%PDF-1.5 1 0 obj <> endobj 3 0 obj <> endobj 4 0 obj <> stream BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F2 18.00 Tf ET q 0 0 0 rg BT 403.30 740.65 Td (ANNUAL REPORT) Tj ET Q BT /F2 18.00 Tf ET q 0 0 0 rg BT 518.95 719.65 Td (2015) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 466.05 703.74 Td (February 25, 2016) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 677.25 m 237.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 661.25 m 237.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 677.25 m 291.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 661.25 m 291.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 677.25 m 345.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 661.25 m 345.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 677.25 m 399.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 661.25 m 399.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 677.25 m 405.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 661.25 m 405.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 677.25 m 459.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 661.25 m 459.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 677.25 m 513.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 661.25 m 513.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 677.25 m 567.5 677.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 661.25 m 567.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 661.25 m 291.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 661.25 m 345.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 661.25 m 399.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 661.25 m 459.5 661.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 632.25 m 237.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 237.5 632.25 m 291.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 291.5 632.25 m 345.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 345.5 632.25 m 399.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 399.5 632.25 m 405.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 405.5 632.25 m 459.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 459.5 632.25 m 513.5 632.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 513.5 632.25 m 567.5 632.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 359.25 m 237.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 359.25 m 291.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 359.25 m 345.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 359.25 m 399.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 359.25 m 405.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 359.25 m 459.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 359.25 m 513.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 359.25 m 567.5 359.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 164.25 m 237.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 237.5 164.25 m 291.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 291.5 164.25 m 345.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 345.5 164.25 m 399.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 164.25 m 405.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 164.25 m 459.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 459.5 164.25 m 513.5 164.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 513.5 164.25 m 567.5 164.25 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.00 665.87 Td (Highlights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 248.95 651.65 Td (Three months ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.40 651.65 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.95 636.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.95 636.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 636.65 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 636.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.95 636.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 636.65 Td (% Change) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.00 621.87 Td (Financial) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 609.65 Td (\($ thousands, except per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 597.20 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.10 597.20 Td (137,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.10 597.20 Td (244,612) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 597.20 Td (\(44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 597.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 597.20 Td (599,999) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 597.20 Td (1,106,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 597.20 Td (\(46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 597.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 584.20 Td (Funds from operations) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 138.04 588.49 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 584.20 Td (95,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.10 584.20 Td (135,845) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 584.20 Td (\(29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 584.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 584.20 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 584.20 Td (561,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 584.20 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 584.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 571.20 Td ( Per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.52 575.49 Td (\(1\) \(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 571.20 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 571.20 Td (0.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 571.20 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 571.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 571.20 Td (1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 571.20 Td (2.69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 571.20 Td (\(34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 571.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 558.20 Td (Dividends declared) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 124.54 562.49 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 558.20 Td (11,664) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 558.20 Td (42,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 558.20 Td (\(73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 558.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 558.20 Td (76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 558.20 Td (164,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 558.20 Td (\(53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 558.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 545.20 Td ( Per share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 545.20 Td (0.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 545.20 Td (0.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 545.20 Td (\(71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 545.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 545.20 Td (0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 545.20 Td (0.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 545.20 Td (\(56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 545.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 532.20 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.10 532.20 Td (\(454,616) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 532.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.10 532.20 Td (\(60,978) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 532.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.95 532.20 Td (\(646) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 532.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 532.20 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 532.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 532.20 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.45 532.20 Td (\(15,605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 532.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 519.20 Td ( Per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.52 523.49 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.10 519.20 Td (\(2.09) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 519.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.10 519.20 Td (\(0.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 519.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.95 519.20 Td (\(646) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 519.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.10 519.20 Td (\(3.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 519.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 519.20 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.45 519.20 Td (\(17,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 519.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 506.20 Td (Adjusted net loss) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 116.54 510.49 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.10 506.20 Td (\(443,793) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 506.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.10 506.20 Td (\(199,730) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 506.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.95 506.20 Td (\(122) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 506.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.10 506.20 Td (\(696,634) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 506.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 506.20 Td (\(136,643) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 506.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 506.20 Td (\(410) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 506.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 493.20 Td ( Per share) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.52 497.49 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 267.10 493.20 Td (\(2.04) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 493.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.10 493.20 Td (\(0.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 493.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.95 493.20 Td (\(119) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 493.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.10 493.20 Td (\(3.20) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 493.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.10 493.20 Td (\(0.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 493.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 493.20 Td (\(392) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 493.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 480.20 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.60 480.20 Td (3,523,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 480.20 Td (4,429,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 480.20 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 480.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 467.20 Td (Long-term debt, net of ) Tj ET Q BT /F3 9.00 Tf ET 1 1 1 rg /GS0 gs 139.05 473.75 59.53 -8.45 re f /GS0 gs q 0 0 0 rg BT 139.05 467.20 Td (working capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.60 467.20 Td (1,265,820) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 467.20 Td (1,032,029) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 467.20 Td (23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 467.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 454.20 Td (Long-term debt, net of adjusted working capital) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 235.11 458.49 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.60 454.20 Td (1,310,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 454.20 Td (1,155,422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 454.20 Td (13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 454.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 441.20 Td (Shareholders equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.60 441.20 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.60 441.20 Td (2,357,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 441.20 Td (\(34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 441.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 428.20 Td (Capital expenditures:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 415.20 Td ( Exploration and development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 415.20 Td (56,084) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.10 415.20 Td (162,155) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 415.20 Td (\(65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 415.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 415.20 Td (313,905) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 415.20 Td (639,560) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 415.20 Td (\(51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 415.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 402.20 Td ( Dispositions, net of acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.10 402.20 Td (\(5,540) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.65 402.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.10 402.20 Td (\(87,868) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.65 402.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 402.20 Td (\(94) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 402.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.10 402.20 Td (\(30,552) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.65 402.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.10 402.20 Td (\(106,777) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.65 402.20 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 402.20 Td (\(71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 402.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 389.20 Td (W) Tj ET Q q 0 0 0 rg BT 56.33 389.20 Td (eighted average outstanding equivalent shares: ) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 247.97 389.20 Td (\(thousands\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 290.21 393.49 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 376.20 Td ( Basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 376.20 Td (218,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 376.20 Td (215,855) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 376.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 376.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 376.20 Td (217,660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 376.20 Td (208,719) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 376.20 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 376.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 363.20 Td ( Diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 363.20 Td (220,924) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 363.20 Td (218,571) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 363.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 363.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.10 363.20 Td (220,117) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.10 363.20 Td (210,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 363.20 Td (4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 363.20 Td (%) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 48.00 348.87 Td (Operating) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 336.65 Td (\(boe conversion 6:1 basis\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 324.20 Td (Production:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 93.53 328.49 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 311.20 Td ( Natural gas \(mmcf/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 272.60 311.20 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.60 311.20 Td (359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 311.20 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 311.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.60 311.20 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.60 311.20 Td (314) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 311.20 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 311.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 298.20 Td ( Natural gas liquids \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 298.20 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 298.20 Td (18,256) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 298.20 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 298.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 298.20 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.10 298.20 Td (15,991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 298.20 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 298.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 285.20 Td ( Oil \(bbls/day\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 108.52 289.49 Td (\(7\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 285.20 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 285.20 Td (7,688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 285.20 Td (\(36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 285.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 285.20 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 285.20 Td (8,873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 285.20 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 285.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 272.20 Td ( Total oil equivalent \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.10 272.20 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.10 272.20 Td (85,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 272.20 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 272.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.10 272.20 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.10 272.20 Td (77,211) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 272.20 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 272.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 259.20 Td (Product prices:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 108.02 263.49 Td (\(8\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 246.20 Td ( Natural gas \($/mcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 246.20 Td (3.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 246.20 Td (3.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 246.20 Td (\(11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 246.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 246.20 Td (3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 246.20 Td (4.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 246.20 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 246.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 233.20 Td ( Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 233.20 Td (19.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 233.20 Td (37.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 233.20 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 233.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 233.20 Td (23.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 233.20 Td (49.78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 233.20 Td (\(53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 233.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 220.20 Td ( Oil \($/bbl\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.51 224.49 Td (\(7\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 220.20 Td (86.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 220.20 Td (83.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.95 220.20 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 220.20 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 220.20 Td (81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 220.20 Td (80.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 220.20 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 220.20 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 207.20 Td (Operating expenses \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 207.20 Td (5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 207.20 Td (7.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 207.20 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 207.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 207.20 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 207.20 Td (8.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 207.20 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 207.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 194.20 Td (General and administrative expenses \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 194.20 Td (0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.10 194.20 Td (1.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 194.20 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 194.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.10 194.20 Td (1.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.10 194.20 Td (1.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.95 194.20 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 194.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 181.20 Td (Cash costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 123.53 185.49 Td (\(9\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.10 181.20 Td (9.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 181.20 Td (10.99) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 181.20 Td (\(11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 181.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 181.20 Td (10.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 181.20 Td (12.20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 181.20 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 181.20 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 168.20 Td (Operating netback \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 152.56 172.49 Td (\(10\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.10 168.20 Td (15.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.10 168.20 Td (19.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 168.20 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 168.20 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.10 168.20 Td (16.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.10 168.20 Td (22.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 168.20 Td (\(28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 168.20 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 157.55 Td (NOTES:) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 150.35 Td (\(1\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 150.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 100.15 150.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 114.96 150.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 131.77 150.35 Td (from ) Tj ET Q q 0 0 0 rg BT 145.90 150.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 176.06 150.35 Td (to ) Tj ET Q q 0 0 0 rg BT 183.19 150.35 Td (analyze ) Tj ET Q q 0 0 0 rg BT 206.01 150.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 233.16 150.35 Td (performance, ) Tj ET Q q 0 0 0 rg BT 270.64 150.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 295.13 150.35 Td (coverage ) Tj ET Q q 0 0 0 rg BT 321.94 150.35 Td (and ) Tj ET Q q 0 0 0 rg BT 334.08 150.35 Td (leverage. ) Tj ET Q q 0 0 0 rg BT 360.90 150.35 Td (Funds ) Tj ET Q q 0 0 0 rg BT 379.71 150.35 Td (from ) Tj ET Q q 0 0 0 rg BT 393.84 150.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 423.99 150.35 Td (as ) Tj ET Q q 0 0 0 rg BT 432.46 150.35 Td (presented ) Tj ET Q q 0 0 0 rg BT 461.28 150.35 Td (do ) Tj ET Q q 0 0 0 rg BT 470.09 150.35 Td (not ) Tj ET Q q 0 0 0 rg BT 480.56 150.35 Td (have ) Tj ET Q q 0 0 0 rg BT 495.71 150.35 Td (any ) Tj ET Q q 0 0 0 rg BT 507.51 150.35 Td (standardized ) Tj ET Q q 0 0 0 rg BT 544.00 150.35 Td (meaning ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 143.15 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 92.40 143.15 Td (by ) Tj ET Q q 0 0 0 rg BT 100.12 143.15 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 115.16 143.15 Td (and ) Tj ET Q q 0 0 0 rg BT 126.56 143.15 Td (therefore ) Tj ET Q q 0 0 0 rg BT 151.95 143.15 Td (it ) Tj ET Q q 0 0 0 rg BT 156.34 143.15 Td (may ) Tj ET Q q 0 0 0 rg BT 169.05 143.15 Td (not ) Tj ET Q q 0 0 0 rg BT 178.78 143.15 Td (be ) Tj ET Q q 0 0 0 rg BT 186.83 143.15 Td (comparable ) Tj ET Q q 0 0 0 rg BT 219.57 143.15 Td (with ) Tj ET Q q 0 0 0 rg BT 231.62 143.15 Td (the ) Tj ET Q q 0 0 0 rg BT 241.34 143.15 Td (calculations ) Tj ET Q q 0 0 0 rg BT 274.07 143.15 Td (of ) Tj ET Q q 0 0 0 rg BT 280.46 143.15 Td (similar ) Tj ET Q q 0 0 0 rg BT 299.18 143.15 Td (measures ) Tj ET Q q 0 0 0 rg BT 326.90 143.15 Td (for ) Tj ET Q q 0 0 0 rg BT 335.29 143.15 Td (other ) Tj ET Q q 0 0 0 rg BT 350.34 143.15 Td (entities. ) Tj ET Q q 0 0 0 rg BT 372.40 143.15 Td (Funds ) Tj ET Q q 0 0 0 rg BT 390.46 143.15 Td (from ) Tj ET Q q 0 0 0 rg BT 403.84 143.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 433.25 143.15 Td (as ) Tj ET Q q 0 0 0 rg BT 440.97 143.15 Td (presented ) Tj ET Q q 0 0 0 rg BT 469.03 143.15 Td (is ) Tj ET Q q 0 0 0 rg BT 474.75 143.15 Td (not ) Tj ET Q q 0 0 0 rg BT 484.47 143.15 Td (intended ) Tj ET Q q 0 0 0 rg BT 508.88 143.15 Td (to ) Tj ET Q q 0 0 0 rg BT 515.26 143.15 Td (represent ) Tj ET Q q 0 0 0 rg BT 541.99 143.15 Td (operating ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 135.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 77.32 135.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 89.64 135.95 Td (or ) Tj ET Q q 0 0 0 rg BT 96.62 135.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 123.29 135.95 Td (profits ) Tj ET Q q 0 0 0 rg BT 141.28 135.95 Td (for ) Tj ET Q q 0 0 0 rg BT 149.93 135.95 Td (the ) Tj ET Q q 0 0 0 rg BT 159.92 135.95 Td (period ) Tj ET Q q 0 0 0 rg BT 178.25 135.95 Td (nor ) Tj ET Q q 0 0 0 rg BT 188.57 135.95 Td (should ) Tj ET Q q 0 0 0 rg BT 207.90 135.95 Td (it ) Tj ET Q q 0 0 0 rg BT 212.54 135.95 Td (be ) Tj ET Q q 0 0 0 rg BT 220.87 135.95 Td (viewed ) Tj ET Q q 0 0 0 rg BT 241.19 135.95 Td (as ) Tj ET Q q 0 0 0 rg BT 249.18 135.95 Td (an ) Tj ET Q q 0 0 0 rg BT 257.50 135.95 Td (alternative ) Tj ET Q q 0 0 0 rg BT 286.83 135.95 Td (to ) Tj ET Q q 0 0 0 rg BT 293.48 135.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 307.80 135.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 320.12 135.95 Td (from ) Tj ET Q q 0 0 0 rg BT 333.77 135.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 360.44 135.95 Td (activities, ) Tj ET Q q 0 0 0 rg BT 386.76 135.95 Td (net ) Tj ET Q q 0 0 0 rg BT 396.75 135.95 Td (income ) Tj ET Q q 0 0 0 rg BT 417.74 135.95 Td (or ) Tj ET Q q 0 0 0 rg BT 424.72 135.95 Td (other ) Tj ET Q q 0 0 0 rg BT 440.05 135.95 Td (measures ) Tj ET Q q 0 0 0 rg BT 468.04 135.95 Td (of ) Tj ET Q q 0 0 0 rg BT 474.69 135.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 498.36 135.95 Td (performance ) Tj ET Q q 0 0 0 rg BT 533.69 135.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 562.35 135.95 Td (in ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 128.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 95.12 128.75 Td (with ) Tj ET Q q 0 0 0 rg BT 106.89 128.75 Td (IFRS. ) Tj ET Q q 0 0 0 rg BT 123.11 128.75 Td (All ) Tj ET Q q 0 0 0 rg BT 130.88 128.75 Td (references ) Tj ET Q q 0 0 0 rg BT 160.33 128.75 Td (to ) Tj ET Q q 0 0 0 rg BT 166.43 128.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 182.21 128.75 Td (from ) Tj ET Q q 0 0 0 rg BT 195.31 128.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 224.43 128.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 254.22 128.75 Td (this ) Tj ET Q q 0 0 0 rg BT 264.66 128.75 Td (report ) Tj ET Q q 0 0 0 rg BT 281.44 128.75 Td (are ) Tj ET Q q 0 0 0 rg BT 291.21 128.75 Td (based ) Tj ET Q q 0 0 0 rg BT 308.66 128.75 Td (on ) Tj ET Q q 0 0 0 rg BT 316.43 128.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 330.21 128.75 Td (flow ) Tj ET Q q 0 0 0 rg BT 341.98 128.75 Td (from ) Tj ET Q q 0 0 0 rg BT 355.08 128.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 381.20 128.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 405.31 128.75 Td (before ) Tj ET Q q 0 0 0 rg BT 423.42 128.75 Td (changes ) Tj ET Q q 0 0 0 rg BT 447.21 128.75 Td (in ) Tj ET Q q 0 0 0 rg BT 452.98 128.75 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 478.76 128.75 Td (working ) Tj ET Q q 0 0 0 rg BT 500.54 128.75 Td (capital, ) Tj ET Q q 0 0 0 rg BT 520.65 128.75 Td (decommissioning ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 121.55 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 99.10 121.55 Td (and ) Tj ET Q q 0 0 0 rg BT 110.86 121.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 132.28 121.55 Td (expense. ) Tj ET Q q 0 0 0 rg BT 158.38 121.55 Td (Funds ) Tj ET Q q 0 0 0 rg BT 176.80 121.55 Td (from ) Tj ET Q q 0 0 0 rg BT 190.54 121.55 Td (operations ) Tj ET Q q 0 0 0 rg BT 220.31 121.55 Td (per ) Tj ET Q q 0 0 0 rg BT 230.72 121.55 Td (share ) Tj ET Q q 0 0 0 rg BT 247.48 121.55 Td (is ) Tj ET Q q 0 0 0 rg BT 253.55 121.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 282.32 121.55 Td (based ) Tj ET Q q 0 0 0 rg BT 300.41 121.55 Td (on ) Tj ET Q q 0 0 0 rg BT 308.83 121.55 Td (the ) Tj ET Q q 0 0 0 rg BT 318.92 121.55 Td (weighted ) Tj ET Q q 0 0 0 rg BT 344.68 121.55 Td (average ) Tj ET Q q 0 0 0 rg BT 368.11 121.55 Td (number ) Tj ET Q q 0 0 0 rg BT 390.19 121.55 Td (of ) Tj ET Q q 0 0 0 rg BT 396.94 121.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 416.70 121.55 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 449.47 121.55 Td (consistent ) Tj ET Q q 0 0 0 rg BT 478.23 121.55 Td (with ) Tj ET Q q 0 0 0 rg BT 490.64 121.55 Td (the ) Tj ET Q q 0 0 0 rg BT 500.73 121.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 530.82 121.55 Td (of ) Tj ET Q q 0 0 0 rg BT 537.57 121.55 Td (net ) Tj ET Q q 0 0 0 rg BT 547.66 121.55 Td (income ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 114.35 Td (per ) Tj ET Q q 0 0 0 rg BT 73.34 114.35 Td (share.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 106.15 Td (\(2\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 106.15 Td (Basic ) Tj ET Q q 0 0 0 rg BT 79.34 106.15 Td (funds ) Tj ET Q q 0 0 0 rg BT 95.68 106.15 Td (from ) Tj ET Q q 0 0 0 rg BT 109.35 106.15 Td (operations ) Tj ET Q q 0 0 0 rg BT 139.04 106.15 Td (per ) Tj ET Q q 0 0 0 rg BT 149.38 106.15 Td (share ) Tj ET Q q 0 0 0 rg BT 166.05 106.15 Td (calculations ) Tj ET Q q 0 0 0 rg BT 199.07 106.15 Td (include ) Tj ET Q q 0 0 0 rg BT 219.75 106.15 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 258.78 106.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 278.46 106.15 Td (which ) Tj ET Q q 0 0 0 rg BT 295.46 106.15 Td (are ) Tj ET Q q 0 0 0 rg BT 305.80 106.15 Td (convertible ) Tj ET Q q 0 0 0 rg BT 336.49 106.15 Td (into ) Tj ET Q q 0 0 0 rg BT 347.83 106.15 Td (common ) Tj ET Q q 0 0 0 rg BT 372.50 106.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 392.18 106.15 Td (on ) Tj ET Q q 0 0 0 rg BT 400.52 106.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.19 106.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 436.86 106.15 Td (and ) Tj ET Q q 0 0 0 rg BT 448.54 106.15 Td (conditions.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 98.95 Td (\(3\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 98.95 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 90.70 98.95 Td (declared ) Tj ET Q q 0 0 0 rg BT 115.06 98.95 Td (include ) Tj ET Q q 0 0 0 rg BT 135.42 98.95 Td (both ) Tj ET Q q 0 0 0 rg BT 148.45 98.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 162.47 98.95 Td (dividends ) Tj ET Q q 0 0 0 rg BT 189.17 98.95 Td (and ) Tj ET Q q 0 0 0 rg BT 200.53 98.95 Td (common ) Tj ET Q q 0 0 0 rg BT 224.88 98.95 Td (shares ) Tj ET Q q 0 0 0 rg BT 244.24 98.95 Td (issued ) Tj ET Q q 0 0 0 rg BT 262.93 98.95 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 287.63 98.95 Td (to ) Tj ET Q q 0 0 0 rg BT 293.99 98.95 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 325.83 98.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 349.53 98.95 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 385.22 98.95 Td (plan ) Tj ET Q q 0 0 0 rg BT 397.92 98.95 Td (\("DRIP"\) ) Tj ET Q q 0 0 0 rg BT 421.86 98.95 Td (and ) Tj ET Q q 0 0 0 rg BT 433.22 98.95 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 465.06 98.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 480.41 98.95 Td (dividend ) Tj ET Q q 0 0 0 rg BT 504.11 98.95 Td (program ) Tj ET Q q 0 0 0 rg BT 527.80 98.95 Td (\("SDP"\). ) Tj ET Q q 0 0 0 rg BT 551.32 98.95 Td (There ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 91.75 Td (were ) Tj ET Q q 0 0 0 rg BT 78.64 91.75 Td (no ) Tj ET Q q 0 0 0 rg BT 87.94 91.75 Td (common ) Tj ET Q q 0 0 0 rg BT 113.58 91.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 134.22 91.75 Td (issued ) Tj ET Q q 0 0 0 rg BT 154.19 91.75 Td (under ) Tj ET Q q 0 0 0 rg BT 172.17 91.75 Td (the ) Tj ET Q q 0 0 0 rg BT 183.14 91.75 Td (DRIP) Tj ET Q q 0 0 0 rg BT 197.37 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 200.00 91.75 Td (and ) Tj ET Q q 0 0 0 rg BT 212.64 91.75 Td (SDP) Tj ET Q q 0 0 0 rg BT 224.87 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 227.50 91.75 Td (for ) Tj ET Q q 0 0 0 rg BT 237.14 91.75 Td (the ) Tj ET Q q 0 0 0 rg BT 248.11 91.75 Td (three ) Tj ET Q q 0 0 0 rg BT 264.42 91.75 Td (months ) Tj ET Q q 0 0 0 rg BT 286.72 91.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 306.04 91.75 Td (December ) Tj ET Q q 0 0 0 rg BT 336.35 91.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 347.32 91.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 363.30 91.75 Td (and ) Tj ET Q q 0 0 0 rg BT 375.94 91.75 Td (for ) Tj ET Q q 0 0 0 rg BT 385.57 91.75 Td (the ) Tj ET Q q 0 0 0 rg BT 396.55 91.75 Td (three ) Tj ET Q q 0 0 0 rg BT 412.85 91.75 Td (months ) Tj ET Q q 0 0 0 rg BT 435.16 91.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 454.48 91.75 Td (December ) Tj ET Q q 0 0 0 rg BT 484.78 91.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 495.76 91.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 513.40 91.75 Td (For ) Tj ET Q q 0 0 0 rg BT 525.03 91.75 Td (the ) Tj ET Q q 0 0 0 rg BT 536.01 91.75 Td (year ) Tj ET Q q 0 0 0 rg BT 550.31 91.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 568.66 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 570.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 573.66 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 575.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 578.66 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 580.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 583.66 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 585.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 588.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 590.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 593.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 595.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 597.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 598.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 600.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 602.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 603.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 605.33 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 607.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 608.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 610.34 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 612.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 613.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 615.34 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 617.00 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 618.67 91.75 Td ( ) Tj ET Q q 0 0 0 rg BT 620.34 91.75 Td ( ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 84.55 Td (December ) Tj ET Q q 0 0 0 rg BT 93.12 84.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 103.90 84.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 119.70 84.55 Td (there ) Tj ET Q q 0 0 0 rg BT 135.81 84.55 Td (were ) Tj ET Q q 0 0 0 rg BT 151.26 84.55 Td (no ) Tj ET Q q 0 0 0 rg BT 160.38 84.55 Td (common ) Tj ET Q q 0 0 0 rg BT 185.83 84.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 206.28 84.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 226.07 84.55 Td (under ) Tj ET Q q 0 0 0 rg BT 243.86 84.55 Td (the ) Tj ET Q q 0 0 0 rg BT 254.64 84.55 Td (DRIP) Tj ET Q q 0 0 0 rg BT 268.87 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 271.31 84.55 Td (and ) Tj ET Q q 0 0 0 rg BT 283.77 84.55 Td (SDP) Tj ET Q q 0 0 0 rg BT 295.33 84.55 Td (, ) Tj ET Q q 0 0 0 rg BT 299.44 84.55 Td (1.7 ) Tj ET Q q 0 0 0 rg BT 310.22 84.55 Td (million ) Tj ET Q q 0 0 0 rg BT 329.67 84.55 Td (common ) Tj ET Q q 0 0 0 rg BT 355.12 84.55 Td (shares ) Tj ET Q q 0 0 0 rg BT 375.57 84.55 Td (were ) Tj ET Q q 0 0 0 rg BT 391.02 84.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 410.81 84.55 Td (under ) Tj ET Q q 0 0 0 rg BT 428.60 84.55 Td (the ) Tj ET Q q 0 0 0 rg BT 439.38 84.55 Td (DRIP) Tj ET Q q 0 0 0 rg BT 453.61 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 456.05 84.55 Td (and ) Tj ET Q q 0 0 0 rg BT 468.51 84.55 Td (SDP) Tj ET Q q 0 0 0 rg BT 480.74 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 483.18 84.55 Td (in ) Tj ET Q q 0 0 0 rg BT 490.29 84.55 Td (the ) Tj ET Q q 0 0 0 rg BT 501.08 84.55 Td (comparative ) Tj ET Q q 0 0 0 rg BT 536.20 84.55 Td (year ) Tj ET Q q 0 0 0 rg BT 550.32 84.55 Td (ended ) Tj ET Q q 0 0 0 rg BT 568.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 570.33 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 573.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 575.33 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 578.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 580.34 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 583.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 585.34 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 588.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 590.34 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 593.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 595.34 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 598.67 84.55 Td ( ) Tj ET Q q 0 0 0 rg BT 600.34 84.55 Td ( ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 77.35 Td (December ) Tj ET Q q 0 0 0 rg BT 92.34 77.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 102.35 77.35 Td (2014.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 70.15 Td (\(4\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 70.15 Td (Per ) Tj ET Q q 0 0 0 rg BT 74.00 70.15 Td (share ) Tj ET Q q 0 0 0 rg BT 90.68 70.15 Td (calculations ) Tj ET Q q 0 0 0 rg BT 123.70 70.15 Td (include ) Tj ET Q q 0 0 0 rg BT 144.38 70.15 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 183.41 70.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 203.09 70.15 Td (which ) Tj ET Q q 0 0 0 rg BT 220.09 70.15 Td (are ) Tj ET Q q 0 0 0 rg BT 230.43 70.15 Td (convertible ) Tj ET Q q 0 0 0 rg BT 261.11 70.15 Td (into ) Tj ET Q q 0 0 0 rg BT 272.46 70.15 Td (common ) Tj ET Q q 0 0 0 rg BT 297.13 70.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 316.80 70.15 Td (on ) Tj ET Q q 0 0 0 rg BT 325.15 70.15 Td (certain ) Tj ET Q q 0 0 0 rg BT 344.82 70.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 361.49 70.15 Td (and ) Tj ET Q q 0 0 0 rg BT 373.17 70.15 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 403.52 70.15 Td ( ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 62.95 Td (\(5\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 62.95 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.34 62.95 Td (have ) Tj ET Q q 0 0 0 rg BT 103.02 62.95 Td (been ) Tj ET Q q 0 0 0 rg BT 118.04 62.95 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 142.39 62.95 Td (to ) Tj ET Q q 0 0 0 rg BT 149.06 62.95 Td (exclude ) Tj ET Q q 0 0 0 rg BT 171.41 62.95 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 200.76 62.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 216.77 62.95 Td (and ) Tj ET Q q 0 0 0 rg BT 228.45 62.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 247.12 62.95 Td (on ) Tj ET Q q 0 0 0 rg BT 255.46 62.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 279.14 62.95 Td (instrument ) Tj ET Q q 0 0 0 rg BT 308.82 62.95 Td (commodity ) Tj ET Q q 0 0 0 rg BT 339.50 62.95 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 367.17 62.95 Td (net ) Tj ET Q q 0 0 0 rg BT 377.18 62.95 Td (of ) Tj ET Q q 0 0 0 rg BT 383.85 62.95 Td (tax.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 55.75 Td (\(6\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 55.75 Td (Amounts ) Tj ET Q q 0 0 0 rg BT 88.34 55.75 Td (have ) Tj ET Q q 0 0 0 rg BT 103.02 55.75 Td (been ) Tj ET Q q 0 0 0 rg BT 118.04 55.75 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 142.39 55.75 Td (to ) Tj ET Q q 0 0 0 rg BT 149.06 55.75 Td (exclude ) Tj ET Q q 0 0 0 rg BT 171.41 55.75 Td (associated ) Tj ET Q q 0 0 0 rg BT 201.76 55.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 220.77 55.75 Td (or ) Tj ET Q q 0 0 0 rg BT 227.77 55.75 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 252.11 55.75 Td (from ) Tj ET Q q 0 0 0 rg BT 265.78 55.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 289.46 55.75 Td (instrument ) Tj ET Q q 0 0 0 rg BT 319.14 55.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 349.81 55.75 Td (contracts ) Tj ET Q q 0 0 0 rg BT 375.82 55.75 Td (and ) Tj ET Q q 0 0 0 rg BT 387.50 55.75 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 435.52 55.75 Td (liabilities.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 48.55 Td (\(7\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 48.55 Td (Oil ) Tj ET Q q 0 0 0 rg BT 72.00 48.55 Td (includes ) Tj ET Q q 0 0 0 rg BT 95.68 48.55 Td (light, ) Tj ET Q q 0 0 0 rg BT 110.02 48.55 Td (medium ) Tj ET Q q 0 0 0 rg BT 133.03 48.55 Td (and ) Tj ET Q q 0 0 0 rg BT 144.71 48.55 Td (heavy ) Tj ET Q q 0 0 0 rg BT 162.38 48.55 Td (oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 41.35 Td (\(8\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 41.35 Td (Product ) Tj ET Q q 0 0 0 rg BT 85.34 41.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 103.02 41.35 Td (include ) Tj ET Q q 0 0 0 rg BT 123.70 41.35 Td (realized ) Tj ET Q q 0 0 0 rg BT 146.38 41.35 Td (gains ) Tj ET Q q 0 0 0 rg BT 162.39 41.35 Td (and ) Tj ET Q q 0 0 0 rg BT 174.06 41.35 Td (losses ) Tj ET Q q 0 0 0 rg BT 192.74 41.35 Td (on ) Tj ET Q q 0 0 0 rg BT 201.08 41.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.76 41.35 Td (instrument ) Tj ET Q q 0 0 0 rg BT 254.44 41.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 285.11 41.35 Td (contracts.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 34.15 Td (\(9\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 34.15 Td (Cash ) Tj ET Q q 0 0 0 rg BT 78.67 34.15 Td (costs ) Tj ET Q q 0 0 0 rg BT 94.34 34.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 110.69 34.15 Td (the ) Tj ET Q q 0 0 0 rg BT 120.70 34.15 Td (total ) Tj ET Q q 0 0 0 rg BT 133.71 34.15 Td (of ) Tj ET Q q 0 0 0 rg BT 140.38 34.15 Td (operating, ) Tj ET Q q 0 0 0 rg BT 168.73 34.15 Td (transportation, ) Tj ET Q q 0 0 0 rg BT 208.75 34.15 Td (general ) Tj ET Q q 0 0 0 rg BT 230.44 34.15 Td (and ) Tj ET Q q 0 0 0 rg BT 242.12 34.15 Td (administrative, ) Tj ET Q q 0 0 0 rg BT 282.46 34.15 Td (and ) Tj ET Q q 0 0 0 rg BT 294.14 34.15 Td (financing ) Tj ET Q q 0 0 0 rg BT 319.83 34.15 Td (expenses.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 26.95 Td (\(10\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 26.95 Td (Operating ) Tj ET Q q 0 0 0 rg BT 90.67 26.95 Td (netback ) Tj ET Q q 0 0 0 rg BT 113.00 26.95 Td (equals ) Tj ET Q q 0 0 0 rg BT 132.01 26.95 Td (production ) Tj ET Q q 0 0 0 rg BT 161.35 26.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 187.35 26.95 Td (including ) Tj ET Q q 0 0 0 rg BT 212.35 26.95 Td (realized ) Tj ET Q q 0 0 0 rg BT 234.68 26.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 250.35 26.95 Td (and ) Tj ET Q q 0 0 0 rg BT 261.68 26.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 280.01 26.95 Td (on ) Tj ET Q q 0 0 0 rg BT 288.00 26.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 311.33 26.95 Td (instrument ) Tj ET Q q 0 0 0 rg BT 340.67 26.95 Td (commodity ) Tj ET Q q 0 0 0 rg BT 370.99 26.95 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 398.32 26.95 Td (less ) Tj ET Q q 0 0 0 rg BT 410.31 26.95 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 435.64 26.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 461.98 26.95 Td (and ) Tj ET Q q 0 0 0 rg BT 473.31 26.95 Td (transportation ) Tj ET Q q 0 0 0 rg BT 511.32 26.95 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 539.99 26.95 Td (calculated ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 19.75 Td (on ) Tj ET Q q 0 0 0 rg BT 71.34 19.75 Td (a ) Tj ET Q q 0 0 0 rg BT 76.34 19.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 88.02 19.75 Td (basis.) Tj ET Q /GS0 gs q 136.61 0 0 51.00 48.00 702.77 cm /I1 Do Q endstream endobj 5 0 obj <> endobj 6 0 obj <> stream 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 47 717.6 m 360 717.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 47 702.6 m 360 702.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 360 717.6 m 428 717.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 360 702.6 m 428 702.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 428 717.6 m 496 717.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 428 702.6 m 496 702.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 496 717.6 m 564 717.6 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 496 702.6 m 564 702.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 47 687.6 m 360 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 360 702.6 m 428 702.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360 687.6 m 428 687.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 428 702.6 m 496 702.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428 687.6 m 496 687.6 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 687.6 m 564 687.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 47 645.6 m 360 645.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 360 645.6 m 428 645.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 428 645.6 m 496 645.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 496 645.6 m 564 645.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 47 603.6 m 360 603.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 360 603.6 m 428 603.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 428 603.6 m 496 603.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 496 603.6 m 564 603.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 47 379.6 m 360 379.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 360 379.6 m 428 379.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 428 379.6 m 496 379.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 496 379.6 m 564 379.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 47 309.6 m 360 309.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 360 309.6 m 428 309.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 428 309.6 m 496 309.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 496 309.6 m 564 309.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 47 267.6 m 360 267.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 360 267.6 m 428 267.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 428 267.6 m 496 267.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 496 267.6 m 564 267.6 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 47 225.60000000000002 m 360 225.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 360 225.60000000000002 m 428 225.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 428 225.60000000000002 m 496 225.60000000000002 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 496 225.60000000000002 m 564 225.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 47 165.60000000000002 m 360 165.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 360 165.60000000000002 m 428 165.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 428 165.60000000000002 m 496 165.60000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 496 165.60000000000002 m 564 165.60000000000002 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 707.22 Td (Highlights \(cont'd\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 692.00 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 404.45 692.00 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 692.00 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.45 692.00 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 678.00 Td (Drilling:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 664.00 Td (Gross) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.45 664.00 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 664.00 Td (134) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 664.00 Td (\(42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 664.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 650.00 Td (Net) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.95 650.00 Td (70.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 650.00 Td (111.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 650.00 Td (\(37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 650.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 636.00 Td (Land \(net acres\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 622.00 Td (Undeveloped) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.95 622.00 Td (705,610) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 622.00 Td (816,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 622.00 Td (\(14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 622.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 608.00 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 608.00 Td (1,929,041) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.45 608.00 Td (2,218,776) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 608.00 Td (\(13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 608.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 594.00 Td (Reserves:) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 90.01 598.29 Td (\(1) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 94.78 598.29 Td (1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 580.00 Td (Proved producing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 566.00 Td (Natural gas \(bcf\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 134.02 570.29 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 566.00 Td (614.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 566.00 Td (662.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 566.00 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 566.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 552.00 Td (Oil and natural gas liquids \(mbbls\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 203.56 556.29 Td (\(13\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.95 552.00 Td (59,592) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 552.00 Td (59,129) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.45 552.00 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 552.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 538.00 Td (Total oil equivalent \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.95 538.00 Td (162,072) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 538.00 Td (169,456) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 538.00 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 538.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 524.00 Td (Total proved:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 510.00 Td (Natural gas \(bcf\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 134.02 514.29 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 510.00 Td (1,026.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 510.00 Td (1,094.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 510.00 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 510.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 496.00 Td (Oil and natural gas liquids \(mbbls\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 203.56 500.29 Td (\(13\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.95 496.00 Td (91,230) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 496.00 Td (93,329) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 496.00 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 496.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 482.00 Td (Total oil equivalent \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.95 482.00 Td (262,224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 482.00 Td (275,729) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 482.00 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 482.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 468.00 Td (Proved plus probable:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 454.00 Td (Natural gas \(bcf\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 134.02 458.29 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 454.00 Td (1,601.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 454.00 Td (1,689.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 454.00 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 454.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 440.00 Td (Oil and natural gas liquids \(mbbls\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 203.56 444.29 Td (\(13\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.95 440.00 Td (139,543) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 440.00 Td (145,119) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 440.00 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 440.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 426.00 Td (Total oil equivalent \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.95 426.00 Td (406,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.95 426.00 Td (426,768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 426.00 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 426.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 412.00 Td (% Proved producing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.40 412.00 Td (40) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 412.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.40 412.00 Td (40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 412.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.50 412.00 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 412.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 398.00 Td (% Proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.40 398.00 Td (65) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 398.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.40 398.00 Td (65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 398.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.50 398.00 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 398.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.50 384.00 Td (% Probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.40 384.00 Td (35) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 384.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.40 384.00 Td (35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.45 384.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.50 384.00 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 384.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 370.00 Td (Net present value of future cash flow before income taxes \($ millions, proved plus probable\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 356.00 Td (0% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 356.00 Td (5,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 356.00 Td (8,845) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 356.00 Td (\(37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 356.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 342.00 Td (5% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 342.00 Td (3,492) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 342.00 Td (5,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 342.00 Td (\(35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 342.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 328.00 Td (10% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 328.00 Td (2,412) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 328.00 Td (3,733) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 328.00 Td (\(35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 328.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 314.00 Td (15% discount rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 314.00 Td (1,788) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 314.00 Td (2,783) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 314.00 Td (\(36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 314.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 300.00 Td (Reserve life index \(years\):) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 154.04 304.29 Td (\(14\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 286.00 Td (Total proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.95 286.00 Td (9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 286.00 Td (9.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.45 286.00 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 286.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 272.00 Td (Proved plus probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.95 272.00 Td (14.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 272.00 Td (13.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.45 272.00 Td (8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 272.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 258.00 Td (Reserves \(boe per thousand shares - basic\):) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 227.09 262.29 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 244.00 Td (Total proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 244.00 Td (1,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 244.00 Td (1,277) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 244.00 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 244.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.50 230.00 Td (Proved plus probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 401.95 230.00 Td (1,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 230.00 Td (1,977) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 230.00 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 230.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 212.00 Td (Finding and development costs - proved plus probable \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 297.15 216.29 Td (\(15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.95 212.00 Td (7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.95 212.00 Td (10.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 212.00 Td (\(33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 212.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 198.00 Td (Recycle ratio - proved plus probable) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 193.57 202.29 Td (\(16\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.95 198.00 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 198.00 Td (2.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.45 198.00 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.45 198.00 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 184.00 Td (Finding, development and acquisition costs - proved plus probable \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 344.68 188.29 Td (\(15\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.95 184.00 Td (9.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.95 184.00 Td (9.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 184.00 Td (\(1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 184.00 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.50 170.00 Td (Recycle ratio - proved plus probable) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 193.57 174.29 Td (\(16\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.95 170.00 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 170.00 Td (2.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.45 170.00 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.50 170.00 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 155.90 Td (NOTES:) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 148.70 Td (\(1) Tj ET Q q 0 0 0 rg BT 49.89 148.70 Td (1\) W) Tj ET Q q 0 0 0 rg BT 67.45 148.70 Td (orking interest reserves are gross reserves prior to deduction of royalties and without including any of Bonavista's royalty interests.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 140.50 Td (\(12\) Includes Conventional Natural Gas, Shale Natural Gas and Coal Bed Methane.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 132.30 Td (\(13\) Includes Natural Gas Liquids; and Light, Medium, Heavy and ) Tj ET Q q 0 0 0 rg BT 225.32 132.30 Td (T) Tj ET Q q 0 0 0 rg BT 228.76 132.30 Td (ight Oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 124.10 Td (\(14\) Calculated based on the amount for the relevant reserve category divided by the production forecast prepared by the independent reserve evaluator \(GLJ\).) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 115.90 Td (\(15\) Includes changes in future development costs.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 107.70 Td (\(16\) Recycle ratio is calculated using operating netback per boe divided by either finding and development or finding, development and acquisition costs per boe.) Tj ET Q endstream endobj 7 0 obj <> endobj 8 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 3) Tj ET Q BT /F1 10.00 Tf ET 1 1 1 rg /GS0 gs 279.00 723.50 96.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 471.00 723.50 96.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 737.5 m 183 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 737.5 m 279 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 737.5 m 375 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 737.5 m 471 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 737.5 m 567 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44 709.5 m 183 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 183 709.5 m 279 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 709.5 m 375 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 709.5 m 471 709.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 709.5 m 567 709.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 44 642.5 m 183 642.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 183 642.5 m 279 642.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 279 642.5 m 375 642.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 375 642.5 m 471 642.5 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 471 642.5 m 567 642.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 46.50 713.90 Td (Share Trading Statistics) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 330.20 727.90 Td (Three months ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 194.40 713.90 Td (December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 287.45 713.90 Td (September 30, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 408.95 713.90 Td (June 30, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 499.45 713.90 Td (March 31, 2015) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 46.50 701.90 Td (\($ per share, except volume\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 46.50 688.90 Td (High) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.95 688.90 Td (4.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 688.90 Td (6.80) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 688.90 Td (9.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 688.90 Td (8.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 46.50 674.90 Td (Low) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.95 674.90 Td (1.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 674.90 Td (2.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 674.90 Td (6.35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 674.90 Td (5.62) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 46.50 660.90 Td (Close) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.95 660.90 Td (1.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 660.90 Td (3.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.95 660.90 Td (6.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 660.90 Td (6.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 46.50 646.90 Td (Average Daily Volume - Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.45 646.90 Td (1,210,201) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.45 646.90 Td (1,047,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 646.90 Td (1,050,652) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 646.90 Td (763,522) Tj ET Q BT /F1 10.00 Tf ET BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 616.60 Td (MESSAGE T) Tj ET Q q 0 0 0 rg BT 115.46 616.60 Td (O SHAREHOLDERS) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 598.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 63.92 598.60 Td (operational ) Tj ET Q q 0 0 0 rg BT 115.66 598.60 Td (and ) Tj ET Q q 0 0 0 rg BT 134.60 598.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 173.54 598.60 Td (results ) Tj ET Q q 0 0 0 rg BT 205.25 598.60 Td (in ) Tj ET Q q 0 0 0 rg BT 215.28 598.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 239.78 598.60 Td (mark ) Tj ET Q q 0 0 0 rg BT 264.26 598.60 Td (another ) Tj ET Q q 0 0 0 rg BT 300.43 598.60 Td (milestone ) Tj ET Q q 0 0 0 rg BT 345.48 598.60 Td (in ) Tj ET Q q 0 0 0 rg BT 355.52 598.60 Td (our ) Tj ET Q q 0 0 0 rg BT 372.22 598.60 Td (goal ) Tj ET Q q 0 0 0 rg BT 393.38 598.60 Td (to ) Tj ET Q q 0 0 0 rg BT 403.97 598.60 Td (re-establish ) Tj ET Q q 0 0 0 rg BT 457.92 598.60 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 504.09 598.60 Td (as ) Tj ET Q q 0 0 0 rg BT 516.90 598.60 Td (a ) Tj ET Q q 0 0 0 rg BT 524.72 598.60 Td (top ) Tj ET Q q 0 0 0 rg BT 540.87 598.60 Td (decile ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 586.60 Td (producer ) Tj ET Q q 0 0 0 rg BT 87.11 586.60 Td (in ) Tj ET Q q 0 0 0 rg BT 97.54 586.60 Td (western ) Tj ET Q q 0 0 0 rg BT 135.20 586.60 Td (Canada. ) Tj ET Q q 0 0 0 rg BT 175.65 586.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 194.96 586.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 215.95 586.60 Td (structure ) Tj ET Q q 0 0 0 rg BT 257.49 586.60 Td (is ) Tj ET Q q 0 0 0 rg BT 267.36 586.60 Td (mirroring ) Tj ET Q q 0 0 0 rg BT 309.45 586.60 Td (that ) Tj ET Q q 0 0 0 rg BT 328.77 586.60 Td (of ) Tj ET Q q 0 0 0 rg BT 339.76 586.60 Td (a ) Tj ET Q q 0 0 0 rg BT 347.96 586.60 Td (decade ) Tj ET Q q 0 0 0 rg BT 383.42 586.60 Td (ago, ) Tj ET Q q 0 0 0 rg BT 405.52 586.60 Td (and ) Tj ET Q q 0 0 0 rg BT 424.85 586.60 Td (our ) Tj ET Q q 0 0 0 rg BT 441.95 586.60 Td (commitment ) Tj ET Q q 0 0 0 rg BT 499.05 586.60 Td (to ) Tj ET Q q 0 0 0 rg BT 510.03 586.60 Td (do ) Tj ET Q q 0 0 0 rg BT 523.80 586.60 Td (more ) Tj ET Q q 0 0 0 rg BT 549.22 586.60 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 574.60 Td (less ) Tj ET Q q 0 0 0 rg BT 65.01 574.60 Td (has ) Tj ET Q q 0 0 0 rg BT 83.37 574.60 Td (resulted ) Tj ET Q q 0 0 0 rg BT 121.17 574.60 Td (in ) Tj ET Q q 0 0 0 rg BT 131.19 574.60 Td (modest ) Tj ET Q q 0 0 0 rg BT 166.21 574.60 Td (growth ) Tj ET Q q 0 0 0 rg BT 198.46 574.60 Td (in ) Tj ET Q q 0 0 0 rg BT 208.47 574.60 Td (our ) Tj ET Q q 0 0 0 rg BT 225.15 574.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 249.63 574.60 Td (production ) Tj ET Q q 0 0 0 rg BT 298.56 574.60 Td (with ) Tj ET Q q 0 0 0 rg BT 318.57 574.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 349.71 574.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 392.53 574.60 Td (less ) Tj ET Q q 0 0 0 rg BT 412.54 574.60 Td (than ) Tj ET Q q 0 0 0 rg BT 434.24 574.60 Td (half ) Tj ET Q q 0 0 0 rg BT 452.59 574.60 Td (of ) Tj ET Q q 0 0 0 rg BT 463.16 574.60 Td (that ) Tj ET Q q 0 0 0 rg BT 482.07 574.60 Td (spent ) Tj ET Q q 0 0 0 rg BT 508.77 574.60 Td (in ) Tj ET Q q 0 0 0 rg BT 518.78 574.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 546.03 574.60 Td ( ) Tj ET Q q 0 0 0 rg BT 548.12 574.60 Td (This ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 562.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 77.14 562.60 Td (program ) Tj ET Q q 0 0 0 rg BT 117.62 562.60 Td (consumed ) Tj ET Q q 0 0 0 rg BT 166.99 562.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 232.48 562.60 Td (75% ) Tj ET Q q 0 0 0 rg BT 255.73 562.60 Td (of ) Tj ET Q q 0 0 0 rg BT 267.31 562.60 Td (our ) Tj ET Q q 0 0 0 rg BT 285.00 562.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 312.70 562.60 Td (from ) Tj ET Q q 0 0 0 rg BT 335.93 562.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 385.87 562.60 Td (in ) Tj ET Q q 0 0 0 rg BT 396.89 562.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 422.37 562.60 Td (and ) Tj ET Q q 0 0 0 rg BT 442.29 562.60 Td (when ) Tj ET Q q 0 0 0 rg BT 469.44 562.60 Td (added ) Tj ET Q q 0 0 0 rg BT 500.48 562.60 Td (to ) Tj ET Q q 0 0 0 rg BT 512.06 562.60 Td (our ) Tj ET Q q 0 0 0 rg BT 529.75 562.60 Td (dividend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 550.60 Td (commitment, ) Tj ET Q q 0 0 0 rg BT 105.01 550.60 Td (created ) Tj ET Q q 0 0 0 rg BT 141.14 550.60 Td (a ) Tj ET Q q 0 0 0 rg BT 149.48 550.60 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 202.85 550.60 Td (business ) Tj ET Q q 0 0 0 rg BT 245.10 550.60 Td (plan ) Tj ET Q q 0 0 0 rg BT 266.78 550.60 Td (with ) Tj ET Q q 0 0 0 rg BT 287.34 550.60 Td (a ) Tj ET Q q 0 0 0 rg BT 295.68 550.60 Td (total ) Tj ET Q q 0 0 0 rg BT 317.36 550.60 Td (payout ) Tj ET Q q 0 0 0 rg BT 350.17 550.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 372.40 550.60 Td (of ) Tj ET Q q 0 0 0 rg BT 383.52 550.60 Td (94%. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 532.60 Td (Significant ) Tj ET Q q 0 0 0 rg BT 94.15 532.60 Td (improvements ) Tj ET Q q 0 0 0 rg BT 159.97 532.60 Td (in ) Tj ET Q q 0 0 0 rg BT 170.77 532.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.49 532.60 Td (and ) Tj ET Q q 0 0 0 rg BT 235.19 532.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 267.11 532.60 Td (ef) Tj ET Q q 0 0 0 rg BT 275.27 532.60 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 319.42 532.60 Td (were ) Tj ET Q q 0 0 0 rg BT 344.11 532.60 Td (realized ) Tj ET Q q 0 0 0 rg BT 382.14 532.60 Td (for ) Tj ET Q q 0 0 0 rg BT 396.83 532.60 Td (the ) Tj ET Q q 0 0 0 rg BT 413.75 532.60 Td (third ) Tj ET Q q 0 0 0 rg BT 436.22 532.60 Td (straight ) Tj ET Q q 0 0 0 rg BT 472.03 532.60 Td (year) Tj ET Q q 0 0 0 rg BT 490.93 532.60 Td (. ) Tj ET Q q 0 0 0 rg BT 496.73 532.60 Td (Operating ) Tj ET Q q 0 0 0 rg BT 543.66 532.60 Td (costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 520.60 Td (per ) Tj ET Q q 0 0 0 rg BT 62.29 520.60 Td (boe ) Tj ET Q q 0 0 0 rg BT 81.82 520.60 Td (improved ) Tj ET Q q 0 0 0 rg BT 125.78 520.60 Td (to ) Tj ET Q q 0 0 0 rg BT 136.96 520.60 Td ($6.60 ) Tj ET Q q 0 0 0 rg BT 164.83 520.60 Td (in ) Tj ET Q q 0 0 0 rg BT 175.45 520.60 Td (2015, ) Tj ET Q q 0 0 0 rg BT 203.31 520.60 Td (a ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 211.71 520.60 Td (20%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.73 520.60 Td ( ) Tj ET Q q 0 0 0 rg BT 234.57 520.60 Td (improvement ) Tj ET Q q 0 0 0 rg BT 295.21 520.60 Td (over ) Tj ET Q q 0 0 0 rg BT 317.50 520.60 Td (last ) Tj ET Q q 0 0 0 rg BT 335.90 520.60 Td (year) Tj ET Q q 0 0 0 rg BT 354.80 520.60 Td (, ) Tj ET Q q 0 0 0 rg BT 360.42 520.60 Td (in ) Tj ET Q q 0 0 0 rg BT 371.04 520.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 411.69 520.60 Td (fourth ) Tj ET Q q 0 0 0 rg BT 440.10 520.60 Td (quarter ) Tj ET Q q 0 0 0 rg BT 474.62 520.60 Td (operating ) Tj ET Q q 0 0 0 rg BT 519.16 520.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 545.34 520.60 Td (were ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 508.60 Td ($5.85 ) Tj ET Q q 0 0 0 rg BT 72.06 508.60 Td (per ) Tj ET Q q 0 0 0 rg BT 88.55 508.60 Td (boe, ) Tj ET Q q 0 0 0 rg BT 110.05 508.60 Td (21% ) Tj ET Q q 0 0 0 rg BT 132.11 508.60 Td (improvement ) Tj ET Q q 0 0 0 rg BT 191.94 508.60 Td (from ) Tj ET Q q 0 0 0 rg BT 213.98 508.60 Td (the ) Tj ET Q q 0 0 0 rg BT 229.92 508.60 Td (same ) Tj ET Q q 0 0 0 rg BT 256.41 508.60 Td (period ) Tj ET Q q 0 0 0 rg BT 286.24 508.60 Td (in ) Tj ET Q q 0 0 0 rg BT 296.06 508.60 Td (2014. ) Tj ET Q q 0 0 0 rg BT 323.13 508.60 Td (Our ) Tj ET Q q 0 0 0 rg BT 341.83 508.60 Td (proved ) Tj ET Q q 0 0 0 rg BT 374.45 508.60 Td (and ) Tj ET Q q 0 0 0 rg BT 393.17 508.