TORONTO STOCK EXCHANGE 15 (iii) Oil and Gas Companies There are two categories available to applicants in the oil and gas sector: (i) Oil and Gas Companies and (ii) Senior Oil and Gas Companies. Within the Oil and Gas Company category, there are two streams available, based on either positive pre-tax cash flow or a 12-month run rate calculation. All Senior Oil and Gas Companies must demonstrate positive pre-tax cash flow, among other requirements. Oil and Gas Company Senior Oil and Gas Company Operations Proved and probable reserves of $100,000,000, the majority of which is proved Proved reserves of $100,000,000 Funding Positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements OR 12-month run rate calculation demonstrating sufficient funding for the period Positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements AND Average production rate of 10,000 boepd for the most recently completed quarter Market Support $50,000,000 market capitalization $100,000,000 market capitalization Reserves: Both “proved” and “probable” reserves are as defined in NI 51-101 and the Canadian Oil and Gas Evaluation Handbook maintained by the Society of Petroleum Evaluation Engineers (Calgary Chapter), as amended from time to time. The value of reserves should be calculated as the net present value of future cash flows before income taxes, prepared on a forecast basis, and discounted at a rate of 10%. The Exchange may, at its discretion, also require the provision of a price sensitivity analysis. Technical reports must be prepared by an independent technical consultant and conform to NI 51-101, and be acceptable to the Exchange. Reports prepared in conformity with other reporting systems deemed acceptable by the Canadian Securities Administrators (“CSA”) as evidenced by a CSA exemption will also be acceptable. Note regarding other alternative sources of energy (green hydrocarbons, geothermal, biofuels, hydrogen, helium, etc.): Such applicants should contact TSX Staff on a pre-filing basis to discuss possible reserves requirements. TSX will also consider the applicant’s applicable pre-filing discussions with the CSA in such circumstances.
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