Oil Monitor 2013 06 14 - Brandon Hill Capital · Green Dragon Gas (GDG LN) ... (London)(London)...

14 June 2013

Oil Monitor

This is a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Non-US research analysts who have prepared this report are not registered/qualified as research analysts with FINRA, may not be associated persons of the member organisation and may not be subject to NASD/NYSE restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Disclosures can be found at the end of the report.

Fox-Davies Capital

Week’s Summary This week has been a good week again

for the UK shale gas industry, with

Centrica throwing its hat in to the ring.

The key issue will, however, be the

participants ability to (i) unlock the

resources economically; and (ii) obtain

necessary approvals to the drill the

requisite wells to develop the asset. On

point (ii) the environmental lobby are

already one step ahead of the drillers

and are marshalling opposition

effectively. The traditional model where

the central government receives all of the

third party benefits in the form of

taxation and royalties means that the

residents in the areas surrounding the

operations have no direct financial

reward or benefits other than the jobs it

creates. We believe an area royalty

payment or similar would link the

operators and residents successes

together and provide a financial incentive

although this will not necessarily appease

hard-line environmental opposition.

Elsewhere, Venezuela’s demands that its

banks lend to its underperforming

energy sector is a depressing sign of how

far the country has fallen, and really does

confirm the fact that just when you think

things can’t get any worse, they will. The

state is responsible for the mess it is in in

the first place, and getting the banks to

cover for their mistakes risks spreading

the pain to the wider economy. What is

really needed is reform, and probably a

new mode of government. Still, at least

it’s not getting 2 hour speeches and a TV

show in which policy is decided any

more.

So that’s progress, right?

In This Edition

Risers and Fallers 2

UK Listed Equities 2

International Listed Equities 3

Research Published This Week 4

Range Resources (London) (RRL LN) 3p 4

Trinidad Update - 4

News Roundup 4

Covered Stocks 4

Great Eastern Energy (GEEC LN) 269p 4

Delivery Now Happening ►BUY – 440p 4

Heritage Oil (London) (HOIL LN) 142p 5

Back on Track ►BUY – 340p 5

Matra Petroleum (MTA LN) 0.93p 5

Value at Cash ▼HOLD – 1p 5

Other Stocks 6

DNO (Oslo) (DNO NO) NOK11.19 6

Kurdish Export Route Becoming Essential - 6

Bridge Energy (Oslo) (BRIDGE NO) NOK11.15 6

Barren Spell Continues - 6

Green Dragon Gas (GDG LN) 204p 6

Post Balance Sheet Events Dominate - 6

JKX (London) (JKX LN) 53p 7

Open Letter - 7

Leni Gas & Oil (LGO LN) 0.98p 7

Trinidad Progress - 7

ROXI Petroleum (RXP LN) 4p 8

On Your Marks… Get Set… - 8

Data Watch 8

Commodities 8

Currencies 9

Oil & Gas Equity Data 10

Stocks Under Coverage 10

Exploration & Production 10

Watch List 11

Sector Performances 13

Peer Comparisons 15

Exploration & Production 15

Explorers 24

Integrated Majors 37

Refiners 40

Gas Storage & Transportation 41

Drillers 44

Equipment & Services 46

For further information, please contact:

Research: +44 20 3463 5030

Sales: +44 20 3463 5050

www.fox-davies.com

Oil Monitor 14 June 2013

Fox-Davies Capital 2

Risers and Fallers

UK Listed Equities

Biggest MoversBiggest MoversBiggest MoversBiggest Movers

25.0%

15.6%

10.4%

9.0%

8.4%

6.9%

6.3%

6.1%

3.8%

3.8%

3.4%

3.0%

-10.9%

-11.4%

-11.6%

-13.3%

-14.3%

-14.3%

-14.8%

-15.8%

-16.0%

-16.7%

-18.4%

-18.6%

-50% -40% -30% -20% -10% 0% 10% 20% 30%

Sefton Resources (LN)

Matra Petroleum (LN)

Parkmead (LN)

IGAS Energy (LN)

Lansdowne Oil & Gas (LN)

Oilex (London) (LN)

Hydrodec Group (LN)

Lochard Energy (LN)

Independent Resources (LN)

Seaenergy (LN)

Nighthawk Energy (London) (LN)

Genel Energy (LN)

Borders & Southern Petroleum (LN)

Greka Drilling (LN)

Maple Energy (London) (LN)

Resaca Exploitation (LN)

Madagascar Oil (LN)

Ascent Resources (LN)

Antrim Energy (London) (LN)

Rialto Energy (London) (LN)

Serica Energy (London) (LN)

Mercom Oilnds PLC (LN)

Frontera Resources (LN)

KEA Petroleum (LN)

Source:Source:Source:Source: Fox-Davies Estimates



International Listed Equities

Biggest MoversBiggest MoversBiggest MoversBiggest Movers

1,000.0%

566.7%

383.3%

275.0%

275.0%

210.3%

125.8%

100.0%

100.0%

100.0%

87.5%

80.0%

-50.0%

-50.0%

-50.0%

-50.0%

-52.2%

-54.2%

-58.3%

-66.7%

-75.0%

-76.5%

-98.3%

-100.0%

-400% -200% 0% 200% 400% 600% 800% 1000% 1200%

GSV (US)

USA Recycling Industries (US)

Century Petroleum (US)

Perisson Petroleumrp (CN)

Maverick Minerals (US)

Monarch Gulf Exploration (US)

CanTex Energy (US)

Savoy Energy (US)

Flying A Petroleum (CN)

Atikwa Resources (CN)

Gondwana Gold (CN)

Maverick Energy Group (US)

Chimera Energy (US)

Capital Reserve Canada (US)

Greenpower Energy (AU)

Sentry Petroleum (US)

Norstra Energy (US)

Digger Resources (CN)

Norse Energy (ADR) (US)

Titan Oil & Gas (US)

Turner Valley Oil & Gas (US)

Artemis Energy Holdings (US)

Micron Enviro Systems (US)

Savanna East Africa (US)

Source:Source:Source:Source: Fox-Davies Estimates



Research Published This Week Range Resources Range Resources Range Resources Range Resources (London)(London)(London)(London) ((((RRL LNRRL LNRRL LNRRL LN)))) 3p 3p 3p 3p

Trinidad UpdateTrinidad UpdateTrinidad UpdateTrinidad Update ----

Range Resources has provided an update on its Trinidadian assets, with

both production and appraisal drilling progressing on its Morne

Diabolo asset. The Company reports that it remains on track to meet its

1,200 bpd production forecast.

In this news:

� The QUN 142 well successfully reached target depth of 1,255ft. and is currently producing 75bopd.

� The Upper Cruse zone in the QUN 135 well has been successfully perforated and will be put into production this week, after 72 hour flow test rates of up to 150bopd. Middle Cruse zone will form part of larger development.

� Three production rigs have been placed into operation and have completed remedial work on 14 wells, which has added an estimated 95bopd to current production.

� The QUN 141 has been successfully completed and as previously announced, the logs indicated 160ft. of gross oil pay, one of the thickest Lower Forest pay sections to be encountered to date. The well has been perforated and production is anticipated at between 75 – 100bopd.

� Further production of 60 bopd is expected to be added this week through the planned work over of another 15 wells, followed by an estimated additional 90bopd through the QUN 16 well re-entry and optimization of the QUN 120 & 128 wells over the coming weeks.

� The QUN 143 and 144 wells spudded and are both drilling ahead with a target depth of 1000 ft. The wells are anticipated to perform at similar initial production rates of neighbouring Lower Forest wells between 50 – 75bopd.

� MD 248 well drilled to 5,780ft. encountering multiple high pressure oil and gas pays, and oil across the shakers.

The NAV as at 31st May 2013 is summarised below:

AreaAreaAreaArea NAVNAVNAVNAV

$mm$mm$mm$mm pppp/share/share/share/share

Trinidad 549 14

Georgia 284 7

Colombia 42 1

Putland 71 2

TotalTotalTotalTotal 945945945945 25252525

DescriptionDescriptionDescriptionDescription Range Resources Limited explores for oil, gas, and minerals. The Company holds interest in properties in Somalia, United States, Georgia, and Trinidad.

Market CapMarket CapMarket CapMarket Cap £85mm

MetricMetricMetricMetric 5D5D5D5D 1M1M1M1M 1Y1Y1Y1Y

PricePricePricePrice 3p 3p 8p

ChangeChangeChangeChange (0%) (7%) (63%)

2.5

3.0

3.5

4.0

4.5

5.0

3m 3m 3m 3m PerformancePerformancePerformancePerformance

A full copy of this note is available on our website (www.fox-

davies.com).

News Roundup

Covered Stocks

Great Eastern Energy Great Eastern Energy Great Eastern Energy Great Eastern Energy (GEEC LN)(GEEC LN)(GEEC LN)(GEEC LN) 269p 269p 269p 269p

Delivery Now HappeningDelivery Now HappeningDelivery Now HappeningDelivery Now Happening ►BUY BUY BUY BUY –––– 440p440p440p440p

GEEC’s full year results (10th June 2013) results have highlighted the

progress that has been made in the past 12 months, especially with

respect to production; drilling has always progressed in line with

guidance.

What is essential for the Company now is to start to accelerate the

delivery of revenue earning gas, such that it can start to support its

~$101mm debt obligation which is starting to loom large, and could

become a millstone if the Company’s cash flows do not improve.

On this point however, we continue to believe that the benefits of first

mover advantage will start to bear fruit, and the production growth,

which has now started to accelerate, will continue.

As a result, we are reiterating our 440 Target Price and BUY

recommendation.

In this news:

� Raniganj (South) Block:

- Production increased to 17.3 mmscfd, up 94% from May 2012,

and a 17% increase from October 2012

- A total of 150 wells drilled; including 50 deviated wells

successfully drilled

- 16 deviated wells producing gas

- Total of 127 wells dewatering / producing gas, a 43% increase

over the previous year

- Increase of 7% to 277 BCF (from 258 BCF as at May 2012) in 3P

reserves at Raniganj (South) Block

- Increase of 12 % to 139 BCF (from 124 BCF as at May 2012) in

2P reserves at Raniganj (South) Block

� Mannargudi Block

- Final approvals expected from the State Government

- Minimum work program consists of 30 pilot production wells

and 50 core holes

� Raniganj (North) Block:

- Awarded a 25% Participating Interest in Raniganj (North) Block,

which is adjacent to GEEC’s Raniganj (South) Block

- The Company has accepted their offer on 17 May 2013, which is

subject to execution of Farm-in related, and Joint Operatorship

agreements with ONGC (along with its consortium) and the

approval from the Government of India.



DescriptionDescriptionDescriptionDescription Great Eastern Energy Corporation Ltd. (GEECL)

provides oil and gas services. The Company explores,

develops, produces, and retails coal bed methane.

GEECL operates throughout India.




ChangeChangeChangeChange (1%) - (10%)


A full copy of this release is available on the Company’s website

(www.geecl.com), or via the London Stock Exchange

(www.londonstockexchange.com).

Heritage OilHeritage OilHeritage OilHeritage Oil (London)(London)(London)(London) ((((HOIL LNHOIL LNHOIL LNHOIL LN)))) 142p 142p 142p 142p

Back on TrackBack on TrackBack on TrackBack on Track ►BUY BUY BUY BUY –––– 340p340p340p340p

The Company’s production update (12th June 2013) will come as a

relief, not only to investors, but management too. While this news is

welcome, it is not the main event, which remains the reason why

Heritage bought this asset in the first place, i.e., raising production 10

fold from current levels.

With new wells not scheduled until 2H’14, their investors need to have

the confidence that when the programme starts, it is going to deliver

the growth that has been earmarked for it. Given that the Company has

delivered on its promises to date provides it with some cover, but

development and rehabilitation is a new area, so a bit more detail will

be required.

We are reiterating our BUY Recommendation and 340p Target Price.

DescriptionDescriptionDescriptionDescription Heritage Oil P.L.C. is an independent upstream exploration and production company that explores for oil and natural gas. The Company operates in Africa (namely Nigeria), the Middle East, Russia and Papua New Guinea.




ChangeChangeChangeChange 1% 7% 19%

125

135

145

155

165

175

185

195

205

3m Performance3m Performance3m Performance3m Performance


(www.heritageoilcorp.com), or via the London Stock Exchange


Matra Petroleum Matra Petroleum Matra Petroleum Matra Petroleum ((((MTA LNMTA LNMTA LNMTA LN)))) 0.93p 0.93p 0.93p 0.93p

Value at CashValue at CashValue at CashValue at Cash ▼HOLD HOLD HOLD HOLD –––– 1p1p1p1p

Matra’s disposal of its interest in the Arkhangelovskoe Licence which

holds the Sokolovskoe Field is a surprising next stage in the Company’s

migration towards gaining critical mass.

That it has completed it ahead of actually signing up another deal is

somewhat surprising, but given that the deal in the background is

unlikely to be too far away, at this stage we believe that there is nothing

to be too concerned about.

However, should this hiatus between the disposal of Arkhangelovskoe

and an announcement of a new licence become too long, the risks of

leakage in the cash pile become greater, effectively negating the

reasoning behind the disposal.

Following this news, we are downgrading our Target Price to 1p and

Recommendation to HOLD.

DescriptionDescriptionDescriptionDescription Matra Petroleum PLC has been established for the purpose of making investments in the mining and minerals sector. The Company's investments may be made in exploration, development, or production stage projects.



PricePricePricePrice 0.85p 0.90p 2p

ChangeChangeChangeChange 16% 3% (61%)

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

3m3m3m3m PerformancePerformancePerformancePerformance


(www.matrapetroleum.com), or via the London Stock Exchange


265

266

267

268

269

270

271

272

273

274



Other Stocks

DNO (Oslo)DNO (Oslo)DNO (Oslo)DNO (Oslo) (DNO NO)(DNO NO)(DNO NO)(DNO NO) NOK11.19 NOK11.19 NOK11.19 NOK11.19

Kurdish Export Route Becoming EssentialKurdish Export Route Becoming EssentialKurdish Export Route Becoming EssentialKurdish Export Route Becoming Essential ----

News of DNO’s latest Twake wells (Twake-17 & 20 – 11th June 2013)

continue to reaffirm the Company’s investment in the region, if indeed

any more was needed.

What this news also highlights is the fact that the region needs its own

export arrangements to enable the full potential of its fields to be

realised, especially as output from just one of the major fields will be

sufficient to satisfy regional demand.

DescriptionDescriptionDescriptionDescription DNO International ASA explores for and produces oil and gas. The Company operates in the North Sea, the Middle East, and Africa.

Market CapMarket CapMarket CapMarket Cap NOK11,450mm


PricePricePricePrice NOK10.41 NOK10.12 NOK7.38

ChangeChangeChangeChange 9% 11% 52%



(www.dno.no).

Bridge Energy Bridge Energy Bridge Energy Bridge Energy (Oslo)(Oslo)(Oslo)(Oslo) ((((BRIDGE NOBRIDGE NOBRIDGE NOBRIDGE NO)))) NONONONOKKKK11.15 11.15 11.15 11.15

Barren Spell ContinuesBarren Spell ContinuesBarren Spell ContinuesBarren Spell Continues ----

Bridge hasn’t had much luck at the drill bit since it floated and its latest

well result (Mjøsa – 11th June 2013) has been no exception. It’s hard to

be critical as the Company was only a minority partner, but there does

come a point at which you stop blaming bad luck and start to look at

the explorationists approach.

We are not there yet, but we do need to start to understand what has

gone awry, for no other reason than investors need to feel confident

that these experiences are making them better explorationists and

improving the future chances of finding oil. Still, we are a little way off

being at that point as there is still an exciting inventory left to pursue.

DescriptionDescriptionDescriptionDescription Bridge Energy ASA is a North Sea focused oil and gas exploration and production business with activities in the UK and Norway. The Company has plans to grow both production and resources through a balanced programme of acquisition, exploration and development using its existing portfolio as a foundation.

Market CapMarket CapMarket CapMarket Cap NOK707mm


PricePricePricePrice NOK11.65 NOK11.00 NOK9.50

ChangeChangeChangeChange (3%) 1% 17%

10.5

10.7

10.9

11.1

11.3

11.5

11.7

11.9

12.1

12.3



(www.bridge-energy.no), or via the London Stock Exchange


Green Dragon Gas Green Dragon Gas Green Dragon Gas Green Dragon Gas ((((GDG LNGDG LNGDG LNGDG LN)))) 204p 204p 204p 204p

Post Balance Sheet Events DominatePost Balance Sheet Events DominatePost Balance Sheet Events DominatePost Balance Sheet Events Dominate ----

Green Dragon’s results this week (10th June 2013) were full of numbers

and statistics, but actually masked the biggest issue facing the

Company, that despite all of these efforts, the most important measure,

i.e. cash flow available for reinvestment, has shown very little progress

and is still registering a net cash outflow. While its results statement

detailed an increase in the Company’s asset value, there is always a

difference between value and worth, management has to valorise the

asset base to enable this value to be realised.

A company’s worth is directly related to investors’ belief as to whether

the management can realise this value. On its track record, investors

would probably say that it is possible, but likely to take much longer

than anticipated, which when you set it against the backdrop of the

post balance sheet events, sets it against some significant headwinds.

Still, management has reaffirmed its 2014 18bcf annualised exit rate

(2012 – 2.6bcf), so now we have a revised and refreshed clear target to

measure it against, it’s now down to management to deliver.

DescriptionDescriptionDescriptionDescription Green Dragon Gas Ltd. is involved in the production of CBM gas and the distribution and sale of wholesale gas in China. The Company's operations are in Beijing, and the provinces of Henan, Shanxi, Anhui, Jiangxi and Guizhou.




ChangeChangeChangeChange 3% 4% (46%)

190

192

194

196

198

200

202

204

206


9.0

9.5

10.0

10.5

11.0

11.5




(www.greendragongas.com), or via the London Stock Exchange


JKX (London)JKX (London)JKX (London)JKX (London) ((((JKX LNJKX LNJKX LNJKX LN)))) 53p 53p 53p 53p

Open LetterOpen LetterOpen LetterOpen Letter ----

The sense of relief in the management’s open letter (12th June 2013) is

palpable, as is the most likely heartfelt thanks that the directors that

were under threat feel, following the support from the remainder of the

shareholder base.

While we have highlighted the timing as curious as the Company had

already started to turn the corner, and wondered whether a shareholder

victory would prove to be a pyrrhic one given the need for a kursha in

the CIS and FSU, the result is a nonetheless welcome. However, this

does not automatically mean that the directors are free and in the clear,

they will have to continue to perform, otherwise their tenure will be

revisited.

The Company’s cash flow now needs to be the main focus for a period,

so that the balance sheet can be shored up and the longer term future

of the Company assured. Now that management has been given the

support, it is time for the management to repay that faith and start to

accelerate the recovery in value that has been lost up until now.

DescriptionDescriptionDescriptionDescription JKX Oil & Gas plc is an independent oil and gas exploration Group. The Group explores for, develops, produces and processes oil and gas. JKX has development interests in the former Soviet Union and representative offices in the Ukraine, Georgia and the Russian Federation. JKX also has joint venture projects with the Poltava Petroleum, Crimean Petroleum and Ninotsminda Oil Companies.




ChangeChangeChangeChange (10%) (21%) (45%)

53

58

63

68

73

78

83



(www.jkx.co.uk), or via the London Stock Exchange


Leni Gas & Oil Leni Gas & Oil Leni Gas & Oil Leni Gas & Oil ((((LGO LNLGO LNLGO LNLGO LN)))) 0.98p 0.98p 0.98p 0.98p

Trinidad ProgressTrinidad ProgressTrinidad ProgressTrinidad Progress ----

The Company’s production update (12th June 2013) underlines the fact

that Trinidad is the Company’s principle focal point for growth; given

that the Company only received title to Goudron in October 2012, the

progress has been solid.

This notwithstanding, Icacos has struggled to make progress, and given

that the field only produces 35bpd, there must be a thought as to

whether it is worth the investment in time and effort.

While we are clear that Trinidad is the Company’s future, the detail on

how the Company plans to grow its production base is a little light. We

have no doubt that some of this is due to the fact that the plans that

have been laid thus far have been predicated on the sale of the Spanish

assets, and given that the strategy is being revisited, so too must the

wider strategy.

Nevertheless, we believe that the Company is well positioned and given

sufficient financial resources, will be able to execute its plan quickly and

precisely.

DescriptionDescriptionDescriptionDescription Leni Gas & Oil PLC invests in oil and natural gas projects that are either already producing or have previously explored hydrocarbons. The Company has secured exploration areas in the US Gulf of Mexico, Spain, Trinidad, and Malta.



PricePricePricePrice 1p 1p 0.62p

ChangeChangeChangeChange (3%) (10%) 59%

0.75

0.80

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

1.25



(www.lenigasandoil.com), or via the London Stock Exchange




ROXI Petroleum ROXI Petroleum ROXI Petroleum ROXI Petroleum ((((RXP LNRXP LNRXP LNRXP LN)))) 4p 4p 4p 4p

On Your Marks… Get Set…On Your Marks… Get Set…On Your Marks… Get Set…On Your Marks… Get Set… ----

The Company’s update (14th June 2013) has provided a little succour

from the perspective that its programme, despite being relatively quiet,

is still on track to make progress in 2013.

While there have been a number of commentators that have tarred all

CIS operators with the same brush that has afflicted JKX, difficult to

operate, unstable tenure, poor access to legal redress, etc.