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 434.13 508.60 Td (finding ) Tj ET Q q 0 0 0 rg BT 465.63 508.60 Td (and ) Tj ET Q q 0 0 0 rg BT 484.36 508.60 Td (development ) Tj ET Q q 0 0 0 rg BT 543.65 508.60 Td (costs ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 496.60 Td (declined ) Tj ET Q q 0 0 0 rg BT 85.33 496.60 Td (by ) Tj ET Q q 0 0 0 rg BT 98.97 496.60 Td (33% ) Tj ET Q q 0 0 0 rg BT 122.06 496.60 Td (to ) Tj ET Q q 0 0 0 rg BT 133.48 496.60 Td ($7.26 ) Tj ET Q q 0 0 0 rg BT 161.58 496.60 Td (per ) Tj ET Q q 0 0 0 rg BT 179.11 496.60 Td (boe ) Tj ET Q q 0 0 0 rg BT 198.88 496.60 Td (when ) Tj ET Q q 0 0 0 rg BT 225.86 496.60 Td (compared ) Tj ET Q q 0 0 0 rg BT 273.41 496.60 Td (to ) Tj ET Q q 0 0 0 rg BT 284.82 496.60 Td (2014, ) Tj ET Q q 0 0 0 rg BT 312.93 496.60 Td (generating ) Tj ET Q q 0 0 0 rg BT 363.27 496.60 Td (a ) Tj ET Q q 0 0 0 rg BT 371.91 496.60 Td (recycle ) Tj ET Q q 0 0 0 rg BT 406.66 496.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 429.19 496.60 Td (of ) Tj ET Q q 0 0 0 rg BT 440.61 496.60 Td (2.2:1. ) Tj ET Q q 0 0 0 rg BT 468.71 496.60 Td (Lastly) Tj ET Q q 0 0 0 rg BT 494.09 496.60 Td (, ) Tj ET Q q 0 0 0 rg BT 499.94 496.60 Td (our ) Tj ET Q q 0 0 0 rg BT 517.47 496.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 538.89 496.60 Td (to ) Tj ET Q q 0 0 0 rg BT 550.31 496.60 Td (add ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 484.60 Td (production ) Tj ET Q q 0 0 0 rg BT 94.53 484.60 Td (from ) Tj ET Q q 0 0 0 rg BT 117.35 484.60 Td (our ) Tj ET Q q 0 0 0 rg BT 134.63 484.60 Td (exploration ) Tj ET Q q 0 0 0 rg BT 186.38 484.60 Td (and ) Tj ET Q q 0 0 0 rg BT 205.89 484.60 Td (development ) Tj ET Q q 0 0 0 rg BT 265.98 484.60 Td (\("E&D"\) ) Tj ET Q q 0 0 0 rg BT 303.13 484.60 Td (program ) Tj ET Q q 0 0 0 rg BT 343.19 484.60 Td (in ) Tj ET Q q 0 0 0 rg BT 353.80 484.60 Td (2015 ) Tj ET Q q 0 0 0 rg BT 378.88 484.60 Td (was ) Tj ET Q q 0 0 0 rg BT 399.49 484.60 Td (reduced ) Tj ET Q q 0 0 0 rg BT 438.45 484.60 Td (by ) Tj ET Q q 0 0 0 rg BT 451.84 484.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 516.92 484.60 Td (ten ) Tj ET Q q 0 0 0 rg BT 533.65 484.60 Td (percent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 472.60 Td (over ) Tj ET Q q 0 0 0 rg BT 67.23 472.60 Td (2014 ) Tj ET Q q 0 0 0 rg BT 92.26 472.60 Td (and ) Tj ET Q q 0 0 0 rg BT 111.72 472.60 Td (currently) Tj ET Q q 0 0 0 rg BT 149.32 472.60 Td (, ) Tj ET Q q 0 0 0 rg BT 154.88 472.60 Td (we ) Tj ET Q q 0 0 0 rg BT 170.44 472.60 Td (are ) Tj ET Q q 0 0 0 rg BT 187.67 472.60 Td (adding ) Tj ET Q q 0 0 0 rg BT 220.48 472.60 Td (production ) Tj ET Q q 0 0 0 rg BT 269.96 472.60 Td (between ) Tj ET Q q 0 0 0 rg BT 310.54 472.60 Td ($12,000 ) Tj ET Q q 0 0 0 rg BT 349.47 472.60 Td (and ) Tj ET Q q 0 0 0 rg BT 368.93 472.60 Td ($14,000 ) Tj ET Q q 0 0 0 rg BT 407.86 472.60 Td (per ) Tj ET Q q 0 0 0 rg BT 425.09 472.60 Td (boe ) Tj ET Q q 0 0 0 rg BT 444.55 472.60 Td (per ) Tj ET Q q 0 0 0 rg BT 461.78 472.60 Td (day) Tj ET Q q 0 0 0 rg BT 477.16 472.60 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 454.60 Td (A) Tj ET Q q 0 0 0 rg BT 51.12 454.60 Td ( ) Tj ET Q q 0 0 0 rg BT 53.04 454.60 Td (year ) Tj ET Q q 0 0 0 rg BT 74.41 454.60 Td (ago, ) Tj ET Q q 0 0 0 rg BT 95.79 454.60 Td (with ) Tj ET Q q 0 0 0 rg BT 115.50 454.60 Td (the ) Tj ET Q q 0 0 0 rg BT 131.32 454.60 Td (WTI ) Tj ET Q q 0 0 0 rg BT 151.56 454.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 163.48 454.60 Td (price ) Tj ET Q q 0 0 0 rg BT 187.08 454.60 Td (dropping ) Tj ET Q q 0 0 0 rg BT 227.92 454.60 Td (below ) Tj ET Q q 0 0 0 rg BT 255.97 454.60 Td (US$50.00 ) Tj ET Q q 0 0 0 rg BT 302.36 454.60 Td (per ) Tj ET Q q 0 0 0 rg BT 318.74 454.60 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 336.78 454.60 Td (and ) Tj ET Q q 0 0 0 rg BT 355.38 454.60 Td (propane ) Tj ET Q q 0 0 0 rg BT 394.00 454.60 Td (losing ) Tj ET Q q 0 0 0 rg BT 422.05 454.60 Td (its ) Tj ET Q q 0 0 0 rg BT 433.97 454.60 Td (monetary ) Tj ET Q q 0 0 0 rg BT 477.57 454.60 Td (value, ) Tj ET Q q 0 0 0 rg BT 506.18 454.60 Td (we ) Tj ET Q q 0 0 0 rg BT 520.88 454.60 Td (committed ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 442.60 Td (to ) Tj ET Q q 0 0 0 rg BT 56.02 442.60 Td (a ) Tj ET Q q 0 0 0 rg BT 64.26 442.60 Td (total ) Tj ET Q q 0 0 0 rg BT 85.84 442.60 Td (payout ) Tj ET Q q 0 0 0 rg BT 118.54 442.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 140.67 442.60 Td (being ) Tj ET Q q 0 0 0 rg BT 167.81 442.60 Td (less ) Tj ET Q q 0 0 0 rg BT 188.28 442.60 Td (than ) Tj ET Q q 0 0 0 rg BT 210.42 442.60 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 259.79 442.60 Td (funds ) Tj ET Q q 0 0 0 rg BT 286.93 442.60 Td (from ) Tj ET Q q 0 0 0 rg BT 309.61 442.60 Td (operations ) Tj ET Q q 0 0 0 rg BT 358.98 442.60 Td (for ) Tj ET Q q 0 0 0 rg BT 373.33 442.60 Td (2015. ) Tj ET Q q 0 0 0 rg BT 401.03 442.60 Td (W) Tj ET Q q 0 0 0 rg BT 410.29 442.60 Td (e ) Tj ET Q q 0 0 0 rg BT 418.53 442.60 Td (delivered ) Tj ET Q q 0 0 0 rg BT 461.79 442.60 Td (on ) Tj ET Q q 0 0 0 rg BT 475.59 442.60 Td (that ) Tj ET Q q 0 0 0 rg BT 494.95 442.60 Td (promise ) Tj ET Q q 0 0 0 rg BT 533.19 442.60 Td (and ) Tj ET Q q 0 0 0 rg BT 552.55 442.60 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 430.60 Td (committed ) Tj ET Q q 0 0 0 rg BT 93.90 430.60 Td (to ) Tj ET Q q 0 0 0 rg BT 105.02 430.60 Td (that ) Tj ET Q q 0 0 0 rg BT 124.48 430.60 Td (same ) Tj ET Q q 0 0 0 rg BT 151.71 430.60 Td (approach ) Tj ET Q q 0 0 0 rg BT 196.19 430.60 Td (in ) Tj ET Q q 0 0 0 rg BT 206.75 430.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 234.55 430.60 Td (given ) Tj ET Q q 0 0 0 rg BT 261.24 430.60 Td (the ) Tj ET Q q 0 0 0 rg BT 277.92 430.60 Td (continued ) Tj ET Q q 0 0 0 rg BT 324.06 430.60 Td (weakness ) Tj ET Q q 0 0 0 rg BT 371.31 430.60 Td (in ) Tj ET Q q 0 0 0 rg BT 381.87 430.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 432.99 430.60 Td (prices.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 412.60 Td (Over ) Tj ET Q q 0 0 0 rg BT 70.47 412.60 Td (the ) Tj ET Q q 0 0 0 rg BT 88.18 412.60 Td (past ) Tj ET Q q 0 0 0 rg BT 110.88 412.60 Td (12 ) Tj ET Q q 0 0 0 rg BT 125.81 412.60 Td (months, ) Tj ET Q q 0 0 0 rg BT 165.19 412.60 Td (both ) Tj ET Q q 0 0 0 rg BT 188.45 412.60 Td (spot ) Tj ET Q q 0 0 0 rg BT 211.16 412.60 Td (natural ) Tj ET Q q 0 0 0 rg BT 245.54 412.60 Td (gas ) Tj ET Q q 0 0 0 rg BT 265.46 412.60 Td (and ) Tj ET Q q 0 0 0 rg BT 285.95 412.60 Td (oil ) Tj ET Q q 0 0 0 rg BT 299.76 412.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 330.24 412.60 Td (have ) Tj ET Q q 0 0 0 rg BT 355.73 412.60 Td (decreased ) Tj ET Q q 0 0 0 rg BT 406.23 412.60 Td (a ) Tj ET Q q 0 0 0 rg BT 415.60 412.60 Td (further ) Tj ET Q q 0 0 0 rg BT 448.30 412.60 Td (30% ) Tj ET Q q 0 0 0 rg BT 472.12 412.60 Td (to ) Tj ET Q q 0 0 0 rg BT 484.26 412.60 Td (40%, ) Tj ET Q q 0 0 0 rg BT 510.86 412.60 Td (meaningfully ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 400.60 Td (impacting ) Tj ET Q q 0 0 0 rg BT 89.19 400.60 Td (the ) Tj ET Q q 0 0 0 rg BT 104.48 400.60 Td (economics ) Tj ET Q q 0 0 0 rg BT 153.67 400.60 Td (of ) Tj ET Q q 0 0 0 rg BT 163.41 400.60 Td (our ) Tj ET Q q 0 0 0 rg BT 179.25 400.60 Td (key ) Tj ET Q q 0 0 0 rg BT 196.20 400.60 Td (plays. ) Tj ET Q q 0 0 0 rg BT 223.72 400.60 Td (However) Tj ET Q q 0 0 0 rg BT 262.63 400.60 Td (, ) Tj ET Q q 0 0 0 rg BT 266.80 400.60 Td ( ) Tj ET Q q 0 0 0 rg BT 268.19 400.60 Td (strength ) Tj ET Q q 0 0 0 rg BT 305.71 400.60 Td (in ) Tj ET Q q 0 0 0 rg BT 314.89 400.60 Td (the ) Tj ET Q q 0 0 0 rg BT 330.18 400.60 Td (forward ) Tj ET Q q 0 0 0 rg BT 364.92 400.60 Td (curve ) Tj ET Q q 0 0 0 rg BT 390.76 400.60 Td (beyond ) Tj ET Q q 0 0 0 rg BT 424.96 400.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 448.60 400.60 Td (enhances ) Tj ET Q q 0 0 0 rg BT 493.36 400.60 Td (those ) Tj ET Q q 0 0 0 rg BT 519.22 400.60 Td (economics ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 388.60 Td (with ) Tj ET Q q 0 0 0 rg BT 66.20 388.60 Td (the ) Tj ET Q q 0 0 0 rg BT 83.52 388.60 Td (timing ) Tj ET Q q 0 0 0 rg BT 113.61 388.60 Td (of ) Tj ET Q q 0 0 0 rg BT 125.37 388.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 157.69 388.60 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 218.37 388.60 Td (being ) Tj ET Q q 0 0 0 rg BT 246.26 388.60 Td (key ) Tj ET Q q 0 0 0 rg BT 265.24 388.60 Td (to ) Tj ET Q q 0 0 0 rg BT 276.99 388.60 Td (higher ) Tj ET Q q 0 0 0 rg BT 308.21 388.60 Td (returns. ) Tj ET Q q 0 0 0 rg BT 345.30 388.60 Td (This ) Tj ET Q q 0 0 0 rg BT 367.61 388.60 Td (commodity ) Tj ET Q q 0 0 0 rg BT 419.38 388.60 Td (price ) Tj ET Q q 0 0 0 rg BT 444.47 388.60 Td (environment ) Tj ET Q q 0 0 0 rg BT 502.91 388.60 Td (is ) Tj ET Q q 0 0 0 rg BT 513.55 388.60 Td (also ) Tj ET Q q 0 0 0 rg BT 535.32 388.60 Td (placing ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 376.60 Td (further ) Tj ET Q q 0 0 0 rg BT 75.65 376.60 Td (downward ) Tj ET Q q 0 0 0 rg BT 122.98 376.60 Td (pressure ) Tj ET Q q 0 0 0 rg BT 163.64 376.60 Td (on ) Tj ET Q q 0 0 0 rg BT 176.51 376.60 Td (service ) Tj ET Q q 0 0 0 rg BT 209.94 376.60 Td (costs ) Tj ET Q q 0 0 0 rg BT 235.03 376.60 Td (through ) Tj ET Q q 0 0 0 rg BT 270.69 376.60 Td (reductions ) Tj ET Q q 0 0 0 rg BT 318.58 376.60 Td (in ) Tj ET Q q 0 0 0 rg BT 328.11 376.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 358.77 376.60 Td (budgets, ) Tj ET Q q 0 0 0 rg BT 398.88 376.60 Td (while ) Tj ET Q q 0 0 0 rg BT 423.42 376.60 Td (creating ) Tj ET Q q 0 0 0 rg BT 460.75 376.60 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 509.75 376.60 Td (opportunities ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 364.60 Td (that ) Tj ET Q q 0 0 0 rg BT 65.07 364.60 Td (are ) Tj ET Q q 0 0 0 rg BT 82.91 364.60 Td (competing ) Tj ET Q q 0 0 0 rg BT 132.43 364.60 Td (favourably ) Tj ET Q q 0 0 0 rg BT 181.95 364.60 Td (with ) Tj ET Q q 0 0 0 rg BT 203.12 364.60 Td (our ) Tj ET Q q 0 0 0 rg BT 220.96 364.60 Td (E&D ) Tj ET Q q 0 0 0 rg BT 244.91 364.60 Td (program. ) Tj ET Q q 0 0 0 rg BT 288.09 364.60 Td (T) Tj ET Q q 0 0 0 rg BT 293.09 364.60 Td (o ) Tj ET Q q 0 0 0 rg BT 302.04 364.60 Td (be ) Tj ET Q q 0 0 0 rg BT 316.55 364.60 Td (successful ) Tj ET Q q 0 0 0 rg BT 366.62 364.60 Td (in ) Tj ET Q q 0 0 0 rg BT 377.79 364.60 Td (the ) Tj ET Q q 0 0 0 rg BT 395.08 364.60 Td (current ) Tj ET Q q 0 0 0 rg BT 429.58 364.60 Td (economic ) Tj ET Q q 0 0 0 rg BT 475.77 364.60 Td (environment, ) Tj ET Q q 0 0 0 rg BT 536.96 364.60 Td (we ) Tj ET Q q 0 0 0 rg BT 553.13 364.60 Td (will ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 352.60 Td (remain ) Tj ET Q q 0 0 0 rg BT 78.26 352.60 Td (flexible ) Tj ET Q q 0 0 0 rg BT 112.09 352.60 Td (with ) Tj ET Q q 0 0 0 rg BT 132.57 352.60 Td (our ) Tj ET Q q 0 0 0 rg BT 149.72 352.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 174.67 352.60 Td (capital ) Tj ET Q q 0 0 0 rg BT 206.27 352.60 Td (program ) Tj ET Q q 0 0 0 rg BT 246.21 352.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 289.50 352.60 Td (between ) Tj ET Q q 0 0 0 rg BT 330.00 352.60 Td ($145 ) Tj ET Q q 0 0 0 rg BT 354.95 352.60 Td (million ) Tj ET Q q 0 0 0 rg BT 385.98 352.60 Td (and ) Tj ET Q q 0 0 0 rg BT 405.37 352.60 Td ($190 ) Tj ET Q q 0 0 0 rg BT 430.31 352.60 Td (million. ) Tj ET Q q 0 0 0 rg BT 464.13 352.60 Td (W) Tj ET Q q 0 0 0 rg BT 473.39 352.60 Td (e ) Tj ET Q q 0 0 0 rg BT 481.65 352.60 Td (will ) Tj ET Q q 0 0 0 rg BT 498.23 352.60 Td (target ) Tj ET Q q 0 0 0 rg BT 526.50 352.60 Td (the ) Tj ET Q q 0 0 0 rg BT 543.10 352.60 Td (lower ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 340.60 Td (end ) Tj ET Q q 0 0 0 rg BT 63.77 340.60 Td (of ) Tj ET Q q 0 0 0 rg BT 74.19 340.60 Td (this ) Tj ET Q q 0 0 0 rg BT 91.84 340.60 Td (range ) Tj ET Q q 0 0 0 rg BT 119.50 340.60 Td (as ) Tj ET Q q 0 0 0 rg BT 132.15 340.60 Td (our ) Tj ET Q q 0 0 0 rg BT 148.69 340.60 Td (base ) Tj ET Q q 0 0 0 rg BT 172.46 340.60 Td (E&D ) Tj ET Q q 0 0 0 rg BT 195.10 340.60 Td (budget, ) Tj ET Q q 0 0 0 rg BT 230.55 340.60 Td (but ) Tj ET Q q 0 0 0 rg BT 246.54 340.60 Td (will ) Tj ET Q q 0 0 0 rg BT 262.51 340.60 Td (be ) Tj ET Q q 0 0 0 rg BT 275.72 340.60 Td (prepared ) Tj ET Q q 0 0 0 rg BT 317.83 340.60 Td (to ) Tj ET Q q 0 0 0 rg BT 328.26 340.60 Td (increase ) Tj ET Q q 0 0 0 rg BT 368.14 340.60 Td (spending ) Tj ET Q q 0 0 0 rg BT 410.82 340.60 Td (on ) Tj ET Q q 0 0 0 rg BT 424.02 340.60 Td (E&D ) Tj ET Q q 0 0 0 rg BT 446.67 340.60 Td (activities ) Tj ET Q q 0 0 0 rg BT 487.10 340.60 Td (should ) Tj ET Q q 0 0 0 rg BT 518.65 340.60 Td (commodity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 328.60 Td (prices ) Tj ET Q q 0 0 0 rg BT 75.38 328.60 Td (strengthen. ) Tj ET Q q 0 0 0 rg BT 128.87 328.60 Td (This ) Tj ET Q q 0 0 0 rg BT 151.46 328.60 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 192.95 328.60 Td (will ) Tj ET Q q 0 0 0 rg BT 210.54 328.60 Td (allow ) Tj ET Q q 0 0 0 rg BT 237.03 328.60 Td (us ) Tj ET Q q 0 0 0 rg BT 251.29 328.60 Td (to ) Tj ET Q q 0 0 0 rg BT 263.33 328.60 Td (reinforce ) Tj ET Q q 0 0 0 rg BT 305.94 328.60 Td (our ) Tj ET Q q 0 0 0 rg BT 324.09 328.60 Td (financial ) Tj ET Q q 0 0 0 rg BT 364.48 328.60 Td (position ) Tj ET Q q 0 0 0 rg BT 402.65 328.60 Td (and/or ) Tj ET Q q 0 0 0 rg BT 434.70 328.60 Td (take ) Tj ET Q q 0 0 0 rg BT 457.31 328.60 Td (advantage ) Tj ET Q q 0 0 0 rg BT 507.72 328.60 Td (of ) Tj ET Q q 0 0 0 rg BT 519.76 328.60 Td (acquisition ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 316.60 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 106.17 316.60 Td (that ) Tj ET Q q 0 0 0 rg BT 126.76 316.60 Td (compete ) Tj ET Q q 0 0 0 rg BT 169.02 316.60 Td (favourably ) Tj ET Q q 0 0 0 rg BT 219.07 316.60 Td (with ) Tj ET Q q 0 0 0 rg BT 240.76 316.60 Td (our ) Tj ET Q q 0 0 0 rg BT 259.13 316.60 Td (key ) Tj ET Q q 0 0 0 rg BT 278.60 316.60 Td (play ) Tj ET Q q 0 0 0 rg BT 300.85 316.60 Td (economics. ) Tj ET Q q 0 0 0 rg BT 355.08 316.60 Td (This ) Tj ET Q q 0 0 0 rg BT 377.89 316.60 Td (budget ) Tj ET Q q 0 0 0 rg BT 412.38 316.60 Td (is ) Tj ET Q q 0 0 0 rg BT 423.51 316.60 Td (expected ) Tj ET Q q 0 0 0 rg BT 468.01 316.60 Td (to ) Tj ET Q q 0 0 0 rg BT 480.26 316.60 Td (result ) Tj ET Q q 0 0 0 rg BT 508.62 316.60 Td (in ) Tj ET Q q 0 0 0 rg BT 520.31 316.60 Td (production ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 304.60 Td (between ) Tj ET Q q 0 0 0 rg BT 85.21 304.60 Td (69,000 ) Tj ET Q q 0 0 0 rg BT 118.20 304.60 Td (and ) Tj ET Q q 0 0 0 rg BT 137.29 304.60 Td (73,000 ) Tj ET Q q 0 0 0 rg BT 170.28 304.60 Td (boe ) Tj ET Q q 0 0 0 rg BT 189.37 304.60 Td (per ) Tj ET Q q 0 0 0 rg BT 206.22 304.60 Td (day) Tj ET Q q 0 0 0 rg BT 221.61 304.60 Td (. ) Tj ET Q q 0 0 0 rg BT 226.79 304.60 Td (In ) Tj ET Q q 0 0 0 rg BT 237.53 304.60 Td (addition, ) Tj ET Q q 0 0 0 rg BT 277.74 304.60 Td (ef) Tj ET Q q 0 0 0 rg BT 285.90 304.60 Td (fective ) Tj ET Q q 0 0 0 rg BT 316.73 304.60 Td (April ) Tj ET Q q 0 0 0 rg BT 339.14 304.60 Td (1, ) Tj ET Q q 0 0 0 rg BT 349.88 304.60 Td (2016, ) Tj ET Q q 0 0 0 rg BT 377.31 304.60 Td (our ) Tj ET Q q 0 0 0 rg BT 394.17 304.60 Td (Board ) Tj ET Q q 0 0 0 rg BT 423.26 304.60 Td (of ) Tj ET Q q 0 0 0 rg BT 434.00 304.60 Td (Directors ) Tj ET Q q 0 0 0 rg BT 476.41 304.60 Td (has ) Tj ET Q q 0 0 0 rg BT 494.93 304.60 Td (approved ) Tj ET Q q 0 0 0 rg BT 539.04 304.60 Td (a ) Tj ET Q q 0 0 0 rg BT 547.00 304.60 Td (67% ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 292.60 Td (reduction ) Tj ET Q q 0 0 0 rg BT 89.44 292.60 Td (in ) Tj ET Q q 0 0 0 rg BT 100.53 292.60 Td (the ) Tj ET Q q 0 0 0 rg BT 117.74 292.60 Td (dividend ) Tj ET Q q 0 0 0 rg BT 158.30 292.60 Td (to ) Tj ET Q q 0 0 0 rg BT 169.94 292.60 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 198.27 292.60 Td (per ) Tj ET Q q 0 0 0 rg BT 216.03 292.60 Td (share ) Tj ET Q q 0 0 0 rg BT 244.35 292.60 Td (per ) Tj ET Q q 0 0 0 rg BT 262.11 292.60 Td (quarter) Tj ET Q q 0 0 0 rg BT 293.25 292.60 Td (. ) Tj ET Q q 0 0 0 rg BT 299.33 292.60 Td (Using ) Tj ET Q q 0 0 0 rg BT 328.20 292.60 Td (the ) Tj ET Q q 0 0 0 rg BT 345.41 292.60 Td (base ) Tj ET Q q 0 0 0 rg BT 370.40 292.60 Td (E&D ) Tj ET Q q 0 0 0 rg BT 394.27 292.60 Td (budget ) Tj ET Q q 0 0 0 rg BT 428.16 292.60 Td (of ) Tj ET Q q 0 0 0 rg BT 439.81 292.60 Td ($145 ) Tj ET Q q 0 0 0 rg BT 465.36 292.60 Td (million ) Tj ET Q q 0 0 0 rg BT 497.01 292.60 Td (our ) Tj ET Q q 0 0 0 rg BT 514.77 292.60 Td (total ) Tj ET Q q 0 0 0 rg BT 536.97 292.60 Td (payout ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 280.60 Td (ratio ) Tj ET Q q 0 0 0 rg BT 66.90 280.60 Td (for ) Tj ET Q q 0 0 0 rg BT 81.01 280.60 Td (2016 ) Tj ET Q q 0 0 0 rg BT 105.69 280.60 Td (will ) Tj ET Q q 0 0 0 rg BT 122.02 280.60 Td (be ) Tj ET Q q 0 0 0 rg BT 135.59 280.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 200.28 280.60 Td (70%, ) Tj ET Q q 0 0 0 rg BT 225.52 280.60 Td (with ) Tj ET Q q 0 0 0 rg BT 245.74 280.60 Td (the ) Tj ET Q q 0 0 0 rg BT 262.08 280.60 Td (remaining ) Tj ET Q q 0 0 0 rg BT 308.44 280.60 Td (funds, ) Tj ET Q q 0 0 0 rg BT 338.12 280.60 Td (approximately ) Tj ET Q q 0 0 0 rg BT 402.81 280.60 Td ($70 ) Tj ET Q q 0 0 0 rg BT 421.94 280.60 Td (million, ) Tj ET Q q 0 0 0 rg BT 455.50 280.60 Td (being ) Tj ET Q q 0 0 0 rg BT 482.41 280.60 Td (applied ) Tj ET Q q 0 0 0 rg BT 517.10 280.60 Td (to ) Tj ET Q q 0 0 0 rg BT 527.88 280.60 Td (our ) Tj ET Q q 0 0 0 rg BT 544.78 280.60 Td (long-) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 268.60 Td (term ) Tj ET Q q 0 0 0 rg BT 67.78 268.60 Td (debt. ) Tj ET Q BT /F2 11.00 Tf ET q 0 0 0 rg BT 45.00 246.40 Td (Operational ) Tj ET Q q 0 0 0 rg BT 109.18 246.40 Td (and ) Tj ET Q q 0 0 0 rg BT 131.79 246.40 Td (financial ) Tj ET Q q 0 0 0 rg BT 179.47 246.40 Td (accomplishments ) Tj ET Q q 0 0 0 rg BT 275.45 246.40 Td (for ) Tj ET Q q 0 0 0 rg BT 293.17 246.40 Td (2015 ) Tj ET Q q 0 0 0 rg BT 320.69 246.40 Td (include:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 228.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 228.45 Td (Decreased ) Tj ET Q q 0 0 0 rg BT 113.75 228.45 Td (fourth ) Tj ET Q q 0 0 0 rg BT 141.70 228.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 175.77 228.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 219.86 228.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 245.59 228.45 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 258.53 228.45 Td (21%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 278.55 228.45 Td ( ) Tj ET Q q 0 0 0 rg BT 280.93 228.45 Td (to ) Tj ET Q q 0 0 0 rg BT 291.66 228.45 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.22 228.45 Td (5.85) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 316.68 228.45 Td ( ) Tj ET Q q 0 0 0 rg BT 319.07 228.45 Td (per ) Tj ET Q q 0 0 0 rg BT 335.91 228.45 Td (boe, ) Tj ET Q q 0 0 0 rg BT 357.76 228.45 Td (and ) Tj ET Q q 0 0 0 rg BT 376.83 228.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 409.25 228.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 453.33 228.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 479.06 228.45 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 492.00 228.45 Td (20%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 512.02 228.45 Td ( ) Tj ET Q q 0 0 0 rg BT 514.41 228.45 Td (to ) Tj ET Q q 0 0 0 rg BT 525.13 228.45 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 530.69 228.45 Td (6.60) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 550.16 228.45 Td ( ) Tj ET Q q 0 0 0 rg BT 552.54 228.45 Td (per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 216.45 Td (boe;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 198.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 198.45 Td (Reduced ) Tj ET Q q 0 0 0 rg BT 104.45 198.45 Td (F&D ) Tj ET Q q 0 0 0 rg BT 125.87 198.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 150.63 198.45 Td (by ) Tj ET Q q 0 0 0 rg BT 162.62 198.45 Td (33% ) Tj ET Q q 0 0 0 rg BT 184.05 198.45 Td (to ) Tj ET Q q 0 0 0 rg BT 193.82 198.45 Td ($7.26 ) Tj ET Q q 0 0 0 rg BT 220.26 198.45 Td (per ) Tj ET Q q 0 0 0 rg BT 236.14 198.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 254.24 198.45 Td (on ) Tj ET Q q 0 0 0 rg BT 266.79 198.45 Td (a ) Tj ET Q q 0 0 0 rg BT 273.77 198.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 305.77 198.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 325.54 198.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 365.88 198.45 Td (basis, ) Tj ET Q q 0 0 0 rg BT 393.42 198.45 Td (including ) Tj ET Q q 0 0 0 rg BT 434.32 198.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 473.55 198.45 Td (in ) Tj ET Q q 0 0 0 rg BT 482.75 198.45 Td (future ) Tj ET Q q 0 0 0 rg BT 509.75 198.45 Td (development ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 186.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 89.12 186.45 Td (\("FDC"\), ) Tj ET Q q 0 0 0 rg BT 128.99 186.45 Td (resulting ) Tj ET Q q 0 0 0 rg BT 169.56 186.45 Td (in ) Tj ET Q q 0 0 0 rg BT 180.12 186.45 Td (a ) Tj ET Q q 0 0 0 rg BT 188.46 186.45 Td (recycle ) Tj ET Q q 0 0 0 rg BT 222.92 186.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 245.15 186.45 Td (of ) Tj ET Q q 0 0 0 rg BT 256.27 186.45 Td (2.2:1;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 168.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 168.45 Td (Replaced ) Tj ET Q q 0 0 0 rg BT 108.42 168.45 Td (91% ) Tj ET Q q 0 0 0 rg BT 131.61 168.45 Td (of ) Tj ET Q q 0 0 0 rg BT 143.12 168.45 Td (production ) Tj ET Q q 0 0 0 rg BT 192.99 168.45 Td (with ) Tj ET Q q 0 0 0 rg BT 213.95 168.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 247.70 168.45 Td (developed ) Tj ET Q q 0 0 0 rg BT 297.02 168.45 Td (producing ) Tj ET Q q 0 0 0 rg BT 344.11 168.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 380.63 168.45 Td (additions, ) Tj ET Q q 0 0 0 rg BT 426.61 168.45 Td (while ) Tj ET Q q 0 0 0 rg BT 452.57 168.45 Td (spending ) Tj ET Q q 0 0 0 rg BT 496.33 168.45 Td (only ) Tj ET Q q 0 0 0 rg BT 517.85 168.45 Td (75% ) Tj ET Q q 0 0 0 rg BT 541.03 168.45 Td (of ) Tj ET Q q 0 0 0 rg BT 552.55 168.45 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 156.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 90.64 156.45 Td (from ) Tj ET Q q 0 0 0 rg BT 113.82 156.45 Td (operations, ) Tj ET Q q 0 0 0 rg BT 166.47 156.45 Td (despite ) Tj ET Q q 0 0 0 rg BT 201.90 156.45 Td (the ) Tj ET Q q 0 0 0 rg BT 218.97 156.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 239.93 156.45 Td (of ) Tj ET Q q 0 0 0 rg BT 251.45 156.45 Td (10.3 ) Tj ET Q q 0 0 0 rg BT 274.09 156.45 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 310.61 156.45 Td (resulting ) Tj ET Q q 0 0 0 rg BT 351.59 156.45 Td (from ) Tj ET Q q 0 0 0 rg BT 374.77 156.45 Td (the ) Tj ET Q q 0 0 0 rg BT 391.84 156.45 Td (price-related ) Tj ET Q q 0 0 0 rg BT 450.60 156.45 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 507.70 156.45 Td (of ) Tj ET Q q 0 0 0 rg BT 519.22 156.45 Td (economics ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 144.45 Td (cutof) Tj ET Q q 0 0 0 rg BT 84.50 144.45 Td (fs;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 126.45 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 126.45 Td (Executed ) Tj ET Q q 0 0 0 rg BT 108.89 126.45 Td (a ) Tj ET Q q 0 0 0 rg BT 118.65 126.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 151.75 126.45 Td (spending ) Tj ET Q q 0 0 0 rg BT 196.54 126.45 Td (program, ) Tj ET Q q 0 0 0 rg BT 240.75 126.45 Td (including ) Tj ET Q q 0 0 0 rg BT 284.42 126.45 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 340.87 126.45 Td (and ) Tj ET Q q 0 0 0 rg BT 361.75 126.45 Td (divestitures ) Tj ET Q q 0 0 0 rg BT 416.52 126.45 Td (\(A&D\) ) Tj ET Q q 0 0 0 rg BT 454.60 126.45 Td (of ) Tj ET Q q 0 0 0 rg BT 467.13 126.45 Td ($283.4 ) Tj ET Q q 0 0 0 rg BT 501.92 126.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 537.23 126.45 Td (a ) Tj ET Q q 0 0 0 rg BT 546.99 126.45 Td (47% ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 114.45 Td (reduction ) Tj ET Q q 0 0 0 rg BT 107.46 114.45 Td (relative ) Tj ET Q q 0 0 0 rg BT 143.02 114.45 Td (to ) Tj ET Q q 0 0 0 rg BT 154.68 114.45 Td (2014. ) Tj ET Q q 0 0 0 rg BT 183.03 114.45 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 236.38 114.45 Td (and ) Tj ET Q q 0 0 0 rg BT 256.39 114.45 Td (development ) Tj ET Q q 0 0 0 rg BT 316.97 114.45 Td (\(E&D\) ) Tj ET Q q 0 0 0 rg BT 354.17 114.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 395.84 114.45 Td (totaled ) Tj ET Q q 0 0 0 rg BT 429.19 114.45 Td ($313.9 ) Tj ET Q q 0 0 0 rg BT 463.09 114.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 497.54 114.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 529.76 114.45 Td (78 ) Tj ET Q q 0 0 0 rg BT 544.20 114.45 Td (\(70.1 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 102.45 Td (net\) ) Tj ET Q q 0 0 0 rg BT 82.96 102.45 Td (wells ) Tj ET Q q 0 0 0 rg BT 107.92 102.45 Td (as ) Tj ET Q q 0 0 0 rg BT 121.22 102.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 168.42 102.45 Td (to ) Tj ET Q q 0 0 0 rg BT 179.49 102.45 Td ($639.6 ) Tj ET Q q 0 0 0 rg BT 212.81 102.45 Td (million ) Tj ET Q q 0 0 0 rg BT 243.88 102.45 Td (in ) Tj ET Q q 0 0 0 rg BT 254.40 102.45 Td (E&D ) Tj ET Q q 0 0 0 rg BT 277.69 102.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 318.77 102.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 350.40 102.45 Td (134 ) Tj ET Q q 0 0 0 rg BT 369.82 102.45 Td (\(1) Tj ET Q q 0 0 0 rg BT 377.97 102.45 Td (1) Tj ET Q q 0 0 0 rg BT 382.79 102.45 Td (1.6 ) Tj ET Q q 0 0 0 rg BT 399.42 102.45 Td (net\) ) Tj ET Q q 0 0 0 rg BT 419.38 102.45 Td (wells ) Tj ET Q q 0 0 0 rg BT 444.34 102.45 Td (in ) Tj ET Q q 0 0 0 rg BT 454.86 102.45 Td (2014. ) Tj ET Q q 0 0 0 rg BT 482.62 102.45 Td (Dispositions, ) Tj ET Q q 0 0 0 rg BT 542.04 102.45 Td (net ) Tj ET Q q 0 0 0 rg BT 558.67 102.45 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 90.45 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 118.03 90.45 Td (were ) Tj ET Q q 0 0 0 rg BT 142.48 90.45 Td (approximately ) Tj ET Q q 0 0 0 rg BT 207.51 90.45 Td ($30.6 ) Tj ET Q q 0 0 0 rg BT 235.31 90.45 Td (million ) Tj ET Q q 0 0 0 rg BT 266.43 90.45 Td (in ) Tj ET Q q 0 0 0 rg BT 276.99 90.45 Td (2015;) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 4) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 730.75 Td (Generated ) Tj ET Q q 0 0 0 rg BT 113.58 730.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 141.37 730.75 Td (from ) Tj ET Q q 0 0 0 rg BT 164.69 730.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 214.71 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 226.38 730.75 Td ($) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 231.94 730.75 Td (95.8) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 251.40 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 254.72 730.75 Td (million ) Tj ET Q q 0 0 0 rg BT 286.39 730.75 Td (\($0.44 ) Tj ET Q q 0 0 0 rg BT 318.07 730.75 Td (per ) Tj ET Q q 0 0 0 rg BT 335.84 730.75 Td (share\) ) Tj ET Q q 0 0 0 rg BT 367.51 730.75 Td (in ) Tj ET Q q 0 0 0 rg BT 378.62 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 395.84 730.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 424.74 730.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 459.75 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 471.41 730.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 499.76 730.75 Td (a ) Tj ET Q q 0 0 0 rg BT 508.64 730.75 Td (period ) Tj ET Q q 0 0 0 rg BT 539.77 730.75 Td (where ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 718.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 101.41 718.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 153.15 718.75 Td (prices ) Tj ET Q q 0 0 0 rg BT 183.22 718.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 233.31 718.75 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 247.27 718.75 Td (23%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 267.28 718.75 Td ( ) Tj ET Q q 0 0 0 rg BT 270.67 718.75 Td (on ) Tj ET Q q 0 0 0 rg BT 285.19 718.75 Td (a ) Tj ET Q q 0 0 0 rg BT 294.14 718.75 Td (per ) Tj ET Q q 0 0 0 rg BT 311.99 718.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 332.07 718.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.81 718.75 Td (and ) Tj ET Q q 0 0 0 rg BT 378.88 718.75 Td (overall ) Tj ET Q q 0 0 0 rg BT 411.73 718.75 Td (production ) Tj ET Q q 0 0 0 rg BT 461.83 718.75 Td (revenues ) Tj ET Q q 0 0 0 rg BT 506.36 718.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 556.45 718.75 Td (by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 706.75 Td (44%) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 83.01 706.75 Td ( ) Tj ET Q q 0 0 0 rg BT 85.79 706.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 137.85 706.75 Td (, ) Tj ET Q q 0 0 0 rg BT 143.41 706.75 Td (when ) Tj ET Q q 0 0 0 rg BT 170.09 706.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 217.34 706.75 Td (to ) Tj ET Q q 0 0 0 rg BT 228.45 706.75 Td (the ) Tj ET Q q 0 0 0 rg BT 245.13 706.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 273.48 706.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 307.95 706.75 Td (of ) Tj ET Q q 0 0 0 rg BT 319.06 706.75 Td (2014;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 688.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 688.75 Td (Produced ) Tj ET Q q 0 0 0 rg BT 108.21 688.75 Td (79,862 ) Tj ET Q q 0 0 0 rg BT 141.20 688.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 160.29 688.75 Td (per ) Tj ET Q q 0 0 0 rg BT 177.15 688.75 Td (day ) Tj ET Q q 0 0 0 rg BT 195.68 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 205.87 688.75 Td (the ) Tj ET Q q 0 0 0 rg BT 222.18 688.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 250.15 688.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 284.24 688.75 Td (and ) Tj ET Q q 0 0 0 rg BT 303.33 688.75 Td (79,288 ) Tj ET Q q 0 0 0 rg BT 336.32 688.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 355.41 688.75 Td (per ) Tj ET Q q 0 0 0 rg BT 372.27 688.75 Td (day ) Tj ET Q q 0 0 0 rg BT 390.80 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 400.99 688.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 425.64 688.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 465.84 688.75 Td (in ) Tj ET Q q 0 0 0 rg BT 476.03 688.75 Td (three ) Tj ET Q q 0 0 0 rg BT 501.23 688.75 Td (percent ) Tj ET Q q 0 0 0 rg BT 536.99 688.75 Td (growth ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 676.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 98.01 676.75 Td (to ) Tj ET Q q 0 0 0 rg BT 109.13 676.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 136.94 676.75 Td (notwithstanding ) Tj ET Q q 0 0 0 rg BT 209.21 676.75 Td (a ) Tj ET Q q 0 0 0 rg BT 217.55 676.75 Td (47% ) Tj ET Q q 0 0 0 rg BT 240.34 676.75 Td (reduction ) Tj ET Q q 0 0 0 rg BT 284.25 676.75 Td (in ) Tj ET Q q 0 0 0 rg BT 294.82 676.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 326.50 676.75 Td (spending;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 658.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 658.75 Td (Removed ) Tj ET Q q 0 0 0 rg BT 108.58 658.75 Td (14% ) Tj ET Q q 0 0 0 rg BT 131.37 658.75 Td (of ) Tj ET Q q 0 0 0 rg BT 142.49 658.75 Td (our ) Tj ET Q q 0 0 0 rg BT 159.72 658.75 Td (inactive ) Tj ET Q q 0 0 0 rg BT 196.40 658.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 221.41 658.75 Td (and ) Tj ET Q q 0 0 0 rg BT 240.87 658.75 Td (20% ) Tj ET Q q 0 0 0 rg BT 263.66 658.75 Td (of ) Tj ET Q q 0 0 0 rg BT 274.78 658.75 Td (our ) Tj ET Q q 0 0 0 rg BT 292.01 658.75 Td (abandoned ) Tj ET Q q 0 0 0 rg BT 344.85 658.75 Td (but ) Tj ET Q q 0 0 0 rg BT 361.53 658.75 Td (unreclaimed ) Tj ET Q q 0 0 0 rg BT 418.78 658.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 443.78 658.75 Td (year-over-year;) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 640.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 640.75 Td (Extended ) Tj ET Q q 0 0 0 rg BT 108.03 640.75 Td (our ) Tj ET Q q 0 0 0 rg BT 125.27 640.75 Td (existing ) Tj ET Q q 0 0 0 rg BT 161.95 640.75 Td (bank ) Tj ET Q q 0 0 0 rg BT 186.41 640.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 213.64 640.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 244.21 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 255.32 640.75 Td ($600 ) Tj ET Q q 0 0 0 rg BT 280.35 640.75 Td (million ) Tj ET Q q 0 0 0 rg BT 311.47 640.75 Td (to ) Tj ET Q q 0 0 0 rg BT 322.58 640.75 Td (a ) Tj ET Q q 0 0 0 rg BT 330.92 640.75 Td (maturity ) Tj ET Q q 0 0 0 rg BT 369.26 640.75 Td (date ) Tj ET Q q 0 0 0 rg BT 391.51 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.62 640.75 Td (September ) Tj ET Q q 0 0 0 rg BT 454.32 640.75 Td (10, ) Tj ET Q q 0 0 0 rg BT 471.00 640.75 Td (2019; ) Tj ET Q q 0 0 0 rg BT 498.80 640.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 622.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 622.75 Td (Enhanced ) Tj ET Q q 0 0 0 rg BT 110.82 622.75 Td (our ) Tj ET Q q 0 0 0 rg BT 128.05 622.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 179.17 622.75 Td (hedges ) Tj ET Q q 0 0 0 rg BT 214.76 622.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 255.33 622.75 Td (in ) Tj ET Q q 0 0 0 rg BT 265.90 622.75 Td (a ) Tj ET Q q 0 0 0 rg BT 274.24 622.75 Td (current ) Tj ET Q q 0 0 0 rg BT 308.14 622.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 346.49 622.75 Td (of: ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 63.00 605.59 cm /I2 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 607.75 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 147.09 607.75 Td (228,500 ) Tj ET Q q 0 0 0 rg BT 185.97 607.75 Td (gjs ) Tj ET Q q 0 0 0 rg BT 201.48 607.75 Td (per ) Tj ET Q q 0 0 0 rg BT 218.66 607.75 Td (day ) Tj ET Q q 0 0 0 rg BT 237.51 607.75 Td (of ) Tj ET Q q 0 0 0 rg BT 248.58 607.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 281.89 607.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 300.74 607.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 336.84 607.75 Td (at ) Tj ET Q q 0 0 0 rg BT 347.91 607.75 Td (an ) Tj ET Q q 0 0 0 rg BT 361.76 607.75 Td (average ) Tj ET Q q 0 0 0 rg BT 400.63 607.75 Td (floor ) Tj ET Q q 0 0 0 rg BT 422.81 607.75 Td (price ) Tj ET Q q 0 0 0 rg BT 447.22 607.75 Td (of ) Tj ET Q q 0 0 0 rg BT 458.29 607.75 Td ($3.16 ) Tj ET Q q 0 0 0 rg BT 486.04 607.75 Td (per ) Tj ET Q q 0 0 0 rg BT 503.22 607.75 Td (gj ) Tj ET Q q 0 0 0 rg BT 513.73 607.75 Td (at ) Tj ET Q q 0 0 0 rg BT 524.26 607.75 Td (AECO ) Tj ET Q q 0 0 0 rg BT 555.33 607.75 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 595.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 106.02 595.75 Td (and ) Tj ET Q q 0 0 0 rg BT 125.49 595.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 190.52 595.75 Td (121,822 ) Tj ET Q q 0 0 0 rg BT 229.44 595.75 Td (gjs ) Tj ET Q q 0 0 0 rg BT 245.00 595.75 Td (per ) Tj ET Q q 0 0 0 rg BT 262.24 595.75 Td (day ) Tj ET Q q 0 0 0 rg BT 281.14 595.75 Td (at ) Tj ET Q q 0 0 0 rg BT 292.25 595.75 Td (an ) Tj ET Q q 0 0 0 rg BT 306.16 595.75 Td (average ) Tj ET Q q 0 0 0 rg BT 345.07 595.75 Td (floor ) Tj ET Q q 0 0 0 rg BT 367.30 595.75 Td (price ) Tj ET Q q 0 0 0 rg BT 391.76 595.75 Td (of ) Tj ET Q q 0 0 0 rg BT 402.88 595.75 Td ($3.09 ) Tj ET Q q 0 0 0 rg BT 430.68 595.75 Td (per ) Tj ET Q q 0 0 0 rg BT 447.91 595.75 Td (gj ) Tj ET Q q 0 0 0 rg BT 458.47 595.75 Td (for ) Tj ET Q q 0 0 0 rg BT 472.92 595.75 Td (2017; ) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 63.00 578.59 cm /I3 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 580.75 Td (Approximately ) Tj ET Q q 0 0 0 rg BT 147.50 580.75 Td (2,700 ) Tj ET Q q 0 0 0 rg BT 175.66 580.75 Td (bbls ) Tj ET Q q 0 0 0 rg BT 197.14 580.75 Td (per ) Tj ET Q q 0 0 0 rg BT 214.73 580.75 Td (day ) Tj ET Q q 0 0 0 rg BT 233.99 580.75 Td (of ) Tj ET Q q 0 0 0 rg BT 245.47 580.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 258.61 580.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 295.12 580.75 Td (at ) Tj ET Q q 0 0 0 rg BT 306.60 580.75 Td (an ) Tj ET Q q 0 0 0 rg BT 320.86 580.75 Td (average ) Tj ET Q q 0 0 0 rg BT 360.13 580.75 Td (floor ) Tj ET Q q 0 0 0 rg BT 382.72 580.75 Td (price ) Tj ET Q q 0 0 0 rg BT 407.54 580.75 Td (of ) Tj ET Q q 0 0 0 rg BT 419.01 580.75 Td (CDN$78.95 ) Tj ET Q q 0 0 0 rg BT 474.40 580.75 Td (per ) Tj ET Q q 0 0 0 rg BT 491.99 580.75 Td (bbl ) Tj ET Q q 0 0 0 rg BT 508.48 580.75 Td (WTI ) Tj ET Q q 0 0 0 rg BT 529.94 580.75 Td (for ) Tj ET Q q 0 0 0 rg BT 544.75 580.75 Td (2016 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 568.75 Td (and ) Tj ET Q q 0 0 0 rg BT 100.46 568.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 165.49 568.75 Td (250 ) Tj ET Q q 0 0 0 rg BT 184.96 568.75 Td (bbls ) Tj ET Q q 0 0 0 rg BT 206.08 568.75 Td (per ) Tj ET Q q 0 0 0 rg BT 223.31 568.75 Td (day ) Tj ET Q q 0 0 0 rg BT 242.21 568.75 Td (at ) Tj ET Q q 0 0 0 rg BT 253.33 568.75 Td (an ) Tj ET Q q 0 0 0 rg BT 267.23 568.75 Td (average ) Tj ET Q q 0 0 0 rg BT 306.15 568.75 Td (floor ) Tj ET Q q 0 0 0 rg BT 328.38 568.75 Td (price ) Tj ET Q q 0 0 0 rg BT 352.83 568.75 Td (of ) Tj ET Q q 0 0 0 rg BT 363.95 568.75 Td (CDN$90.47 ) Tj ET Q q 0 0 0 rg BT 418.98 568.75 Td (per ) Tj ET Q q 0 0 0 rg BT 436.21 568.75 Td (bbl ) Tj ET Q q 0 0 0 rg BT 452.33 568.75 Td (WTI ) Tj ET Q q 0 0 0 rg BT 473.44 568.75 Td (for ) Tj ET Q q 0 0 0 rg BT 487.88 568.75 Td (2017; ) Tj ET Q q 0 0 0 rg BT 515.69 568.75 Td (and) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 63.00 551.59 cm /I4 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 553.75 Td (1,875 ) Tj ET Q q 0 0 0 rg BT 108.64 553.75 Td (bbls ) Tj ET Q q 0 0 0 rg BT 129.60 553.75 Td (per ) Tj ET Q q 0 0 0 rg BT 146.67 553.75 Td (day ) Tj ET Q q 0 0 0 rg BT 165.41 553.75 Td (of ) Tj ET Q q 0 0 0 rg BT 176.36 553.75 Td (propane ) Tj ET Q q 0 0 0 rg BT 215.68 553.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 251.66 553.75 Td (at ) Tj ET Q q 0 0 0 rg BT 262.62 553.75 Td (46% ) Tj ET Q q 0 0 0 rg BT 285.25 553.75 Td (of ) Tj ET Q q 0 0 0 rg BT 296.21 553.75 Td (US ) Tj ET Q q 0 0 0 rg BT 312.71 553.75 Td (WTI ) Tj ET Q q 0 0 0 rg BT 333.65 553.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 365.73 553.75 Td (for ) Tj ET Q q 0 0 0 rg BT 380.01 553.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 404.87 553.75 Td (and ) Tj ET Q q 0 0 0 rg BT 424.17 553.75 Td (1,000 ) Tj ET Q q 0 0 0 rg BT 451.81 553.75 Td (bbls ) Tj ET Q q 0 0 0 rg BT 472.78 553.75 Td (per ) Tj ET Q q 0 0 0 rg BT 489.84 553.75 Td (day ) Tj ET Q q 0 0 0 rg BT 508.58 553.75 Td (at ) Tj ET Q q 0 0 0 rg BT 519.54 553.75 Td (40% ) Tj ET Q q 0 0 0 rg BT 542.17 553.75 Td (of ) Tj ET Q q 0 0 0 rg BT 553.12 553.75 Td (US ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 541.75 Td (WTI ) Tj ET Q q 0 0 0 rg BT 102.10 541.75 Td (pricing ) Tj ET Q q 0 0 0 rg BT 134.34 541.75 Td (for ) Tj ET Q q 0 0 0 rg BT 148.79 541.75 Td (the ) Tj ET Q q 0 0 0 rg BT 165.47 541.75 Td (first ) Tj ET Q q 0 0 0 rg BT 184.35 541.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 218.82 541.75 Td (of ) Tj ET Q q 0 0 0 rg BT 229.94 541.75 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET /GS0 gs q 18.00 0 0 10.09 63.00 524.59 cm /I5 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 526.75 Td (Using ) Tj ET Q q 0 0 0 rg BT 109.28 526.75 Td (the ) Tj ET Q q 0 0 0 rg BT 125.90 526.75 Td (midpoint ) Tj ET Q q 0 0 0 rg BT 166.41 526.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.46 526.75 Td (our ) Tj ET Q q 0 0 0 rg BT 194.63 526.75 Td (production ) Tj ET Q q 0 0 0 rg BT 244.04 526.75 Td (guidance ) Tj ET Q q 0 0 0 rg BT 287.35 526.75 Td (for ) Tj ET Q q 0 0 0 rg BT 301.73 526.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 329.47 526.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 376.10 526.75 Td (has ) Tj ET Q q 0 0 0 rg BT 394.94 526.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 459.91 526.75 Td (64% ) Tj ET Q q 0 0 0 rg BT 482.63 526.75 Td (of ) Tj ET Q q 0 0 0 rg BT 493.69 526.75 Td (volumes ) Tj ET Q q 0 0 0 rg BT 533.64 526.75 Td (hedged ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 81.00 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 100.46 514.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 165.49 514.75 Td (23,000 ) Tj ET Q q 0 0 0 rg BT 198.86 514.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 218.32 514.75 Td (per ) Tj ET Q q 0 0 0 rg BT 235.55 514.75 Td (day ) Tj ET Q q 0 0 0 rg BT 254.45 514.75 Td (hedged ) Tj ET Q q 0 0 0 rg BT 290.60 514.75 Td (for ) Tj ET Q q 0 0 0 rg BT 305.05 514.75 Td (2017.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 491.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 74.58 491.35 Td (Acquisition and divestiture highlights:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 470.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 470.35 Td (Completed ) Tj ET Q q 0 0 0 rg BT 113.50 470.35 Td (19 ) Tj ET Q q 0 0 0 rg BT 126.76 470.35 Td (property ) Tj ET Q q 0 0 0 rg BT 165.58 470.35 Td (transactions ) Tj ET Q q 0 0 0 rg BT 221.64 470.35 Td (resulting ) Tj ET Q q 0 0 0 rg BT 261.57 470.35 Td (in ) Tj ET Q q 0 0 0 rg BT 271.49 470.35 Td (divestments, ) Tj ET Q q 0 0 0 rg BT 329.76 470.35 Td (net ) Tj ET Q q 0 0 0 rg BT 345.80 470.35 Td (of ) Tj ET Q q 0 0 0 rg BT 356.28 470.35 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 413.45 470.35 Td (of ) Tj ET Q q 0 0 0 rg BT 423.93 470.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 488.32 470.35 Td (2,200 ) Tj ET Q q 0 0 0 rg BT 515.48 470.35 Td (boe ) Tj ET Q q 0 0 0 rg BT 534.30 470.35 Td (per ) Tj ET Q q 0 0 0 rg BT 550.89 470.35 Td (day ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 63.00 458.35 Td (of ) Tj ET Q q 0 0 0 rg BT 74.12 458.35 Td (non-core ) Tj ET Q q 0 0 0 rg BT 116.36 458.35 Td (high ) Tj ET Q q 0 0 0 rg BT 138.05 458.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 159.17 458.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 193.44 458.35 Td (The ) Tj ET Q q 0 0 0 rg BT 213.45 458.35 Td (disposed ) Tj ET Q q 0 0 0 rg BT 256.26 458.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 287.94 458.35 Td (had ) Tj ET Q q 0 0 0 rg BT 307.40 458.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 351.88 458.35 Td (costs ) Tj ET Q q 0 0 0 rg BT 378.00 458.35 Td (in ) Tj ET Q q 0 0 0 rg BT 388.56 458.35 Td (excess ) Tj ET Q q 0 0 0 rg BT 422.46 458.35 Td (of ) Tj ET Q q 0 0 0 rg BT 433.58 458.35 Td ($15.00 ) Tj ET Q q 0 0 0 rg BT 466.95 458.35 Td (per ) Tj ET Q q 0 0 0 rg BT 484.18 458.35 Td (boe.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 434.95 Td (2015) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 71.70 434.95 Td ( ) Tj ET Q q 0 0 0 rg BT 75.03 434.95 Td (FOURTH ) Tj ET Q q 0 0 0 rg BT 128.36 434.95 Td (QUARTER ) Tj ET Q q 0 0 0 rg BT 190.58 434.95 Td (AND ) Tj ET Q q 0 0 0 rg BT 219.46 434.95 Td (ANNUAL) Tj ET Q q 0 0 0 rg BT 269.91 434.95 Td ( ) Tj ET Q q 0 0 0 rg BT 273.24 434.95 Td (CORE ) Tj ET Q q 0 0 0 rg BT 310.80 434.95 Td (AREA) Tj ET Q q 0 0 0 rg BT 344.36 434.95 Td ( ) Tj ET Q q 0 0 0 rg BT 347.69 434.95 Td (HIGHLIGHTS) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.15 w 0 i [] 0 d 1 J 1 j 3 M 45 411.007080078125 m 200.6328125 411.007080078125 l s q 0 0 0 rg BT 45.00 412.75 Td (WEST ) Tj ET Q q 0 0 0 rg BT 79.83 412.75 Td (CENTRAL) Tj ET Q q 0 0 0 rg BT 132.18 412.75 Td ( ) Tj ET Q q 0 0 0 rg BT 135.24 412.75 Td (CORE ) Tj ET Q q 0 0 0 rg BT 169.67 412.75 Td (AREA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 394.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 63.48 394.75 Td (W) Tj ET Q q 0 0 0 rg BT 72.74 394.75 Td (est ) Tj ET Q q 0 0 0 rg BT 87.88 394.75 Td (Central ) Tj ET Q q 0 0 0 rg BT 121.93 394.75 Td (core ) Tj ET Q q 0 0 0 rg BT 143.19 394.75 Td (area ) Tj ET Q q 0 0 0 rg BT 165.01 394.75 Td (draws ) Tj ET Q q 0 0 0 rg BT 193.50 394.75 Td (its ) Tj ET Q q 0 0 0 rg BT 205.31 394.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 243.25 394.75 Td (from ) Tj ET Q q 0 0 0 rg BT 265.06 394.75 Td (a ) Tj ET Q q 0 0 0 rg BT 272.43 394.75 Td (low ) Tj ET Q q 0 0 0 rg BT 289.24 394.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 319.96 394.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 340.10 394.75 Td (structure, ) Tj ET Q q 0 0 0 rg BT 383.59 394.75 Td (resilient ) Tj ET Q q 0 0 0 rg BT 419.86 394.75 Td (economics ) Tj ET Q q 0 0 0 rg BT 469.46 394.75 Td (and ) Tj ET Q q 0 0 0 rg BT 487.96 394.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 534.79 394.75 Td (results. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 382.75 Td (In ) Tj ET Q q 0 0 0 rg BT 56.15 382.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 83.99 382.75 Td (we ) Tj ET Q q 0 0 0 rg BT 99.58 382.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 145.76 382.75 Td (to ) Tj ET Q q 0 0 0 rg BT 156.92 382.75 Td (enhance ) Tj ET Q q 0 0 0 rg BT 198.10 382.75 Td (our ) Tj ET Q q 0 0 0 rg BT 215.36 382.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 260.98 382.75 Td (improving ) Tj ET Q q 0 0 0 rg BT 307.14 382.75 Td (our ) Tj ET Q q 0 0 0 rg BT 324.41 382.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 345.56 382.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 387.27 382.75 Td (in ) Tj ET Q q 0 0 0 rg BT 397.87 382.75 Td (the ) Tj ET Q q 0 0 0 rg BT 414.58 382.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 465.20 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.70 382.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 527.54 382.75 Td (excellent ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 370.75 Td (results ) Tj ET Q q 0 0 0 rg BT 77.52 370.75 Td (from ) Tj ET Q q 0 0 0 rg BT 100.58 370.75 Td (our ) Tj ET Q q 0 0 0 rg BT 118.09 370.75 Td (Morningside ) Tj ET Q q 0 0 0 rg BT 175.63 370.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 207.59 370.75 Td (program. ) Tj ET Q q 0 0 0 rg BT 250.67 370.75 Td (With ) Tj ET Q q 0 0 0 rg BT 273.73 370.75 Td (over ) Tj ET Q q 0 0 0 rg BT 296.24 370.75 Td (900,000 ) Tj ET Q q 0 0 0 rg BT 335.45 370.75 Td (net ) Tj ET Q q 0 0 0 rg BT 352.42 370.75 Td (acres ) Tj ET Q q 0 0 0 rg BT 379.93 370.75 Td (and ) Tj ET Q q 0 0 0 rg BT 399.68 370.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 464.99 370.75 Td (800 ) Tj ET Q q 0 0 0 rg BT 484.74 370.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 516.70 370.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 559.23 370.75 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 358.75 Td (our ) Tj ET Q q 0 0 0 rg BT 61.94 358.75 Td (key ) Tj ET Q q 0 0 0 rg BT 79.99 358.75 Td (plays, ) Tj ET Q q 0 0 0 rg BT 108.59 358.75 Td (our ) Tj ET Q q 0 0 0 rg BT 125.53 358.75 Td (W) Tj ET Q q 0 0 0 rg BT 134.79 358.75 Td (est ) Tj ET Q q 0 0 0 rg BT 150.62 358.75 Td (Central ) Tj ET Q q 0 0 0 rg BT 185.34 358.75 Td (core ) Tj ET Q q 0 0 0 rg BT 207.28 358.75 Td (area ) Tj ET Q q 0 0 0 rg BT 229.78 358.75 Td (represents ) Tj ET Q q 0 0 0 rg BT 279.51 358.75 Td (both ) Tj ET Q q 0 0 0 rg BT 301.46 358.75 Td (reliable, ) Tj ET Q q 0 0 0 rg BT 338.96 358.75 Td (low ) Tj ET Q q 0 0 0 rg BT 356.45 358.75 Td (risk ) Tj ET Q q 0 0 0 rg BT 374.49 358.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 405.87 358.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 465.62 358.75 Td (and ) Tj ET Q q 0 0 0 rg BT 484.79 358.75 Td (promising ) Tj ET Q q 0 0 0 rg BT 530.63 358.75 Td (new ) Tj ET Q q 0 0 0 rg BT 551.46 358.75 Td (key ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 346.75 Td (plays. ) Tj ET Q q 0 0 0 rg BT 73.95 346.75 Td (W) Tj ET Q q 0 0 0 rg BT 83.21 346.75 Td (e ) Tj ET Q q 0 0 0 rg BT 91.59 346.75 Td (have ) Tj ET Q q 0 0 0 rg BT 116.10 346.75 Td (built ) Tj ET Q q 0 0 0 rg BT 137.27 346.75 Td (an ) Tj ET Q q 0 0 0 rg BT 151.22 346.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 196.29 346.75 Td (network ) Tj ET Q q 0 0 0 rg BT 234.13 346.75 Td (of ) Tj ET Q q 0 0 0 rg BT 245.29 346.75 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 306.47 346.75 Td (including ) Tj ET Q q 0 0 0 rg BT 348.76 346.75 Td (2,800 ) Tj ET Q q 0 0 0 rg BT 376.61 346.75 Td (kilometers ) Tj ET Q q 0 0 0 rg BT 425.00 346.75 Td (of ) Tj ET Q q 0 0 0 rg BT 436.17 346.75 Td (pipelines ) Tj ET Q q 0 0 0 rg BT 478.46 346.75 Td (and ) Tj ET Q q 0 0 0 rg BT 497.97 346.75 Td (38 ) Tj ET Q q 0 0 0 rg BT 511.92 346.75 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 553.09 346.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 334.75 Td (majority ) Tj ET Q q 0 0 0 rg BT 82.78 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 93.90 334.75 Td (which ) Tj ET Q q 0 0 0 rg BT 122.25 334.75 Td (are ) Tj ET Q q 0 0 0 rg BT 139.48 334.75 Td (operated ) Tj ET Q q 0 0 0 rg BT 181.73 334.75 Td (by ) Tj ET Q q 0 0 0 rg BT 195.07 334.75 Td (Bonavista, ) Tj ET Q q 0 0 0 rg BT 244.55 334.75 Td (to ) Tj ET Q q 0 0 0 rg BT 255.66 334.75 Td (support ) Tj ET Q q 0 0 0 rg BT 291.80 334.75 Td (our ) Tj ET Q q 0 0 0 rg BT 309.03 334.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 355.18 334.75 Td (development ) Tj ET Q q 0 0 0 rg BT 415.21 334.75 Td (of ) Tj ET Q q 0 0 0 rg BT 426.33 334.75 Td (this ) Tj ET Q q 0 0 0 rg BT 444.67 334.75 Td (core ) Tj ET Q q 0 0 0 rg BT 466.90 334.75 Td (area. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 316.75 Td (In ) Tj ET Q q 0 0 0 rg BT 56.73 316.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 85.15 316.75 Td (our ) Tj ET Q q 0 0 0 rg BT 102.99 316.75 Td (E&D ) Tj ET Q q 0 0 0 rg BT 126.95 316.75 Td (spending ) Tj ET Q q 0 0 0 rg BT 170.93 316.75 Td (in ) Tj ET Q q 0 0 0 rg BT 182.10 316.75 Td (this ) Tj ET Q q 0 0 0 rg BT 201.06 316.75 Td (core ) Tj ET Q q 0 0 0 rg BT 223.90 316.75 Td (area ) Tj ET Q q 0 0 0 rg BT 247.31 316.75 Td (was ) Tj ET Q q 0 0 0 rg BT 268.48 316.75 Td ($175.5 ) Tj ET Q q 0 0 0 rg BT 302.46 316.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 336.97 316.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 369.26 316.75 Td (56 ) Tj ET Q q 0 0 0 rg BT 383.78 316.75 Td (\(48.2 ) Tj ET Q q 0 0 0 rg BT 409.96 316.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 430.58 316.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 456.20 316.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 497.39 316.75 Td (in ) Tj ET Q q 0 0 0 rg BT 508.57 316.75 Td (production ) Tj ET Q q 0 0 0 rg BT 558.66 316.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 304.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.99 304.75 Td (48,300 ) Tj ET Q q 0 0 0 rg BT 143.31 304.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 162.73 304.75 Td (per ) Tj ET Q q 0 0 0 rg BT 179.91 304.75 Td (day) Tj ET Q q 0 0 0 rg BT 195.29 304.75 Td (. ) Tj ET Q q 0 0 0 rg BT 200.63 304.75 Td (This ) Tj ET Q q 0 0 0 rg BT 222.26 304.75 Td (stable ) Tj ET Q q 0 0 0 rg BT 251.68 304.75 Td (production ) Tj ET Q q 0 0 0 rg BT 301.11 304.75 Td (rate ) Tj ET Q q 0 0 0 rg BT 321.08 304.75 Td (was ) Tj ET Q q 0 0 0 rg BT 341.59 304.75 Td (achieved ) Tj ET Q q 0 0 0 rg BT 384.36 304.75 Td (while ) Tj ET Q q 0 0 0 rg BT 409.88 304.75 Td (spending ) Tj ET Q q 0 0 0 rg BT 453.21 304.75 Td (only ) Tj ET Q q 0 0 0 rg BT 474.29 304.75 Td (77% ) Tj ET Q q 0 0 0 rg BT 497.04 304.75 Td (of ) Tj ET Q q 0 0 0 rg BT 508.11 304.75 Td (our ) Tj ET Q q 0 0 0 rg BT 525.30 304.75 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 292.75 Td (income ) Tj ET Q q 0 0 0 rg BT 80.01 292.75 Td (for ) Tj ET Q q 0 0 0 rg BT 94.46 292.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 122.27 292.75 Td (demonstrating ) Tj ET Q q 0 0 0 rg BT 188.41 292.75 Td (the ) Tj ET Q q 0 0 0 rg BT 205.09 292.75 Td (sustainability ) Tj ET Q q 0 0 0 rg BT 265.12 292.75 Td (of ) Tj ET Q q 0 0 0 rg BT 276.24 292.75 Td (our ) Tj ET Q q 0 0 0 rg BT 293.47 292.75 Td (W) Tj ET Q q 0 0 0 rg BT 302.73 292.75 Td (est ) Tj ET Q q 0 0 0 rg BT 318.85 292.75 Td (Central ) Tj ET Q q 0 0 0 rg BT 353.86 292.75 Td (development ) Tj ET Q q 0 0 0 rg BT 413.90 292.75 Td (program.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 274.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.15 274.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 114.44 274.75 Td (play ) Tj ET Q q 0 0 0 rg BT 135.27 274.75 Td (has ) Tj ET Q q 0 0 0 rg BT 153.87 274.75 Td (been ) Tj ET Q q 0 0 0 rg BT 178.60 274.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.98 274.75 Td (foundation ) Tj ET Q q 0 0 0 rg BT 244.17 274.75 Td (of ) Tj ET Q q 0 0 0 rg BT 254.99 274.75 Td (this ) Tj ET Q q 0 0 0 rg BT 273.04 274.75 Td (sustainability) Tj ET Q q 0 0 0 rg BT 329.54 274.75 Td (, ) Tj ET Q q 0 0 0 rg BT 334.80 274.75 Td (while ) Tj ET Q q 0 0 0 rg BT 360.07 274.75 Td (the ) Tj ET Q q 0 0 0 rg BT 376.46 274.75 Td (future ) Tj ET Q q 0 0 0 rg BT 404.51 274.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 444.80 274.75 Td (of ) Tj ET Q q 0 0 0 rg BT 455.62 274.75 Td (our ) Tj ET Q q 0 0 0 rg BT 472.55 274.75 Td (Falher ) Tj ET Q q 0 0 0 rg BT 503.38 274.75 Td (play ) Tj ET Q q 0 0 0 rg BT 524.21 274.75 Td (continues ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 262.75 Td (to ) Tj ET Q q 0 0 0 rg BT 56.12 262.75 Td (impress.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 244.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 99.45 244.75 Td (Natural ) Tj ET Q q 0 0 0 rg BT 136.68 244.75 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 226.75 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 226.75 Td (e ) Tj ET Q q 0 0 0 rg BT 62.86 226.75 Td (drilled ) Tj ET Q q 0 0 0 rg BT 92.58 226.75 Td (46 ) Tj ET Q q 0 0 0 rg BT 106.74 226.75 Td (\(38.2 ) Tj ET Q q 0 0 0 rg BT 132.58 226.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 152.85 226.75 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 199.25 226.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 224.51 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 235.34 226.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 260.62 226.75 Td (including ) Tj ET Q q 0 0 0 rg BT 303.13 226.75 Td (four ) Tj ET Q q 0 0 0 rg BT 323.41 226.75 Td (\(4.0 ) Tj ET Q q 0 0 0 rg BT 343.68 226.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 363.95 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 374.77 226.75 Td (the ) Tj ET Q q 0 0 0 rg BT 391.71 226.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 420.33 226.75 Td (quarter ) Tj ET Q q 0 0 0 rg BT 455.05 226.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 495.89 226.75 Td (in ) Tj ET Q q 0 0 0 rg BT 506.71 226.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 535.32 226.75 Td (quarter ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 214.75 Td (production ) Tj ET Q q 0 0 0 rg BT 94.48 214.75 Td (of ) Tj ET Q q 0 0 0 rg BT 105.60 214.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 170.63 214.75 Td (26,200 ) Tj ET Q q 0 0 0 rg BT 203.99 214.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 223.45 214.75 Td (per ) Tj ET Q q 0 0 0 rg BT 240.68 214.75 Td (day) Tj ET Q q 0 0 0 rg BT 256.06 214.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 196.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 65.54 196.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 98.32 196.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 125.53 196.75 Td (have ) Tj ET Q q 0 0 0 rg BT 151.08 196.75 Td (improved ) Tj ET Q q 0 0 0 rg BT 196.08 196.75 Td (throughout ) Tj ET Q q 0 0 0 rg BT 247.77 196.75 Td (the ) Tj ET Q q 0 0 0 rg BT 265.54 196.75 Td (year) Tj ET Q q 0 0 0 rg BT 284.44 196.75 Td (, ) Tj ET Q q 0 0 0 rg BT 291.09 196.75 Td (with ) Tj ET Q q 0 0 0 rg BT 312.75 196.75 Td (the ) Tj ET Q q 0 0 0 rg BT 330.52 196.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 352.73 196.75 Td (to ) Tj ET Q q 0 0 0 rg BT 364.94 196.75 Td (drill ) Tj ET Q q 0 0 0 rg BT 384.37 196.75 Td (and ) Tj ET Q q 0 0 0 rg BT 404.92 196.75 Td (complete ) Tj ET Q q 0 0 0 rg BT 449.37 196.75 Td (a ) Tj ET Q q 0 0 0 rg BT 458.80 196.75 Td ("typical" ) Tj ET Q q 0 0 0 rg BT 498.11 196.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 549.79 196.75 Td (well ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 184.75 Td (improving ) Tj ET Q q 0 0 0 rg BT 90.63 184.75 Td (by ) Tj ET Q q 0 0 0 rg BT 103.47 184.75 Td (25% ) Tj ET Q q 0 0 0 rg BT 125.77 184.75 Td (to ) Tj ET Q q 0 0 0 rg BT 136.39 184.75 Td ($2.3 ) Tj ET Q q 0 0 0 rg BT 158.14 184.75 Td (million ) Tj ET Q q 0 0 0 rg BT 188.76 184.75 Td (when ) Tj ET Q q 0 0 0 rg BT 214.95 184.75 Td (compared ) Tj ET Q q 0 0 0 rg BT 261.70 184.75 Td (to ) Tj ET Q q 0 0 0 rg BT 272.32 184.75 Td (2014, ) Tj ET Q q 0 0 0 rg BT 299.62 184.75 Td (while ) Tj ET Q q 0 0 0 rg BT 324.69 184.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 368.67 184.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 394.30 184.75 Td (have ) Tj ET Q q 0 0 0 rg BT 418.26 184.75 Td (decreased ) Tj ET Q q 0 0 0 rg BT 467.24 184.75 Td (to ) Tj ET Q q 0 0 0 rg BT 477.87 184.75 Td (below ) Tj ET Q q 0 0 0 rg BT 506.27 184.75 Td ($4.50 ) Tj ET Q q 0 0 0 rg BT 533.58 184.75 Td (per ) Tj ET Q q 0 0 0 rg BT 550.32 184.75 Td (boe ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 172.75 Td (in ) Tj ET Q q 0 0 0 rg BT 57.19 172.75 Td (our ) Tj ET Q q 0 0 0 rg BT 76.06 172.75 Td (Hoadley ) Tj ET Q q 0 0 0 rg BT 117.16 172.75 Td (area. ) Tj ET Q q 0 0 0 rg BT 144.36 172.75 Td (Reduced ) Tj ET Q q 0 0 0 rg BT 188.80 172.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 216.55 172.75 Td (and ) Tj ET Q q 0 0 0 rg BT 237.65 172.75 Td (enhanced ) Tj ET Q q 0 0 0 rg BT 285.99 172.75 Td (execution ) Tj ET Q q 0 0 0 rg BT 333.21 172.75 Td (has ) Tj ET Q q 0 0 0 rg BT 353.74 172.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 393.73 172.75 Td (in ) Tj ET Q q 0 0 0 rg BT 405.92 172.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 440.36 172.75 Td (production ) Tj ET Q q 0 0 0 rg BT 491.47 172.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 530.91 172.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 558.66 172.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 160.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.86 160.75 Td ($12,300 ) Tj ET Q q 0 0 0 rg BT 148.61 160.75 Td (per ) Tj ET Q q 0 0 0 rg BT 165.67 160.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 184.95 160.75 Td (per ) Tj ET Q q 0 0 0 rg BT 202.01 160.75 Td (day) Tj ET Q q 0 0 0 rg BT 217.39 160.75 Td (, ) Tj ET Q q 0 0 0 rg BT 222.78 160.75 Td (a ) Tj ET Q q 0 0 0 rg BT 230.94 160.75 Td (10% ) Tj ET Q q 0 0 0 rg BT 253.56 160.75 Td (improvement ) Tj ET Q q 0 0 0 rg BT 313.96 160.75 Td (relative ) Tj ET Q q 0 0 0 rg BT 348.80 160.75 Td (to ) Tj ET Q q 0 0 0 rg BT 359.75 160.75 Td (2014. ) Tj ET Q q 0 0 0 rg BT 387.21 160.75 Td (The ) Tj ET Q q 0 0 0 rg BT 407.04 160.75 Td (continued ) Tj ET Q q 0 0 0 rg BT 453.02 160.75 Td (strength ) Tj ET Q q 0 0 0 rg BT 491.75 160.75 Td (of ) Tj ET Q q 0 0 0 rg BT 502.70 160.75 Td (the ) Tj ET Q q 0 0 0 rg BT 519.21 160.75 Td (Glauconite ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 148.75 Td (play ) Tj ET Q q 0 0 0 rg BT 65.86 148.75 Td (was ) Tj ET Q q 0 0 0 rg BT 86.16 148.75 Td (also ) Tj ET Q q 0 0 0 rg BT 107.02 148.75 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 170.69 148.75 Td (by ) Tj ET Q q 0 0 0 rg BT 183.76 148.75 Td (the ) Tj ET Q q 0 0 0 rg BT 200.18 148.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 224.95 148.75 Td (proved ) Tj ET Q q 0 0 0 rg BT 258.04 148.75 Td (plus ) Tj ET Q q 0 0 0 rg BT 278.90 148.75 Td (probable ) Tj ET Q q 0 0 0 rg BT 320.34 148.75 Td (finding ) Tj ET Q q 0 0 0 rg BT 352.32 148.75 Td (and ) Tj ET Q q 0 0 0 rg BT 371.52 148.75 Td (development ) Tj ET Q q 0 0 0 rg BT 431.30 148.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 457.16 148.75 Td (coming ) Tj ET Q q 0 0 0 rg BT 491.91 148.75 Td (in ) Tj ET Q q 0 0 0 rg BT 502.21 148.75 Td (at ) Tj ET Q q 0 0 0 rg BT 513.07 148.75 Td (a ) Tj ET Q q 0 0 0 rg BT 521.14 148.75 Td (record ) Tj ET Q q 0 0 0 rg BT 552.00 148.75 Td (low ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 136.75 Td ($3.74 ) Tj ET Q q 0 0 0 rg BT 72.80 136.75 Td (per ) Tj ET Q q 0 0 0 rg BT 90.03 136.75 Td (boe.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 118.75 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 118.75 Td (e ) Tj ET Q q 0 0 0 rg BT 61.76 118.75 Td (continue ) Tj ET Q q 0 0 0 rg BT 101.50 118.75 Td (to ) Tj ET Q q 0 0 0 rg BT 111.78 118.75 Td (evolve ) Tj ET Q q 0 0 0 rg BT 142.63 118.75 Td (our ) Tj ET Q q 0 0 0 rg BT 159.02 118.75 Td (completion ) Tj ET Q q 0 0 0 rg BT 209.32 118.75 Td (techniques ) Tj ET Q q 0 0 0 rg BT 259.62 118.75 Td (from ) Tj ET Q q 0 0 0 rg BT 281.56 118.75 Td (nitrogen ) Tj ET Q q 0 0 0 rg BT 319.64 118.75 Td (foam ) Tj ET Q q 0 0 0 rg BT 343.81 118.75 Td (to ) Tj ET Q q 0 0 0 rg BT 354.09 118.75 Td (slick ) Tj ET Q q 0 0 0 rg BT 375.47 118.75 Td (water ) Tj ET Q q 0 0 0 rg BT 401.86 118.75 Td (fracs ) Tj ET Q q 0 0 0 rg BT 425.47 118.75 Td (at ) Tj ET Q q 0 0 0 rg BT 435.75 118.75 Td (Hoadley) Tj ET Q q 0 0 0 rg BT 471.69 118.75 Td (, ) Tj ET Q q 0 0 0 rg BT 476.41 118.75 Td (resulting ) Tj ET Q q 0 0 0 rg BT 516.15 118.75 Td (in ) Tj ET Q q 0 0 0 rg BT 525.87 118.75 Td (improved ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 106.75 Td (well ) Tj ET Q q 0 0 0 rg BT 65.49 106.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 127.66 106.75 Td (Slick ) Tj ET Q q 0 0 0 rg BT 152.04 106.75 Td (water) Tj ET Q q 0 0 0 rg BT 175.94 106.75 Td (, ) Tj ET Q q 0 0 0 rg BT 181.97 106.75 Td (when ) Tj ET Q q 0 0 0 rg BT 209.14 106.75 Td (combined ) Tj ET Q q 0 0 0 rg BT 255.76 106.75 Td (with ) Tj ET Q q 0 0 0 rg BT 276.80 106.75 Td (longer ) Tj ET Q q 0 0 0 rg BT 307.86 106.75 Td (reach ) Tj ET Q q 0 0 0 rg BT 336.13 106.75 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 382.75 106.75 Td (wells, ) Tj ET Q q 0 0 0 rg BT 411.02 106.75 Td (has ) Tj ET Q q 0 0 0 rg BT 430.40 106.75 Td (outperformed ) Tj ET Q q 0 0 0 rg BT 493.14 106.75 Td (our ) Tj ET Q q 0 0 0 rg BT 510.85 106.75 Td (conventional ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 94.75 Td (type ) Tj ET Q q 0 0 0 rg BT 66.69 94.75 Td (curve ) Tj ET Q q 0 0 0 rg BT 93.94 94.75 Td (by ) Tj ET Q q 0 0 0 rg BT 107.29 94.75 Td (200% ) Tj ET Q q 0 0 0 rg BT 135.66 94.75 Td (after ) Tj ET Q q 0 0 0 rg BT 158.46 94.75 Td (12 ) Tj ET Q q 0 0 0 rg BT 172.38 94.75 Td (months ) Tj ET Q q 0 0 0 rg BT 207.96 94.75 Td (of ) Tj ET Q q 0 0 0 rg BT 219.09 94.75 Td (production ) Tj ET Q q 0 0 0 rg BT 268.58 94.75 Td (performance. ) Tj ET Q q 0 0 0 rg BT 330.11 94.75 Td (This ) Tj ET Q q 0 0 0 rg BT 351.79 94.75 Td (is ) Tj ET Q q 0 0 0 rg BT 361.81 94.75 Td (accomplished ) Tj ET Q q 0 0 0 rg BT 425.74 94.75 Td (at ) Tj ET Q q 0 0 0 rg BT 436.88 94.75 Td (a ) Tj ET Q q 0 0 0 rg BT 445.23 94.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 466.36 94.75 Td (equal ) Tj ET Q q 0 0 0 rg BT 493.62 94.75 Td (to ) Tj ET Q q 0 0 0 rg BT 504.75 94.75 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 82.75 Td (165% ) Tj ET Q q 0 0 0 rg BT 73.35 82.75 Td (of ) Tj ET Q q 0 0 0 rg BT 84.47 82.75 Td (our ) Tj ET Q q 0 0 0 rg BT 101.70 82.75 Td (conventional ) Tj ET Q q 0 0 0 rg BT 160.63 82.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 211.22 82.75 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 257.36 82.75 Td (well.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 5) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td (In ) Tj ET Q q 0 0 0 rg BT 55.57 730.75 Td (2015, ) Tj ET Q q 0 0 0 rg BT 82.82 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 98.94 730.75 Td (commissioning ) Tj ET Q q 0 0 0 rg BT 167.30 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 177.87 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 194.00 730.75 Td (deep ) Tj ET Q q 0 0 0 rg BT 218.47 730.75 Td (cut ) Tj ET Q q 0 0 0 rg BT 234.03 730.75 Td (processing ) Tj ET Q q 0 0 0 rg BT 284.62 730.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 314.63 730.75 Td (at ) Tj ET Q q 0 0 0 rg BT 325.19 730.75 Td (Rimbey ) Tj ET Q q 0 0 0 rg BT 361.32 730.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 399.12 730.75 Td (in ) Tj ET Q q 0 0 0 rg BT 409.13 730.75 Td (a ) Tj ET Q q 0 0 0 rg BT 416.92 730.75 Td (potential ) Tj ET Q q 0 0 0 rg BT 456.95 730.75 Td (30 ) Tj ET Q q 0 0 0 rg BT 470.30 730.75 Td (bbl ) Tj ET Q q 0 0 0 rg BT 485.87 730.75 Td (per ) Tj ET Q q 0 0 0 rg BT 502.55 730.75 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 529.21 730.75 Td (increase ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 718.75 Td (in ) Tj ET Q q 0 0 0 rg BT 55.15 718.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 88.09 718.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 106.57 718.75 Td (liquids ) Tj ET Q q 0 0 0 rg BT 137.29 718.75 Td (from ) Tj ET Q q 0 0 0 rg BT 159.65 718.75 Td (the ) Tj ET Q q 0 0 0 rg BT 175.91 718.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 226.08 718.75 Td (play ) Tj ET Q q 0 0 0 rg BT 246.79 718.75 Td (\(mostly ) Tj ET Q q 0 0 0 rg BT 281.38 718.75 Td (ethane ) Tj ET Q q 0 0 0 rg BT 314.33 718.75 Td (and ) Tj ET Q q 0 0 0 rg BT 333.37 718.75 Td (propane\). ) Tj ET Q q 0 0 0 rg BT 378.54 718.75 Td (Unfortunately ) Tj ET Q q 0 0 0 rg BT 440.39 718.75 Td (though, ) Tj ET Q q 0 0 0 rg BT 476.11 718.75 Td (the ) Tj ET Q q 0 0 0 rg BT 492.38 718.75 Td (challenging ) Tj ET Q q 0 0 0 rg BT 545.34 718.75 Td (price ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 706.75 Td (environment ) Tj ET Q q 0 0 0 rg BT 102.29 706.75 Td (for ) Tj ET Q q 0 0 0 rg BT 116.21 706.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 149.04 706.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 167.42 706.75 Td (liquids ) Tj ET Q q 0 0 0 rg BT 198.03 706.75 Td (has ) Tj ET Q q 0 0 0 rg BT 216.41 706.75 Td (resulted ) Tj ET Q q 0 0 0 rg BT 254.24 706.75 Td (in ) Tj ET Q q 0 0 0 rg BT 264.28 706.75 Td (the ) Tj ET Q q 0 0 0 rg BT 280.43 706.75 Td (curtailment ) Tj ET Q q 0 0 0 rg BT 331.60 706.75 Td (of ) Tj ET Q q 0 0 0 rg BT 342.19 706.75 Td (20% ) Tj ET Q q 0 0 0 rg BT 364.46 706.75 Td (to ) Tj ET Q q 0 0 0 rg BT 375.06 706.75 Td (60% ) Tj ET Q q 0 0 0 rg BT 397.33 706.75 Td (of ) Tj ET Q q 0 0 0 rg BT 407.92 706.75 Td (our ) Tj ET Q q 0 0 0 rg BT 424.63 706.75 Td (ethane ) Tj ET Q q 0 0 0 rg BT 457.48 706.75 Td (production. ) Tj ET Q q 0 0 0 rg BT 509.21 706.75 Td (Furthermore, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 694.75 Td (with ) Tj ET Q q 0 0 0 rg BT 65.15 694.75 Td (negative ) Tj ET Q q 0 0 0 rg BT 105.32 694.75 Td (propane ) Tj ET Q q 0 0 0 rg BT 144.38 694.75 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 178.98 694.75 Td (we ) Tj ET Q q 0 0 0 rg BT 194.13 694.75 Td (have ) Tj ET Q q 0 0 0 rg BT 218.17 694.75 Td (chosen ) Tj ET Q q 0 0 0 rg BT 252.78 694.75 Td (to ) Tj ET Q q 0 0 0 rg BT 263.49 694.75 Td (redirect ) Tj ET Q q 0 0 0 rg BT 299.19 694.75 Td (some ) Tj ET Q q 0 0 0 rg BT 326.01 694.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 376.18 694.75 Td (production ) Tj ET Q q 0 0 0 rg BT 425.24 694.75 Td (to ) Tj ET Q q 0 0 0 rg BT 435.95 694.75 Td (a ) Tj ET Q q 0 0 0 rg BT 443.87 694.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 490.15 694.75 Td (operated ) Tj ET Q q 0 0 0 rg BT 531.99 694.75 Td (process ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 682.75 Td (facility) Tj ET Q q 0 0 0 rg BT 72.04 682.75 Td (. ) Tj ET Q q 0 0 0 rg BT 77.26 682.75 Td (The ) Tj ET Q q 0 0 0 rg BT 97.09 682.75 Td (benefits ) Tj ET Q q 0 0 0 rg BT 134.72 682.75 Td (of ) Tj ET Q q 0 0 0 rg BT 145.67 682.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 178.85 682.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 197.58 682.75 Td (with ) Tj ET Q q 0 0 0 rg BT 217.97 682.75 Td (higher ) Tj ET Q q 0 0 0 rg BT 248.37 682.75 Td (heat ) Tj ET Q q 0 0 0 rg BT 270.44 682.75 Td (content ) Tj ET Q q 0 0 0 rg BT 305.85 682.75 Td (and ) Tj ET Q q 0 0 0 rg BT 325.14 682.75 Td (a ) Tj ET Q q 0 0 0 rg BT 333.31 682.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 359.81 682.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 404.12 682.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 425.06 682.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 466.57 682.75 Td (at ) Tj ET Q q 0 0 0 rg BT 477.52 682.75 Td (this ) Tj ET Q q 0 0 0 rg BT 495.68 682.75 Td (facility ) Tj ET Q q 0 0 0 rg BT 526.07 682.75 Td (will ) Tj ET Q q 0 0 0 rg BT 542.56 682.75 Td (result ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 670.75 Td (in ) Tj ET Q q 0 0 0 rg BT 55.56 670.75 Td (incremental ) Tj ET Q q 0 0 0 rg BT 110.03 670.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.51 670.75 Td (income ) Tj ET Q q 0 0 0 rg BT 189.52 670.75 Td (despite ) Tj ET Q q 0 0 0 rg BT 224.55 670.75 Td (the ) Tj ET Q q 0 0 0 rg BT 241.23 670.75 Td (lower ) Tj ET Q q 0 0 0 rg BT 267.90 670.75 Td (recovery ) Tj ET Q q 0 0 0 rg BT 309.02 670.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 334.03 670.75 Td (and ) Tj ET Q q 0 0 0 rg BT 353.50 670.75 Td (production ) Tj ET Q q 0 0 0 rg BT 402.97 670.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 427.98 670.75 Td (realized ) Tj ET Q q 0 0 0 rg BT 465.78 670.75 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 501.91 670.75 Td (this ) Tj ET Q q 0 0 0 rg BT 520.25 670.75 Td (process.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 652.75 Td (The ) Tj ET Q q 0 0 0 rg BT 64.60 652.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 114.77 652.75 Td (play ) Tj ET Q q 0 0 0 rg BT 135.48 652.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 180.65 652.75 Td (to ) Tj ET Q q 0 0 0 rg BT 191.36 652.75 Td (showcase ) Tj ET Q q 0 0 0 rg BT 238.19 652.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 285.58 652.75 Td (results ) Tj ET Q q 0 0 0 rg BT 317.40 652.75 Td (with ) Tj ET Q q 0 0 0 rg BT 337.55 652.75 Td (resilient ) Tj ET Q q 0 0 0 rg BT 374.38 652.75 Td (economics ) Tj ET Q q 0 0 0 rg BT 424.54 652.75 Td (that ) Tj ET Q q 0 0 0 rg BT 443.58 652.75 Td (rank ) Tj ET Q q 0 0 0 rg BT 465.40 652.75 Td (amongst ) Tj ET Q q 0 0 0 rg BT 506.12 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 522.39 652.75 Td (top ) Tj ET Q q 0 0 0 rg BT 538.66 652.75 Td (liquids ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 640.75 Td (rich ) Tj ET Q q 0 0 0 rg BT 65.46 640.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 100.38 640.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 120.85 640.75 Td (plays ) Tj ET Q q 0 0 0 rg BT 148.53 640.75 Td (in ) Tj ET Q q 0 0 0 rg BT 160.66 640.75 Td (North ) Tj ET Q q 0 0 0 rg BT 188.60 640.75 Td (America. ) Tj ET Q q 0 0 0 rg BT 232.39 640.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 253.41 640.75 Td (inventory ) Tj ET Q q 0 0 0 rg BT 298.33 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 311.01 640.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 377.61 640.75 Td (370 ) Tj ET Q q 0 0 0 rg BT 398.64 640.75 Td (locations ) Tj ET Q q 0 0 0 rg BT 442.45 640.75 Td (allows ) Tj ET Q q 0 0 0 rg BT 474.58 640.75 Td (for ) Tj ET Q q 0 0 0 rg BT 490.59 640.75 Td (over ) Tj ET Q q 0 0 0 rg BT 514.39 640.75 Td (13 ) Tj ET Q q 0 0 0 rg BT 529.86 640.75 Td (years ) Tj ET Q q 0 0 0 rg BT 558.66 640.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 628.75 Td (development ) Tj ET Q q 0 0 0 rg BT 105.04 628.75 Td (at ) Tj ET Q q 0 0 0 rg BT 116.16 628.75 Td (our ) Tj ET Q q 0 0 0 rg BT 133.39 628.75 Td (current ) Tj ET Q q 0 0 0 rg BT 167.29 628.75 Td (pace. ) Tj ET Q q 0 0 0 rg BT 194.53 628.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 213.98 628.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 239.00 628.75 Td (program ) Tj ET Q q 0 0 0 rg BT 279.02 628.75 Td (entails ) Tj ET Q q 0 0 0 rg BT 310.70 628.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 342.38 628.75 Td (16 ) Tj ET Q q 0 0 0 rg BT 356.28 628.75 Td (to ) Tj ET Q q 0 0 0 rg BT 367.40 628.75 Td (30 ) Tj ET Q q 0 0 0 rg BT 381.30 628.75 Td (\(14.2 ) Tj ET Q q 0 0 0 rg BT 406.88 628.75 Td (to ) Tj ET Q q 0 0 0 rg BT 417.99 628.75 Td (25.5 ) Tj ET Q q 0 0 0 rg BT 440.23 628.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 460.24 628.75 Td (wells.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 610.75 Td (Spirit ) Tj ET Q q 0 0 0 rg BT 73.33 610.75 Td (River ) Tj ET Q q 0 0 0 rg BT 101.13 610.75 Td (Falher ) Tj ET Q q 0 0 0 rg BT 133.92 610.75 Td (Natural ) Tj ET Q q 0 0 0 rg BT 171.15 610.75 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 592.75 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 592.75 Td (e ) Tj ET Q q 0 0 0 rg BT 62.60 592.75 Td (drilled ) Tj ET Q q 0 0 0 rg BT 92.06 592.75 Td (eight ) Tj ET Q q 0 0 0 rg BT 116.52 592.75 Td (\(8.0 ) Tj ET Q q 0 0 0 rg BT 136.53 592.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 156.54 592.75 Td (Falher ) Tj ET Q q 0 0 0 rg BT 187.66 592.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 212.67 592.75 Td (in ) Tj ET Q q 0 0 0 rg BT 223.23 592.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 248.25 592.75 Td (including ) Tj ET Q q 0 0 0 rg BT 290.50 592.75 Td (one ) Tj ET Q q 0 0 0 rg BT 309.97 592.75 Td (\(1.0 ) Tj ET Q q 0 0 0 rg BT 329.98 592.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 349.99 592.75 Td (in ) Tj ET Q q 0 0 0 rg BT 360.55 592.