Canada's Public Equities Markets

CANADA’S PUBLIC EQUITIES MARKETS.

YOUR OPPORTUNITY

Oil and gas:

World-class competitors

With more than 175 billion barrels of oil, Canada ranks third in the world in proven

crude oil reserves – one of the largest of its kind accessible on public markets.

Canada is also a top five global producer of natural gas.

For investors interested in the oil and gas sector, TSX and TSXV provide an important

and liquid market for trading shares in public energy companies. The Exchanges

currently rank third in the world in terms of liquidity in the sector, with an average of

$1 billion in shares traded every day. These shares are issued by oil and gas companies

at various development stages and with operations not only in Canada,

but throughout the world.

Investors in Canada can choose from more than 335 oil and gas

companies listed on TSX and TSXV. Of that total, almost 230 exploration

and production stage oil and gas companies are listed on TSXV. As these

companies develop and mature, they have the potential to graduate

to TSX.

Yangarra Resources Ltd.

(TSX

: YGR )

Africa Oil Corp.

(TSX

: AOI

)

and

Mart Resources Inc.

(TSX

: MMT )

are a few examples of companies

that graduated to TSX in 2014. In fact, more than 30% of oil and gas

companies on TSX are graduates of TSXV, while four of the eight oil and gas companies

newly listed on TSX in 2014 graduated from TSXV. Graduating to TSX, a globally

recognized public equities market, helps raise their visibility with investors

around the world.

On TSX, investors can choose from more than 100 oil and gas companies, including

Suncor Energy Inc.

(TSX

: SU

Canadian Natural Resources Limited

(TSX

: CNQ )

and

Husky Energy Inc.

(TSX

: HSE )

. With a listing on TSX, these companies gain exposure

to the global investment community, who recognize the advantages of trading in a

market that leads the world in oil and gas listings.

SECTOR OVERVIEW

• 337 oil and gas

companies - accounting

for 30% of the world’s

public oil and gas

companies - are listed

on TSX and TSXV

• Oil and gas companies

raised $11 billion in

equity capital on TSX

and TSXV in 2014, more

than double the equity

capital raised during

2013 ($5.2 billion)

• TSX and TSXV rank #2

in the world for equity

capital raised in this

sector in 2014

PrairieSky Royalty Ltd.

enters the market with IPO

Canada’s oil and gas sector went through a tumultuous time during the latter part of 2014, with global

energy prices undergoing a significant shift. Despite the uncertainty this may have caused, Calgary-based

PrairieSky Royalty Ltd. (TSX

: PSK

) was a bright spot in the oil and gas sector on TSX. PrairieSky was spun out of

Encana Corporation (TSX

: ECA )

and owns mineral rights and other royalty interests covering roughly 9 million

acres of land in Alberta, British Columbia and Saskatchewan and collects royalty revenues from those assets.

In what was Canada’s largest initial public offering (IPO) in the last 14 years, Encana Corporation sold close to

$1.7 billion of common shares through the PrairieSky initial public offering.

DISCOVER SOME OF THE COMPANIES IN THIS SECTOR

Blackbird Energy Inc.

(TSXV

: BBI

) operates in the western Canadian

basin, one of the largest shale basins in the world, with operations

in Alberta’s Montney natural gas resource, about 200 km north of

Grand Prairie.

--> Calgary, AB

Keyera Corp.

(TSX

: KEY )

provides products and services to oil

and gas producers in Western Canada, including gathering and

processing NGLs, fractionation, storage, transportation, logistics

and marketing services. As an independent midstream business,

the company focuses on providing essential services to producers

and delivering NGLs and related products to key markets across

North America.

--> Calgary, AB

Mapan Energy Ltd.

(TSXV

: MPG

) is a new oil and gas company

incorporated in early 2014. The company aims to build a low-cost

exploration and production company with emphasis on natural gas

properties in the western Canadian basin and has two operations in

Alberta and British Columbia.

--> Calgary, AB

Painted Pony Petroleum Ltd.

(TSX

: PPY )

is a recent graduate

of TSXV. The company focuses on natural gas and natural gas

liquids (NGLs) from the Montney formation in northeast British

Columbia, where it has a 72% working interest in more than

100,000 acres around Blair, Cameron and other towns. It also has

a 75% interest in more than 77,000 acres of property around Midale,

Kisbey and other locales in Saskatchewan.

--> Calgary, AB

* Painted Pony Petroleum Ltd. graduated from TSXV to TSX on 17 October 2013.

335

OIL AND GAS

COMPANIES ARE

LISTED ON TSX

AND TSXV