That is not to say that the CIS region doesn’t have its own unique set of

issues to deal with, but we believe that Roxi has managed its operating

environment position well, and the next leg of its exploration and

development programme is about to start. In this news:

DescriptionDescriptionDescriptionDescription ROXI Petroleum PLC is a Central Asian oil and gas exploration and production company with a focus on Kazakhstan.




ChangeChangeChangeChange (6%) 3% 14%

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4.4

4.6



(www.roxipetroleum.com), or via the London Stock Exchange


Data Watch

Commodities

CommodityCommodityCommodityCommodity CloseCloseCloseClose ChangeChangeChangeChange ChartsChartsChartsCharts

CrudeCrudeCrudeCrude

BFO ($/bbl)

WTI ($/bbl)

104.6

95.9

0.1 (0.1%)

1.9 (2.0%)

75

85

95

105

115

125

Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13

WTI BFO

6 Month Performance ($/bbl)

Crude Futures Crude Futures Crude Futures Crude Futures

BFO ($/bbl)

WTI ($/bbl)

100.0

92.8

1.2 (1.2%)

0.6 (0.6%)

85

95

105

115

Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15

WTI BFO

Forward Curve (33rd month)



GasGasGasGas

Henry ($/mcf)

NBP (p/therm)

3.73

61.8

-0.19 (-4.8%)

1.6 (2.7%)

-

2

4

6

8

10

12

14

16

Dec 12 Jan 13 Feb 13 Mar 13

NBP Henry Hub

6 Month ($/mm btu)

Source:Source:Source:Source: Bloomberg & Fox-Davies

Currencies

CurrencyCurrencyCurrencyCurrency CloseCloseCloseClose ChangeChangeChangeChange 6666 Month PerformanceMonth PerformanceMonth PerformanceMonth Performance

USD/GBP ($/£) 1.566 1d 0.010

1m 0.045

3m 0.058

1.48

1.50

1.52

1.54

1.56

1.58

1.60

1.62

1.64


USD/EUR ($/€) 1.333 1d 0.011

1m 0.041

3m 0.032

1.26

1.28

1.30

1.32

1.34

1.36

1.38




YEN/USD (¥/$) 95.2 1d -2.4

1m -7.3

3m -1.0

90

92

94

96

98

100

102

104

Mar 13 Apr 13 May 13 Jun 13


Oil & Gas Equity Data

Stocks Under Coverage Exploration & Production

CompanyCompanyCompanyCompany TickerTickerTickerTicker RecommendationRecommendationRecommendationRecommendation DateDateDateDate of Last of Last of Last of Last

UpdateUpdateUpdateUpdate

PricePricePricePrice

LatestLatestLatestLatest TargetTargetTargetTarget DifferenceDifferenceDifferenceDifference

Aminex AEX LN BUY Oct'12 3p 13p 333%

Afren (London) AFR LN BUY Oct'12 119p 250p 110%

Borders & Southern Petroleum BOR LN HOLD Jan'13 14p 18p 29%

BowLeven BLVN LN BUY Nov'11 67p 250p 273%

Circle Oil COP LN BUY Feb'13 17p 95p 459%

Desire Petroleum DES LN UR Apr'12 13p 40p 208%

Enegi Oil ENEG LN UR Nov'10 9p 25p 178%

Falkland Oil & Gas FOGL LN HOLD May'13 26p 55p 112%

Great Eastern Energy GEEC LN BUY Jan'13 269p 440p 64%

Gulf Keystone (London) GKP LN BUY Jan'13 155p 350p 126%

Gulfsands Petroleum GPX LN HOLD Apr'13 70p 150p 114%

Hardy Oil & Gas HDY LN BUY Nov'12 114p 185p 62%

Heritage Oil (London) HOIL LN BUY Dec'12 142p 340p 139%

Jubilant Energy JUB LN BUY Feb'13 14p 45p 221%

Matra Petroleum MTA LN HOLD Jun'13 1p 1p -

Max Petroleum MXP LN BUY Aug'12 4p 10p 150%

MEO Australia (ASX)* MEO AU - Dec'12 A$0.07 - -

Petroceltic (London) PCI LN BUY Feb'13 147p 15p (90%)

Premier Oil (London) PMO LN BUY Jan'13 344p 485p 41%

Range Resources (London)* RRL LN - Jun'13 3p - -

Red Emperor (London)* RMP LN - Nov'12 3p - -

Rockhopper Exploration RKH LN BUY Dec'12 128p 350p 173%

San Leon Energy (London)* SLE LN - Jan'13 6p - -

Sterling Energy SEY LN HOLD Oct'12 35p 35p -

TomCo Energy (London)*** TOM LN - Mar'13 1.13p - -

Tower Resources TRP LN BUY Jan'13 1.83p 5.00p 173%

TXO *** TXO LN - Jan'13 0.17p - -

Victoria Oil & Gas * VOG LN - Feb'13 2p - -

NOTE: Bold indicates Research this week

* Fox-Davies Capital Limited acts as corporate broker for the Relevant Issuer.

** Fox-Davies Capital Limited acts as NOMAD for the Relevant Issuer.

*** Fox-Davies Capital Limited acts as corporate broker and NOMAD for the Relevant Issuer.




Watch List

Company NameCompany NameCompany NameCompany Name Bloomberg Bloomberg Bloomberg Bloomberg

TickerTickerTickerTicker CommentCommentCommentComment

Date Added to Date Added to Date Added to Date Added to

List List List List

Closing Closing Closing Closing

PricePricePricePriceMarket CapMarket CapMarket CapMarket Cap EVEVEVEV

Local CurrencyLocal CurrencyLocal CurrencyLocal Currency

Per Barrel of Per Barrel of Per Barrel of Per Barrel of

Reserves/ResouReserves/ResouReserves/ResouReserves/Resou

rces ($/boe)rces ($/boe)rces ($/boe)rces ($/boe)

Per Daily Barrel Per Daily Barrel Per Daily Barrel Per Daily Barrel

of Production of Production of Production of Production

($/bopd)($/bopd)($/bopd)($/bopd)

Cairn Energy CNE LN The current valuation of the Company reflects the cash and readily liquidated investments (~$2.7bn). As such the price of the shares bear no relation to the value of the business as it stands at the moment, or its ability to generate significant returns for investors

March 2013 258p £1,556mm 0.10 -

Cairn Energy (ADR) CRNCY US

March 2013 $8.08 $2,437mm 0.29 -

Chariot Oil & Gas CHAR LN There has been a significant amount of activity in Chariot's portfolio, and while the prospects for near-term drilling are dim, Company is entering a period of consolidation, which is should emerge from with a buoyant exploration programme, which will of course need funding

May 2013 18p £36mm 0.01 -

Exillon Energy (London) EXI LN An upgrade to reserves as a result, and given the progress that the Company has made in the past 12 months, we believe that this is not fully, or fairly, reflected in the share price. While there needs to be a better balance on the board, with more technical presence added, all the ingredients are in place

August 2012 135p £218mm 1.21 27,770

Fastnet Oil & Gas (Dublin) FOI ID Fastnet’s acreage will allow it to high-grade its most attractive prospects, and ultimately allow it to farmout from a position of relative strength

May 2013 €0.26 €70mm - -

Fastnet Oil & Gas (London) FAST LN

May 2013 22p £60mm - -

GED GED LN GED's acreage positions and increased focus on Colombia means that to our mind it is in the right addresses. With cash flow meeting its operational needs, the valuation reflects only the current production, not the value within the reserves base

August 2013 80p £29mm 0.50 40,907

Mediterranean Oil & Gas MOG LN Despite its scuffles with Leni Gas & Oil, its renewed focus since the arrival of Bill Higgs as CEO has brough an air of renewed confidence in the management's ability to realise the value within its posrtfolio

August 2012 8p £34mm 0.94 -

Petrel Resources PET LN With a number of operating interests in a variety of prospective locations (Ghana, Iraq & Ireland), the Company has all the ingredients necessary to generate significant returns for investors

April 2013 16p £12mm 0.01 -

Rialto Energy (ASX) RIA AU Despite the issues it has recently encountered, the Company has enetered a period of consolidation, which we believe it should exit in a stronger position. The inevitable funding round

August 2012 A$0.03 A$23mm 0.02 -

Rialto Energy (London) RIA LN

August 2012 2p £14mm - -




TickerTickerTickerTicker CommentCommentCommentComment

Date Added to Date Added to Date Added to Date Added to

List List List List

Closing Closing Closing Closing

PricePricePricePriceMarket CapMarket CapMarket CapMarket Cap EVEVEVEV

Local CurrencyLocal CurrencyLocal CurrencyLocal Currency

Per Barrel of Per Barrel of Per Barrel of Per Barrel of

Reserves/ResouReserves/ResouReserves/ResouReserves/Resou

rces ($/boe)rces ($/boe)rces ($/boe)rces ($/boe)

Per Daily Barrel Per Daily Barrel Per Daily Barrel Per Daily Barrel

of Production of Production of Production of Production


should be the catalyst to change the Company's fortunes and allow it to capitalise on its acreage positions

Salamander Energy (ADR) SALDY US As the news flow has confirmed, the Company is set on its exploration programme, and while we would like to see it step up its focus on development, this will be the focus for the next 2 years

August 2012 - - - -

Salamander Energy (London) SMDR LN The strength of the portfolio, the operational gearing, cash generation and liquidity, and the longer-term exploration outlook means that the Company should start to make headway in the near to medium term

August 2012 165p £424mm 11.49 80,177

Soco International SIA LN

August 2012 376p £1,246mm 13.40 143,173

Tangiers Petroleum (ASX) TPT AU While the Company will need further funding in the medium term, it is in a much better position following the farmout of its Australian acreage and sharpened focus on Morocco. As such, its outlook remains bright

May 2013 A$0.21 A$27mm 0.02 -

Tangiers Petroleum (London) TPET LN

May 2013 12p £16mm 0.02 -

Zhaikmunai ZKM LI Proximity to its existing producing Chinarevskoye Field which has Oil Processing Facility and associated infrastructure, will substantially reduce development cost besides providing other operational benefits

August 2012 $11.00 $2,054mm 4.62 57,320



Sector Performances

FigureFigureFigureFigure 1111 –––– UK Oil & Gas Equity PerformanceUK Oil & Gas Equity PerformanceUK Oil & Gas Equity PerformanceUK Oil & Gas Equity Performance

Performance Relative to UK Oil & Gas IndexPerformance Relative to UK Oil & Gas IndexPerformance Relative to UK Oil & Gas IndexPerformance Relative to UK Oil & Gas Index

60

70

80

90

100

110

120

130

140


UK Oil & Gas Wider UK Market Relative to UK Oil & Gas


FigureFigureFigureFigure 2222 –––– S&P 500 Oil & Gas Equity PerformanceS&P 500 Oil & Gas Equity PerformanceS&P 500 Oil & Gas Equity PerformanceS&P 500 Oil & Gas Equity Performance

Performance Relative to UK Oil & Gas IndexPerformance Relative to UK Oil & Gas IndexPerformance Relative to UK Oil & Gas IndexPerformance Relative to UK Oil & Gas Index

260

310

360

410

460

510

560

610


S&P 500 Oil & Gas S&P 500 Index"&" Relative to S&P 500 Oil & Gas




FigureFigureFigureFigure 3333 –––– DJ Europe STOXX 600 Oil & Gas Equity PerformanceDJ Europe STOXX 600 Oil & Gas Equity PerformanceDJ Europe STOXX 600 Oil & Gas Equity PerformanceDJ Europe STOXX 600 Oil & Gas Equity Performance

Performance Performance Performance Performance Relative to UK Oil & Gas IndexRelative to UK Oil & Gas IndexRelative to UK Oil & Gas IndexRelative to UK Oil & Gas Index

225

245

265

285

305

325

345

365

385


STOXX Europe 600 Oil & Gas STOXX Europe 600STOXX Europe 600 Oil & Gas




Peer Comparisons Exploration & Production

ExchangeExchangeExchangeExchange ReservesReservesReservesReserves Per Barrel of Reserves ($/boe)Per Barrel of Reserves ($/boe)Per Barrel of Reserves ($/boe)Per Barrel of Reserves ($/boe) Per Daily Barrel of Production ($/bopd)Per Daily Barrel of Production ($/bopd)Per Daily Barrel of Production ($/bopd)Per Daily Barrel of Production ($/bopd)

ASE 2P 12.0 46,236

Bangkok 1P 23.2 59,049

Dublin 2P 3.3 56,316

EN Paris 2P 1.4 22,344

Hong Kong 1P 20.6 71,936

2P 4.5 -

Karachi 1P 1.3 18,298

London 2P 9.1 42,119

London Intl 2P 4.6 57,320

MICEX Main 2P 1.9 30,825

NASDAQ CM 1P 6.6 45,045

NASDAQ GM 1P 15.2 38,946

NASDAQ GS 1P 20.6 74,924

New York 1P 19.2 56,827

2P 9.6 -

NYSE MKT LLC 1P 13.2 50,085

2P 23.1 -

Oslo 2P 11.0 48,505

OTC US 1P 13.1 52,334

2P 13.5 -

OTC BB 1P #DIV/0! -

RTS 2P 5.6 47,217

Singapore 2P 2.0 -

Tokyo 2P 6.2 36,478

Toronto 1P 16.1 47,037

2P 11.7 -

Venture 1P 29.5 45,536

2P 14.1 -



TickerTickerTickerTicker

Last PriceLast PriceLast PriceLast Price Market CapMarket CapMarket CapMarket Cap EVEVEVEV

Local CurrencyLocal CurrencyLocal CurrencyLocal Currency Local MarketLocal MarketLocal MarketLocal Market $$$$Per Barrel of Per Barrel of Per Barrel of Per Barrel of

Reserves ($/boe)Reserves ($/boe)Reserves ($/boe)Reserves ($/boe)

Per Daily Barrel of Per Daily Barrel of Per Daily Barrel of Per Daily Barrel of

Production Production Production Production


3D Oil TDO AU A$0.11 A$25mm A$20mm $21mm 2.28 -

Abraxas Petroleum AXAS US $2.18 $202mm $333mm $333mm 10.86 80,248

Advantage Oil & Gas AAV CN C$4.47 C$753mm C$1,257mm $1,235mm 3.87 42,441

Afren (London) AFR LN 119p £1,296mm £1,661mm $2,601mm 12.40 59,801

Alamo Energy ALME US $0.01 $0.7mm $3.5mm $3.5mm 1.16 53,612

Alexander Resources ALX CN C$0.20 C$12mm C$24mm $23mm 24.26 34,563

Altex Industries ALTX US $0.09 $1.2mm $1.2mm $1.2mm 235.10 379,764

American Standard Energy ASEN US $0.23 $12mm $41mm $41mm 11.75 74,798

Americas Petrogas BOE CN C$1.27 C$270mm C$237mm $233mm 169.67 -

Amerisur Resources AMER LN 47p £487mm £459mm $718mm 93.31 -

Anadarko Petroleum APC US $87.45 $43,854mm $55,409mm $55,409mm 21.07 73,463











Anderson Energy AXL CN C$0.16 C$27mm C$174mm $171mm 10.43 27,195

Angle Energy NGL CN C$3.07 C$249mm C$443mm $435mm 5.32 28,818

Antrim Energy (Toronto) AEN CN C$0.11 C$19mm C$42mm $41mm 2.46 47,194

Apache APA US $85.12 $33,355mm $46,813mm $46,813mm 16.02 58,518

Apco Oil and Gas APAGF US $11.65 $106mm $316mm $316mm 3.29 8,172

Approach Resources AREX US $24.76 $962mm $1,113mm $1,113mm 11.49 138,291

ARC Resources ARX CN C$27.02 C$8,394mm C$9,109mm $8,944mm 14.24 93,317

Argent Energy AET-U CN C$10.15 C$499mm C$559mm $549mm 30.39 253,643

Arpetrol RPT CN C$0.01 C$2.9mm C$1.6mm $1.6mm 0.19 4,685

Arsenal Energy AEI CN C$0.45 C$71mm C$136mm $134mm 8.90 37,114

Artek Exploration RTK CN C$3.23 C$202mm C$208mm $204mm 6.63 71,295

Ascent Resources AST LN 0.60p £6.9mm £9.4mm $15mm 837.08 -

Athabasca Oil ATH CN C$7.60 C$3,044mm C$2,817mm $2,766mm 7.59 1,726,073

ATP Oil & Gas ATPAQ US $0.08 $4.3mm $2,338mm $2,338mm 19.34 93,454

Aurora Oil & Gas (ASX) AUT AU A$2.90 A$1,299mm A$1,503mm $1,568mm 20.37 -

Aust-Can Oil Royalties AUCAF US $0.25 $12mm $14mm $14mm 385.62 1,945,203

Avalon Oil & Gas AOGN US $0.10 $0.3mm $2.0mm $2.0mm 79.05 292,574

Bankers Petroleum BNK CN C$2.64 C$670mm C$756mm $742mm 3.29 -

Barnwell Industries BRN US $3.35 $28mm $36mm $36mm 11.82 17,608

Bashneft BANE RU $60.00 $11,323mm $14,543mm $14,543mm 5.59 47,217

Baytex Energy BTE CN C$37.59 C$4,630mm C$5,231mm $5,136mm 24.16 101,616

Beach Energy (ASX) BPT AU A$1.18 A$1,497mm A$1,150mm $1,200mm 15.34 -

Beach Energy (ADR) BCHEY US $21.72 $1,378mm $1,378mm $1,378mm 17.61 -

Bellatrix Exploration BXE CN C$5.24 C$565mm C$786mm $772mm 11.35 4,251,843

Bengal Energy BNG CN C$0.71 C$44mm C$41mm $41mm 208.33 973,232

Berry Petroleum BRY US $44.01 $2,318mm $4,147mm $4,147mm 14.88 112,235

Bill Barrett BBG US $22.71 $1,107mm $2,238mm $2,238mm 12.42 39,944

Birchcliff Energy BIR CN C$8.69 C$1,236mm C$1,808mm $1,775mm 5.36 75,213

BlackPearl Resources PXX CN C$1.91 C$566mm C$577mm $566mm 2.65 59,974

BNP Resources BNX/A CN C$0.04 C$2.4mm C$2.5mm $2.4mm 20.76 415,464

Bonanza Creek Energy BCEI US $37.22 $1,499mm $1,687mm $1,687mm 31.23 176,572

Bonavista Energy BNP CN C$14.41 C$2,602mm C$3,764mm $3,696mm 9.63 51,882

Bonterra Energy BNE CN C$48.82 C$1,495mm C$1,680mm $1,650mm 36.18 260,425

BPI Energy Holdings BPIGF US $0.00 $0.0mm $12mm $12mm 4.13 132,479

BPZ Resources BPZ US $1.85 $218mm $371mm $371mm 22.60 114,363

BreitBurn Energy Partners BBEP US $18.18 $1,777mm $2,610mm $2,610mm 17.07 111,394

Bridge Energy (Oslo) BRIDGE NO NO₭11.15 NO₭707mm NO₭948mm $165mm 7.08 82,408

Burleson Energy BUR AU A$0.01 A$3.8mm A$1.3mm $1.3mm 0.45 -

Cabot Oil & Gas COG US $70.57 $14,844mm $15,951mm $15,951mm 23.77 124,715

Cadogan Petroleum CAD LN 16p £38mm £11mm $17mm 8.79 37,824

Cairn India CAIR IN INR290 INR554,840mm INR385,936mm $6,673mm 20.14 -

Callon Petroleum CPE US $3.55 $142mm $277mm $277mm 19.46 63,002

Calvalley Petroleums CVI/A CN C$1.78 C$141mm C$71mm $70mm 2.39 20,020

CAMAC Energy CAK US $0.56 $87mm $85mm $85mm 27.52 211,662

Canacol Energy CNE CN C$3.01 C$260mm C$365mm $359mm 21.10 69,640











Canadian Natural CNQ CN C$29.48 C$32,144mm C$41,458mm $40,709mm 5.13 61,134

Canadian Oil nds COS CN C$19.75 C$9,570mm C$9,932mm $9,752mm 6.65 91,273

Candax Energy CAX CN C$0.03 C$32mm C$63mm $62mm 16.40 113,243

Carnarvon Petroleum CVN AU A$0.04 A$39mm A$20mm $21mm 1.75 37,753

Carrizo Oil & Gas CRZO US $26.66 $1,077mm $1,974mm $1,974mm 15.83 73,894

Central Natural Resources CTNR US $27.25 $15mm $7.1mm $7.1mm 9.95 120,613

Cequence Energy CQE CN C$1.73 C$365mm C$389mm $382mm 4.02 40,651

Chesapeake Energy CHK US $21.00 $13,996mm $32,788mm $32,788mm 12.12 48,555

Chinook Energy CKE CN C$1.13 C$242mm C$304mm $299mm 6.03 23,701

Cimarex Energy XEC US $71.77 $6,204mm $7,056mm $7,056mm 18.24 65,690

Clayton Williams Energy CWEI US $42.75 $520mm $1,346mm $1,346mm 17.66 86,703

CNOOC (Hong Kong) 883 HK HK$13.16 HK$587,545mm HK$493,138mm $63,520mm 20.60 71,936