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.23 592.75 Td (fourth ) Tj ET Q q 0 0 0 rg BT 405.58 592.75 Td (quarter) Tj ET Q q 0 0 0 rg BT 436.71 592.75 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 574.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.04 574.75 Td (2015 ) Tj ET Q q 0 0 0 rg BT 88.65 574.75 Td (Morningside ) Tj ET Q q 0 0 0 rg BT 145.49 574.75 Td (Falher ) Tj ET Q q 0 0 0 rg BT 176.21 574.75 Td (program ) Tj ET Q q 0 0 0 rg BT 215.81 574.75 Td (has ) Tj ET Q q 0 0 0 rg BT 234.30 574.75 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 280.04 574.75 Td (our ) Tj ET Q q 0 0 0 rg BT 296.86 574.75 Td (expectations. ) Tj ET Q q 0 0 0 rg BT 358.16 574.75 Td (W) Tj ET Q q 0 0 0 rg BT 367.42 574.75 Td (e ) Tj ET Q q 0 0 0 rg BT 375.35 574.75 Td (drilled ) Tj ET Q q 0 0 0 rg BT 404.40 574.75 Td (six ) Tj ET Q q 0 0 0 rg BT 418.99 574.75 Td (\(6.0 ) Tj ET Q q 0 0 0 rg BT 438.59 574.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 458.19 574.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 482.78 574.75 Td (at ) Tj ET Q q 0 0 0 rg BT 493.49 574.75 Td (Morningside ) Tj ET Q q 0 0 0 rg BT 550.33 574.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 562.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 101.10 562.75 Td (extended ) Tj ET Q q 0 0 0 rg BT 144.45 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.54 562.75 Td (boundaries ) Tj ET Q q 0 0 0 rg BT 212.22 562.75 Td (of ) Tj ET Q q 0 0 0 rg BT 222.76 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 238.86 562.75 Td (play ) Tj ET Q q 0 0 0 rg BT 259.40 562.75 Td (to ) Tj ET Q q 0 0 0 rg BT 269.93 562.75 Td (the ) Tj ET Q q 0 0 0 rg BT 286.03 562.75 Td (south ) Tj ET Q q 0 0 0 rg BT 312.69 562.75 Td (of ) Tj ET Q q 0 0 0 rg BT 323.23 562.75 Td (our ) Tj ET Q q 0 0 0 rg BT 339.88 562.75 Td (main ) Tj ET Q q 0 0 0 rg BT 363.75 562.75 Td (development ) Tj ET Q q 0 0 0 rg BT 423.20 562.75 Td (area. ) Tj ET Q q 0 0 0 rg BT 448.19 562.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 467.06 562.75 Td (six ) Tj ET Q q 0 0 0 rg BT 481.48 562.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 505.90 562.75 Td (drilled ) Tj ET Q q 0 0 0 rg BT 534.78 562.75 Td (in ) Tj ET Q q 0 0 0 rg BT 544.76 562.75 Td (2015 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 550.75 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 108.93 550.75 Td (average ) Tj ET Q q 0 0 0 rg BT 147.84 550.75 Td (production ) Tj ET Q q 0 0 0 rg BT 197.32 550.75 Td (rates ) Tj ET Q q 0 0 0 rg BT 222.33 550.75 Td (of ) Tj ET Q q 0 0 0 rg BT 233.45 550.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 298.48 550.75 Td (700 ) Tj ET Q q 0 0 0 rg BT 317.94 550.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 337.40 550.75 Td (per ) Tj ET Q q 0 0 0 rg BT 354.63 550.75 Td (day ) Tj ET Q q 0 0 0 rg BT 373.54 550.75 Td (in ) Tj ET Q q 0 0 0 rg BT 384.10 550.75 Td (their ) Tj ET Q q 0 0 0 rg BT 406.33 550.75 Td (first ) Tj ET Q q 0 0 0 rg BT 425.21 550.75 Td (three ) Tj ET Q q 0 0 0 rg BT 450.79 550.75 Td (months.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 532.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.94 532.75 Td (Morningside ) Tj ET Q q 0 0 0 rg BT 122.69 532.75 Td (Falher ) Tj ET Q q 0 0 0 rg BT 154.31 532.75 Td (play ) Tj ET Q q 0 0 0 rg BT 175.93 532.75 Td (continues ) Tj ET Q q 0 0 0 rg BT 222.01 532.75 Td (to ) Tj ET Q q 0 0 0 rg BT 233.63 532.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 275.26 532.75 Td (equally ) Tj ET Q q 0 0 0 rg BT 310.22 532.75 Td (for ) Tj ET Q q 0 0 0 rg BT 325.17 532.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 357.35 532.75 Td (with ) Tj ET Q q 0 0 0 rg BT 378.41 532.75 Td (our ) Tj ET Q q 0 0 0 rg BT 396.13 532.75 Td (Hoadley ) Tj ET Q q 0 0 0 rg BT 436.10 532.75 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 487.18 532.75 Td (and ) Tj ET Q q 0 0 0 rg BT 506.49 532.75 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 537.00 532.75 Td (Wilrich ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 520.75 Td (plays. ) Tj ET Q q 0 0 0 rg BT 73.78 520.75 Td (With ) Tj ET Q q 0 0 0 rg BT 96.44 520.75 Td (current ) Tj ET Q q 0 0 0 rg BT 130.22 520.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 156.22 520.75 Td (to ) Tj ET Q q 0 0 0 rg BT 167.21 520.75 Td (drill ) Tj ET Q q 0 0 0 rg BT 185.43 520.75 Td (and ) Tj ET Q q 0 0 0 rg BT 204.77 520.75 Td (complete ) Tj ET Q q 0 0 0 rg BT 248.00 520.75 Td (of ) Tj ET Q q 0 0 0 rg BT 259.00 520.75 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 281.12 520.75 Td (million, ) Tj ET Q q 0 0 0 rg BT 314.90 520.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 347.59 520.75 Td (production ) Tj ET Q q 0 0 0 rg BT 396.94 520.75 Td (addition ) Tj ET Q q 0 0 0 rg BT 434.63 520.75 Td (costs ) Tj ET Q q 0 0 0 rg BT 460.63 520.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 493.85 520.75 Td (less ) Tj ET Q q 0 0 0 rg BT 514.29 520.75 Td (than ) Tj ET Q q 0 0 0 rg BT 536.41 520.75 Td ($8,000 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 508.75 Td (per ) Tj ET Q q 0 0 0 rg BT 62.23 508.75 Td (boe ) Tj ET Q q 0 0 0 rg BT 81.69 508.75 Td (with ) Tj ET Q q 0 0 0 rg BT 102.26 508.75 Td (IRR's ) Tj ET Q q 0 0 0 rg BT 129.17 508.75 Td (in ) Tj ET Q q 0 0 0 rg BT 139.73 508.75 Td (excess ) Tj ET Q q 0 0 0 rg BT 173.63 508.75 Td (of ) Tj ET Q q 0 0 0 rg BT 184.75 508.75 Td (25% ) Tj ET Q q 0 0 0 rg BT 207.54 508.75 Td (at ) Tj ET Q q 0 0 0 rg BT 218.66 508.75 Td (current ) Tj ET Q q 0 0 0 rg BT 252.56 508.75 Td (commodity ) Tj ET Q q 0 0 0 rg BT 303.68 508.75 Td (prices. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 490.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.45 490.75 Td (2016 ) Tj ET Q q 0 0 0 rg BT 89.47 490.75 Td (Falher ) Tj ET Q q 0 0 0 rg BT 120.60 490.75 Td (program ) Tj ET Q q 0 0 0 rg BT 160.61 490.75 Td (includes ) Tj ET Q q 0 0 0 rg BT 200.08 490.75 Td (drilling ) Tj ET Q q 0 0 0 rg BT 231.76 490.75 Td (between ) Tj ET Q q 0 0 0 rg BT 272.34 490.75 Td (seven ) Tj ET Q q 0 0 0 rg BT 301.81 490.75 Td (to ) Tj ET Q q 0 0 0 rg BT 312.92 490.75 Td (nine ) Tj ET Q q 0 0 0 rg BT 334.61 490.75 Td (\(6.5 ) Tj ET Q q 0 0 0 rg BT 354.62 490.75 Td (to ) Tj ET Q q 0 0 0 rg BT 365.74 490.75 Td (8.5 ) Tj ET Q q 0 0 0 rg BT 382.42 490.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 402.43 490.75 Td (wells.) Tj ET Q BT /F2 11.00 Tf ET 0 0 0 RG /GS0 gs 1.15 w 0 i [] 0 d 1 J 1 j 3 M 45 466.807080078125 m 180.48583984375 466.807080078125 l s q 0 0 0 rg BT 45.00 468.55 Td (DEEP) Tj ET Q q 0 0 0 rg BT 74.76 468.55 Td ( ) Tj ET Q q 0 0 0 rg BT 77.81 468.55 Td (BASIN ) Tj ET Q q 0 0 0 rg BT 115.09 468.55 Td (CORE ) Tj ET Q q 0 0 0 rg BT 149.52 468.55 Td (AREA) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 450.55 Td (In ) Tj ET Q q 0 0 0 rg BT 55.93 450.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 83.55 450.55 Td (we ) Tj ET Q q 0 0 0 rg BT 98.93 450.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 144.89 450.55 Td (to ) Tj ET Q q 0 0 0 rg BT 155.83 450.55 Td (expand ) Tj ET Q q 0 0 0 rg BT 191.23 450.55 Td (our ) Tj ET Q q 0 0 0 rg BT 208.27 450.55 Td (foot-print ) Tj ET Q q 0 0 0 rg BT 250.33 450.55 Td (in ) Tj ET Q q 0 0 0 rg BT 260.71 450.55 Td (this ) Tj ET Q q 0 0 0 rg BT 278.86 450.55 Td (liquids-rich ) Tj ET Q q 0 0 0 rg BT 329.25 450.55 Td (natural ) Tj ET Q q 0 0 0 rg BT 362.42 450.55 Td (gas ) Tj ET Q q 0 0 0 rg BT 381.14 450.55 Td (core ) Tj ET Q q 0 0 0 rg BT 403.18 450.55 Td (area. ) Tj ET Q q 0 0 0 rg BT 428.57 450.55 Td (W) Tj ET Q q 0 0 0 rg BT 437.83 450.55 Td (e ) Tj ET Q q 0 0 0 rg BT 445.98 450.55 Td (have ) Tj ET Q q 0 0 0 rg BT 470.26 450.55 Td (established ) Tj ET Q q 0 0 0 rg BT 523.45 450.55 Td (a ) Tj ET Q q 0 0 0 rg BT 531.60 450.55 Td (net ) Tj ET Q q 0 0 0 rg BT 548.10 450.55 Td (land ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 438.55 Td (position ) Tj ET Q q 0 0 0 rg BT 82.45 438.55 Td (of ) Tj ET Q q 0 0 0 rg BT 93.76 438.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 158.99 438.55 Td (295,000 ) Tj ET Q q 0 0 0 rg BT 198.12 438.55 Td (acres ) Tj ET Q q 0 0 0 rg BT 225.55 438.55 Td (and ) Tj ET Q q 0 0 0 rg BT 245.21 438.55 Td (have ) Tj ET Q q 0 0 0 rg BT 269.87 438.55 Td (increased ) Tj ET Q q 0 0 0 rg BT 316.21 438.55 Td (our ) Tj ET Q q 0 0 0 rg BT 333.64 438.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 377.19 438.55 Td (through ) Tj ET Q q 0 0 0 rg BT 414.09 438.55 Td (swap ) Tj ET Q q 0 0 0 rg BT 440.41 438.55 Td (and ) Tj ET Q q 0 0 0 rg BT 460.07 438.55 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 510.30 438.55 Td (transactions. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 426.55 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 426.55 Td (e ) Tj ET Q q 0 0 0 rg BT 63.98 426.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 106.49 426.55 Td (have ) Tj ET Q q 0 0 0 rg BT 132.33 426.55 Td (over ) Tj ET Q q 0 0 0 rg BT 155.94 426.55 Td (300 ) Tj ET Q q 0 0 0 rg BT 176.79 426.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 224.31 426.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 257.37 426.55 Td (locations ) Tj ET Q q 0 0 0 rg BT 301.00 426.55 Td (of ) Tj ET Q q 0 0 0 rg BT 313.50 426.55 Td (which ) Tj ET Q q 0 0 0 rg BT 343.23 426.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 409.64 426.55 Td (30% ) Tj ET Q q 0 0 0 rg BT 433.81 426.55 Td (are ) Tj ET Q q 0 0 0 rg BT 452.43 426.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 497.74 426.55 Td (reach. ) Tj ET Q q 0 0 0 rg BT 529.69 426.55 Td (W) Tj ET Q q 0 0 0 rg BT 538.95 426.55 Td (e ) Tj ET Q q 0 0 0 rg BT 548.67 426.55 Td (built ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 414.55 Td (additional ) Tj ET Q q 0 0 0 rg BT 90.94 414.55 Td (infrastructure ) Tj ET Q q 0 0 0 rg BT 152.42 414.55 Td (in ) Tj ET Q q 0 0 0 rg BT 163.34 414.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 188.71 414.55 Td (by ) Tj ET Q q 0 0 0 rg BT 202.40 414.55 Td (installing ) Tj ET Q q 0 0 0 rg BT 244.44 414.55 Td (a ) Tj ET Q q 0 0 0 rg BT 253.13 414.55 Td (processing ) Tj ET Q q 0 0 0 rg BT 304.62 414.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 335.53 414.55 Td (and ) Tj ET Q q 0 0 0 rg BT 355.34 414.55 Td (a ) Tj ET Q q 0 0 0 rg BT 364.03 414.55 Td (metering ) Tj ET Q q 0 0 0 rg BT 406.07 414.55 Td (station, ) Tj ET Q q 0 0 0 rg BT 441.44 414.55 Td (resulting ) Tj ET Q q 0 0 0 rg BT 482.36 414.55 Td (in ) Tj ET Q q 0 0 0 rg BT 493.27 414.55 Td (further ) Tj ET Q q 0 0 0 rg BT 525.30 414.55 Td (operating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 402.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 66.12 402.55 Td (reductions ) Tj ET Q q 0 0 0 rg BT 115.03 402.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.50 402.55 Td (incremental ) Tj ET Q q 0 0 0 rg BT 188.96 402.55 Td (egress.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 384.55 Td (In ) Tj ET Q q 0 0 0 rg BT 56.30 384.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 84.28 384.55 Td (we ) Tj ET Q q 0 0 0 rg BT 100.02 384.55 Td (spent ) Tj ET Q q 0 0 0 rg BT 127.43 384.55 Td ($1) Tj ET Q q 0 0 0 rg BT 137.82 384.55 Td (14.8 ) Tj ET Q q 0 0 0 rg BT 160.23 384.55 Td (million ) Tj ET Q q 0 0 0 rg BT 191.53 384.55 Td (on ) Tj ET Q q 0 0 0 rg BT 205.61 384.55 Td (E&D ) Tj ET Q q 0 0 0 rg BT 229.13 384.55 Td (activities ) Tj ET Q q 0 0 0 rg BT 270.43 384.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 302.29 384.55 Td (21 ) Tj ET Q q 0 0 0 rg BT 316.36 384.55 Td (\(20.9 ) Tj ET Q q 0 0 0 rg BT 342.11 384.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 362.30 384.55 Td (wells. ) Tj ET Q q 0 0 0 rg BT 390.26 384.55 Td (Production ) Tj ET Q q 0 0 0 rg BT 441.03 384.55 Td (has ) Tj ET Q q 0 0 0 rg BT 460.10 384.55 Td (averaged ) Tj ET Q q 0 0 0 rg BT 504.76 384.55 Td (approximately ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 372.55 Td (21,500 ) Tj ET Q q 0 0 0 rg BT 78.36 372.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 97.83 372.55 Td (per ) Tj ET Q q 0 0 0 rg BT 115.06 372.55 Td (day ) Tj ET Q q 0 0 0 rg BT 133.96 372.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 192.33 372.55 Td (a ) Tj ET Q q 0 0 0 rg BT 200.67 372.55 Td (24% ) Tj ET Q q 0 0 0 rg BT 223.46 372.55 Td (increase ) Tj ET Q q 0 0 0 rg BT 264.04 372.55 Td (from ) Tj ET Q q 0 0 0 rg BT 286.82 372.55 Td (the ) Tj ET Q q 0 0 0 rg BT 303.50 372.55 Td (same ) Tj ET Q q 0 0 0 rg BT 330.73 372.55 Td (period ) Tj ET Q q 0 0 0 rg BT 361.30 372.55 Td (last ) Tj ET Q q 0 0 0 rg BT 379.64 372.55 Td (year ) Tj ET Q q 0 0 0 rg BT 401.88 372.55 Td (despite ) Tj ET Q q 0 0 0 rg BT 436.90 372.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 468.58 372.55 Td (34% ) Tj ET Q q 0 0 0 rg BT 491.37 372.55 Td (fewer ) Tj ET Q q 0 0 0 rg BT 518.60 372.55 Td (wells. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 354.55 Td (Spirit ) Tj ET Q q 0 0 0 rg BT 73.33 354.55 Td (River ) Tj ET Q q 0 0 0 rg BT 101.13 354.55 Td (W) Tj ET Q q 0 0 0 rg BT 110.48 354.55 Td (ilrich ) Tj ET Q q 0 0 0 rg BT 137.15 354.55 Td (Natural ) Tj ET Q q 0 0 0 rg BT 174.38 354.55 Td (Gas) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 336.55 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 336.55 Td (e ) Tj ET Q q 0 0 0 rg BT 62.48 336.55 Td (drilled ) Tj ET Q q 0 0 0 rg BT 91.82 336.55 Td (18 ) Tj ET Q q 0 0 0 rg BT 105.60 336.55 Td (\(18.0 ) Tj ET Q q 0 0 0 rg BT 131.05 336.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 150.94 336.55 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 183.60 336.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 208.48 336.55 Td (in ) Tj ET Q q 0 0 0 rg BT 218.92 336.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 243.83 336.55 Td (including ) Tj ET Q q 0 0 0 rg BT 285.96 336.55 Td (four ) Tj ET Q q 0 0 0 rg BT 305.85 336.55 Td (\(4.0 ) Tj ET Q q 0 0 0 rg BT 325.74 336.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 345.63 336.55 Td (in ) Tj ET Q q 0 0 0 rg BT 356.08 336.55 Td (the ) Tj ET Q q 0 0 0 rg BT 372.64 336.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 400.87 336.55 Td (quarter) Tj ET Q q 0 0 0 rg BT 432.00 336.55 Td (, ) Tj ET Q q 0 0 0 rg BT 437.44 336.55 Td (which ) Tj ET Q q 0 0 0 rg BT 465.66 336.55 Td (were ) Tj ET Q q 0 0 0 rg BT 490.00 336.55 Td (our ) Tj ET Q q 0 0 0 rg BT 507.11 336.55 Td (first ) Tj ET Q q 0 0 0 rg BT 525.88 336.55 Td (extended ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 324.55 Td (reach ) Tj ET Q q 0 0 0 rg BT 72.79 324.55 Td (\(approximately ) Tj ET Q q 0 0 0 rg BT 141.15 324.55 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 157.83 324.55 Td (mile ) Tj ET Q q 0 0 0 rg BT 178.95 324.55 Td (lateral ) Tj ET Q q 0 0 0 rg BT 208.96 324.55 Td (length\) ) Tj ET Q q 0 0 0 rg BT 242.31 324.55 Td (wells.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 306.55 Td (Improvements ) Tj ET Q q 0 0 0 rg BT 111.45 306.55 Td (to ) Tj ET Q q 0 0 0 rg BT 122.88 306.55 Td (our ) Tj ET Q q 0 0 0 rg BT 140.43 306.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 161.86 306.55 Td (structure ) Tj ET Q q 0 0 0 rg BT 203.86 306.55 Td (have ) Tj ET Q q 0 0 0 rg BT 228.64 306.55 Td (made ) Tj ET Q q 0 0 0 rg BT 256.75 306.55 Td (a ) Tj ET Q q 0 0 0 rg BT 265.40 306.55 Td (significant ) Tj ET Q q 0 0 0 rg BT 312.97 306.55 Td (impact ) Tj ET Q q 0 0 0 rg BT 345.51 306.55 Td (to ) Tj ET Q q 0 0 0 rg BT 356.95 306.55 Td (our ) Tj ET Q q 0 0 0 rg BT 374.49 306.55 Td (economics ) Tj ET Q q 0 0 0 rg BT 425.39 306.55 Td (at ) Tj ET Q q 0 0 0 rg BT 436.21 306.55 Td (Ansell. ) Tj ET Q q 0 0 0 rg BT 469.11 306.55 Td (The ) Tj ET Q q 0 0 0 rg BT 489.44 306.55 Td (commissioning ) Tj ET Q q 0 0 0 rg BT 558.67 306.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 294.55 Td (our ) Tj ET Q q 0 0 0 rg BT 61.98 294.55 Td (new ) Tj ET Q q 0 0 0 rg BT 82.86 294.55 Td (processing ) Tj ET Q q 0 0 0 rg BT 133.75 294.55 Td (facility ) Tj ET Q q 0 0 0 rg BT 164.06 294.55 Td (and ) Tj ET Q q 0 0 0 rg BT 183.28 294.55 Td (metering ) Tj ET Q q 0 0 0 rg BT 224.71 294.55 Td (station ) Tj ET Q q 0 0 0 rg BT 256.71 294.55 Td (in ) Tj ET Q q 0 0 0 rg BT 267.02 294.55 Td (the ) Tj ET Q q 0 0 0 rg BT 283.45 294.55 Td (second ) Tj ET Q q 0 0 0 rg BT 318.23 294.55 Td (half ) Tj ET Q q 0 0 0 rg BT 336.88 294.55 Td (of ) Tj ET Q q 0 0 0 rg BT 347.75 294.55 Td (2015 ) Tj ET Q q 0 0 0 rg BT 372.53 294.55 Td (will ) Tj ET Q q 0 0 0 rg BT 388.94 294.55 Td (result ) Tj ET Q q 0 0 0 rg BT 415.93 294.55 Td (in ) Tj ET Q q 0 0 0 rg BT 426.24 294.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 470.47 294.55 Td (costs ) Tj ET Q q 0 0 0 rg BT 496.34 294.55 Td (below ) Tj ET Q q 0 0 0 rg BT 525.00 294.55 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 552.55 294.55 Td (per ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 282.55 Td (boe.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 264.55 Td (The ) Tj ET Q q 0 0 0 rg BT 64.86 264.55 Td (average ) Tj ET Q q 0 0 0 rg BT 103.62 264.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 124.59 264.55 Td (to ) Tj ET Q q 0 0 0 rg BT 135.55 264.55 Td (drill ) Tj ET Q q 0 0 0 rg BT 153.74 264.55 Td (and ) Tj ET Q q 0 0 0 rg BT 173.05 264.55 Td (complete ) Tj ET Q q 0 0 0 rg BT 216.25 264.55 Td (our ) Tj ET Q q 0 0 0 rg BT 233.33 264.55 Td (fourth ) Tj ET Q q 0 0 0 rg BT 261.53 264.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 295.32 264.55 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 325.18 264.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 350.03 264.55 Td (was ) Tj ET Q q 0 0 0 rg BT 370.44 264.55 Td ($4.9 ) Tj ET Q q 0 0 0 rg BT 392.53 264.55 Td (million, ) Tj ET Q q 0 0 0 rg BT 426.28 264.55 Td (representing ) Tj ET Q q 0 0 0 rg BT 484.50 264.55 Td (an ) Tj ET Q q 0 0 0 rg BT 498.24 264.55 Td (improvement ) Tj ET Q q 0 0 0 rg BT 558.67 264.55 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 252.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 110.62 252.55 Td (14% ) Tj ET Q q 0 0 0 rg BT 134.01 252.55 Td (from ) Tj ET Q q 0 0 0 rg BT 157.38 252.55 Td (the ) Tj ET Q q 0 0 0 rg BT 174.65 252.55 Td (prior ) Tj ET Q q 0 0 0 rg BT 198.03 252.55 Td (year ) Tj ET Q q 0 0 0 rg BT 220.85 252.55 Td (period, ) Tj ET Q q 0 0 0 rg BT 254.80 252.55 Td (despite ) Tj ET Q q 0 0 0 rg BT 290.42 252.55 Td (two ) Tj ET Q q 0 0 0 rg BT 309.35 252.55 Td (of ) Tj ET Q q 0 0 0 rg BT 321.06 252.55 Td (these ) Tj ET Q q 0 0 0 rg BT 348.89 252.55 Td (wells ) Tj ET Q q 0 0 0 rg BT 374.49 252.55 Td (being ) Tj ET Q q 0 0 0 rg BT 402.33 252.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 446.85 252.55 Td (reach ) Tj ET Q q 0 0 0 rg BT 475.23 252.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 521.96 252.55 Td (wells. ) Tj ET Q q 0 0 0 rg BT 550.34 252.55 Td (Our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 240.55 Td (annual ) Tj ET Q q 0 0 0 rg BT 77.96 240.55 Td (cost ) Tj ET Q q 0 0 0 rg BT 99.23 240.55 Td (to ) Tj ET Q q 0 0 0 rg BT 110.50 240.55 Td (add ) Tj ET Q q 0 0 0 rg BT 130.11 240.55 Td (production ) Tj ET Q q 0 0 0 rg BT 179.74 240.55 Td (at ) Tj ET Q q 0 0 0 rg BT 190.43 240.55 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 220.60 240.55 Td (is ) Tj ET Q q 0 0 0 rg BT 230.75 240.55 Td (currently ) Tj ET Q q 0 0 0 rg BT 272.02 240.55 Td ($1) Tj ET Q q 0 0 0 rg BT 282.41 240.55 Td (1,000 ) Tj ET Q q 0 0 0 rg BT 310.36 240.55 Td (per ) Tj ET Q q 0 0 0 rg BT 327.74 240.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 347.36 240.55 Td (per ) Tj ET Q q 0 0 0 rg BT 364.74 240.55 Td (day) Tj ET Q q 0 0 0 rg BT 380.12 240.55 Td (, ) Tj ET Q q 0 0 0 rg BT 385.83 240.55 Td (a ) Tj ET Q q 0 0 0 rg BT 394.32 240.55 Td (25% ) Tj ET Q q 0 0 0 rg BT 417.27 240.55 Td (reduction ) Tj ET Q q 0 0 0 rg BT 461.34 240.55 Td (from ) Tj ET Q q 0 0 0 rg BT 484.27 240.55 Td (the ) Tj ET Q q 0 0 0 rg BT 501.10 240.55 Td (same ) Tj ET Q q 0 0 0 rg BT 528.48 240.55 Td (period ) Tj ET Q q 0 0 0 rg BT 559.21 240.55 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 228.55 Td (2014.) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 45.00 217.83 524.78 -9.38 re f /GS0 gs q 0 0 0 rg BT 45.00 210.55 Td (During ) Tj ET Q q 0 0 0 rg BT 77.52 210.55 Td (the ) Tj ET Q q 0 0 0 rg BT 94.48 210.55 Td (second ) Tj ET Q q 0 0 0 rg BT 129.79 210.55 Td (half ) Tj ET Q q 0 0 0 rg BT 148.97 210.55 Td (of ) Tj ET Q q 0 0 0 rg BT 160.37 210.55 Td (2015, ) Tj ET Q q 0 0 0 rg BT 188.46 210.55 Td (we ) Tj ET Q q 0 0 0 rg BT 204.30 210.55 Td (continued ) Tj ET Q q 0 0 0 rg BT 250.73 210.55 Td (expanding ) Tj ET Q q 0 0 0 rg BT 299.94 210.55 Td (our ) Tj ET Q q 0 0 0 rg BT 317.46 210.55 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 350.51 210.55 Td (inventory ) Tj ET Q q 0 0 0 rg BT 394.15 210.55 Td (at ) Tj ET Q q 0 0 0 rg BT 404.94 210.55 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 435.24 210.55 Td (through ) Tj ET Q q 0 0 0 rg BT 472.21 210.55 Td (a ) Tj ET Q q 0 0 0 rg BT 480.84 210.55 Td (strategic ) Tj ET Q q 0 0 0 rg BT 521.69 210.55 Td (land ) Tj ET Q q 0 0 0 rg BT 543.66 210.55 Td (swap ) Tj ET Q BT /F3 10.00 Tf ET 1 1 1 rg /GS0 gs 45.00 205.83 364.10 -9.38 re f /GS0 gs q 0 0 0 rg BT 45.00 198.55 Td (which ) Tj ET Q q 0 0 0 rg BT 73.34 198.55 Td (added ) Tj ET Q q 0 0 0 rg BT 103.93 198.55 Td (approximately ) Tj ET Q q 0 0 0 rg BT 168.96 198.55 Td (45 ) Tj ET Q q 0 0 0 rg BT 182.86 198.55 Td (locations, ) Tj ET Q q 0 0 0 rg BT 227.89 198.55 Td (the ) Tj ET Q q 0 0 0 rg BT 244.57 198.55 Td (majority ) Tj ET Q q 0 0 0 rg BT 282.35 198.55 Td (being ) Tj ET Q q 0 0 0 rg BT 309.59 198.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 353.52 198.55 Td (reach ) Tj ET Q q 0 0 0 rg BT 381.31 198.55 Td (wells. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 180.55 Td (Our ) Tj ET Q q 0 0 0 rg BT 65.13 180.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 90.83 180.55 Td (program ) Tj ET Q q 0 0 0 rg BT 131.53 180.55 Td (contemplates ) Tj ET Q q 0 0 0 rg BT 194.47 180.55 Td (drilling ) Tj ET Q q 0 0 0 rg BT 226.83 180.55 Td (between ) Tj ET Q q 0 0 0 rg BT 268.10 180.55 Td (nine ) Tj ET Q q 0 0 0 rg BT 290.46 180.55 Td (and ) Tj ET Q q 0 0 0 rg BT 310.61 180.55 Td (13 ) Tj ET Q q 0 0 0 rg BT 325.19 180.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 369.79 180.55 Td (reach ) Tj ET Q q 0 0 0 rg BT 398.27 180.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 445.09 180.55 Td (wells. ) Tj ET Q q 0 0 0 rg BT 473.55 180.55 Td (W) Tj ET Q q 0 0 0 rg BT 482.81 180.55 Td (e ) Tj ET Q q 0 0 0 rg BT 491.83 180.55 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 538.10 180.55 Td (further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 168.55 Td (economic ) Tj ET Q q 0 0 0 rg BT 92.02 168.55 Td (enhancements ) Tj ET Q q 0 0 0 rg BT 161.84 168.55 Td (driven ) Tj ET Q q 0 0 0 rg BT 193.30 168.55 Td (by ) Tj ET Q q 0 0 0 rg BT 208.08 168.55 Td (improved ) Tj ET Q q 0 0 0 rg BT 253.44 168.55 Td (capital ) Tj ET Q q 0 0 0 rg BT 286.56 168.55 Td (and ) Tj ET Q q 0 0 0 rg BT 307.47 168.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 353.39 168.55 Td (ef) Tj ET Q q 0 0 0 rg BT 361.55 168.55 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 406.90 168.55 Td (as ) Tj ET Q q 0 0 0 rg BT 421.68 168.55 Td (we ) Tj ET Q q 0 0 0 rg BT 438.69 168.55 Td (develop ) Tj ET Q q 0 0 0 rg BT 477.94 168.55 Td (our ) Tj ET Q q 0 0 0 rg BT 496.62 168.55 Td (extended ) Tj ET Q q 0 0 0 rg BT 541.99 168.55 Td (reach ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 156.55 Td (program.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 136.15 Td (STRENGTHS ) Tj ET Q q 0 0 0 rg BT 122.34 136.15 Td (OF ) Tj ET Q q 0 0 0 rg BT 142.34 136.15 Td (BONA) Tj ET Q q 0 0 0 rg BT 176.78 136.15 Td (VIST) Tj ET Q q 0 0 0 rg BT 202.56 136.15 Td (A) Tj ET Q q 0 0 0 rg BT 210.78 136.15 Td ( ) Tj ET Q q 0 0 0 rg BT 214.11 136.15 Td (ENERGY) Tj ET Q q 0 0 0 rg BT 264.57 136.15 Td ( ) Tj ET Q q 0 0 0 rg BT 267.91 136.15 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 328.35 136.15 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 118.15 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 99.89 118.15 Td (our ) Tj ET Q q 0 0 0 rg BT 118.08 118.15 Td (nineteen ) Tj ET Q q 0 0 0 rg BT 160.19 118.15 Td (year ) Tj ET Q q 0 0 0 rg BT 183.38 118.15 Td (history) Tj ET Q q 0 0 0 rg BT 212.09 118.15 Td (, ) Tj ET Q q 0 0 0 rg BT 218.61 118.15 Td (from ) Tj ET Q q 0 0 0 rg BT 242.35 118.15 Td (an ) Tj ET Q q 0 0 0 rg BT 257.22 118.15 Td (initial ) Tj ET Q q 0 0 0 rg BT 283.75 118.15 Td (restructuring ) Tj ET Q q 0 0 0 rg BT 343.06 118.15 Td (in ) Tj ET Q q 0 0 0 rg BT 354.58 118.15 Td (1997 ) Tj ET Q q 0 0 0 rg BT 380.57 118.15 Td (to ) Tj ET Q q 0 0 0 rg BT 392.65 118.15 Td (create ) Tj ET Q q 0 0 0 rg BT 424.18 118.15 Td (a ) Tj ET Q q 0 0 0 rg BT 433.49 118.15 Td (high ) Tj ET Q q 0 0 0 rg BT 456.13 118.15 Td (growth ) Tj ET Q q 0 0 0 rg BT 489.89 118.15 Td (junior ) Tj ET Q q 0 0 0 rg BT 518.09 118.15 Td (exploration ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 106.15 Td (company) Tj ET Q q 0 0 0 rg BT 84.83 106.15 Td (, ) Tj ET Q q 0 0 0 rg BT 91.06 106.15 Td (through ) Tj ET Q q 0 0 0 rg BT 128.43 106.15 Td (the ) Tj ET Q q 0 0 0 rg BT 145.78 106.15 Td (energy ) Tj ET Q q 0 0 0 rg BT 179.80 106.15 Td (trust ) Tj ET Q q 0 0 0 rg BT 202.70 106.15 Td (phase ) Tj ET Q q 0 0 0 rg BT 233.40 106.15 Td (between ) Tj ET Q q 0 0 0 rg BT 274.66 106.15 Td (July ) Tj ET Q q 0 0 0 rg BT 295.89 106.15 Td (2003 ) Tj ET Q q 0 0 0 rg BT 321.58 106.15 Td (and ) Tj ET Q q 0 0 0 rg BT 341.72 106.15 Td (December ) Tj ET Q q 0 0 0 rg BT 391.30 106.15 Td (2010, ) Tj ET Q q 0 0 0 rg BT 419.77 106.15 Td (to ) Tj ET Q q 0 0 0 rg BT 431.56 106.15 Td (a ) Tj ET Q q 0 0 0 rg BT 440.57 106.15 Td (dividend ) Tj ET Q q 0 0 0 rg BT 481.27 106.15 Td (paying ) Tj ET Q q 0 0 0 rg BT 514.19 106.15 Td (corporation, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 94.15 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 92.06 94.15 Td (has ) Tj ET Q q 0 0 0 rg BT 111.32 94.15 Td (remained ) Tj ET Q q 0 0 0 rg BT 156.15 94.15 Td (committed ) Tj ET Q q 0 0 0 rg BT 205.41 94.15 Td (to ) Tj ET Q q 0 0 0 rg BT 216.89 94.15 Td (the ) Tj ET Q q 0 0 0 rg BT 233.94 94.15 Td (same ) Tj ET Q q 0 0 0 rg BT 261.53 94.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 306.37 94.15 Td (philosophies ) Tj ET Q q 0 0 0 rg BT 365.11 94.15 Td (despite ) Tj ET Q q 0 0 0 rg BT 400.49 94.15 Td (the ) Tj ET Q q 0 0 0 rg BT 417.54 94.15 Td (endless ) Tj ET Q q 0 0 0 rg BT 455.14 94.15 Td (commodity ) Tj ET Q q 0 0 0 rg BT 506.63 94.15 Td (price ) Tj ET Q q 0 0 0 rg BT 531.44 94.15 Td (volatility ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 82.15 Td (and ) Tj ET Q q 0 0 0 rg BT 65.31 82.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 117.85 82.15 Td (inherent ) Tj ET Q q 0 0 0 rg BT 157.62 82.15 Td (in ) Tj ET Q q 0 0 0 rg BT 169.03 82.15 Td (the ) Tj ET Q q 0 0 0 rg BT 186.55 82.15 Td (energy ) Tj ET Q q 0 0 0 rg BT 220.75 82.15 Td (sector) Tj ET Q q 0 0 0 rg BT 247.43 82.15 Td (. ) Tj ET Q q 0 0 0 rg BT 253.84 82.15 Td (W) Tj ET Q q 0 0 0 rg BT 263.10 82.15 Td (e ) Tj ET Q q 0 0 0 rg BT 272.28 82.15 Td (have ) Tj ET Q q 0 0 0 rg BT 297.59 82.15 Td (consistently ) Tj ET Q q 0 0 0 rg BT 353.47 82.15 Td (maintained ) Tj ET Q q 0 0 0 rg BT 406.01 82.15 Td (a ) Tj ET Q q 0 0 0 rg BT 415.20 82.15 Td (high ) Tj ET Q q 0 0 0 rg BT 437.73 82.15 Td (level ) Tj ET Q q 0 0 0 rg BT 461.93 82.15 Td (of ) Tj ET Q q 0 0 0 rg BT 473.89 82.15 Td (profitable ) Tj ET Q q 0 0 0 rg BT 518.66 82.15 Td (investment ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 70.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 78.94 70.15 Td (on ) Tj ET Q q 0 0 0 rg BT 93.45 70.15 Td (our ) Tj ET Q q 0 0 0 rg BT 111.28 70.15 Td (asset ) Tj ET Q q 0 0 0 rg BT 138.56 70.15 Td (base. ) Tj ET Q q 0 0 0 rg BT 166.19 70.15 Td (This ) Tj ET Q q 0 0 0 rg BT 188.46 70.15 Td (activity ) Tj ET Q q 0 0 0 rg BT 222.40 70.15 Td (stems ) Tj ET Q q 0 0 0 rg BT 252.45 70.15 Td (from ) Tj ET Q q 0 0 0 rg BT 275.83 70.15 Td (the ) Tj ET Q q 0 0 0 rg BT 293.11 70.15 Td (expertise ) Tj ET Q q 0 0 0 rg BT 337.07 70.15 Td (of ) Tj ET Q q 0 0 0 rg BT 348.79 70.15 Td (our ) Tj ET Q q 0 0 0 rg BT 366.63 70.15 Td (people ) Tj ET Q q 0 0 0 rg BT 400.04 70.15 Td (and ) Tj ET Q q 0 0 0 rg BT 420.10 70.15 Td (their ) Tj ET Q q 0 0 0 rg BT 442.94 70.15 Td (entrepreneurial ) Tj ET Q q 0 0 0 rg BT 513.58 70.15 Td (approach ) Tj ET Q q 0 0 0 rg BT 558.66 70.15 Td (to ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 58.15 Td (design ) Tj ET Q q 0 0 0 rg BT 76.05 58.15 Td (profitable ) Tj ET Q q 0 0 0 rg BT 118.78 58.15 Td (development ) Tj ET Q q 0 0 0 rg BT 177.62 58.15 Td (projects ) Tj ET Q q 0 0 0 rg BT 214.22 58.15 Td (with ) Tj ET Q q 0 0 0 rg BT 233.59 58.15 Td (resilience ) Tj ET Q q 0 0 0 rg BT 277.42 58.15 Td (to ) Tj ET Q q 0 0 0 rg BT 287.35 58.15 Td (an ) Tj ET Q q 0 0 0 rg BT 300.06 58.15 Td (unpredictable ) Tj ET Q q 0 0 0 rg BT 361.69 58.15 Td (commodity ) Tj ET Q q 0 0 0 rg BT 411.62 58.15 Td (price ) Tj ET Q q 0 0 0 rg BT 434.88 58.15 Td (environment. ) Tj ET Q q 0 0 0 rg BT 494.27 58.15 Td (Our ) Tj ET Q q 0 0 0 rg BT 512.53 58.15 Td (experienced ) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 6) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td (technical ) Tj ET Q q 0 0 0 rg BT 85.94 730.75 Td (teams ) Tj ET Q q 0 0 0 rg BT 114.64 730.75 Td (have ) Tj ET Q q 0 0 0 rg BT 137.80 730.75 Td (a ) Tj ET Q q 0 0 0 rg BT 144.83 730.75 Td (thorough ) Tj ET Q q 0 0 0 rg BT 185.78 730.75 Td (understanding ) Tj ET Q q 0 0 0 rg BT 250.64 730.75 Td (of ) Tj ET Q q 0 0 0 rg BT 260.45 730.75 Td (our ) Tj ET Q q 0 0 0 rg BT 276.37 730.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 306.75 730.75 Td (and ) Tj ET Q q 0 0 0 rg BT 324.90 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 340.28 730.75 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 385.64 730.75 Td (within ) Tj ET Q q 0 0 0 rg BT 412.68 730.75 Td (the ) Tj ET Q q 0 0 0 rg BT 428.05 730.75 Td (W) Tj ET Q q 0 0 0 rg BT 437.31 730.75 Td (estern ) Tj ET Q q 0 0 0 rg BT 466.58 730.75 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 510.86 730.75 Td (Sedimentary ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 718.75 Td (Basin ) Tj ET Q q 0 0 0 rg BT 72.58 718.75 Td (as ) Tj ET Q q 0 0 0 rg BT 85.70 718.75 Td (they ) Tj ET Q q 0 0 0 rg BT 107.17 718.75 Td (exercise ) Tj ET Q q 0 0 0 rg BT 146.97 718.75 Td (the ) Tj ET Q q 0 0 0 rg BT 163.44 718.75 Td (discipline ) Tj ET Q q 0 0 0 rg BT 207.13 718.75 Td (and ) Tj ET Q q 0 0 0 rg BT 226.38 718.75 Td (commitment ) Tj ET Q q 0 0 0 rg BT 283.40 718.75 Td (required ) Tj ET Q q 0 0 0 rg BT 322.65 718.75 Td (to ) Tj ET Q q 0 0 0 rg BT 333.55 718.75 Td (deliver ) Tj ET Q q 0 0 0 rg BT 365.58 718.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 410.38 718.75 Td (value ) Tj ET Q q 0 0 0 rg BT 436.85 718.75 Td (to ) Tj ET Q q 0 0 0 rg BT 447.75 718.75 Td (our ) Tj ET Q q 0 0 0 rg BT 464.77 718.75 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 527.76 718.75 Td (The ) Tj ET Q q 0 0 0 rg BT 547.55 718.75 Td (core ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 706.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.28 706.75 Td (and ) Tj ET Q q 0 0 0 rg BT 108.55 706.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.82 706.75 Td (principles ) Tj ET Q q 0 0 0 rg BT 192.64 706.75 Td (that ) Tj ET Q q 0 0 0 rg BT 211.90 706.75 Td (guide ) Tj ET Q q 0 0 0 rg BT 238.95 706.75 Td (our ) Tj ET Q q 0 0 0 rg BT 255.99 706.75 Td (people ) Tj ET Q q 0 0 0 rg BT 288.60 706.75 Td (have ) Tj ET Q q 0 0 0 rg BT 312.86 706.75 Td (been ) Tj ET Q q 0 0 0 rg BT 337.69 706.75 Td (with ) Tj ET Q q 0 0 0 rg BT 358.06 706.75 Td (our ) Tj ET Q q 0 0 0 rg BT 375.09 706.75 Td (organization ) Tj ET Q q 0 0 0 rg BT 432.15 706.75 Td (from ) Tj ET Q q 0 0 0 rg BT 454.74 706.75 Td (the ) Tj ET Q q 0 0 0 rg BT 471.22 706.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 517.17 706.75 Td (and ) Tj ET Q q 0 0 0 rg BT 536.44 706.75 Td (remain ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 694.75 Td (solidly ) Tj ET Q q 0 0 0 rg BT 75.57 694.75 Td (intact ) Tj ET Q q 0 0 0 rg BT 102.25 694.75 Td (today) Tj ET Q q 0 0 0 rg BT 125.97 694.75 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 676.75 Td (As ) Tj ET Q q 0 0 0 rg BT 58.91 676.75 Td (a ) Tj ET Q q 0 0 0 rg BT 66.71 676.75 Td (result ) Tj ET Q q 0 0 0 rg BT 93.40 676.75 Td (of ) Tj ET Q q 0 0 0 rg BT 103.97 676.75 Td (our ) Tj ET Q q 0 0 0 rg BT 120.66 676.75 Td (recent ) Tj ET Q q 0 0 0 rg BT 150.69 676.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 199.61 676.75 Td (non-core ) Tj ET Q q 0 0 0 rg BT 241.32 676.75 Td (disposition ) Tj ET Q q 0 0 0 rg BT 290.81 676.75 Td (strategy) Tj ET Q q 0 0 0 rg BT 325.63 676.75 Td (, ) Tj ET Q q 0 0 0 rg BT 330.65 676.75 Td (our ) Tj ET Q q 0 0 0 rg BT 347.34 676.75 Td (production ) Tj ET Q q 0 0 0 rg BT 396.28 676.75 Td (and ) Tj ET Q q 0 0 0 rg BT 415.20 676.75 Td (development ) Tj ET Q q 0 0 0 rg BT 474.69 676.75 Td (activity ) Tj ET Q q 0 0 0 rg BT 507.49 676.75 Td (is ) Tj ET Q q 0 0 0 rg BT 516.95 676.75 Td (now ) Tj ET Q q 0 0 0 rg BT 537.53 676.75 Td (largely ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 664.75 Td (concentrated ) Tj ET Q q 0 0 0 rg BT 106.14 664.75 Td (in ) Tj ET Q q 0 0 0 rg BT 117.24 664.75 Td (two ) Tj ET Q q 0 0 0 rg BT 136.12 664.75 Td (core ) Tj ET Q q 0 0 0 rg BT 158.89 664.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 187.22 664.75 Td (in ) Tj ET Q q 0 0 0 rg BT 198.32 664.75 Td (central ) Tj ET Q q 0 0 0 rg BT 231.00 664.75 Td (Alberta. ) Tj ET Q q 0 0 0 rg BT 268.78 664.75 Td (W) Tj ET Q q 0 0 0 rg BT 278.04 664.75 Td (e ) Tj ET Q q 0 0 0 rg BT 286.92 664.75 Td (create ) Tj ET Q q 0 0 0 rg BT 318.03 664.75 Td (opportunity ) Tj ET Q q 0 0 0 rg BT 370.82 664.75 Td (through ) Tj ET Q q 0 0 0 rg BT 408.06 664.75 Td (undeveloped ) Tj ET Q q 0 0 0 rg BT 468.65 664.75 Td (land ) Tj ET Q q 0 0 0 rg BT 490.88 664.75 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 543.11 664.75 Td (asset ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 652.75 Td (swaps, ) Tj ET Q q 0 0 0 rg BT 79.13 652.75 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 134.38 652.75 Td (and ) Tj ET Q q 0 0 0 rg BT 154.07 652.75 Td (farm-in ) Tj ET Q q 0 0 0 rg BT 188.19 652.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 248.46 652.75 Td (in ) Tj ET Q q 0 0 0 rg BT 259.25 652.75 Td (these ) Tj ET Q q 0 0 0 rg BT 286.71 652.75 Td (areas. ) Tj ET Q q 0 0 0 rg BT 317.51 652.75 Td (Specifically ) Tj ET Q q 0 0 0 rg BT 370.54 652.75 Td (over ) Tj ET Q q 0 0 0 rg BT 392.99 652.75 Td (the ) Tj ET Q q 0 0 0 rg BT 409.90 652.75 Td (past ) Tj ET Q q 0 0 0 rg BT 431.81 652.75 Td (five ) Tj ET Q q 0 0 0 rg BT 450.37 652.75 Td (years, ) Tj ET Q q 0 0 0 rg BT 480.61 652.75 Td (technology ) Tj ET Q q 0 0 0 rg BT 531.98 652.75 Td (coupled ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 640.75 Td (with ) Tj ET Q q 0 0 0 rg BT 65.08 640.75 Td (North ) Tj ET Q q 0 0 0 rg BT 91.37 640.75 Td (American ) Tj ET Q q 0 0 0 rg BT 135.90 640.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 168.76 640.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 187.18 640.75 Td (supply/demand ) Tj ET Q q 0 0 0 rg BT 257.29 640.75 Td (fundamentals ) Tj ET Q q 0 0 0 rg BT 319.63 640.75 Td (has ) Tj ET Q q 0 0 0 rg BT 338.04 640.75 Td (led ) Tj ET Q q 0 0 0 rg BT 353.68 640.75 Td (to ) Tj ET Q q 0 0 0 rg BT 364.31 640.75 Td (numerous ) Tj ET Q q 0 0 0 rg BT 411.07 640.75 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 470.62 640.75 Td (to ) Tj ET Q q 0 0 0 rg BT 481.26 640.75 Td (reposition ) Tj ET Q q 0 0 0 rg BT 526.91 640.75 Td (the ) Tj ET Q q 0 0 0 rg BT 543.10 640.75 Td (asset ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 628.75 Td (portfolio ) Tj ET Q q 0 0 0 rg BT 83.70 628.75 Td (and ) Tj ET Q q 0 0 0 rg BT 103.50 628.75 Td (drastically ) Tj ET Q q 0 0 0 rg BT 151.08 628.75 Td (improve ) Tj ET Q q 0 0 0 rg BT 189.77 628.75 Td (the ) Tj ET Q q 0 0 0 rg BT 206.79 628.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 238.82 628.75 Td (of ) Tj ET Q q 0 0 0 rg BT 250.28 628.75 Td (our ) Tj ET Q q 0 0 0 rg BT 267.86 628.75 Td (development ) Tj ET Q q 0 0 0 rg BT 328.24 628.75 Td (projects. ) Tj ET Q q 0 0 0 rg BT 368.95 628.75 Td (These ) Tj ET Q q 0 0 0 rg BT 399.87 628.75 Td (activities ) Tj ET Q q 0 0 0 rg BT 441.33 628.75 Td (have ) Tj ET Q q 0 0 0 rg BT 466.14 628.75 Td (led ) Tj ET Q q 0 0 0 rg BT 482.61 628.75 Td (to ) Tj ET Q q 0 0 0 rg BT 494.07 628.75 Td (low ) Tj ET Q q 0 0 0 rg BT 512.19 628.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 533.65 628.75 Td (reserve ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 616.75 Td (additions ) Tj ET Q q 0 0 0 rg BT 87.50 616.75 Td (and ) Tj ET Q q 0 0 0 rg BT 106.65 616.75 Td (a ) Tj ET Q q 0 0 0 rg BT 114.68 616.75 Td (reliable ) Tj ET Q q 0 0 0 rg BT 149.39 616.75 Td (production ) Tj ET Q q 0 0 0 rg BT 198.56 616.75 Td (base. ) Tj ET Q q 0 0 0 rg BT 225.33 616.75 Td (T) Tj ET Q q 0 0 0 rg BT 230.33 616.75 Td (oday) Tj ET Q q 0 0 0 rg BT 251.28 616.75 Td (, ) Tj ET Q q 0 0 0 rg BT 256.52 616.75 Td (the ) Tj ET Q q 0 0 0 rg BT 272.89 616.75 Td (predictable ) Tj ET Q q 0 0 0 rg BT 324.28 616.75 Td (production ) Tj ET Q q 0 0 0 rg BT 373.45 616.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 432.06 616.75 Td (and ) Tj ET Q q 0 0 0 rg BT 451.21 616.75 Td (optimized ) Tj ET Q q 0 0 0 rg BT 496.48 616.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 517.29 616.75 Td (structure ) Tj ET Q q 0 0 0 rg BT 558.66 616.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 604.75 Td (our ) Tj ET Q q 0 0 0 rg BT 64.26 604.75 Td (high ) Tj ET Q q 0 0 0 rg BT 87.97 604.75 Td (quality ) Tj ET Q q 0 0 0 rg BT 121.68 604.75 Td (asset ) Tj ET Q q 0 0 0 rg BT 150.39 604.75 Td (base ) Tj ET Q q 0 0 0 rg BT 176.88 604.75 Td (ensures ) Tj ET Q q 0 0 0 rg BT 217.26 604.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 263.77 604.75 Td (netbacks ) Tj ET Q q 0 0 0 rg BT 308.60 604.75 Td (that ) Tj ET Q q 0 0 0 rg BT 330.08 604.75 Td (compete ) Tj ET Q q 0 0 0 rg BT 373.24 604.75 Td (favorably ) Tj ET Q q 0 0 0 rg BT 418.62 604.75 Td (in ) Tj ET Q q 0 0 0 rg BT 431.21 604.75 Td (most ) Tj ET Q q 0 0 0 rg BT 457.69 604.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 504.19 604.75 Td (environments. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 592.75 Td (Furthermore, ) Tj ET Q q 0 0 0 rg BT 105.90 592.75 Td (our ) Tj ET Q q 0 0 0 rg BT 123.46 592.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 155.47 592.75 Td (are ) Tj ET Q q 0 0 0 rg BT 173.03 592.75 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 238.95 592.75 Td (operated ) Tj ET Q q 0 0 0 rg BT 281.54 592.75 Td (by ) Tj ET Q q 0 0 0 rg BT 295.21 592.75 Td (us, ) Tj ET Q q 0 0 0 rg BT 311.66 592.75 Td (providing ) Tj ET Q q 0 0 0 rg BT 355.34 592.75 Td (control ) Tj ET Q q 0 0 0 rg BT 388.47 592.75 Td (over ) Tj ET Q q 0 0 0 rg BT 411.03 592.75 Td (the ) Tj ET Q q 0 0 0 rg BT 428.04 592.75 Td (pace ) Tj ET Q q 0 0 0 rg BT 452.83 592.75 Td (of ) Tj ET Q q 0 0 0 rg BT 464.28 592.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 514.08 592.75 Td (and ) Tj ET Q q 0 0 0 rg BT 533.88 592.75 Td (a ) Tj ET Q q 0 0 0 rg BT 542.55 592.75 Td (direct ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 580.75 Td (influence ) Tj ET Q q 0 0 0 rg BT 87.81 580.75 Td (over ) Tj ET Q q 0 0 0 rg BT 110.04 580.75 Td (our ) Tj ET Q q 0 0 0 rg BT 127.27 580.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 171.75 580.75 Td (and ) Tj ET Q q 0 0 0 rg BT 191.21 580.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 222.90 580.75 Td (cost ) Tj ET Q q 0 0 0 rg BT 244.01 580.75 Td (ef) Tj ET Q q 0 0 0 rg BT 252.17 580.75 Td (ficiencies.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 562.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 64.42 562.75 Td (team ) Tj ET Q q 0 0 0 rg BT 89.40 562.75 Td (brings ) Tj ET Q q 0 0 0 rg BT 119.38 562.75 Td (a ) Tj ET Q q 0 0 0 rg BT 127.69 562.75 Td (successful ) Tj ET Q q 0 0 0 rg BT 177.12 562.75 Td (track ) Tj ET Q q 0 0 0 rg BT 201.54 562.75 Td (record ) Tj ET Q q 0 0 0 rg BT 232.63 562.75 Td (of ) Tj ET Q q 0 0 0 rg BT 243.71 562.75 Td (executing ) Tj ET Q q 0 0 0 rg BT 289.27 562.75 Td (reliable ) Tj ET Q q 0 0 0 rg BT 324.26 562.75 Td (development ) Tj ET Q q 0 0 0 rg BT 384.27 562.75 Td (programs ) Tj ET Q q 0 0 0 rg BT 429.25 562.75 Td (with ) Tj ET Q q 0 0 0 rg BT 449.78 562.75 Td (consistency ) Tj ET Q q 0 0 0 rg BT 504.77 562.75 Td (and ) Tj ET Q q 0 0 0 rg BT 524.20 562.75 Td (precision. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 550.75 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 550.75 Td (e ) Tj ET Q q 0 0 0 rg BT 62.96 550.75 Td (continually ) Tj ET Q q 0 0 0 rg BT 113.35 550.75 Td (strive ) Tj ET Q q 0 0 0 rg BT 140.38 550.75 Td (for ) Tj ET Q q 0 0 0 rg BT 155.19 550.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 193.36 550.75 Td (sheet ) Tj ET Q q 0 0 0 rg BT 220.97 550.75 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 261.90 550.75 Td (and ) Tj ET Q q 0 0 0 rg BT 281.72 550.75 Td (remain ) Tj ET Q q 0 0 0 rg BT 315.43 550.75 Td (focused ) Tj ET Q q 0 0 0 rg BT 353.59 550.75 Td (on ) Tj ET Q q 0 0 0 rg BT 367.86 550.75 Td (prudent ) Tj ET Q q 0 0 0 rg BT 404.91 550.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 444.74 550.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 509.03 550.75 Td (Our ) Tj ET Q q 0 0 0 rg BT 528.84 550.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 558.67 550.75 Td (of ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 538.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 90.07 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.82 538.75 Td (management ) Tj ET Q q 0 0 0 rg BT 175.25 538.75 Td (team ) Tj ET Q q 0 0 0 rg BT 202.54 538.75 Td (possess ) Tj ET Q q 0 0 0 rg BT 244.29 538.75 Td (extensive ) Tj ET Q q 0 0 0 rg BT 291.60 538.75 Td (experience ) Tj ET Q q 0 0 0 rg BT 345.59 538.75 Td (in ) Tj ET Q q 0 0 0 rg BT 358.43 538.75 Td (the ) Tj ET Q q 0 0 0 rg BT 377.40 538.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 392.47 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 414.21 538.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 449.85 538.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 471.04 538.75 Td (business. ) Tj ET Q q 0 0 0 rg BT 518.02 538.75 Td (They ) Tj ET Q q 0 0 0 rg BT 545.32 538.75 Td (have ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 526.75 Td (successfully ) Tj ET Q q 0 0 0 rg BT 102.26 526.75 Td (guided ) Tj ET Q q 0 0 0 rg BT 135.64 526.75 Td (our ) Tj ET Q q 0 0 0 rg BT 153.44 526.75 Td (organization ) Tj ET Q q 0 0 0 rg BT 211.27 526.75 Td (through ) Tj ET Q q 0 0 0 rg BT 248.54 526.75 Td (many ) Tj ET Q q 0 0 0 rg BT 276.34 526.75 Td (dif) Tj ET Q q 0 0 0 rg BT 286.72 526.75 Td (ferent ) Tj ET Q q 0 0 0 rg BT 315.65 526.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 361.79 526.75 Td (cycles ) Tj ET Q q 0 0 0 rg BT 392.93 526.75 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 429.63 526.75 Td (a ) Tj ET Q q 0 0 0 rg BT 438.54 526.75 Td (proven ) Tj ET Q q 0 0 0 rg BT 472.47 526.75 Td (strategy ) Tj ET Q q 0 0 0 rg BT 511.39 526.75 Td (underpinned ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 514.75 Td (with ) Tj ET Q q 0 0 0 rg BT 65.29 514.75 Td (a ) Tj ET Q q 0 0 0 rg BT 73.35 514.75 Td (set ) Tj ET Q q 0 0 0 rg BT 89.19 514.75 Td (of ) Tj ET Q q 0 0 0 rg BT 100.04 514.75 Td (consistent ) Tj ET Q q 0 0 0 rg BT 147.56 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 166.75 514.75 Td (reliable ) Tj ET Q q 0 0 0 rg BT 201.50 514.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 245.70 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 264.88 514.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.08 514.75 Td (principles. ) Tj ET Q q 0 0 0 rg BT 351.60 514.75 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 396.89 514.75 Td (management ) Tj ET Q q 0 0 0 rg BT 457.76 514.75 Td (and ) Tj ET Q q 0 0 0 rg BT 476.95 514.75 Td (employees ) Tj ET Q q 0 0 0 rg BT 527.81 514.75 Td (also ) Tj ET Q q 0 0 0 rg BT 548.66 514.75 Td (own ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 502.75 Td (approximately ) Tj ET Q q 0 0 0 rg BT 110.03 502.75 Td (10% ) Tj ET Q q 0 0 0 rg BT 132.82 502.75 Td (of ) Tj ET Q q 0 0 0 rg BT 143.94 502.75 Td (the ) Tj ET Q q 0 0 0 rg BT 160.62 502.75 Td (equity ) Tj ET Q q 0 0 0 rg BT 190.08 502.75 Td (of ) Tj ET Q q 0 0 0 rg BT 201.20 502.75 Td (Bonavista, ) Tj ET Q q 0 0 0 rg BT 250.67 502.75 Td (aligning ) Tj ET Q q 0 0 0 rg BT 287.92 502.75 Td (our ) Tj ET Q q 0 0 0 rg BT 305.16 502.75 Td (interests ) Tj ET Q q 0 0 0 rg BT 345.73 502.75 Td (with ) Tj ET Q q 0 0 0 rg BT 366.29 502.75 Td (those ) Tj ET Q q 0 0 0 rg BT 393.53 502.75 Td (of ) Tj ET Q q 0 0 0 rg BT 404.65 502.75 Td (external ) Tj ET Q q 0 0 0 rg BT 443.00 502.75 Td (shareholders.) Tj ET Q BT /F2 12.00 Tf ET q 0 0 0 rg BT 45.00 482.35 Td (OUTLOOK) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 464.35 Td (Elevated ) Tj ET Q q 0 0 0 rg BT 86.83 464.35 Td (world ) Tj ET Q q 0 0 0 rg BT 113.64 464.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 126.56 464.35 Td (production ) Tj ET Q q 0 0 0 rg BT 176.17 464.35 Td (and ) Tj ET Q q 0 0 0 rg BT 195.76 464.35 Td (above ) Tj ET Q q 0 0 0 rg BT 225.92 464.35 Td (average ) Tj ET Q q 0 0 0 rg BT 264.97 464.35 Td (North ) Tj ET Q q 0 0 0 rg BT 291.76 464.35 Td (American ) Tj ET Q q 0 0 0 rg BT 336.91 464.35 Td (natural ) Tj ET Q q 0 0 0 rg BT 370.40 464.35 Td (gas ) Tj ET Q q 0 0 0 rg BT 389.43 464.35 Td (inventories ) Tj ET Q q 0 0 0 rg BT 440.71 464.35 Td (will ) Tj ET Q q 0 0 0 rg BT 457.50 464.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 498.23 464.35 Td (to ) Tj ET Q q 0 0 0 rg BT 509.48 464.35 Td (weigh ) Tj ET Q q 0 0 0 rg BT 538.52 464.35 Td (on ) Tj ET Q q 0 0 0 rg BT 552.55 464.35 Td (our ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 452.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 82.59 452.35 Td (in ) Tj ET Q q 0 0 0 rg BT 92.95 452.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 120.38 452.35 Td (These ) Tj ET Q q 0 0 0 rg BT 150.75 452.35 Td (supply ) Tj ET Q q 0 0 0 rg BT 182.23 452.35 Td (pressures ) Tj ET Q q 0 0 0 rg BT 228.71 452.35 Td (and ) Tj ET Q q 0 0 0 rg BT 247.97 452.35 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 313.92 452.35 Td (low ) Tj ET Q q 0 0 0 rg BT 331.50 452.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 382.42 452.35 Td (prices ) Tj ET Q q 0 0 0 rg BT 411.67 452.35 Td (have ) Tj ET Q q 0 0 0 rg BT 435.92 452.35 Td (resulted ) Tj ET Q q 0 0 0 rg BT 474.08 452.35 Td (in ) Tj ET Q q 0 0 0 rg BT 484.43 452.35 Td (a ) Tj ET Q q 0 0 0 rg BT 492.57 452.35 Td (73% ) Tj ET Q q 0 0 0 rg BT 515.16 452.35 Td (drop ) Tj ET Q q 0 0 0 rg BT 537.75 452.35 Td (in ) Tj ET Q q 0 0 0 rg BT 548.11 452.35 Td (total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 440.35 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.68 440.35 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 112.12 440.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 125.11 440.35 Td (and ) Tj ET Q q 0 0 0 rg BT 144.77 440.35 Td (natural ) Tj ET Q q 0 0 0 rg BT 178.33 440.35 Td (gas ) Tj ET Q q 0 0 0 rg BT 197.44 440.35 Td (rigs ) Tj ET Q q 0 0 0 rg BT 216.54 440.35 Td (to ) Tj ET Q q 0 0 0 rg BT 227.86 440.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 293.10 440.35 Td (514 ) Tj ET Q q 0 0 0 rg BT 312.77 440.35 Td (from ) Tj ET Q q 0 0 0 rg BT 335.75 440.35 Td (a ) Tj ET Q q 0 0 0 rg BT 344.30 440.35 Td (recent ) Tj ET Q q 0 0 0 rg BT 375.08 440.35 Td (high ) Tj ET Q q 0 0 0 rg BT 396.97 440.35 Td (of ) Tj ET Q q 0 0 0 rg BT 408.29 440.35 Td (1,931 ) Tj ET Q q 0 0 0 rg BT 436.30 440.35 Td (in ) Tj ET Q q 0 0 0 rg BT 447.07 440.35 Td (September ) Tj ET Q q 0 0 0 rg BT 498.97 440.35 Td (2014. ) Tj ET Q q 0 0 0 rg BT 526.98 440.35 Td (Reduced ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 428.35 Td (drilling ) Tj ET Q q 0 0 0 rg BT 75.74 428.35 Td (activity ) Tj ET Q q 0 0 0 rg BT 108.13 428.35 Td (has ) Tj ET Q q 0 0 0 rg BT 126.09 428.35 Td (impacted ) Tj ET Q q 0 0 0 rg BT 168.50 428.35 Td (production, ) Tj ET Q q 0 0 0 rg BT 219.81 428.35 Td (with ) Tj ET Q q 0 0 0 rg BT 239.43 428.35 Td (North ) Tj ET Q q 0 0 0 rg BT 265.35 428.35 Td (American ) Tj ET Q q 0 0 0 rg BT 309.42 428.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 321.26 428.35 Td (production ) Tj ET Q q 0 0 0 rg BT 369.79 428.35 Td (declining ) Tj ET Q q 0 0 0 rg BT 411.10 428.35 Td (while ) Tj ET Q q 0 0 0 rg BT 435.72 428.35 Td (world ) Tj ET Q q 0 0 0 rg BT 461.45 428.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 473.29 428.35 Td (demand ) Tj ET Q q 0 0 0 rg BT 511.26 428.35 Td (is ) Tj ET Q q 0 0 0 rg BT 520.32 428.35 Td (forecasted ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 416.35 Td (to ) Tj ET Q q 0 0 0 rg BT 55.98 416.35 Td (grow ) Tj ET Q q 0 0 0 rg BT 80.29 416.35 Td (in ) Tj ET Q q 0 0 0 rg BT 90.72 416.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 117.86 416.35 Td (All ) Tj ET Q q 0 0 0 rg BT 131.61 416.35 Td (of ) Tj ET Q q 0 0 0 rg BT 142.59 416.35 Td (these ) Tj ET Q q 0 0 0 rg BT 169.69 416.35 Td (signals ) Tj ET Q q 0 0 0 rg BT 203.46 416.35 Td (are ) Tj ET Q q 0 0 0 rg BT 220.56 416.35 Td (constructive ) Tj ET Q q 0 0 0 rg BT 276.55 416.35 Td (and ) Tj ET Q q 0 0 0 rg BT 295.88 416.35 Td (support ) Tj ET Q q 0 0 0 rg BT 331.87 416.35 Td (the ) Tj ET Q q 0 0 0 rg BT 348.41 416.35 Td (beginning ) Tj ET Q q 0 0 0 rg BT 394.43 416.35 Td (of ) Tj ET Q q 0 0 0 rg BT 405.41 416.35 Td (a ) Tj ET Q q 0 0 0 rg BT 413.61 416.35 Td (correction ) Tj ET Q q 0 0 0 rg BT 460.15 416.35 Td (to ) Tj ET Q q 0 0 0 rg BT 471.13 416.35 Td (the ) Tj ET Q q 0 0 0 rg BT 487.68 416.35 Td (current ) Tj ET Q q 0 0 0 rg BT 521.44 416.35 Td (imbalance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 404.35 Td (between ) Tj ET Q q 0 0 0 rg BT 85.59 404.35 Td (oil ) Tj ET Q q 0 0 0 rg BT 98.37 404.35 Td (supply ) Tj ET Q q 0 0 0 rg BT 130.05 404.35 Td (and ) Tj ET Q q 0 0 0 rg BT 149.52 404.35 Td (demand. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 386.35 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 386.35 Td (e ) Tj ET Q q 0 0 0 rg BT 62.92 386.35 Td (are ) Tj ET Q q 0 0 0 rg BT 80.47 386.35 Td (well ) Tj ET Q q 0 0 0 rg BT 100.79 386.35 Td (positioned ) Tj ET Q q 0 0 0 rg BT 149.48 386.35 Td (to ) Tj ET Q q 0 0 0 rg BT 160.92 386.35 Td (succeed ) Tj ET Q q 0 0 0 rg BT 201.26 386.35 Td (through ) Tj ET Q q 0 0 0 rg BT 238.27 386.35 Td (this ) Tj ET Q q 0 0 0 rg BT 256.93 386.35 Td (environment. ) Tj ET Q q 0 0 0 rg BT 317.84 386.35 Td (W) Tj ET Q q 0 0 0 rg BT 327.09 386.35 Td (e ) Tj ET Q q 0 0 0 rg BT 335.75 386.35 Td (are ) Tj ET Q q 0 0 0 rg BT 353.30 386.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 391.42 386.35 Td (on ) Tj ET Q q 0 0 0 rg BT 405.64 386.35 Td (improving ) Tj ET Q q 0 0 0 rg BT 452.09 386.35 Td (our ) Tj ET Q q 0 0 0 rg BT 469.64 386.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 509.43 386.35 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 550.31 386.35 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 374.35 Td (will ) Tj ET Q q 0 0 0 rg BT 62.29 374.35 Td (continue ) Tj ET Q q 0 0 0 rg BT 103.49 374.35 Td (to ) Tj ET Q q 0 0 0 rg BT 115.23 374.35 Td (rationalize ) Tj ET Q q 0 0 0 rg BT 164.21 374.35 Td (non-core ) Tj ET Q q 0 0 0 rg BT 207.08 374.35 Td (assets ) Tj ET Q q 0 0 0 rg BT 239.38 374.35 Td (and ) Tj ET Q q 0 0 0 rg BT 259.46 374.35 Td (concentrate ) Tj ET Q q 0 0 0 rg BT 315.11 374.35 Td (our ) Tj ET Q q 0 0 0 rg BT 332.96 374.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 365.27 374.35 Td (spending ) Tj ET Q q 0 0 0 rg BT 409.26 374.35 Td (in ) Tj ET Q q 0 0 0 rg BT 420.44 374.35 Td (two ) Tj ET Q q 0 0 0 rg BT 439.40 374.35 Td (core ) Tj ET Q q 0 0 0 rg BT 462.25 374.35 Td (areas. ) Tj ET Q q 0 0 0 rg BT 493.44 374.35 Td (Our ) Tj ET Q q 0 0 0 rg BT 513.51 374.35 Td (key ) Tj ET Q q 0 0 0 rg BT 532.47 374.35 Td (plays ) Tj ET Q q 0 0 0 rg BT 559.21 374.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 362.35 Td (these ) Tj ET Q q 0 0 0 rg BT 73.37 362.35 Td (core ) Tj ET Q q 0 0 0 rg BT 96.73 362.35 Td (areas ) Tj ET Q q 0 0 0 rg BT 125.65 362.35 Td (rank ) Tj ET Q q 0 0 0 rg BT 149.01 362.35 Td (among ) Tj ET Q q 0 0 0 rg BT 183.50 362.35 Td (the ) Tj ET Q q 0 0 0 rg BT 201.30 362.35 Td (best ) Tj ET Q q 0 0 0 rg BT 224.11 362.35 Td (economic ) Tj ET Q q 0 0 0 rg BT 270.82 362.35 Td (performers ) Tj ET Q q 0 0 0 rg BT 323.07 362.35 Td (in ) Tj ET Q q 0 0 0 rg BT 334.76 362.35 Td (western ) Tj ET Q q 0 0 0 rg BT 373.68 362.35 Td (Canada. ) Tj ET Q q 0 0 0 rg BT 415.40 362.35 Td (W) Tj ET Q q 0 0 0 rg BT 424.66 362.35 Td (e ) Tj ET Q q 0 0 0 rg BT 434.12 362.35 Td (remain ) Tj ET Q q 0 0 0 rg BT 468.60 362.35 Td (protected ) Tj ET Q q 0 0 0 rg BT 514.20 362.35 Td (from ) Tj ET Q q 0 0 0 rg BT 538.11 362.35 Td (further ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 350.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 96.99 350.35 Td (price ) Tj ET Q q 0 0 0 rg BT 122.32 350.35 Td (volatility ) Tj ET Q q 0 0 0 rg BT 161.53 350.35 Td (with ) Tj ET Q q 0 0 0 rg BT 182.97 350.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 248.87 350.35 Td (83% ) Tj ET Q q 0 0 0 rg BT 272.53 350.35 Td (of ) Tj ET Q q 0 0 0 rg BT 284.52 350.35 Td (our ) Tj ET Q q 0 0 0 rg BT 302.62 350.35 Td (budgeted ) Tj ET Q q 0 0 0 rg BT 347.98 350.35 Td (natural ) Tj ET Q q 0 0 0 rg BT 382.21 350.35 Td (gas ) Tj ET Q q 0 0 0 rg BT 401.98 350.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 446.77 350.35 Td (and ) Tj ET Q q 0 0 0 rg BT 467.10 350.35 Td (64% ) Tj ET Q q 0 0 0 rg BT 490.76 350.35 Td (of ) Tj ET Q q 0 0 0 rg BT 502.75 350.35 Td (budgeted ) Tj ET Q q 0 0 0 rg BT 548.11 350.35 Td (total ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 338.35 Td (production ) Tj ET Q q 0 0 0 rg BT 94.05 338.35 Td (hedged ) Tj ET Q q 0 0 0 rg BT 129.76 338.35 Td (for ) Tj ET Q q 0 0 0 rg BT 143.78 338.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 168.37 338.35 Td (on ) Tj ET Q q 0 0 0 rg BT 181.84 338.35 Td (a ) Tj ET Q q 0 0 0 rg BT 189.75 338.35 Td (boe ) Tj ET Q q 0 0 0 rg BT 208.78 338.35 Td (basis. ) Tj ET Q q 0 0 0 rg BT 237.25 338.35 Td (In ) Tj ET Q q 0 0 0 rg BT 247.94 338.35 Td (addition, ) Tj ET Q q 0 0 0 rg BT 288.09 338.35 Td (our ) Tj ET Q q 0 0 0 rg BT 304.89 338.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 325.58 338.35 Td (structure ) Tj ET Q q 0 0 0 rg BT 366.83 338.35 Td (continues ) Tj ET Q q 0 0 0 rg BT 411.98 338.35 Td (to ) Tj ET Q q 0 0 0 rg BT 422.67 338.35 Td (improve, ) Tj ET Q q 0 0 0 rg BT 463.36 338.35 Td (creating ) Tj ET Q q 0 0 0 rg BT 501.28 338.35 Td (the ) Tj ET Q q 0 0 0 rg BT 517.53 338.35 Td (opportunity ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 326.35 Td (to ) Tj ET Q q 0 0 0 rg BT 56.33 326.35 Td (improve ) Tj ET Q q 0 0 0 rg BT 94.88 326.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 126.77 326.35 Td (ef) Tj ET Q q 0 0 0 rg BT 134.93 326.35 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 179.04 326.35 Td (throughout ) Tj ET Q q 0 0 0 rg BT 229.85 326.35 Td (2016. ) Tj ET Q q 0 0 0 rg BT 257.86 326.35 Td (Lastly) Tj ET Q q 0 0 0 rg BT 283.24 326.35 Td (, ) Tj ET Q q 0 0 0 rg BT 289.00 326.35 Td (we ) Tj ET Q q 0 0 0 rg BT 304.77 326.35 Td (do ) Tj ET Q q 0 0 0 rg BT 318.88 326.35 Td (not ) Tj ET Q q 0 0 0 rg BT 335.77 326.35 Td (forecast ) Tj ET Q q 0 0 0 rg BT 374.32 326.35 Td (a ) Tj ET Q q 0 0 0 rg BT 382.87 326.35 Td (covenant ) Tj ET Q q 0 0 0 rg BT 426.44 326.35 Td (breach ) Tj ET Q q 0 0 0 rg BT 460.00 326.35 Td (on ) Tj ET Q q 0 0 0 rg BT 474.11 326.35 Td (our ) Tj ET Q q 0 0 0 rg BT 491.55 326.35 Td (long-term ) Tj ET Q q 0 0 0 rg BT 536.77 326.35 Td (debt ) Tj ET Q q 0 0 0 rg BT 559.22 326.35 Td (in ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 314.35 Td (2016.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 296.35 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 296.35 Td (e ) Tj ET Q q 0 0 0 rg BT 62.59 296.35 Td (intend ) Tj ET Q q 0 0 0 rg BT 92.61 296.35 Td (to ) Tj ET Q q 0 0 0 rg BT 103.72 296.35 Td (be ) Tj ET Q q 0 0 0 rg BT 117.61 296.35 Td (flexible ) Tj ET Q q 0 0 0 rg BT 151.51 296.35 Td (with ) Tj ET Q q 0 0 0 rg BT 172.07 296.35 Td (our ) Tj ET Q q 0 0 0 rg BT 189.29 296.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 214.31 296.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 245.99 296.35 Td (budget ) Tj ET Q q 0 0 0 rg BT 279.35 296.35 Td (in ) Tj ET Q q 0 0 0 rg BT 289.90 296.35 Td (light ) Tj ET Q q 0 0 0 rg BT 311.02 296.35 Td (of ) Tj ET Q q 0 0 0 rg BT 322.13 296.35 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 366.04 296.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 417.15 296.35 Td (prices. ) Tj ET Q q 0 0 0 rg BT 449.20 296.35 Td (This ) Tj ET Q q 0 0 0 rg BT 470.86 296.35 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 522.55 296.35 Td (will ) Tj ET Q q 0 0 0 rg BT 539.21 296.35 Td (create ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 284.35 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 104.48 284.35 Td (with ) Tj ET Q q 0 0 0 rg BT 124.49 284.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 155.62 284.35 Td (allocation ) Tj ET Q q 0 0 0 rg BT 200.09 284.35 Td (and ) Tj ET Q q 0 0 0 rg BT 219.00 284.35 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 278.46 284.35 Td (timing ) Tj ET Q q 0 0 0 rg BT 307.36 284.35 Td (and ) Tj ET Q q 0 0 0 rg BT 326.27 284.35 Td (as ) Tj ET Q q 0 0 0 rg BT 339.05 284.35 Td (such, ) Tj ET Q q 0 0 0 rg BT 365.18 284.35 Td (we ) Tj ET Q q 0 0 0 rg BT 380.18 284.35 Td (plan ) Tj ET Q q 0 0 0 rg BT 401.31 284.35 Td (capital ) Tj ET Q q 0 0 0 rg BT 432.44 284.35 Td (spending ) Tj ET Q q 0 0 0 rg BT 475.25 284.35 Td (of ) Tj ET Q q 0 0 0 rg BT 485.81 284.35 Td (between ) Tj ET Q q 0 0 0 rg BT 525.84 284.35 Td ($145 ) Tj ET Q q 0 0 0 rg BT 550.31 284.35 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 272.35 Td ($190 ) Tj ET Q q 0 0 0 rg BT 69.13 272.35 Td (million. ) Tj ET Q q 0 0 0 rg BT 102.00 272.35 Td (This ) Tj ET Q q 0 0 0 rg BT 122.77 272.35 Td (will ) Tj ET Q q 0 0 0 rg BT 138.54 272.35 Td (generate ) Tj ET Q q 0 0 0 rg BT 179.90 272.35 Td (production ) Tj ET Q q 0 0 0 rg BT 228.48 272.35 Td (between ) Tj ET Q q 0 0 0 rg BT 268.17 272.35 Td (69,000 ) Tj ET Q q 0 0 0 rg BT 300.63 272.35 Td (and ) Tj ET Q q 0 0 0 rg BT 319.20 272.35 Td (73,000 ) Tj ET Q q 0 0 0 rg BT 351.66 272.35 Td (boe ) Tj ET Q q 0 0 0 rg BT 370.23 272.35 Td (per ) Tj ET Q q 0 0 0 rg BT 386.56 272.35 Td (day) Tj ET Q q 0 0 0 rg BT 401.94 272.35 Td (, ) Tj ET Q q 0 0 0 rg BT 406.60 272.35 Td (focused ) Tj ET Q q 0 0 0 rg BT 443.51 272.35 Td (on ) Tj ET Q q 0 0 0 rg BT 456.51 272.35 Td (those ) Tj ET Q q 0 0 0 rg BT 482.85 272.35 Td (projects ) Tj ET Q q 0 0 0 rg BT 519.75 272.35 Td (generating ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 260.35 Td (at ) Tj ET Q q 0 0 0 rg BT 55.80 260.35 Td (least ) Tj ET Q q 0 0 0 rg BT 79.39 260.35 Td (a ) Tj ET Q q 0 0 0 rg BT 87.41 260.35 Td (20% ) Tj ET Q q 0 0 0 rg BT 109.89 260.35 Td (IRR ) Tj ET Q q 0 0 0 rg BT 129.57 260.35 Td (in ) Tj ET Q q 0 0 0 rg BT 139.82 260.35 Td (the ) Tj ET Q q 0 0 0 rg BT 156.18 260.35 Td (current ) Tj ET Q q 0 0 0 rg BT 189.77 260.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 240.57 260.35 Td (price ) Tj ET Q q 0 0 0 rg BT 264.71 260.35 Td (environment. ) Tj ET Q q 0 0 0 rg BT 324.98 260.35 Td (With ) Tj ET Q q 0 0 0 rg BT 347.44 260.35 Td (our ) Tj ET Q q 0 0 0 rg BT 364.36 260.35 Td (revised ) Tj ET Q q 0 0 0 rg BT 399.06 260.35 Td (dividend ) Tj ET Q q 0 0 0 rg BT 438.77 260.35 Td (commitment ) Tj ET Q q 0 0 0 rg BT 495.69 260.35 Td (for ) Tj ET Q q 0 0 0 rg BT 509.82 260.35 Td (2016, ) Tj ET Q q 0 0 0 rg BT 537.31 260.35 Td (we ) Tj ET Q q 0 0 0 rg BT 552.55 260.35 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 248.35 Td (targeting ) Tj ET Q q 0 0 0 rg BT 86.79 248.35 Td (a ) Tj ET Q q 0 0 0 rg BT 95.22 248.35 Td (total ) Tj ET Q q 0 0 0 rg BT 117.00 248.35 Td (payout ) Tj ET Q q 0 0 0 rg BT 149.89 248.35 Td (ratio ) Tj ET Q q 0 0 0 rg BT 172.22 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 183.43 248.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 248.55 248.35 Td (70% ) Tj ET Q q 0 0 0 rg BT 271.44 248.35 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 307.66 248.35 Td (our ) Tj ET Q q 0 0 0 rg BT 324.99 248.35 Td (base ) Tj ET Q q 0 0 0 rg BT 349.54 248.35 Td (E&D ) Tj ET Q q 0 0 0 rg BT 372.98 248.35 Td (budget ) Tj ET Q q 0 0 0 rg BT 406.43 248.35 Td (guidance ) Tj ET Q q 0 0 0 rg BT 449.90 248.35 Td (of ) Tj ET Q q 0 0 0 rg BT 461.11 248.35 Td ($145 ) Tj ET Q q 0 0 0 rg BT 486.23 248.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 520.22 248.35 Td (and ) Tj ET Q q 0 0 0 rg BT 539.77 248.35 Td (intend ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 236.35 Td (to ) Tj ET Q q 0 0 0 rg BT 56.12 236.35 Td (apply ) Tj ET Q q 0 0 0 rg BT 82.80 236.35 Td (the ) Tj ET Q q 0 0 0 rg BT 99.48 236.35 Td (remaining ) Tj ET Q q 0 0 0 rg BT 146.17 236.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 173.41 236.35 Td (from ) Tj ET Q q 0 0 0 rg BT 196.19 236.35 Td (operations, ) Tj ET Q q 0 0 0 rg BT 248.45 236.35 Td (of ) Tj ET Q q 0 0 0 rg BT 259.57 236.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 324.59 236.35 Td ($70 ) Tj ET Q q 0 0 0 rg BT 344.06 236.35 Td (million, ) Tj ET Q q 0 0 0 rg BT 377.95 236.35 Td (to ) Tj ET Q q 0 0 0 rg BT 389.07 236.35 Td (improve ) Tj ET Q q 0 0 0 rg BT 427.42 236.35 Td (our ) Tj ET Q q 0 0 0 rg BT 444.65 236.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 482.46 236.35 Td (sheet.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 218.35 Td (As ) Tj ET Q q 0 0 0 rg BT 59.36 218.35 Td (always, ) Tj ET Q q 0 0 0 rg BT 95.39 218.35 Td (we ) Tj ET Q q 0 0 0 rg BT 110.87 218.35 Td (thank ) Tj ET Q q 0 0 0 rg BT 138.02 218.35 Td (our ) Tj ET Q q 0 0 0 rg BT 155.16 218.35 Td (employees ) Tj ET Q q 0 0 0 rg BT 206.21 218.35 Td (for ) Tj ET Q q 0 0 0 rg BT 220.57 218.35 Td (their ) Tj ET Q q 0 0 0 rg BT 242.72 218.35 Td (tireless ) Tj ET Q q 0 0 0 rg BT 277.08 218.35 Td (dedication ) Tj ET Q q 0 0 0 rg BT 325.36 218.35 Td (and ) Tj ET Q q 0 0 0 rg BT 344.74 218.35 Td (commitment ) Tj ET Q q 0 0 0 rg BT 401.88 218.35 Td (to ) Tj ET Q q 0 0 0 rg BT 412.91 218.35 Td (our ) Tj ET Q q 0 0 0 rg BT 430.05 218.35 Td (vision ) Tj ET Q q 0 0 0 rg BT 458.31 218.35 Td (and ) Tj ET Q q 0 0 0 rg BT 477.68 218.35 Td (our ) Tj ET Q q 0 0 0 rg BT 494.83 218.35 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 555.33 218.35 Td (for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 206.35 Td (their ) Tj ET Q q 0 0 0 rg BT 66.95 206.35 Td (support ) Tj ET Q q 0 0 0 rg BT 102.80 206.35 Td (through ) Tj ET Q q 0 0 0 rg BT 139.22 206.35 Td (these ) Tj ET Q q 0 0 0 rg BT 166.18 206.35 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 209.81 206.35 Td (times. ) Tj ET Q q 0 0 0 rg BT 238.98 206.35 Td (W) Tj ET Q q 0 0 0 rg BT 248.24 206.35 Td (e ) Tj ET Q q 0 0 0 rg BT 256.30 206.35 Td (are ) Tj ET Q q 0 0 0 rg BT 273.25 206.35 Td (confident ) Tj ET Q q 0 0 0 rg BT 316.33 206.35 Td (of ) Tj ET Q q 0 0 0 rg BT 327.17 206.35 Td (our ) Tj ET Q q 0 0 0 rg BT 344.12 206.35 Td (strategies ) Tj ET Q q 0 0 0 rg BT 389.97 206.35 Td (and ) Tj ET Q q 0 0 0 rg BT 409.15 206.35 Td (are ) Tj ET Q q 0 0 0 rg BT 426.10 206.35 Td (backed ) Tj ET Q q 0 0 0 rg BT 460.85 206.35 Td (by ) Tj ET Q q 0 0 0 rg BT 473.91 206.35 Td (a ) Tj ET Q q 0 0 0 rg BT 481.97 206.35 Td (resilient ) Tj ET Q q 0 0 0 rg BT 518.92 206.35 Td (asset ) Tj ET Q q 0 0 0 rg BT 545.32 206.35 Td (base ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 194.35 Td (that ) Tj ET Q q 0 0 0 rg BT 64.46 194.35 Td (continues ) Tj ET Q q 0 0 0 rg BT 110.04 194.35 Td (to ) Tj ET Q q 0 0 0 rg BT 121.16 194.35 Td (provide ) Tj ET Q q 0 0 0 rg BT 156.74 194.35 Td (value ) Tj ET Q q 0 0 0 rg BT 183.42 194.35 Td (in ) Tj ET Q q 0 0 0 rg BT 193.98 194.35 Td (this ) Tj ET Q q 0 0 0 rg BT 212.32 194.35 Td (challenging ) Tj ET Q q 0 0 0 rg BT 265.70 194.35 Td (environment.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 179.35 Td (On ) Tj ET Q q 0 0 0 rg BT 61.67 179.35 Td (behalf ) Tj ET Q q 0 0 0 rg BT 93.89 179.35 Td (of ) Tj ET Q q 0 0 0 rg BT 106.11 179.35 Td (the ) Tj ET Q q 0 0 0 rg BT 123.89 179.35 Td (Board ) Tj ET Q q 0 0 0 rg BT 155.56 179.35 Td (of ) Tj ET Q q 0 0 0 rg BT 167.77 179.35 Td (Directors) Tj ET Q /GS0 gs q 72.00 0 0 54.00 45.00 117.35 cm /I6 Do Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 117.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.78 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 122.56 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 125.33 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 128.11 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 130.89 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 133.67 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 136.45 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 139.23 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 142.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 144.78 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 147.56 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 150.34 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 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441.04 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 443.82 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 446.60 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 449.38 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 452.16 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 454.94 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 457.71 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 460.49 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 463.27 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 466.05 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 468.83 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 471.61 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 474.38 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 477.16 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 479.94 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 482.72 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 485.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 488.28 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 491.05 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 493.83 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 496.61 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 499.39 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 502.17 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 504.95 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 507.72 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 510.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 513.28 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 516.06 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 518.84 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 521.62 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 524.39 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 527.17 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 529.95 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 532.73 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 535.51 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 538.29 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 541.06 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 543.84 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 546.62 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 549.40 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 552.18 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 554.96 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 557.73 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 560.51 117.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 563.29 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 567.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 569.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 594.50 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 597.00 117.35 Td ( ) Tj ET Q q 0 0 0 rg BT 599.50 117.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 105.35 Td (Keith ) Tj ET Q q 0 0 0 rg BT 70.02 105.35 Td (A. MacPhail Jason E. Skehar) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 93.35 Td (Executive Chairman President and Chief Executive Of) Tj ET Q q 0 0 0 rg BT 448.30 93.35 Td (ficer ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 69.35 Td (February25, ) Tj ET Q q 0 0 0 rg BT 104.47 69.35 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.72 69.35 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 57.35 Td (Calgary) Tj ET Q q 0 0 0 rg BT 78.72 57.35 Td (, ) Tj ET Q q 0 0 0 rg BT 83.72 57.35 Td (Alberta) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 7) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td 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(the ) Tj ET Q q 0 0 0 rg BT 549.49 703.15 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 692.35 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.85 692.35 Td (December31, ) Tj ET Q q 0 0 0 rg BT 130.20 692.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.22 692.35 Td (, ) Tj ET Q q 0 0 0 rg BT 154.54 692.35 Td (together ) Tj ET Q q 0 0 0 rg BT 189.39 692.35 Td (with ) Tj ET Q q 0 0 0 rg BT 207.22 692.35 Td (notes ) Tj ET Q q 0 0 0 rg BT 231.06 692.35 Td (related ) Tj ET Q q 0 0 0 rg BT 260.40 692.35 Td (thereto. ) Tj ET Q q 0 0 0 rg BT 292.62 692.35 Td (The ) Tj ET Q q 0 0 0 rg BT 309.96 692.35 Td (following ) Tj ET Q q 0 0 0 rg BT 346.80 692.35 Td (MD&A) Tj ET Q q 0 0 0 rg BT 372.30 692.35 Td ( ) Tj ET Q q 0 0 0 rg BT 374.13 692.35 Td (of ) Tj ET Q q 0 0 0 rg BT 383.46 692.35 Td (the ) Tj ET Q q 0 0 0 rg BT 397.79 692.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 432.63 692.35 Td (condition ) Tj ET Q q 0 0 0 rg BT 470.48 692.35 Td (and ) Tj ET Q q 0 0 0 rg BT 487.32 692.35 Td (results ) Tj ET Q q 0 0 0 rg BT 515.65 692.35 Td (of ) Tj ET Q q 0 0 0 rg BT 524.98 692.35 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 681.55 Td (was ) Tj ET Q q 0 0 0 rg BT 63.51 681.55 Td (prepared ) Tj ET Q q 0 0 0 rg BT 102.03 681.55 Td (at, ) Tj ET Q q 0 0 0 rg BT 114.54 681.55 Td (and ) Tj ET Q q 0 0 0 rg BT 132.06 681.55 Td (is ) Tj ET Q q 0 0 0 rg BT 141.06 681.55 Td (dated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.08 681.55 Td (February25, ) Tj ET Q q 0 0 0 rg BT 219.60 681.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.63 681.55 Td (. ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 76.50 665.95 Td (Basis ) Tj ET Q q 0 0 0 rg BT 100.12 665.95 Td (of ) Tj ET Q q 0 0 0 rg BT 109.94 665.95 Td (Presentation) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 158.40 665.95 Td ( ) Tj ET Q q 0 0 0 rg BT 160.67 665.95 Td (- ) Tj ET Q q 0 0 0 rg BT 165.60 665.95 Td (The ) Tj ET Q q 0 0 0 rg BT 181.66 665.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 213.28 665.95 Td (data ) Tj ET Q q 0 0 0 rg BT 231.12 665.95 Td (presented ) Tj ET Q q 0 0 0 rg BT 268.97 665.95 Td (below ) Tj ET Q q 0 0 0 rg BT 292.15 665.95 Td (has ) Tj ET Q q 0 0 0 rg BT 307.31 665.95 Td (been ) Tj ET Q q 0 0 0 rg BT 327.38 665.95 Td (prepared ) Tj ET Q q 0 0 0 rg BT 361.68 665.95 Td (in ) Tj ET Q q 0 0 0 rg BT 370.17 665.95 Td (accordance ) Tj ET Q q 0 0 0 rg BT 413.80 665.95 Td (with ) Tj ET Q q 0 0 0 rg BT 430.30 665.95 Td (the ) Tj ET Q q 0 0 0 rg BT 443.69 665.95 Td (International ) Tj ET Q q 0 0 0 rg BT 489.99 665.95 Td (Financial ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 656.35 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 113.41 656.35 Td (Standards ) Tj ET Q q 0 0 0 rg BT 152.10 656.35 Td (\("IFRS"\). ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 640.75 Td (For ) Tj ET Q q 0 0 0 rg BT 90.87 640.75 Td (the ) Tj ET Q q 0 0 0 rg BT 104.36 640.75 Td (purpose ) Tj ET Q q 0 0 0 rg BT 135.63 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 144.67 640.75 Td (calculating ) Tj ET Q q 0 0 0 rg BT 184.84 640.75 Td (unit ) Tj ET Q q 0 0 0 rg BT 200.11 640.75 Td (costs, ) Tj ET Q q 0 0 0 rg BT 223.37 640.75 Td (natural ) Tj ET Q q 0 0 0 rg BT 250.20 640.75 Td (gas ) Tj ET Q q 0 0 0 rg BT 265.46 640.75 Td (is ) Tj ET Q q 0 0 0 rg BT 273.61 640.75 Td (converted ) Tj ET Q q 0 0 0 rg BT 311.11 640.75 Td (to ) Tj ET Q q 0 0 0 rg BT 320.14 640.75 Td (a ) Tj ET Q q 0 0 0 rg BT 326.96 640.75 Td (barrel ) Tj ET Q q 0 0 0 rg BT 349.78 640.75 Td (of ) Tj ET Q q 0 0 0 rg BT 358.82 640.75 Td (oil ) Tj ET Q q 0 0 0 rg BT 369.19 640.75 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 408.03 640.75 Td (\(boe\) ) Tj ET Q q 0 0 0 rg BT 434.40 640.75 Td (using ) Tj ET Q q 0 0 0 rg BT 455.89 640.75 Td (six ) Tj ET Q q 0 0 0 rg BT 468.04 640.75 Td (thousand ) Tj ET Q q 0 0 0 rg BT 503.32 640.75 Td (cubic ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 631.15 Td (feet ) Tj ET Q q 0 0 0 rg BT 92.19 631.15 Td (of ) Tj ET Q q 0 0 0 rg BT 101.21 631.15 Td (natural ) Tj ET Q q 0 0 0 rg BT 128.02 631.15 Td (gas ) Tj ET Q q 0 0 0 rg BT 143.27 631.