007; cash flow of $29.6 million.
• First gas discovery at Ferrier, extending large regional Ellerslie pool.
• Extended Elkton pool at Harmattan, drilling third high deliverability well.
• Reserves independently evaluated at 13.6 million boe proved plus probable; achieved F&D of $15.93 (proven) $23.38 (P+P) recycle ratios of 1.7and 1.1 respectively.
• Closed an equity financing for gross proceeds of $8.7 million.

Q1-08

• Drilled 6 gross (4.4 net) wells for a 77% net success rate; capital expenditures of $17 million.
• Realized average production of 5,450 boe/d; cash flow of $14.1 million.
• Continued successful delineation of gas condensate discovery in the Harmattan area.
• Entered into a 7.25-section farm-in in the Lone Pine area on EMC freehold land with Wabamun gas potential.

Q2-08

• Drilled 6 gross (5.7 net) wells for an 83% net success rate; capital expenditures of $21.7 million.
• Realized average production of 5,965 boe/d; cash flow of $19 million.
• Expanded credit facility from $50 million to $70 million.
• Angle completes initial public offering, issuing 3.875 million shares and raising gross proceeds of $31 million.
• Angle obtains listing on the TSX and commences trading under symbol NGL.

Q3-08

• Drilled 9 gross (7.8 net) wells for an 82% net success rate; capital expenditures of $23.5 million.
• Realized average sales of 7,280 boe/d; cash flow of $21 million.
• Appointments and management additions:
  • Elizabeth More promoted to Vice President, Exploration;
  • Glen Richardson was promoted to Vice President, Land;
  • Matthew Mazuryk joined as Manager of Engineering.

Q4-08

Year End

• Drilled 24 gross (20.9 net) wells for a 74% net success rate; capital expenditures of $79.8 million.
  Average production of 6,586 boe/d for 2008; cash flow of $69.8 million for the year.
• Increased commodity revenues 130% to $127.9 million.
• Exited 2008 with a working capital deficiency of $9.0 million on a $70.0 million credit facility.
• Reserves independently evaluated at 15.9 million boe proved plus probable; achieved F&D of $15.06 (proven) $14.67 (P+P) recycle ratios of 2.1.

Q1-09

• Drilled 6 gross (4.9 net) wells; capital expenditures of $17.8 million.
• Average production of 7,645 boe/d; cash flow of $9.6 million.
• Completed a key facility project in Harmattan.
• Acquired 3,328 hectares of Crown mineral rights in core operating areas at an average price of $192.10/hectare.
• In Deanne, drilled a 100% working interest exploratory well to a total depth of 3,621 m.
• Angle closed an $80 million new syndicated committed, revolving banking facility.
• Executive changes and appointments:
  • Heather Christie-Burns promoted to President while retaining role as Chief Operating Officer;
  • Gregg Fischbuch will continue as Chief Executive Officer;
  • Matthew Mazuryk promoted to Vice President, Engineering from Manager of Engineering.

Q2-09

• Drilled 2 gross (2.0 net) wells; capital expenditures of $29 million.
• Average production of 7,472 boe/d; cash flow of $8.5 million.
• Acquired 16 sections or 10,240 acres (100% working interest) of Crown mineral rights in our core operating areas at an average price of $160.90 per hectare.
• Acquired 550 boe/d of new production in the Ferrier area.
• The first well in Lone Pine Creek was drilled and completed at an estimated cost of $1.8 million,
  within budget.
• Lone Pine well established thick, gas-charged reservoir with low permeability, horizontal drilling planned in the project.

Q3-09

• Drilled 4 gross (4.0 net) wells; capital expenditures of $9.5 million.
• Average production of 7,552 boe/d; cash flow of $8.7 million.
• Acquired 5.25 sections or 3,360 acres (100% working interest) of Crown mineral rights in our core operating areas.
• The Lone Pine Creek horizontal well was completed. Gas flow rates were measured as high as 5 MMscf/d, with a stabilized rate established at 2.8 MMscf/d after 3 days of flow.
• Executive additions:
  • Graham Cormack joined as Vice President, Operations.

Q4-09