CNOOC (ADR) CEO US $171 $76,162mm $76,162mm $76,162mm 24.70 86,252

Coastal Energy CEO LN 993p £1,128mm £1,181mm $1,849mm 20.87 158,642

Comstock Resources CRK US $17.19 $830mm $2,158mm $2,158mm 17.60 47,046

Concho Resources CXO US $86.95 $9,106mm $12,409mm $12,409mm 27.22 149,204

Condor Petroleum/Canada CPI CN C$0.52 C$180mm C$169mm $166mm 964.85 751,202

Connacher Oil and Gas CLL CN C$0.08 C$34mm C$815mm $800mm 1.77 65,092

ConocoPhillips COP US $61.65 $75,377mm $92,039mm $92,039mm 10.45 95,977

Contango Oil & Gas MCF US $34.39 $523mm $440mm $440mm 9.90 29,682

Continental Res. (OK) CLR US $87.56 $16,254mm $20,174mm $20,174mm 25.35 203,139

Cooper Energy COE AU A$0.44 A$143mm A$88mm $92mm 48.77 -

Corridor Resources CDH CN C$0.97 C$86mm C$73mm $72mm 1.99 45,166

Crescent Point Energy CPG CN C$35.95 C$13,757mm C$15,463mm $15,184mm 24.84 152,637

Crew Energy CR CN C$5.76 C$701mm C$989mm $971mm 6.16 33,881

Crimson Exploration CXPO US $2.85 $133mm $371mm $371mm 18.55 56,054

Crocotta Energy CTA CN C$2.95 C$263mm C$352mm $346mm 8.76 48,425

Cubic Energy QBC US $0.30 $23mm $50mm $50mm 8.60 46,305

Cue Energy (ASX) CUE AU A$0.12 A$84mm A$33mm $34mm 8.11 -

Cue Energy (ADR) CUEYY US $2.31 $81mm $81mm $81mm 19.12 -

Cygam Energy CYG CN C$0.10 C$11mm C$12mm $12mm 70.26 58,930

Daleco Resources DLOV US $0.16 $11mm $12mm $12mm 117.77 543,124

DeeThree Exploration DTX CN C$7.19 C$549mm C$595mm $584mm 28.60 135,521

Dejour Energy DEJ CN C$0.20 C$30mm C$34mm $34mm 1.78 73,275

Denbury Resources DNR US $18.18 $6,784mm $10,018mm $10,018mm 24.23 138,899

Det Norske Oljeselskap DETNOR NO NO₭85.65 NO₭12,052mm NO₭14,292mm $2,485mm 58.54 -

Devon Energy DVN US $55.04 $22,346mm $27,997mm $27,997mm 9.20 39,739

Diamondback Energy FANG US $34.97 $1,474mm $1,506mm $1,506mm 37.18 506,394

Donnybrook Energy DEI CN C$0.03 C$4.9mm C$0.0mm $0.0mm 0.01 278

Dorchester Minerals DMLP US $24.27 $744mm $730mm $730mm 49.08 113,988

Double Eagle Petroleum DBLE US $4.02 $46mm $127mm $127mm 9.31 25,260

Dragon Oil (Dublin) DGO ID €6.98 €3,430mm €1,826mm $2,433mm 2.59 -

Dragon Oil (London) DGO LN 592p £2,906mm £1,545mm $2,419mm 2.04 33,712

DualEx Energy DXE CN C$0.19 C$19mm C$16mm $16mm 660.33 124,084

Earthstone Energy ESTE US $13.70 $24mm $23mm $23mm 17.47 57,469











Egdon Resources EDR LN 10p £13mm £12mm $19mm 20.64 -

EGPI Firecreek EFIR US $0.00 $1.9mm $8.1mm $8.1mm 14.77 398,183

Eland Oil & Gas ELA LN 125p £169mm £172mm $270mm 17.12 -

Encana ECA CN C$18.04 C$13,268mm C$18,137mm $17,809mm 4.94 32,173

Endeavour International END US $3.37 $159mm $977mm $977mm 37.20 121,983

Energen EGN US $53.93 $3,895mm $5,740mm $5,740mm 16.26 84,817

Energy XXI Bermuda EXXI US $25.31 $2,009mm $3,230mm $3,230mm 26.61 71,925

Enerplus ERF CN C$15.27 C$3,050mm C$4,226mm $4,150mm 11.93 50,213

EnQuest (London) ENQ LN 120p £966mm £850mm $1,331mm 10.36 -

Environmental Energy Services EESV US $0.00 $0.3mm $3.3mm $3.3mm 515,138.60 -

EOG Resources (ADR) EOG US $133 $36,253mm $41,457mm $41,457mm 22.41 86,129

Energy Partners EPL US $30.09 $1,181mm $1,858mm $1,858mm 23.54 126,098

EQT EQT US $80.03 $12,039mm $14,674mm $14,674mm 13.97 117,312

EV Energy Partner EVEP US $34.30 $1,355mm $2,386mm $2,386mm 15.31 84,604

Evolution Petroleum EPM US $10.93 $313mm $291mm $291mm 21.55 505,091

Exall Energy EE CN C$0.23 C$15mm C$72mm $71mm 15.45 64,674

EXCO Resources XCO US $7.72 $1,679mm $2,984mm $2,984mm 16.95 32,830

Exillon Energy (London) EXI LN 135p £218mm £205mm $322mm 1.21 27,770

Far East Energy FEEC US $0.18 $63mm $102mm $102mm 11.36 571,862

Faroe Petroleum FPM LN 111p £236mm £215mm $336mm 14.11 39,145

Forest Oil FST US $4.41 $526mm $2,165mm $2,165mm 9.23 37,975

Freehold Royalties FRU CN C$24.10 C$1,605mm C$1,652mm $1,622mm 65.09 183,329

FX Energy FXEN US $4.12 $220mm $228mm $228mm 27.37 99,603

Gasco Energy GSXN US $0.03 $4.7mm $31mm $31mm 12.50 25,078

Genel Energy GENL LN 888p £1,932mm £1,500mm $2,349mm 5.28 -

GeoMet GMET US $0.17 $6.9mm $171mm $171mm 7.11 25,782

GeoPark Holdings GPK LN 573p £249mm £389mm $608mm 10.43 -

GeoPetro Resources GPR US $0.07 $3.5mm $11mm $11mm 3.53 197,563

Glen Rose Petroleum GLRP US $0.18 $5.8mm $11mm $11mm 18.77 280,212

GED GED LN 80p £29mm £35mm $55mm 0.50 40,907

GMX Resources GMXRQ US $0.24 $1.5mm $403mm $403mm 8.09 35,822

Goodrich Petroleum GDP US $12.14 $446mm $1,066mm $1,066mm 18.49 69,765

Gran Tierra Energy GTE US $6.32 $1,704mm $1,468mm $1,468mm 23.07 80,982

Great Eastern Energy GEEC LN 269p £320mm £381mm $597mm 3.41 235,368

Green Dragon Gas GDG LN 204p £278mm £291mm $455mm 8.47 649,878

Gulf Keystone (London) GKP LN 155p £1,376mm £1,293mm $2,024mm 1.45 269,850

Gulf Keystone (ADR) GFKSY US $48.80 $2,166mm $2,166mm $2,166mm 1.55 288,794

Gulfport Energy GPOR US $50.45 $3,904mm $3,977mm $3,977mm 280.82 562,177

Gulfsands Petroleum GPX LN 70p £85mm £28mm $43mm 0.57 5,048

Halcon Resources HK US $5.34 $1,974mm $4,482mm $4,482mm 40.89 470,051

Hardy Oil & Gas HDY LN 114p £83mm £65mm $101mm 48.31 -

Harvest Natural Resources HNR US $3.39 $134mm $285mm $285mm 7.38 34,865

Hawk Exploration HWK/A CN C$0.37 C$13mm C$20mm $19mm 14.46 45,381

Hawkley Oil and Gas HOG AU A$0.06 A$17mm A$11mm $11mm 1.38 52,730

Hemisphere Energy HME CN C$0.53 C$29mm C$30mm $29mm 36.82 154,229











Heritage Oil (London) HOIL LN 142p £363mm £592mm $927mm 2.16 1,128,316

HKN HKNI US $81.00 $33mm $216mm $216mm 9,790,670.85 15,621,209,215

Houston American Energy HUSA US $0.29 $15mm $10mm $10mm 494.33 776,968

Hyperion Exploration HYX CN C$0.44 C$24mm C$56mm $55mm 9.77 54,380

Ignis Petroleum Group IGPG US $0.00 $0.1mm $5.5mm $5.5mm 552.70 82,999

Inpex (ADR) IPXHY US $11.30 $16,524mm $16,524mm $16,524mm 0.01 109

Inpex (Tokyo) 1605 JP ¥419,000 ¥1,531,780mm ¥1,435,002mm $15,080mm 6.20 36,478

Insignia Energy ISN CN C$1.34 C$77mm C$91mm $89mm 3.02 27,030

InterOil E&P IOX NO NO₭1.34 NO₭338mm NO₭532mm $92mm 12.73 14,603

Interra Resources ITRR SP S$0.48 S$212mm S$198mm $158mm 2.01 192,368

Isramco ISRL US $95.10 $258mm $278mm $278mm 7.34 125,329

Ithaca Energy (London) IAE LN 113p £357mm £346mm $542mm 12.24 89,122

Ithaca Energy (Toronto) IAE CN C$1.78 C$564mm C$545mm $536mm 12.10 88,116

JKX Oil & Gas (London) JKX LN 53p £91mm £93mm $146mm 1.45 18,403

John D Oil & Gas JDOGQ US $0.00 $0.0mm $9.7mm $9.7mm 26.73 61,796

Jubilant Energy JUB LN 14p £58mm £284mm $445mm 13.47 1,104,669

Knight Energy KNECQ US $0.00 $0.0mm $3.3mm $3.3mm 19.83 112,568

Kodiak Oil & Gas KOG US $8.90 $2,361mm $3,610mm $3,610mm 37.81 249,472

Kosmos Energy KOS US $10.50 $4,080mm $4,583mm $4,583mm 105.17 270,889

Kunlun Energy (Hong Kong) 135 HK HK$13.82 HK$111,486mm HK$141,370mm $18,210mm 227.01 319,229

Lartez Energy LCTZ US $0.02 $0.8mm $0.8mm $0.8mm 9.17 8,200

Lansdowne Oil & Gas LOGP LN 45p £63mm £58mm $90mm 1.61 -

Laredo Petroleum LPI US $19.93 $2,578mm $3,899mm $3,899mm 20.19 122,407

Legacy Oil & Gas LEG CN C$5.08 C$799mm C$1,295mm $1,271mm 13.40 78,552

Legacy Reserves LGCY US $26.28 $1,509mm $2,285mm $2,285mm 27.03 151,411

LGX Oil & Gas OIL CN C$0.42 C$37mm C$43mm $42mm 23.28 78,472

Linc Energy (ASX) LNC AU A$1.11 A$574mm A$777mm $810mm 4.82 -

Linc Energy (ADR) LNCGY US $11.33 $588mm $588mm $588mm 3.49 -

Linn Energy LINE US $31.77 $7,468mm $13,656mm $13,656mm 16.64 118,397

Lochard Energy LHD LN 4p £13mm £22mm $34mm 13.93 30,891

Lone Pine Resources LPR US $0.47 $41mm $393mm $393mm 12.26 27,206

Lonestar Resources LNR AU A$0.15 A$101mm A$83mm $87mm 19.49 48,223

Long Run Exploration LRE CN C$3.95 C$435mm C$747mm $733mm 9.10 54,561

Longview Oil LNV CN C$4.98 C$233mm C$350mm $344mm 9.65 54,401

LRR Energy LRE US $14.78 $287mm $585mm $585mm 20.45 90,008

Lucas Energy LEI US $1.29 $34mm $56mm $56mm 7.96 374,852

Lundin (ADR) LNDNY US $21.18 $6,733mm $6,733mm $6,733mm 33.26 -

Lundin (Stockholm) LUPE SS SE₭137 SE₭43,490mm SE₭46,299mm $7,131mm 35.23 -

Madalena Ventures MVN CN C$0.30 C$94mm C$70mm $69mm 77.89 827,699

Magellan Petroleum MPET US $1.05 $47mm $33mm $33mm 3.76 164,607

Magnum Hunter Resources MHR US $3.90 $658mm $1,727mm $1,727mm 37.48 304,742

Marathon Oil MRO US $34.37 $24,362mm $30,138mm $30,138mm 14.77 63,094

Marquee Energy MQL CN C$0.50 C$27mm C$27mm $27mm 2.40 15,719

Matador Resources MTDR US $10.80 $603mm $804mm $804mm 32.82 86,330

Matra Petroleum MTA LN 0.93p £18mm £13mm $21mm 1.39 297,783











Maurel & Prom Nigeria MPNG FP €3.57 €412mm €257mm $343mm 1.43 22,344

Max Petroleum MXP LN 4p £73mm £155mm $243mm 22.85 -

McMoRan Exploration MMR US $16.75 $2,732mm $3,898mm $3,898mm 103.19 164,747

Mediterranean Oil & Gas MOG LN 8p £34mm £27mm $43mm 0.94 -

MEG Energy MEG CN C$32.30 C$7,148mm C$8,182mm $8,034mm 3.04 278,215

Memorial Production MEMP US $19.04 $737mm $1,220mm $1,220mm 11.67 104,892

Metgasco MEL AU A$0.06 A$25mm A$23mm $24mm 0.34 -

Mexco Energy MXC US $5.51 $11mm $14mm $14mm 6.54 58,010

Mid-Con Energy Partners MCEP US $23.02 $443mm $522mm $522mm 39.68 272,321

Midstates Petroleum MPO US $6.32 $432mm $1,179mm $1,179mm 15.38 116,099

Miller Energy Resources MILL US $4.10 $178mm $235mm $235mm 25.23 207,042

Molopo Energy (ASX) MPO AU A$0.23 A$57mm A$52mm $54mm 0.35 -

Montana Exploration MTZ CN C$0.18 C$14mm C$14mm $14mm 33.04 95,396

New Source Energy Partners LP NSLP US $20.79 $141mm $177mm $177mm 9.62 15,390

NZ Oil & Gas (Aukland) NZO NZ NZ$0.83 NZ$338mm NZ$105mm $131mm 13.40 -

Newfield Exploration NFX US $22.83 $3,092mm $6,093mm $6,093mm 10.49 42,956

Nido Petroleum (ASX) NDO AU A$0.02 A$49mm A$27mm $28mm 1.89 -

Nighthawk Energy (London) HAWK LN 6p £54mm £57mm $89mm 352.08 3,826,615

Niko Resources NKO CN C$8.32 C$584mm C$690mm $678mm 10.52 18,317

Noble Energy NBL US $58.34 $20,859mm $23,277mm $23,277mm 18.99 92,652

Northern Oil and Gas NOG US $13.91 $887mm $1,318mm $1,318mm 19.40 127,417

Northern Petroleum NOP LN 35p £33mm £14mm $22mm 0.32 28,005

Norwegian Energy AS NOR NO NO₭3.66 NO₭1,303mm NO₭4,869mm $847mm 7.54 -

NovaTek (Moscow) NVTK RM RUB304 RUB922,794mm RUB1,036,144mm $32,480mm 2.20 30,825

NuVista Energy NVA CN C$7.91 C$939mm C$994mm $976mm 10.02 49,501

Oakridge Energy OAKR US $1.25 $5.0mm $4.0mm $4.0mm 5.72 88,951

Oasis Petroleum OAS US $41.18 $3,854mm $4,862mm $4,862mm 33.74 214,872

Oil India OINL IN INR546 INR327,920mm INR201,541mm $3,485mm 15.03 -

Oil Search (London) OSH AU A$7.84 A$10,506mm A$11,931mm $12,448mm 24.25 -

Oil Search (ADR) OISHY US $74.37 $9,966mm $9,966mm $9,966mm 19.41 -

Oracle Energy OEC CN C$0.11 C$4.3mm C$4.4mm $4.3mm 53.91 -

Pacificast Oil Trust ROYT US $18.05 $696mm $696mm $696mm 20.38 208,817

Pacific Rubiales Energy PRE CN C$21.20 C$6,844mm C$8,005mm $7,860mm 13.09 64,350

Pak Pet (Karachi) PPL PA PKR222 PKR364,767mm PKR331,030mm $3,360mm 1.30 18,298

Palliser Oil & Gas PXL CN C$0.48 C$31mm C$63mm $62mm 34.83 44,571

Pan Orient Energy POE CN C$1.58 C$90mm C$6.7mm $6.6mm 0.35 2,588

Panhandle Oil and Gas PHX US $29.44 $243mm $254mm $254mm 12.13 53,237

Panoro Energy PEN NO NO₭2.99 NO₭701mm NO₭1,049mm $182mm 16.53 432,732

Parallel Energy Trust PLT-U CN C$3.93 C$208mm C$427mm $419mm 8.73 64,963

Paramount Resources POU CN C$36.56 C$3,486mm C$4,100mm $4,026mm 44.96 193,453

Parex Resources PXT CN C$4.37 C$474mm C$533mm $524mm 22.65 45,783

Pioneer Drilling PDCE US $52.09 $1,580mm $2,266mm $2,266mm 11.45 96,861

Pengrowth Energy PGF CN C$5.15 C$2,662mm C$4,198mm $4,122mm 8.57 46,554

Penn Virginia PVA US $4.84 $316mm $935mm $935mm 8.01 51,103

Penn West Petroleum PWT CN C$11.33 C$5,495mm C$8,459mm $8,307mm 12.10 50,935











Perpetual Energy PMT CN C$1.23 C$182mm C$381mm $374mm 4.79 17,946

Petro River Oil PTRC US $0.19 $140mm $143mm $143mm 309.13 1,865,760

Petroceltic (Dublin) PCI ID €1.74 €305mm €462mm $615mm 7.67 21,748

Petroceltic (London) PCI LN 147p £258mm £392mm $614mm 7.66 21,705

Petrodorado Energy PDQ CN C$0.07 C$34mm C$34mm $33mm 62.46 -

Petrol Oil & Gas POIG US $0.00 $0.1mm $26mm $26mm 14.73 67,679

Petrominerales PMG CN C$5.94 C$503mm C$1,067mm $1,047mm 29.33 -

Petroneft (Dublin) PTR ID €0.04 €26mm €35mm $47mm 0.49 90,883

Petroneft (London) PTR LN 3p £18mm £26mm $41mm 0.42 79,193

Petroquest Energy PQ US $4.80 $309mm $498mm $498mm 8.20 20,929

Petsec Energy (ASX) PSA AU A$0.13 A$30mm A$5.2mm $5.5mm 2.81 -

Petsec Energy (ADR) PSJEY US $0.63 $30mm $30mm $30mm 15.42 -

Peyto Expl & Dev PEY CN C$30.10 C$4,478mm C$5,118mm $5,026mm 12.30 107,847

Pine Cliff Energy PNE CN C$0.92 C$141mm C$134mm $131mm 32.97 153,129

Pinecrest Energy PRY CN C$0.70 C$150mm C$245mm $241mm 14.87 76,627

Pioneer Natural Resources PXD US $147 $20,070mm $22,835mm $22,835mm 20.68 134,186

Pioneer Southwest Energy PSE US $34.87 $1,245mm $1,399mm $1,399mm 28.11 184,391

Plains E&P PXP US $48.90 $6,333mm $15,610mm $15,610mm 35.13 142,990

Po Valley Energy PVE AU A$0.11 A$13mm A$15mm $16mm 7.02 26,824,823

PostRock Energy PSTR US $1.47 $36mm $177mm $177mm 11.92 21,839

Premier Oil (London) PMO LN 344p £1,817mm £2,523mm $3,951mm 13.68 67,765

Premier Oil (ADR) PMOIY US $5.46 $2,889mm $2,889mm $2,889mm 10.00 49,552

PrimeEnergy PNRG US $32.80 $80mm $201mm $201mm 7.74 46,715

Primeline Energy Holdings PEH CN C$0.39 C$36mm C$36mm $35mm 3.69 -

Providence Resources (Dublin) PRP ID €6.34 €409mm €393mm $524mm 2.34 -

PTT Exp. & Prod. (Bangkok) PTTEP TB THB148 THB587,558mm THB607,981mm $19,895mm 23.22 59,049