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 165.19 631.15 Td (to ) Tj ET Q q 0 0 0 rg BT 174.21 631.15 Td (one ) Tj ET Q q 0 0 0 rg BT 189.90 631.15 Td (barrel ) Tj ET Q q 0 0 0 rg BT 212.70 631.15 Td (of ) Tj ET Q q 0 0 0 rg BT 221.72 631.15 Td (oil ) Tj ET Q q 0 0 0 rg BT 232.07 631.15 Td (unless ) Tj ET Q q 0 0 0 rg BT 257.55 631.15 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 294.13 631.15 Td (stated. ) Tj ET Q q 0 0 0 rg BT 320.18 631.15 Td (A) Tj ET Q q 0 0 0 rg BT 325.22 631.15 Td ( ) Tj ET Q q 0 0 0 rg BT 327.57 631.15 Td (boe ) Tj ET Q q 0 0 0 rg BT 343.26 631.15 Td (may ) Tj ET Q q 0 0 0 rg BT 360.73 631.15 Td (be ) Tj ET Q q 0 0 0 rg BT 371.97 631.15 Td (misleading, ) Tj ET Q q 0 0 0 rg BT 414.78 631.15 Td (particularly ) Tj ET Q q 0 0 0 rg BT 455.81 631.15 Td (if ) Tj ET Q q 0 0 0 rg BT 462.16 631.15 Td (used ) Tj ET Q q 0 0 0 rg BT 481.85 631.15 Td (in ) Tj ET Q q 0 0 0 rg BT 490.43 631.15 Td (isolation. ) Tj ET Q q 0 0 0 rg BT 524.23 631.15 Td ( ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 621.55 Td (A) Tj ET Q q 0 0 0 rg BT 81.54 621.55 Td ( ) Tj ET Q q 0 0 0 rg BT 83.69 621.55 Td (boe ) Tj ET Q q 0 0 0 rg BT 99.18 621.55 Td (conversion ) Tj ET Q q 0 0 0 rg BT 140.02 621.55 Td (of ) Tj ET Q q 0 0 0 rg BT 148.84 621.55 Td (6 ) Tj ET Q q 0 0 0 rg BT 155.44 621.55 Td (Mcf ) Tj ET Q q 0 0 0 rg BT 170.47 621.55 Td (to ) Tj ET Q q 0 0 0 rg BT 179.29 621.55 Td (one ) Tj ET Q q 0 0 0 rg BT 194.79 621.55 Td (barrel ) Tj ET Q q 0 0 0 rg BT 217.39 621.55 Td (is ) Tj ET Q q 0 0 0 rg BT 225.31 621.55 Td (based ) Tj ET Q q 0 0 0 rg BT 249.26 621.55 Td (on ) Tj ET Q q 0 0 0 rg BT 260.30 621.55 Td (an ) Tj ET Q q 0 0 0 rg BT 271.35 621.55 Td (energy ) Tj ET Q q 0 0 0 rg BT 297.96 621.55 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 336.58 621.55 Td (conversion ) Tj ET Q q 0 0 0 rg BT 377.41 621.55 Td (method ) Tj ET Q q 0 0 0 rg BT 406.25 621.55 Td (primarily ) Tj ET Q q 0 0 0 rg BT 438.62 621.55 Td (applicable ) Tj ET Q q 0 0 0 rg BT 476.79 621.55 Td (at ) Tj ET Q q 0 0 0 rg BT 485.61 621.55 Td (the ) Tj ET Q q 0 0 0 rg BT 498.88 621.55 Td (burner ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 611.95 Td (tip ) Tj ET Q q 0 0 0 rg BT 87.17 611.95 Td (and ) Tj ET Q q 0 0 0 rg BT 102.74 611.95 Td (does ) Tj ET Q q 0 0 0 rg BT 122.31 611.95 Td (not ) Tj ET Q q 0 0 0 rg BT 135.66 611.95 Td (represent ) Tj ET Q q 0 0 0 rg BT 171.68 611.95 Td (a ) Tj ET Q q 0 0 0 rg BT 178.35 611.95 Td (value ) Tj ET Q q 0 0 0 rg BT 199.70 611.95 Td (equivalency ) Tj ET Q q 0 0 0 rg BT 244.17 611.95 Td (at ) Tj ET Q q 0 0 0 rg BT 253.06 611.95 Td (the ) Tj ET Q q 0 0 0 rg BT 266.41 611.95 Td (wellhead. ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 76.50 596.35 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 145.77 596.35 Td (Statements) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 188.90 596.35 Td ( ) Tj ET Q q 0 0 0 rg BT 192.84 596.35 Td ( ) Tj ET Q q 0 0 0 rg BT 201.23 596.35 Td (Certain ) Tj ET Q q 0 0 0 rg BT 230.96 596.35 Td (information ) Tj ET Q q 0 0 0 rg BT 274.48 596.35 Td (set ) Tj ET Q q 0 0 0 rg BT 289.10 596.35 Td (forth ) Tj ET Q q 0 0 0 rg BT 309.05 596.35 Td (in ) Tj ET Q q 0 0 0 rg BT 319.22 596.35 Td (this ) Tj ET Q q 0 0 0 rg BT 335.61 596.35 Td (document, ) Tj ET Q q 0 0 0 rg BT 376.91 596.35 Td (including ) Tj ET Q q 0 0 0 rg BT 412.43 596.35 Td (management) Tj ET Q q 0 0 0 rg BT 460.76 596.35 Td (s ) Tj ET Q q 0 0 0 rg BT 468.70 596.35 Td (assessment ) Tj ET Q q 0 0 0 rg BT 515.33 596.35 Td (of ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 586.75 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 113.27 586.75 Td (s ) Tj ET Q q 0 0 0 rg BT 119.42 586.75 Td (future ) Tj ET Q q 0 0 0 rg BT 142.04 586.75 Td (plans ) Tj ET Q q 0 0 0 rg BT 163.32 586.75 Td (and ) Tj ET Q q 0 0 0 rg BT 178.83 586.75 Td (operations, ) Tj ET Q q 0 0 0 rg BT 220.57 586.75 Td (contains ) Tj ET Q q 0 0 0 rg BT 252.53 586.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 309.38 586.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 350.66 586.75 Td (including: ) Tj ET Q q 0 0 0 rg BT 386.62 586.75 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 395.89 586.75 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 435.40 586.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 460.69 586.75 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 508.65 586.75 Td (and ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 577.15 Td (plans; ) Tj ET Q q 0 0 0 rg BT 99.20 577.15 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 109.44 577.15 Td (exploration, ) Tj ET Q q 0 0 0 rg BT 152.16 577.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 176.64 577.15 Td (and ) Tj ET Q q 0 0 0 rg BT 191.34 577.15 Td (development ) Tj ET Q q 0 0 0 rg BT 238.51 577.15 Td (plans; ) Tj ET Q q 0 0 0 rg BT 261.21 577.15 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 273.23 577.15 Td (prospects ) Tj ET Q q 0 0 0 rg BT 309.27 577.15 Td (and ) Tj ET Q q 0 0 0 rg BT 323.97 577.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 348.45 577.15 Td (inventory ) Tj ET Q q 0 0 0 rg BT 382.27 577.15 Td (and ) Tj ET Q q 0 0 0 rg BT 396.97 577.15 Td (locations; ) Tj ET Q q 0 0 0 rg BT 432.12 577.15 Td (\(iv\) ) Tj ET Q q 0 0 0 rg BT 444.58 577.15 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 484.64 577.15 Td (production ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 567.55 Td (rates; ) Tj ET Q q 0 0 0 rg BT 99.08 567.55 Td (\(v\) ) Tj ET Q q 0 0 0 rg BT 110.99 567.55 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 152.26 567.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 188.20 567.55 Td (and ) Tj ET Q q 0 0 0 rg BT 204.12 567.55 Td (service ) Tj ET Q q 0 0 0 rg BT 232.04 567.55 Td (costs; ) Tj ET Q q 0 0 0 rg BT 255.51 567.55 Td (\(vi\) ) Tj ET Q q 0 0 0 rg BT 269.19 567.55 Td (our ) Tj ET Q q 0 0 0 rg BT 283.33 567.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 315.26 567.55 Td (strength; ) Tj ET Q q 0 0 0 rg BT 348.96 567.55 Td (\(vii\) ) Tj ET Q q 0 0 0 rg BT 364.42 567.55 Td (incremental ) Tj ET Q q 0 0 0 rg BT 408.35 567.55 Td (development ) Tj ET Q q 0 0 0 rg BT 456.74 567.55 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 507.35 567.55 Td (\(viii\) ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 557.95 Td (total ) Tj ET Q q 0 0 0 rg BT 94.44 557.95 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 139.51 557.95 Td (return; ) Tj ET Q q 0 0 0 rg BT 165.46 557.95 Td (\(ix\) ) Tj ET Q q 0 0 0 rg BT 179.38 557.95 Td (asset ) Tj ET Q q 0 0 0 rg BT 201.33 557.95 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 241.95 557.95 Td (and ) Tj ET Q q 0 0 0 rg BT 258.12 557.95 Td (disposition ) Tj ET Q q 0 0 0 rg BT 298.74 557.95 Td (plans; ) Tj ET Q q 0 0 0 rg BT 322.91 557.95 Td (\(x\) ) Tj ET Q q 0 0 0 rg BT 335.06 557.95 Td (growth ) Tj ET Q q 0 0 0 rg BT 361.90 557.95 Td (prospects; ) Tj ET Q q 0 0 0 rg BT 401.62 557.95 Td (\(xi\) ) Tj ET Q q 0 0 0 rg BT 415.55 557.95 Td (sources ) Tj ET Q q 0 0 0 rg BT 446.38 557.95 Td (of ) Tj ET Q q 0 0 0 rg BT 455.88 557.95 Td (funding, ) Tj ET Q q 0 0 0 rg BT 487.17 557.95 Td (which ) Tj ET Q q 0 0 0 rg BT 510.44 557.95 Td (are ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 548.35 Td (provided ) Tj ET Q q 0 0 0 rg BT 108.52 548.35 Td (to ) Tj ET Q q 0 0 0 rg BT 116.52 548.35 Td (allow ) Tj ET Q q 0 0 0 rg BT 136.08 548.35 Td (investors ) Tj ET Q q 0 0 0 rg BT 169.42 548.35 Td (to ) Tj ET Q q 0 0 0 rg BT 177.42 548.35 Td (better ) Tj ET Q q 0 0 0 rg BT 199.21 548.35 Td (understand ) Tj ET Q q 0 0 0 rg BT 240.57 548.35 Td (our ) Tj ET Q q 0 0 0 rg BT 253.46 548.35 Td (business. ) Tj ET Q q 0 0 0 rg BT 288.59 548.35 Td (By ) Tj ET Q q 0 0 0 rg BT 299.25 548.35 Td (their ) Tj ET Q q 0 0 0 rg BT 316.15 548.35 Td (nature, ) Tj ET Q q 0 0 0 rg BT 342.38 548.35 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 398.40 548.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 438.86 548.35 Td (are ) Tj ET Q q 0 0 0 rg BT 451.75 548.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 478.43 548.35 Td (to ) Tj ET Q q 0 0 0 rg BT 486.43 548.35 Td (numerous ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 538.75 Td (risks ) Tj ET Q q 0 0 0 rg BT 95.73 538.75 Td (and ) Tj ET Q q 0 0 0 rg BT 111.86 538.75 Td (uncertainties; ) Tj ET Q q 0 0 0 rg BT 162.22 538.75 Td (some ) Tj ET Q q 0 0 0 rg BT 184.57 538.75 Td (of ) Tj ET Q q 0 0 0 rg BT 194.02 538.75 Td (which ) Tj ET Q q 0 0 0 rg BT 217.26 538.75 Td (are ) Tj ET Q q 0 0 0 rg BT 231.61 538.75 Td (beyond ) Tj ET Q q 0 0 0 rg BT 260.64 538.75 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 297.40 538.75 Td (s ) Tj ET Q q 0 0 0 rg BT 304.19 538.75 Td (control, ) Tj ET Q q 0 0 0 rg BT 333.20 538.75 Td (including ) Tj ET Q q 0 0 0 rg BT 367.57 538.75 Td (the ) Tj ET Q q 0 0 0 rg BT 381.47 538.75 Td (impact ) Tj ET Q q 0 0 0 rg BT 407.82 538.75 Td (of ) Tj ET Q q 0 0 0 rg BT 417.27 538.75 Td (general ) Tj ET Q q 0 0 0 rg BT 446.74 538.75 Td (economic ) Tj ET Q q 0 0 0 rg BT 483.77 538.75 Td (conditions, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 529.15 Td (industry ) Tj ET Q q 0 0 0 rg BT 106.77 529.15 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 147.27 529.15 Td (volatility ) Tj ET Q q 0 0 0 rg BT 177.98 529.15 Td (of ) Tj ET Q q 0 0 0 rg BT 186.91 529.15 Td (commodity ) Tj ET Q q 0 0 0 rg BT 227.85 529.15 Td (prices, ) Tj ET Q q 0 0 0 rg BT 253.67 529.15 Td (currency ) Tj ET Q q 0 0 0 rg BT 286.60 529.15 Td (fluctuations, ) Tj ET Q q 0 0 0 rg BT 331.55 529.15 Td (imprecision ) Tj ET Q q 0 0 0 rg BT 374.26 529.15 Td (of ) Tj ET Q q 0 0 0 rg BT 383.19 529.15 Td (reserve ) Tj ET Q q 0 0 0 rg BT 412.12 529.15 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 450.84 529.15 Td (environmental ) Tj ET Q q 0 0 0 rg BT 503.35 529.15 Td (risks, ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 519.55 Td (changes ) Tj ET Q q 0 0 0 rg BT 108.02 519.55 Td (in ) Tj ET Q q 0 0 0 rg BT 115.53 519.55 Td (environmental ) Tj ET Q q 0 0 0 rg BT 167.05 519.55 Td (tax ) Tj ET Q q 0 0 0 rg BT 179.00 519.55 Td (and ) Tj ET Q q 0 0 0 rg BT 193.63 519.55 Td (royalty ) Tj ET Q q 0 0 0 rg BT 218.47 519.55 Td (legislation, ) Tj ET Q q 0 0 0 rg BT 257.55 519.55 Td (competition ) Tj ET Q q 0 0 0 rg BT 299.73 519.55 Td (from ) Tj ET Q q 0 0 0 rg BT 317.01 519.55 Td (other ) Tj ET Q q 0 0 0 rg BT 336.52 519.55 Td (industry ) Tj ET Q q 0 0 0 rg BT 365.81 519.55 Td (participants, ) Tj ET Q q 0 0 0 rg BT 410.22 519.55 Td (the ) Tj ET Q q 0 0 0 rg BT 422.62 519.55 Td (lack ) Tj ET Q q 0 0 0 rg BT 438.13 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 446.07 519.55 Td (availability ) Tj ET Q q 0 0 0 rg BT 484.26 519.55 Td (of ) Tj ET Q q 0 0 0 rg BT 492.21 519.55 Td (qualified ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 509.95 Td (personnel ) Tj ET Q q 0 0 0 rg BT 114.66 509.95 Td (or ) Tj ET Q q 0 0 0 rg BT 124.80 509.95 Td (management, ) Tj ET Q q 0 0 0 rg BT 176.75 509.95 Td (stock ) Tj ET Q q 0 0 0 rg BT 198.44 509.95 Td (market ) Tj ET Q q 0 0 0 rg BT 225.92 509.95 Td (volatility ) Tj ET Q q 0 0 0 rg BT 257.40 509.95 Td (and ) Tj ET Q q 0 0 0 rg BT 273.77 509.95 Td (ability ) Tj ET Q q 0 0 0 rg BT 297.25 509.95 Td (to ) Tj ET Q q 0 0 0 rg BT 306.95 509.95 Td (access ) Tj ET Q q 0 0 0 rg BT 334.87 509.95 Td (sufficient ) Tj ET Q q 0 0 0 rg BT 369.47 509.95 Td (capital ) Tj ET Q q 0 0 0 rg BT 395.62 509.95 Td (from ) Tj ET Q q 0 0 0 rg BT 414.65 509.95 Td (internal ) Tj ET Q q 0 0 0 rg BT 443.91 509.95 Td (and ) Tj ET Q q 0 0 0 rg BT 460.28 509.95 Td (external ) Tj ET Q q 0 0 0 rg BT 491.77 509.95 Td (sources. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 500.35 Td (Readers ) Tj ET Q q 0 0 0 rg BT 108.61 500.35 Td (are ) Tj ET Q q 0 0 0 rg BT 122.05 500.35 Td (cautioned ) Tj ET Q q 0 0 0 rg BT 158.62 500.35 Td (that ) Tj ET Q q 0 0 0 rg BT 173.84 500.35 Td (the ) Tj ET Q q 0 0 0 rg BT 186.84 500.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 233.62 500.35 Td (used ) Tj ET Q q 0 0 0 rg BT 252.85 500.35 Td (in ) Tj ET Q q 0 0 0 rg BT 260.95 500.35 Td (the ) Tj ET Q q 0 0 0 rg BT 273.95 500.35 Td (preparation ) Tj ET Q q 0 0 0 rg BT 316.29 500.35 Td (of ) Tj ET Q q 0 0 0 rg BT 324.84 500.35 Td (such ) Tj ET Q q 0 0 0 rg BT 343.62 500.35 Td (information, ) Tj ET Q q 0 0 0 rg BT 387.29 500.35 Td (although ) Tj ET Q q 0 0 0 rg BT 419.86 500.35 Td (considered ) Tj ET Q q 0 0 0 rg BT 460.87 500.35 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 502.33 500.35 Td (at ) Tj ET Q q 0 0 0 rg BT 510.88 500.35 Td (the ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 490.75 Td (time ) Tj ET Q q 0 0 0 rg BT 93.22 490.75 Td (of ) Tj ET Q q 0 0 0 rg BT 101.50 490.75 Td (preparation, ) Tj ET Q q 0 0 0 rg BT 145.81 490.75 Td (may ) Tj ET Q q 0 0 0 rg BT 162.53 490.75 Td (prove ) Tj ET Q q 0 0 0 rg BT 184.15 490.75 Td (to ) Tj ET Q q 0 0 0 rg BT 192.43 490.75 Td (be ) Tj ET Q q 0 0 0 rg BT 202.94 490.75 Td (imprecise ) Tj ET Q q 0 0 0 rg BT 238.78 490.75 Td (and, ) Tj ET Q q 0 0 0 rg BT 255.96 490.75 Td (as ) Tj ET Q q 0 0 0 rg BT 266.02 490.75 Td (such, ) Tj ET Q q 0 0 0 rg BT 286.75 490.75 Td (undue ) Tj ET Q q 0 0 0 rg BT 310.61 490.75 Td (reliance ) Tj ET Q q 0 0 0 rg BT 340.23 490.75 Td (should ) Tj ET Q q 0 0 0 rg BT 365.41 490.75 Td (not ) Tj ET Q q 0 0 0 rg BT 378.14 490.75 Td (be ) Tj ET Q q 0 0 0 rg BT 388.65 490.75 Td (placed ) Tj ET Q q 0 0 0 rg BT 413.84 490.75 Td (on ) Tj ET Q q 0 0 0 rg BT 424.34 490.75 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 480.64 490.75 Td (statements. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 481.15 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 113.27 481.15 Td (s ) Tj ET Q q 0 0 0 rg BT 120.14 481.15 Td (actual ) Tj ET Q q 0 0 0 rg BT 144.37 481.15 Td (results, ) Tj ET Q q 0 0 0 rg BT 173.03 481.15 Td (performance ) Tj ET Q q 0 0 0 rg BT 220.82 481.15 Td (or ) Tj ET Q q 0 0 0 rg BT 230.81 481.15 Td (achievement ) Tj ET Q q 0 0 0 rg BT 279.05 481.15 Td (could ) Tj ET Q q 0 0 0 rg BT 301.05 481.15 Td (differ ) Tj ET Q q 0 0 0 rg BT 321.71 481.15 Td (materially ) Tj ET Q q 0 0 0 rg BT 358.82 481.15 Td (from ) Tj ET Q q 0 0 0 rg BT 377.70 481.15 Td (those ) Tj ET Q q 0 0 0 rg BT 400.15 481.15 Td (expressed ) Tj ET Q q 0 0 0 rg BT 439.94 481.15 Td (in, ) Tj ET Q q 0 0 0 rg BT 451.26 481.15 Td (or ) Tj ET Q q 0 0 0 rg BT 461.26 481.15 Td (implied ) Tj ET Q q 0 0 0 rg BT 489.48 481.15 Td (by) Tj ET Q q 0 0 0 rg BT 497.33 481.15 Td (, ) Tj ET Q q 0 0 0 rg BT 502.43 481.15 Td (these ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 471.55 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 133.29 471.55 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.53 471.55 Td (or ) Tj ET Q q 0 0 0 rg BT 183.74 471.55 Td (if ) Tj ET Q q 0 0 0 rg BT 189.85 471.55 Td (any ) Tj ET Q q 0 0 0 rg BT 204.85 471.55 Td (of ) Tj ET Q q 0 0 0 rg BT 213.63 471.55 Td (them ) Tj ET Q q 0 0 0 rg BT 233.51 471.55 Td (do ) Tj ET Q q 0 0 0 rg BT 244.52 471.55 Td (so, ) Tj ET Q q 0 0 0 rg BT 257.29 471.55 Td (what ) Tj ET Q q 0 0 0 rg BT 276.29 471.55 Td (benefits ) Tj ET Q q 0 0 0 rg BT 306.42 471.55 Td (that ) Tj ET Q q 0 0 0 rg BT 321.86 471.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 359.10 471.55 Td (will ) Tj ET Q q 0 0 0 rg BT 372.31 471.55 Td (derive ) Tj ET Q q 0 0 0 rg BT 396.21 471.55 Td (there ) Tj ET Q q 0 0 0 rg BT 416.54 471.55 Td (from. ) Tj ET Q q 0 0 0 rg BT 436.87 471.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 474.11 471.55 Td (disclaims ) Tj ET Q q 0 0 0 rg BT 509.10 471.55 Td (any ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 461.95 Td (intention ) Tj ET Q q 0 0 0 rg BT 108.82 461.95 Td (or ) Tj ET Q q 0 0 0 rg BT 118.00 461.95 Td (obligation ) Tj ET Q q 0 0 0 rg BT 154.32 461.95 Td (to ) Tj ET Q q 0 0 0 rg BT 163.06 461.95 Td (update ) Tj ET Q q 0 0 0 rg BT 189.60 461.95 Td (or ) Tj ET Q q 0 0 0 rg BT 198.79 461.95 Td (revise ) Tj ET Q q 0 0 0 rg BT 222.20 461.95 Td (any ) Tj ET Q q 0 0 0 rg BT 237.17 461.95 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 293.93 461.95 Td (statements, ) Tj ET Q q 0 0 0 rg BT 337.35 461.95 Td (whether ) Tj ET Q q 0 0 0 rg BT 367.88 461.95 Td (as ) Tj ET Q q 0 0 0 rg BT 378.40 461.95 Td (a ) Tj ET Q q 0 0 0 rg BT 384.92 461.95 Td (result ) Tj ET Q q 0 0 0 rg BT 406.56 461.95 Td (of ) Tj ET Q q 0 0 0 rg BT 415.30 461.95 Td (new ) Tj ET Q q 0 0 0 rg BT 432.05 461.95 Td (information, ) Tj ET Q q 0 0 0 rg BT 475.91 461.95 Td (future ) Tj ET Q q 0 0 0 rg BT 498.44 461.95 Td (events ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 452.35 Td (or ) Tj ET Q q 0 0 0 rg BT 85.84 452.35 Td (otherwise, ) Tj ET Q q 0 0 0 rg BT 124.52 452.35 Td (except ) Tj ET Q q 0 0 0 rg BT 150.31 452.35 Td (as ) Tj ET Q q 0 0 0 rg BT 160.98 452.35 Td (required ) Tj ET Q q 0 0 0 rg BT 192.56 452.35 Td (by ) Tj ET Q q 0 0 0 rg BT 203.23 452.35 Td (law) Tj ET Q q 0 0 0 rg BT 214.79 452.35 Td (. ) Tj ET Q q 0 0 0 rg BT 219.24 452.35 Td ( ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 76.50 436.75 Td (Non-IFRS ) Tj ET Q q 0 0 0 rg BT 115.47 436.75 Td (Measurements) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 171.49 436.75 Td ( ) Tj ET Q q 0 0 0 rg BT 174.03 436.75 Td (- ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 179.22 436.75 Td (W) Tj ET Q q 0 0 0 rg BT 186.71 436.75 Td (ithin ) Tj ET Q q 0 0 0 rg BT 203.91 436.75 Td (management) Tj ET Q q 0 0 0 rg BT 252.24 436.75 Td (s ) Tj ET Q q 0 0 0 rg BT 258.78 436.75 Td (discussion ) Tj ET Q q 0 0 0 rg BT 298.66 436.75 Td (and ) Tj ET Q q 0 0 0 rg BT 314.54 436.75 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 348.20 436.75 Td (references ) Tj ET Q q 0 0 0 rg BT 388.53 436.75 Td (are ) Tj ET Q q 0 0 0 rg BT 402.63 436.75 Td (made ) Tj ET Q q 0 0 0 rg BT 425.17 436.75 Td (to ) Tj ET Q q 0 0 0 rg BT 434.38 436.75 Td (terms ) Tj ET Q q 0 0 0 rg BT 456.91 436.75 Td (commonly ) Tj ET Q q 0 0 0 rg BT 495.89 436.75 Td (used ) Tj ET Q q 0 0 0 rg BT 515.78 436.75 Td (in ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 427.15 Td (the ) Tj ET Q q 0 0 0 rg BT 89.60 427.15 Td (oil ) Tj ET Q q 0 0 0 rg BT 99.58 427.15 Td (and ) Tj ET Q q 0 0 0 rg BT 114.91 427.15 Td (natural ) Tj ET Q q 0 0 0 rg BT 141.35 427.15 Td (gas ) Tj ET Q q 0 0 0 rg BT 156.22 427.15 Td (industry) Tj ET Q q 0 0 0 rg BT 183.64 427.15 Td (. ) Tj ET Q q 0 0 0 rg BT 187.84 427.15 Td (Operating ) Tj ET Q q 0 0 0 rg BT 224.96 427.15 Td (netbacks ) Tj ET Q q 0 0 0 rg BT 258.95 427.15 Td (as ) Tj ET Q q 0 0 0 rg BT 269.38 427.15 Td (presented ) Tj ET Q q 0 0 0 rg BT 306.94 427.15 Td (does ) Tj ET Q q 0 0 0 rg BT 326.27 427.15 Td (not ) Tj ET Q q 0 0 0 rg BT 339.37 427.15 Td (have ) Tj ET Q q 0 0 0 rg BT 358.69 427.15 Td (any ) Tj ET Q q 0 0 0 rg BT 373.57 427.15 Td (standardized ) Tj ET Q q 0 0 0 rg BT 421.36 427.15 Td (meaning ) Tj ET Q q 0 0 0 rg BT 454.02 427.15 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 493.35 427.15 Td (by ) Tj ET Q q 0 0 0 rg BT 503.78 427.15 Td (IFRS ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 417.55 Td (and ) Tj ET Q q 0 0 0 rg BT 92.59 417.55 Td (therefore ) Tj ET Q q 0 0 0 rg BT 127.34 417.55 Td (it ) Tj ET Q q 0 0 0 rg BT 134.08 417.55 Td (may ) Tj ET Q q 0 0 0 rg BT 151.93 417.55 Td (not ) Tj ET Q q 0 0 0 rg BT 165.79 417.55 Td (be ) Tj ET Q q 0 0 0 rg BT 177.43 417.55 Td (comparable ) Tj ET Q q 0 0 0 rg BT 221.97 417.55 Td (with ) Tj ET Q q 0 0 0 rg BT 238.93 417.55 Td (the ) Tj ET Q q 0 0 0 rg BT 252.79 417.55 Td (calculation ) Tj ET Q q 0 0 0 rg BT 293.33 417.55 Td (of ) Tj ET Q q 0 0 0 rg BT 302.74 417.55 Td (similar ) Tj ET Q q 0 0 0 rg BT 328.59 417.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 366.45 417.55 Td (for ) Tj ET Q q 0 0 0 rg BT 378.53 417.55 Td (other ) Tj ET Q q 0 0 0 rg BT 399.50 417.55 Td (entities. ) Tj ET Q q 0 0 0 rg BT 429.81 417.55 Td (Operating ) Tj ET Q q 0 0 0 rg BT 467.68 417.55 Td (netbacks ) Tj ET Q q 0 0 0 rg BT 502.44 417.55 Td (equal ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 407.95 Td (production ) Tj ET Q q 0 0 0 rg BT 116.31 407.95 Td (revenues ) Tj ET Q q 0 0 0 rg BT 151.68 407.95 Td (and ) Tj ET Q q 0 0 0 rg BT 167.48 407.95 Td (realized ) Tj ET Q q 0 0 0 rg BT 197.95 407.95 Td (gains ) Tj ET Q q 0 0 0 rg BT 219.53 407.95 Td (and ) Tj ET Q q 0 0 0 rg BT 235.34 407.95 Td (losses ) Tj ET Q q 0 0 0 rg BT 260.47 407.95 Td (on ) Tj ET Q q 0 0 0 rg BT 271.82 407.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.63 407.95 Td (instrument ) Tj ET Q q 0 0 0 rg BT 343.43 407.95 Td (commodity ) Tj ET Q q 0 0 0 rg BT 384.56 407.95 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 421.70 407.95 Td (less ) Tj ET Q q 0 0 0 rg BT 438.38 407.95 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 472.84 407.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 508.66 407.95 Td (and ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 398.35 Td (transportation ) Tj ET Q q 0 0 0 rg BT 127.63 398.35 Td (expenses ) Tj ET Q q 0 0 0 rg BT 164.08 398.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 202.32 398.35 Td (on ) Tj ET Q q 0 0 0 rg BT 213.42 398.35 Td (a ) Tj ET Q q 0 0 0 rg BT 220.08 398.35 Td (boe ) Tj ET Q q 0 0 0 rg BT 235.64 398.35 Td (basis. ) Tj ET Q q 0 0 0 rg BT 258.75 398.35 Td (T) Tj ET Q q 0 0 0 rg BT 262.90 398.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 278.01 398.35 Td (boe ) Tj ET Q q 0 0 0 rg BT 293.56 398.35 Td (is ) Tj ET Q q 0 0 0 rg BT 301.55 398.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 339.78 398.35 Td (by ) Tj ET Q q 0 0 0 rg BT 350.44 398.35 Td (multiplying ) Tj ET Q q 0 0 0 rg BT 390.45 398.35 Td (the ) Tj ET Q q 0 0 0 rg BT 403.78 398.35 Td (daily ) Tj ET Q q 0 0 0 rg BT 422.44 398.35 Td (production ) Tj ET Q q 0 0 0 rg BT 462.01 398.35 Td (by ) Tj ET Q q 0 0 0 rg BT 472.67 398.35 Td (the ) Tj ET Q q 0 0 0 rg BT 486.00 398.35 Td (number ) Tj ET Q q 0 0 0 rg BT 515.33 398.35 Td (of ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 388.75 Td (days ) Tj ET Q q 0 0 0 rg BT 95.62 388.75 Td (in ) Tj ET Q q 0 0 0 rg BT 104.07 388.75 Td (the ) Tj ET Q q 0 0 0 rg BT 117.41 388.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 144.10 388.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 193.02 388.75 Td (uses ) Tj ET Q q 0 0 0 rg BT 212.14 388.75 Td (this ) Tj ET Q q 0 0 0 rg BT 226.81 388.75 Td (term ) Tj ET Q q 0 0 0 rg BT 245.03 388.75 Td (to ) Tj ET Q q 0 0 0 rg BT 253.93 388.75 Td (analyze ) Tj ET Q q 0 0 0 rg BT 283.72 388.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 319.30 388.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 366.44 388.75 Td (and ) Tj ET Q q 0 0 0 rg BT 382.01 388.75 Td (leverage.) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 76.50 373.15 Td (Additional ) Tj ET Q q 0 0 0 rg BT 117.16 373.15 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 136.94 373.15 Td (Measurements) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 192.96 373.15 Td ( ) Tj ET Q q 0 0 0 rg BT 194.52 373.15 Td (- ) Tj ET Q q 0 0 0 rg BT 198.74 373.15 Td (W) Tj ET Q q 0 0 0 rg BT 206.22 373.15 Td (ithin ) Tj ET Q q 0 0 0 rg BT 222.45 373.15 Td (management) Tj ET Q q 0 0 0 rg BT 270.78 373.15 Td (s ) Tj ET Q q 0 0 0 rg BT 276.33 373.15 Td (discussion ) Tj ET Q q 0 0 0 rg BT 315.24 373.15 Td (and ) Tj ET Q q 0 0 0 rg BT 330.14 373.15 Td (analysis, ) Tj ET Q q 0 0 0 rg BT 362.82 373.15 Td (references ) Tj ET Q q 0 0 0 rg BT 402.17 373.15 Td (are ) Tj ET Q q 0 0 0 rg BT 415.29 373.15 Td (made ) Tj ET Q q 0 0 0 rg BT 436.86 373.15 Td (to ) Tj ET Q q 0 0 0 rg BT 445.08 373.15 Td (terms ) Tj ET Q q 0 0 0 rg BT 466.64 373.15 Td (commonly ) Tj ET Q q 0 0 0 rg BT 504.65 373.15 Td (used ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 363.55 Td (in ) Tj ET Q q 0 0 0 rg BT 85.25 363.55 Td (the ) Tj ET Q q 0 0 0 rg BT 98.89 363.55 Td (oil ) Tj ET Q q 0 0 0 rg BT 109.41 363.55 Td (and ) Tj ET Q q 0 0 0 rg BT 125.28 363.55 Td (natural ) Tj ET Q q 0 0 0 rg BT 152.26 363.55 Td (gas ) Tj ET Q q 0 0 0 rg BT 167.67 363.55 Td (industry) Tj ET Q q 0 0 0 rg BT 195.09 363.55 Td (. ) Tj ET Q q 0 0 0 rg BT 199.83 363.55 Td ( ) Tj ET Q q 0 0 0 rg BT 202.02 363.55 Td (Additional ) Tj ET Q q 0 0 0 rg BT 239.67 363.55 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 260.41 363.55 Td (measurements ) Tj ET Q q 0 0 0 rg BT 315.84 363.55 Td (which ) Tj ET Q q 0 0 0 rg BT 338.81 363.55 Td (are ) Tj ET Q q 0 0 0 rg BT 352.90 363.55 Td (non-IFRS ) Tj ET Q q 0 0 0 rg BT 389.65 363.55 Td (measurements ) Tj ET Q q 0 0 0 rg BT 445.08 363.55 Td (that ) Tj ET Q q 0 0 0 rg BT 460.94 363.55 Td (are ) Tj ET Q q 0 0 0 rg BT 475.02 363.55 Td (referenced ) Tj ET Q q 0 0 0 rg BT 515.79 363.55 Td (in ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 353.95 Td (the ) Tj ET Q q 0 0 0 rg BT 89.57 353.95 Td (annual ) Tj ET Q q 0 0 0 rg BT 115.54 353.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 146.83 353.95 Td (statements, ) Tj ET Q q 0 0 0 rg BT 190.13 353.95 Td (do ) Tj ET Q q 0 0 0 rg BT 200.98 353.95 Td (not ) Tj ET Q q 0 0 0 rg BT 214.04 353.95 Td (have ) Tj ET Q q 0 0 0 rg BT 233.34 353.95 Td (a ) Tj ET Q q 0 0 0 rg BT 239.73 353.95 Td (standardized ) Tj ET Q q 0 0 0 rg BT 287.48 353.95 Td (meaning ) Tj ET Q q 0 0 0 rg BT 320.12 353.95 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 359.42 353.95 Td (by ) Tj ET Q q 0 0 0 rg BT 369.81 353.95 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 389.98 353.95 Td (and ) Tj ET Q q 0 0 0 rg BT 405.27 353.95 Td (therefore ) Tj ET Q q 0 0 0 rg BT 439.24 353.95 Td (may ) Tj ET Q q 0 0 0 rg BT 456.30 353.95 Td (not ) Tj ET Q q 0 0 0 rg BT 469.36 353.95 Td (be ) Tj ET Q q 0 0 0 rg BT 480.21 353.95 Td (comparable ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 344.35 Td (with ) Tj ET Q q 0 0 0 rg BT 93.04 344.35 Td (the ) Tj ET Q q 0 0 0 rg BT 106.47 344.35 Td (calculation ) Tj ET Q q 0 0 0 rg BT 146.58 344.35 Td (of ) Tj ET Q q 0 0 0 rg BT 155.56 344.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 180.98 344.35 Td (measures ) Tj ET Q q 0 0 0 rg BT 218.41 344.35 Td (for ) Tj ET Q q 0 0 0 rg BT 230.06 344.35 Td (other ) Tj ET Q q 0 0 0 rg BT 250.60 344.35 Td (entities. ) Tj ET Q q 0 0 0 rg BT 280.48 344.35 Td (Management ) Tj ET Q q 0 0 0 rg BT 329.49 344.35 Td (uses ) Tj ET Q q 0 0 0 rg BT 348.69 344.35 Td ("funds ) Tj ET Q q 0 0 0 rg BT 373.41 344.35 Td (from ) Tj ET Q q 0 0 0 rg BT 391.72 344.35 Td (operations" ) Tj ET Q q 0 0 0 rg BT 434.23 344.35 Td (and ) Tj ET Q q 0 0 0 rg BT 449.89 344.35 Td (the ) Tj ET Q q 0 0 0 rg BT 463.32 344.35 Td ("ratio ) Tj ET Q q 0 0 0 rg BT 484.03 344.35 Td (of ) Tj ET Q q 0 0 0 rg BT 493.01 344.35 Td (net ) Tj ET Q q 0 0 0 rg BT 506.44 344.35 Td (debt ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 334.75 Td (to ) Tj ET Q q 0 0 0 rg BT 85.35 334.75 Td (funds ) Tj ET Q q 0 0 0 rg BT 107.10 334.75 Td (from ) Tj ET Q q 0 0 0 rg BT 125.28 334.75 Td (operations" ) Tj ET Q q 0 0 0 rg BT 167.66 334.75 Td (to ) Tj ET Q q 0 0 0 rg BT 176.51 334.75 Td (analyze ) Tj ET Q q 0 0 0 rg BT 206.27 334.75 Td (operating ) Tj ET Q q 0 0 0 rg BT 241.81 334.75 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.90 334.75 Td (and ) Tj ET Q q 0 0 0 rg BT 304.43 334.75 Td (leverage. ) Tj ET Q q 0 0 0 rg BT 339.52 334.75 Td (Funds ) Tj ET Q q 0 0 0 rg BT 363.93 334.75 Td (from ) Tj ET Q q 0 0 0 rg BT 382.11 334.75 Td (operations ) Tj ET Q q 0 0 0 rg BT 421.65 334.75 Td (as ) Tj ET Q q 0 0 0 rg BT 432.28 334.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 470.04 334.75 Td (is ) Tj ET Q q 0 0 0 rg BT 478.00 334.75 Td (not ) Tj ET Q q 0 0 0 rg BT 491.30 334.75 Td (intended ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 325.15 Td (to ) Tj ET Q q 0 0 0 rg BT 85.65 325.15 Td (represent ) Tj ET Q q 0 0 0 rg BT 121.93 325.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 157.77 325.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 177.15 325.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 193.86 325.15 Td (or ) Tj ET Q q 0 0 0 rg BT 203.46 325.15 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.30 325.15 Td (profits ) Tj ET Q q 0 0 0 rg BT 263.57 325.15 Td (for ) Tj ET Q q 0 0 0 rg BT 275.38 325.15 Td (the ) Tj ET Q q 0 0 0 rg BT 288.99 325.15 Td (period ) Tj ET Q q 0 0 0 rg BT 313.71 325.15 Td (nor ) Tj ET Q q 0 0 0 rg BT 327.75 325.15 Td (should ) Tj ET Q q 0 0 0 rg BT 353.81 325.15 Td (it ) Tj ET Q q 0 0 0 rg BT 360.29 325.15 Td (be ) Tj ET Q q 0 0 0 rg BT 371.67 325.15 Td (viewed ) Tj ET Q q 0 0 0 rg BT 399.05 325.15 Td (as ) Tj ET Q q 0 0 0 rg BT 409.99 325.15 Td (an ) Tj ET Q q 0 0 0 rg BT 421.37 325.15 Td (alternative ) Tj ET Q q 0 0 0 rg BT 460.76 325.15 Td (to ) Tj ET Q q 0 0 0 rg BT 469.91 325.15 Td (cash ) Tj ET Q q 0 0 0 rg BT 489.29 325.15 Td (flow ) Tj ET Q q 0 0 0 rg BT 506.00 325.15 Td (from ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 315.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 112.13 315.55 Td (activities, ) Tj ET Q q 0 0 0 rg BT 147.29 315.55 Td (net ) Tj ET Q q 0 0 0 rg BT 160.68 315.55 Td (income ) Tj ET Q q 0 0 0 rg BT 188.73 315.55 Td (or ) Tj ET Q q 0 0 0 rg BT 198.11 315.55 Td (other ) Tj ET Q q 0 0 0 rg BT 218.61 315.55 Td (measures ) Tj ET Q q 0 0 0 rg BT 256.00 315.55 Td (of ) Tj ET Q q 0 0 0 rg BT 264.94 315.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 296.56 315.55 Td (performance ) Tj ET Q q 0 0 0 rg BT 343.74 315.55 Td (calculated ) Tj ET Q q 0 0 0 rg BT 382.02 315.55 Td (in ) Tj ET Q q 0 0 0 rg BT 390.52 315.55 Td (accordance ) Tj ET Q q 0 0 0 rg BT 434.14 315.55 Td (with ) Tj ET Q q 0 0 0 rg BT 450.64 315.55 Td (IFRS. ) Tj ET Q q 0 0 0 rg BT 473.04 315.55 Td (All ) Tj ET Q q 0 0 0 rg BT 484.20 315.55 Td (references ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 305.95 Td (to ) Tj ET Q q 0 0 0 rg BT 85.88 305.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 108.17 305.95 Td (from ) Tj ET Q q 0 0 0 rg BT 126.88 305.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 166.95 305.95 Td (throughout ) Tj ET Q q 0 0 0 rg BT 207.92 305.95 Td (this ) Tj ET Q q 0 0 0 rg BT 223.08 305.95 Td (report ) Tj ET Q q 0 0 0 rg BT 246.69 305.95 Td (are ) Tj ET Q q 0 0 0 rg BT 260.96 305.95 Td (based ) Tj ET Q q 0 0 0 rg BT 285.47 305.95 Td (on ) Tj ET Q q 0 0 0 rg BT 297.08 305.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 316.69 305.95 Td (flow ) Tj ET Q q 0 0 0 rg BT 333.63 305.95 Td (from ) Tj ET Q q 0 0 0 rg BT 352.34 305.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 388.41 305.95 Td (activities ) Tj ET Q q 0 0 0 rg BT 421.80 305.95 Td (before ) Tj ET Q q 0 0 0 rg BT 447.20 305.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 480.15 305.95 Td (in ) Tj ET Q q 0 0 0 rg BT 489.09 305.95 Td (non-cash ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 296.35 Td (working ) Tj ET Q q 0 0 0 rg BT 105.75 296.35 Td (capital, ) Tj ET Q q 0 0 0 rg BT 132.78 296.35 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 196.27 296.35 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 243.77 296.35 Td (and ) Tj ET Q q 0 0 0 rg BT 258.80 296.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 286.72 296.35 Td (expense. ) Tj ET Q q 0 0 0 rg BT 320.87 296.35 Td (Basic ) Tj ET Q q 0 0 0 rg BT 342.12 296.35 Td (funds ) Tj ET Q q 0 0 0 rg BT 363.37 296.35 Td (from ) Tj ET Q q 0 0 0 rg BT 381.06 296.35 Td (operations ) Tj ET Q q 0 0 0 rg BT 420.10 296.35 Td (per ) Tj ET Q q 0 0 0 rg BT 433.35 296.35 Td (share ) Tj ET Q q 0 0 0 rg BT 455.04 296.35 Td (is ) Tj ET Q q 0 0 0 rg BT 462.51 296.35 Td (calculated ) Tj ET Q q 0 0 0 rg BT 500.21 296.35 Td (based ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 286.75 Td (on ) Tj ET Q q 0 0 0 rg BT 86.96 286.75 Td (the ) Tj ET Q q 0 0 0 rg BT 99.65 286.75 Td (weighted ) Tj ET Q q 0 0 0 rg BT 133.23 286.75 Td (average ) Tj ET Q q 0 0 0 rg BT 163.71 286.75 Td (number ) Tj ET Q q 0 0 0 rg BT 192.40 286.75 Td (of ) Tj ET Q q 0 0 0 rg BT 200.63 286.75 Td (common ) Tj ET Q q 0 0 0 rg BT 232.87 286.75 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.45 286.75 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 301.38 286.75 Td (in ) Tj ET Q q 0 0 0 rg BT 309.17 286.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 352.09 286.75 Td (with ) Tj ET Q q 0 0 0 rg BT 367.88 286.75 Td (International ) Tj ET Q q 0 0 0 rg BT 413.48 286.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 447.06 286.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 483.31 286.75 Td (Standards. ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 277.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 91.16 277.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.94 277.15 Td (is ) Tj ET Q q 0 0 0 rg BT 116.93 277.15 Td (equal ) Tj ET Q q 0 0 0 rg BT 138.71 277.15 Td (to ) Tj ET Q q 0 0 0 rg BT 147.59 277.15 Td (bank ) Tj ET Q q 0 0 0 rg BT 167.15 277.15 Td (debt ) Tj ET Q q 0 0 0 rg BT 184.93 277.15 Td (and ) Tj ET Q q 0 0 0 rg BT 200.48 277.15 Td (senior ) Tj ET Q q 0 0 0 rg BT 224.48 277.15 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 264.05 277.15 Td (notes, ) Tj ET Q q 0 0 0 rg BT 288.05 277.15 Td (net ) Tj ET Q q 0 0 0 rg BT 301.38 277.15 Td (of ) Tj ET Q q 0 0 0 rg BT 310.27 277.15 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 342.72 277.15 Td (working ) Tj ET Q q 0 0 0 rg BT 372.50 277.15 Td (capital. ) Tj ET Q q 0 0 0 rg BT 400.05 277.15 Td ( ) Tj ET Q q 0 0 0 rg BT 401.97 277.15 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 435.31 277.15 Td (working ) Tj ET Q q 0 0 0 rg BT 465.09 277.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 490.42 277.15 Td (excludes ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 267.55 Td (the ) Tj ET Q q 0 0 0 rg BT 90.65 267.55 Td (current ) Tj ET Q q 0 0 0 rg BT 118.57 267.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 144.72 267.55 Td (and ) Tj ET Q q 0 0 0 rg BT 161.10 267.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 194.36 267.55 Td (from ) Tj ET Q q 0 0 0 rg BT 213.38 267.55 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.76 267.55 Td (instrument ) Tj ET Q q 0 0 0 rg BT 286.14 267.55 Td (commodity ) Tj ET Q q 0 0 0 rg BT 327.84 267.55 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 365.55 267.55 Td ( ) Tj ET Q q 0 0 0 rg BT 368.57 267.55 Td (The ) Tj ET Q q 0 0 0 rg BT 385.38 267.55 Td (annualized ) Tj ET Q q 0 0 0 rg BT 427.11 267.55 Td (current ) Tj ET Q q 0 0 0 rg BT 455.04 267.55 Td (quarter ) Tj ET Q q 0 0 0 rg BT 483.41 267.55 Td (funds ) Tj ET Q q 0 0 0 rg BT 506.01 267.55 Td (from ) Tj ET Q BT /F5 8.00 Tf ET q 0 0 0 rg BT 76.50 257.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 116.08 257.95 Td (is ) Tj ET Q q 0 0 0 rg BT 124.08 257.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 162.33 257.95 Td (as ) Tj ET Q q 0 0 0 rg BT 173.00 257.95 Td (the ) Tj ET Q q 0 0 0 rg BT 186.34 257.95 Td (current ) Tj ET Q q 0 0 0 rg BT 213.46 257.95 Td (quarter ) Tj ET Q q 0 0 0 rg BT 241.04 257.95 Td (funds ) Tj ET Q q 0 0 0 rg BT 262.83 257.95 Td (from ) Tj ET Q q 0 0 0 rg BT 281.05 257.95 Td (operations ) Tj ET Q q 0 0 0 rg BT 320.63 257.95 Td (annualized ) Tj ET Q q 0 0 0 rg BT 361.55 257.95 Td (for ) Tj ET Q q 0 0 0 rg BT 373.11 257.95 Td (the ) Tj ET Q q 0 0 0 rg BT 386.46 257.95 Td (year) Tj ET Q q 0 0 0 rg BT 401.72 257.95 Td (.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 241.15 Td (Operations ) Tj ET Q q 0 0 0 rg BT 94.80 241.15 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.80 241.15 Td ( ) Tj ET Q q 0 0 0 rg BT 100.08 241.15 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 148.12 241.15 Td (exploration ) Tj ET Q q 0 0 0 rg BT 194.43 241.15 Td (and ) Tj ET Q q 0 0 0 rg BT 211.74 241.15 Td (development ) Tj ET Q q 0 0 0 rg BT 265.56 241.15 Td (program ) Tj ET Q q 0 0 0 rg BT 301.36 241.15 Td (for ) Tj ET Q q 0 0 0 rg BT 314.16 241.15 Td (the ) Tj ET Q q 0 0 0 rg BT 328.96 241.15 Td (year ) Tj ET Q q 0 0 0 rg BT 348.75 241.15 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.07 241.15 Td (December31, ) Tj ET Q q 0 0 0 rg BT 434.89 241.15 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.91 241.15 Td ( ) Tj ET Q q 0 0 0 rg BT 457.20 241.15 Td (led ) Tj ET Q q 0 0 0 rg BT 471.50 241.15 Td (to ) Tj ET Q q 0 0 0 rg BT 481.29 241.15 Td (the ) Tj ET Q q 0 0 0 rg BT 496.09 241.15 Td (drilling ) Tj ET Q q 0 0 0 rg BT 524.39 241.15 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.19 241.15 Td (78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.20 241.15 Td ( ) Tj ET Q q 0 0 0 rg BT 546.49 241.15 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.48 241.15 Td (70.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 241.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 230.35 Td (net\) ) Tj ET Q q 0 0 0 rg BT 62.79 230.35 Td (wells. ) Tj ET Q q 0 0 0 rg BT 87.57 230.35 Td (Concentrated ) Tj ET Q q 0 0 0 rg BT 143.89 230.35 Td (in ) Tj ET Q q 0 0 0 rg BT 153.18 230.35 Td (the ) Tj ET Q q 0 0 0 rg BT 167.97 230.35 Td (Deep ) Tj ET Q q 0 0 0 rg BT 191.76 230.35 Td (Basin ) Tj ET Q q 0 0 0 rg BT 216.56 230.35 Td (and ) Tj ET Q q 0 0 0 rg BT 233.85 230.35 Td (W) Tj ET Q q 0 0 0 rg BT 242.19 230.35 Td (est ) Tj ET Q q 0 0 0 rg BT 256.47 230.35 Td (Central ) Tj ET Q q 0 0 0 rg BT 287.77 230.35 Td (core ) Tj ET Q q 0 0 0 rg BT 307.56 230.35 Td (areas, ) Tj ET Q q 0 0 0 rg BT 334.85 230.35 Td (drilling ) Tj ET Q q 0 0 0 rg BT 363.14 230.35 Td (for ) Tj ET Q q 0 0 0 rg BT 375.93 230.35 Td (2015 ) Tj ET Q q 0 0 0 rg BT 398.23 230.35 Td (included ) Tj ET Q q 0 0 0 rg BT 434.03 230.35 Td (46 ) Tj ET Q q 0 0 0 rg BT 446.33 230.35 Td (\(38.2 ) Tj ET Q q 0 0 0 rg BT 469.12 230.35 Td (net\) ) Tj ET Q q 0 0 0 rg BT 486.91 230.35 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 532.22 230.35 Td (wells, ) Tj ET Q q 0 0 0 rg BT 557.00 230.35 Td (18 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 219.55 Td (\(18.0 ) Tj ET Q q 0 0 0 rg BT 68.50 219.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 87.00 219.55 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 116.98 219.55 Td (wells, ) Tj ET Q q 0 0 0 rg BT 142.48 219.55 Td (8 ) Tj ET Q q 0 0 0 rg BT 150.47 219.55 Td (\(8.0 ) Tj ET Q q 0 0 0 rg BT 168.97 219.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 187.47 219.55 Td (Falher ) Tj ET Q q 0 0 0 rg BT 215.96 219.55 Td (wells, ) Tj ET Q q 0 0 0 rg BT 241.46 219.55 Td (1 ) Tj ET Q q 0 0 0 rg BT 249.45 219.55 Td (\(1.0 ) Tj ET Q q 0 0 0 rg BT 267.95 219.55 Td (net\) ) Tj ET Q q 0 0 0 rg BT 286.45 219.55 Td (extended-reach ) Tj ET Q q 0 0 0 rg BT 351.98 219.55 Td (horizontal ) Tj ET Q q 0 0 0 rg BT 393.99 219.55 Td (well ) Tj ET Q q 0 0 0 rg BT 412.48 219.55 Td (in ) Tj ET Q q 0 0 0 rg BT 422.48 219.55 Td (the ) Tj ET Q q 0 0 0 rg BT 437.98 219.55 Td (Blueberry ) Tj ET Q q 0 0 0 rg BT 479.48 219.55 Td (area ) Tj ET Q q 0 0 0 rg BT 500.48 219.55 Td (that ) Tj ET Q q 0 0 0 rg BT 518.49 219.55 Td (targeted ) Tj ET Q q 0 0 0 rg BT 554.50 219.55 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 208.75 Td (upper ) Tj ET Q q 0 0 0 rg BT 70.70 208.75 Td (Montney ) Tj ET Q q 0 0 0 rg BT 107.90 208.75 Td (formation ) Tj ET Q q 0 0 0 rg BT 148.10 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 165.79 208.75 Td (5 ) Tj ET Q q 0 0 0 rg BT 173.48 208.75 Td (\(4.9 ) Tj ET Q q 0 0 0 rg BT 191.67 208.75 Td (net\) ) Tj ET Q q 0 0 0 rg BT 209.86 208.75 Td (additional ) Tj ET Q q 0 0 0 rg BT 251.07 208.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 273.76 208.75 Td (in ) Tj ET Q q 0 0 0 rg BT 283.44 208.75 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 343.15 208.75 Td (zones. ) Tj ET Q q 0 0 0 rg BT 372.35 208.75 Td (Lastly) Tj ET Q q 0 0 0 rg BT 395.19 208.75 Td (, ) Tj ET Q q 0 0 0 rg BT 400.37 208.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 442.58 208.75 Td (constructed ) Tj ET Q q 0 0 0 rg BT 491.79 208.75 Td (and ) Tj ET Q q 0 0 0 rg BT 509.48 208.75 Td (commissioned ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 197.95 Td (our ) Tj ET Q q 0 0 0 rg BT 60.44 197.95 Td (processing ) Tj ET Q q 0 0 0 rg BT 106.41 197.95 Td (facility ) Tj ET Q q 0 0 0 rg BT 133.85 197.95 Td (in ) Tj ET Q q 0 0 0 rg BT 143.29 197.95 Td (our ) Tj ET Q q 0 0 0 rg BT 158.25 197.95 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 185.20 197.95 Td (field ) Tj ET Q q 0 0 0 rg BT 204.15 197.95 Td (to ) Tj ET Q q 0 0 0 rg BT 214.09 197.95 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 273.05 197.95 Td (continued ) Tj ET Q q 0 0 0 rg BT 314.52 197.95 Td (development ) Tj ET Q q 0 0 0 rg BT 368.49 197.95 Td (of ) Tj ET Q q 0 0 0 rg BT 378.44 197.95 Td (the ) Tj ET Q q 0 0 0 rg BT 393.39 197.95 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 422.82 197.95 Td (formation ) Tj ET Q q 0 0 0 rg BT 462.77 197.95 Td (at ) Tj ET Q q 0 0 0 rg BT 472.71 197.95 Td (a ) Tj ET Q q 0 0 0 rg BT 480.16 197.95 Td (lower ) Tj ET Q q 0 0 0 rg BT 504.10 197.95 Td (cost ) Tj ET Q q 0 0 0 rg BT 523.04 197.95 Td (to ) Tj ET Q q 0 0 0 rg BT 532.99 197.95 Td (process.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 181.15 Td (Profitability ) Tj ET Q q 0 0 0 rg BT 91.51 181.15 Td (continues ) Tj ET Q q 0 0 0 rg BT 132.54 181.15 Td (to ) Tj ET Q q 0 0 0 rg BT 142.54 181.15 Td (guide ) Tj ET Q q 0 0 0 rg BT 167.06 181.15 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 215.29 181.15 Td (exploration ) Tj ET Q q 0 0 0 rg BT 261.82 181.15 Td (and ) Tj ET Q q 0 0 0 rg BT 279.33 181.15 Td (development ) Tj ET Q q 0 0 0 rg BT 333.36 181.15 Td (programs ) Tj ET Q q 0 0 0 rg BT 373.87 181.15 Td (and ) Tj ET Q q 0 0 0 rg BT 391.39 181.15 Td (although ) Tj ET Q q 0 0 0 rg BT 428.42 181.15 Td (capital ) Tj ET Q q 0 0 0 rg BT 456.93 181.15 Td (spending ) Tj ET Q q 0 0 0 rg BT 495.96 181.15 Td (has ) Tj ET Q q 0 0 0 rg BT 512.96 181.15 Td (decreased ) Tj ET Q q 0 0 0 rg BT 557.49 181.15 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 170.35 Td (a ) Tj ET Q q 0 0 0 rg BT 52.06 170.35 Td (result ) Tj ET Q q 0 0 0 rg BT 76.13 170.35 Td (of ) Tj ET Q q 0 0 0 rg BT 85.69 170.35 Td (the ) Tj ET Q q 0 0 0 rg BT 100.26 170.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 141.35 170.35 Td (erosion ) Tj ET Q q 0 0 0 rg BT 172.92 170.35 Td (of ) Tj ET Q q 0 0 0 rg BT 182.49 170.35 Td (commodity ) Tj ET Q q 0 0 0 rg BT 228.05 170.35 Td (prices, ) Tj ET Q q 0 0 0 rg BT 256.62 170.35 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 304.42 170.35 Td (priority ) Tj ET Q q 0 0 0 rg BT 333.48 170.35 Td (is ) Tj ET Q q 0 0 0 rg BT 342.04 170.35 Td (to ) Tj ET Q q 0 0 0 rg BT 351.60 170.35 Td (maintain ) Tj ET Q q 0 0 0 rg BT 387.67 170.35 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 423.74 170.35 Td (to ) Tj ET Q q 0 0 0 rg BT 433.30 170.35 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 491.89 170.35 Td (continued ) Tj ET Q q 0 0 0 rg BT 532.98 170.35 Td (changes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 159.55 Td (in ) Tj ET Q q 0 0 0 rg BT 54.18 159.55 Td (commodity ) Tj ET Q q 0 0 0 rg BT 99.86 159.55 Td (prices, ) Tj ET Q q 0 0 0 rg BT 128.55 159.55 Td (development ) Tj ET Q q 0 0 0 rg BT 182.25 159.55 Td (risk ) Tj ET Q q 0 0 0 rg BT 198.43 159.55 Td (and ) Tj ET Q q 0 0 0 rg BT 215.62 159.55 Td (well ) Tj ET Q q 0 0 0 rg BT 233.29 159.55 Td (performance. ) Tj ET Q q 0 0 0 rg BT 288.06 159.55 Td (As ) Tj ET Q q 0 0 0 rg BT 300.74 159.55 Td (a ) Tj ET Q q 0 0 0 rg BT 307.92 159.55 Td (result, ) Tj ET Q q 0 0 0 rg BT 334.60 159.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 376.30 159.55 Td (is ) Tj ET Q q 0 0 0 rg BT 384.97 159.55 Td (planning ) Tj ET Q q 0 0 0 rg BT 421.18 159.55 Td (to ) Tj ET Q q 0 0 0 rg BT 430.86 159.55 Td (drill ) Tj ET Q q 0 0 0 rg BT 447.03 159.55 Td (between ) Tj ET Q q 0 0 0 rg BT 483.24 159.55 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 502.93 159.55 Td (net ) Tj ET Q q 0 0 0 rg BT 517.61 159.55 Td (and ) Tj ET Q q 0 0 0 rg BT 534.80 159.55 Td (50.0 ) Tj ET Q q 0 0 0 rg BT 554.49 159.55 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 148.75 Td (wells ) Tj ET Q q 0 0 0 rg BT 67.50 148.75 Td (within ) Tj ET Q q 0 0 0 rg BT 93.01 148.75 Td (its ) Tj ET Q q 0 0 0 rg BT 104.52 148.75 Td (core ) Tj ET Q q 0 0 0 rg BT 124.52 148.75 Td (areas ) Tj ET Q q 0 0 0 rg BT 149.54 148.75 Td (in ) Tj ET Q q 0 0 0 rg BT 159.04 148.75 Td (2016, ) Tj ET Q q 0 0 0 rg BT 184.06 148.75 Td (with ) Tj ET Q q 0 0 0 rg BT 202.57 148.75 Td (a ) Tj ET Q q 0 0 0 rg BT 210.08 148.75 Td (capital ) Tj ET Q q 0 0 0 rg BT 238.59 148.75 Td (budget ) Tj ET Q q 0 0 0 rg BT 268.62 148.75 Td (of ) Tj ET Q q 0 0 0 rg BT 278.63 148.75 Td (between ) Tj ET Q q 0 0 0 rg BT 315.15 148.75 Td ($145 ) Tj ET Q q 0 0 0 rg BT 337.68 148.75 Td (and ) Tj ET Q q 0 0 0 rg BT 355.19 148.75 Td ($190 ) Tj ET Q q 0 0 0 rg BT 377.71 148.75 Td (million.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 131.95 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 87.82 131.95 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.60 131.95 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 134.40 131.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 175.70 131.95 Td (have ) Tj ET Q q 0 0 0 rg BT 198.00 131.95 Td (been ) Tj ET Q q 0 0 0 rg BT 220.81 131.95 Td (calculated ) Tj ET Q q 0 0 0 rg BT 264.12 131.95 Td (in ) Tj ET Q q 0 0 0 rg BT 273.91 131.95 Td (compliance ) Tj ET Q q 0 0 0 rg BT 322.22 131.95 Td (with ) Tj ET Q q 0 0 0 rg BT 341.01 131.95 Td (National ) Tj ET Q q 0 0 0 rg BT 376.81 131.95 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 422.11 131.95 Td (51-101 ) Tj ET Q q 0 0 0 rg BT 452.92 131.95 Td (Standards ) Tj ET Q q 0 0 0 rg BT 496.74 131.95 Td (of ) Tj ET Q q 0 0 0 rg BT 507.03 131.95 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 551.82 131.95 Td (\("NI ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 121.15 Td (51-101"\). ) Tj ET Q q 0 0 0 rg BT 84.91 121.15 Td (Of ) Tj ET Q q 0 0 0 rg BT 97.60 121.15 Td (the ) Tj ET Q q 0 0 0 rg BT 113.31 121.15 Td (net ) Tj ET Q q 0 0 0 rg BT 129.02 121.15 Td (present ) Tj ET Q q 0 0 0 rg BT 162.23 121.15 Td (value ) Tj ET Q q 0 0 0 rg BT 186.94 121.15 Td (of ) Tj ET Q q 0 0 0 rg BT 197.64 121.15 Td (the ) Tj ET Q q 0 0 0 rg BT 213.34 121.15 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 269.78 121.15 Td (reserves, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.98 121.15 Td (97%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.00 121.15 Td ( ) Tj ET Q q 0 0 0 rg BT 331.19 121.15 Td (were ) Tj ET Q q 0 0 0 rg BT 353.89 121.15 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 396.12 121.15 Td (by ) Tj ET Q q 0 0 0 rg BT 408.82 121.15 Td (independent ) Tj ET Q q 0 0 0 rg BT 461.56 121.15 Td (third-party ) Tj ET Q q 0 0 0 rg BT 505.27 121.15 Td (engineers, ) Tj ET Q q 0 0 0 rg BT 550.49 121.15 Td (GLJ ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 110.35 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 88.21 110.35 Td (Consultants ) Tj ET Q q 0 0 0 rg BT 137.93 110.35 Td (Ltd. ) Tj ET Q q 0 0 0 rg BT 155.14 110.35 Td (\("GLJ"\) ) Tj ET Q q 0 0 0 rg BT 186.22 110.35 Td (in ) Tj ET Q q 0 0 0 rg BT 195.42 110.35 Td (their ) Tj ET Q q 0 0 0 rg BT 215.12 110.35 Td (report ) Tj ET Q q 0 0 0 rg BT 240.82 110.35 Td (dated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.54 110.35 Td (January25, ) Tj ET Q q 0 0 0 rg BT 314.76 110.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.78 110.35 Td (. ) Tj ET Q q 0 0 0 rg BT 339.33 110.35 Td (The ) Tj ET Q q 0 0 0 rg BT 357.03 110.35 Td (balance ) Tj ET Q q 0 0 0 rg BT 390.75 110.35 Td (of ) Tj ET Q q 0 0 0 rg BT 400.45 110.35 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.67 110.35 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.68 110.35 Td ( ) Tj ET Q q 0 0 0 rg BT 473.87 110.35 Td (of ) Tj ET Q q 0 0 0 rg BT 483.57 110.35 Td (proved ) Tj ET Q q 0 0 0 rg BT 513.28 110.35 Td (plus ) Tj ET Q q 0 0 0 rg BT 531.98 110.35 Td (probable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 99.55 Td (net ) Tj ET Q q 0 0 0 rg BT 60.17 99.55 Td (present ) Tj ET Q q 0 0 0 rg BT 92.85 99.55 Td (value ) Tj ET Q q 0 0 0 rg BT 117.03 99.55 Td (reserves ) Tj ET Q q 0 0 0 rg BT 154.20 99.55 Td (were ) Tj ET Q q 0 0 0 rg BT 176.37 99.55 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 218.07 99.55 Td (internally ) Tj ET Q q 0 0 0 rg BT 256.74 99.55 Td (and ) Tj ET Q q 0 0 0 rg BT 274.42 99.55 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 313.10 99.55 Td (by ) Tj ET Q q 0 0 0 rg BT 325.27 99.55 Td (GLJ. ) Tj ET Q q 0 0 0 rg BT 346.76 99.55 Td (The ) Tj ET Q q 0 0 0 rg BT 364.93 99.55 Td (reserve ) Tj ET Q q 0 0 0 rg BT 397.61 99.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 438.78 99.55 Td (contained ) Tj ET Q q 0 0 0 rg BT 480.47 99.55 Td (in ) Tj ET Q q 0 0 0 rg BT 490.14 99.55 Td (the ) Tj ET Q q 0 0 0 rg BT 505.31 99.55 Td (following ) Tj ET Q q 0 0 0 rg BT 543.00 99.55 Td (tables ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 88.75 Td (represent ) Tj ET Q q 0 0 0 rg BT 85.12 88.75 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 132.96 88.75 Td (gross ) Tj ET Q q 0 0 0 rg BT 157.07 88.75 Td (reserves ) Tj ET Q q 0 0 0 rg BT 193.68 88.75 Td (as ) Tj ET Q q 0 0 0 rg BT 205.28 88.75 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 214.89 88.75 Td (December31, ) Tj ET Q q 0 0 0 rg BT 273.51 88.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.53 88.75 Td ( ) Tj ET Q q 0 0 0 rg BT 295.63 88.75 Td (and ) Tj ET Q q 0 0 0 rg BT 312.75 88.75 Td (are ) Tj ET Q q 0 0 0 rg BT 327.85 88.75 Td (defined ) Tj ET Q q 0 0 0 rg BT 359.48 88.75 Td (under ) Tj ET Q q 0 0 0 rg BT 384.59 88.75 Td (NI ) Tj ET Q q 0 0 0 rg BT 395.69 88.75 Td (51-101, ) Tj ET Q q 0 0 0 rg BT 428.32 88.75 Td (as ) Tj ET Q q 0 0 0 rg BT 439.92 88.75 Td (the ) Tj ET Q q 0 0 0 rg BT 454.53 88.75 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 509.87 88.75 Td (interest ) Tj ET Q q 0 0 0 rg BT 541.49 88.75 Td (before ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 77.95 Td (deduction ) Tj ET Q q 0 0 0 rg BT 86.53 77.95 Td (of ) Tj ET Q q 0 0 0 rg BT 96.54 77.95 Td (royalties ) Tj ET Q q 0 0 0 rg BT 132.55 77.95 Td (without ) Tj ET Q q 0 0 0 rg BT 163.57 77.95 Td (including ) Tj ET Q q 0 0 0 rg BT 201.59 77.95 Td (any ) Tj ET Q q 0 0 0 rg BT 218.61 77.95 Td (of ) Tj ET Q q 0 0 0 rg BT 228.61 77.95 Td (the ) Tj ET Q q 0 0 0 rg BT 243.62 77.95 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 299.37 77.95 Td (royalty ) Tj ET Q q 0 0 0 rg BT 328.38 77.95 Td (interests. ) Tj ET Q q 0 0 0 rg BT 367.39 77.95 Td ( ) Tj ET Q endstream endobj 17 0 obj <> endobj 18 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 8) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 737.5 m 226.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 723.5 m 226.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 737.5 m 302.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 723.5 m 302.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 737.5 m 378.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 723.5 m 378.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 737.5 m 481.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 723.5 m 481.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 737.5 m 566.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 723.5 m 566.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 656.5 m 226.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 656.5 m 302.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 656.5 m 378.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 656.5 m 481.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 656.5 m 566.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 656.5 m 302.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 656.5 m 378.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 656.5 m 481.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 656.5 m 566.5 656.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 628.5 m 226.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 628.5 m 302.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 628.5 m 378.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 628.5 m 481.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 628.5 m 566.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 614.5 m 226.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 628.5 m 302.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 614.5 m 302.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 628.5 m 378.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 614.5 m 378.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 628.5 m 481.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 614.5 m 481.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 628.5 m 566.5 628.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 614.5 m 566.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 600.5 m 226.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 600.5 m 302.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 600.5 m 378.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 600.5 m 481.5 600.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 614.5 m 566.5 614.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 600.5 m 566.5 600.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 586.5 m 226.5 586.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 586.5 m 302.5 586.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 586.5 m 378.5 586.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 586.5 m 481.5 586.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 600.5 m 566.5 600.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 586.5 m 566.5 586.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 727.90 Td (Reserves) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 87.03 732.19 Td (\(1\)\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 241.30 727.90 Td (Natural Gas) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 291.82 732.19 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.85 727.90 Td (Oil) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 367.85 732.19 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 392.95 727.90 Td (Natural Gas Liquids) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 492.45 727.90 Td (T) Tj ET Q q 0 0 0 rg BT 497.28 727.90 Td (otal Reserves) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 555.81 732.19 Td (\(5\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 277.20 715.90 Td (\(mmcf\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 351.65 715.90 Td (\(mbbls\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 454.65 715.90 Td (\(mbbls\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.80 715.90 Td (\(mboe\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 702.90 Td (Proved) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 688.90 Td (Proved Producing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.45 688.90 Td (614,884) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.45 688.90 Td (14,377) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 688.90 Td (45,215) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 688.90 Td (162,072) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 674.90 Td (Proved Non-producing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.45 674.90 Td (19,293) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.95 674.90 Td (623) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.45 674.90 Td (1,294) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 674.90 Td (5,132) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 660.90 Td (Proved Undeveloped) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.45 660.90 Td (391,783) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.45 660.90 Td (2,975) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 660.90 Td (26,748) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 660.90 Td (95,020) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 646.90 Td (Total Proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.95 646.90 Td (1,025,960) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.45 646.90 Td (17,974) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 646.90 Td (73,256) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 646.90 Td (262,224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 632.90 Td (Probable) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.45 632.90 Td (575,745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.45 632.90 Td (8,092) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 632.90 Td (40,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 632.90 Td (144,270) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 618.90 Td (Proved plus Probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.95 618.90 Td (1,601,705) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.45 618.90 Td (26,067) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 618.90 Td (113,477) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 618.90 Td (406,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 604.90 Td (Proved reserve life index \(years\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 176.55 609.19 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 550.45 604.90 Td (9.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 590.90 Td (Proved plus Probable reserve life index \(years\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 234.09 595.19 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 545.45 590.90 Td (14.1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 576.80 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 576.80 Td (Bonavista's working interest reserves are based on the GLJ reserve report dated ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 278.59 576.80 Td (January25, 2016) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 324.96 576.80 Td (, GLJ reserve estimates based on forecast prices and costs as of January 1, ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 528.72 576.80 Td (2016) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 542.07 576.80 Td (.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 569.60 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 569.60 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 562.45 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 63.00 562.45 Td (Includes Conventional Natural Gas, Shale Natural Gas and Coal Bed Methane.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 555.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 63.00 555.25 Td (Includes Light, Medium, Heavy and ) Tj ET Q q 0 0 0 rg BT 158.28 555.25 Td (T) Tj ET Q q 0 0 0 rg BT 161.72 555.25 Td (ight Oil.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 548.05 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.00 548.05 Td (Boe may be misleading, particularly if used in isolation. ) Tj ET Q q 0 0 0 rg BT 210.08 548.05 Td (A) Tj ET Q q 0 0 0 rg BT 213.75 548.05 Td ( boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 540.85 Td (does not represent value equivalency at the wellhead.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 533.65 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 63.00 533.65 Td (Calculated based on the amount for the relevant reserve category divided by the ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 277.80 533.65 Td (2016) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 291.14 533.65 Td ( production forecast prepared by GLJ.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 520.15 m 311.5 520.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 506.15 m 311.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 520.15 m 387.5 520.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 506.15 m 387.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 520.15 m 463.5 520.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 506.15 m 463.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 520.15 m 566.5 520.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 506.15 m 566.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 397.15 m 311.5 397.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 397.15 m 387.5 397.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 397.15 m 463.5 397.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 397.15 m 566.5 397.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 397.15 m 311.5 397.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 383.15 m 311.5 383.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 397.15 m 387.5 397.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 311.5 383.15 m 387.5 383.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 397.15 m 463.5 397.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 387.5 383.15 m 463.5 383.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 397.15 m 566.5 397.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 463.5 383.15 m 566.5 383.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 510.55 Td (Reserve Reconciliation) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 146.04 514.84 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 510.55 Td (Proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.45 510.55 Td (Probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.45 510.55 Td (Proved plus Probable) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 361.80 498.55 Td (\(mboe\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 437.80 498.55 Td (\(mboe\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 540.80 498.55 Td (\(mboe\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 485.55 Td (Balance, December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.45 485.55 Td (275,729) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 485.55 Td (151,039) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 485.55 Td (426,768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 471.55 Td (Extensions and Improved Recovery) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 198.07 475.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 356.45 471.55 Td (32,354) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 471.55 Td (6,790) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.45 471.55 Td (39,143) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 457.55 Td (Technical revisions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.45 457.55 Td (\(5,152) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 457.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 457.55 Td (\(10,040) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.00 457.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 457.55 Td (\(15,192) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 457.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 443.55 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.45 443.55 Td (3,175) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 443.55 Td (1,425) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 540.45 443.55 Td (4,599) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 429.55 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.45 429.55 Td (\(8,133) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 429.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.45 429.55 Td (\(5,823) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.00 429.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 429.55 Td (\(13,956) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 429.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 415.55 Td (Economic Factors) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.45 415.55 Td (\(6,856) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 415.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.95 415.55 Td (880) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.45 415.55 Td (\(5,976) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 415.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 401.55 Td (Production) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 401.55 Td (\(28,893) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.00 401.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.00 401.55 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 401.55 Td (\(28,893) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 401.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 387.55 Td (Balance, December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 351.45 387.55 Td (262,224) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.45 387.55 Td (144,270) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 387.55 Td (406,494) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 373.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 373.45 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 366.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 366.25 Td (Infill Drilling, Improved Recovery and Extensions have been grouped with Extensions and Improved Recovery as per NI 51-101.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 349.45 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.39 349.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.41 349.45 Td ( ) Tj ET Q q 0 0 0 rg BT 116.06 349.45 Td (year ) Tj ET Q q 0 0 0 rg BT 136.22 349.45 Td (end ) Tj ET Q q 0 0 0 rg BT 153.89 349.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 184.05 349.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 221.21 349.45 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.88 349.45 Td (262.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.41 349.45 Td ( ) Tj ET Q q 0 0 0 rg BT 276.06 349.45 Td (mmboe, ) Tj ET Q q 0 0 0 rg BT 311.22 349.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.87 349.45 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.88 349.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.53 349.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.55 349.45 Td ( ) Tj ET Q q 0 0 0 rg BT 374.20 349.45 Td (when ) Tj ET Q q 0 0 0 rg BT 398.37 349.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 441.04 349.45 Td (to ) Tj ET Q q 0 0 0 rg BT 451.19 349.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.35 349.45 Td (275.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.88 349.45 Td ( ) Tj ET Q q 0 0 0 rg BT 491.52 349.45 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 524.18 349.45 Td (at ) Tj ET Q q 0 0 0 rg BT 534.34 349.45 Td (the ) Tj ET Q q 0 0 0 rg BT 549.50 349.45 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 338.65 Td (end ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.23 338.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.25 338.65 Td (. ) Tj ET Q q 0 0 0 rg BT 86.96 338.65 Td ( ) Tj ET Q q 0 0 0 rg BT 89.18 338.65 Td (Proved ) Tj ET Q q 0 0 0 rg BT 119.91 338.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 138.63 338.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 175.87 338.65 Td (reserves ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.60 338.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.63 338.65 Td ( ) Tj ET Q q 0 0 0 rg BT 256.84 338.65 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.56 338.65 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.57 338.65 Td ( ) Tj ET Q q 0 0 0 rg BT 283.78 338.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.50 338.65 Td (406.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.02 338.65 Td ( ) Tj ET Q q 0 0 0 rg BT 318.23 338.65 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 350.46 338.65 Td (when ) Tj ET Q q 0 0 0 rg BT 374.19 338.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 416.42 338.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.14 338.65 Td (426.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.66 338.65 Td ( ) Tj ET Q q 0 0 0 rg BT 450.88 338.65 Td (mmboe ) Tj ET Q q 0 0 0 rg BT 483.10 338.65 Td (at ) Tj ET Q q 0 0 0 rg BT 492.82 338.65 Td (the ) Tj ET Q q 0 0 0 rg BT 507.54 338.65 Td (year ) Tj ET Q q 0 0 0 rg BT 527.26 338.65 Td (end ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 338.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.52 338.65 Td (. ) Tj ET Q q 0 0 0 rg BT 569.52 338.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 327.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.40 327.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 123.58 327.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 142.75 327.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 180.43 327.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 213.10 327.85 Td (life ) Tj ET Q q 0 0 0 rg BT 227.26 327.85 Td (index ) Tj ET Q q 0 0 0 rg BT 251.44 327.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 293.12 327.85 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.28 327.85 Td (8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.29 327.85 Td ( ) Tj ET Q q 0 0 0 rg BT 320.95 327.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.11 327.85 Td (14.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.63 327.85 Td ( ) Tj ET Q q 0 0 0 rg BT 351.29 327.85 Td (years ) Tj ET Q q 0 0 0 rg BT 375.95 327.85 Td (at ) Tj ET Q q 0 0 0 rg BT 386.12 327.85 Td (the ) Tj ET Q q 0 0 0 rg BT 401.29 327.85 Td (year ) Tj ET Q q 0 0 0 rg BT 421.45 327.85 Td (end ) Tj ET Q q 0 0 0 rg BT 439.13 327.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.29 327.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.31 327.85 Td ( ) Tj ET Q q 0 0 0 rg BT 471.97 327.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 514.65 327.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.82 327.85 Td (13.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.33 327.85 Td ( ) Tj ET Q q 0 0 0 rg BT 544.99 327.85 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 317.05 Td (at ) Tj ET Q q 0 0 0 rg BT 55.01 317.05 Td (the ) Tj ET Q q 0 0 0 rg BT 70.02 317.05 Td (year ) Tj ET Q q 0 0 0 rg BT 90.03 317.05 Td (end ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.54 317.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.56 317.05 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 300.20 Td (The ) Tj ET Q q 0 0 0 rg BT 62.83 300.20 Td (following ) Tj ET Q q 0 0 0 rg BT 100.17 300.20 Td (table ) Tj ET Q q 0 0 0 rg BT 122.00 300.20 Td (highlights ) Tj ET Q q 0 0 0 rg BT 162.34 300.20 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 210.40 300.20 Td (proved ) Tj ET Q q 0 0 0 rg BT 240.24 300.20 Td (plus ) Tj ET Q q 0 0 0 rg BT 259.07 300.20 Td (probable ) Tj ET Q q 0 0 0 rg BT 296.42 300.20 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 335.75 300.20 Td (proved ) Tj ET Q q 0 0 0 rg BT 365.58 300.20 Td (plus ) Tj ET Q q 0 0 0 rg BT 384.41 300.20 Td (probable ) Tj ET Q q 0 0 0 rg BT 421.76 300.20 Td (finding ) Tj ET Q q 0 0 0 rg BT 450.60 300.20 Td (and ) Tj ET Q q 0 0 0 rg BT 467.93 300.20 Td (the ) Tj ET Q q 0 0 0 rg BT 482.76 300.20 Td (development ) Tj ET Q q 0 0 0 rg BT 536.62 300.20 Td (\("F&D"\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 289.40 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 101.54 289.40 Td (proved ) Tj ET Q q 0 0 0 rg BT 131.55 289.40 Td (plus ) Tj ET Q q 0 0 0 rg BT 150.57 289.40 Td (probable ) Tj ET Q q 0 0 0 rg BT 188.09 289.40 Td (finding, ) Tj ET Q q 0 0 0 rg BT 219.62 289.40 Td (development ) Tj ET Q q 0 0 0 rg BT 273.65 289.40 Td (and ) Tj ET Q q 0 0 0 rg BT 291.17 289.40 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 336.19 289.40 Td (\("FD&A"\) ) Tj ET Q q 0 0 0 rg BT 375.08 289.40 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 429.12 289.40 Td (and ) Tj ET Q q 0 0 0 rg BT 446.63 289.40 Td (the ) Tj ET Q q 0 0 0 rg BT 461.65 289.40 Td (associated ) Tj ET Q q 0 0 0 rg BT 507.17 289.40 Td (recycle ) Tj ET Q q 0 0 0 rg BT 538.18 289.40 Td (ratios:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 272.95000000000005 m 332.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 258.95000000000005 m 332.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 272.95000000000005 m 410.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 258.95000000000005 m 410.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 272.95000000000005 m 488.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 258.95000000000005 m 488.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 272.95000000000005 m 566.5 272.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 258.95000000000005 m 566.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 258.95000000000005 m 332.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 258.95000000000005 m 410.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 258.95000000000005 m 488.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 258.95000000000005 m 566.5 258.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 202.95000000000005 m 332.5 202.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 332.5 202.95000000000005 m 410.5 202.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 202.95000000000005 m 488.5 202.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 488.5 202.95000000000005 m 566.5 202.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 146.95000000000005 m 332.5 146.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 332.5 146.95000000000005 m 410.5 146.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 146.95000000000005 m 488.5 146.95000000000005 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 488.5 146.95000000000005 m 566.5 146.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 104.95000000000005 m 332.5 104.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 104.95000000000005 m 410.5 104.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 104.95000000000005 m 488.5 104.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 104.95000000000005 m 566.5 104.95000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 263.35 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.95 263.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 263.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 263.35 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 249.35 Td (Reserves \(mboe\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 235.35 Td (Proved producing) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.45 235.35 Td (162,072) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.10 235.35 Td (169,456) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 235.35 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 235.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 221.35 Td (Total proved) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.45 221.35 Td (262,224) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.10 221.35 Td (275,729) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 221.35 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 221.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 207.35 Td (Proved plus probable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.45 207.35 Td (406,494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.10 207.35 Td (426,768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 207.35 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 207.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 193.35 Td (Capital expenditures \($ millions\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 179.35 Td (Exploration and development) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 179.35 Td (313.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.10 179.35 Td (639.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 179.35 Td (\(51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 179.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 165.35 Td (Acquisitions, net of dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.45 165.35 Td (\(30.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 165.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.10 165.35 Td (\(106.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.65 165.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 165.35 Td (\(71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 165.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 151.35 Td (T) Tj ET Q q 0 0 0 rg BT 60.50 151.35 Td (otal capital expenditures) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 157.56 155.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 151.35 Td (283.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.10 151.35 Td (532.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 151.35 Td (\(47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 151.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 137.35 Td (Operating Netback \($/boe\):) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 155.56 141.64 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 123.35 Td (Current year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 123.35 Td (16.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.10 123.35 Td (22.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 123.35 Td (\(28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 123.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 109.35 Td (Three-year weighted average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 109.35 Td (19.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.10 109.35 Td (20.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 109.35 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 109.35 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 95.20 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.67 95.20 Td (Amounts may not add due to rounding.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 88.00 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 88.00 Td (Operating netback is calculated using production revenues including realized gains and losses on financial instruments commodity contracts less royalties, transportation and operating costs ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 80.80 Td (calculated on a per boe equivalent basis. ) Tj ET Q endstream endobj 19 0 obj <> endobj 20 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 553.60 38.23 Td (Page 9) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 737.5 m 332.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 723.5 m 332.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 737.5 m 410.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 723.5 m 410.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 737.5 m 488.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 723.5 m 488.5 723.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 737.5 m 566.5 737.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 723.5 m 566.5 723.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 619.5 m 332.5 619.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 332.5 619.5 m 410.5 619.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 619.5 m 488.5 619.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 488.5 619.5 m 566.5 619.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 528.5 m 332.5 528.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 332.5 528.5 m 410.5 528.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 528.5 m 488.5 528.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 488.5 528.5 m 566.5 528.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 528.5 m 488.5 528.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 437.5 m 332.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 437.5 m 410.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 437.5 m 488.5 437.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 437.5 m 566.5 437.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 333.5 m 332.5 333.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 332.5 333.5 m 410.5 333.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 333.5 m 488.5 333.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 488.5 333.5 m 566.5 333.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 242.5 m 332.5 242.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 332.5 242.5 m 410.5 242.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 410.5 242.5 m 488.5 242.5 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 488.5 242.5 m 566.5 242.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 151.5 m 332.5 151.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 332.5 151.5 m 410.5 151.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410.5 151.5 m 488.5 151.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 488.5 151.5 m 566.5 151.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 727.90 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.95 727.90 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.95 727.90 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 727.90 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 714.45 Td (Finding and Development Expenditures) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 216.52 718.74 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 223.67 714.45 Td (:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 701.45 Td (Proved Producing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 688.45 Td (Change in FDC \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.95 688.45 Td (\(339) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 688.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 688.45 Td (\(4,005) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.00 688.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 688.45 Td (\(92) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 688.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 675.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.45 675.45 Td (26,252) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 675.45 Td (49,480) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 675.45 Td (\(47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 675.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 662.45 Td (F&D costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 137.52 666.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 662.45 Td (11.94) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 662.45 Td (12.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 662.45 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 662.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 649.45 Td (F&D recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 134.02 653.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 649.45 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 649.45 Td (1.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 649.45 Td (\(22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 649.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 636.45 Td (F&D three-year weighted costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 219.57 640.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 636.45 Td (13.57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 636.45 Td (14.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 636.45 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 636.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 623.45 Td (F&D recycle ratio three-year weighted average) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 251.09 627.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 623.45 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 623.45 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 623.45 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 623.45 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 610.45 Td (Total Proved:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 597.45 Td (Change in FDC \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.45 597.45 Td (\(188,683) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 597.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 597.45 Td (1,312) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 597.45 Td (\(14,481) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 597.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 584.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.45 584.45 Td (20,346) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 584.45 Td (49,455) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 584.45 Td (\(59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 584.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 571.45 Td (F&D costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 137.52 575.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.45 571.45 Td (6.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 571.45 Td (12.96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 571.45 Td (\(53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 571.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 558.45 Td (F&D recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 134.02 562.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 558.45 Td (2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 558.45 Td (1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 558.45 Td (53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 558.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 545.45 Td (F&D three-year weighted costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 219.57 549.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 545.45 Td (12.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 545.45 Td (14.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 545.45 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 545.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 532.45 Td (F&D recycle ratio three-year weighted average) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 251.09 536.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 532.45 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 532.45 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 532.45 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 532.45 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 519.45 Td (Proved plus Probable:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 506.45 Td (Change in FDC \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.45 506.45 Td (\(183,483) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 506.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.45 506.45 Td (\(19,091) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.00 506.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 506.45 Td (861) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 506.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 493.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.45 493.45 Td (17,975) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 493.45 Td (57,124) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 493.45 Td (\(69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 493.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 480.45 Td (F&D costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 137.52 484.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.45 480.45 Td (7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 480.45 Td (10.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 480.45 Td (\(33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 480.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 467.45 Td (F&D recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 134.02 471.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 467.45 Td (2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 467.45 Td (2.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 467.45 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 467.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 454.45 Td (F&D three-year weighted costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 219.57 458.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 454.45 Td (10.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 454.45 Td (12.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 454.45 Td (\(13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 454.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 441.45 Td (F&D recycle ratio three-year weighted average) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 251.09 445.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 441.45 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 441.45 Td (1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 441.45 Td (12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 441.45 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 428.45 Td (Finding, Development and ) Tj ET Q q 0 0 0 rg BT 161.67 428.45 Td (Acquisition Expenditures) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 270.19 432.74 Td (\(5\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 277.33 428.45 Td (:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 415.45 Td (Proved Producing:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 402.45 Td (Change in FDC \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 402.45 Td (4,667) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 402.45 Td (1,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.95 402.45 Td (317) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 402.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 389.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.45 389.45 Td (21,539) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 389.45 Td (42,753) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 389.45 Td (\(50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 389.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 376.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 376.45 Td ( costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 143.03 380.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 376.45 Td (13.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 376.45 Td (12.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 376.45 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 376.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 363.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 363.45 Td ( recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 139.52 367.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 363.45 Td (1.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 363.45 Td (1.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 363.45 Td (\(33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 363.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 350.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 350.45 Td ( three-year weighted costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 225.08 354.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 350.45 Td (13.35) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 350.45 Td (13.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 350.45 Td (\(1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 350.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 337.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 337.45 Td ( recycle ratio three-year weighted average) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 256.59 341.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 337.45 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 337.45 Td (1.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 337.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 337.45 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 324.45 Td (Total Proved:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 311.45 Td (Change in FDC \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.45 311.45 Td (\(186,034) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 311.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 311.45 Td (45,038) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 311.45 Td (\(513) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 311.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 298.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 379.45 298.45 Td (15,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 298.45 Td (47,644) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 298.45 Td (\(68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 298.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 285.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 285.45 Td ( costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 143.03 289.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.45 285.45 Td (6.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 285.45 Td (12.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 285.45 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 285.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 272.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 272.45 Td ( recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 139.52 276.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 272.45 Td (2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 272.45 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 272.45 Td (37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 272.45 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 259.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 259.45 Td ( three-year weighted costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 225.08 263.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 259.45 Td (12.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 259.45 Td (13.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 259.45 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 259.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 246.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 246.45 Td ( recycle ratio three-year weighted average) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 256.59 250.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 246.45 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 246.45 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 246.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 246.45 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 56.00 233.45 Td (Proved plus Probable:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 220.45 Td (Change in FDC \($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 371.45 220.45 Td (\(198,572) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.00 220.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 220.45 Td (28,160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 220.45 Td (\(805) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 220.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 207.45 Td (Reserves additions \(mboe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 207.45 Td (8,618) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.45 207.45 Td (56,369) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 207.45 Td (\(85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 207.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 194.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 194.45 Td ( costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 143.03 198.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.45 194.45 Td (9.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.45 194.45 Td (9.95) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 194.45 Td (\(1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 194.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 181.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 181.45 Td ( recycle ratio) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 139.52 185.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 181.45 Td (1.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 181.45 Td (2.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 181.45 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 181.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 168.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 168.45 Td ( three-year weighted costs \($/boe\)) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 225.08 172.74 Td (\(3\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 384.45 168.45 Td (10.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 168.45 Td (10.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 168.45 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 168.45 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 155.45 Td (FD&A) Tj ET Q q 0 0 0 rg BT 88.51 155.45 Td ( recycle ratio three-year weighted average) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 256.59 159.74 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 394.45 155.45 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 155.45 Td (1.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 155.45 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 155.45 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 141.80 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 54.00 141.80 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 141.80 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 141.80 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 141.80 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 141.80 Td (Both ) Tj ET Q q 0 0 0 rg BT 77.01 141.80 Td (F&D ) Tj ET Q q 0 0 0 rg BT 90.68 141.80 Td (and ) Tj ET Q q 0 0 0 rg BT 102.35 141.80 Td (FD&A) Tj ET Q q 0 0 0 rg BT 118.03 141.80 Td ( ) Tj ET Q q 0 0 0 rg BT 119.69 141.80 Td (costs ) Tj ET Q q 0 0 0 rg BT 135.36 141.80 Td (take ) Tj ET Q q 0 0 0 rg BT 148.37 141.80 Td (into ) Tj ET Q q 0 0 0 rg BT 159.71 141.80 Td (account ) Tj ET Q q 0 0 0 rg BT 182.39 141.80 Td (reserves ) Tj ET Q q 0 0 0 rg BT 207.07 141.80 Td (revisions ) Tj ET Q q 0 0 0 rg BT 232.41 141.80 Td (during ) Tj ET Q q 0 0 0 rg BT 250.75 141.80 Td (the ) Tj ET Q q 0 0 0 rg BT 260.76 141.80 Td (year ) Tj ET Q q 0 0 0 rg BT 274.10 141.80 Td (on ) Tj ET Q q 0 0 0 rg BT 282.44 141.80 Td (a ) Tj ET Q q 0 0 0 rg BT 287.45 141.80 Td (per ) Tj ET Q q 0 0 0 rg BT 297.79 141.80 Td (boe ) Tj ET Q q 0 0 0 rg BT 309.46 141.80 Td (basis ) Tj ET Q q 0 0 0 rg BT 325.14 141.80 Td (\(6:1\). ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 134.60 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 63.00 134.60 Td (Recycle ratio is defined as operating netback per boe divided by either F&D or FD&A) Tj ET Q q 0 0 0 rg BT 287.79 134.60 Td ( costs on a per boe basis. ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 127.40 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.00 127.40 Td (Calculated using gross reserves.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 113.60 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 86.24 113.60 Td (demonstrated ) Tj ET Q q 0 0 0 rg BT 142.98 113.60 Td (significant ) Tj ET Q q 0 0 0 rg BT 184.72 113.60 Td (improvements ) Tj ET Q q 0 0 0 rg BT 242.95 113.60 Td (in ) Tj ET Q q 0 0 0 rg BT 251.67 113.60 Td (overall ) Tj ET Q q 0 0 0 rg BT 279.89 113.60 Td (ef) Tj ET Q q 0 0 0 rg BT 287.23 113.60 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 325.96 113.60 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.68 113.60 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 113.60 Td (, ) Tj ET Q q 0 0 0 rg BT 358.91 113.60 Td (resulting ) Tj ET Q q 0 0 0 rg BT 394.65 113.60 Td (in ) Tj ET Q q 0 0 0 rg BT 403.36 113.60 Td (proved ) Tj ET Q q 0 0 0 rg BT 432.59 113.60 Td (plus ) Tj ET Q q 0 0 0 rg BT 450.82 113.60 Td (probable ) Tj ET Q q 0 0 0 rg BT 487.56 113.60 Td (F&D ) Tj ET Q q 0 0 0 rg BT 507.27 113.60 Td (cost ) Tj ET Q q 0 0 0 rg BT 525.49 113.60 Td (reductions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 102.80 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.67 102.80 Td (33%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.69 102.80 Td ( ) Tj ET Q q 0 0 0 rg BT 74.86 102.80 Td (to ) Tj ET Q q 0 0 0 rg BT 84.53 102.80 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.54 102.80 Td (7.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.05 102.80 Td ( ) Tj ET Q q 0 0 0 rg BT 109.22 102.80 Td (per ) Tj ET Q q 0 0 0 rg BT 124.40 102.80 Td (boe ) Tj ET Q q 0 0 0 rg BT 141.58 102.80 Td (from ) Tj ET Q q 0 0 0 rg BT 161.75 102.80 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.76 102.80 Td (10.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.28 102.80 Td ( ) Tj ET Q q 0 0 0 rg BT 191.45 102.80 Td (per ) Tj ET Q q 0 0 0 rg BT 206.62 102.80 Td (boe ) Tj ET Q q 0 0 0 rg BT 223.81 102.80 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.98 102.80 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.00 102.80 Td (. ) Tj ET Q q 0 0 0 rg BT 257.67 102.80 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 299.36 102.80 Td (considers ) Tj ET Q q 0 0 0 rg BT 340.05 102.80 Td (its ) Tj ET Q q 0 0 0 rg BT 351.22 102.80 Td (recycle ) Tj ET Q q 0 0 0 rg BT 381.89 102.80 Td (ratio ) Tj ET Q q 0 0 0 rg BT 401.57 102.80 Td (to ) Tj ET Q q 0 0 0 rg BT 411.24 102.80 Td (be ) Tj ET Q q 0 0 0 rg BT 423.42 102.80 Td (an ) Tj ET Q q 0 0 0 rg BT 435.60 102.80 Td (important ) Tj ET Q q 0 0 0 rg BT 475.29 102.80 Td (measure ) Tj ET Q q 0 0 0 rg BT 512.47 102.80 Td (of ) Tj ET Q q 0 0 0 rg BT 522.15 102.80 Td (profitability) Tj ET Q q 0 0 0 rg BT 564.50 102.80 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 92.00 Td (delivering ) Tj ET Q q 0 0 0 rg BT 85.51 92.00 Td (a ) Tj ET Q q 0 0 0 rg BT 92.50 92.00 Td (F&D ) Tj ET Q q 0 0 0 rg BT 112.48 92.00 Td (recycle ) Tj ET Q q 0 0 0 rg BT 142.98 92.00 Td (ratio ) Tj ET Q q 0 0 0 rg BT 162.47 92.00 Td (of ) Tj ET Q q 0 0 0 rg BT 171.96 92.00 Td (2.2:1 ) Tj ET Q q 0 0 0 rg BT 193.96 92.00 Td (for ) Tj ET Q q 0 0 0 rg BT 206.45 92.00 Td (proved ) Tj ET Q q 0 0 0 rg BT 235.96 92.00 Td (plus ) Tj ET Q q 0 0 0 rg BT 254.45 92.00 Td (probable ) Tj ET Q q 0 0 0 rg BT 291.47 92.00 Td (reserves ) Tj ET Q q 0 0 0 rg BT 327.96 92.00 Td (including ) Tj ET Q q 0 0 0 rg BT 365.47 92.00 Td (revisions ) Tj ET Q q 0 0 0 rg BT 402.97 92.00 Td (and ) Tj ET Q q 0 0 0 rg BT 419.97 92.00 Td (changes ) Tj ET Q q 0 0 0 rg BT 455.98 92.00 Td (in ) Tj ET Q q 0 0 0 rg BT 464.97 92.00 Td (future ) Tj ET Q q 0 0 0 rg BT 489.97 92.00 Td (development ) Tj ET Q q 0 0 0 rg BT 543.49 92.00 Td (costs. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 81.20 Td (Additional ) Tj ET Q q 0 0 0 rg BT 86.75 81.20 Td (reserves ) Tj ET Q q 0 0 0 rg BT 123.48 81.20 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 166.22 81.20 Td (tables, ) Tj ET Q q 0 0 0 rg BT 194.95 81.20 Td (as ) Tj ET Q q 0 0 0 rg BT 206.68 81.20 Td (required ) Tj ET Q q 0 0 0 rg BT 241.92 81.20 Td (under ) Tj ET Q q 0 0 0 rg BT 267.16 81.20 Td (NI ) Tj ET Q q 0 0 0 rg BT 278.38 81.20 Td (51-101, ) Tj ET Q q 0 0 0 rg BT 311.12 81.20 Td (are ) Tj ET Q q 0 0 0 rg BT 326.35 81.20 Td (contained ) Tj ET Q q 0 0 0 rg BT 367.60 81.20 Td (in ) Tj ET Q q 0 0 0 rg BT 376.82 81.20 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 424.35 81.20 Td (Annual ) Tj ET Q q 0 0 0 rg BT 454.59 81.20 Td (Information ) Tj ET Q q 0 0 0 rg BT 501.83 81.20 Td (Form ) Tj ET Q q 0 0 0 rg BT 525.05 81.20 Td (that ) Tj ET Q q 0 0 0 rg BT 542.28 81.20 Td (will ) Tj ET Q q 0 0 0 rg BT 557.00 81.20 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 70.45 Td (filed ) Tj ET Q q 0 0 0 rg BT 64.01 70.45 Td (on ) Tj ET Q q 0 0 0 rg BT 76.52 70.45 Td (SEDAR. ) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 10) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 86.51 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 105.01 731.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 148.51 731.45 Td (highlights ) Tj ET Q q 0 0 0 rg BT 194.01 731.45 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.00 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 199.34 731.45 Td (The ) Tj ET Q q 0 0 0 rg BT 217.35 731.45 Td (following ) Tj ET Q q 0 0 0 rg BT 254.87 731.45 Td (is ) Tj ET Q q 0 0 0 rg BT 263.87 731.45 Td (a ) Tj ET Q q 0 0 0 rg BT 271.38 731.45 Td (summary ) Tj ET Q q 0 0 0 rg BT 310.88 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 320.88 731.45 Td (key ) Tj ET Q q 0 0 0 rg BT 337.39 731.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 372.91 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 390.43 731.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 430.46 731.45 Td (results ) Tj ET Q q 0 0 0 rg BT 459.47 731.45 Td (for ) Tj ET Q q 0 0 0 rg BT 472.47 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 487.48 731.45 Td (respective ) Tj ET Q q 0 0 0 rg BT 531.00 731.45 Td (periods:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 714.95 m 245.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 714.95 m 294.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 714.95 m 343.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 714.95 m 398.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 714.95 m 402.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 714.95 m 457.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 714.95 m 511.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 714.95 m 566.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 686.95 m 245.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 686.95 m 294.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 686.95 m 343.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 686.95 m 398.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 686.95 m 402.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 686.95 m 457.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 686.95 m 511.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 686.95 m 566.5 686.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 548.95 m 245.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 548.95 m 294.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 548.95 m 343.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 548.95 m 398.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 548.95 m 402.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 548.95 m 457.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 457.5 548.95 m 511.5 548.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 548.95 m 566.5 548.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 44.5 520.95 m 245.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 245.5 520.95 m 294.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 294.5 520.95 m 343.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 343.5 520.95 m 398.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 398.5 520.95 m 402.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 402.5 520.95 m 457.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 457.5 520.95 m 511.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 511.5 520.95 m 566.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 245.5 520.95 m 294.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 294.5 520.95 m 343.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 402.5 520.95 m 457.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 0 J 0 j 3 M 457.5 520.95 m 511.5 520.95 l s 0 0 0 RG /GS0 gs 0.25 w 0 i [] 0 d 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BT 481.95 691.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.95 691.35 Td (% Change) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 678.95 Td (\($ thousands, except per boe and share amounts where noted\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 665.35 Td (Production:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 651.35 Td (Natural gas \(mmcf/d\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 270.90 651.35 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.90 651.35 Td (359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 651.35 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 651.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.90 651.35 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.90 651.35 Td (314) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 651.35 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 651.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 637.35 Td (Natural gas liquids \(bbls/d\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 637.35 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 637.35 Td (18,256) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 637.35 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 637.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 637.35 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 637.35 Td (15,991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 637.35 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 637.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 623.35 Td (Oil \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 623.35 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 623.35 Td (7,688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 623.35 Td (\(36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 623.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 623.35 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 623.35 Td (8,873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 623.35 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 623.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 609.35 Td ( Total production \(boe/d\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 609.35 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 609.35 Td (85,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 609.35 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 609.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 609.35 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 609.35 Td (77,211) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 609.35 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 609.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 595.35 Td (Product prices:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 581.35 Td (Natural gas \($/mmcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 581.35 Td (3.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 581.35 Td (3.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 581.35 Td (\(11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 581.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 581.35 Td (3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 581.35 Td (4.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 581.35 Td (\(17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 581.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 567.35 Td (Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 567.35 Td (19.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 567.35 Td (37.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 567.35 Td (\(48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 567.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 567.35 Td (23.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 567.35 Td (49.78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 567.35 Td (\(53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 567.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 553.35 Td (Oil \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 553.35 Td (86.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 553.35 Td (83.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 553.35 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 553.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 553.35 Td (81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 553.35 Td (80.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 553.35 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 553.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 539.35 Td (Production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.40 539.35 Td (137,260) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 539.35 Td (244,612) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 539.35 Td (\(44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 539.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.40 539.35 Td (599,999) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.90 539.35 Td (1,106,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 539.35 Td (\(46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 539.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 525.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 525.35 Td (18.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 525.35 Td (30.99) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 525.35 Td (\(40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 525.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 525.35 Td (20.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 525.35 Td (39.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 525.35 Td (\(47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 525.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 511.35 Td (Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 511.35 Td (11,389) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 511.35 Td (27,328) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 511.35 Td (\(58) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 511.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 511.35 Td (54,201) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 511.35 Td (136,095) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 511.35 Td (\(60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 511.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 497.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 497.35 Td (1.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 497.35 Td (3.46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 497.35 Td (\(55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 497.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 497.35 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 497.35 Td (4.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 497.35 Td (\(61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 497.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 483.35 Td (% of production revenues) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.40 483.35 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.95 483.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 483.35 Td (11.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 483.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 483.35 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 483.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.40 483.35 Td (9.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 483.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 483.35 Td (12.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 483.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 483.35 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 483.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 469.35 Td (Operating expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 469.35 Td (43,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 469.35 Td (58,239) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 469.35 Td (\(26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 469.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.45 469.35 Td (190,889) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 469.35 Td (232,474) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 469.35 Td (\(18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 469.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 455.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 455.35 Td (5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 455.35 Td (7.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 455.35 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 455.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 455.35 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 455.35 Td (8.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 455.35 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 455.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 441.35 Td (Transportation expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 441.35 Td (9,023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 441.35 Td (9,556) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 441.35 Td (\(6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 441.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.45 441.35 Td (36,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 441.35 Td (36,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 441.35 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 441.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 427.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 427.35 Td (1.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 427.35 Td (1.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 427.35 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 427.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 427.35 Td (1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 427.35 Td (1.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 427.35 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 427.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 413.35 Td (General and administrative expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 413.35 Td (7,120) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 413.35 Td (8,074) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 413.35 Td (\(12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 413.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.45 413.35 Td (32,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 413.35 Td (32,012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 413.35 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 413.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 399.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 399.35 Td (0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 399.35 Td (1.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 399.35 Td (\(5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 399.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 399.35 Td (1.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 399.35 Td (1.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 399.35 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 399.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 385.35 Td (Share-based compensation expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 385.35 Td (4,057) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 385.35 Td (2,608) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 385.35 Td (56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 385.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 420.45 385.35 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 385.35 Td (20,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 385.35 Td (\(16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 385.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 371.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 371.35 Td (0.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 371.35 Td (0.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 371.35 Td (67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 371.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 371.35 Td (0.59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 371.35 Td (0.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 371.35 Td (\(19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 371.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 357.90 Td (Depreciation, depletion, amortization and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 348.90 Td (impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 253.40 349.35 Td (649,232) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 349.35 Td (404,949) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 349.35 Td (60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 349.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.95 349.35 Td (1,168,016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 349.35 Td (670,510) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 349.35 Td (74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 349.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 335.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 335.35 Td (88.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 335.35 Td (51.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 335.35 Td (72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 335.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 335.35 Td (40.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 335.35 Td (23.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 335.35 Td (70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 335.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 321.35 Td (Net finance costs) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 116.03 325.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 321.35 Td (42,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 321.35 Td (39,473) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 321.35 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 321.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.45 321.35 Td (166,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 321.35 Td (119,577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 321.35 Td (39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 321.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 307.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 307.35 Td (5.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 307.35 Td (5.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 307.35 Td (15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 307.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 307.35 Td (5.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 307.35 Td (4.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 307.35 Td (36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 307.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 293.35 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 293.35 Td (12,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 293.35 Td (11,060) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 293.35 Td (16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 293.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 293.35 Td (49,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 293.35 Td (43,921) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 293.35 Td (13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 293.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 279.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 279.35 Td (1.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 279.35 Td (1.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 279.35 Td (25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 279.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 279.35 Td (1.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 279.35 Td (1.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 279.35 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 279.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 265.35 Td (Deferred income taxes \(recovery\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.40 265.35 Td (\(155,253) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.95 265.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.40 265.35 Td (\(6,067) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 265.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 265.35 Td (2,459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 265.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.40 265.35 Td (\(204,051) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 265.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.40 265.35 Td (34,323) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 265.35 Td (\(695) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 265.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 251.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.40 251.35 Td (\(21.13) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.95 251.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.40 251.35 Td (\(0.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 251.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.45 251.35 Td (2,644) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 251.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.40 251.35 Td (\(7.05) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 251.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 251.35 Td (1.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 251.35 Td (\(678) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 251.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 237.35 Td (Net income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.40 237.35 Td (\(454,616) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.95 237.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 304.40 237.35 Td (\(60,978) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 237.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 237.35 Td (\(646) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 237.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.40 237.35 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 237.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 237.35 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 237.35 Td (\(15,605) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 237.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 223.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.40 223.35 Td (\(61.88) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.95 223.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.40 223.35 Td (\(7.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 223.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 223.35 Td (\(702) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 223.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.40 223.35 Td (\(25.97) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 223.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 223.35 Td (0.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 223.35 Td (\(15,376) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 223.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 209.35 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.40 209.35 Td (\(2.09) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 285.95 209.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.40 209.35 Td (\(0.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 209.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.95 209.35 Td (\(646) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 209.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.40 209.35 Td (\(3.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.95 209.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 209.35 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 209.35 Td (\(17,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 209.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 195.35 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 195.35 Td (11,664) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.40 195.35 Td (42,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 195.35 Td (\(73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 195.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 421.40 195.35 Td (76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 195.35 Td (164,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 195.35 Td (\(53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 195.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 181.35 Td (per share) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 181.35 Td (0.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 181.35 Td (0.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 181.35 Td (\(71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 181.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 181.35 Td (0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 181.35 Td (0.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 181.35 Td (\(56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 181.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 167.35 Td (Funds from operations) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 137.04 171.64 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 258.40 167.35 Td (95,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.40 167.35 Td (135,845) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 167.35 Td (\(29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 167.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.45 167.35 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 167.35 Td (561,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 167.35 Td (\(31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 167.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 153.35 Td (per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.40 153.35 Td (13.04) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 153.35 Td (17.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 153.35 Td (\(24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 153.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 153.35 Td (13.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 153.35 Td (19.91) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 153.35 Td (\(33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 153.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.50 139.35 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.40 139.35 Td (0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 139.35 Td (0.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 139.35 Td (\(30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 139.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.40 139.35 Td (1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 139.35 Td (2.69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 139.35 Td (\(34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 139.35 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 125.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 125.25 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 125.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 125.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 125.25 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 125.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 87.01 125.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 108.36 125.25 Td (expense.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 118.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.00 118.05 Td (Additional ) Tj ET Q q 0 0 0 rg BT 91.02 118.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 106.35 118.05 Td (measure.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.75 38.23 Td (Page 1) Tj ET Q q 0 0 0 rg BT 574.51 38.23 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Production ) Tj ET Q q 0 0 0 rg BT 95.20 731.45 Td (- ) Tj ET Q q 0 0 0 rg BT 100.90 731.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.61 731.45 Td (Production ) Tj ET Q q 0 0 0 rg BT 149.34 731.45 Td (volumes ) Tj ET Q q 0 0 0 rg BT 185.56 731.45 Td (for ) Tj ET Q q 0 0 0 rg BT 198.77 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 213.99 731.45 Td (year ) Tj ET Q q 0 0 0 rg BT 234.20 731.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.93 731.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 321.16 731.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.19 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 343.89 731.45 Td (averaged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.13 731.45 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.65 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 414.36 731.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 432.08 731.45 Td (per ) Tj ET Q q 0 0 0 rg BT 447.79 731.45 Td (day) Tj ET Q q 0 0 0 rg BT 461.64 731.45 Td (, ) Tj ET Q q 0 0 0 rg BT 466.84 731.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.55 731.45 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.56 731.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.27 731.45 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.29 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 526.99 731.45 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 54.92 720.65 Td (an ) Tj ET Q q 0 0 0 rg BT 67.34 720.65 Td (average ) Tj ET Q q 0 0 0 rg BT 102.27 720.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 112.19 720.65 Td (77,21) Tj ET Q q 0 0 0 rg BT 134.04 720.65 Td (1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.05 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 141.46 720.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 158.88 720.65 Td (per ) Tj ET Q q 0 0 0 rg BT 174.30 720.65 Td (day ) Tj ET Q q 0 0 0 rg BT 191.22 720.65 Td (for ) Tj ET Q q 0 0 0 rg BT 204.13 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 219.06 720.65 Td (year ) Tj ET Q q 0 0 0 rg BT 238.97 720.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.41 720.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 325.35 720.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.37 720.65 Td (. ) Tj ET Q q 0 0 0 rg BT 350.12 720.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.04 720.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.06 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 404.47 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 413.89 720.65 Td (production ) Tj ET Q q 0 0 0 rg BT 458.32 720.65 Td (volumes ) Tj ET Q q 0 0 0 rg BT 494.25 720.65 Td (over ) Tj ET Q q 0 0 0 rg BT 514.17 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 529.09 720.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 549.50 720.65 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (period ) Tj ET Q q 0 0 0 rg BT 71.96 709.85 Td (can ) Tj ET Q q 0 0 0 rg BT 88.40 709.85 Td (be ) Tj ET Q q 0 0 0 rg BT 100.35 709.85 Td (attributed ) Tj ET Q q 0 0 0 rg BT 139.81 709.85 Td (to ) Tj ET Q q 0 0 0 rg BT 149.26 709.85 Td (production ) Tj ET Q q 0 0 0 rg BT 193.22 709.85 Td (additions ) Tj ET Q q 0 0 0 rg BT 231.19 709.85 Td (from ) Tj ET Q q 0 0 0 rg BT 251.13 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 265.57 709.85 Td (2014 ) Tj ET Q q 0 0 0 rg BT 287.53 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 304.49 709.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 326.45 709.85 Td (drilling ) Tj ET Q q 0 0 0 rg BT 354.40 709.85 Td (programs ) Tj ET Q q 0 0 0 rg BT 394.35 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 411.30 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 425.75 709.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 461.70 709.85 Td (in ) Tj ET Q q 0 0 0 rg BT 470.65 709.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 500.10 709.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 516.55 709.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 544.00 709.85 Td (yields ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 82.25 699.05 Td (from ) Tj ET Q q 0 0 0 rg BT 103.48 699.05 Td (a ) Tj ET Q q 0 0 0 rg BT 111.72 699.05 Td (third-party ) Tj ET Q q 0 0 0 rg BT 155.46 699.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 178.21 699.05 Td (expansion ) Tj ET Q q 0 0 0 rg BT 222.48 699.05 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 283.23 699.05 Td (during ) Tj ET Q q 0 0 0 rg BT 311.48 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 327.22 699.05 Td (third ) Tj ET Q q 0 0 0 rg BT 347.96 699.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 379.71 699.05 Td (of ) Tj ET Q q 0 0 0 rg BT 390.45 699.05 Td (2015. ) Tj ET Q q 0 0 0 rg BT 415.99 699.05 Td (This ) Tj ET Q q 0 0 0 rg BT 436.22 699.05 Td (production ) Tj ET Q q 0 0 0 rg BT 481.49 699.05 Td (growth ) Tj ET Q q 0 0 0 rg BT 511.73 699.05 Td (was ) Tj ET Q q 0 0 0 rg BT 530.97 699.05 Td (achieved ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (despite ) Tj ET Q q 0 0 0 rg BT 76.30 688.25 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 122.10 688.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 151.88 688.25 Td (at ) Tj ET Q q 0 0 0 rg BT 161.66 688.25 Td (major ) Tj ET Q q 0 0 0 rg BT 186.44 688.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 229.23 688.25 Td (facilities ) Tj ET Q q 0 0 0 rg BT 263.51 688.25 Td (during ) Tj ET Q q 0 0 0 rg BT 290.81 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.59 688.25 Td (second ) Tj ET Q q 0 0 0 rg BT 336.89 688.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.68 688.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.46 688.25 Td (2015. ) Tj ET Q q 0 0 0 rg BT 402.25 688.25 Td (Natural ) Tj ET Q q 0 0 0 rg BT 433.54 688.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 450.33 688.25 Td (production ) Tj ET Q q 0 0 0 rg BT 494.63 688.25 Td (for ) Tj ET Q q 0 0 0 rg BT 507.41 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.19 688.25 Td (year ) Tj ET Q q 0 0 0 rg BT 541.98 688.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 676.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.66 676.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.69 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.82 676.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.97 676.25 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.98 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.12 676.25 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 185.25 676.25 Td (per ) Tj ET Q q 0 0 0 rg BT 200.40 676.25 Td (day) Tj ET Q q 0 0 0 rg BT 214.24 676.25 Td (, ) Tj ET Q q 0 0 0 rg BT 218.88 676.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.02 676.25 Td (7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.03 676.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.17 676.25 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.19 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 277.32 676.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 319.48 676.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.13 676.25 Td (314) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.14 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.28 676.25 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 370.41 676.25 Td (per ) Tj ET Q q 0 0 0 rg BT 385.56 676.25 Td (day ) Tj ET Q q 0 0 0 rg BT 402.21 676.25 Td (produced ) Tj ET Q q 0 0 0 rg BT 441.87 676.25 Td (during ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.03 676.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.05 676.25 Td (. ) Tj ET Q q 0 0 0 rg BT 493.69 676.25 Td (Natural ) Tj ET Q q 0 0 0 rg BT 524.84 676.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.49 676.25 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 665.45 Td (production ) Tj ET Q q 0 0 0 rg BT 89.42 665.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.81 665.45 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.34 665.45 Td ( ) Tj ET Q q 0 0 0 rg BT 137.73 665.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 156.63 665.45 Td (per ) Tj ET Q q 0 0 0 rg BT 172.03 665.45 Td (day ) Tj ET Q q 0 0 0 rg BT 188.93 665.45 Td (for ) Tj ET Q q 0 0 0 rg BT 201.82 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 216.72 665.45 Td (year ) Tj ET Q q 0 0 0 rg BT 236.61 665.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.03 665.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 322.95 665.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.97 665.45 Td (, ) Tj ET Q q 0 0 0 rg BT 347.86 665.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.25 665.45 Td (10%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.27 665.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.65 665.45 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.67 665.45 Td ( ) Tj ET Q q 0 0 0 rg BT 412.06 665.45 Td (when ) Tj ET Q q 0 0 0 rg BT 435.97 665.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 478.38 665.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.27 665.45 Td (15,991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.80 665.45 Td ( ) Tj ET Q q 0 0 0 rg BT 518.19 665.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 537.09 665.45 Td (per ) Tj ET Q q 0 0 0 rg BT 552.48 665.45 Td (day ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 654.65 Td (in ) Tj ET Q q 0 0 0 rg BT 54.72 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 69.94 654.65 Td (same ) Tj ET Q q 0 0 0 rg BT 94.66 654.65 Td (period ) Tj ET Q q 0 0 0 rg BT 122.39 654.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.11 654.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.13 654.65 Td (. ) Tj ET Q q 0 0 0 rg BT 157.16 654.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.38 654.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.40 654.65 Td ( ) Tj ET Q q 0 0 0 rg BT 212.11 654.65 Td (in ) Tj ET Q q 0 0 0 rg BT 221.83 654.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 252.06 654.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 269.28 654.65 Td (and ) Tj ET Q q 0 0 0 rg BT 287.01 654.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 317.24 654.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 334.46 654.65 Td (liquids ) Tj ET Q q 0 0 0 rg BT 362.69 654.65 Td (production ) Tj ET Q q 0 0 0 rg BT 407.43 654.65 Td (can ) Tj ET Q q 0 0 0 rg BT 424.66 654.65 Td (be ) Tj ET Q q 0 0 0 rg BT 437.38 654.65 Td (attributed ) Tj ET Q q 0 0 0 rg BT 477.61 654.65 Td (to ) Tj ET Q q 0 0 0 rg BT 487.83 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 503.06 654.65 Td (same ) Tj ET Q q 0 0 0 rg BT 527.78 654.65 Td (factors ) Tj ET Q q 0 0 0 rg BT 557.50 654.65 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 643.85 Td (described ) Tj ET Q q 0 0 0 rg BT 86.09 643.85 Td (above. ) Tj ET Q q 0 0 0 rg BT 115.05 643.85 Td (The ) Tj ET Q q 0 0 0 rg BT 132.63 643.85 Td (growth ) Tj ET Q q 0 0 0 rg BT 161.71 643.85 Td (in ) Tj ET Q q 0 0 0 rg BT 170.78 643.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 200.37 643.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 216.95 643.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 244.54 643.85 Td (production ) Tj ET Q q 0 0 0 rg BT 288.63 643.85 Td (on ) Tj ET Q q 0 0 0 rg BT 300.71 643.85 Td (a ) Tj ET Q q 0 0 0 rg BT 307.79 643.85 Td (percentage ) Tj ET Q q 0 0 0 rg BT 354.89 643.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 377.97 643.85 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 419.08 643.85 Td (the ) Tj ET Q q 0 0 0 rg BT 433.66 643.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 469.74 643.85 Td (in ) Tj ET Q q 0 0 0 rg BT 478.82 643.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 508.41 643.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 524.99 643.85 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 633.05 Td (as ) Tj ET Q q 0 0 0 rg BT 56.39 633.05 Td (a ) Tj ET Q q 0 0 0 rg BT 63.28 633.05 Td (result ) Tj ET Q q 0 0 0 rg BT 87.18 633.05 Td (of ) Tj ET Q q 0 0 0 rg BT 96.57 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 110.97 633.05 Td (third-party ) Tj ET Q q 0 0 0 rg BT 153.37 633.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 174.77 633.05 Td (expansion ) Tj ET Q q 0 0 0 rg BT 217.69 633.05 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 277.09 633.05 Td (in ) Tj ET Q q 0 0 0 rg BT 285.98 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 300.38 633.05 Td (third ) Tj ET Q q 0 0 0 rg BT 319.78 633.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 350.18 633.05 Td (of ) Tj ET Q q 0 0 0 rg BT 359.57 633.05 Td (2015 ) Tj ET Q q 0 0 0 rg BT 381.48 633.05 Td (which ) Tj ET Q q 0 0 0 rg BT 406.37 633.05 Td (significantly ) Tj ET Q q 0 0 0 rg BT 454.78 633.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 495.69 633.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 525.09 633.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.49 633.05 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 622.25 Td (yields ) Tj ET Q q 0 0 0 rg BT 70.01 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 79.02 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.53 622.25 Td (W) Tj ET Q q 0 0 0 rg BT 101.87 622.25 Td (est ) Tj ET Q q 0 0 0 rg BT 115.87 622.25 Td (Central ) Tj ET Q q 0 0 0 rg BT 146.89 622.25 Td (core ) Tj ET Q q 0 0 0 rg BT 166.40 622.25 Td (area, ) Tj ET Q q 0 0 0 rg BT 188.92 622.25 Td (partially ) Tj ET Q q 0 0 0 rg BT 221.93 622.25 Td (of) Tj ET Q q 0 0 0 rg BT 229.27 622.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 245.78 622.25 Td (by ) Tj ET Q q 0 0 0 rg BT 257.29 622.25 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 300.32 622.25 Td (turnaround ) Tj ET Q q 0 0 0 rg BT 345.86 622.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 375.37 622.25 Td (during ) Tj ET Q q 0 0 0 rg BT 402.39 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.90 622.25 Td (second ) Tj ET Q q 0 0 0 rg BT 447.92 622.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 478.44 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 487.95 622.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 509.98 622.25 Td (which ) Tj ET Q q 0 0 0 rg BT 534.99 622.25 Td (resulted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 611.45 Td (in ) Tj ET Q q 0 0 0 rg BT 54.53 611.45 Td (the ) Tj ET Q q 0 0 0 rg BT 69.57 611.45 Td (diversion ) Tj ET Q q 0 0 0 rg BT 108.11 611.45 Td (of ) Tj ET Q q 0 0 0 rg BT 118.14 611.45 Td (production ) Tj ET Q q 0 0 0 rg BT 162.69 611.45 Td (volumes ) Tj ET Q q 0 0 0 rg BT 198.73 611.45 Td (to ) Tj ET Q q 0 0 0 rg BT 208.76 611.45 Td (processing ) Tj ET Q q 0 0 0 rg BT 254.81 611.45 Td (facilities ) Tj ET Q q 0 0 0 rg BT 289.34 611.45 Td (with ) Tj ET Q q 0 0 0 rg BT 307.87 611.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 331.91 611.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 359.95 611.45 Td (recovery ) Tj ET Q q 0 0 0 rg BT 396.98 611.45 Td (ef) Tj ET Q q 0 0 0 rg BT 404.32 611.45 Td (ficiencies. ) Tj ET Q q 0 0 0 rg BT 446.36 611.45 Td (Oil ) Tj ET Q q 0 0 0 rg BT 459.89 611.45 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.44 611.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.47 611.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.00 611.45 Td (39%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 611.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.71 600.65 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.24 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 79.44 600.65 Td (bbls ) Tj ET Q q 0 0 0 rg BT 98.16 600.65 Td (per ) Tj ET Q q 0 0 0 rg BT 113.38 600.65 Td (day ) Tj ET Q q 0 0 0 rg BT 130.09 600.65 Td (for ) Tj ET Q q 0 0 0 rg BT 142.80 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 157.52 600.65 Td (year ) Tj ET Q q 0 0 0 rg BT 177.24 600.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.47 600.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 263.21 600.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 283.23 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 285.44 600.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.64 600.65 Td (8,873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.17 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 330.37 600.65 Td (bbls ) Tj ET Q q 0 0 0 rg BT 349.09 600.65 Td (per ) Tj ET Q q 0 0 0 rg BT 364.31 600.65 Td (day ) Tj ET Q q 0 0 0 rg BT 381.02 600.65 Td (in ) Tj ET Q q 0 0 0 rg BT 390.24 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 404.96 600.65 Td (same ) Tj ET Q q 0 0 0 rg BT 429.17 600.65 Td (period ) Tj ET Q q 0 0 0 rg BT 456.40 600.