PTT Exp. & Prod. (ADR) PEXNY US $9.95 $19,751mm $19,751mm $19,751mm 23.05 58,622

QEP Resources QEP US $29.53 $5,294mm $8,708mm $8,708mm 12.85 57,551

QR Energy QRE US $16.59 $970mm $2,200mm $2,200mm 21.85 129,355

Questerre Energy QEC CN C$0.77 C$181mm C$135mm $133mm 19.47 194,003

Quicksilver Resources KWK US $2.09 $369mm $2,467mm $2,467mm 9.72 39,429

Range Resources (US) RRC US $74.79 $12,196mm $15,133mm $15,133mm 13.46 115,752

Range Resources (ASX)* RRS AU A$0.05 A$134mm A$124mm $129mm 5.93 151,827

Range Resources (ADR)* RGRYY US $1.76 $126mm $126mm $126mm 2.34 -

Red Fork Energy (ASX) RFE AU A$0.50 A$194mm A$159mm $166mm 9.30 -

Red Fork Energy (ADR) RDFEY US $5.19 $202mm $202mm $202mm 11.31 -

Regal Petroleum RPT LN 20p £63mm £45mm $71mm 0.47 53,320

Renegade Petroleum RPL CN C$1.12 C$228mm C$503mm $494mm 14.59 130,268

Resaca Exploitation RSOX LN 3p £0.7mm £36mm $57mm 1.89 78,441

Reserve Petroleum RSRV US $305 $49mm $31mm $31mm 28.47 58,563

Resolute Energy REN US $7.97 $632mm $1,032mm $1,032mm 14.58 133,875

Rex Energy REXX US $17.37 $925mm $1,167mm $1,167mm 11.00 100,401

RMP Energy RMP CN C$4.31 C$464mm C$558mm $548mm 21.29 99,174

Roc Oil (ASX) ROC AU A$0.49 A$331mm A$250mm $261mm 17.39 -

Rock Energy RE CN C$1.33 C$52mm C$60mm $59mm 6.63 24,711











Rockhopper Exploration RKH LN 128p £365mm £338mm $530mm 1.18 -

Rosetta Resources ROSE US $46.39 $2,834mm $3,288mm $3,288mm 16.03 86,388

ROXI Petroleum RXP LN 4p £29mm £78mm $123mm 49.01 -

RusPetro RPO LN 36p £120mm £335mm $524mm 0.33 68,995

Salamander Energy (London) SMDR LN 165p £424mm £540mm $846mm 11.49 80,177

Samson Oil & Gas (ASX) SSN AU A$0.02 A$62mm A$48mm $50mm 49.92 -

Samson Oil & Gas (ADR) SSN US $0.45 $63mm $63mm $63mm 63.71 -

Sanchez Energy SN US $22.48 $778mm $559mm $559mm 26.18 432,339

SandRidge Energy SD US $4.83 $2,388mm $6,429mm $6,429mm 11.13 68,345

Santonia Energy STE CN C$1.68 C$172mm C$192mm $188mm 7.18 15,201

Santos (ASX) STO AU A$12.71 A$12,287mm A$12,847mm $13,403mm 10.06 -

Santos (ADR) SSLTY US $12.09 $11,688mm $11,688mm $11,688mm 8.77 -

Saratoga Resources SARA US $1.95 $60mm $189mm $189mm 10.69 60,537

Sea Dragon Energy SDX CN C$0.09 C$34mm C$33mm $32mm 4.42 29,067

Second Wave Petroleum SCS CN C$0.30 C$25mm C$25mm $25mm 3.10 14,385

Senex Energy (ASX) SXY AU A$0.52 A$596mm A$401mm $419mm 13.56 -

Senex Energy (ADR) VPEMY US $4.86 $554mm $554mm $554mm 17.96 -

Serica Energy (London) SQZ LN 22p £41mm £26mm $41mm 7.22 -

Shoreline Energy SEQ CN C$3.23 C$25mm C$71mm $70mm 12.94 118,216

Sino Gas & Energy Holdings SEH AU A$0.11 A$130mm A$112mm $117mm 1.28 -

Sino Oil & Gas Holdings 702 HK HK$0.20 HK$2,535mm HK$2,927mm $377mm 4.55 790,354

SM Energy SM US $62.35 $4,132mm $5,662mm $5,662mm 18.85 55,112

Soco International SIA LN 376p £1,246mm £1,115mm $1,746mm 13.40 143,173

Southern Pacific Resource STP CN C$0.49 C$193mm C$653mm $641mm 2.57 175,216

Southwestern Energy SWN US $36.96 $12,977mm $14,662mm $14,662mm 20.85 54,131

Sprint Energy SPS AU A$0.01 A$8.3mm A$7.4mm $7.8mm 0.65 -

Spyglass Resources SGL CN C$2.02 C$259mm C$463mm $455mm 7.27 33,437

Sterling Energy SEY LN 35p £77mm £0.2mm $0.3mm 0.71 521

Stone Energy SGY US $23.26 $1,162mm $1,818mm $1,818mm 13.76 42,142

Strategic Oil & Gas SOG CN C$0.98 C$206mm C$248mm $243mm 45.72 -

Strike Energy STX AU A$0.09 A$53mm A$44mm $45mm 34.28 -

Sun River Energy SNRV US $0.31 $1.3mm $11mm $11mm 393.20 381,673

Sure Energy SHR CN C$0.19 C$11mm C$29mm $29mm 4.96 24,021

Surge Energy SGY CN C$5.16 C$367mm C$567mm $556mm 11.88 61,373

Swift Energy SFY US $13.74 $596mm $1,583mm $1,583mm 8.03 48,125

Talisman Energy TLM CN C$11.79 C$12,196mm C$16,702mm $16,401mm 11.56 45,734

Tap Oil (ASX) TAP AU A$0.50 A$121mm A$15mm $16mm 2.58 -

Tatneft (Moscow) TATN RM RUB168 RUB367,088mm RUB428,768mm $13,441mm 1.54 -

Tatneft (ADR) OAOFY US $34.28 $12,446mm $12,446mm $12,446mm 1.43 -

Terra Energy TT CN C$0.29 C$29mm C$78mm $76mm 2.16 14,509

Tethys Petroleum TPL CN C$0.74 C$212mm C$236mm $231mm 15.95 39,215

TomCo Energy (London)*** TOM LN 1p £21mm £21mm $32mm 0.26 -

TomCo Energy (US OTC)*** TMCGF US $0.02 - $292mm $292mm 2.32 -

TORC Oil & Gas TOG CN C$1.48 C$286mm C$257mm $252mm 8.85 206,488

Touchstone Exploration TAB CN C$0.22 C$31mm C$49mm $48mm 5.14 25,165











Tourmaline Oil TOU CN C$40.38 C$7,425mm C$7,601mm $7,463mm 16.32 141,881

TransAtlantic Petroleum TNP CN C$0.80 C$295mm C$316mm $310mm 14.26 66,958

TransGlobe Energy TGL CN C$7.28 C$538mm C$537mm $527mm 10.80 30,095

Trap Oil Group TRAP LN 11p £25mm £15mm $24mm 11.30 14,382

Traverse Energy TVL CN C$0.56 C$26mm C$23mm $23mm 86.96 177,403

Tribute Resources TRB CN C$0.06 C$4.1mm C$8.1mm $7.9mm 210.51 -

Trilogy Energy TET CN C$30.13 C$2,759mm C$4,157mm $4,082mm 40.81 117,965

Trinity E&P TRIN LN 108p £103mm £90mm $141mm 4.52 37,687

Trioil Resources TOL CN C$2.48 C$159mm C$190mm $187mm 9.41 86,282

Tullow Oil (London) TLW LN 1,033p £9,381mm £10,026mm $15,699mm 40.21 202,833

Tullow Oil (ADR) TUWOY US $8.18 $14,864mm $14,864mm $14,864mm 38.07 -

Twin Butte Energy TBE CN C$2.25 C$562mm C$751mm $737mm 12.95 49,690

Ultra Petroleum UPL US $21.27 $3,253mm $5,171mm $5,171mm 9.63 42,029

Urals Energy UEN LN 5p £12mm £12mm $19mm 0.33 9,793

Vaalco Energy EGY US $6.06 $351mm $248mm $248mm 32.00 49,412

Valeura Energy VLE CN C$0.52 C$30mm C$7.3mm $7.2mm 1.38 5,468

Vanguard Natural Res. VNR US $27.64 $2,097mm $3,112mm $3,112mm 19.85 165,541

Vermilion Energy VET CN C$50.82 C$5,142mm C$5,678mm $5,576mm 34.35 144,688

Victoria Oil & Gas * VOG LN 2p £66mm £72mm $113mm 2.10 260,323

Voc Energy VOC US $13.10 $223mm $235mm $235mm 17.09 91,740

Volga Gas VGAS LN 87p £70mm £71mm $111mm 1.75 46,132

W&T Offshore WTI US $14.80 $1,114mm $2,161mm $2,161mm 18.03 45,044

Waldron Energy WDN CN C$0.35 C$14mm C$48mm $47mm 3.98 16,683

Warren Resources WRES US $2.70 $197mm $279mm $279mm 11.00 49,081

Whitecap Resources WCP CN C$10.18 C$1,502mm C$1,839mm $1,806mm 20.33 121,853

Whiting Petroleum WLL US $48.72 $5,741mm $7,841mm $7,841mm 20.60 94,063

Winstar Resources WIX CN C$2.41 C$86mm C$79mm $77mm 6.77 51,055

Woodside (ASX) WPL AU A$34.93 A$28,779mm A$28,922mm $30,175mm 19.58 154,146

Woodside (ADR) WOPEY US $33.38 $27,502mm $27,502mm $27,502mm 17.85 140,494

WPX Energy WPX US $19.22 $3,848mm $5,431mm $5,431mm 6.66 21,643

Xcite Energy (London) XEL LN 103p £299mm £322mm $504mm 4.34 -

Xcite Energy (Toronto) XEL CN C$1.57 C$458mm C$493mm $484mm 4.17 -

Yoho Resources YO CN C$2.80 C$141mm C$174mm $170mm 6.05 76,469

Zargon Oil & Gas ZAR CN C$6.11 C$183mm C$279mm $274mm 8.67 33,523

ZaZa Energy ZAZA US $1.41 $145mm $284mm $284mm 84.42 273,874

Zhaikmunai ZKM LI $11.00 $2,054mm $2,407mm $2,407mm 4.62 57,320




Explorers

ExchangeExchangeExchangeExchange Per Barrel of Resource ($/boe)Per Barrel of Resource ($/boe)Per Barrel of Resource ($/boe)Per Barrel of Resource ($/boe)

ASE 0.03

Dublin -

London 0.07

OTC US 0.13

Venture 0.16


Company Name Company Name Company Name Company Name Bloomberg TickerBloomberg TickerBloomberg TickerBloomberg Ticker



Resources ($/boe)Resources ($/boe)Resources ($/boe)Resources ($/boe)

3Legs Resources 3LEG LN 27p £23mm £23mm $36mm -

3MV Energy TMV CN C$0.12 C$9.2mm C$9.2mm $9.0mm -

Abby ABBY US $0.05 $4.9mm $4.9mm $4.9mm -

Abenteuer Resources ABU CN C$0.11 C$0.8mm C$0.8mm $0.8mm -

Adira Energy (ADR) ADENF US $0.02 $4.4mm $4.4mm $4.4mm -

Adira Energy (TSX) ADL CN C$0.02 C$2.8mm C$2.8mm $2.7mm -

Advance Energy AVD AU A$0.00 A$8.7mm A$8.7mm $9.1mm -

ADX Energy ADX AU A$0.02 A$6.6mm A$6.6mm $6.9mm -

Africa Oil AOI CN C$7.58 C$1,726mm C$1,726mm $1,695mm 0.14

Alberta Oilsands AOS CN C$0.04 C$2.0mm C$2.0mm $2.0mm -

Alon Natural Gas Exp ALGS IT ILs5,700 ILs1,342mm ILs1,342mm $372mm -

Altima Resources ARH CN C$0.05 C$16mm C$16mm $15mm -

Amarok Energy AMR CN C$0.24 C$mm C$0.0mm $0.0mm -

Ambassador Oil and Gas AQO AU A$0.16 A$12mm A$12mm $12mm -

American Eagle Energy AMZG US $1.78 $87mm $87mm $87mm -

American Energy Group AEGG US $0.14 $6.1mm $6.1mm $6.1mm -

Aminex AEX LN 3p £20mm £20mm $32mm 0.02

Antares Energy AZZ AU A$0.34 A$136mm A$136mm $141mm -

Anterra Energy AE/A CN C$0.03 C$25mm C$25mm $24mm -

Arcan Resources ARN CN C$0.49 C$364mm C$364mm $357mm -

Archer Petroleum ARK CN C$0.47 C$14mm C$14mm $14mm -

Argos Resources ARG LN 19p £38mm £38mm $60mm 0.07

Armour Energy AJQ AU A$0.22 A$18mm A$18mm $19mm -

Artisan Energy AEC CN C$0.50 C$32mm C$32mm $31mm -

Atikwa Resources ATK CN C$0.01 C$2.4mm C$2.4mm $2.4mm -

Atlantic Petroleum ATLA IR DKK170 DKK278mm DKK278mm $50mm -

Atlas Resource Partners ARP US $22.48 $1,790mm $1,790mm $1,790mm -

AusTex Oil (ASX) AOK AU A$0.14 A$49mm A$49mm $51mm -

AusTex Oil (ADR) ATXDY US $6.90 $60mm $60mm $60mm -

Austin Exploration (ASX) AKK AU A$0.02 A$18mm A$18mm $19mm -

Australian Oil & Gas AOGC US $0.01 $0.6mm $0.6mm $0.6mm -

Australian Oil AOC AU A$0.04 A$1.2mm A$1.2mm $1.3mm -

Avner Oil Exploration AVNRL IT ILs270 ILs11,049mm ILs11,049mm $3,059mm -

AWE AWE AU A$1.23 A$639mm A$639mm $667mm -

Azabache Energy AZA CN C$0.15 C$19mm C$19mm $19mm -

Aztec Oil & Gas AZGS US $0.15 $4.6mm $4.6mm $4.6mm -

Bahamas Petroleum (London) BPC LN 4p £36mm £36mm $56mm 0.01







Bahamas Petroleum (ADR) BSHPY US $3.75 $92mm $92mm $92mm -

Bakken Resources BKKN US $0.23 $13mm $13mm $13mm -

Baraka Energy and Resources BKP AU A$0.01 A$8mm A$7.7mm $8.1mm -

Bass Strait Oil BAS AU A$0.01 A$1.5mm A$1.5mm $1.6mm -

Bayou City Exploration BYCX US $1.48 $1.5mm $1.5mm $1.5mm -

Bayshore Petroleum BSH CN C$0.32 C$5.2mm C$5.2mm $5.1mm -

Benakat Petroleum Energy BIPI IJ IDR132 IDR4,972,287mm IDR4,972,287mm $500mm -

Berkley Renewables BKS CN C$0.05 C$0.5mm C$0.5mm $0.5mm -

Big Sky Petroleum BSP CN C$0.05 C$2.1mm C$2.1mm $2.0mm -

Birch Lake Energy BLK CN C$0.03 C$1.0mm C$1.0mm $1.0mm -

Black Ridge O&G ANFC US $0.70 $34mm $34mm $34mm -

Blackbird Energy BBI CN C$0.06 C$4.7mm C$4.7mm $4.6mm -

Blackdog Resources DOG CN C$0.10 C$4.4mm C$4.4mm $4.3mm -

Blacksands Petroleum BSPE US $2.44 $43mm $43mm $43mm -

Blue Dolphin Energy BDCO US $5.32 $72mm $72mm $72mm -

Blue Energy BUL AU A$0.05 A$33mm A$33mm $35mm -

Blugrass Energy BLUG US $0.00 $0.3mm $0.3mm $0.3mm -

BNK Petroleum BKX CN C$0.76 C$145mm C$145mm $142mm -

Bontan BNTNF US $0.32 $26mm $26mm $26mm -

Border Petroleum BOR CN C$0.01 C$3.3mm C$3.3mm $3.3mm -

Borders & Southern Petroleum BOR LN 14p £41mm £41mm $64mm -

Boss Resources BOE AU A$0.01 A$2.9mm A$2.9mm $3.0mm -

Bounty Oil & Gas BUY AU A$0.02 A$7mm A$6.7mm $7.0mm -

BowLeven BLVN LN 67p £140mm £140mm $219mm -

BP Prudhoe Bay Royalty BPT US $92.13 $1,971mm $1,971mm $1,971mm -

Brenham Oil & Gas BRHM US $0.04 $4.7mm $4.7mm $4.7mm -

Brinx Resources BNXR US $0.05 $1.1mm $1.1mm $1.1mm -

Brixton Energy BRX CN C$0.01 C$0.9mm C$0.9mm $0.9mm -

Brookwater Ventures BW CN C$0.01 C$1.3mm C$1.3mm $1.2mm -

Brownstone Energy BWN CN C$0.06 C$7.1mm C$7.1mm $7.0mm -

BRS Resources BRS CN C$0.06 C$2.7mm C$2.7mm $2.6mm -

Buccaneer Energy BCC AU A$0.04 A$78mm A$78mm $81mm -

Buru Energy BRU AU A$1.31 A$288mm A$288mm $301mm -

Butte Energy BEN CN C$0.10 C$4.2mm C$4.2mm $4.2mm -

Cairn Energy CNE LN 258p £565mm £565mm $885mm 0.10

Cairn Energy (ADR) CRNCY US $8.08 $2,437mm $2,437mm $2,437mm 0.29

Canada Energy Partners CE CN C$0.10 C$7.9mm C$7.9mm $7.8mm -

Canadian Imperial Venture CQV CN C$0.03 C$0.8mm C$0.8mm $0.8mm -

Canadian Overseas Petroleum XOP CN C$0.19 C$52mm C$52mm $51mm -

Canadian Quantum Energy CQM CN C$0.03 C$1.1mm C$1.1mm $1.1mm -

Canadian Spirit Resources SPI CN C$0.24 C$20mm C$20mm $20mm -

Carbon Energy CNXAY US $0.49 $19mm $19mm $19mm -

Cassandra Oil CASO SS SE₭26.60 SE₭4,332mm SE₭4,332mm $667mm -

Caza Oil & Gas (London) CAZA LN 12p £17mm £17mm $26mm -

Caza Oil & Gas (Toronto) CAZ CN C$0.20 C$28mm C$28mm $27mm -







CBM Asia Development TCF CN C$0.12 C$19mm C$19mm $19mm -

Central Petroleum (ASX) CTP AU A$0.08 A$104mm A$104mm $108mm -

Century Petroleum CYPE US $0.01 $0.4mm $0.4mm $0.4mm -

CGX Energy OYL CN C$0.11 C$84mm C$84mm $83mm -

Challenger Energy CEL AU A$0.07 A$20mm A$20mm $21mm -

Chariot Oil & Gas CHAR LN 18p £36mm £36mm $56mm 0.01

Cheetah Oil & Gas COHG US $0.01 $0.1mm $0.1mm $0.1mm -

Chesapeake Granite Wash CHKR US $14.35 $182mm $182mm $182mm -

Cheyenne Resources CYRS US $0.00 $0.0mm $0.0mm $0.0mm -

Circle Star Energy CRCL US $0.05 $2.2mm $2.2mm $2.2mm -

CLIQ Energy CLIQ MK MYR0.73 MYR1,420mm MYR1,420mm $455mm -

Clontarf Energy CLON LN 0.88p £1.6mm £1.6mm $2.6mm 0.00

Cobalt International Energy CIE US $25.76 $10,155mm $10,155mm $10,155mm -

Cobra Venture CBV CN C$0.20 C$1.8mm C$1.8mm $1.8mm -

Comet Ridge COI AU A$0.24 A$80mm A$80mm $84mm -

Commodity Quest COMQ SS SE₭3.00 SE₭65mm SE₭65mm $10mm -

Conpet Ploiesti COTE RO RON35.50 RON584mm RON584mm $175mm -

Constellation Energy Partners CEP US $2.01 $130mm $130mm $130mm -

Contact Exploration CEX CN C$0.21 C$45mm C$45mm $44mm -

Continental Energy CPPXF US $0.09 $8.5mm $8.5mm $8.5mm -

Coral Sea Petroleum CSP AU A$0.22 A$22mm A$22mm $23mm -

Cosco Capital COSCO PM PHP9.77 PHP71,486mm PHP71,486mm $1,667mm -

Cott Oil and Gas CMT AU A$0.15 A$9.2mm A$9.2mm $9.6mm -

Cross Border Resources XBOR US $0.65 $22mm $22mm $22mm -

Cross Timbers Royalty CRT US $27.07 $162mm $162mm $162mm -

Crown Energy CRWN SS SE₭7.75 SE₭198mm SE₭198mm $31mm -

Crown Point Ventures CWV CN C$0.25 C$16mm C$16mm $15mm -

Crudecorp CRUDE NO NO₭7.10 NO₭5,006mm NO₭5,006mm $870mm -

CUB Energy KUB CN C$0.26 C$66mm C$66mm $65mm -

Cypress Hills Resource CHY CN C$0.08 C$1.0mm C$1.0mm $1.0mm -

Daybreak Oil & Gas DBRM US $0.15 $10.3mm $10mm $10mm -

Deep Rock Oil & Gas DPRK US $0.00 $0.0mm $0.0mm $0.0mm -

Deep Well Oil & Gas DWOG US $0.05 $8.8mm $8.8mm $8.8mm -

Delek Drilling - DEDRL IT ILs1,544 ILs10,502mm ILs10,502mm $2,908mm -

Delek Energy Systems DLEN IT ILs177,900 ILs12,833mm ILs12,833mm $3,554mm -

Deloro Resources DLL CN C$0.01 C$0.3mm C$0.3mm $0.3mm -

Delphi Energy DEE CN C$1.41 C$315mm C$315mm $309mm -

Delta Oil & Gas DLTA US $0.04 $0.6mm $0.6mm $0.6mm -

Derek Oil & Gas DRK CN C$0.03 C$5.7mm C$5.7mm $5.6mm -

Desire Petroleum DES LN 13p £38mm £38mm $60mm 0.02

Desmarais Energy DES CN C$0.02 C$3.5mm C$3.5mm $3.5mm -

Detector Exploration DEX CN C$0.02 C$0.7mm C$0.7mm $0.7mm -

Devin Energy DVC/H CN C$0.91 C$7.2mm C$7.2mm $7.1mm -

Diaz Resources DZR CN C$0.02 C$3.7mm C$3.7mm $3.7mm -

DNO (Oslo) DNO NO NO₭11.19 NO₭11,066mm NO₭11,066mm $1,924mm -







Black Warrior Trust DOM US $5.04 $39mm $39mm $39mm -

Donnycreek Energy DCK CN C$2.20 C$74mm C$74mm $73mm -

Doxa Energy DXA CN C$0.06 C$5.9mm C$5.9mm $5.8mm -

Drillsearch Energy DLS AU A$0.99 A$426mm A$426mm $444mm -

Duma Energy DUMA US $2.60 $35mm $35mm $35mm -

Dundee Energy DEN CN C$0.35 C$129mm C$129mm $126mm -

Dune Energy DUNR US $1.60 $178mm $178mm $178mm -

Eagle Ford Oil & Gas ECCE US $0.31 $22mm $22mm $22mm -

Eagleford Energy EFRDF US $0.04 $2.8mm $2.8mm $2.8mm -

Eaglewood Energy EWD CN C$0.30 C$17mm C$17mm $17mm -

East West Petroleum EW CN C$0.35 C$8mm C$8.2mm $8.1mm -

ECA Marcellus Trust I ECT US $10.00 $220mm $220mm $220mm -

Eco Atlantic Oil & Gas EOG CN C$0.47 C$25mm C$25mm $25mm -

Eden Energy EDNE US $0.06 $0.4mm $0.4mm $0.4mm -

Edge Resources EDE CN C$0.22 C$43mm C$43mm $42mm -

EFL Overseas EFLO US $1.55 $30mm $30mm $30mm -

Elndor Minerals LCO CN C$0.02 C$3.6mm C$3.6mm $3.5mm -

Elixir Petroleum EXR AU A$0.02 A$2.7mm A$2.7mm $2.8mm -

Elk Petroleum ELK AU A$0.19 A$26mm A$26mm $27mm -

Elkwater Resources ELW CN C$0.13 C$5.0mm C$5.0mm $4.9mm -

Emerald Bay Energy EBY CN C$0.05 C$6.7mm C$6.7mm $6.6mm -

Emerald Oil & Gas EMR AU A$0.01 A$5.2mm A$5.2mm $5.4mm -

Emerald Oil EOX US $6.29 $283mm $283mm $283mm -

Empire Energy International EEGC US $0.01 $9.6mm $9.6mm $9.6mm -

Empire Energy (ASX) EEG AU A$0.09 A$68mm A$68mm $70mm -

Empire Energy (ADR) EEGNY US $1.18 $18mm $18mm $18mm -

Empire Oil & Gas EGO AU A$0.01 A$57mm A$57mm $59mm -

Empire Petroleum EMPR US $0.01 $0.9mm $0.9mm $0.9mm -

Empyrean Energy EME LN 6p £12mm £12mm $19mm -

Enegi Oil ENEG LN 9p £10mm £10mm $16mm -

Energi Mega Per'da (Indonesia) ENRG IJ IDR128 IDR13,368,037mm IDR13,368,037mm $1,344mm -