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.61 600.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.63 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 487.84 600.65 Td (due ) Tj ET Q q 0 0 0 rg BT 505.06 600.65 Td (to ) Tj ET Q q 0 0 0 rg BT 514.78 600.65 Td (non-core, ) Tj ET Q q 0 0 0 rg BT 555.00 600.65 Td (oil-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 589.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 83.53 589.85 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 133.05 589.85 Td (completed ) Tj ET Q q 0 0 0 rg BT 177.08 589.85 Td (in ) Tj ET Q q 0 0 0 rg BT 186.58 589.85 Td (2014.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 573.05 Td (Production ) Tj ET Q q 0 0 0 rg BT 90.48 573.05 Td (volumes ) Tj ET Q q 0 0 0 rg BT 126.45 573.05 Td (averaged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.43 573.05 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.96 573.05 Td ( ) Tj ET Q q 0 0 0 rg BT 196.41 573.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 213.88 573.05 Td (per ) Tj ET Q q 0 0 0 rg BT 229.34 573.05 Td (day ) Tj ET Q q 0 0 0 rg BT 246.31 573.05 Td (for ) Tj ET Q q 0 0 0 rg BT 259.27 573.05 Td (the ) Tj ET Q q 0 0 0 rg BT 274.23 573.05 Td (three ) Tj ET Q q 0 0 0 rg BT 297.20 573.05 Td (months ) Tj ET Q q 0 0 0 rg BT 329.17 573.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.65 573.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 415.63 573.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.65 573.05 Td (, ) Tj ET Q q 0 0 0 rg BT 440.61 573.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.06 573.05 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.07 573.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.53 573.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.55 573.05 Td ( ) Tj ET Q q 0 0 0 rg BT 503.00 573.05 Td (when ) Tj ET Q q 0 0 0 rg BT 526.97 573.05 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 55.36 562.25 Td (an ) Tj ET Q q 0 0 0 rg BT 68.23 562.25 Td (average ) Tj ET Q q 0 0 0 rg BT 103.62 562.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.98 562.25 Td (85,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.51 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.37 562.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 162.24 562.25 Td (per ) Tj ET Q q 0 0 0 rg BT 178.11 562.25 Td (day ) Tj ET Q q 0 0 0 rg BT 195.48 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 208.84 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.21 562.25 Td (three ) Tj ET Q q 0 0 0 rg BT 247.58 562.25 Td (months ) Tj ET Q q 0 0 0 rg BT 279.95 562.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.84 562.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 367.22 562.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.24 562.25 Td (. ) Tj ET Q q 0 0 0 rg BT 392.60 562.25 Td ( ) Tj ET Q q 0 0 0 rg BT 395.27 562.25 Td (The ) Tj ET Q q 0 0 0 rg BT 413.64 562.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 453.52 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.39 562.25 Td (production ) Tj ET Q q 0 0 0 rg BT 508.27 562.25 Td (volumes ) Tj ET Q q 0 0 0 rg BT 544.65 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.51 562.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 551.45 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.01 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 70.90 551.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 102.30 551.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 112.69 551.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.71 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 135.60 551.45 Td (over ) Tj ET Q q 0 0 0 rg BT 155.99 551.45 Td (the ) Tj ET Q q 0 0 0 rg BT 171.39 551.45 Td (same ) Tj ET Q q 0 0 0 rg BT 196.28 551.45 Td (period ) Tj ET Q q 0 0 0 rg BT 224.18 551.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.07 551.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.10 551.45 Td ( ) Tj ET Q q 0 0 0 rg BT 256.98 551.45 Td (is ) Tj ET Q q 0 0 0 rg BT 266.37 551.45 Td (mainly ) Tj ET Q q 0 0 0 rg BT 295.26 551.45 Td (attributed ) Tj ET Q q 0 0 0 rg BT 335.67 551.45 Td (to ) Tj ET Q q 0 0 0 rg BT 346.06 551.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 376.46 551.45 Td (production ) Tj ET Q q 0 0 0 rg BT 421.38 551.45 Td (declines ) Tj ET Q q 0 0 0 rg BT 457.28 551.45 Td (in ) Tj ET Q q 0 0 0 rg BT 467.17 551.45 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 515.59 551.45 Td (with ) Tj ET Q q 0 0 0 rg BT 534.48 551.45 Td (reduced ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 540.65 Td (drilling ) Tj ET Q q 0 0 0 rg BT 72.52 540.65 Td (activity ) Tj ET Q q 0 0 0 rg BT 101.54 540.65 Td (as ) Tj ET Q q 0 0 0 rg BT 112.56 540.65 Td (a ) Tj ET Q q 0 0 0 rg BT 119.08 540.65 Td (result ) Tj ET Q q 0 0 0 rg BT 142.60 540.65 Td (of ) Tj ET Q q 0 0 0 rg BT 151.62 540.65 Td (the ) Tj ET Q q 0 0 0 rg BT 165.64 540.65 Td (continued ) Tj ET Q q 0 0 0 rg BT 206.19 540.65 Td (low ) Tj ET Q q 0 0 0 rg BT 221.20 540.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 266.23 540.65 Td (price ) Tj ET Q q 0 0 0 rg BT 287.25 540.65 Td (environment ) Tj ET Q q 0 0 0 rg BT 338.29 540.65 Td (and ) Tj ET Q q 0 0 0 rg BT 354.81 540.65 Td (our ) Tj ET Q q 0 0 0 rg BT 369.33 540.65 Td (commitment ) Tj ET Q q 0 0 0 rg BT 419.85 540.65 Td (to ) Tj ET Q q 0 0 0 rg BT 428.87 540.65 Td (a ) Tj ET Q q 0 0 0 rg BT 435.39 540.65 Td (sustainable ) Tj ET Q q 0 0 0 rg BT 482.44 540.65 Td (program ) Tj ET Q q 0 0 0 rg BT 517.46 540.65 Td (as ) Tj ET Q q 0 0 0 rg BT 528.48 540.65 Td (illustrated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 529.85 Td (by ) Tj ET Q q 0 0 0 rg BT 56.52 529.85 Td (our ) Tj ET Q q 0 0 0 rg BT 71.55 529.85 Td (total ) Tj ET Q q 0 0 0 rg BT 90.58 529.85 Td (payout ) Tj ET Q q 0 0 0 rg BT 119.61 529.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 139.14 529.85 Td (of ) Tj ET Q q 0 0 0 rg BT 148.66 529.85 Td (94% ) Tj ET Q q 0 0 0 rg BT 168.69 529.85 Td (for ) Tj ET Q q 0 0 0 rg BT 181.21 529.85 Td (2015. ) Tj ET Q q 0 0 0 rg BT 205.62 529.85 Td (The ) Tj ET Q q 0 0 0 rg BT 223.15 529.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 251.67 529.85 Td (of ) Tj ET Q q 0 0 0 rg BT 261.19 529.85 Td (the ) Tj ET Q q 0 0 0 rg BT 275.72 529.85 Td (production ) Tj ET Q q 0 0 0 rg BT 319.77 529.85 Td (decrease ) Tj ET Q q 0 0 0 rg BT 358.81 529.85 Td (was ) Tj ET Q q 0 0 0 rg BT 376.83 529.85 Td (partially ) Tj ET Q q 0 0 0 rg BT 409.86 529.85 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 448.40 529.85 Td (by ) Tj ET Q q 0 0 0 rg BT 459.92 529.85 Td (production ) Tj ET Q q 0 0 0 rg BT 503.97 529.85 Td (growth ) Tj ET Q q 0 0 0 rg BT 533.00 529.85 Td (resulting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 519.05 Td (from ) Tj ET Q q 0 0 0 rg BT 66.24 519.05 Td (the ) Tj ET Q q 0 0 0 rg BT 81.98 519.05 Td (third-party ) Tj ET Q q 0 0 0 rg BT 125.73 519.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 148.49 519.05 Td (expansion ) Tj ET Q q 0 0 0 rg BT 192.76 519.05 Td (discussed ) Tj ET Q q 0 0 0 rg BT 236.01 519.05 Td (above. ) Tj ET Q q 0 0 0 rg BT 266.27 519.05 Td ( ) Tj ET Q q 0 0 0 rg BT 269.51 519.05 Td (Natural ) Tj ET Q q 0 0 0 rg BT 301.76 519.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 319.51 519.05 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.77 519.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.80 519.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.04 519.05 Td (9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.05 519.05 Td ( ) Tj ET Q q 0 0 0 rg BT 426.28 519.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.03 519.05 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.04 519.05 Td ( ) Tj ET Q q 0 0 0 rg BT 455.28 519.05 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 480.51 519.05 Td (per ) Tj ET Q q 0 0 0 rg BT 496.76 519.05 Td (day ) Tj ET Q q 0 0 0 rg BT 514.50 519.05 Td (for ) Tj ET Q q 0 0 0 rg BT 528.24 519.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.99 519.05 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 519.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 508.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 75.89 508.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.78 508.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.80 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 108.18 508.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 150.58 508.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.46 508.25 Td (359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.48 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 177.86 508.25 Td (mmcf ) Tj ET Q q 0 0 0 rg BT 202.23 508.25 Td (per ) Tj ET Q q 0 0 0 rg BT 217.62 508.25 Td (day ) Tj ET Q q 0 0 0 rg BT 234.51 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 243.89 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.78 508.25 Td (same ) Tj ET Q q 0 0 0 rg BT 283.16 508.25 Td (period ) Tj ET Q q 0 0 0 rg BT 310.56 508.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.94 508.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.97 508.25 Td (. ) Tj ET Q q 0 0 0 rg BT 344.84 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 347.22 508.25 Td (Natural ) Tj ET Q q 0 0 0 rg BT 378.61 508.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 395.50 508.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 423.40 508.25 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.80 508.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.83 508.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.21 508.25 Td (14%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.22 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 529.60 508.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.48 508.25 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 508.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 497.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 64.59 497.45 Td (per ) Tj ET Q q 0 0 0 rg BT 80.68 497.45 Td (day ) Tj ET Q q 0 0 0 rg BT 98.27 497.45 Td (for ) Tj ET Q q 0 0 0 rg BT 111.85 497.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.44 497.45 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.45 497.45 Td ( ) Tj ET Q q 0 0 0 rg BT 153.53 497.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 185.13 497.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.71 497.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.73 497.45 Td ( ) Tj ET Q q 0 0 0 rg BT 218.81 497.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.89 497.45 Td (18,256) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.42 497.45 Td ( ) Tj ET Q q 0 0 0 rg BT 270.50 497.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 290.09 497.45 Td (per ) Tj ET Q q 0 0 0 rg BT 306.17 497.45 Td (day ) Tj ET Q q 0 0 0 rg BT 323.76 497.45 Td (in ) Tj ET Q q 0 0 0 rg BT 333.85 497.45 Td (the ) Tj ET Q q 0 0 0 rg BT 349.44 497.45 Td (same ) Tj ET Q q 0 0 0 rg BT 374.53 497.45 Td (period ) Tj ET Q q 0 0 0 rg BT 402.62 497.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.71 497.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.73 497.45 Td (. ) Tj ET Q q 0 0 0 rg BT 438.31 497.45 Td ( ) Tj ET Q q 0 0 0 rg BT 441.19 497.45 Td (The ) Tj ET Q q 0 0 0 rg BT 459.77 497.45 Td (third-party ) Tj ET Q q 0 0 0 rg BT 503.37 497.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 525.96 497.45 Td (expansion ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 486.65 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 104.12 486.65 Td (in ) Tj ET Q q 0 0 0 rg BT 112.72 486.65 Td (the ) Tj ET Q q 0 0 0 rg BT 126.83 486.65 Td (third ) Tj ET Q q 0 0 0 rg BT 145.94 486.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 176.06 486.65 Td (of ) Tj ET Q q 0 0 0 rg BT 185.16 486.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 206.78 486.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 247.41 486.65 Td (production ) Tj ET Q q 0 0 0 rg BT 291.04 486.65 Td (on ) Tj ET Q q 0 0 0 rg BT 302.65 486.65 Td (a ) Tj ET Q q 0 0 0 rg BT 309.25 486.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 325.87 486.65 Td (basis, ) Tj ET Q q 0 0 0 rg BT 350.98 486.65 Td (resulting ) Tj ET Q q 0 0 0 rg BT 386.60 486.65 Td (in ) Tj ET Q q 0 0 0 rg BT 395.20 486.65 Td (an ) Tj ET Q q 0 0 0 rg BT 406.81 486.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 442.43 486.65 Td (in ) Tj ET Q q 0 0 0 rg BT 451.03 486.65 Td ( ) Tj ET Q q 0 0 0 rg BT 452.63 486.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 481.75 486.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 497.86 486.65 Td (liquids ) Tj ET Q q 0 0 0 rg BT 524.98 486.65 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 475.85 Td (and ) Tj ET Q q 0 0 0 rg BT 62.76 475.85 Td (a ) Tj ET Q q 0 0 0 rg BT 70.52 475.85 Td (reduction ) Tj ET Q q 0 0 0 rg BT 110.29 475.85 Td (to ) Tj ET Q q 0 0 0 rg BT 120.54 475.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 150.81 475.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 168.06 475.85 Td (production ) Tj ET Q q 0 0 0 rg BT 212.84 475.85 Td (due ) Tj ET Q q 0 0 0 rg BT 230.60 475.85 Td (to ) Tj ET Q q 0 0 0 rg BT 240.86 475.85 Td (the ) Tj ET Q q 0 0 0 rg BT 256.11 475.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 298.88 475.85 Td (enhancement ) Tj ET Q q 0 0 0 rg BT 356.17 475.85 Td (of ) Tj ET Q q 0 0 0 rg BT 366.42 475.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 396.69 475.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 413.95 475.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 442.21 475.85 Td (yields ) Tj ET Q q 0 0 0 rg BT 467.96 475.85 Td (on ) Tj ET Q q 0 0 0 rg BT 480.72 475.85 Td (raw ) Tj ET Q q 0 0 0 rg BT 497.97 475.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 515.23 475.85 Td (production ) Tj ET Q q 0 0 0 rg BT 560.01 475.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 465.05 Td (the ) Tj ET Q q 0 0 0 rg BT 60.25 465.05 Td (W) Tj ET Q q 0 0 0 rg BT 68.58 465.05 Td (est ) Tj ET Q q 0 0 0 rg BT 83.32 465.05 Td (Central ) Tj ET Q q 0 0 0 rg BT 115.06 465.05 Td (core ) Tj ET Q q 0 0 0 rg BT 135.31 465.05 Td (area. ) Tj ET Q q 0 0 0 rg BT 158.55 465.05 Td (Oil ) Tj ET Q q 0 0 0 rg BT 172.29 465.05 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.05 465.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.08 465.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.81 465.05 Td (36%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 279.83 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 282.56 465.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.80 465.05 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.32 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 318.06 465.05 Td (bbls ) Tj ET Q q 0 0 0 rg BT 337.30 465.05 Td (per ) Tj ET Q q 0 0 0 rg BT 353.04 465.05 Td (day ) Tj ET Q q 0 0 0 rg BT 370.29 465.05 Td (for ) Tj ET Q q 0 0 0 rg BT 383.52 465.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.77 465.05 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.78 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 424.52 465.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 455.77 465.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.01 465.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.03 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 488.76 465.05 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.49 465.05 Td (7,688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.02 465.05 Td ( ) Tj ET Q q 0 0 0 rg BT 534.75 465.05 Td (bbls ) Tj ET Q q 0 0 0 rg BT 553.99 465.05 Td (per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 454.25 Td (day ) Tj ET Q q 0 0 0 rg BT 62.41 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 72.31 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 87.71 454.25 Td (same ) Tj ET Q q 0 0 0 rg BT 112.62 454.25 Td (period ) Tj ET Q q 0 0 0 rg BT 140.53 454.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.43 454.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.46 454.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.35 454.25 Td (as ) Tj ET Q q 0 0 0 rg BT 185.75 454.25 Td (a ) Tj ET Q q 0 0 0 rg BT 193.65 454.25 Td (result ) Tj ET Q q 0 0 0 rg BT 218.56 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 228.96 454.25 Td (non-core ) Tj ET Q q 0 0 0 rg BT 267.38 454.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 317.30 454.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 361.72 454.25 Td (in ) Tj ET Q q 0 0 0 rg BT 371.62 454.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 394.54 454.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.45 454.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 435.37 454.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 478.28 454.25 Td (largely ) Tj ET Q q 0 0 0 rg BT 507.69 454.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.09 454.25 Td (mature ) Tj ET Q q 0 0 0 rg BT 549.00 454.25 Td (non-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 443.45 Td (core ) Tj ET Q q 0 0 0 rg BT 65.01 443.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 76.51 443.45 Td (assets. ) Tj ET Q q 0 0 0 rg BT 107.53 443.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 426.65 Td (The following table highlights Bonavista's production by product for the three months and years ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.97 426.65 Td (December 31:) Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 416.15 m 231.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 416.15 m 287.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 416.15 m 343.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 416.15 m 399.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 416.15 m 455.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 416.15 m 511.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 416.15 m 567.5 416.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 388.15 m 231.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 388.15 m 287.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 388.15 m 343.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 388.15 m 399.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 388.15 m 455.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 388.15 m 511.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 388.15 m 567.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 388.15 m 567.5 388.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 346.15 m 231.5 346.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 346.15 m 287.5 346.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 346.15 m 343.5 346.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 346.15 m 399.5 346.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 346.15 m 455.5 346.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 346.15 m 511.5 346.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 346.15 m 567.5 346.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 332.15 m 231.5 332.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 332.15 m 287.5 332.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 332.15 m 343.5 332.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 332.15 m 399.5 332.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 332.15 m 455.5 332.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 332.15 m 511.5 332.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 332.15 m 567.5 332.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.40 406.55 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.25 406.55 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.95 392.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 392.55 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 392.55 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 392.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 392.55 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 392.55 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 378.55 Td (Natural gas \(mmcf/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 268.95 378.55 Td (325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.95 378.55 Td (359) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 378.55 Td (\(9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 378.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.95 378.55 Td (337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.95 378.55 Td (314) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 378.55 Td (7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 378.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 364.55 Td (Natural gas liquids \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.45 364.55 Td (20,804) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 364.55 Td (18,256) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 377.95 364.55 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 364.55 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.45 364.55 Td (17,666) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 364.55 Td (15,991) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.95 364.55 Td (10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 364.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 350.55 Td (Oil \(bbls/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.45 350.55 Td (4,934) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.45 350.55 Td (7,688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 350.55 Td (\(36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 350.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.45 350.55 Td (5,445) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 350.55 Td (8,873) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 350.55 Td (\(39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 350.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 336.55 Td (Total oil equivalent \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.45 336.55 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.45 336.55 Td (85,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 336.55 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 336.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.45 336.55 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 336.55 Td (77,211) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.95 336.55 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 558.95 336.55 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 315.85 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 315.85 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 315.85 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 315.85 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 173.55 315.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 221.80 315.85 Td (production ) Tj ET Q q 0 0 0 rg BT 266.33 315.85 Td (by ) Tj ET Q q 0 0 0 rg BT 278.33 315.85 Td (core ) Tj ET Q q 0 0 0 rg BT 298.34 315.85 Td (area ) Tj ET Q q 0 0 0 rg BT 318.85 315.85 Td (for ) Tj ET Q q 0 0 0 rg BT 331.86 315.85 Td (the ) Tj ET Q q 0 0 0 rg BT 346.87 315.85 Td (three ) Tj ET Q q 0 0 0 rg BT 369.88 315.85 Td (months ) Tj ET Q q 0 0 0 rg BT 401.90 315.85 Td (and ) Tj ET Q q 0 0 0 rg BT 419.41 315.85 Td (years ) Tj ET Q q 0 0 0 rg BT 443.92 315.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 315.85 Td (December ) Tj ET Q q 0 0 0 rg BT 515.47 315.85 Td (31:) Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 305.35 m 230.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 305.35 m 286.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 305.35 m 342.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 305.35 m 398.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 305.35 m 454.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 305.35 m 510.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 305.35 m 566.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 277.35 m 230.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 277.35 m 286.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 277.35 m 342.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 277.35 m 398.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 277.35 m 454.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 277.35 m 510.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 277.35 m 566.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 277.35 m 286.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 277.35 m 342.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 277.35 m 454.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 277.35 m 510.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 277.35 m 566.5 277.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 235.35000000000002 m 230.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 235.35000000000002 m 286.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 235.35000000000002 m 342.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 235.35000000000002 m 398.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 235.35000000000002 m 454.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 235.35000000000002 m 510.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 235.35000000000002 m 566.5 235.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 221.35000000000002 m 230.5 221.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 221.35000000000002 m 286.5 221.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 221.35000000000002 m 342.5 221.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 221.35000000000002 m 398.5 221.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 221.35000000000002 m 454.5 221.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 221.35000000000002 m 510.5 221.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 221.35000000000002 m 566.5 221.35000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.40 295.75 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 295.75 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 281.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 281.75 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 281.75 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 281.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 281.75 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 281.75 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 267.75 Td (West Central area \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 267.75 Td (51,697) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 267.75 Td (53,965) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 267.75 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 267.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 267.75 Td (48,297) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 267.75 Td (46,796) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 267.75 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 267.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 253.75 Td (Deep Basin area \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 253.75 Td (19,684) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 253.75 Td (20,429) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 253.75 Td (\(4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 253.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 253.75 Td (21,459) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 253.75 Td (17,276) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 253.75 Td (24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 253.75 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 239.75 Td (Other minor areas \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.45 239.75 Td (8,481) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 239.75 Td (11,416) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 239.75 Td (\(26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 239.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.45 239.75 Td (9,532) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 239.75 Td (13,139) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 239.75 Td (\(27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 239.75 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 225.75 Td (Total oil equivalent \(boe/day\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 255.45 225.75 Td (79,862) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.45 225.75 Td (85,810) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 225.75 Td (\(7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 225.75 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 423.45 225.75 Td (79,288) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.45 225.75 Td (77,211) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.95 225.75 Td (3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 225.75 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 205.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.58 205.05 Td (current ) Tj ET Q q 0 0 0 rg BT 124.42 205.05 Td (production ) Tj ET Q q 0 0 0 rg BT 169.28 205.05 Td (is ) Tj ET Q q 0 0 0 rg BT 178.62 205.05 Td (approximately ) Tj ET Q q 0 0 0 rg BT 237.48 205.05 Td (72,500 ) Tj ET Q q 0 0 0 rg BT 267.84 205.05 Td (boeper ) Tj ET Q q 0 0 0 rg BT 301.20 205.05 Td (day ) Tj ET Q q 0 0 0 rg BT 318.54 205.05 Td (the ) Tj ET Q q 0 0 0 rg BT 333.89 205.05 Td (composition ) Tj ET Q q 0 0 0 rg BT 384.75 205.05 Td (of ) Tj ET Q q 0 0 0 rg BT 395.08 205.05 Td (which ) Tj ET Q q 0 0 0 rg BT 420.93 205.05 Td (is ) Tj ET Q q 0 0 0 rg BT 430.26 205.05 Td (69% ) Tj ET Q q 0 0 0 rg BT 451.11 205.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 481.46 205.05 Td (gas, ) Tj ET Q q 0 0 0 rg BT 501.31 205.05 Td (25% ) Tj ET Q q 0 0 0 rg BT 522.15 205.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.51 205.05 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 194.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 73.02 194.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.53 194.25 Td (6% ) Tj ET Q q 0 0 0 rg BT 106.04 194.25 Td (light ) Tj ET Q q 0 0 0 rg BT 125.05 194.25 Td (oil. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 177.45 Td (Production ) Tj ET Q q 0 0 0 rg BT 94.95 177.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 136.94 177.45 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.93 177.45 Td ( ) Tj ET Q q 0 0 0 rg BT 142.39 177.45 Td ( ) Tj ET Q q 0 0 0 rg BT 144.85 177.45 Td (Production ) Tj ET Q q 0 0 0 rg BT 190.33 177.45 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 232.31 177.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 272.80 177.45 Td (the ) Tj ET Q q 0 0 0 rg BT 287.77 177.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 316.73 177.45 Td (of ) Tj ET Q q 0 0 0 rg BT 326.69 177.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 362.17 177.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 406.65 177.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 452.61 177.45 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 494.09 177.45 Td (for ) Tj ET Q q 0 0 0 rg BT 507.05 177.45 Td (the ) Tj ET Q q 0 0 0 rg BT 522.02 177.45 Td (year ) Tj ET Q q 0 0 0 rg BT 541.98 177.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 166.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.69 166.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.71 166.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.87 166.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.90 166.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.06 166.65 Td (46%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.07 166.65 Td ( ) Tj ET Q q 0 0 0 rg BT 194.24 166.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.90 166.65 Td ($600.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.43 166.65 Td ( ) Tj ET Q q 0 0 0 rg BT 235.59 166.65 Td (million ) Tj ET Q q 0 0 0 rg BT 264.26 166.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.44 166.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.11 166.65 Td ($1,106.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.14 166.65 Td ( ) Tj ET Q q 0 0 0 rg BT 356.30 166.65 Td (million ) Tj ET Q q 0 0 0 rg BT 384.97 166.65 Td (for ) Tj ET Q q 0 0 0 rg BT 398.63 166.65 Td (the ) Tj ET Q q 0 0 0 rg BT 414.30 166.65 Td (year ) Tj ET Q q 0 0 0 rg BT 434.97 166.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.16 166.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 522.85 166.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.87 166.65 Td (. ) Tj ET Q q 0 0 0 rg BT 548.53 166.65 Td ( ) Tj ET Q q 0 0 0 rg BT 551.49 166.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 154.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.02 154.65 Td ( ) Tj ET Q q 0 0 0 rg BT 83.52 154.65 Td (in ) Tj ET Q q 0 0 0 rg BT 92.02 154.65 Td (production ) Tj ET Q q 0 0 0 rg BT 135.54 154.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 174.06 154.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.56 154.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.58 154.65 Td ( ) Tj ET Q q 0 0 0 rg BT 204.08 154.65 Td (was ) Tj ET Q q 0 0 0 rg BT 221.58 154.65 Td (due ) Tj ET Q q 0 0 0 rg BT 238.09 154.65 Td (to ) Tj ET Q q 0 0 0 rg BT 247.09 154.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.59 154.65 Td (47%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.60 154.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.09 154.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.12 154.65 Td ( ) Tj ET Q q 0 0 0 rg BT 311.61 154.65 Td (in ) Tj ET Q q 0 0 0 rg BT 320.11 154.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 365.12 154.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 393.12 154.65 Td (partially ) Tj ET Q q 0 0 0 rg BT 425.63 154.65 Td (of) Tj ET Q q 0 0 0 rg BT 432.97 154.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 448.97 154.65 Td (by ) Tj ET Q q 0 0 0 rg BT 459.97 154.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.47 154.65 Td (3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.48 154.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.97 154.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.99 154.65 Td ( ) Tj ET Q q 0 0 0 rg BT 516.49 154.65 Td (in ) Tj ET Q q 0 0 0 rg BT 524.99 154.65 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 143.85 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 82.89 143.85 Td ( ) Tj ET Q q 0 0 0 rg BT 84.77 143.85 Td (Similarly) Tj ET Q q 0 0 0 rg BT 118.10 143.85 Td (, ) Tj ET Q q 0 0 0 rg BT 122.48 143.85 Td (for ) Tj ET Q q 0 0 0 rg BT 134.85 143.85 Td (the ) Tj ET Q q 0 0 0 rg BT 149.24 143.85 Td (three ) Tj ET Q q 0 0 0 rg BT 171.63 143.85 Td (months ) Tj ET Q q 0 0 0 rg BT 203.02 143.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.93 143.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 288.33 143.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.35 143.85 Td (, ) Tj ET Q q 0 0 0 rg BT 312.73 143.85 Td (production ) Tj ET Q q 0 0 0 rg BT 356.63 143.85 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 398.03 143.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 437.94 143.85 Td (the ) Tj ET Q q 0 0 0 rg BT 452.32 143.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 480.71 143.85 Td (of ) Tj ET Q q 0 0 0 rg BT 490.09 143.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 143.85 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 133.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 90.78 133.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 132.06 133.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.84 133.05 Td ($137.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.37 133.05 Td ( ) Tj ET Q q 0 0 0 rg BT 183.64 133.05 Td (million, ) Tj ET Q q 0 0 0 rg BT 213.91 133.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.19 133.05 Td (44%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.20 133.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.47 133.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.50 133.05 Td ( ) Tj ET Q q 0 0 0 rg BT 280.76 133.05 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.03 133.05 Td ($244.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.56 133.05 Td ( ) Tj ET Q q 0 0 0 rg BT 330.83 133.05 Td (million ) Tj ET Q q 0 0 0 rg BT 358.61 133.05 Td (in ) Tj ET Q q 0 0 0 rg BT 367.88 133.05 Td (the ) Tj ET Q q 0 0 0 rg BT 382.66 133.05 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.95 133.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.97 133.05 Td ( ) Tj ET Q q 0 0 0 rg BT 456.24 133.05 Td (period. ) Tj ET Q q 0 0 0 rg BT 486.03 133.05 Td ( ) Tj ET Q q 0 0 0 rg BT 488.15 133.05 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.93 133.05 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.96 133.05 Td ( ) Tj ET Q q 0 0 0 rg BT 545.22 133.05 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 133.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 122.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 70.86 122.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 102.22 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.57 122.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 135.44 122.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 178.30 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 188.65 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.01 122.25 Td (same ) Tj ET Q q 0 0 0 rg BT 228.86 122.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 249.71 122.25 Td (year ) Tj ET Q q 0 0 0 rg BT 270.06 122.25 Td (period ) Tj ET Q q 0 0 0 rg BT 297.93 122.25 Td (was ) Tj ET Q q 0 0 0 rg BT 316.78 122.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 348.13 122.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 395.50 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.85 122.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.70 122.25 Td (40%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.72 122.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.56 122.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.58 122.25 Td ( ) Tj ET Q q 0 0 0 rg BT 474.43 122.25 Td (in ) Tj ET Q q 0 0 0 rg BT 484.28 122.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 530.63 122.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 559.99 122.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 111.45 Td (addition, ) Tj ET Q q 0 0 0 rg BT 81.35 111.45 Td (to ) Tj ET Q q 0 0 0 rg BT 91.19 111.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.52 111.45 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.53 111.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.85 111.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.88 111.45 Td ( ) Tj ET Q q 0 0 0 rg BT 153.21 111.45 Td (in ) Tj ET Q q 0 0 0 rg BT 162.54 111.45 Td (production ) Tj ET Q q 0 0 0 rg BT 206.89 111.45 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 245.23 111.45 Td ( ) Tj ET Q q 0 0 0 rg BT 247.41 111.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.25 111.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.27 111.45 Td ( ) Tj ET Q q 0 0 0 rg BT 304.60 111.45 Td (in ) Tj ET Q q 0 0 0 rg BT 313.93 111.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 347.77 111.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 393.61 111.45 Td (pricing ) Tj ET Q q 0 0 0 rg BT 422.45 111.45 Td (for ) Tj ET Q q 0 0 0 rg BT 435.28 111.45 Td (the ) Tj ET Q q 0 0 0 rg BT 450.12 111.45 Td (three ) Tj ET Q q 0 0 0 rg BT 472.96 111.45 Td (months ) Tj ET Q q 0 0 0 rg BT 504.80 111.45 Td (and ) Tj ET Q q 0 0 0 rg BT 522.14 111.45 Td (year ) Tj ET Q q 0 0 0 rg BT 541.98 111.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 100.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.96 100.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.98 100.65 Td ( ) Tj ET Q q 0 0 0 rg BT 126.40 100.65 Td (reflects ) Tj ET Q q 0 0 0 rg BT 157.84 100.65 Td (the ) Tj ET Q q 0 0 0 rg BT 172.78 100.65 Td (continued ) Tj ET Q q 0 0 0 rg BT 214.24 100.65 Td (weakness ) Tj ET Q q 0 0 0 rg BT 256.69 100.65 Td (in ) Tj ET Q q 0 0 0 rg BT 266.12 100.65 Td (the ) Tj ET Q q 0 0 0 rg BT 281.06 100.65 Td (global ) Tj ET Q q 0 0 0 rg BT 307.51 100.65 Td (energy ) Tj ET Q q 0 0 0 rg BT 337.46 100.65 Td (industry) Tj ET Q q 0 0 0 rg BT 368.30 100.65 Td (, ) Tj ET Q q 0 0 0 rg BT 373.23 100.65 Td (induced ) Tj ET Q q 0 0 0 rg BT 407.19 100.65 Td (by ) Tj ET Q q 0 0 0 rg BT 419.12 100.65 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 453.58 100.65 Td (production ) Tj ET Q q 0 0 0 rg BT 498.04 100.65 Td (oversupply ) Tj ET Q q 0 0 0 rg BT 543.99 100.65 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 89.85 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 81.71 89.85 Td (current ) Tj ET Q q 0 0 0 rg BT 112.90 89.85 Td (global ) Tj ET Q q 0 0 0 rg BT 140.11 89.85 Td (demand. ) Tj ET Q q 0 0 0 rg BT 178.32 89.85 Td ( ) Tj ET Q q 0 0 0 rg BT 181.50 89.85 Td (In ) Tj ET Q q 0 0 0 rg BT 192.20 89.85 Td (addition ) Tj ET Q q 0 0 0 rg BT 226.91 89.85 Td (to ) Tj ET Q q 0 0 0 rg BT 237.60 89.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 262.29 89.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 297.00 89.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 327.70 89.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 345.40 89.85 Td (and ) Tj ET Q q 0 0 0 rg BT 363.60 89.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 375.79 89.85 Td (pricing, ) Tj ET Q q 0 0 0 rg BT 407.99 89.85 Td (this ) Tj ET Q q 0 0 0 rg BT 425.18 89.85 Td (supply ) Tj ET Q q 0 0 0 rg BT 454.38 89.85 Td (and ) Tj ET Q q 0 0 0 rg BT 472.58 89.85 Td (demand ) Tj ET Q q 0 0 0 rg BT 508.29 89.85 Td (imbalance ) Tj ET Q q 0 0 0 rg BT 552.50 89.85 Td (has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 79.05 Td (placed ) Tj ET Q q 0 0 0 rg BT 74.16 79.05 Td (continued ) Tj ET Q q 0 0 0 rg BT 115.83 79.05 Td (pressure ) Tj ET Q q 0 0 0 rg BT 153.48 79.05 Td (on ) Tj ET Q q 0 0 0 rg BT 166.13 79.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 196.29 79.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 213.44 79.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 241.59 79.05 Td (pricing ) Tj ET Q q 0 0 0 rg BT 270.75 79.05 Td (throughout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.42 79.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.44 79.05 Td (, ) Tj ET Q q 0 0 0 rg BT 341.58 79.05 Td (specifically ) Tj ET Q q 0 0 0 rg BT 387.73 79.05 Td (propane ) Tj ET Q q 0 0 0 rg BT 423.40 79.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 450.05 79.05 Td (which ) Tj ET Q q 0 0 0 rg BT 475.70 79.05 Td (reached ) Tj ET Q q 0 0 0 rg BT 510.86 79.05 Td (historical ) Tj ET Q q 0 0 0 rg BT 549.01 79.05 Td (lows ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 68.25 Td (due ) Tj ET Q q 0 0 0 rg BT 62.52 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 72.52 68.25 Td (oversupply ) Tj ET Q q 0 0 0 rg BT 118.55 68.25 Td (in ) Tj ET Q q 0 0 0 rg BT 128.05 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.06 68.25 Td (North ) Tj ET Q q 0 0 0 rg BT 167.08 68.25 Td (American ) Tj ET Q q 0 0 0 rg BT 207.59 68.25 Td (market.) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 12) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (As ) Tj ET Q q 0 0 0 rg BT 57.46 731.45 Td (a ) Tj ET Q q 0 0 0 rg BT 64.43 731.45 Td (result ) Tj ET Q q 0 0 0 rg BT 88.40 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 97.87 731.45 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 139.86 731.45 Td (instability ) Tj ET Q q 0 0 0 rg BT 178.84 731.45 Td (in ) Tj ET Q q 0 0 0 rg BT 187.80 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 202.27 731.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 247.75 731.45 Td (price ) Tj ET Q q 0 0 0 rg BT 269.21 731.45 Td (environment, ) Tj ET Q q 0 0 0 rg BT 323.20 731.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 352.68 731.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 369.15 731.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 397.62 731.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 437.61 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 452.08 731.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 480.55 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 490.02 731.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.00 731.45 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.33 720.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.17 720.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.20 720.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.02 720.65 Td (38%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.03 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 198.85 720.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.18 720.65 Td ($2.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.70 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 234.53 720.65 Td (per ) Tj ET Q q 0 0 0 rg BT 250.36 720.65 Td (mcf ) Tj ET Q q 0 0 0 rg BT 267.67 720.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 310.52 720.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.85 720.65 Td ($4.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.37 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 346.19 720.65 Td (per ) Tj ET Q q 0 0 0 rg BT 362.02 720.65 Td (mcf ) Tj ET Q q 0 0 0 rg BT 379.34 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 389.16 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 404.50 720.65 Td (same ) Tj ET Q q 0 0 0 rg BT 429.33 720.65 Td (period ) Tj ET Q q 0 0 0 rg BT 457.17 720.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.99 720.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.02 720.65 Td (. ) Tj ET Q q 0 0 0 rg BT 492.34 720.65 Td (Natural ) Tj ET Q q 0 0 0 rg BT 524.17 720.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.50 720.65 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 75.27 709.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 117.06 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 133.33 709.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 163.61 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 174.87 709.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.66 709.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 257.44 709.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 304.71 709.85 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.49 709.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.52 709.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.28 709.85 Td (55%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.29 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 415.06 709.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.33 709.85 Td ($22.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.85 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 457.62 709.85 Td (per ) Tj ET Q q 0 0 0 rg BT 474.39 709.85 Td (bbl ) Tj ET Q q 0 0 0 rg BT 490.16 709.85 Td (for ) Tj ET Q q 0 0 0 rg BT 504.43 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 520.70 709.85 Td (year ) Tj ET Q q 0 0 0 rg BT 541.97 709.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.01 699.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.03 699.05 Td (, ) Tj ET Q q 0 0 0 rg BT 129.02 699.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 171.53 699.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.52 699.05 Td ($49.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.05 699.05 Td ( ) Tj ET Q q 0 0 0 rg BT 211.53 699.05 Td (per ) Tj ET Q q 0 0 0 rg BT 227.03 699.05 Td (bbl ) Tj ET Q q 0 0 0 rg BT 241.52 699.05 Td (in ) Tj ET Q q 0 0 0 rg BT 251.01 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 266.01 699.05 Td (same ) Tj ET Q q 0 0 0 rg BT 290.50 699.05 Td (period ) Tj ET Q q 0 0 0 rg BT 318.01 699.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.50 699.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.52 699.05 Td (. ) Tj ET Q q 0 0 0 rg BT 352.51 699.05 Td (Oil ) Tj ET Q q 0 0 0 rg BT 365.99 699.05 Td (prices, ) Tj ET Q q 0 0 0 rg BT 394.98 699.05 Td (excluding ) Tj ET Q q 0 0 0 rg BT 435.50 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 450.49 699.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 479.49 699.05 Td (of ) Tj ET Q q 0 0 0 rg BT 489.48 699.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 699.05 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.27 688.25 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.05 688.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.08 688.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.84 688.25 Td (42%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.85 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.61 688.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.88 688.25 Td ($51.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.40 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 239.17 688.25 Td (per ) Tj ET Q q 0 0 0 rg BT 254.93 688.25 Td (bbl ) Tj ET Q q 0 0 0 rg BT 269.70 688.25 Td (for ) Tj ET Q q 0 0 0 rg BT 282.97 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 298.24 688.25 Td (year ) Tj ET Q q 0 0 0 rg BT 318.51 688.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.30 688.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 405.58 688.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.61 688.25 Td (, ) Tj ET Q q 0 0 0 rg BT 430.87 688.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 473.65 688.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.92 688.25 Td ($88.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.44 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.20 688.25 Td (per ) Tj ET Q q 0 0 0 rg BT 529.97 688.25 Td (bbl ) Tj ET Q q 0 0 0 rg BT 544.74 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.51 688.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.45 Td (same ) Tj ET Q q 0 0 0 rg BT 68.90 677.45 Td (period ) Tj ET Q q 0 0 0 rg BT 95.81 677.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.70 677.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.73 677.45 Td (. ) Tj ET Q q 0 0 0 rg BT 129.12 677.45 Td ( ) Tj ET Q q 0 0 0 rg BT 131.01 677.45 Td (For ) Tj ET Q q 0 0 0 rg BT 146.40 677.45 Td (the ) Tj ET Q q 0 0 0 rg BT 160.80 677.45 Td (three ) Tj ET Q q 0 0 0 rg BT 183.21 677.45 Td (months ) Tj ET Q q 0 0 0 rg BT 214.61 677.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 241.53 677.45 Td (December ) Tj ET Q q 0 0 0 rg BT 284.94 677.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 299.34 677.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 323.75 677.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 353.16 677.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 369.56 677.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 397.96 677.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 437.88 677.45 Td (the ) Tj ET Q q 0 0 0 rg BT 452.28 677.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 480.68 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 490.08 677.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 677.45 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.20 666.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.91 666.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.94 666.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.63 666.65 Td (33%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.65 666.65 Td ( ) Tj ET Q q 0 0 0 rg BT 198.34 666.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.54 666.65 Td ($2.68) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.06 666.65 Td ( ) Tj ET Q q 0 0 0 rg BT 233.76 666.65 Td (per ) Tj ET Q q 0 0 0 rg BT 249.46 666.65 Td (mcf ) Tj ET Q q 0 0 0 rg BT 266.65 666.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 309.36 666.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.56 666.65 Td ($3.99) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.08 666.65 Td ( ) Tj ET Q q 0 0 0 rg BT 344.78 666.65 Td (per ) Tj ET Q q 0 0 0 rg BT 360.48 666.65 Td (mcf ) Tj ET Q q 0 0 0 rg BT 377.67 666.65 Td (in ) Tj ET Q q 0 0 0 rg BT 387.37 666.65 Td (the ) Tj ET Q q 0 0 0 rg BT 402.57 666.65 Td (same ) Tj ET Q q 0 0 0 rg BT 427.27 666.65 Td (period ) Tj ET Q q 0 0 0 rg BT 454.98 666.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.68 666.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.70 666.65 Td (. ) Tj ET Q q 0 0 0 rg BT 489.90 666.65 Td ( ) Tj ET Q q 0 0 0 rg BT 492.59 666.65 Td (Natural ) Tj ET Q q 0 0 0 rg BT 524.30 666.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.50 666.65 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 655.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 73.36 655.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 113.24 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 127.61 655.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 155.97 655.85 Td (of ) Tj ET Q q 0 0 0 rg BT 165.33 655.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 200.20 655.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 244.07 655.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 289.43 655.85 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.30 655.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.33 655.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.18 655.85 Td (49%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.20 655.85 Td ( ) Tj ET Q q 0 0 0 rg BT 394.05 655.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.41 655.85 Td ($18.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.94 655.85 Td ( ) Tj ET Q q 0 0 0 rg BT 432.79 655.85 Td (per ) Tj ET Q q 0 0 0 rg BT 447.65 655.85 Td (bbl ) Tj ET Q q 0 0 0 rg BT 461.52 655.85 Td (for ) Tj ET Q q 0 0 0 rg BT 473.87 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 488.24 655.85 Td (three ) Tj ET Q q 0 0 0 rg BT 510.60 655.85 Td (months ) Tj ET Q q 0 0 0 rg BT 541.97 655.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 645.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.99 645.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.01 645.05 Td (, ) Tj ET Q q 0 0 0 rg BT 128.97 645.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 171.45 645.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.42 645.05 Td ($37.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.95 645.05 Td ( ) Tj ET Q q 0 0 0 rg BT 211.41 645.05 Td (per ) Tj ET Q q 0 0 0 rg BT 226.88 645.05 Td (bbl ) Tj ET Q q 0 0 0 rg BT 241.35 645.05 Td (in ) Tj ET Q q 0 0 0 rg BT 250.82 645.05 Td (the ) Tj ET Q q 0 0 0 rg BT 265.79 645.05 Td (same ) Tj ET Q q 0 0 0 rg BT 290.26 645.05 Td (period ) Tj ET Q q 0 0 0 rg BT 317.74 645.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 327.71 645.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.73 645.05 Td (. ) Tj ET Q q 0 0 0 rg BT 352.69 645.05 Td (Oil ) Tj ET Q q 0 0 0 rg BT 366.15 645.05 Td (prices, ) Tj ET Q q 0 0 0 rg BT 395.12 645.05 Td (excluding ) Tj ET Q q 0 0 0 rg BT 435.61 645.05 Td (the ) Tj ET Q q 0 0 0 rg BT 450.58 645.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 479.55 645.05 Td (of ) Tj ET Q q 0 0 0 rg BT 489.52 645.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.00 645.05 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 634.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 90.73 634.25 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.97 634.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.00 634.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.22 634.25 Td (35%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 194.23 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.45 634.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.18 634.25 Td ($46.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.70 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 235.92 634.25 Td (per ) Tj ET Q q 0 0 0 rg BT 251.15 634.25 Td (bbl ) Tj ET Q q 0 0 0 rg BT 265.38 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 278.11 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.84 634.25 Td (three ) Tj ET Q q 0 0 0 rg BT 315.57 634.25 Td (months ) Tj ET Q q 0 0 0 rg BT 347.31 634.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.56 634.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 433.30 634.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.33 634.25 Td (, ) Tj ET Q q 0 0 0 rg BT 458.05 634.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 500.29 634.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.01 634.25 Td ($71.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.54 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 539.76 634.25 Td (per ) Tj ET Q q 0 0 0 rg BT 554.99 634.25 Td (bbl ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 623.45 Td (in ) Tj ET Q q 0 0 0 rg BT 54.15 623.45 Td (the ) Tj ET Q q 0 0 0 rg BT 68.81 623.45 Td (same ) Tj ET Q q 0 0 0 rg BT 92.97 623.45 Td (period ) Tj ET Q q 0 0 0 rg BT 120.13 623.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.28 623.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.31 623.45 Td (. ) Tj ET Q q 0 0 0 rg BT 153.95 623.45 Td ( ) Tj ET Q q 0 0 0 rg BT 155.96 623.45 Td (The ) Tj ET Q q 0 0 0 rg BT 173.62 623.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 202.27 623.45 Td (of ) Tj ET Q q 0 0 0 rg BT 211.93 623.45 Td (the ) Tj ET Q q 0 0 0 rg BT 226.58 623.45 Td (declining ) Tj ET Q q 0 0 0 rg BT 264.26 623.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 275.41 623.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 304.06 623.45 Td (which ) Tj ET Q q 0 0 0 rg BT 329.22 623.45 Td (are ) Tj ET Q q 0 0 0 rg BT 344.38 623.45 Td (benchmarked ) Tj ET Q q 0 0 0 rg BT 401.06 623.45 Td (in ) Tj ET Q q 0 0 0 rg BT 410.21 623.45 Td (United ) Tj ET Q q 0 0 0 rg BT 438.37 623.45 Td (States ) Tj ET Q q 0 0 0 rg BT 466.03 623.45 Td (\(US\) ) Tj ET Q q 0 0 0 rg BT 486.68 623.45 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 517.84 623.45 Td (was ) Tj ET Q q 0 0 0 rg BT 535.99 623.45 Td (partially ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 612.65 Td (of) Tj ET Q q 0 0 0 rg BT 52.34 612.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 69.35 612.65 Td (by ) Tj ET Q q 0 0 0 rg BT 81.36 612.65 Td (a ) Tj ET Q q 0 0 0 rg BT 88.86 612.65 Td (weakening ) Tj ET Q q 0 0 0 rg BT 134.39 612.65 Td (of ) Tj ET Q q 0 0 0 rg BT 144.40 612.65 Td (the ) Tj ET Q q 0 0 0 rg BT 159.41 612.65 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 200.44 612.65 Td (\(CDN\) ) Tj ET Q q 0 0 0 rg BT 228.44 612.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 252.95 612.65 Td (relative ) Tj ET Q q 0 0 0 rg BT 284.46 612.65 Td (to ) Tj ET Q q 0 0 0 rg BT 294.47 612.65 Td (the ) Tj ET Q q 0 0 0 rg BT 309.48 612.65 Td (US ) Tj ET Q q 0 0 0 rg BT 324.48 612.65 Td (dollar) Tj ET Q q 0 0 0 rg BT 346.00 612.65 Td (. ) Tj ET Q q 0 0 0 rg BT 351.00 612.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 595.85 Td (The ) Tj ET Q q 0 0 0 rg BT 61.91 595.85 Td (low ) Tj ET Q q 0 0 0 rg BT 76.82 595.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 121.73 595.85 Td (price ) Tj ET Q q 0 0 0 rg BT 142.64 595.85 Td (environment ) Tj ET Q q 0 0 0 rg BT 193.57 595.85 Td (experienced ) Tj ET Q q 0 0 0 rg BT 244.01 595.85 Td (during ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.43 595.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.45 595.85 Td ( ) Tj ET Q q 0 0 0 rg BT 291.85 595.85 Td (was ) Tj ET Q q 0 0 0 rg BT 309.26 595.85 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 347.18 595.85 Td (by ) Tj ET Q q 0 0 0 rg BT 358.09 595.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 405.24 595.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 439.66 595.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 483.08 595.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 527.99 595.85 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 569.51 595.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.05 Td (For ) Tj ET Q q 0 0 0 rg BT 60.36 585.05 Td (the ) Tj ET Q q 0 0 0 rg BT 74.73 585.05 Td (year ) Tj ET Q q 0 0 0 rg BT 94.10 585.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.99 585.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.38 585.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.40 585.05 Td (, ) Tj ET Q q 0 0 0 rg BT 203.77 585.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.63 585.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.65 585.05 Td ( ) Tj ET Q q 0 0 0 rg BT 229.51 585.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.88 585.05 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.41 585.05 Td ( ) Tj ET Q q 0 0 0 rg BT 268.27 585.05 Td (million ) Tj ET Q q 0 0 0 rg BT 295.63 585.05 Td (was ) Tj ET Q q 0 0 0 rg BT 313.50 585.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 346.88 585.05 Td (on ) Tj ET Q q 0 0 0 rg BT 358.75 585.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 406.36 585.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 441.24 585.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 485.12 585.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 530.49 585.05 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 574.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.40 574.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.29 574.25 Td (a ) Tj ET Q q 0 0 0 rg BT 104.68 574.25 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 138.58 574.25 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.58 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.96 574.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.85 574.25 Td ($65.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.37 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 191.76 574.25 Td (million ) Tj ET Q q 0 0 0 rg BT 219.64 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.03 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.92 574.25 Td (same ) Tj ET Q q 0 0 0 rg BT 268.31 574.25 Td (period ) Tj ET Q q 0 0 0 rg BT 295.71 574.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.10 574.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.12 574.25 Td (. ) Tj ET Q q 0 0 0 rg BT 330.00 574.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 363.34 574.25 Td (, ) Tj ET Q q 0 0 0 rg BT 368.22 574.25 Td (for ) Tj ET Q q 0 0 0 rg BT 381.10 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 396.00 574.25 Td (three ) Tj ET Q q 0 0 0 rg BT 418.89 574.25 Td (months ) Tj ET Q q 0 0 0 rg BT 450.79 574.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.20 574.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 537.10 574.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.13 574.25 Td (, ) Tj ET Q q 0 0 0 rg BT 562.01 574.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 563.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.02 563.45 Td ( ) Tj ET Q q 0 0 0 rg BT 64.10 563.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.68 563.45 Td ($41.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.20 563.45 Td ( ) Tj ET Q q 0 0 0 rg BT 98.29 563.45 Td (million ) Tj ET Q q 0 0 0 rg BT 125.87 563.45 Td (was ) Tj ET Q q 0 0 0 rg BT 143.96 563.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 177.56 563.45 Td (on ) Tj ET Q q 0 0 0 rg BT 189.65 563.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 237.47 563.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 272.57 563.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 316.67 563.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 362.26 563.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 400.85 563.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 442.95 563.45 Td (to ) Tj ET Q q 0 0 0 rg BT 452.54 563.45 Td (a ) Tj ET Q q 0 0 0 rg BT 459.63 563.45 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.23 563.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.24 563.45 Td ( ) Tj ET Q q 0 0 0 rg BT 512.32 563.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.91 563.45 Td ($5.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.42 563.45 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 563.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 552.65 Td (in ) Tj ET Q q 0 0 0 rg BT 54.51 552.65 Td (the ) Tj ET Q q 0 0 0 rg BT 69.52 552.65 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.04 552.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.06 552.65 Td ( ) Tj ET Q q 0 0 0 rg BT 143.56 552.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 173.58 552.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 535.85 Td (For ) Tj ET Q q 0 0 0 rg BT 59.93 535.85 Td (the ) Tj ET Q q 0 0 0 rg BT 73.86 535.85 Td (year ) Tj ET Q q 0 0 0 rg BT 92.80 535.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.25 535.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 177.20 535.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.23 535.85 Td (, ) Tj ET Q q 0 0 0 rg BT 201.15 535.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 230.10 535.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 246.03 535.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 273.97 535.85 Td (including ) Tj ET Q q 0 0 0 rg BT 310.92 535.85 Td (the ) Tj ET Q q 0 0 0 rg BT 324.86 535.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 352.79 535.85 Td (of ) Tj ET Q q 0 0 0 rg BT 361.72 535.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 396.17 535.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 439.61 535.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 484.55 535.85 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.99 535.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.02 535.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 525.05 Td (17%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.01 525.05 Td ( ) Tj ET Q q 0 0 0 rg BT 65.76 525.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.02 525.05 Td ($3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.54 525.05 Td ( ) Tj ET Q q 0 0 0 rg BT 101.29 525.05 Td (per ) Tj ET Q q 0 0 0 rg BT 117.04 525.05 Td (mcf ) Tj ET Q q 0 0 0 rg BT 134.29 525.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 177.06 525.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.31 525.05 Td ($4.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.83 525.05 Td ( ) Tj ET Q q 0 0 0 rg BT 212.58 525.05 Td (per ) Tj ET Q q 0 0 0 rg BT 228.34 525.05 Td (mcf ) Tj ET Q q 0 0 0 rg BT 245.59 525.05 Td (in ) Tj ET Q q 0 0 0 rg BT 255.34 525.05 Td (the ) Tj ET Q q 0 0 0 rg BT 270.60 525.05 Td (same ) Tj ET Q q 0 0 0 rg BT 295.36 525.05 Td (period ) Tj ET Q q 0 0 0 rg BT 323.12 525.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.88 525.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.90 525.05 Td (. ) Tj ET Q q 0 0 0 rg BT 358.15 525.05 Td (For ) Tj ET Q q 0 0 0 rg BT 374.39 525.05 Td (the ) Tj ET Q q 0 0 0 rg BT 389.65 525.05 Td (year ) Tj ET Q q 0 0 0 rg BT 409.91 525.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.69 525.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 496.96 525.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.98 525.05 Td (, ) Tj ET Q q 0 0 0 rg BT 522.23 525.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.50 525.05 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 514.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 72.33 514.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 100.66 514.25 Td (including ) Tj ET Q q 0 0 0 rg BT 138.00 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.33 514.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 180.66 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 189.98 514.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 224.82 514.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 268.65 514.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 313.98 514.25 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.81 514.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.84 514.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.66 514.25 Td (53%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.67 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 418.49 514.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.81 514.25 Td ($23.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.34 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 457.16 514.25 Td (per ) Tj ET Q q 0 0 0 rg BT 471.99 514.25 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 488.31 514.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 530.15 514.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.48 514.25 Td ($49.78) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 514.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 503.45 Td (per ) Tj ET Q q 0 0 0 rg BT 60.81 503.45 Td (bbl ) Tj ET Q q 0 0 0 rg BT 75.62 503.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 109.95 503.45 Td (in ) Tj ET Q q 0 0 0 rg BT 119.75 503.45 Td (the ) Tj ET Q q 0 0 0 rg BT 135.07 503.45 Td (same ) Tj ET Q q 0 0 0 rg BT 159.88 503.45 Td (period ) Tj ET Q q 0 0 0 rg BT 187.70 503.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.51 503.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.53 503.45 Td (. ) Tj ET Q q 0 0 0 rg BT 222.83 503.45 Td (Oil ) Tj ET Q q 0 0 0 rg BT 236.64 503.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 265.95 503.45 Td (including ) Tj ET Q q 0 0 0 rg BT 304.28 503.45 Td (the ) Tj ET Q q 0 0 0 rg BT 319.59 503.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 348.90 503.45 Td (of ) Tj ET Q q 0 0 0 rg BT 359.21 503.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.03 503.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 439.85 503.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 486.17 503.45 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.98 503.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 503.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 492.65 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.01 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 60.51 492.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.53 492.65 Td ($81.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.05 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 100.56 492.65 Td (per ) Tj ET Q q 0 0 0 rg BT 116.08 492.65 Td (bbl ) Tj ET Q q 0 0 0 rg BT 130.59 492.65 Td (for ) Tj ET Q q 0 0 0 rg BT 143.60 492.65 Td (the ) Tj ET Q q 0 0 0 rg BT 158.62 492.65 Td (year ) Tj ET Q q 0 0 0 rg BT 178.64 492.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.17 492.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.19 492.65 Td (, ) Tj ET Q q 0 0 0 rg BT 231.20 492.65 Td (when ) Tj ET Q q 0 0 0 rg BT 255.22 492.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 297.75 492.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.76 492.65 Td ($80.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.29 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 337.80 492.65 Td (per ) Tj ET Q q 0 0 0 rg BT 353.31 492.65 Td (bbl ) Tj ET Q q 0 0 0 rg BT 367.83 492.65 Td (realized ) Tj ET Q q 0 0 0 rg BT 401.85 492.65 Td (in ) Tj ET Q q 0 0 0 rg BT 411.36 492.65 Td (the ) Tj ET Q q 0 0 0 rg BT 426.38 492.65 Td (same ) Tj ET Q q 0 0 0 rg BT 450.90 492.65 Td (period ) Tj ET Q q 0 0 0 rg BT 478.42 492.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.93 492.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.95 492.65 Td (. ) Tj ET Q q 0 0 0 rg BT 512.96 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 515.47 492.65 Td (For ) Tj ET Q q 0 0 0 rg BT 531.48 492.65 Td (the ) Tj ET Q q 0 0 0 rg BT 546.49 492.65 Td (three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 481.85 Td (months ) Tj ET Q q 0 0 0 rg BT 76.54 481.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.58 481.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.13 481.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.15 481.85 Td (, ) Tj ET Q q 0 0 0 rg BT 186.68 481.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 216.22 481.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 232.75 481.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 261.28 481.85 Td (including ) Tj ET Q q 0 0 0 rg BT 298.83 481.85 Td (the ) Tj ET Q q 0 0 0 rg BT 313.36 481.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 341.89 481.85 Td (of ) Tj ET Q q 0 0 0 rg BT 351.42 481.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 386.46 481.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 430.50 481.85 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.54 481.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.56 481.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.59 481.85 Td (1) Tj ET Q q 0 0 0 rg BT 519.92 481.85 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.93 481.85 Td ( ) Tj ET Q q 0 0 0 rg BT 534.95 481.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 481.85 Td ($3.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 481.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 471.05 Td (per ) Tj ET Q q 0 0 0 rg BT 60.13 471.05 Td (mcf ) Tj ET Q q 0 0 0 rg BT 76.74 471.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 118.88 471.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 128.50 471.05 Td ($3.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.03 471.05 Td ( ) Tj ET Q q 0 0 0 rg BT 153.15 471.05 Td (per ) Tj ET Q q 0 0 0 rg BT 168.27 471.05 Td (mcf ) Tj ET Q q 0 0 0 rg BT 184.89 471.05 Td (in ) Tj ET Q q 0 0 0 rg BT 194.01 471.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.64 471.05 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.65 471.05 Td ( ) Tj ET Q q 0 0 0 rg BT 233.77 471.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 264.41 471.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.53 471.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.55 471.05 Td (. ) Tj ET Q q 0 0 0 rg BT 298.17 471.05 Td ( ) Tj ET Q q 0 0 0 rg BT 300.29 471.05 Td (For ) Tj ET Q q 0 0 0 rg BT 315.91 471.05 Td (the ) Tj ET Q q 0 0 0 rg BT 330.53 471.05 Td (three ) Tj ET Q q 0 0 0 rg BT 353.17 471.05 Td (months ) Tj ET Q q 0 0 0 rg BT 384.80 471.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.94 471.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 470.59 471.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.61 471.05 Td (, ) Tj ET Q q 0 0 0 rg BT 495.23 471.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 524.87 471.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.49 471.05 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 460.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 74.02 460.25 Td (including ) Tj ET Q q 0 0 0 rg BT 112.06 460.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.08 460.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 156.10 460.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.12 460.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 201.65 460.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 246.18 460.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 292.21 460.25 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.73 460.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 375.76 460.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.28 460.25 Td (48%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.29 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.80 460.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.82 460.25 Td ($19.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.35 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 438.86 460.25 Td (per ) Tj ET Q q 0 0 0 rg BT 454.38 460.25 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 471.40 460.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 513.94 460.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.96 460.25 Td ($37.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.48 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.00 460.25 Td (per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 449.45 Td (bbl ) Tj ET Q q 0 0 0 rg BT 59.97 449.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 94.45 449.45 Td (in ) Tj ET Q q 0 0 0 rg BT 104.42 449.45 Td (the ) Tj ET Q q 0 0 0 rg BT 119.90 449.45 Td (same ) Tj ET Q q 0 0 0 rg BT 144.87 449.45 Td (period ) Tj ET Q q 0 0 0 rg BT 172.85 449.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.82 449.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.84 449.45 Td (. ) Tj ET Q q 0 0 0 rg BT 208.30 449.45 Td (Oil ) Tj ET Q q 0 0 0 rg BT 222.27 449.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 251.74 449.45 Td (including ) Tj ET Q q 0 0 0 rg BT 290.23 449.45 Td (the ) Tj ET Q q 0 0 0 rg BT 305.70 449.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 335.17 449.45 Td (of ) Tj ET Q q 0 0 0 rg BT 345.64 449.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 381.63 449.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 426.60 449.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 473.08 449.45 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 515.06 449.45 Td (for ) Tj ET Q q 0 0 0 rg BT 528.52 449.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.00 449.45 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 449.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 438.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 76.02 438.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.02 438.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.04 438.65 Td ( ) Tj ET Q q 0 0 0 rg BT 108.54 438.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.55 438.65 Td ($86.61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.08 438.65 Td ( ) Tj ET Q q 0 0 0 rg BT 160.58 438.65 Td (per ) Tj ET Q q 0 0 0 rg BT 176.09 438.65 Td (bbl, ) Tj ET Q q 0 0 0 rg BT 193.10 438.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 200.61 438.65 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.61 438.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.11 438.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.13 438.65 Td ( ) Tj ET Q q 0 0 0 rg BT 252.63 438.65 Td (when ) Tj ET Q q 0 0 0 rg BT 276.65 438.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 319.17 438.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.18 438.65 Td ($83.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.70 438.65 Td ( ) Tj ET Q q 0 0 0 rg BT 359.20 438.65 Td (per ) Tj ET Q q 0 0 0 rg BT 374.71 438.65 Td (bbl ) Tj ET Q q 0 0 0 rg BT 389.22 438.65 Td (realized ) Tj ET Q q 0 0 0 rg BT 423.24 438.65 Td (in ) Tj ET Q q 0 0 0 rg BT 432.75 438.65 Td (the ) Tj ET Q q 0 0 0 rg BT 447.76 438.65 Td (same ) Tj ET Q q 0 0 0 rg BT 472.27 438.65 Td (period ) Tj ET Q q 0 0 0 rg BT 499.79 438.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.29 438.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.31 438.65 Td (. ) Tj ET Q q 0 0 0 rg BT 534.31 438.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 421.85 Td (The ) Tj ET Q q 0 0 0 rg BT 63.29 421.85 Td (following ) Tj ET Q q 0 0 0 rg BT 101.09 421.85 Td (table ) Tj ET Q q 0 0 0 rg BT 123.39 421.85 Td (highlights ) Tj ET Q q 0 0 0 rg BT 164.19 421.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 212.71 421.85 Td (production ) Tj ET Q q 0 0 0 rg BT 257.52 421.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 297.33 421.85 Td (per ) Tj ET Q q 0 0 0 rg BT 313.12 421.85 Td (boe, ) Tj ET Q q 0 0 0 rg BT 333.41 421.85 Td (including ) Tj ET Q q 0 0 0 rg BT 371.72 421.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 406.02 421.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 430.31 421.85 Td (and ) Tj ET Q q 0 0 0 rg BT 448.11 421.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 476.40 421.85 Td (on ) Tj ET Q q 0 0 0 rg BT 489.19 421.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 524.99 421.85 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 411.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.01 411.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 132.53 411.05 Td (for ) Tj ET Q q 0 0 0 rg BT 145.53 411.05 Td (the ) Tj ET Q q 0 0 0 rg BT 160.54 411.05 Td (three ) Tj ET Q q 0 0 0 rg BT 183.56 411.05 Td (months ) Tj ET Q q 0 0 0 rg BT 215.57 411.05 Td (and ) Tj ET Q q 0 0 0 rg BT 233.09 411.05 Td (years ) Tj ET Q q 0 0 0 rg BT 257.59 411.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.12 411.05 Td (December ) Tj ET Q q 0 0 0 rg BT 329.14 411.05 Td (31:) Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 394.54999999999995 m 264.5 394.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 394.54999999999995 m 339.5 394.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 394.54999999999995 m 415.5 394.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 394.54999999999995 m 491.5 394.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 394.54999999999995 m 567.5 394.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 366.54999999999995 m 264.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 366.54999999999995 m 339.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 366.54999999999995 m 415.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 366.54999999999995 m 491.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 366.54999999999995 m 567.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 366.54999999999995 m 264.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 366.54999999999995 m 339.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 366.54999999999995 m 415.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 366.54999999999995 m 491.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 366.54999999999995 m 567.5 366.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 317.54999999999995 m 339.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 317.54999999999995 m 415.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 317.54999999999995 m 491.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 317.54999999999995 m 567.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 317.54999999999995 m 264.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 303.54999999999995 m 264.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 317.54999999999995 m 339.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 303.54999999999995 m 339.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 317.54999999999995 m 415.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 303.54999999999995 m 415.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 317.54999999999995 m 491.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 303.54999999999995 m 491.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 317.54999999999995 m 567.5 317.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 303.54999999999995 m 567.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 303.54999999999995 m 264.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 303.54999999999995 m 339.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 303.54999999999995 m 415.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 303.54999999999995 m 491.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 303.54999999999995 m 567.5 303.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 254.54999999999995 m 339.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 254.54999999999995 m 491.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 254.54999999999995 m 567.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 254.54999999999995 m 264.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 240.54999999999995 m 264.5 240.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 254.54999999999995 m 339.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 240.54999999999995 m 339.5 240.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 254.54999999999995 m 415.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 240.54999999999995 m 415.5 240.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 254.54999999999995 m 491.5 254.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 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ET Q q 0 0 0 rg BT 504.42 688.25 Td (product ) Tj ET Q q 0 0 0 rg BT 537.22 688.25 Td (may ) Tj ET Q q 0 0 0 rg BT 556.99 688.25 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.45 Td (hedged, ) Tj ET Q q 0 0 0 rg BT 79.88 677.45 Td (or ) Tj ET Q q 0 0 0 rg BT 90.24 677.45 Td (in ) Tj ET Q q 0 0 0 rg BT 99.59 677.45 Td (the ) Tj ET Q q 0 0 0 rg BT 114.45 677.45 Td (case ) Tj ET Q q 0 0 0 rg BT 135.81 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 145.67 677.45 Td (electricity) Tj ET Q q 0 0 0 rg BT 182.51 677.45 Td (, ) Tj ET Q q 0 0 0 rg BT 187.36 677.45 Td (60% ) Tj ET Q q 0 0 0 rg BT 207.72 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 217.58 677.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 265.67 677.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 310.05 677.45 Td (consumption. ) Tj ET Q q 0 0 0 rg BT 365.77 677.45 Td (The ) Tj ET Q q 0 0 0 rg BT 383.63 677.45 Td (term ) Tj ET Q q 0 0 0 rg BT 403.98 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 413.84 677.45 Td (any ) Tj ET Q q 0 0 0 rg BT 430.70 677.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 476.56 677.45 Td (hedge ) Tj ET Q q 0 0 0 rg BT 503.94 677.45 Td (will ) Tj ET Q q 0 0 0 rg BT 518.78 677.45 Td (be ) Tj ET Q q 0 0 0 rg BT 531.14 677.45 Td (limited ) Tj ET Q q 0 0 0 rg BT 559.50 677.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.65 Td (no ) Tj ET Q q 0 0 0 rg BT 57.51 666.65 Td (more ) Tj ET Q q 0 0 0 rg BT 80.52 666.65 Td (than ) Tj ET Q q 0 0 0 rg BT 100.53 666.65 Td (three ) Tj ET Q q 0 0 0 rg BT 123.55 666.65 Td (calendar ) Tj ET Q q 0 0 0 rg BT 160.57 666.65 Td (years ) Tj ET Q q 0 0 0 rg BT 185.08 666.65 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 234.12 666.65 Td (to ) Tj ET Q q 0 0 0 rg BT 244.13 666.65 Td (the ) Tj ET Q q 0 0 0 rg BT 259.14 666.65 Td (current ) Tj ET Q q 0 0 0 rg BT 289.65 666.65 Td (calendar ) Tj ET Q q 0 0 0 rg BT 326.67 666.65 Td (year) Tj ET Q q 0 0 0 rg BT 343.68 666.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 649.85 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 92.25 649.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 117.99 649.85 Td (for ) Tj ET Q q 0 0 0 rg BT 130.23 649.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 140.97 649.85 Td (and ) Tj ET Q q 0 0 0 rg BT 157.73 649.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 186.98 649.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 203.23 649.85 Td (are ) Tj ET Q q 0 0 0 rg BT 217.98 649.85 Td (impacted ) Tj ET Q q 0 0 0 rg BT 256.23 649.85 Td (not ) Tj ET Q q 0 0 0 rg BT 270.48 649.85 Td (only ) Tj ET Q q 0 0 0 rg BT 288.73 649.85 Td (by ) Tj ET Q q 0 0 0 rg BT 299.97 649.85 Td (global ) Tj ET Q q 0 0 0 rg BT 325.73 649.85 Td (economic ) Tj ET Q q 0 0 0 rg BT 365.98 649.85 Td (events ) Tj ET Q q 0 0 0 rg BT 394.24 649.85 Td (that ) Tj ET Q q 0 0 0 rg BT 410.99 649.85 Td (dictate ) Tj ET Q q 0 0 0 rg BT 439.24 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 453.49 649.85 Td (levels ) Tj ET Q q 0 0 0 rg BT 478.24 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 487.48 649.85 Td (supply ) Tj ET Q q 0 0 0 rg BT 515.23 649.85 Td (and ) Tj ET Q q 0 0 0 rg BT 531.99 649.85 Td (demand, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.05 Td (but ) Tj ET Q q 0 0 0 rg BT 60.33 639.05 Td (also ) Tj ET Q q 0 0 0 rg BT 79.67 639.05 Td (by ) Tj ET Q q 0 0 0 rg BT 91.99 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 107.33 639.05 Td (relationship ) Tj ET Q q 0 0 0 rg BT 156.18 639.05 Td (between ) Tj ET Q q 0 0 0 rg BT 193.02 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 208.36 639.05 Td (CDN ) Tj ET Q q 0 0 0 rg BT 230.68 639.05 Td (and ) Tj ET Q q 0 0 0 rg BT 248.52 639.05 Td (US ) Tj ET Q q 0 0 0 rg BT 263.84 639.05 Td (currency) Tj ET Q q 0 0 0 rg BT 297.68 639.05 Td (. ) Tj ET Q q 0 0 0 rg BT 303.00 639.05 Td (Swaps ) Tj ET Q q 0 0 0 rg BT 332.84 639.05 Td (and ) Tj ET Q q 0 0 0 rg BT 350.68 639.05 Td (costless ) Tj ET Q q 0 0 0 rg BT 386.01 639.05 Td (collars ) Tj ET Q q 0 0 0 rg BT 414.84 639.05 Td (are ) Tj ET Q q 0 0 0 rg BT 430.67 639.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 467.49 639.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 500.84 639.05 Td (into, ) Tj ET Q q 0 0 0 rg BT 520.67 639.05 Td (which ) Tj ET Q q 0 0 0 rg BT 546.50 639.05 Td (limits ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.34 628.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 132.96 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 143.07 628.25 Td (volatility ) Tj ET Q q 0 0 0 rg BT 177.67 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 187.28 628.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 233.39 628.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 259.99 628.25 Td (while ) Tj ET Q q 0 0 0 rg BT 283.10 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.70 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.81 628.25 Td (case ) Tj ET Q q 0 0 0 rg BT 329.42 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 339.52 628.25 Td (costless ) Tj ET Q q 0 0 0 rg BT 374.63 628.25 Td (collars ) Tj ET Q q 0 0 0 rg BT 403.24 628.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 430.85 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 443.95 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.06 628.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 510.18 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 519.79 628.25 Td (some ) Tj ET Q q 0 0 0 rg BT 544.39 628.25 Td (of ) Tj ET Q q 0 0 0 rg BT 554.50 628.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.01 617.45 Td (price ) Tj ET Q q 0 0 0 rg BT 113.02 617.45 Td (increases.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.65 Td (As ) Tj ET Q q 0 0 0 rg BT 58.00 600.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.01 600.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 127.04 600.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.06 600.65 Td (, ) Tj ET Q q 0 0 0 rg BT 152.06 600.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 194.08 600.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 227.11 600.65 Td (into ) Tj ET Q q 0 0 0 rg BT 244.12 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 259.13 600.65 Td (following ) Tj ET Q q 0 0 0 rg BT 296.65 600.65 Td (costless ) Tj ET Q q 0 0 0 rg BT 331.66 600.65 Td (collars ) Tj ET Q q 0 0 0 rg BT 360.17 600.65 Td (to ) Tj ET Q q 0 0 0 rg BT 370.18 600.65 Td (sell ) Tj ET Q q 0 0 0 rg BT 386.18 600.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 416.20 600.65 Td (gas: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 590.15 m 88.5 590.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 576.15 m 88.5 576.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 590.15 m 139.5 590.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 576.15 m 139.5 576.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 590.15 m 335.5 590.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 576.15 m 335.5 576.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 590.15 m 567.5 590.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 576.15 m 567.5 576.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 506.15 m 88.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 506.15 m 139.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 506.15 m 335.5 506.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 506.15 m 567.5 506.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 580.55 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 580.55 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 580.55 Td (A) Tj ET Q q 0 0 0 rg BT 148.33 580.55 Td (verage ) Tj ET Q q 0 0 0 rg BT 179.69 580.55 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 580.55 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 580.55 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 566.55 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 566.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 566.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 566.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 566.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 566.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 566.55 Td ($3.75 ) Tj ET Q q 0 0 0 rg BT 189.02 566.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 566.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 566.55 Td ($4.26 ) Tj ET Q q 0 0 0 rg BT 241.54 566.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 566.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 566.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 566.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 566.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 566.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 566.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 566.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 566.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 552.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 552.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 552.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 552.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 552.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 552.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 552.55 Td ($3.69 ) Tj ET Q q 0 0 0 rg BT 189.02 552.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 552.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 552.55 Td ($4.04 ) Tj ET Q q 0 0 0 rg BT 241.54 552.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 552.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 552.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 552.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 552.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 552.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 552.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 552.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 552.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 538.55 Td (15,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 538.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 538.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 538.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 538.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 538.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 538.55 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 189.02 538.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 538.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 538.55 Td ($3.29 ) Tj ET Q q 0 0 0 rg BT 241.54 538.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 538.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 538.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 538.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 538.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 538.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 538.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 538.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 538.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 524.55 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 524.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 524.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 524.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 524.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 524.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 524.55 Td ($3.75 ) Tj ET Q q 0 0 0 rg BT 189.02 524.55 Td (- ) Tj ET Q q 0 0 0 rg BT 194.52 524.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 216.52 524.55 Td ($4.20 ) Tj ET Q q 0 0 0 rg BT 241.54 524.55 Td (- ) Tj ET Q q 0 0 0 rg BT 246.54 524.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 524.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 524.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 524.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 524.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 524.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 524.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 524.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 510.55 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 510.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 510.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 510.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 510.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 510.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 510.55 Td ($3.90 ) Tj ET Q q 0 0 0 rg BT 182.03 510.55 Td (- ) Tj ET Q q 0 0 0 rg BT 187.52 510.55 Td (US ) Tj ET Q q 0 0 0 rg BT 202.53 510.55 Td ($4.43 ) Tj ET Q q 0 0 0 rg BT 227.55 510.55 Td (- ) Tj ET Q q 0 0 0 rg BT 233.05 510.55 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 510.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 510.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 510.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 510.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 510.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 510.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 510.55 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 488.65 Td (As ) Tj ET Q q 0 0 0 rg BT 58.00 488.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.01 488.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 127.04 488.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.06 488.65 Td (, ) Tj ET Q q 0 0 0 rg BT 152.06 488.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 194.08 488.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 227.11 488.65 Td (into ) Tj ET Q q 0 0 0 rg BT 244.12 488.65 Td (the ) Tj ET Q q 0 0 0 rg BT 259.13 488.65 Td (following ) Tj ET Q q 0 0 0 rg BT 296.65 488.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 335.67 488.65 Td (to ) Tj ET Q q 0 0 0 rg BT 345.67 488.65 Td (manage ) Tj ET Q q 0 0 0 rg BT 380.70 488.65 Td (its ) Tj ET Q q 0 0 0 rg BT 392.20 488.65 Td (overall ) Tj ET Q q 0 0 0 rg BT 421.21 488.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 467.22 488.65 Td (exposure:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 506.75 488.65 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 478.15 m 88.5 478.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 464.15 m 88.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 478.15 m 139.5 478.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 464.15 m 139.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 478.15 m 224.5 478.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 464.15 m 224.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 478.15 m 335.5 478.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 464.15 m 335.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 478.15 m 567.5 478.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 464.15 m 567.5 464.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 184.14999999999998 m 88.5 184.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 184.14999999999998 m 139.5 184.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 184.14999999999998 m 224.5 184.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 184.14999999999998 m 335.5 184.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 184.14999999999998 m 567.5 184.14999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 468.55 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 468.55 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 468.55 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 468.55 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 468.55 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 468.55 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 454.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 454.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 454.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 454.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 454.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 454.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 454.55 Td ($3.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 454.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 454.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 454.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 454.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 454.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 454.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 454.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 454.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 454.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 454.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 440.55 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 440.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 440.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 440.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 440.55 Td ($3.81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 440.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 440.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 440.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 440.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 440.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 440.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 440.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 440.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 440.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 440.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 426.55 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 426.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 426.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 426.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 426.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 426.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 426.55 Td ($2.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 426.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 426.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 426.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 426.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 426.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 426.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 426.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 426.55 Td (September ) Tj ET Q q 0 0 0 rg BT 457.07 426.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 472.08 426.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 412.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 412.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 412.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 412.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 412.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 412.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 412.55 Td ($3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 412.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 412.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 412.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 412.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 412.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 412.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 412.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 412.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 412.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 412.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 398.55 Td (45,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 398.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 398.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 398.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 398.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 398.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 398.55 Td ($3.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 398.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 398.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 398.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 398.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 398.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 398.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 398.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 398.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 398.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 398.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 384.55 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 384.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 384.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 384.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 384.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 384.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 384.55 Td ($2.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 384.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 384.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 384.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 384.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 384.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 384.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 384.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 384.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 384.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 384.55 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 370.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 370.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 370.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 370.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 370.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 370.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 370.55 Td ($2.64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 370.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 370.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 370.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 370.55 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 370.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 370.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.03 370.55 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 370.55 Td (October ) Tj ET Q q 0 0 0 rg BT 431.05 370.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.06 370.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 356.55 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 356.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 356.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 356.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 356.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 356.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 356.55 Td ($3.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 356.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 356.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 356.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 356.55 Td (October ) Tj ET Q q 0 0 0 rg BT 372.51 356.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.52 356.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.04 356.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 356.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 356.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 356.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 342.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 342.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 342.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 342.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 342.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 342.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 342.55 Td ($3.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 342.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 342.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 342.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 342.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 342.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 342.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 342.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 342.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 342.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 342.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 328.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 328.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 328.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 328.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 328.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 328.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 328.55 Td ($3.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 328.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 328.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 328.55 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 328.55 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 328.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 328.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 391.03 328.55 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 328.55 Td (October ) Tj ET Q q 0 0 0 rg BT 431.05 328.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.06 328.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 314.55 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 314.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 314.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 314.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 314.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 314.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 314.55 Td ($3.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 314.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 314.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 314.55 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 314.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 314.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 314.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 314.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 314.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 314.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 314.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 300.55 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 300.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 300.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 300.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 300.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 300.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 300.55 Td ($\(0.47\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 300.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 300.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 300.55 Td (AECO ) Tj ET Q q 0 0 0 rg BT 285.02 300.55 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 300.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 300.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 300.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 300.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 300.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 300.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 300.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 286.55 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 286.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 286.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 286.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 286.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 286.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 286.55 Td ($\(0.60\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 286.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 286.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 286.55 Td (AECO ) Tj ET Q q 0 0 0 rg BT 285.02 286.55 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 286.55 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 286.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 286.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.03 286.55 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 286.55 Td (December ) Tj ET Q q 0 0 0 rg BT 440.55 286.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 455.56 286.55 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 272.55 Td (2,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 272.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 272.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 272.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 272.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 272.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 272.55 Td (46.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 272.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 272.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 272.55 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.93 272.55 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 272.55 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 272.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 272.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 272.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 272.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 272.55 Td (March ) Tj ET Q q 0 0 0 rg BT 438.05 272.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.06 272.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 473.08 276.84 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 258.55 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 258.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 258.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 258.55 Td (40%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 258.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 258.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 258.55 Td (CNWY) Tj ET Q q 0 0 0 rg BT 284.85 258.55 Td ( ) Tj ET Q q 0 0 0 rg BT 287.35 258.55 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 258.55 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 258.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 258.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.03 258.55 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 258.55 Td (March ) Tj ET Q q 0 0 0 rg BT 424.04 258.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.05 258.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 459.07 262.84 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 244.55 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 244.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 244.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 244.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 244.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 244.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 244.55 Td ($\(3.95\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 244.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 244.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 244.55 Td (WTI-MSW) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 244.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 244.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 244.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 244.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 244.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 244.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 244.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 230.55 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 230.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 230.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 230.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 230.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 230.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 230.55 Td ($1.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 230.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 230.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 230.55 Td (WTI-CR) Tj ET Q q 0 0 0 rg BT 289.84 230.55 Td (W) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 230.55 Td (February ) Tj ET Q q 0 0 0 rg BT 376.51 230.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.52 230.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 409.04 230.55 Td (- ) Tj ET Q q 0 0 0 rg BT 414.54 230.55 Td (March ) Tj ET Q q 0 0 0 rg BT 442.04 230.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 457.06 230.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 216.55 Td (1,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 216.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 216.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 216.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 216.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 216.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 216.55 Td ($78.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 216.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 216.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 216.55 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 216.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 216.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 216.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 216.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 216.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 216.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 216.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 489.59 220.84 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 202.55 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 202.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 202.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 202.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 202.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 202.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 202.55 Td ($65.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 202.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 202.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 202.55 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 202.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 202.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 202.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 202.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 202.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 202.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 202.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 188.55 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 188.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 188.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 188.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 188.55 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 188.55 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 188.55 Td ($65.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 188.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 188.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 188.55 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 188.55 Td (July ) Tj ET Q q 0 0 0 rg BT 356.51 188.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 366.51 188.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 389.03 188.55 Td (- ) Tj ET Q q 0 0 0 rg BT 394.53 188.55 Td (June ) Tj ET Q q 0 0 0 rg BT 416.55 188.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 431.56 188.55 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 175.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 175.45 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 175.45 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 175.45 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 175.45 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 175.45 Td (Conway ) Tj ET Q q 0 0 0 rg BT 84.01 175.45 Td (propane ) Tj ET Q q 0 0 0 rg BT 107.70 175.45 Td (price ) Tj ET Q q 0 0 0 rg BT 122.37 175.45 Td (as ) Tj ET Q q 0 0 0 rg BT 130.37 175.45 Td (a ) Tj ET Q q 0 0 0 rg BT 135.38 175.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 167.07 175.45 Td (of ) Tj ET Q q 0 0 0 rg BT 173.74 175.45 Td (WTI.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 168.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 54.00 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 168.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 84.68 168.25 Td (an ) Tj ET Q q 0 0 0 rg BT 93.02 168.25 Td (extendable ) Tj ET Q q 0 0 0 rg BT 124.05 168.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 144.40 168.25 Td (on ) Tj ET Q q 0 0 0 rg BT 152.74 168.25 Td (500 ) Tj ET Q q 0 0 0 rg BT 164.41 168.25 Td (bbls/d, ) Tj ET Q q 0 0 0 rg BT 183.76 168.25 Td (which ) Tj ET Q q 0 0 0 rg BT 200.77 168.25 Td (at ) Tj ET Q q 0 0 0 rg BT 207.44 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.44 168.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 244.79 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.46 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.47 168.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 296.49 168.25 Td (would ) Tj ET Q q 0 0 0 rg BT 313.83 168.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 338.18 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.19 168.25 Td (term ) Tj ET Q q 0 0 0 rg BT 361.86 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.53 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 378.54 168.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 401.55 168.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.22 168.25 Td (December ) Tj ET Q q 0 0 0 rg BT 437.56 168.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 447.57 168.25 Td (2017.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 14) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 95.54 731.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.55 731.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 164.58 731.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.60 731.45 Td (, ) Tj ET Q q 0 0 0 rg BT 189.60 731.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 231.62 731.45 Td (entered ) Tj ET Q q 0 0 0 rg BT 264.65 731.45 Td (into ) Tj ET Q q 0 0 0 rg BT 281.66 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 296.67 731.45 Td (following ) Tj ET Q q 0 0 0 rg BT 334.19 731.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 373.21 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 383.21 731.45 Td (manage ) Tj ET Q q 0 0 0 rg BT 418.24 731.45 Td (its ) Tj ET Q q 0 0 0 rg BT 429.74 731.45 Td (overall ) Tj ET Q q 0 0 0 rg BT 458.75 731.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 504.76 731.45 Td (exposure:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 717.95 m 88.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 703.95 m 88.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 717.95 m 139.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 703.95 m 139.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 717.95 m 224.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 703.95 m 224.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 717.95 m 335.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 703.95 m 335.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 717.95 m 567.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 703.95 m 567.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 703.95 m 88.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 703.95 m 139.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 703.95 m 224.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 703.95 m 335.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 703.95 m 567.5 703.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 633.95 m 88.5 633.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 633.95 m 139.5 633.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 633.95 m 224.5 633.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 633.95 m 335.5 633.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 633.95 m 567.5 633.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 708.35 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 708.35 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 708.35 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 708.35 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 708.35 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 708.35 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 694.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 694.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 694.35 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 694.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 694.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 694.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 694.35 Td ($2.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 694.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 694.35 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 694.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 694.35 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 694.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 694.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.03 694.35 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 694.35 Td (October ) Tj ET Q q 0 0 0 rg BT 431.05 694.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 446.06 694.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.45 680.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 680.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 680.35 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 680.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 680.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 680.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 680.35 Td ($2.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 680.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 680.35 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 680.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 680.35 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 680.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 680.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.03 680.35 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 680.35 Td (March ) Tj ET Q q 0 0 0 rg BT 424.04 680.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 439.05 680.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 666.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 666.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 666.35 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 666.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 666.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 666.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 666.35 Td ($60.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 666.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 666.35 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 666.35 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 666.35 Td (February ) Tj ET Q q 0 0 0 rg BT 376.51 666.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 386.52 666.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 409.04 666.35 Td (- ) Tj ET Q q 0 0 0 rg BT 414.54 666.35 Td (December ) Tj ET Q q 0 0 0 rg BT 458.56 666.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 473.57 666.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.95 652.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 652.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 652.35 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 652.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 652.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 652.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 652.35 Td ($65.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 652.35 Td (Sold ) Tj ET Q q 0 0 0 rg BT 247.51 652.35 Td (Call ) Tj ET Q q 0 0 0 rg BT 265.52 652.35 Td (- ) Tj ET Q q 0 0 0 rg BT 271.02 652.35 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 652.35 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 652.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 652.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 405.05 652.35 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 652.35 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 652.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 652.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.45 638.35 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 638.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 638.35 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 638.35 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 638.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 638.35 Td (US ) Tj ET Q q 0 0 0 rg BT 157.00 638.35 Td (55.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 638.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 638.35 Td (- ) Tj ET Q q 0 0 0 rg BT 257.51 638.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 279.01 638.35 Td (BT/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 638.35 Td (April ) Tj ET Q q 0 0 0 rg BT 358.50 638.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 368.51 638.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 391.03 638.35 Td (- ) Tj ET Q q 0 0 0 rg BT 396.53 638.35 Td (September ) Tj ET Q q 0 0 0 rg BT 443.06 638.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 458.07 638.35 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 620.65 Td (As ) Tj ET Q q 0 0 0 rg BT 58.00 620.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.01 620.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 127.04 620.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.06 620.65 Td (, ) Tj ET Q q 0 0 0 rg BT 152.06 620.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 194.08 620.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 227.11 620.65 Td (into ) Tj ET Q q 0 0 0 rg BT 244.12 620.65 Td (the ) Tj ET Q q 0 0 0 rg BT 259.13 620.65 Td (following ) Tj ET Q q 0 0 0 rg BT 296.65 620.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 335.67 620.65 Td (to ) Tj ET Q q 0 0 0 rg BT 345.67 620.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.20 620.65 Td (electricity:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 607.15 m 88.5 607.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 593.15 m 88.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 607.15 m 139.5 607.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 593.15 m 139.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 607.15 m 224.5 607.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 593.15 m 224.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 607.15 m 335.5 607.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 593.15 m 335.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 607.15 m 567.5 607.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 593.15 m 567.5 593.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 565.15 m 88.5 565.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 88.5 565.15 m 139.5 565.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 139.5 565.15 m 224.5 565.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 565.15 m 335.5 565.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335.5 565.15 m 567.5 565.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 597.55 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 597.55 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 142.00 597.55 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 597.55 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 338.00 597.55 Td (T) Tj ET Q q 0 0 0 rg BT 342.83 597.55 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.95 583.55 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 583.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 583.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 583.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 583.55 Td (mwh) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 583.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 583.55 Td ($51.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 583.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 583.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 583.55 Td (AESO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 583.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 583.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 583.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 405.05 583.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 583.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 583.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 583.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.95 569.55 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.00 569.55 Td ( ) Tj ET Q q 0 0 0 rg BT 93.50 569.55 Td ( ) Tj ET Q q 0 0 0 rg BT 96.00 569.55 Td ( ) Tj ET Q q 0 0 0 rg BT 98.50 569.55 Td (mwh) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.00 569.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 164.00 569.55 Td ($48.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 569.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 252.01 569.55 Td (- ) Tj ET Q q 0 0 0 rg BT 257.01 569.55 Td (AESO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.00 569.55 Td (January ) Tj ET Q q 0 0 0 rg BT 372.52 569.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 382.53 569.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 405.05 569.55 Td (- ) Tj ET Q q 0 0 0 rg BT 410.54 569.55 Td (December ) Tj ET Q q 0 0 0 rg BT 454.56 569.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 469.57 569.55 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 548.85 Td (As ) Tj ET Q q 0 0 0 rg BT 56.91 548.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.82 548.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 123.76 548.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.78 548.85 Td (, ) Tj ET Q q 0 0 0 rg BT 147.68 548.85 Td (the ) Tj ET Q q 0 0 0 rg BT 161.60 548.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 175.51 548.85 Td (market ) Tj ET Q q 0 0 0 rg BT 204.42 548.85 Td (value ) Tj ET Q q 0 0 0 rg BT 227.35 548.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 264.27 548.85 Td (in ) Tj ET Q q 0 0 0 rg BT 272.69 548.85 Td (the ) Tj ET Q q 0 0 0 rg BT 286.60 548.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 338.55 548.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 379.47 548.85 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 548.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 422.81 548.85 Td (position ) Tj ET Q q 0 0 0 rg BT 455.24 548.85 Td (for ) Tj ET Q q 0 0 0 rg BT 467.15 548.85 Td (these ) Tj ET Q q 0 0 0 rg BT 490.57 548.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.00 548.85 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 538.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 91.52 538.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 131.05 538.05 Td (was ) Tj ET Q q 0 0 0 rg BT 150.06 538.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.08 538.05 Td (net ) Tj ET Q q 0 0 0 rg BT 173.60 538.05 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.11 538.05 Td ( ) Tj ET Q q 0 0 0 rg BT 198.12 538.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.64 538.05 Td ($80.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.16 538.05 Td ( ) Tj ET Q q 0 0 0 rg BT 234.17 538.05 Td (million ) Tj ET Q q 0 0 0 rg BT 262.69 538.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 305.72 538.05 Td (to ) Tj ET Q q 0 0 0 rg BT 316.24 538.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.25 538.05 Td (net ) Tj ET Q q 0 0 0 rg BT 339.77 538.05 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 361.29 538.05 Td ( ) Tj ET Q q 0 0 0 rg BT 364.30 538.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.81 538.05 Td ($153.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.34 538.05 Td ( ) Tj ET Q q 0 0 0 rg BT 405.35 538.05 Td (million ) Tj ET Q q 0 0 0 rg BT 433.87 538.05 Td (as ) Tj ET Q q 0 0 0 rg BT 446.38 538.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.90 538.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 516.44 538.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.46 538.05 Td (. ) Tj ET Q q 0 0 0 rg BT 541.97 538.05 Td (Of ) Tj ET Q q 0 0 0 rg BT 554.48 538.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 527.25 Td ($80.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.52 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 70.48 527.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.94 527.25 Td (net ) Tj ET Q q 0 0 0 rg BT 114.41 527.25 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.92 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 138.87 527.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 173.36 527.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.82 527.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 243.30 527.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.32 527.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.78 527.25 Td ($63.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.30 527.25 Td ( ) Tj ET Q q 0 0 0 rg BT 294.26 527.25 Td (million ) Tj ET Q q 0 0 0 rg BT 322.72 527.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 352.69 527.25 Td (to ) Tj ET Q q 0 0 0 rg BT 363.15 527.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.13 527.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 444.10 527.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 490.57 527.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 530.04 527.25 Td (with ) Tj ET Q q 0 0 0 rg BT 549.00 527.25 Td (term ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 516.45 Td (dates ) Tj ET Q q 0 0 0 rg BT 69.52 516.45 Td (within ) Tj ET Q q 0 0 0 rg BT 95.03 516.45 Td (one ) Tj ET Q q 0 0 0 rg BT 112.54 516.45 Td (year ) Tj ET Q q 0 0 0 rg BT 132.55 516.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.07 516.45 Td ($17.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.59 516.45 Td ( ) Tj ET Q q 0 0 0 rg BT 175.09 516.45 Td (million ) Tj ET Q q 0 0 0 rg BT 203.10 516.45 Td (relates ) Tj ET Q q 0 0 0 rg BT 232.61 516.45 Td (to ) Tj ET Q q 0 0 0 rg BT 242.62 516.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.14 516.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 322.66 516.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 368.67 516.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 407.68 516.45 Td (with ) Tj ET Q q 0 0 0 rg BT 426.19 516.45 Td (term ) Tj ET Q q 0 0 0 rg BT 446.69 516.45 Td (dates ) Tj ET Q q 0 0 0 rg BT 471.20 516.45 Td (beyond ) Tj ET Q q 0 0 0 rg BT 503.23 516.45 Td (one ) Tj ET Q q 0 0 0 rg BT 520.75 516.45 Td (year) Tj ET Q q 0 0 0 rg BT 537.76 516.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 499.65 Td (For ) Tj ET Q q 0 0 0 rg BT 61.19 499.65 Td (the ) Tj ET Q q 0 0 0 rg BT 76.39 499.65 Td (year ) Tj ET Q q 0 0 0 rg BT 96.59 499.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.31 499.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 183.52 499.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.54 499.65 Td (, ) Tj ET Q q 0 0 0 rg BT 208.73 499.65 Td (the ) Tj ET Q q 0 0 0 rg BT 223.94 499.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 259.65 499.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 304.35 499.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 350.55 499.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 389.76 499.65 Td (in ) Tj ET Q q 0 0 0 rg BT 399.45 499.65 Td (place ) Tj ET Q q 0 0 0 rg BT 423.66 499.65 Td (under ) Tj ET Q q 0 0 0 rg BT 449.37 499.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 497.80 499.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 514.48 499.65 Td (management ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 488.85 Td (program ) Tj ET Q q 0 0 0 rg BT 80.89 488.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 115.29 488.85 Td (in ) Tj ET Q q 0 0 0 rg BT 124.67 488.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 132.06 488.85 Td (net ) Tj ET Q q 0 0 0 rg BT 146.94 488.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.96 488.85 Td ( ) Tj ET Q q 0 0 0 rg BT 166.34 488.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.22 488.85 Td ($75.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.75 488.85 Td ( ) Tj ET Q q 0 0 0 rg BT 201.12 488.85 Td (million, ) Tj ET Q q 0 0 0 rg BT 231.51 488.85 Td (consisting ) Tj ET Q q 0 0 0 rg BT 273.91 488.85 Td (of ) Tj ET Q q 0 0 0 rg BT 283.79 488.85 Td (a ) Tj ET Q q 0 0 0 rg BT 291.18 488.85 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.07 488.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.09 488.85 Td ( ) Tj ET Q q 0 0 0 rg BT 344.47 488.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.35 488.85 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.88 488.85 Td ( ) Tj ET Q q 0 0 0 rg BT 384.26 488.85 Td (million ) Tj ET Q q 0 0 0 rg BT 412.14 488.85 Td (and ) Tj ET Q q 0 0 0 rg BT 429.53 488.85 Td (an ) Tj ET Q q 0 0 0 rg BT 441.92 488.85 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.83 488.85 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.84 488.85 Td ( ) Tj ET Q q 0 0 0 rg BT 504.21 488.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.10 488.85 Td ($73.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.62 488.85 Td ( ) Tj ET Q q 0 0 0 rg BT 539.00 488.85 Td (million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 478.05 Td (The ) Tj ET Q q 0 0 0 rg BT 62.59 478.05 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.19 478.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.20 478.05 Td ( ) Tj ET Q q 0 0 0 rg BT 115.29 478.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.87 478.05 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.40 478.05 Td ( ) Tj ET Q q 0 0 0 rg BT 154.48 478.05 Td (million ) Tj ET Q q 0 0 0 rg BT 182.07 478.05 Td (consisted ) Tj ET Q q 0 0 0 rg BT 222.17 478.05 Td (of ) Tj ET Q q 0 0 0 rg BT 231.76 478.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.85 478.05 Td ($82.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.37 478.05 Td ( ) Tj ET Q q 0 0 0 rg BT 263.45 478.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.04 478.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.05 478.05 Td ( ) Tj ET Q q 0 0 0 rg BT 310.14 478.05 Td (on ) Tj ET Q q 0 0 0 rg BT 322.23 478.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 351.83 478.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 368.42 478.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 414.01 478.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 454.61 478.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 495.71 478.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.79 478.05 Td ($7.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.31 478.05 Td ( ) Tj ET Q q 0 0 0 rg BT 522.39 478.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.98 478.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 478.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 57.79 467.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 88.08 467.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 105.37 467.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 133.67 467.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 179.95 467.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 221.25 467.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 260.54 467.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.34 467.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.12 467.25 Td ($59.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.64 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.42 467.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.70 467.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.72 467.25 Td ( ) Tj ET Q q 0 0 0 rg BT 359.50 467.25 Td (on ) Tj ET Q q 0 0 0 rg BT 372.28 467.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 384.07 467.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 430.35 467.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 471.65 467.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 513.44 467.25 Td (For ) Tj ET Q q 0 0 0 rg BT 529.72 467.25 Td (the ) Tj ET Q q 0 0 0 rg BT 545.01 467.25 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 456.45 Td (period ) Tj ET Q q 0 0 0 rg BT 72.43 456.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.85 456.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.87 456.45 Td (, ) Tj ET Q q 0 0 0 rg BT 106.79 456.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.72 456.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.15 456.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 201.58 456.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 247.51 456.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 286.44 456.45 Td (in ) Tj ET Q q 0 0 0 rg BT 295.86 456.45 Td (place ) Tj ET Q q 0 0 0 rg BT 319.79 456.45 Td (resulted ) Tj ET Q q 0 0 0 rg BT 354.22 456.45 Td (in ) Tj ET Q q 0 0 0 rg BT 363.64 456.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.06 456.45 Td (net ) Tj ET Q q 0 0 0 rg BT 385.99 456.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 456.45 Td ( ) Tj ET Q q 0 0 0 rg BT 405.42 456.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.34 456.45 Td ($123.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.87 456.45 Td ( ) Tj ET Q q 0 0 0 rg BT 445.28 456.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 475.70 456.45 Td (consisting ) Tj ET Q q 0 0 0 rg BT 518.14 456.45 Td (of ) Tj ET Q q 0 0 0 rg BT 528.06 456.45 Td (a ) Tj ET Q q 0 0 0 rg BT 535.48 456.45 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 445.65 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 63.65 445.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.80 445.65 Td ($65.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.33 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 98.97 445.65 Td (million ) Tj ET Q q 0 0 0 rg BT 127.13 445.65 Td (and ) Tj ET Q q 0 0 0 rg BT 144.79 445.65 Td (an ) Tj ET Q q 0 0 0 rg BT 157.45 445.65 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.62 445.65 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.64 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 221.29 445.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.44 445.65 Td ($188.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.97 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 261.61 445.