EnerJex Resources ENRJ US $0.51 $35mm $35mm $35mm -

Enhanced Oil Resources EOR CN C$0.08 C$12mm C$12mm $12mm -

Entek Energy ETE AU A$0.04 A$9mm A$9.4mm $9.8mm -

Enterprise Energy Resources EER CN C$0.06 C$2.9mm C$2.9mm $2.8mm -

Epsilon Energy EPS CN C$3.35 C$192mm C$192mm $188mm -

Equal Energy EQU CN C$3.67 C$153mm C$153mm $151mm -

ERHC Energy ERHE US $0.08 $55mm $55mm $55mm -

Maurel et Prom MAU FP €11.99 €1,861mm €1,861mm $2,480mm -

Eurasia Energy EUENF US $0.01 $0.2mm $0.2mm $0.2mm -

Europa Oil & Gas Holdings EOG LN 10p £13mm £13mm $21mm -

Exoma Energy EXE AU A$0.01 A$5.4mm A$5.4mm $5.6mm -

Falcon Oil & Gas FO CN C$0.24 C$185mm C$185mm $182mm -

Falkland Oil & Gas FOGL LN 26p £82mm £82mm $128mm 0.03

FAR (ASX) FAR AU A$0.03 A$47mm A$47mm $49mm -







Fastnet Oil & Gas (London) FAST LN 22p £52mm £52mm $81mm 0.00

FEC Resources FECOF US $0.01 $4.1mm $4.1mm $4.1mm -

FieldPoint Petroleum FPP US $3.65 $34mm $34mm $34mm -

Fitzroy River FZR AU A$0.32 A$26mm A$26mm $28mm -

Force Energy FORC US $0.00 $0.1mm $0.1mm $0.1mm -

Forent Energy FEN CN C$0.09 C$8mm C$8.4mm $8.2mm -

Fortune Oil & Gas FOGC US $0.00 $0.0mm $0.0mm $0.0mm -

Forum Energy FEP LN 49p £24mm £24mm $38mm -

Frontera Resources FRR LN 0.73p £27mm £27mm $42mm 0.36

Frontier Energy FRGY US $0.00 $0.0mm $0.0mm $0.0mm -

Frontier Resources FRGP PZ 7p £5.3mm £5.3mm $8.3mm -

Gale Force Petroleum GFP CN C$0.17 C$22mm C$22mm $21mm -

Galileo Petroleum GPL CN C$0.04 C$0.3mm C$0.3mm $0.3mm -

Gambit Energy GMEI US $1.48 $40mm $40mm $40mm -

Gas2Grid GGX AU A$0.03 A$15mm A$15mm $16mm -

Gasol GAS LN 19p £8.9mm £8.9mm $14mm -

Gastar Exploration GST US $2.59 $343mm $343mm $343mm -

Gastem GMR CN C$0.02 C$1.3mm C$1.3mm $1.3mm -

GeoGlobal Resources GGLR US $0.02 $4.4mm $4.4mm $4.4mm -

Georox Resources GXR CN C$0.07 C$1.2mm C$1.2mm $1.2mm -

Givot Olam Oil Exploration GIVOL IT ILs4.70 ILs465mm ILs465mm $129mm -

Global Oil & Gas AG 3GOK GR €0.44 €1.7mm €1.7mm $2.2mm -

Global Petroleum (ASX) GBP AU A$0.10 A$18mm A$18mm $19mm -

Global Petroleum (London) GBP LN 7p £13mm £13mm $20mm -

Globe Exploration GLEX IT ILs27.30 ILs9mm ILs8.7mm $2.4mm -

Gold Oil GOO LN 2p £18mm £18mm $28mm 0.01

Golden Gate Petroleum (ASX) GGP AU A$0.00 A$10.2mm A$10mm $11mm -

Gran Tierra Exchangeco GTX CN C$6.35 C$43mm C$43mm $43mm -

Grand Gulf Energy GGE AU A$0.00 A$2.2mm A$2.2mm $2.3mm -

Greencastle Resources VGN CN C$0.06 C$2.8mm C$2.8mm $2.7mm -

Greenfields Petroleum GNF CN C$3.60 C$98mm C$98mm $97mm -

Greenpower Energy GPP AU A$0.02 A$1.0mm A$1.0mm $1.0mm -

Greenvale Mining (ASX) GRV AU A$0.08 A$4.2mm A$4.2mm $4.4mm -

Groundstar Resources GSA CN C$0.09 C$0.1mm C$0.1mm $0.1mm -

GSV GSVI US $0.10 $1.1mm $1.1mm $1.1mm -

GTL GTLC RM RUB0.70 RUB1,867mm RUB1,867mm $59mm -

Guardian Exploration GX CN C$0.01 C$0.8mm C$0.8mm $0.7mm -

Gujarat Natural Resources GERL IN INR53.80 INR2,204mm INR2,204mm $38mm -

Gulfast Oil & Gas GCOG US $0.00 $0.9mm $0.9mm $0.9mm -

Gulf Shores Resources GUL CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Gulf United Energy GLFE US $0.00 $1.9mm $1.9mm $1.9mm -

Hibiscus Petroleum Bhd HIBI MK MYR1.49 MYR542mm MYR542mm $173mm -

Hindustan Oil Exploration HOE IN INR30.85 INR11,465mm INR11,465mm $198mm -

Holloman Energy HENC US $0.57 $63mm $63mm $63mm -

Horizon Oil HZN AU A$0.37 A$516mm A$516mm $539mm -







Horn Petroleum HRN CN C$0.28 C$20mm C$20mm $19mm -

HRT Part. em Petroleo HRTP3 BZ BrR1.96 BrR579mm BrR579mm $273mm -

Hugoton Royalty Trust HGT US $8.45 $338mm $338mm $338mm -

Hull Energy HULL US $0.09 $12.6mm $13mm $13mm -

Huntington Exploration HEI CN C$0.02 C$2.6mm C$2.6mm $2.5mm -

Hyperdynamics HDY US $0.49 $41mm $41mm $41mm -

Icon Energy (Aust) ICN AU A$0.14 A$56mm A$56mm $58mm -

IGAS Energy IGAS LN 109p £264mm £264mm $413mm -

Incremental Oil & Gas IOG AU A$0.13 A$21mm A$21mm $21mm -

Independence Energy IDNG US $0.01 $0.9mm $0.9mm $0.9mm -

Index Oil & Gas IXOG US $0.00 $0.1mm $0.1mm $0.1mm -

Indigo-Energy IDGG US $0.00 $0.4mm $0.4mm $0.4mm -

Indus Gas INDI LN 918p £1,765mm £1,765mm $2,764mm -

Infinity Energy Resources IFNY US $2.00 $56mm $56mm $56mm -

INOC Dead Sea HLDSL IT ILs2,855 ILs899mm ILs899mm $249mm -

Interlink Petroleum ITP IN INR20.00 INR886mm INR886mm $15mm -

Int. Frontier Resources IFR CN C$0.07 C$0.2mm C$0.2mm $0.2mm -

Iofina IOF LN 225p £281mm £281mm $440mm -

Iona Energy INA CN C$0.58 C$318mm C$318mm $313mm -

IPB Petroleum IPB AU A$0.23 A$20mm A$20mm $21mm -

Ironhorse Oil & Gas IOG CN C$0.17 C$8.1mm C$8.1mm $8.0mm -

Israel Land Dev. Energy IE IT ILs50.50 ILs79mm ILs79mm $22mm -

Israel Opportunity Energy ISOPL IT ILs10.20 ILs76mm ILs76mm $21mm -

Isramco Negev 2 ISRAL IT ILs62.40 ILs10,328mm ILs10,328mm $2,860mm -

Ivanhoe Energy IE CN C$1.17 C$140mm C$140mm $137mm -

Jacka Resources JKA AU A$0.09 A$21mm A$21mm $21mm -

Jadela Oil JOC CN C$0.08 C$0.2mm C$0.2mm $0.2mm -

Japan Petroleum 1662 JP ¥3,915 ¥161,632mm ¥161,632mm $1,699mm -

Jayhawk Energy JYHW US $0.02 $1.4mm $1.4mm $1.4mm -

Junex JNX CN C$0.53 C$16mm C$16mm $16mm -

Jupiter Energy JPR AU A$0.57 A$79mm A$79mm $83mm -

Jura Energy JEC CN C$0.35 C$26mm C$26mm $25mm -

Kairiki Energy KIK AU A$0.00 A$8.7mm A$8.7mm $9.0mm -

Kallisto Energy KEC CN C$0.06 C$9.0mm C$9.0mm $8.8mm -

Kanto Natural Gas 1661 JP ¥590 ¥26,460mm ¥26,460mm $278mm -

Karoon Gas (ASX) KAR AU A$5.37 A$865mm A$865mm $903mm -

KazMunaiGas E&P RDGZ KZ KZT13,605 KZT805,432mm KZT805,432mm $5,322mm -

KEA Petroleum KEA LN 4p £18mm £18mm $29mm -

Kelt Exploration KEL CN C$7.24 C$605mm C$605mm $594mm -

Key Petroleum KEY AU A$0.01 A$1.6mm A$1.6mm $1.7mm -

KFG Resources KFG CN C$0.04 C$2.0mm C$2.0mm $2.0mm -

Kina Petroleum KPL AU A$0.35 A$55mm A$55mm $58mm -

Knol Resources NOL CN C$0.26 C$1.5mm C$1.5mm $1.5mm -

Kodiak Energy KDKN US $0.02 $5.5mm $5.5mm $5.5mm -

Kulczyk Oil Ventures KOV PW PLN1.15 PLN617mm PLN617mm $195mm -







Kunlun Energy (ADR) KLYCY US $93.35 $15,061mm $15,061mm $15,061mm -

Lakes Oil LKO AU A$0.00 A$24mm A$24mm $25mm -

Lapidoth-Heletz LPHLL IT ILs13.40 ILs58mm ILs58mm $16mm -

Lariat Energy LE CN C$0.05 C$0.8mm C$0.8mm $0.8mm -

Leed Resources LDP LN 0.15p £3.7mm £3.7mm $5.8mm -

Lekoil LEK LN 37p £66mm £66mm $104mm -

Leni Gas & Oil LGO LN 0.98p £19mm £19mm $30mm -

Lexaria LXRP US $0.06 $2.3mm $2.3mm $2.3mm -

LinnCo LLC LNCO US $37.05 $7,325mm $7,325mm $7,325mm -

Lion Energy LIO AU A$0.01 A$1.4mm A$1.4mm $1.5mm -

LL&E Royalty Trust LRTR US $1.20 $23mm $23mm $23mm -

LNG Energy LNG CN C$0.03 C$16.3mm C$16mm $16mm -

Longreach Oil & Gas LOI CN C$0.71 C$17mm C$17mm $17mm 0.05

Longreach Oil LGO AU A$0.01 A$2.9mm A$2.9mm $3.0mm -

Loon Energy LNE CN C$0.03 C$0.6mm C$0.6mm $0.6mm -

Lynden Energy LVL CN C$0.70 C$86mm C$86mm $85mm -

Madagascar Oil MOIL LN 15p £57mm £57mm $89mm -

Magnolia Petroleum MAGP LN 2p £21mm £21mm $33mm -

Magnum Energy MEN CN C$0.06 C$8.9mm C$8.9mm $8.7mm -

Mammoth Energy Group MMTE US $0.00 $0.7mm $0.7mm $0.7mm -

Manas Petroleum MNAP US $0.06 $9mm $9.1mm $9.1mm -

Manitok Energy MEI CN C$3.07 C$215mm C$215mm $211mm -

Marauder Resources MES CN C$0.07 C$7.1mm C$7.1mm $7.0mm -

Mari Gas MARI PA PKR149 PKR10,243mm PKR10,243mm $104mm -

Marine Petroleum Trust MARPS US $16.81 $34mm $34mm $34mm -

Marksmen Energy MAH CN C$0.15 C$5.0mm C$5.0mm $4.9mm -

Mart Resources MMT CN C$1.42 C$475mm C$475mm $466mm -

MASS Petroleum MASP US $0.25 $13mm $13mm $13mm -

Matachewannsolidated MCM/A CN C$0.36 C$2.4mm C$2.4mm $2.4mm -

Maverick Drilling & Exploration MAD AU A$0.34 A$92mm A$92mm $96mm -

Maverick Minerals MVRM US $0.15 $2.6mm $2.6mm $2.6mm -

Maxim Resources MXM CN C$0.04 C$0.8mm C$0.8mm $0.8mm -

Mcchip Resources MCS CN C$1.80 C$7mm C$7.4mm $7.3mm -

Medco Energi (Indonesia) MEDC IJ IDR1,800 IDR11,926,571mm IDR11,926,571mm $1,199mm -

MEO Australia (ASX)* MEO AU A$0.07 A$37mm A$37mm $39mm 0.02

MEO Australia (ADR) MEOAY US $0.69 $43mm $43mm $43mm 0.02

Mercom Oilnds PLC MMO LN 0.50p £1.1mm £1.1mm $1.7mm -

Mesa Royalty Trust MTR US $22.21 $41mm $41mm $41mm -

Metalore Resources MET CN C$3.46 C$4.8mm C$4.8mm $4.7mm -

MGM Energy MGX CN C$0.25 C$91mm C$91mm $89mm -

MIE Holdings 1555 HK HK$1.81 HK$8,430mm HK$8,430mm $1,086mm -

Mira Resources MRP CN C$0.05 C$7.2mm C$7.2mm $7.1mm -

Misen Energy MISE SS SE₭14.50 SE₭2,235mm SE₭2,235mm $344mm -

Moby Oil & Gas MOG AU A$0.01 A$1.8mm A$1.8mm $1.9mm -

Modiin MDINL IT ILs7.80 ILs42mm ILs42mm $12mm -







Monarch Energy MNL CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Mooncor Oil & Gas MOO CN C$0.01 C$1.4mm C$1.4mm $1.4mm -

Mountainview Energy MVW CN C$0.52 C$63mm C$63mm $62mm -

MV Oil MVO US $28.61 $329mm $329mm $329mm -

Naphtha Explo NFEXL IT ILs1,319 ILs578mm ILs578mm $160mm -

Naphtha Israel Petroleum NFTA IT ILs1,876 ILs5,772mm ILs5,772mm $1,598mm -

Neon Energy (ASX) NEN AU A$0.27 A$123mm A$123mm $128mm -

New Frontier Energy NFEI US $0.03 $1.9mm $1.9mm $1.9mm -

New Guinea Energy (ASX) NGE AU A$0.02 A$20mm A$20mm $21mm -

New Guinea Energy (ADR) NGELY US $1.18 $20mm $20mm $20mm -

New Klondike Exploration NK CN C$0.05 C$0.6mm C$0.6mm $0.6mm -

New Standard Energy NSE AU A$0.12 A$34mm A$34mm $35mm -

New Western Energy NWTR US $0.20 $14mm $14mm $14mm -

New World O&G NEW LN 0.83p £5.7mm £5.7mm $8.9mm 0.03

New Zealand Energy NZ CN C$0.43 C$7mm C$6.7mm $6.6mm -

Newton Energy NTN CN C$0.02 C$0.3mm C$0.3mm $0.3mm -

Nextraction Energy NE CN C$0.23 C$12.2mm C$12mm $12mm -

Nexus Energy NXS AU A$0.09 A$237mm A$237mm $248mm -

Nighthawk Energy (ADR) NHEGY US $2.40 $113mm $113mm $113mm -

NiMin Energy NNN/H CN C$0.10 C$6.6mm C$6.6mm $6.5mm -

Nitro Petroleum NTRO US $0.50 $2.8mm $2.8mm $2.8mm -

Nordic Oil & Gas NOG CN C$0.02 C$4.0mm C$4.0mm $3.9mm -

Norse Energy (Oslo) NEC NO NO₭0.27 NO₭163mm NO₭163mm $28mm -

Norse Energy (ADR) NSEEY US $0.05 $5.4mm $5.4mm $5.4mm -

North American Oil & Gas NAMG US $0.75 $45mm $45mm $45mm -

North Energy (Oslo) NORTH NO NO₭5.10 NO₭543mm NO₭543mm $94mm -

North European Oil Royalty NRT US $25.27 $232mm $232mm $232mm -

North Sea Energy NUK CN C$0.27 C$14mm C$14mm $14mm 0.28

North West Oil Group NWOL US $0.01 $0.0mm $0.0mm $0.0mm -

Northern Spirit Resources NS CN C$0.07 C$20mm C$20mm $19mm -

Norwest Energy NL NWE AU A$0.02 A$15mm A$15mm $15mm -

Nostra Terra Oil & Gas NTOG LN 0.46p £12mm £12mm $19mm -

Novus Energy NVS CN C$0.77 C$227mm C$227mm $223mm -

NuEnergy Gas NGY AU A$0.04 A$8mm A$8.2mm $8.5mm -

NWEST Energy NWN CN C$0.19 C$1.3mm C$1.3mm $1.3mm -

Oando Energy Resources OER CN C$1.54 C$656mm C$656mm $644mm -

Octagon 88 Resources OCTX US $6.13 $163mm $163mm $163mm -

Octanex NL OXX AU A$0.18 A$16mm A$16mm $17mm -

Odin Energy ODN AU A$0.00 A$0.2mm A$0.2mm $0.2mm -

Odyssey Energy ODY AU A$0.01 A$3.4mm A$3.4mm $3.5mm -

OGX (BOVESPA) OGXP3 BZ BrR1.05 BrR9,386mm BrR9,386mm $4,425mm -

OGX (ADR) OGXPY US $0.51 $1,650mm $1,650mm $1,650mm -

Oil & Gas Development OGDC PA PKR257 PKR1,102,208mm PKR1,102,208mm $11,187mm -

Oil & Gas Exp. & Prod. 4O1 BU BGN4.10 BGN67mm BGN67mm $46mm -

Oil & Natural Gas ONGC IN INR313 INR2,709,069mm INR2,709,069mm $46,838mm -







Oil Basins OBL AU A$0.01 A$3.4mm A$3.4mm $3.6mm -

Oil Optimization OOI CN C$0.02 C$2.4mm C$2.4mm $2.3mm -

Oilex (ASX) OEX AU A$0.06 A$14mm A$14mm $14mm -

Oilex (London) OEX LN 4p £9mm £9.2mm $14mm -

Oilsands Quest OBQI US $0.01 $3.2mm $3.2mm $3.2mm -

OMDA Oil & Gas OOAG US $0.00 $0.4mm $0.4mm $0.4mm -

Opal Energy OPA/H CN C$0.07 C$0.8mm C$0.8mm $0.8mm -

Ophir Energy OPHR LN 358p £1,967mm £1,967mm $3,080mm -

Orca Energy OGY AU A$0.02 A$8mm A$8.0mm $8.3mm -

Orca Exploration Group ORC/B CN C$2.26 C$74mm C$74mm $73mm -

Oriental Petroleum & Minerals OPM PM PHP0.02 PHP2,543mm PHP2,543mm $59mm -

Oryx Petroleum OXC CN C$14.60 C$1,428mm C$1,428mm $1,402mm -

Osage Exp & Dev. OEDV US $1.23 $70mm $70mm $70mm -

Otis Energy OTE AU A$0.00 A$1.1mm A$1.1mm $1.1mm -

Otto Energy OEL AU A$0.07 A$57mm A$57mm $60mm -

PA Resources AB PAR SS SE₭11.65 SE₭2,429mm SE₭2,429mm $374mm -

Pacific Paradym Energy PPE CN C$0.01 C$0.6mm C$0.6mm $0.6mm -

Painted Pony Petroleum PPY CN C$8.51 C$721mm C$721mm $708mm -

Pakistan Oilfields POL PA PKR513 PKR112,022mm PKR112,022mm $1,137mm -

Palo Duro Energy PDE/H CN C$0.02 C$0.7mm C$0.7mm $0.6mm -

Paloma Resources PLO/H CN C$0.01 C$0.1mm C$0.1mm $0.1mm -

Pan Pacific Petroleum PPP AU A$0.11 A$57mm A$57mm $59mm -

Pancontinental (ASX) PCL AU A$0.06 A$23mm A$23mm $24mm -

PanTerra Resource PRC CN C$0.04 C$3.3mm C$3.3mm $3.2mm -

Pantheon Resources PANR LN 19p £18mm £18mm $28mm -

Paris Energy PI CN C$0.04 C$0.6mm C$0.6mm $0.6mm -

Park Place Energy PKPL US $0.14 $2.9mm $2.9mm $2.9mm -

Passport Energy PPO CN C$0.05 C$3.7mm C$3.7mm $3.6mm -

Patch International PTCHF US $0.00 $0.0mm $0.0mm $0.0mm -

Patriot Energy/Houston TX PGYC US $0.00 $60.4mm $60mm $60mm -

Pegasi Energy Resources PGSI US $0.98 $62mm $62mm $62mm -

Pennant Energy PEN CN C$0.02 C$1.1mm C$1.1mm $1.1mm -

Permian Basin Royalty Trust PBT US $13.10 $608mm $608mm $608mm -

Petra Petroleum PTL CN C$0.32 C$12mm C$12mm $12mm -

Petrel Energy PRL AU A$0.09 A$31mm A$31mm $32mm -

Petrel Resources PET LN 16p £9mm £8.9mm $14mm 0.01

Petrichor Energy PTP CN C$0.25 C$3.9mm C$3.9mm $3.8mm -

Petro Basin Energy PBA/H CN C$0.06 C$0.8mm C$0.8mm $0.8mm -

Petro Matad MATD LN 5p £2.8mm £2.8mm $4.4mm -

Petro One Energy POP CN C$0.19 C$10mm C$9.8mm $9.6mm -

Petroamerica Oil PTA CN C$0.25 C$124mm C$124mm $121mm -

Petrobank Energy & Resources PBG CN C$0.51 C$50mm C$50mm $49mm -

PetroEnergy Resources PERC PM PHP5.95 PHP3,297mm PHP3,297mm $77mm -

Petroforte International PFI CN C$0.01 C$0.3mm C$0.3mm $0.3mm -

Petrofrontier PFC CN C$0.29 C$23mm C$23mm $22mm -







Petrogrand AB PETRO SS SE₭7.20 SE₭158mm SE₭158mm $24mm -

PetroHunter Energy PHUN US $0.02 $58.1mm $58mm $58mm -

Petrolia PEA CN C$0.73 C$43mm C$43mm $42mm -

Petrolympic PCQ CN C$0.07 C$5.5mm C$5.5mm $5.4mm -

Petromanas Energy PMI CN C$0.11 C$28mm C$28mm $27mm -

Petromin Resources PTR CN C$0.04 C$3.5mm C$3.5mm $3.4mm -

PetroNova PNA CN C$0.37 C$49mm C$49mm $48mm -

Petroshale PSH CN C$0.61 C$12mm C$12mm $12mm -

Petrostar Petroleum PEP CN C$0.08 C$3.8mm C$3.8mm $3.8mm -

Philex Petroleum PXP PM PHP13.52 PHP23,380mm PHP23,380mm $545mm -

Philodrill OV PM PHP0.04 PHP6,973mm PHP6,973mm $163mm -

Phoenix Canada Oil PCO CN C$1.85 C$1.2mm C$1.2mm $1.2mm -

Pioneer Oil & Gas POGS US $0.93 $7.3mm $7.3mm $7.3mm -

Planet Gas PGS AU A$0.02 A$9mm A$9.3mm $9.7mm -

Platino Energy PZE CN C$1.30 C$91mm C$91mm $89mm -

Polyard Petroleum 8011 HK HK$0.13 HK$498mm HK$498mm $64mm -

Porto Energy PEC CN C$0.04 C$6.1mm C$6.1mm $6.0mm -

Power Resource Exploration PREXF US $0.01 $0.0mm $0.0mm $0.0mm -

PRD Energy PRD CN C$0.49 C$42mm C$42mm $41mm -

President Petroleum PPC LN 19p £39mm £39mm $62mm -

Primary Petroleum PIE CN C$0.06 C$8.8mm C$8.8mm $8.7mm -

Providence Resources (US) PVRS US $0.03 $0.6mm $0.6mm $0.6mm -

Providence Resources (London) PVR LN 535p £332mm £332mm $519mm -

Pryme Energy (ASX) PYM AU A$0.01 A$6.7mm A$6.7mm $7.0mm -

Pryme Energy (ADR) POGLY US $0.15 $4.3mm $4.3mm $4.3mm -

Pura Vida Energy PVD AU A$0.44 A$32mm A$32mm $33mm 0.08

Pyramid Oil PDO US $4.17 $14mm $14mm $14mm -

QGEP Participacoes QGEP3 BZ BrR12.01 BrR2,081mm BrR2,081mm $981mm -

Quest Petroleum QPN AU A$0.00 A$7mm A$6.9mm $7.2mm -

Quoram PLC QRM LN 0.25p £1.3mm £1.3mm $2.1mm -

Radial Energy RENG US $0.00 $1.7mm $1.7mm $1.7mm -

Raging River Exploration RRX CN C$3.87 C$630mm C$630mm $619mm -

Raimount Energy RMT CN C$2.10 C$1.8mm C$1.8mm $1.7mm -

Rampart Energy RTD AU A$0.00 A$3.3mm A$3.3mm $3.5mm -

Rancher Energy RNCH US $0.01 $1.6mm $1.6mm $1.6mm -

Ratio Oil Exploration 1992 RATIL IT ILs35.70 ILs2,715mm ILs2,715mm $752mm -

Rawson Resources RAW AU A$0.05 A$2.9mm A$2.9mm $3.1mm -

Recovery Energy RECV US $1.50 $59mm $59mm $59mm -

Red Emperor (ASX)* RMP AU A$0.05 A$13mm A$13mm $14mm -

Red Sky Energy ROG AU A$0.00 A$2.0mm A$2.0mm $2.1mm -

Relentless Resources RRL CN C$0.15 C$4.9mm C$4.9mm $4.8mm -

Renewable Energy Solution Systems RESS US $0.01 $0.0mm $0.0mm $0.0mm -

RH Petrogas RHP SP S$0.51 S$359mm S$359mm $286mm -

Ria Resources RIA CN C$0.03 C$0.9mm C$0.9mm $0.9mm -

Rialto Energy (ASX) RIA AU A$0.03 A$21mm A$21mm $22mm 0.02







Ring Energy RNGE US $7.04 $92mm $92mm $92mm -

Riverdale Oil & Gas RVDO US $0.05 $1.4mm $1.4mm $1.4mm -

Rocksource RGT NO NO₭1.20 NO₭167mm NO₭167mm $29mm -

Rodinia Oil ROZ CN C$0.04 C$3.7mm C$3.7mm $3.6mm -

Royale Energy ROYL US $2.71 $35mm $35mm $35mm -

Royalite Petroleum RYPE US $0.00 $2.2mm $2.2mm $2.2mm -

Running Fox Resource RUN CN C$0.03 C$1.1mm C$1.1mm $1.0mm -

Sabine Royalty SBR US $52.79 $764mm $764mm $764mm -

SacOil (Johannesburg) SCL SJ ZAR27.00 ZAR216mm ZAR216mm $22mm -

Sagres Energy SGI CN C$0.01 C$1.8mm C$1.8mm $1.8mm -

Sahara Energy SAH CN C$0.02 C$1.3mm C$1.3mm $1.3mm -

San Juan Basin Royalty SJT US $15.66 $720mm $720mm $720mm -

San Leon Energy (London)* SLE LN 6p £105mm £105mm $165mm 0.06

San Leon Energy (ADR)* SLGYY US $6.32 $237mm $237mm $237mm 0.08

SandRidge Mississippian I SDT US $13.86 $387mm $387mm $387mm -

SandRidge Mississippian II SDR US $13.19 $656mm $656mm $656mm -

SandRidge Permian PER US $14.90 $587mm $587mm $587mm -

Santa Maria Petroleum SMQ CN C$0.05 C$2.3mm C$2.3mm $2.2mm -

Savoy Energy SNVP US $0.00 $0.2mm $0.2mm $0.2mm -

Seaenergy SEA LN 24p £6mm £6.4mm $9.9mm -

Sefton Resources SER LN 0.55p £5.9mm £5.9mm $9.3mm -

Selan Exploration Technology SXT IN INR262 INR2,977mm INR2,977mm $51mm -

Selena Oil & Gas Holding AB SOGH SS SE₭3.10 SE₭1,232mm SE₭1,232mm $190mm -

Sentry Petroleum SPLM US $0.02 $0.6mm $0.6mm $0.6mm -

Shamaran Petroleum SNM CN C$0.41 C$292mm C$292mm $287mm -

Shelton Petroleum SHELB SS SE₭20.90 SE₭195mm SE₭195mm $30mm -

Shemen Oil & Gas Resources SMOG IT ILs10.20 ILs317mm ILs317mm $88mm -

Shiv-Vani Services SVOG IN INR29.90 INR1,800,261mm INR1,800,261mm $31,126mm -

Silver Star Energy SVSE US $0.00 $0.1mm $0.1mm $0.1mm -

Silvermere Energy SLME LN 2p £0.3mm £0.3mm $0.5mm -

Silverwillow Energy SWE CN C$0.42 C$24mm C$24mm $24mm -

Simba Energy SMB CN C$0.07 C$14mm C$14mm $13mm -

Sintana Energy SNN CN C$0.08 C$18mm C$18mm $18mm -

Sirius Petroleum SRSP LN 4p £32mm £32mm $51mm -

Sky Petroleum SKPI US $0.10 $13.7mm $14mm $14mm -

Slavneft-Megionneftegaz MFGS RM RUB430 RUB60,850mm RUB60,850mm $1,907mm -

Softrock Minerals SFT CN C$0.01 C$0.2mm C$0.2mm $0.2mm -

Solimar Energy SGY AU A$0.01 A$10.6mm A$11mm $11mm -

Solo Oil SOLO LN 0.34p £15mm £15mm $24mm -

Sonde Resources SOQ CN C$0.95 C$42mm C$42mm $42mm -

Sound Oil SOU LN 10p £21mm £21mm $32mm 0.30

South China Resources SOC PM PHP1.09 PHP246mm PHP246mm $5.7mm -

South Texas Oil STXXQ US $0.01 $0.1mm $0.1mm $0.1mm -

Southern Star Energy SSEY US $0.00 $0.1mm $0.1mm $0.1mm -

Spindletop Oil & Gas SPND US $2.82 $12mm $12mm $12mm -







Sprott Resource SCP CN C$3.57 C$385mm C$385mm $379mm -

Standard Energy STDE US $0.00 $0.4mm $0.4mm $0.4mm -

Standard Exploration SDE CN C$0.05 C$2.8mm C$2.8mm $2.7mm -

Star Energy SERG US $0.00 $7.5mm $7.5mm $7.5mm -

Statesman Resources SRR CN C$0.06 C$2.1mm C$2.1mm $2.1mm -

Stealth Ventures SLV CN C$0.07 C$3.3mm C$3.3mm $3.3mm -

Sterling Resources SLG CN C$0.76 C$347mm C$347mm $341mm -

Stetson Oil and Gas SSN CN C$0.09 C$0.2mm C$0.2mm $0.1mm -

Storm Resources SRX CN C$2.45 C$190mm C$190mm $186mm -

Strat Petroleum SPRL US $0.00 $0.0mm $0.0mm $0.0mm -

Strata Oil & Gas SOIGF US $0.13 $8.8mm $8.8mm $8.8mm -

Strata-X Energy SXE CN C$0.27 C$38mm C$38mm $37mm -

Stream Oil & Gas SKO CN C$0.69 C$50mm C$50mm $49mm -

Striker Oil & Gas SOIS US $0.01 $2.3mm $2.3mm $2.3mm -

SueloPetrol SPT/B VC $0.61 $277mm $277mm $277mm -

Summus Solutions SS CN C$0.40 C$3.3mm C$3.3mm $3.2mm -

Sun Resources SUR AU A$0.03 A$43mm A$43mm $45mm -

Sundance Energy Australia SEA AU A$0.88 A$356mm A$356mm $371mm -

Sundance Energy SNY CN C$0.02 C$1.6mm C$1.6mm $1.5mm -

Sunshine Oilsands 2012 HK HK$1.82 HK$3,728mm HK$3,728mm $480mm -

Suroco Energy SRN CN C$0.47 C$64mm C$64mm $63mm -

Swala Energy SWE AU A$0.17 A$21mm A$21mm $22mm -

Swede Resources SERSB SS SE₭1.25 SE₭22mm SE₭22mm $3.3mm -

Syngas SYS AU A$0.00 A$0.4mm A$0.4mm $0.4mm -

TAG Oil TAO CN C$3.22 C$128mm C$128mm $125mm -

TagLikeMe TAGG US $0.01 $4.5mm $4.5mm $4.5mm -

Talon Petroleum TPD AU A$0.05 A$4.7mm A$4.7mm $4.9mm -

Tamarack Valley Energy TVE CN C$2.10 C$106mm C$106mm $104mm -

Tamaska Oil & Gas TMK AU A$0.00 A$5.5mm A$5.5mm $5.7mm -

TAMM Oil and Gas TAMO US $0.19 $18mm $18mm $18mm -

Tangiers Petroleum (ASX) TPT AU A$0.21 A$20mm A$20mm $21mm 0.02

Target Energy TEX AU A$0.07 A$24mm A$24mm $25mm -

TEL Offshore Trust TELOZ US $4.22 $20mm $20mm $20mm -

Tengasco TGC US $0.55 $41mm $41mm $41mm -

Terrace Energy TZR CN C$1.80 C$112mm C$112mm $110mm -

Tethys Oil TETY SS SE₭66.00 SE₭2,465mm SE₭2,465mm $380mm -

Texas Vanguard Oil TVOC US $11.80 $7mm $7.5mm $7.5mm -

Texhoma Energy TXHE US $0.00 $8.3mm $8.3mm $8.3mm -

Thunderbird Energy TBD CN C$0.04 C$9.7mm C$9.7mm $9.5mm -

Tidelands Royalty TIRTZ US $4.97 $6.9mm $6.9mm $6.9mm -

Titan Energy (ASX) TTE AU A$0.01 A$10mm A$10mm $11mm -

Tlou Energy TOU AU A$0.35 A$33mm A$33mm $34mm -

Torchlight Energy Resources TRCH US $1.85 $25mm $25mm $25mm -

Torrent Energy TREN US $0.00 $0.6mm $0.6mm $0.6mm -

Total Gabon EC FP €425 €1,707mm €1,707mm $2,275mm -







Tower Resources TRP LN 2p £27mm £27mm $42mm 0.03

Trans Energy TENG US $3.20 $42mm $42mm $42mm -

Transerv Energy TSV AU A$0.00 A$20mm A$20mm $21mm -

Transeuro Energy TSU CN C$0.04 C$21mm C$21mm $21mm -

Triangle Energy Global TEG AU A$0.01 A$7.0mm A$7.0mm $7.3mm -

Triangle Petroleum TPLM US $6.87 $491mm $491mm $491mm -

Triple Energy TNP AU A$0.02 A$8mm A$8.5mm $8.8mm -

Tri-Valley TVLYQ US $0.00 $3.0mm $3.0mm $3.0mm -

Turner Valley Oil & Gas TVOG US $0.00 $0.1mm $0.1mm $0.1mm -

Tuscany Energy TUS CN C$0.04 C$3.9mm C$3.9mm $3.8mm -

TXO *** TXO LN 0.17p £2.1mm £2.1mm $3.2mm -

Tyner Resources TIP/H CN C$0.16 C$4.6mm C$4.6mm $4.5mm -

Udmurtneft UDMN RU $800 $90,892mm $90,892mm $90,892mm -

Ukrnafta Oil (Ukraine) UNAF UZ UAH113 UAH6,047mm UAH6,047mm $743mm -

Underground Energy UGE CN C$0.01 C$0.2mm C$0.2mm $0.1mm -

Uniontown Energy UTOG US $0.01 $1.4mm $1.4mm $1.4mm -

United American Petroleum UAPC US $0.10 $4.8mm $4.8mm $4.8mm -

United Energy (Hong Kong) 467 HK HK$1.19 HK$19,621mm HK$19,621mm $2,527mm -

Universal Energy UVSE US $0.00 $9.9mm $9.9mm $9.9mm -

US Energy Wyoming USEG US $1.94 $61mm $61mm $61mm -

US Natural Gas UNGS US $0.00 $1.8mm $1.8mm $1.8mm -

US Oil Sands USO CN C$0.10 C$27mm C$27mm $27mm -

USA Superior Energy Holdings USSU US $0.00 $0.8mm $0.8mm $0.8mm -

Valparaiso Energy VPO/H CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Vanoil Energy VEL CN C$0.32 C$33mm C$33mm $33mm -

Vast Exploration VST CN C$0.01 C$0.6mm C$0.6mm $0.6mm -

Velocity Energy VCYE US $0.01 $14.5mm $14mm $14mm -

Veraz Petroleum VRZ/H CN C$0.01 C$0.5mm C$0.5mm $0.5mm -

Wellstar Energy WSE/H CN C$0.35 C$3.9mm C$3.9mm $3.8mm -

Wentworth Energy WNWG US $0.00 $54.5mm $55mm $55mm -

Wentworth Resources WRL NO NO₭5.84 NO₭424mm NO₭424mm $74mm -

Wescan Energy WCE CN C$0.08 C$0.8mm C$0.8mm $0.8mm -

Wessex Exploration WSX LN 1p £1.4mm £1.4mm $2.2mm -

Westbridge Energy WEB CN C$0.09 C$5.2mm C$5.2mm $5.1mm -

WesternZagros Resources WZR CN C$1.30 C$406mm C$406mm $398mm -

Westmount Energy WTE LN 22p £1.8mm £1.8mm $2.8mm -

Whiting USA (I) WHX US $4.26 $59mm $59mm $59mm -

Whiting USA (II) WHZ US $13.02 $240mm $240mm $240mm -

Wilton Resources WIL CN C$0.70 C$19mm C$19mm $19mm -

Woburn Energy WBN LN 1p £5.1mm £5.1mm $8.0mm -

Wolf Petroleum WOF AU A$0.06 A$8mm A$8.1mm $8.4mm -

Worthington Energy WGAS US $0.00 $0.0mm $0.0mm $0.0mm -

Wrangler West Energy WX CN C$0.26 C$6.3mm C$6.3mm $6.2mm -

XState Resources XST AU A$0.01 A$0.6mm A$0.6mm $0.6mm -

Xtract Energy XTR LN 0.30p £3.8mm £3.8mm $5.9mm -







XXL Energy XL CN C$0.06 C$8.8mm C$8.8mm $8.6mm -

Yangarra Resources YGR CN C$0.34 C$78mm C$78mm $77mm -

Zerah Oil & Gas Exploration ZRAHL IT ILs9.20 ILs39mm ILs39mm $11mm -

Zeta Petroleum ZTA AU A$0.02 A$1.0mm A$1.0mm $1.0mm -

Zion Oil & Gas ZN US $1.85 $47mm $47mm $47mm -

Zodiac Exploration ZEX CN C$0.06 C$2mm C$2.0mm $1.9mm -

Zone Resources ZNR CN C$0.01 C$1.1mm C$1.1mm $1.1mm -


Integrated Majors

ExchangeExchangeExchangeExchange Per Barrel of Reserves ($/boe)Per Barrel of Reserves ($/boe)Per Barrel of Reserves ($/boe)Per Barrel of Reserves ($/boe) Per Daily Barrel of Production ($/bopd)Per Daily Barrel of Production ($/bopd)Per Daily Barrel of Production ($/bopd)Per Daily Barrel of Production ($/bopd)

BrsaItaliana 15.1 63,050

Budapest 21.2 119,411

Buenos Floor 9.7 20,176

Continuous 39.1 151,641

EN Amsterdam 17.0 68,262

EN Paris 14.5 64,889

Hong Kong 24.7 103,135

London 14.1 72,653

MICEX Main 3.0 19,016

New York 15.4 65,948

Oslo 14.1 41,932

OTC US 19.4 46,784

Shanghai 35.0 118,667

Toronto 9.3 112,704

Vienna 20.0 73,086

Warsaw 18.6 158,667


Company Name Company Name Company Name Company Name Bloomberg Ticker Bloomberg Ticker Bloomberg Ticker Bloomberg Ticker

Last PriceLast PriceLast PriceLast Price EVEVEVEV



Per DailyPer DailyPer DailyPer Daily Barrel of Barrel of Barrel of Barrel of

Production ($/bopd)Production ($/bopd)Production ($/bopd)Production ($/bopd)

American Midstream Partners AMID US $21.98 $349mm $349mm - -

BG Group (London) BG/ LN 1,193p £47,666mm $74,635mm 13.4 109,262

BG Group (ADR) BRGYY US $18.78 $63,922mm $63,922mm 11.4 93,578

BP (London) BP/ LN 453p £98,374mm $154,034mm 9.1 44,826

BP (ADR) BP US $43.09 $136,026mm $136,026mm 8.0 39,586

Cenovus Energy CVE CN C$29.77 C$26,695mm $26,213mm 9.0 99,560

Chevron CVX US $122 $233,751mm $233,751mm 20.2 87,870

CNPC (Hong Kong) 386 HK HK$5.54 HK$1,092,024mm $140,661mm 35.0 118,667

CPNC (ADR) SNP US $93.77 $90,144mm $90,144mm 22.4 76,049

CNPC (Shanghai) 600028 CH CY6.30 CY862,774mm $140,661mm 35.0 118,667

Ecopetrol (Colombia) ECOPETL CB CP3,975 CP172,656,289mm $91,270mm - -

Ecopetrol (ADR) EC US $42.16 $86,674mm $86,674mm - -

Elnusa Tbk ELSA IJ IDR240 IDR1,518,553mm $153mm - -

The Energy Holding ENERGYH KK KWd106 KWd79mm $278mm - -

Eni (Milan) ENI IM €16.63 €79,264mm $105,643mm 15.1 63,050









Eni (ADR) E US $44.50 $80,861mm $80,861mm 11.5 48,259

Esso Thailand (Bangkok) ESSO TB THB7.10 THB58,049mm $1,900mm - -

Exxon Mobil XOM US $91.33 $419,362mm $419,362mm 16.3 93,420

Galp (Lisbon) GALP PL €12.29 €13,309mm $17,738mm 114.0 1,134,667

Galp (ADR) GLPEY US $8.25 $13,686mm $13,686mm 87.9 875,459

Gas Plus GSP IM €4.68 €360mm $480mm - -

Gazprom Neft (Moscow) SIBN RM RUB112 RUB726,935mm $22,787mm 3.9 19,330

Gazprom Neft (ADR) GZPFY US $17.15 $16,263mm $16,263mm 2.8 13,796

Gazprom (Moscow) GAZP RM RUB110 RUB4,045,261mm $126,806mm 0.8 13,871

Gazprom (ADR) OGZPY US $6.95 $82,265mm $82,265mm 0.5 8,999

Hess HES US $66.85 $29,988mm $29,988mm 19.1 71,682

Husky Energy HSE CN C$28.28 C$30,172mm $29,627mm 10.1 106,804

Imperial Oil IMO CN C$39.59 C$37,166mm $36,495mm 10.2 148,667

INA Industrija Nafte INARA CZ HRK4,248 HRK48,951mm $8,750mm - -

Independent Resources IRG LN 7p £4mm $6mm - -

InterOil (ADR) IOC US $79.41 $4,005mm $4,005mm - -

Lukoil (Moscow) LKOH RM RUB1,848 RUB1,719,135mm $53,890mm 1.7 23,846

Lukoil (ADR) LUKOY US $58.47 $49,732mm $49,732mm 1.6 22,006

Maple Energy (London) MPLE LN 38p £175mm $275mm 119.9 -

MOL (Budapest) MOL HB HUF16,715 HUF2,998,587mm $13,684mm 21.2 119,411

MRS Nigeria MRSOIL NL NG₦17.80 NG₦4,521mm $28mm - -

Murphy Oil MUR US $63.96 $13,389mm $13,389mm 21.8 67,320

Naftna Industrija Srbije NIIS SG RSD820 RSD159,503mm $1,864mm - -

Occidental Petroleum OXY US $93.04 $80,499mm $80,499mm 24.1 103,732

OMV (ADR) OMVKY US $47.90 $15,676mm $15,676mm 14.2 51,991

OMV (Vienna) OMV AV €35.85 €16,534mm $22,037mm 20.0 73,086

OMV Petrom SNP RO RON0.42 RON30,603mm $9,148mm - -

Origin Energy (ASX) ORG AU A$12.95 A$20,450mm $21,335mm 21.0 -

Origin Energy (ADR) OGFGY US $12.45 $13,670mm $13,670mm 13.5 -

Petrobras Argentina PESA AR ARS3.35 ARS8,857mm $1,663mm 7.5 16,603

PetroBras Arg'na (ADR) PZE US $4.19 $846mm $846mm 3.8 8,445

PetroChina (Hong Kong) 857 HK HK$8.33 HK$2,543,095mm $327,571mm 14.3 87,603

PetroChina PTR US $110 $235,937mm $235,937mm 10.3 63,098

Petroleo Brasileiro PETR4 BZ BrR18.80 BrR394,360mm $185,913mm - -

PetroBras (ADR) PBR/A US $17.74 $110,569mm $110,569mm - -

PetroBras (BOVESPA) PBR US $16.36 $110,569mm $110,569mm - -

Petrolera delnosur PSUR AR ARS0.67 ARS62mm $12mm - -

Polskie Gornictwo Naftowe PGN PW PLN6.14 PLN41,537mm $13,112mm 18.6 158,667

PTT (Bangkok) PTT TB THB321 THB1,351,332mm $44,219mm - -

Repsol (Madrid) REP SM €17.26 €37,538mm $50,031mm 39.1 151,641

Repsol (ADR) REPYY US $23.24 $29,804mm $29,804mm 23.3 90,334

Rosneft Oil ROSN RM RUB209 RUB4,265,959mm $133,725mm 5.5 -

RDS "A" (Amsterdam) RDSA NA €24.78 €174,450mm $232,506mm 17.0 68,262

RDS "A" (London) RDSA LN 2,103p £148,490mm $232,506mm 17.0 68,262

RDS "B" (London) RDSB LN 2,182p £148,486mm $232,500mm 17.0 68,260









RDS "A" (ADR) RDS/A US $66.34 $213,334mm $213,334mm 15.6 62,633

RDS "B" (ADR) RDS/B US $68.87 $213,334mm $213,334mm 15.6 62,633

Sasol (Johannesburg) SOL SJ ZAR42,683 ZAR290,345mm $29,399mm 27.9 174,861

Sasol (ADR) SSL US $43.19 $28,010mm $28,010mm 26.6 166,596

Statoil (ADR) STO US $22.10 $70,469mm $70,469mm 13.1 39,037

Statoil (Oslo) STL NO NO₭127 NO₭435,349mm $75,696mm 14.1 41,932

Suncor Energy SU CN C$31.32 C$54,009mm $53,033mm 7.7 95,784

Surgutneftegas SNGS RM RUB24.26 RUB558,542mm $17,509mm - -

Surg'neftegas Pref (ADR) SGTPY US $6.18 $4,760mm $4,760mm - -

Surgutneftegas (ADR) SGTZY US $7.56 $27,012mm $27,012mm - -

Total (Paris) FP FP €37.31 €109,330mm $145,715mm 14.5 64,889

Total (ADR) TOT US $49.95 $118,718mm $118,718mm 11.8 52,867

Totalte D'Ivoire TTLC BC XOF107,500 XOF72,244mm $147mm - -

Yakutsk Fuel-Energy YAKG RU $#N/A N/A #VALUE! #VALUE! - -

YPF (Buenos Aires) YPFD AR ARS118 ARS61,184mm $11,490mm 11.8 23,748

YPF (ADR) YPF US $14.69 $5,778mm $5,778mm 5.9 11,942




Refiners

ExchangeExchangeExchangeExchange Per Stream Day Barrel $/bopdPer Stream Day Barrel $/bopdPer Stream Day Barrel $/bopdPer Stream Day Barrel $/bopd

Athens 11,662.5

Bangkok 20,856.8

Bratislava 6,957.4

Bucharest -

Karachi 282.7

Natl India 11,174.9

New York 19,805.7

OTC US 15,970.9


Company NameCompany NameCompany NameCompany Name Bloomberg TickerBloomberg TickerBloomberg TickerBloomberg Ticker


Local CurrencyLocal CurrencyLocal CurrencyLocal Currency Local MarketLocal MarketLocal MarketLocal Market $$$$Per Stream Day Per Stream Day Per Stream Day Per Stream Day

Barrel ($/bopd)Barrel ($/bopd)Barrel ($/bopd)Barrel ($/bopd)

Alon USA Energy ALJ US $16.63 $1,461mm $1,461mm 9,442.8

Bangchak Petroleum BCP TB THB34.00 THB57,544mm $1,883mm 25,545.8

Bharat Petroleum BPCL IN INR366 INR539,150mm $9,322mm 34.9

Byco Petroleum BYCO PA PKR11.79 PKR23,623mm $240mm 282.7

Chennai Petroleum MRL IN INR84.50 INR72,729mm $1,257mm 5,923.5

CVR Energy CVI US $56.61 $5,008mm $5,008mm 27,797.0

Delek US Holdings DK US $33.25 $1,931mm $1,931mm 32,241.8

Hindustan Petroleum HPCL IN INR261 INR512,787mm $8,866mm 40,898.1

HollyFrontier HFC US $45.61 $8,647mm $8,647mm 19,531.1

Indian Oil IOCL IN INR253 INR1,390,245mm $24,037mm 432.1

IRPC PCL IRPC TB THB3.36 THB112,532mm $3,682mm 21,041.9

Mangalore Ref & Pet MRPL IN INR40.10 INR127,304mm $2,201mm 8,585.7

Marathon Petroleum MPC US $80.79 $25,331mm $25,331mm 18,584.4

Motor Oil Hellas Refineries MOH GA €7.25 €1,883mm $2,510mm 11,662.5

Rompetrol Rafinare RRC RO RON0.04 RON3,351mm $1,002mm 30,762,310.3

Slavnaft SLN1 SK €26.51 €625mm $834mm 6,957.4

Tesoro TSO US $58.32 $8,423mm $8,423mm 14,397.8

Thai Oil (BKK) TOP TB THB63.25 THB142,623mm $4,667mm 15,982.8

Thai Oil (ADR) TOIPY US $22.86 $4,664mm $4,664mm 15,970.9

Valero Energy VLO US $38.66 $26,171mm $26,171mm 10,015.6

Western Refining WNR US $31.02 $3,035mm $3,035mm 20,261.6

Phillips 66 PSX US $64.51 $42,259mm $42,259mm 20,474.1

CVR Refining CVRR US $30.46 $4,560mm $4,560mm 25,310.9




Gas Storage & Transportation

ExchangeExchangeExchangeExchange EV/EBITDA (X)EV/EBITDA (X)EV/EBITDA (X)EV/EBITDA (X)

Accra 19.9

ASE -

Bangkok 15.0

BM&FBOVESPA 10.7

Bucharest 3.7

Budapest -

Buenos Floor -

Casablanca 6.7

Dhaka 8.8

Hanoi 2.2

Ho Chi Minh 3.2

Hong Kong 6.6

Karachi -

KazkhstnStEX -

Lagos -

Lima -

London 7.6

MICEX Main 1.2

NASDAQ CM 0.6

NASDAQ GM 3.3

NASDAQ GS 6.9

Natl India 8.2

New York 12.9

NYSE MKT LLC 15.3

Oslo 1.0

OTC US 8.0

Singapore 16.3

Toronto 12.1

Warsaw 6.5

Zagreb 5.8






Last PriceLast PriceLast PriceLast Price Market CapMarket CapMarket CapMarket Cap EVEVEVEV EBITDAEBITDAEBITDAEBITDA EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA

Local CurrencyLocal CurrencyLocal CurrencyLocal Currency $$$$ xxxx

Afriquia GAZ MC MAD1,590 MAD5,466mm $723mm $108mm 6.7

AK Transneft TRNFP RM RUB71,742 RUB509,492mm $787,603mm $662,777mm 1.2

AltaGas ALA CN C$38.72 C$4,564mm $7,682mm $584mm 13.2

An Pha Petroleum ASP VN VND5,100 VND116,431mm $8.9mm $3.3mm 2.7

Andatee China Marine Fuel Services AMCF US $0.57 $5.5mm $47mm $84mm 0.6

Atlas Energy ATLS US $52.52 $2,698mm $6,379mm $523mm 12.2

Atlas Pipeline Partners APL US $38.27 $2,944mm $4,321mm $460mm 9.4

Blueknight Energy Partners BKEP US $8.64 $196mm $618mm $185mm 3.3

Boardwalk Pipeline Partners BWP US $29.33 $7,134mm $10,737mm $1,338mm 8.0

Bonheur BON NO NO₭126 NO₭5,139mm $3,287mm $3,217mm 1.0

Buckeye Partners BPL US $66.75 $7,048mm $9,640mm $854mm 11.3

Chemoil Energy (Singapore) CHEME SP $0.34 $439mm $771mm $47mm 16.5

Cheniere Energy Partners CQP US $28.40 $9,346mm $12,558mm $820mm 15.3

China Aviation Oil Singapore CAO SP S$0.94 S$678mm $504mm $31mm 16.2

Chinese People Holdings 681 HK HK$0.20 HK$1,162mm $1,177mm $170mm 6.9

Crestwood Midstream Partners CMLP US $24.36 $1,310mm $2,205mm $221mm 10.0

Crosstex Energy (Inc) XTXI US $19.97 $951mm $2,893mm $579mm 5.0

DCP Midstream DPM US $50.25 $3,859mm $5,763mm $577mm 10.0

Eagle Rock Energy EROC US $8.71 $1,385mm $2,695mm $377mm 7.1

El Paso Pipeline Partners EPB US $41.35 $9,105mm $13,237mm $1,618mm 8.2

Enbridge Energy Partners EEP US $30.00 $9,430mm $16,172mm $1,675mm 9.7

Enbridge ENB CN C$44.65 C$36,748mm $66,131mm $5,153mm 12.8

Enbridgeome Fund Holdings ENF CN C$24.38 C$1,731mm $5,214mm $1,393mm 3.7

Energy Transfer Equity ETE US $57.90 $16,253mm $53,013mm $8,923mm 5.9

Energy Transfer Partners ETP US $49.18 $18,172mm $45,025mm $7,473mm 6.0

Enterprise Products Partners EPD US $59.82 $54,753mm $71,124mm $5,907mm 12.0

Fluxys Belgium FLUX BB €31.88 €2,240mm $3,527mm $519mm 6.8

Fortune Oil FTO LN 8p £151mm $417mm $77mm 5.4

Gateway Energy GNRG US $0.02 $0.6mm $2.0mm $0.3mm 8.0

Genesis Energy LP GEL US $51.11 $4,148mm $5,104mm $222mm 23.0

Ghana Oil GOIL GN GHS1.37 GHS288mm $135mm $6.8mm 19.9

Gibson Energy GEI CN C$25.23 C$3,060mm $3,569mm $452mm 7.9

Global Partners GLP US $37.88 $1,039mm $1,782mm $260mm 6.9

Golar LNG GLNG US $33.41 $2,690mm $2,728mm $267mm 10.2

Golar LNG Partners GMLP US $33.00 $1,896mm $3,054mm $734mm 4.2

Hans Energy 554 HK HK$0.14 HK$523mm $1,716mm $272mm 6.3

Holly Energy Partners LP HEP US $36.88 $2,198mm $3,093mm $304mm 10.2

Inergy Midstream NRGM US $22.38 $1,923mm $2,634mm $191mm 13.8

Inter Pipeline Fund IPL-U CN C$23.69 C$6,594mm $8,539mm $759mm 11.3

JMG Exploration JNAFRA CZ HRK2,312 HRK1,717mm $1,655mm $287mm 5.8

James Fisher & Sons FSJ LN 948p £476mm $850mm $79mm 10.7

Kinder Morgan Energy Partners LP KMP US $83.33 $29,918mm $49,045mm $6,074mm 8.1

Kinder Morgan/DE KMI US $37.96 $39,314mm $80,782mm $9,838mm 8.2

Magellan Midstream Partners MMP US $51.62 $11,701mm $13,872mm $832mm 16.7

MarkWest Energy Partners LP MWE US $66.08 $9,852mm $12,928mm $881mm 14.7

Martin Midstream Partners MMLP US $42.23 $1,160mm $1,683mm $208mm 8.1





Last PriceLast PriceLast PriceLast Price Market CapMarket CapMarket CapMarket Cap EVEVEVEV EBITDAEBITDAEBITDAEBITDA EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA


Niska Gas Storage Partners NKA US $14.05 $485mm $1,196mm $94mm 12.7

Oiltanking Partners OILT US $47.76 $1,858mm $2,009mm $93mm 21.6

ONEOK Partners OKS US $50.10 $11,028mm $15,773mm $1,566mm 10.1

Onico ONC PW PLN19.00 PLN18mm $13mm $1.9mm 6.5

PAA Natural Gas Storage LP PNG US $20.59 $1,769mm $2,376mm $198mm 12.0

Pan European Terminals PAN LN 21p £23mm $44mm $5.0mm 8.9

Petro Vietnam Southern Gas PGS VN VND19,800 VND752,400mm $57mm $47mm 1.2

Petrolimex Gas PGC VN VND9,800 VND492,785mm $19mm $5.1mm 3.7

Petrolimex Hanoi PJC VN VND15,000 VND46,895mm $2.2mm $1.5mm 1.4

Petronet LNG PLNG IN INR133 INR100,088mm $1,996mm $404mm 4.9

PetroVietNam Northern Gas PVG VN VND9,100 VND252,251mm $18mm $4.7mm 3.8

Plains All American Pipeline LP PAA US $54.94 $18,630mm $26,130mm $3,260mm 8.0

Regency Energy Partners RGP US $26.05 $5,271mm $7,651mm $406mm 18.9

Reliance Industrial Infrastructure RIIL IN INR350 INR5,287mm $4,972mm $432mm 11.5

Rose Rock Midstream RRMS US $36.21 $780mm $930mm $79mm 11.8

SemGroup SEMG US $53.31 $2,249mm $2,451mm $77mm 31.8

Siamgas & Petrochemicals SGP TB THB9.85 THB9,051mm $665mm $44mm 15.0

Spectra Energy Partners LP SEP US $40.92 $4,539mm $5,553mm $215mm 25.8

Sunoco Logistics SXL US $63.57 $6,598mm $9,038mm $1,131mm 8.0

Targa Resources TRGP US $65.96 $2,792mm $6,860mm $1,353mm 5.1

Targa Resources Partners NGLS US $47.77 $4,955mm $7,458mm $873mm 8.5

TC Pipelines TCP US $43.77 $2,772mm $3,455mm $65mm 53.2

Teekay LNG Partners TGP US $41.97 $3,224mm $5,358mm $515mm 10.4

Teekay Offshore Partners TOO US $32.31 $2,563mm $4,339mm $721mm 6.0

Teekay Tankers TNK US $2.78 $232mm $937mm $321mm 2.9

Tesoro Logistics LP TLLP US $57.80 $2,718mm $2,660mm $223mm 11.9

Titas Gas Transmission & Distribution TITASGAS BD BDT81.90 BDT80,280mm $76,062mm $8,666mm 8.8

TransCanada TRP CN C$47.20 C$33,352mm $58,578mm $7,125mm 8.2

Transgaz Medias TGN RO RON187 RON2,202mm $2,050mm $559mm 3.7

Transmontaigne Partners LP TLP US $40.90 $591mm $831mm $101mm 8.2

UltraPar (BOVESPA) UGPA3 BZ BrR50.60 BrR27,546mm $14,861mm $1,387mm 10.7

Veresen VSN CN C$12.75 C$2,537mm $4,098mm $149mm 27.4

Western Gas Partners WES US $60.90 $6,828mm $8,459mm $368mm 23.0

Williams WMB US $33.70 $23,007mm $35,991mm $3,853mm 9.3

Williams Partners WPZ US $48.43 $20,045mm $28,294mm $3,301mm 8.6




Drillers


EGX 14.5

Ho Chi Minh 3.6

Hong Kong 6.0

Kuwait 3.8

London 9.5

London Intl 7.2

NASDAQ GS 3.8

Natl India 2.9

New York 5.1

NYSE MKT LLC 2.6

Oslo 3.7

Qatar 11.7

Tel Aviv 9.1

Tokyo 21.7

Toronto 4.2

Xetra 15.2


Company NameCompany NameCompany NameCompany Name Bloomberg Ticker Bloomberg Ticker Bloomberg Ticker Bloomberg Ticker Last PriceLast PriceLast PriceLast Price Market CapMarket CapMarket CapMarket Cap EVEVEVEV EBITDAEBITDAEBITDAEBITDA EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA


Aban Offshore ABAN IN INR275 INR11,945mm $2,359mm $3,271mm 0.7

Akita Drilling AKT/A CN C$12.50 C$224mm $215mm $53mm 4.1

Archer ARCHER NO NO₭3.88 NO₭2,247mm $1,373mm $1,033mm 1.3

Atwood Oceanics ATW US $54.93 $3,606mm $4,528mm $587mm 7.7

Awilco Drilling AWDR NO NO₭94.00 NO₭2,823mm $544mm $116mm 4.7

Burgan WDTM ABAR KK KWd240 KWd50mm $112mm $30mm 3.8

CAT Oil AG O2C GR €10.86 €530mm $550mm $98mm 5.6

Cathedral Energy Services CET CN C$4.66 C$167mm $224mm $32mm 6.9

China Oilfield Services 2883 HK HK$15.10 HK$23,176mm $13,703mm $2,277mm 6.0

Daldrup & Soehne 4DS GR €12.03 €66mm $85mm $3.4mm 24.9

Diamond Offshore Drilling DO US $67.78 $9,424mm $9,462mm $1,309mm 7.2

Ensco ESV US $58.94 $13,716mm $17,991mm $2,859mm 6.3

Ensign Energy Services ESI CN C$16.16 C$2,478mm $2,951mm $604mm 4.9

Eurasia Drilling EDCL LI $38.66 $5,675mm $6,070mm $844mm 7.2

Fred Olsen Energy FOE NO NO₭241 NO₭16,087mm $3,382mm $735mm 4.6

Greka Drilling GDL LN 18p £70mm $118mm $12mm 9.5

Gulf International Services GISS QD PLN46.60 PLN6,928mm $6,692mm $573mm 11.7

Helmerich & Payne HP US $61.91 $6,588mm $6,650mm $1,373mm 4.8

Hercules Offshore HERO US $7.02 $1,114mm $1,811mm $409mm 4.4

Japan Drilling 1606 JP ¥7,610 ¥136,980mm $143,743mm $6,629mm 21.7

Jindal Drilling & Industries JDDL IN INR187 INR4,801mm $3,320mm $664mm 5.0

Lapidoth Israel Oil LAPD IT ILs625 ILs27,037mm $85mm $9.3mm 9.1

Nabors Industries NBR US $16.24 $4,785mm $8,554mm $3,311mm 2.6

National Drilling NDRL EY $81.43 $163mm $1,118mm $77mm 14.5

Noble NE US $38.03 $9,632mm $15,044mm $2,581mm 5.8

Northern Offshore NOF NO NO₭8.46 NO₭1,384mm $241mm $75mm 3.2



Company NameCompany NameCompany NameCompany Name Bloomberg Ticker Bloomberg Ticker Bloomberg Ticker Bloomberg Ticker Last PriceLast PriceLast PriceLast Price Market CapMarket CapMarket CapMarket Cap EVEVEVEV EBITDAEBITDAEBITDAEBITDA EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA


Parker Drilling PKD US $4.62 $550mm $942mm $309mm 3.0

Patterson-UTI Energy PTEN US $20.72 $3,044mm $3,597mm $1,101mm 3.3

PetroVietnam Drilling PVD VN VND50,500 VND10,613,065mm $765mm $214mm 3.6

PHX Energy Services PHX CN C$10.19 C$289mm $391mm $69mm 5.7

Pioneer Energy Services PES US $6.79 $422mm $970mm $543mm 1.8

Precision Drilling PD CN C$8.95 C$2,475mm $3,557mm $921mm 3.9

Rowans RDC US $33.62 $4,176mm $5,166mm $707mm 7.3

Savanna Energy Services SVY CN C$6.73 C$582mm $867mm $211mm 4.1

Seadrill SDRL NO NO₭226 NO₭106,051mm $30,072mm $4,060mm 7.4

Sevan Drilling AS SEVDR NO NO₭3.45 NO₭2,051mm $1,002mm $273mm 3.7

Songa Offshore SE SONG NO NO₭5.59 NO₭1,134mm $1,128mm $1,202mm 0.9

Transocean RIG US $48.74 $17,563mm $25,083mm $3,885mm 6.5

Trinidad Drilling TDG CN C$7.44 C$899mm $1,389mm $405mm 3.4

Tuscany International Drilling TID CN C$0.19 C$71mm $301mm $229mm 1.3

Unit UNT US $45.38 $2,230mm $2,989mm $876mm 3.4

Vantage Drilling VTG US $1.97 $595mm $2,975mm $1,134mm 2.6

Western Energy Services WRG CN C$7.59 C$550mm $710mm $154mm 4.6

Xtreme Drilling XDC CN C$2.30 C$186mm $319mm $87mm 3.7




Equipment & Services


ASE 6.6

Bangkok 10.0

BrsaItaliana 5.6

BSE India 6.7

Bucharest 4.3

Bursa Malays 10.9

Continuous 12.7

EGX 3.7

EN Amsterdam 6.0

EN Paris 5.3

Hanoi 2.7

Hong Kong 12.5

Indonesia 1.0

Kuwait 7.3

Lagos 0.6

London 10.1

London Intl 1.0

Muscat 3.4

NASDAQ GM 2.8

NASDAQ GS 8.2

Natl India 1.9

New York 8.0

Nordic GM 8.7

Oslo 4.0

OTC US 11.8

OTC BB 3.2

RASDAQ 4.7

Shenzhen 35.3

Singapore 43.7

Tokyo 13.8

Toronto 6.4

Valetta 9.9

Venture 2.8

Xetra 17.1


Company NameCompany NameCompany NameCompany Name Bloomberg TickerBloomberg TickerBloomberg TickerBloomberg Ticker Last PriceLast PriceLast PriceLast Price Market CapMarket CapMarket CapMarket Cap EVEVEVEV EBITDAEBITDAEBITDAEBITDA EV/EBITDAEV/EBITDAEV/EBITDAEV/EBITDA

Local CurrencyLocal CurrencyLocal CurrencyLocal Currency Local CurrencyLocal CurrencyLocal CurrencyLocal Currency $$$$ xxxx

Activa Resources AG NXI GR €2.26 €12mm $18mm $1.1mm 17.1

AGR Group AGR NO NO₭7.00 NO₭881mm $1,863mm $384mm 4.8

Aker Solutions (Oslo) AKSO NO NO₭85.75 NO₭23,496mm $33,807mm $6,665mm 5.1

Al Safat Energy Holding KSCC SENERGY KK KWd61.00 KWd37mm $43mm $4.5mm 9.4

Alam Maritim Resources AMRB MK MYR1.40 MYR1,104mm $1,629mm $98mm 16.6

Alliance Petroleum APH IN INR25.80 INR139mm $140mm $35mm 4.0

AMEC (London) AMEC LN 995p £2,957mm $4,489mm $522mm 8.6

Anhui Tianda Oil Pipe 839 HK HK$1.53 HK$1,542mm $1,177mm $186mm 6.3





Anton OS (Hong Kong) 3337 HK HK$5.45 HK$11,739mm $9,422mm $510mm 18.5

Asian Oilfield Services AOS IN INR15.50 INR238mm $4.1mm $1.2mm 3.5

Baker Hughes BHI US $46.95 $20,744mm $24,929mm $4,383mm 5.7

Basic Energy Services BAS US $12.74 $538mm $1,342mm $650mm 2.1

Bat Bascov BATV RO RON20.29 RON8.4mm $7.7mm $1.6mm 4.7

Bolt Technology BOLT US $16.77 $145mm $124mm $10mm 12.0

Bonnett's Energy BT CN C$5.02 C$73mm $102mm $25mm 4.1

Bourbon GBB FP €20.17 €1,503mm $3,626mm $1,008mm 3.6

Bristow Group BRS US $65.01 $2,350mm $2,932mm $361mm 8.1

BW Offshore BWO NO NO₭7.50 NO₭5,160mm $2,571mm $826mm 3.1

C&J Energy Services CJES US $19.33 $1,046mm $1,177mm $354mm 3.3

Cal Dive International DVR US $2.06 $202mm $325mm $21mm 15.3

Calfrac Well Services CFW CN C$29.98 C$1,369mm $1,781mm $275mm 6.5

Calmena Energy Services CEZ CN C$0.10 C$29mm $89mm $51mm 1.8

Cameron International CAM US $62.38 $15,473mm $15,977mm $1,426mm 11.2

Canadian Energy S&T CEU CN C$15.90 C$997mm $1,107mm $69mm 16.0

CanElson Drilling CDI CN C$5.09 C$422mm $460mm $98mm 4.7

Canyon Services Group FRC CN C$11.95 C$744mm $719mm $65mm 11.1

CARBO Ceramics CRR US $67.69 $1,566mm $1,482mm $176mm 8.4

CGG (Paris) CGG FP €17.36 €3,070mm $6,290mm $1,917mm 3.3

CH Offshore CHO SP S$0.44 S$307mm $179mm $24mm 7.5

China Oil HBP 002554 CH CY13.73 CY6,256mm $5,922mm $104mm 57.0

Compressco Partners GSJK US $20.16 $313mm $318mm $62mm 5.1

Core Laboratories NV CLB US $141 $6,477mm $6,701mm $331mm 20.3

Dalmac Energy DAL CN C$0.48 C$11mm $22mm $11mm 1.9

Dawson Geophysical DWSN US $37.91 $305mm $294mm $54mm 5.4

Dayang Enterprise DEHB MK MYR4.82 MYR2,650mm $2,548mm $184mm 13.8

Deep Down DPDW US $2.02 $20mm $23mm $1.9mm 11.8

Deep Industries DEEPI IN INR33.00 INR866mm $1,638mm $680mm 2.4

Deleum Bhd DLUM MK MYR3.07 MYR461mm $436mm $57mm 7.6

Divestco DVT CN C$0.14 C$8.1mm $16mm $27mm 0.6

DOF DOF NO NO₭24.00 NO₭2,665mm $26,972mm $28,164mm 1.0

Dolphin Offshore Enterprises India DOEI IN INR104 INR1,739mm $2,779mm $1,545mm 1.8

Dresser-Rand Group DRC US $59.64 $4,543mm $5,538mm $539mm 10.3

Drilling Mud PVC VN VND17,100 VND855,000mm $54mm $21mm 2.6

Dril-Quip DRQ US $89.90 $3,649mm $3,330mm $184mm 18.1

Duke Offshore DKOF IN INR24.95 INR123mm $126mm $13mm 10.0

Dyna-Mac Holdings DMHL SP S$0.43 S$422mm $372mm $35mm 10.7

Eidesvik Offshore EIOF NO NO₭34.10 NO₭1,028mm $4,093mm $2,172mm 1.9

Electromagnetic GeoServices EMGS NO NO₭10.00 NO₭1,989mm $350mm $41mm 8.4

EMS Energy EMSE SP S$0.04 S$23mm $45mm $11mm 4.0

Enerflex EFX CN C$13.40 C$1,044mm $1,003mm $149mm 6.7

Enseco Energy Services ENS CN C$0.38 C$8.5mm $38mm $59mm 0.6

Enservco ENSV US $1.03 $33mm $46mm $14mm 3.2

Exterran Holdings EXH US $29.14 $1,914mm $3,679mm $997mm 3.7

Exterran Partners EXLP US $27.90 $1,511mm $2,243mm $322mm 7.0





Ezion Holdings EZI SP S$2.25 S$2,166mm $2,396mm $144mm 16.6

Ezra Holdings (Singapore) EZRA SP S$0.94 S$920mm $1,957mm $360mm 5.4

Falcon Energy Group FALE SP S$0.34 S$277mm $370mm $43mm 8.6

Farstad Shipping FAR NO NO₭121 NO₭4,719mm $11,977mm $3,343mm 3.6

FMC Technologies FTI US $55.97 $13,292mm $14,753mm $859mm 17.2

Forbes Energy Services FES US $3.40 $73mm $360mm $365mm 1.0

Forum Energy Technologies FET US $30.49 $2,807mm $3,169mm $334mm 9.5

Fred Olsen Production FOP NO NO₭9.23 NO₭978mm $237mm $65mm 3.7

Fugro FUR NA €43.21 €3,654mm $6,630mm $903mm 7.3

Gaylin Holdings GHL SP S$0.59 S$255mm $289mm $19mm 15.5

Geospace Technologies GEOS US $72.14 $931mm $908mm $84mm 10.9

Argosy Energy GTC LN 56p £16mm $11mm $1.6mm 6.8

Gi Technologies 300309 CH CY19.67 CY4,274mm $3,662mm $114mm 32.1

GeoGlobal Resources GGS US $4.11 $156mm $460mm $533mm 0.9

Global Vectra Helicorp GVH IN INR9.98 INR140mm $2,200mm $5,152mm 0.4

GOL Offshore GOFF IN INR53.60 INR1,996mm $28,821mm $59,707mm 0.5

Guideline Technology GODT SS SE₭1.73 SE₭130mm $133mm $15mm 8.7

Gulf Island Fabrication GIFI US $20.74 $300mm $298mm $27mm 11.2

Gulf Petroleum Investment GPI KK KWd132 KWd30mm $44mm $9.7mm 4.5

Gulfmark Offshore GLF US $46.59 $1,240mm $1,622mm $152mm 10.7

Halliburton HAL US $43.08 $40,107mm $42,925mm $6,154mm 7.0

Handal Resources Bhd HDL MK MYR0.47 MYR75mm $88mm $13mm 6.9

Hanwei Energy Services HE CN C$0.11 C$7.5mm $23mm $10mm 2.3

Havila Shipping ASA HAVI NO NO₭28.50 NO₭860mm $6,576mm $5,481mm 1.2

Heatec Jietong Holdings HJT SP S$0.10 S$12mm $22mm $0.0mm 478.3

Helix Energy Solutions Group HLX US $23.76 $2,517mm $2,615mm $218mm 12.0

Heurtey Petrochem ALHPC FP €28.50 €97mm $94mm $18mm 5.1

High Arctic Energy Services HWO CN C$2.12 C$106mm $96mm $35mm 2.7

Hilong Holding 1623 HK HK$4.29 HK$7,008mm $6,391mm $724mm 8.8

Honghua Group 196 HK HK$2.89 HK$9,358mm $8,715mm $969mm 9.0

Hornbeck Offshore Services HOS US $52.23 $1,869mm $2,470mm $306mm 8.1

Hunting PLC HTG LN 779p £1,149mm $1,331mm $194mm 6.9

Integra Group Holdings INTE LI $0.30 $56mm $256mm $258mm 1.0

ION Geophysical IO US $6.05 $949mm $1,016mm $180mm 5.6

Japaul Oil & Maritime Services JAPAULOI NL NG₦0.54 NG₦3,382mm $5,833mm $9,667mm 0.6

John Wood (London) WG/ LN 789p £2,942mm $4,783mm $548mm 8.7

Jutal Offshore Oil Services 3303 HK HK$1.91 HK$1,365mm $1,097mm $48mm 22.6

KBC Advanced Technologies PLC KBC LN 78p £46mm $34mm $5.4mm 6.3

Key Energy Services KEG US $6.06 $923mm $1,794mm $729mm 2.5

KNM Group KNMG MK MYR0.47 MYR689mm $1,468mm $433mm 3.4

Kreuz Holdings KRZ SP S$0.67 S$373mm $311mm $62mm 5.0

Kvaerner ASA KVAER NO NO₭10.20 NO₭2,744mm $2,510mm $433mm 5.8

Leader Energy Services LEA CN C$0.11 C$3.2mm $24mm $60mm 0.4

Lonestar West LSI CN C$3.00 C$54mm $63mm $5.4mm 11.7

Lufkin Industries LUFK US $88.46 $2,982mm $3,239mm $213mm 15.2

Maridive & Oil Services SAE MOIL EY $0.90 $323mm $676mm $183mm 3.7





Matrix Service MTRX US $16.39 $457mm $406mm $42mm 9.7

Maverick Oil & Gas MCB CN C$4.90 C$131mm $124mm $21mm 5.9

McDermott International MDR US $9.04 $2,138mm $1,840mm $428mm 4.3

Medserv MDS MV €3.90 €39mm $40mm $4.0mm 9.9

Mermaid Maritime MMT SP S$0.35 S$275mm $8,599mm $1,828mm 4.7

Miclyn Express Offshore MIO AU A$1.72 A$484mm $667mm $132mm 5.1

Mitcham Industries MIND US $16.49 $211mm $197mm $42mm 4.7

Modec 6269 JP ¥2,930 ¥135,975mm $152,247mm $11,021mm 13.8

MTQ MTQ SP S$1.65 S$165mm $210mm $28mm 7.4

National Oilwell Varco NOV US $70.10 $29,952mm $31,990mm $4,436mm 7.2

National Petro. Services NAPESCO KK KWd490 KWd28mm $22mm $2.8mm 8.0

Natural Gas Services Group NGS US $23.38 $289mm $259mm $33mm 7.8

New West Energy Services NWE CN C$0.08 C$7.5mm $6.8mm $4.3mm 1.6

Newpark Resources NR US $11.26 $970mm $1,180mm $176mm 6.7

Oceaneering OII US $72.69 $7,861mm $7,823mm $644mm 12.2

Oceanteam Shipping OTS NO NO₭5.35 NO₭158mm $182mm $273mm 0.7

Oiluntry Tubular OIL IN INR36.70 INR1,625mm $3,701mm $2,327mm 1.6

Oil States International OIS US $92.10 $5,062mm $6,009mm $1,076mm 5.6

Pason Systems PSI CN C$17.83 C$1,463mm $1,294mm $155mm 8.3

Perdana Petroleum PETR MK MYR1.82 MYR904mm $1,063mm $71mm 15.0

Petra Energy PENB MK MYR2.05 MYR660mm $776mm $85mm 9.2

Petrofac PFC LN 1,297p £4,486mm $6,695mm $836mm 8.0

PGS (Oslo) PGS NO NO₭79.35 NO₭17,282mm $3,611mm $1,007mm 3.6

Petrolia SE PDR NO NO₭6.90 NO₭188mm $92mm $48mm 1.9

PetroVietnam Technical Service PVS VN VND17,200 VND7,683,247mm $334mm $117mm 2.8

Petrowest PRW CN C$0.75 C$93mm $165mm $64mm 2.6

PHI PHII US $34.91 $555mm $885mm $195mm 4.5

Plexus Holdings POS LN 198p £164mm $166mm $6.5mm 25.6

Progress Energy Resources PRS NO NO₭52.75 NO₭12,815mm $2,836mm $331mm 8.6

Pulse Seismic PSD CN C$3.70 C$226mm $250mm $73mm 3.5

Qualitech QLT TB THB11.90 THB1,139mm $1,051mm $106mm 10.0

Radiant Utama Interinsco RUIS IJ IDR235 IDR180,950mm $643,034mm $647,909mm 1.0

Rem Offshore ASA REM NO NO₭43.10 NO₭876mm $4,165mm $1,698mm 2.5

Renaissance Services SAOG RNSS OM OMR0.61 OMR173mm $532mm $158mm 3.4

Rompetrol Well Services SA PTR RO RON0.38 RON105mm $100mm $23mm 4.3

Rosetti Marino YRM IM €34.82 €139mm $94mm $23mm 4.0

RPC RES US $13.79 $3,042mm $3,119mm $622mm 5.0

Saipem (Milan) SPM IM €20.16 €8,897mm $18,240mm $4,147mm 4.4

Sapurakencana Petroleum SAKP MK MYR4.10 MYR24,568mm $29,889mm $1,649mm 18.1

SBM Offshore (Amsterdam) SBMO NA €13.79 €2,870mm $5,684mm $1,227mm 4.6

Schlumberger SLB US $72.46 $96,332mm $101,992mm $11,823mm 8.6

THB SGB MK MYR0.42 MYR653mm $1,797mm $295mm 6.1

SEACOR Holdings CKH US $79.76 $1,604mm $1,968mm $248mm 7.9

SEAMEC SEAM IN INR52.00 INR1,763mm $727mm $299mm 2.4

Secure Energy Services SES CN C$13.55 C$1,445mm $1,617mm $118mm 13.6

Shandong Molong Machinery 568 HK HK$2.63 HK$7,413mm $7,377mm $2,573mm 2.9





ShawCor SCL CN C$40.21 C$2,376mm $2,522mm $288mm 8.8

Sichuan Renzhi 002629 CH CY10.90 CY1,871mm $1,698mm $100mm 17.0

Siem Offshore SIOFF NO NO₭8.10 NO₭3,154mm $1,239mm $223mm 5.6

Solstad Offshore ASA SOFF NO NO₭95.25 NO₭3,685mm $12,628mm $5,004mm 2.5

Spectrum ASA SPU NO NO₭51.75 NO₭2,081mm $357mm $91mm 3.9

SPT Energy 1251 HK HK$4.72 HK$7,214mm $889mm $77mm 11.5

Strad Energy Services SDY CN C$3.32 C$124mm $188mm $64mm 3.0

Subsea 7 (Oslo) SUBC NO NO₭128 NO₭45,030mm $8,057mm $1,132mm 7.1

Superior Energy Services SPN US $26.89 $4,291mm $6,078mm $1,793mm 3.4

Swiber Holdings SWIB SP S$0.72 S$436mm $1,277mm $543mm 2.4

Technip (Paris) TEC FP €84.24 €9,523mm $9,353mm $1,005mm 9.3

Tecnicas Reunidas SA TRE SM €36.40 €2,035mm $1,317mm $104mm 12.7

Tenaris (Milan) TEN IM €15.43 €18,216mm $24,345mm $2,952mm 8.2

Termbray Petro-King 2178 HK HK$5.54 HK$5,748mm $752mm $38mm 20.0

Terrex Energy TESO US $12.72 $495mm $470mm $93mm 5.0

Tesla Exploration TXL CN C$2.80 C$64mm $83mm $29mm 2.9

TETRA Technologies TTI US $10.86 $850mm $1,196mm $167mm 7.2

TGC Industries TGE US $8.48 $176mm $192mm $45mm 4.3

TGS Nopec (Oslo) TGS NO NO₭190 NO₭19,605mm $2,997mm $708mm 4.2

Tidewater TDW US $57.40 $2,841mm $3,800mm $464mm 8.2

Total Energy Services TOT CN C$14.53 C$447mm $511mm $91mm 5.6

Trican Well Service TCW CN C$15.25 C$2,270mm $2,946mm $216mm 13.6

Universal Resource & Services URS SP S$0.09 S$35mm $41mm $28mm 1.5

Uzma Berhad UZMA MK MYR3.26 MYR430mm $449mm $44mm 10.3

Wah Seong Bhd WSC MK MYR1.90 MYR1,467mm $2,029mm $159mm 12.8

Weatherford WFT US $13.88 $10,629mm $19,306mm $4,539mm 4.3

Wenzel Downhole Tools WZL CN C$2.20 C$68mm $84mm $23mm 3.6

Willbros Group WG US $6.89 $342mm $583mm $112mm 5.2

WorleyParsons (ASX) WOR AU A$19.65 A$4,778mm $5,315mm $657mm 8.1

ZCL Composites ZCL CN C$4.95 C$144mm $144mm $23mm 6.3


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Oil Monitor 2013 06 14 - Brandon Hill Capital · Green Dragon Gas (GDG LN) ... (London)(London)...

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Transcript of Oil Monitor 2013 06 14 - Brandon Hill Capital · Green Dragon Gas (GDG LN) ... (London)(London)...