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 292.09 445.65 Td (The ) Tj ET Q q 0 0 0 rg BT 310.25 445.65 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.41 445.65 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.42 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 363.07 445.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.22 445.65 Td ($65.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.74 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 398.39 445.65 Td (million ) Tj ET Q q 0 0 0 rg BT 426.54 445.65 Td (consisted ) Tj ET Q q 0 0 0 rg BT 467.21 445.65 Td (of ) Tj ET Q q 0 0 0 rg BT 477.36 445.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.01 445.65 Td ($43.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.54 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 510.18 445.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.34 445.65 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.34 445.65 Td ( ) Tj ET Q q 0 0 0 rg BT 556.99 445.65 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 434.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 74.69 434.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 91.37 434.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 137.05 434.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 177.74 434.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 216.43 434.85 Td (and ) Tj ET Q q 0 0 0 rg BT 233.61 434.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.79 434.85 Td ($24.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.31 434.85 Td ( ) Tj ET Q q 0 0 0 rg BT 265.48 434.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.16 434.85 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.16 434.85 Td ( ) Tj ET Q q 0 0 0 rg BT 311.33 434.85 Td (on ) Tj ET Q q 0 0 0 rg BT 323.52 434.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 334.69 434.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 380.37 434.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 421.06 434.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 459.75 434.85 Td (of) Tj ET Q q 0 0 0 rg BT 467.09 434.85 Td (fset ) Tj ET Q q 0 0 0 rg BT 483.77 434.85 Td (by ) Tj ET Q q 0 0 0 rg BT 495.44 434.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.62 434.85 Td ($2.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.14 434.85 Td ( ) Tj ET Q q 0 0 0 rg BT 522.31 434.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.98 434.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 434.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 424.05 Td (on ) Tj ET Q q 0 0 0 rg BT 57.51 424.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 87.53 424.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 104.54 424.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 132.56 424.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 178.57 424.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 219.59 424.05 Td (contracts.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 407.25 Td (For ) Tj ET Q q 0 0 0 rg BT 62.44 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.89 407.25 Td (three ) Tj ET Q q 0 0 0 rg BT 103.34 407.25 Td (months ) Tj ET Q q 0 0 0 rg BT 136.80 407.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.77 407.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 226.23 407.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.25 407.25 Td (, ) Tj ET Q q 0 0 0 rg BT 252.69 407.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.15 407.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.11 407.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 352.06 407.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 399.51 407.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 439.97 407.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.91 407.25 Td (place ) Tj ET Q q 0 0 0 rg BT 476.37 407.25 Td (under ) Tj ET Q q 0 0 0 rg BT 503.32 407.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 553.01 407.25 Td (risk ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 396.45 Td (management ) Tj ET Q q 0 0 0 rg BT 100.15 396.45 Td (program ) Tj ET Q q 0 0 0 rg BT 136.29 396.45 Td (resulted ) Tj ET Q q 0 0 0 rg BT 170.93 396.45 Td (in ) Tj ET Q q 0 0 0 rg BT 180.56 396.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.19 396.45 Td (net ) Tj ET Q q 0 0 0 rg BT 203.32 396.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.34 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 222.96 396.45 Td (of ) Tj ET Q q 0 0 0 rg BT 233.09 396.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.09 396.45 Td (27.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.61 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 258.23 396.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 288.86 396.45 Td (consisting ) Tj ET Q q 0 0 0 rg BT 331.50 396.45 Td (of ) Tj ET Q q 0 0 0 rg BT 341.63 396.45 Td (a ) Tj ET Q q 0 0 0 rg BT 349.26 396.45 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.40 396.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 400.42 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 403.04 396.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.17 396.45 Td ($41.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.69 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 438.31 396.45 Td (million ) Tj ET Q q 0 0 0 rg BT 466.44 396.45 Td (and ) Tj ET Q q 0 0 0 rg BT 484.08 396.45 Td (an ) Tj ET Q q 0 0 0 rg BT 496.71 396.45 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.86 396.45 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.87 396.45 Td ( ) Tj ET Q q 0 0 0 rg BT 559.49 396.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 385.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 50.01 385.65 Td (14.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.52 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 70.30 385.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 101.09 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 103.69 385.65 Td (The ) Tj ET Q q 0 0 0 rg BT 121.98 385.65 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.28 385.65 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.30 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 176.08 385.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.36 385.65 Td ($41.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.89 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 211.67 385.65 Td (million ) Tj ET Q q 0 0 0 rg BT 239.95 385.65 Td (consisted ) Tj ET Q q 0 0 0 rg BT 280.76 385.65 Td (of ) Tj ET Q q 0 0 0 rg BT 291.04 385.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.83 385.65 Td ($22.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.35 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 324.13 385.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.42 385.65 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.44 385.65 Td ( ) Tj ET Q q 0 0 0 rg BT 372.22 385.65 Td (on ) Tj ET Q q 0 0 0 rg BT 385.01 385.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 415.31 385.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 432.60 385.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 478.89 385.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 520.19 385.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 561.99 385.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 374.85 Td ($1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.52 374.85 Td ( ) Tj ET Q q 0 0 0 rg BT 64.66 374.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 92.31 374.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.33 374.85 Td ( ) Tj ET Q q 0 0 0 rg BT 111.47 374.85 Td (on ) Tj ET Q q 0 0 0 rg BT 123.63 374.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 153.29 374.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 169.95 374.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 197.61 374.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 243.26 374.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 283.93 374.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 322.59 374.85 Td (and ) Tj ET Q q 0 0 0 rg BT 339.75 374.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.90 374.85 Td ($18.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.42 374.85 Td ( ) Tj ET Q q 0 0 0 rg BT 371.56 374.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.21 374.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.23 374.85 Td ( ) Tj ET Q q 0 0 0 rg BT 418.38 374.85 Td (on ) Tj ET Q q 0 0 0 rg BT 430.53 374.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 441.68 374.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 487.34 374.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 528.00 374.85 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 569.51 374.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 364.05 Td (For ) Tj ET Q q 0 0 0 rg BT 60.73 364.05 Td (the ) Tj ET Q q 0 0 0 rg BT 75.46 364.05 Td (same ) Tj ET Q q 0 0 0 rg BT 99.70 364.05 Td (period ) Tj ET Q q 0 0 0 rg BT 126.94 364.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.17 364.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.19 364.05 Td (, ) Tj ET Q q 0 0 0 rg BT 160.92 364.05 Td (the ) Tj ET Q q 0 0 0 rg BT 175.65 364.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.90 364.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 255.14 364.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 300.88 364.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 339.62 364.05 Td (in ) Tj ET Q q 0 0 0 rg BT 348.85 364.05 Td (place ) Tj ET Q q 0 0 0 rg BT 372.59 364.05 Td (resulted ) Tj ET Q q 0 0 0 rg BT 406.83 364.05 Td (in ) Tj ET Q q 0 0 0 rg BT 416.06 364.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.29 364.05 Td (net ) Tj ET Q q 0 0 0 rg BT 438.03 364.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.05 364.05 Td ( ) Tj ET Q q 0 0 0 rg BT 457.27 364.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.00 364.05 Td ($190.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.53 364.05 Td ( ) Tj ET Q q 0 0 0 rg BT 496.76 364.05 Td (million, ) Tj ET Q q 0 0 0 rg BT 526.99 364.05 Td (consisting ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 54.65 353.25 Td (a ) Tj ET Q q 0 0 0 rg BT 61.81 353.25 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.47 353.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 112.49 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.63 353.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.29 353.25 Td ($5.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.80 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.95 353.25 Td (million ) Tj ET Q q 0 0 0 rg BT 171.60 353.25 Td (and ) Tj ET Q q 0 0 0 rg BT 188.77 353.25 Td (an ) Tj ET Q q 0 0 0 rg BT 200.93 353.25 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.60 353.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.62 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.77 353.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.42 353.25 Td ($185.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.95 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 303.09 353.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 333.25 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 335.26 353.25 Td (The ) Tj ET Q q 0 0 0 rg BT 352.91 353.25 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.58 353.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.59 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 405.74 353.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.39 353.25 Td ($5.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.91 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 435.06 353.25 Td (million ) Tj ET Q q 0 0 0 rg BT 462.71 353.25 Td (consisted ) Tj ET Q q 0 0 0 rg BT 502.88 353.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.53 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.68 353.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.83 353.25 Td ($8.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.35 353.25 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 353.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 342.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.02 342.45 Td ( ) Tj ET Q q 0 0 0 rg BT 64.65 342.45 Td (on ) Tj ET Q q 0 0 0 rg BT 77.30 342.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 88.95 342.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 135.10 342.45 Td (derivative ) Tj ET Q q 0 0 0 rg BT 176.25 342.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 215.41 342.45 Td (and ) Tj ET Q q 0 0 0 rg BT 233.06 342.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.70 342.45 Td ($0.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.22 342.45 Td ( ) Tj ET Q q 0 0 0 rg BT 260.86 342.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.00 342.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.02 342.45 Td ( ) Tj ET Q q 0 0 0 rg BT 308.66 342.45 Td (on ) Tj ET Q q 0 0 0 rg BT 321.31 342.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 351.46 342.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 368.61 342.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 396.77 342.45 Td (derivative ) Tj ET Q q 0 0 0 rg BT 437.92 342.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 477.08 342.45 Td (of) Tj ET Q q 0 0 0 rg BT 484.42 342.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 501.57 342.45 Td (by ) Tj ET Q q 0 0 0 rg BT 513.71 342.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.35 342.45 Td ($3.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.87 342.45 Td ( ) Tj ET Q q 0 0 0 rg BT 541.51 342.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 331.65 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 61.00 331.65 Td ( ) Tj ET Q q 0 0 0 rg BT 63.51 331.65 Td (on ) Tj ET Q q 0 0 0 rg BT 76.02 331.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 106.04 331.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 123.05 331.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 169.06 331.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 210.08 331.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 249.09 331.65 Td (. ) Tj ET Q q 0 0 0 rg BT 254.09 331.65 Td ( ) Tj ET Q q 0 0 0 rg BT 256.59 331.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 314.85 Td (The ) Tj ET Q q 0 0 0 rg BT 63.17 314.85 Td (following ) Tj ET Q q 0 0 0 rg BT 100.84 314.85 Td (table ) Tj ET Q q 0 0 0 rg BT 123.01 314.85 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.70 314.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 212.10 314.85 Td (realized ) Tj ET Q q 0 0 0 rg BT 246.27 314.85 Td (and ) Tj ET Q q 0 0 0 rg BT 263.94 314.85 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 308.13 314.85 Td (gains ) Tj ET Q q 0 0 0 rg BT 332.30 314.85 Td (and ) Tj ET Q q 0 0 0 rg BT 349.97 314.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 378.14 314.85 Td (on ) Tj ET Q q 0 0 0 rg BT 390.81 314.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 426.49 314.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 471.16 314.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 517.33 314.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 556.50 314.85 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 304.05 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 304.05 Td (three ) Tj ET Q q 0 0 0 rg BT 83.03 304.05 Td (months ) Tj ET Q q 0 0 0 rg BT 115.04 304.05 Td (and ) Tj ET Q q 0 0 0 rg BT 132.56 304.05 Td (years ) Tj ET Q q 0 0 0 rg BT 157.06 304.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.59 304.05 Td (December ) Tj ET Q q 0 0 0 rg BT 228.61 304.05 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.12 304.05 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 293.54999999999995 m 263.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 293.54999999999995 m 339.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 293.54999999999995 m 415.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 293.54999999999995 m 491.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 293.54999999999995 m 567.5 293.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 265.54999999999995 m 263.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 265.54999999999995 m 339.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 265.54999999999995 m 415.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 265.54999999999995 m 491.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 265.54999999999995 m 567.5 265.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 212.54999999999995 m 339.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 212.54999999999995 m 415.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 212.54999999999995 m 491.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 212.54999999999995 m 567.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 212.54999999999995 m 263.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 212.54999999999995 m 339.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 212.54999999999995 m 415.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 212.54999999999995 m 491.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 212.54999999999995 m 567.5 212.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 168.54999999999995 m 263.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 168.54999999999995 m 339.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 168.54999999999995 m 415.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 168.54999999999995 m 491.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 168.54999999999995 m 567.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 154.54999999999995 m 263.5 154.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 168.54999999999995 m 339.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 154.54999999999995 m 339.5 154.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 168.54999999999995 m 415.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 339.5 154.54999999999995 m 415.5 154.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 168.54999999999995 m 491.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 154.54999999999995 m 491.5 154.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 168.54999999999995 m 567.5 168.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 491.5 154.54999999999995 m 567.5 154.54999999999995 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.40 283.95 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.25 283.95 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 315.95 269.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.95 269.95 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.95 269.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 269.95 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 257.95 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 244.95 Td (Natural gas) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.45 244.95 Td (22,688) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.45 244.95 Td (\(3,845) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.00 244.95 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 244.95 Td (82,882) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 244.95 Td (\(43,517) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 244.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 230.95 Td (Natural gas liquids) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.45 230.95 Td (1,145) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.95 230.95 Td (814) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.45 230.95 Td (6,964) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 230.95 Td (2,756) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 216.95 Td (Oil) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.45 216.95 Td (18,091) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 216.95 Td (8,521) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 216.95 Td (59,307) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 216.95 Td (\(24,471) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 216.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 203.50 Td (Realized gains \(losses\) on financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 194.50 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.45 194.95 Td (41,924) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.45 194.95 Td (5,490) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.45 194.95 Td (149,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 194.95 Td (\(65,232) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 194.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 181.50 Td (Unrealized gains \(losses\) on financial instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 172.50 Td (commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.45 172.95 Td (\(14,231) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.00 172.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.45 172.95 Td (185,148) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 172.95 Td (\(73,370) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.00 172.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 172.95 Td (188,803) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.45 158.95 Td (27,693) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.45 158.95 Td (190,638) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.45 158.95 Td (75,783) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 158.95 Td (123,571) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 138.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.71 138.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 129.69 138.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 174.68 138.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 221.15 138.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 260.63 138.25 Td (are ) Tj ET Q q 0 0 0 rg BT 276.61 138.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 314.59 138.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.06 138.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 371.54 138.25 Td (price ) Tj ET Q q 0 0 0 rg BT 394.01 138.25 Td (volatility) Tj ET Q q 0 0 0 rg BT 425.35 138.25 Td (. ) Tj ET Q q 0 0 0 rg BT 430.62 138.25 Td (The ) Tj ET Q q 0 0 0 rg BT 449.10 138.25 Td (change ) Tj ET Q q 0 0 0 rg BT 481.59 138.25 Td (in ) Tj ET Q q 0 0 0 rg BT 491.56 138.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 507.03 138.25 Td (value ) Tj ET Q q 0 0 0 rg BT 531.51 138.25 Td (for ) Tj ET Q q 0 0 0 rg BT 544.98 138.25 Td (those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 127.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 74.70 127.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 91.40 127.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.61 127.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 170.81 127.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 216.50 127.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 255.20 127.45 Td (in ) Tj ET Q q 0 0 0 rg BT 264.39 127.45 Td (place ) Tj ET Q q 0 0 0 rg BT 288.10 127.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.79 127.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 356.50 127.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.52 127.45 Td ( ) Tj ET Q q 0 0 0 rg BT 378.71 127.45 Td (due ) Tj ET Q q 0 0 0 rg BT 395.91 127.45 Td (to ) Tj ET Q q 0 0 0 rg BT 405.60 127.45 Td (a ) Tj ET Q q 0 0 0 rg BT 412.79 127.45 Td ($0.10 ) Tj ET Q q 0 0 0 rg BT 437.50 127.45 Td (change ) Tj ET Q q 0 0 0 rg BT 469.21 127.45 Td (in ) Tj ET Q q 0 0 0 rg BT 478.40 127.45 Td (the ) Tj ET Q q 0 0 0 rg BT 493.10 127.45 Td (price ) Tj ET Q q 0 0 0 rg BT 514.79 127.45 Td (per ) Tj ET Q q 0 0 0 rg BT 529.98 127.45 Td (thousand ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 116.65 Td (cubic ) Tj ET Q q 0 0 0 rg BT 68.72 116.65 Td (feet ) Tj ET Q q 0 0 0 rg BT 86.45 116.65 Td (of ) Tj ET Q q 0 0 0 rg BT 96.67 116.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 126.90 116.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 144.13 116.65 Td (at ) Tj ET Q q 0 0 0 rg BT 153.81 116.65 Td (AECO, ) Tj ET Q q 0 0 0 rg BT 184.53 116.65 Td (would ) Tj ET Q q 0 0 0 rg BT 210.76 116.65 Td (have ) Tj ET Q q 0 0 0 rg BT 232.99 116.65 Td (impacted ) Tj ET Q q 0 0 0 rg BT 272.22 116.65 Td (net ) Tj ET Q q 0 0 0 rg BT 287.45 116.65 Td (income ) Tj ET Q q 0 0 0 rg BT 319.18 116.65 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 343.89 116.65 Td (by ) Tj ET Q q 0 0 0 rg BT 356.11 116.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 414.85 116.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.85 116.65 Td (7.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.37 116.65 Td ( ) Tj ET Q q 0 0 0 rg BT 435.08 116.65 Td (million ) Tj ET Q q 0 0 0 rg BT 463.30 116.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 506.04 116.65 Td (to ) Tj ET Q q 0 0 0 rg BT 516.26 116.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.26 116.65 Td (10.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.78 116.65 Td ( ) Tj ET Q q 0 0 0 rg BT 541.49 116.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 105.85 Td (in ) Tj ET Q q 0 0 0 rg BT 54.43 105.85 Td (the ) Tj ET Q q 0 0 0 rg BT 69.36 105.85 Td (same ) Tj ET Q q 0 0 0 rg BT 93.79 105.85 Td (period ) Tj ET Q q 0 0 0 rg BT 121.24 105.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.66 105.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.69 105.85 Td (. ) Tj ET Q q 0 0 0 rg BT 155.45 105.85 Td (The ) Tj ET Q q 0 0 0 rg BT 173.38 105.85 Td (change ) Tj ET Q q 0 0 0 rg BT 205.33 105.85 Td (in ) Tj ET Q q 0 0 0 rg BT 214.76 105.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 229.69 105.85 Td (value ) Tj ET Q q 0 0 0 rg BT 253.63 105.85 Td (for ) Tj ET Q q 0 0 0 rg BT 266.55 105.85 Td (those ) Tj ET Q q 0 0 0 rg BT 290.99 105.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 302.42 105.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 337.86 105.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 382.30 105.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 428.24 105.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 467.17 105.85 Td (in ) Tj ET Q q 0 0 0 rg BT 476.60 105.85 Td (place ) Tj ET Q q 0 0 0 rg BT 500.54 105.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.47 105.85 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 95.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 95.05 Td ( ) Tj ET Q q 0 0 0 rg BT 67.32 95.05 Td (due ) Tj ET Q q 0 0 0 rg BT 84.64 95.05 Td (to ) Tj ET Q q 0 0 0 rg BT 94.45 95.05 Td (a ) Tj ET Q q 0 0 0 rg BT 101.75 95.05 Td ($1.00 ) Tj ET Q q 0 0 0 rg BT 126.58 95.05 Td (change ) Tj ET Q q 0 0 0 rg BT 158.41 95.05 Td (in ) Tj ET Q q 0 0 0 rg BT 167.71 95.05 Td (the ) Tj ET Q q 0 0 0 rg BT 182.52 95.05 Td (price ) Tj ET Q q 0 0 0 rg BT 204.33 95.05 Td (per ) Tj ET Q q 0 0 0 rg BT 219.64 95.05 Td (barrel ) Tj ET Q q 0 0 0 rg BT 244.95 95.05 Td (of ) Tj ET Q q 0 0 0 rg BT 254.76 95.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 266.07 95.05 Td (at ) Tj ET Q q 0 0 0 rg BT 275.87 95.05 Td (WTI ) Tj ET Q q 0 0 0 rg BT 294.67 95.05 Td (would ) Tj ET Q q 0 0 0 rg BT 320.48 95.05 Td (have ) Tj ET Q q 0 0 0 rg BT 342.30 95.05 Td (impacted ) Tj ET Q q 0 0 0 rg BT 381.12 95.05 Td (net ) Tj ET Q q 0 0 0 rg BT 395.93 95.05 Td (income ) Tj ET Q q 0 0 0 rg BT 427.25 95.05 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 451.55 95.05 Td (by ) Tj ET Q q 0 0 0 rg BT 463.35 95.05 Td (approximately ) Tj ET Q q 0 0 0 rg BT 521.68 95.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.69 95.05 Td (1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.20 95.05 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 95.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 84.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.52 84.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.53 84.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.53 84.25 Td (2.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 115.04 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.54 84.25 Td (million ) Tj ET Q q 0 0 0 rg BT 145.55 84.25 Td (in ) Tj ET Q q 0 0 0 rg BT 155.06 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.07 84.25 Td (same ) Tj ET Q q 0 0 0 rg BT 194.58 84.25 Td (period ) Tj ET Q q 0 0 0 rg BT 222.10 84.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.60 84.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.62 84.25 Td (.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 15) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (In ) Tj ET Q q 0 0 0 rg BT 54.85 731.45 Td (addition ) Tj ET Q q 0 0 0 rg BT 88.73 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 98.58 731.45 Td (these ) Tj ET Q q 0 0 0 rg BT 122.94 731.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 158.31 731.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 202.67 731.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 248.53 731.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 287.39 731.45 Td (in ) Tj ET Q q 0 0 0 rg BT 296.74 731.45 Td (place, ) Tj ET Q q 0 0 0 rg BT 323.10 731.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 364.97 731.45 Td (also ) Tj ET Q q 0 0 0 rg BT 383.83 731.45 Td (entered ) Tj ET Q q 0 0 0 rg BT 416.70 731.45 Td (into ) Tj ET Q q 0 0 0 rg BT 433.56 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 448.42 731.45 Td (following ) Tj ET Q q 0 0 0 rg BT 485.78 731.45 Td (physical ) Tj ET Q q 0 0 0 rg BT 520.65 731.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 559.51 731.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (sell ) Tj ET Q q 0 0 0 rg BT 61.00 720.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 91.02 720.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 108.04 720.65 Td (as ) Tj ET Q q 0 0 0 rg BT 120.04 720.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.05 720.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.07 720.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.10 720.65 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 710.15 m 87.5 710.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 710.15 m 137.5 710.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 710.15 m 224.5 710.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 710.15 m 567.5 710.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 696.15 m 87.5 696.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 696.15 m 137.5 696.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 696.15 m 224.5 696.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 696.15 m 567.5 696.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 640.15 m 87.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 87.5 640.15 m 137.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 137.5 640.15 m 224.5 640.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 224.5 640.15 m 567.5 640.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 700.55 Td (V) Tj ET Q q 0 0 0 rg BT 53.67 700.55 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 140.00 700.55 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 227.00 700.55 Td (T) Tj ET Q q 0 0 0 rg BT 231.83 700.55 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.45 686.55 Td (50,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 686.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 686.55 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 686.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.50 686.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.00 686.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 162.00 686.55 Td ($3.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 686.55 Td (January ) Tj ET Q q 0 0 0 rg BT 261.52 686.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 271.53 686.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 294.05 686.55 Td (- ) Tj ET Q q 0 0 0 rg BT 299.54 686.55 Td (December ) Tj ET Q q 0 0 0 rg BT 343.56 686.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.57 686.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 378.59 690.84 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.45 672.55 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 672.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 672.55 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 672.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.50 672.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.00 672.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 162.00 672.55 Td ($2.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 672.55 Td (April ) Tj ET Q q 0 0 0 rg BT 247.50 672.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 257.51 672.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 280.03 672.55 Td (- ) Tj ET Q q 0 0 0 rg BT 285.53 672.55 Td (June ) Tj ET Q q 0 0 0 rg BT 307.55 672.55 Td (30, ) Tj ET Q q 0 0 0 rg BT 322.56 672.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 342.58 676.84 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.45 658.55 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 658.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 658.55 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 658.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.50 658.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.00 658.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 162.00 658.55 Td ($2.96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 658.55 Td (April ) Tj ET Q q 0 0 0 rg BT 247.50 658.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 257.51 658.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 280.03 658.55 Td (- ) Tj ET Q q 0 0 0 rg BT 285.53 658.55 Td (October ) Tj ET Q q 0 0 0 rg BT 320.05 658.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 335.06 658.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 355.08 662.84 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.45 644.55 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.00 644.55 Td ( ) Tj ET Q q 0 0 0 rg BT 92.50 644.55 Td ( ) Tj ET Q q 0 0 0 rg BT 95.00 644.55 Td ( ) Tj ET Q q 0 0 0 rg BT 97.50 644.55 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.00 644.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 162.00 644.55 Td ($3.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.00 644.55 Td (January ) Tj ET Q q 0 0 0 rg BT 261.52 644.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 271.53 644.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 294.05 644.55 Td (- ) Tj ET Q q 0 0 0 rg BT 299.54 644.55 Td (December ) Tj ET Q q 0 0 0 rg BT 343.56 644.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.57 644.55 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 378.59 648.84 Td (\(2\)\(3\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 633.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 54.00 633.45 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 633.45 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 633.45 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 633.45 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 633.45 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 633.45 Td ( ) Tj ET Q q 0 0 0 rg BT 64.00 633.45 Td (Includes ) Tj ET Q q 0 0 0 rg BT 88.02 633.45 Td (an ) Tj ET Q q 0 0 0 rg BT 96.36 633.45 Td (extendable ) Tj ET Q q 0 0 0 rg BT 127.38 633.45 Td (feature ) Tj ET Q q 0 0 0 rg BT 147.73 633.45 Td (which ) Tj ET Q q 0 0 0 rg BT 164.74 633.45 Td (at ) Tj ET Q q 0 0 0 rg BT 171.41 633.45 Td (the ) Tj ET Q q 0 0 0 rg BT 181.42 633.45 Td (discretion ) Tj ET Q q 0 0 0 rg BT 208.76 633.45 Td (of ) Tj ET Q q 0 0 0 rg BT 215.43 633.45 Td (the ) Tj ET Q q 0 0 0 rg BT 225.44 633.45 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 260.46 633.45 Td (would ) Tj ET Q q 0 0 0 rg BT 277.80 633.45 Td (continue ) Tj ET Q q 0 0 0 rg BT 302.15 633.45 Td (the ) Tj ET Q q 0 0 0 rg BT 312.16 633.45 Td (term ) Tj ET Q q 0 0 0 rg BT 325.83 633.45 Td (of ) Tj ET Q q 0 0 0 rg BT 332.50 633.45 Td (the ) Tj ET Q q 0 0 0 rg BT 342.51 633.45 Td (contract ) Tj ET Q q 0 0 0 rg BT 365.52 633.45 Td (to ) Tj ET Q q 0 0 0 rg BT 372.19 633.45 Td (December ) Tj ET Q q 0 0 0 rg BT 401.53 633.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 411.54 633.45 Td (2017.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 626.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 54.00 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 64.00 626.25 Td (Includes ) Tj ET Q q 0 0 0 rg BT 88.02 626.25 Td (a ) Tj ET Q q 0 0 0 rg BT 93.02 626.25 Td (feature ) Tj ET Q q 0 0 0 rg BT 113.37 626.25 Td (which ) Tj ET Q q 0 0 0 rg BT 130.37 626.25 Td (at ) Tj ET Q q 0 0 0 rg BT 137.04 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.05 626.25 Td (discretion ) Tj ET Q q 0 0 0 rg BT 174.40 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 181.07 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.08 626.25 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 226.10 626.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 244.44 626.25 Td (for ) Tj ET Q q 0 0 0 rg BT 253.10 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 263.11 626.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 290.47 626.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 316.82 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.49 626.25 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 343.51 626.25 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 357.85 626.25 Td (on ) Tj ET Q q 0 0 0 rg BT 366.19 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.20 626.25 Td (last ) Tj ET Q q 0 0 0 rg BT 387.20 626.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 402.54 626.25 Td (date ) Tj ET Q q 0 0 0 rg BT 415.89 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.56 626.25 Td (each ) Tj ET Q q 0 0 0 rg BT 437.24 626.25 Td (month ) Tj ET Q q 0 0 0 rg BT 455.58 626.25 Td (for ) Tj ET Q q 0 0 0 rg BT 464.25 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.25 626.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 497.60 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.28 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.28 626.25 Td (contract.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 619.05 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 54.00 619.05 Td ( ) Tj ET Q q 0 0 0 rg BT 55.67 619.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.33 619.05 Td ( ) Tj ET Q q 0 0 0 rg BT 59.00 619.05 Td ( ) Tj ET Q q 0 0 0 rg BT 60.67 619.05 Td ( ) Tj ET Q q 0 0 0 rg BT 62.33 619.05 Td ( ) Tj ET Q q 0 0 0 rg BT 64.00 619.05 Td (Includes ) Tj ET Q q 0 0 0 rg BT 88.02 619.05 Td (an ) Tj ET Q q 0 0 0 rg BT 96.36 619.05 Td (extendable ) Tj ET Q q 0 0 0 rg BT 127.38 619.05 Td (feature ) Tj ET Q q 0 0 0 rg BT 147.73 619.05 Td (which ) Tj ET Q q 0 0 0 rg BT 164.74 619.05 Td (at ) Tj ET Q q 0 0 0 rg BT 171.41 619.05 Td (the ) Tj ET Q q 0 0 0 rg BT 181.42 619.05 Td (discretion ) Tj ET Q q 0 0 0 rg BT 208.76 619.05 Td (of ) Tj ET Q q 0 0 0 rg BT 215.43 619.05 Td (the ) Tj ET Q q 0 0 0 rg BT 225.44 619.05 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 260.46 619.05 Td (would ) Tj ET Q q 0 0 0 rg BT 277.80 619.05 Td (continue ) Tj ET Q q 0 0 0 rg BT 302.15 619.05 Td (the ) Tj ET Q q 0 0 0 rg BT 312.16 619.05 Td (term ) Tj ET Q q 0 0 0 rg BT 325.83 619.05 Td (of ) Tj ET Q q 0 0 0 rg BT 332.50 619.05 Td (the ) Tj ET Q q 0 0 0 rg BT 342.51 619.05 Td (contract ) Tj ET Q q 0 0 0 rg BT 365.52 619.05 Td (on ) Tj ET Q q 0 0 0 rg BT 373.86 619.05 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 393.88 619.05 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 408.22 619.05 Td (to ) Tj ET Q q 0 0 0 rg BT 414.89 619.05 Td (December ) Tj ET Q q 0 0 0 rg BT 444.23 619.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 454.24 619.05 Td (2018.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 597.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 86.80 597.45 Td (is ) Tj ET Q q 0 0 0 rg BT 95.57 597.45 Td (exposed ) Tj ET Q q 0 0 0 rg BT 131.87 597.45 Td (to ) Tj ET Q q 0 0 0 rg BT 141.65 597.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 171.45 597.45 Td (currency ) Tj ET Q q 0 0 0 rg BT 208.23 597.45 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 256.03 597.45 Td (as ) Tj ET Q q 0 0 0 rg BT 267.81 597.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 279.09 597.45 Td (and ) Tj ET Q q 0 0 0 rg BT 296.38 597.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 326.18 597.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 342.96 597.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 369.24 597.45 Td (received ) Tj ET Q q 0 0 0 rg BT 405.54 597.45 Td (are ) Tj ET Q q 0 0 0 rg BT 420.82 597.45 Td (referenced ) Tj ET Q q 0 0 0 rg BT 466.12 597.45 Td (to ) Tj ET Q q 0 0 0 rg BT 475.90 597.45 Td (US ) Tj ET Q q 0 0 0 rg BT 490.68 597.45 Td (dollar ) Tj ET Q q 0 0 0 rg BT 514.96 597.45 Td (denominated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 586.65 Td (prices. ) Tj ET Q q 0 0 0 rg BT 74.23 586.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 116.48 586.65 Td (has ) Tj ET Q q 0 0 0 rg BT 133.72 586.65 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 172.96 586.65 Td (some ) Tj ET Q q 0 0 0 rg BT 197.69 586.65 Td (of ) Tj ET Q q 0 0 0 rg BT 207.93 586.65 Td (this ) Tj ET Q q 0 0 0 rg BT 224.66 586.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 254.90 586.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 296.66 586.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 313.38 586.65 Td (by ) Tj ET Q q 0 0 0 rg BT 325.61 586.65 Td (entering ) Tj ET Q q 0 0 0 rg BT 360.86 586.65 Td (into ) Tj ET Q q 0 0 0 rg BT 378.09 586.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 399.83 586.65 Td (CDN ) Tj ET Q q 0 0 0 rg BT 422.05 586.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 446.79 586.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 458.52 586.65 Td (and ) Tj ET Q q 0 0 0 rg BT 476.26 586.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 506.51 586.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 523.74 586.65 Td (swaps ) Tj ET Q q 0 0 0 rg BT 551.98 586.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 575.85 Td (collars ) Tj ET Q q 0 0 0 rg BT 74.02 575.85 Td (as ) Tj ET Q q 0 0 0 rg BT 86.54 575.85 Td (outlined ) Tj ET Q q 0 0 0 rg BT 121.08 575.85 Td (in ) Tj ET Q q 0 0 0 rg BT 131.10 575.85 Td (the ) Tj ET Q q 0 0 0 rg BT 146.62 575.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 193.14 575.85 Td (price ) Tj ET Q q 0 0 0 rg BT 215.66 575.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 232.67 575.85 Td (section ) Tj ET Q q 0 0 0 rg BT 264.20 575.85 Td (above. ) Tj ET Q q 0 0 0 rg BT 294.24 575.85 Td (In ) Tj ET Q q 0 0 0 rg BT 304.76 575.85 Td (addition, ) Tj ET Q q 0 0 0 rg BT 341.80 575.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 384.34 575.85 Td (has ) Tj ET Q q 0 0 0 rg BT 401.86 575.85 Td (US ) Tj ET Q q 0 0 0 rg BT 417.38 575.85 Td (dollar ) Tj ET Q q 0 0 0 rg BT 442.40 575.85 Td (denominated ) Tj ET Q q 0 0 0 rg BT 497.45 575.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 524.98 575.85 Td (unsecured ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 565.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 69.90 565.05 Td (and ) Tj ET Q q 0 0 0 rg BT 87.81 565.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 120.21 565.05 Td (obligations ) Tj ET Q q 0 0 0 rg BT 166.13 565.05 Td (of ) Tj ET Q q 0 0 0 rg BT 176.52 565.05 Td (which ) Tj ET Q q 0 0 0 rg BT 202.42 565.05 Td (future ) Tj ET Q q 0 0 0 rg BT 228.32 565.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 250.22 565.05 Td (repayments ) Tj ET Q q 0 0 0 rg BT 300.13 565.05 Td (are ) Tj ET Q q 0 0 0 rg BT 316.02 565.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 347.42 565.05 Td (impacted ) Tj ET Q q 0 0 0 rg BT 386.83 565.05 Td (by ) Tj ET Q q 0 0 0 rg BT 399.22 565.05 Td (the ) Tj ET Q q 0 0 0 rg BT 414.62 565.05 Td (CDN ) Tj ET Q q 0 0 0 rg BT 437.00 565.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 461.90 565.05 Td (to ) Tj ET Q q 0 0 0 rg BT 472.30 565.05 Td (the ) Tj ET Q q 0 0 0 rg BT 487.70 565.05 Td (US ) Tj ET Q q 0 0 0 rg BT 503.09 565.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 527.99 565.05 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 554.25 Td (rate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 537.45 Td (T) Tj ET Q q 0 0 0 rg BT 49.50 537.45 Td (o ) Tj ET Q q 0 0 0 rg BT 57.23 537.45 Td (fix ) Tj ET Q q 0 0 0 rg BT 68.95 537.45 Td (the ) Tj ET Q q 0 0 0 rg BT 84.18 537.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 114.43 537.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 156.18 537.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 174.41 537.45 Td (on ) Tj ET Q q 0 0 0 rg BT 187.15 537.45 Td (a ) Tj ET Q q 0 0 0 rg BT 194.87 537.45 Td (portion ) Tj ET Q q 0 0 0 rg BT 225.11 537.45 Td (of ) Tj ET Q q 0 0 0 rg BT 235.34 537.45 Td (the ) Tj ET Q q 0 0 0 rg BT 250.58 537.45 Td (US ) Tj ET Q q 0 0 0 rg BT 265.80 537.45 Td (dollar ) Tj ET Q q 0 0 0 rg BT 290.54 537.45 Td (denominated ) Tj ET Q q 0 0 0 rg BT 345.30 537.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 372.53 537.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 417.29 537.45 Td (notes, ) Tj ET Q q 0 0 0 rg BT 444.53 537.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 486.77 537.45 Td (has ) Tj ET Q q 0 0 0 rg BT 504.01 537.45 Td (entered ) Tj ET Q q 0 0 0 rg BT 537.25 537.45 Td (into ) Tj ET Q q 0 0 0 rg BT 554.49 537.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 526.65 Td (following ) Tj ET Q q 0 0 0 rg BT 82.58 526.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 121.65 526.65 Td (to ) Tj ET Q q 0 0 0 rg BT 131.71 526.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 171.29 526.65 Td (US ) Tj ET Q q 0 0 0 rg BT 186.35 526.65 Td (dollars ) Tj ET Q q 0 0 0 rg BT 215.42 526.65 Td (at ) Tj ET Q q 0 0 0 rg BT 225.48 526.65 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 286.07 526.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 308.64 526.65 Td (on ) Tj ET Q q 0 0 0 rg BT 321.20 526.65 Td (settlement ) Tj ET Q q 0 0 0 rg BT 365.28 526.65 Td (dates ) Tj ET Q q 0 0 0 rg BT 389.85 526.65 Td (that ) Tj ET Q q 0 0 0 rg BT 407.42 526.65 Td (coincide ) Tj ET Q q 0 0 0 rg BT 443.00 526.65 Td (with ) Tj ET Q q 0 0 0 rg BT 461.56 526.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 509.86 526.65 Td (US ) Tj ET Q q 0 0 0 rg BT 524.92 526.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 549.49 526.65 Td (debt ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 515.85 Td (repayment ) Tj ET Q q 0 0 0 rg BT 90.02 515.85 Td (commitments.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 505.35 m 176 505.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 491.35 m 176 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176 505.35 m 306 505.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176 491.35 m 306 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 505.35 m 436 505.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 491.35 m 436 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 505.35 m 566 505.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 491.35 m 566 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 491.35 m 436 491.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46 407.35 m 176 407.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 176 407.35 m 306 407.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 306 407.35 m 436 407.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 407.35 m 566 407.35 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.50 495.75 Td (Settlement date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 178.50 495.75 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.50 495.75 Td (Notional US$) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.50 495.75 Td (CDN$/US$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 481.75 Td (June 6, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 481.75 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 481.75 Td ($12,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 481.75 Td (1.2220) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 467.75 Td (June 5, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 467.75 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 467.75 Td ($12,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 467.75 Td (1.2234) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 453.75 Td (November 2, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 453.75 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 453.75 Td ($ 60,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 453.75 Td (1.1089) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 439.75 Td (November 2, 2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 439.75 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 439.75 Td ($160,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 439.75 Td (1.1494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 425.75 Td (October 25, 2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 425.75 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 425.75 Td ($150,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 425.75 Td (1.2297) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.50 411.75 Td (November 2, 2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.50 411.75 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.50 411.75 Td ($16,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 411.75 Td (0.9950) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 391.05 Td (The ) Tj ET Q q 0 0 0 rg BT 62.47 391.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 76.92 391.05 Td (value ) Tj ET Q q 0 0 0 rg BT 100.40 391.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 137.88 391.05 Td (on ) Tj ET Q q 0 0 0 rg BT 149.84 391.05 Td (the ) Tj ET Q q 0 0 0 rg BT 164.31 391.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 216.81 391.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 258.28 391.05 Td (of ) Tj ET Q q 0 0 0 rg BT 267.75 391.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 302.72 391.05 Td (position ) Tj ET Q q 0 0 0 rg BT 335.70 391.05 Td (for ) Tj ET Q q 0 0 0 rg BT 348.16 391.05 Td (these ) Tj ET Q q 0 0 0 rg BT 372.13 391.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.11 391.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 451.09 391.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 489.56 391.05 Td (as ) Tj ET Q q 0 0 0 rg BT 501.02 391.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 391.05 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 380.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 67.49 380.25 Td (was ) Tj ET Q q 0 0 0 rg BT 85.96 380.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 93.44 380.25 Td (net ) Tj ET Q q 0 0 0 rg BT 108.42 380.25 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.93 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 132.40 380.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.37 380.25 Td ($70.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.89 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.36 380.25 Td (million ) Tj ET Q q 0 0 0 rg BT 195.34 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.31 380.25 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.79 380.25 Td ($2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.31 380.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.78 380.25 Td (million ) Tj ET Q q 0 0 0 rg BT 278.75 380.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 308.23 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 318.21 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 325.68 380.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 361.17 380.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 405.66 380.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 440.14 380.25 Td (with ) Tj ET Q q 0 0 0 rg BT 458.61 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 466.09 380.25 Td (term ) Tj ET Q q 0 0 0 rg BT 486.56 380.25 Td (date ) Tj ET Q q 0 0 0 rg BT 506.54 380.25 Td (within ) Tj ET Q q 0 0 0 rg BT 532.02 380.25 Td (one ) Tj ET Q q 0 0 0 rg BT 549.50 380.25 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 369.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.15 369.45 Td ($68.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 85.67 369.45 Td ( ) Tj ET Q q 0 0 0 rg BT 88.81 369.45 Td (million ) Tj ET Q q 0 0 0 rg BT 117.45 369.45 Td (relates ) Tj ET Q q 0 0 0 rg BT 147.60 369.45 Td (to ) Tj ET Q q 0 0 0 rg BT 158.25 369.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 194.40 369.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 239.56 369.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 279.21 369.45 Td (with ) Tj ET Q q 0 0 0 rg BT 298.35 369.45 Td (term ) Tj ET Q q 0 0 0 rg BT 319.49 369.45 Td (dates ) Tj ET Q q 0 0 0 rg BT 344.64 369.45 Td (beyond ) Tj ET Q q 0 0 0 rg BT 377.30 369.45 Td (one ) Tj ET Q q 0 0 0 rg BT 395.46 369.45 Td (year) Tj ET Q q 0 0 0 rg BT 412.47 369.45 Td (. ) Tj ET Q q 0 0 0 rg BT 418.10 369.45 Td (In ) Tj ET Q q 0 0 0 rg BT 428.75 369.45 Td (comparison ) Tj ET Q q 0 0 0 rg BT 478.40 369.45 Td (the ) Tj ET Q q 0 0 0 rg BT 494.05 369.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 509.69 369.45 Td (value ) Tj ET Q q 0 0 0 rg BT 534.34 369.45 Td (of ) Tj ET Q q 0 0 0 rg BT 544.99 369.45 Td (those ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 358.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 80.52 358.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 125.04 358.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 164.05 358.65 Td (in ) Tj ET Q q 0 0 0 rg BT 173.56 358.65 Td (place ) Tj ET Q q 0 0 0 rg BT 197.57 358.65 Td (as ) Tj ET Q q 0 0 0 rg BT 209.58 358.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 219.59 358.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 278.61 358.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.63 358.65 Td ( ) Tj ET Q q 0 0 0 rg BT 301.14 358.65 Td (was ) Tj ET Q q 0 0 0 rg BT 319.64 358.65 Td (a ) Tj ET Q q 0 0 0 rg BT 327.15 358.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 367.66 358.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 391.67 358.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.68 358.65 Td ($16.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.20 358.65 Td ( ) Tj ET Q q 0 0 0 rg BT 426.70 358.65 Td (million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 341.85 Td (For ) Tj ET Q q 0 0 0 rg BT 61.69 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 77.40 341.85 Td (year ) Tj ET Q q 0 0 0 rg BT 98.10 341.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.32 341.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.04 341.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.06 341.85 Td (, ) Tj ET Q q 0 0 0 rg BT 211.76 341.85 Td (an ) Tj ET Q q 0 0 0 rg BT 224.96 341.85 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.68 341.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.70 341.85 Td ( ) Tj ET Q q 0 0 0 rg BT 289.89 341.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.59 341.85 Td ($54.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.12 341.85 Td ( ) Tj ET Q q 0 0 0 rg BT 326.31 341.85 Td (million ) Tj ET Q q 0 0 0 rg BT 355.01 341.85 Td (was ) Tj ET Q q 0 0 0 rg BT 374.21 341.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 412.92 341.85 Td (in ) Tj ET Q q 0 0 0 rg BT 423.12 341.85 Td (finance ) Tj ET Q q 0 0 0 rg BT 455.34 341.85 Td (income ) Tj ET Q q 0 0 0 rg BT 487.54 341.85 Td (on ) Tj ET Q q 0 0 0 rg BT 500.75 341.85 Td (the ) Tj ET Q q 0 0 0 rg BT 516.45 341.85 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 331.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 87.23 331.05 Td (of ) Tj ET Q q 0 0 0 rg BT 97.45 331.05 Td (income ) Tj ET Q q 0 0 0 rg BT 129.18 331.05 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 153.89 331.05 Td (and ) Tj ET Q q 0 0 0 rg BT 171.62 331.05 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 235.36 331.05 Td (income ) Tj ET Q q 0 0 0 rg BT 267.09 331.05 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 294.30 331.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 337.03 331.05 Td (to ) Tj ET Q q 0 0 0 rg BT 347.25 331.05 Td (an ) Tj ET Q q 0 0 0 rg BT 359.98 331.05 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 404.22 331.05 Td (gain ) Tj ET Q q 0 0 0 rg BT 423.95 331.05 Td (of ) Tj ET Q q 0 0 0 rg BT 434.17 331.05 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 454.39 331.05 Td (million ) Tj ET Q q 0 0 0 rg BT 482.61 331.05 Td (in ) Tj ET Q q 0 0 0 rg BT 492.33 331.05 Td (the ) Tj ET Q q 0 0 0 rg BT 507.56 331.05 Td (same ) Tj ET Q q 0 0 0 rg BT 532.28 331.05 Td (period ) Tj ET Q q 0 0 0 rg BT 560.01 331.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 320.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 320.25 Td (. ) Tj ET Q q 0 0 0 rg BT 70.61 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.50 320.25 Td (The ) Tj ET Q q 0 0 0 rg BT 92.10 320.25 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.72 320.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.74 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.83 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 170.42 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.03 320.25 Td (year ) Tj ET Q q 0 0 0 rg BT 206.63 320.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.74 320.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 294.36 320.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.38 320.25 Td (, ) Tj ET Q q 0 0 0 rg BT 319.98 320.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 355.09 320.25 Td (from ) Tj ET Q q 0 0 0 rg BT 376.18 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.78 320.25 Td (weakening ) Tj ET Q q 0 0 0 rg BT 437.90 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 448.50 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.10 320.25 Td (CDN ) Tj ET Q q 0 0 0 rg BT 486.69 320.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 511.79 320.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 543.90 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 554.50 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 569.51 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 572.01 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 574.51 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 577.01 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 579.51 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 582.01 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 320.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 309.45 Td (US ) Tj ET Q q 0 0 0 rg BT 61.43 309.45 Td (dollar) Tj ET Q q 0 0 0 rg BT 82.95 309.45 Td (, ) Tj ET Q q 0 0 0 rg BT 89.38 309.45 Td (which ) Tj ET Q q 0 0 0 rg BT 116.31 309.45 Td (as ) Tj ET Q q 0 0 0 rg BT 129.75 309.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.18 309.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.64 309.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.66 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 225.59 309.45 Td (was ) Tj ET Q q 0 0 0 rg BT 245.52 309.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 250.52 309.45 Td (1.384) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.05 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 276.97 309.45 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 325.41 309.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 369.36 309.45 Td (to ) Tj ET Q q 0 0 0 rg BT 380.80 309.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.24 309.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 417.26 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 421.19 309.45 Td (year-end ) Tj ET Q q 0 0 0 rg BT 460.64 309.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 503.60 309.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 523.03 309.45 Td (of ) Tj ET Q q 0 0 0 rg BT 534.47 309.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.47 309.45 Td (1.1601) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 569.50 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 309.45 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 309.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 298.65 Td (CDN$/US$. ) Tj ET Q q 0 0 0 rg BT 93.68 298.65 Td (A) Tj ET Q q 0 0 0 rg BT 99.19 298.65 Td ( ) Tj ET Q q 0 0 0 rg BT 101.28 298.65 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 125.88 298.65 Td (change ) Tj ET Q q 0 0 0 rg BT 157.50 298.65 Td (in ) Tj ET Q q 0 0 0 rg BT 166.59 298.65 Td (the ) Tj ET Q q 0 0 0 rg BT 181.18 298.65 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 227.78 298.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 268.90 298.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 286.49 298.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 296.08 298.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 354.70 298.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.72 298.65 Td ( ) Tj ET Q q 0 0 0 rg BT 376.80 298.65 Td (would ) Tj ET Q q 0 0 0 rg BT 402.40 298.65 Td (have ) Tj ET Q q 0 0 0 rg BT 424.00 298.65 Td (had ) Tj ET Q q 0 0 0 rg BT 441.11 298.65 Td (an ) Tj ET Q q 0 0 0 rg BT 453.20 298.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 481.80 298.65 Td (of ) Tj ET Q q 0 0 0 rg BT 491.39 298.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 549.50 298.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.50 298.65 Td (0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 298.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 287.85 Td (million ) Tj ET Q q 0 0 0 rg BT 73.01 287.85 Td (on ) Tj ET Q q 0 0 0 rg BT 85.52 287.85 Td (net ) Tj ET Q q 0 0 0 rg BT 100.53 287.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 119.03 287.85 Td (for ) Tj ET Q q 0 0 0 rg BT 132.04 287.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.05 287.85 Td (year ) Tj ET Q q 0 0 0 rg BT 167.06 287.85 Td (ending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.58 287.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 255.61 287.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 275.63 287.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 271.05 Td (For ) Tj ET Q q 0 0 0 rg BT 60.16 271.05 Td (the ) Tj ET Q q 0 0 0 rg BT 74.33 271.05 Td (three ) Tj ET Q q 0 0 0 rg BT 96.50 271.05 Td (months ) Tj ET Q q 0 0 0 rg BT 127.68 271.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.36 271.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 212.55 271.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.57 271.05 Td (, ) Tj ET Q q 0 0 0 rg BT 236.73 271.05 Td (an ) Tj ET Q q 0 0 0 rg BT 248.40 271.05 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.59 271.05 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.60 271.05 Td ( ) Tj ET Q q 0 0 0 rg BT 310.26 271.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.43 271.05 Td ($9.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.94 271.05 Td ( ) Tj ET Q q 0 0 0 rg BT 338.60 271.05 Td (million ) Tj ET Q q 0 0 0 rg BT 365.77 271.05 Td (was ) Tj ET Q q 0 0 0 rg BT 383.43 271.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 420.61 271.05 Td (in ) Tj ET Q q 0 0 0 rg BT 429.27 271.05 Td (finance ) Tj ET Q q 0 0 0 rg BT 459.96 271.05 Td (income ) Tj ET Q q 0 0 0 rg BT 490.63 271.05 Td (on ) Tj ET Q q 0 0 0 rg BT 502.30 271.05 Td (the ) Tj ET Q q 0 0 0 rg BT 516.47 271.05 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 260.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 87.23 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.45 260.25 Td (income ) Tj ET Q q 0 0 0 rg BT 129.18 260.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 153.89 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 171.62 260.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 235.36 260.25 Td (income ) Tj ET Q q 0 0 0 rg BT 267.09 260.25 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 294.30 260.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 337.03 260.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.25 260.25 Td (an ) Tj ET Q q 0 0 0 rg BT 359.98 260.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 404.22 260.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 423.95 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.17 260.25 Td ($3.7 ) Tj ET Q q 0 0 0 rg BT 454.39 260.25 Td (million ) Tj ET Q q 0 0 0 rg BT 482.61 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 492.33 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.56 260.25 Td (same ) Tj ET Q q 0 0 0 rg BT 532.28 260.25 Td (period ) Tj ET Q q 0 0 0 rg BT 560.01 260.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 249.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 249.45 Td (. ) Tj ET Q q 0 0 0 rg BT 70.14 249.45 Td ( ) Tj ET Q q 0 0 0 rg BT 72.59 249.45 Td (The ) Tj ET Q q 0 0 0 rg BT 90.72 249.45 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 134.86 249.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.88 249.45 Td ( ) Tj ET Q q 0 0 0 rg BT 154.50 249.45 Td (for ) Tj ET Q q 0 0 0 rg BT 167.62 249.45 Td (the ) Tj ET Q q 0 0 0 rg BT 182.75 249.45 Td (three ) Tj ET Q q 0 0 0 rg BT 205.88 249.45 Td (months ) Tj ET Q q 0 0 0 rg BT 238.02 249.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.66 249.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 324.81 249.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.83 249.45 Td (, ) Tj ET Q q 0 0 0 rg BT 349.95 249.45 Td (resulted ) Tj ET Q q 0 0 0 rg BT 384.59 249.45 Td (from ) Tj ET Q q 0 0 0 rg BT 405.21 249.45 Td (the ) Tj ET Q q 0 0 0 rg BT 420.34 249.45 Td (weakening ) Tj ET Q q 0 0 0 rg BT 465.99 249.45 Td (of ) Tj ET Q q 0 0 0 rg BT 476.11 249.45 Td (the ) Tj ET Q q 0 0 0 rg BT 491.24 249.45 Td (CDN ) Tj ET Q q 0 0 0 rg BT 513.36 249.45 Td (dollar ) Tj ET Q q 0 0 0 rg BT 537.99 249.45 Td (relative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 238.65 Td (to ) Tj ET Q q 0 0 0 rg BT 54.40 238.65 Td (the ) Tj ET Q q 0 0 0 rg BT 68.80 238.65 Td (US ) Tj ET Q q 0 0 0 rg BT 83.19 238.65 Td (dollar) Tj ET Q q 0 0 0 rg BT 104.71 238.65 Td (, ) Tj ET Q q 0 0 0 rg BT 109.10 238.65 Td (which ) Tj ET Q q 0 0 0 rg BT 134.00 238.65 Td (as ) Tj ET Q q 0 0 0 rg BT 145.40 238.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.79 238.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 213.21 238.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.23 238.65 Td ( ) Tj ET Q q 0 0 0 rg BT 235.13 238.65 Td (was ) Tj ET Q q 0 0 0 rg BT 253.02 238.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.03 238.65 Td (1.384) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.55 238.65 Td ( ) Tj ET Q q 0 0 0 rg BT 282.44 238.65 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 328.84 238.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 370.75 238.65 Td (to ) Tj ET Q q 0 0 0 rg BT 380.15 238.65 Td (the ) Tj ET Q q 0 0 0 rg BT 394.55 238.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 411.95 238.65 Td (of ) Tj ET Q q 0 0 0 rg BT 421.35 238.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 426.36 238.65 Td (1.3345) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 453.88 238.65 Td ( ) Tj ET Q q 0 0 0 rg BT 455.77 238.65 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 502.18 238.65 Td (as ) Tj ET Q q 0 0 0 rg BT 513.57 238.65 Td (at ) Tj ET Q q 0 0 0 rg BT 522.97 238.65 Td (September ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 227.85 Td (30, ) Tj ET Q q 0 0 0 rg BT 60.01 227.85 Td (2015.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 209.85 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 87.24 209.85 Td (- ) Tj ET Q q 0 0 0 rg BT 92.46 209.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.69 209.85 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 133.93 209.85 Td (for ) Tj ET Q q 0 0 0 rg BT 146.66 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 161.40 209.85 Td (year ) Tj ET Q q 0 0 0 rg BT 181.13 209.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.38 209.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 267.13 209.85 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.16 209.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.38 209.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.41 209.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.64 209.85 Td (60%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.65 209.85 Td ( ) Tj ET Q q 0 0 0 rg BT 353.88 209.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.61 209.85 Td ($54.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.13 209.85 Td ( ) Tj ET Q q 0 0 0 rg BT 388.35 209.85 Td (million ) Tj ET Q q 0 0 0 rg BT 416.09 209.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.31 209.85 Td ($136.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.84 209.85 Td ( ) Tj ET Q q 0 0 0 rg BT 466.06 209.85 Td (million ) Tj ET Q q 0 0 0 rg BT 493.80 209.85 Td (in ) Tj ET Q q 0 0 0 rg BT 503.03 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 517.76 209.85 Td (same ) Tj ET Q q 0 0 0 rg BT 542.00 209.85 Td (period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 199.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 53.86 199.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.89 199.05 Td (. ) Tj ET Q q 0 0 0 rg BT 78.25 199.05 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 117.12 199.05 Td (as ) Tj ET Q q 0 0 0 rg BT 128.48 199.05 Td (a ) Tj ET Q q 0 0 0 rg BT 135.35 199.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 182.24 199.05 Td (of ) Tj ET Q q 0 0 0 rg BT 191.61 199.05 Td (total ) Tj ET Q q 0 0 0 rg BT 210.48 199.05 Td (production ) Tj ET Q q 0 0 0 rg BT 254.37 199.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 293.25 199.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.62 199.05 Td (9.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.13 199.05 Td ( ) Tj ET Q q 0 0 0 rg BT 336.99 199.05 Td (for ) Tj ET Q q 0 0 0 rg BT 349.35 199.05 Td (the ) Tj ET Q q 0 0 0 rg BT 363.72 199.05 Td (year ) Tj ET Q q 0 0 0 rg BT 383.09 199.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.98 199.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 468.36 199.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.39 199.05 Td ( ) Tj ET Q q 0 0 0 rg BT 490.25 199.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 532.13 199.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.49 199.05 Td (12.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 199.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 55.75 188.25 Td (total ) Tj ET Q q 0 0 0 rg BT 76.01 188.25 Td (production ) Tj ET Q q 0 0 0 rg BT 121.28 188.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 161.55 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 171.80 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.56 188.25 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.82 188.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 259.84 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 263.09 188.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 293.64 188.25 Td (The ) Tj ET Q q 0 0 0 rg BT 312.40 188.25 Td (significant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.66 188.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.69 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 395.93 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 406.18 188.25 Td (royalties ) Tj ET Q q 0 0 0 rg BT 442.94 188.25 Td (on ) Tj ET Q q 0 0 0 rg BT 456.19 188.25 Td (an ) Tj ET Q q 0 0 0 rg BT 469.45 188.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 506.72 188.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 530.98 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.24 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 561.99 188.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 177.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 92.89 177.45 Td (of ) Tj ET Q q 0 0 0 rg BT 103.25 177.45 Td (production ) Tj ET Q q 0 0 0 rg BT 148.13 177.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 188.00 177.45 Td (for ) Tj ET Q q 0 0 0 rg BT 201.36 177.45 Td (the ) Tj ET Q q 0 0 0 rg BT 216.72 177.45 Td (year ) Tj ET Q q 0 0 0 rg BT 237.08 177.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.96 177.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 324.34 177.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.36 177.45 Td (, ) Tj ET Q q 0 0 0 rg BT 349.71 177.45 Td (was ) Tj ET Q q 0 0 0 rg BT 368.57 177.45 Td (due ) Tj ET Q q 0 0 0 rg BT 386.44 177.45 Td (to ) Tj ET Q q 0 0 0 rg BT 396.80 177.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.65 177.45 Td (46%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.67 177.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.52 177.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.54 177.45 Td ( ) Tj ET Q q 0 0 0 rg BT 465.39 177.45 Td (in ) Tj ET Q q 0 0 0 rg BT 475.25 177.45 Td (production ) Tj ET Q q 0 0 0 rg BT 520.13 177.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 560.01 177.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 166.65 Td (addition ) Tj ET Q q 0 0 0 rg BT 78.99 166.65 Td (to ) Tj ET Q q 0 0 0 rg BT 88.95 166.65 Td (a ) Tj ET Q q 0 0 0 rg BT 96.42 166.65 Td (change ) Tj ET Q q 0 0 0 rg BT 128.40 166.65 Td (in ) Tj ET Q q 0 0 0 rg BT 137.87 166.65 Td (revenue ) Tj ET Q q 0 0 0 rg BT 172.85 166.65 Td (composition ) Tj ET Q q 0 0 0 rg BT 223.34 166.65 Td (as ) Tj ET Q q 0 0 0 rg BT 235.30 166.65 Td (59% ) Tj ET Q q 0 0 0 rg BT 255.77 166.65 Td (of ) Tj ET Q q 0 0 0 rg BT 265.74 166.65 Td (production ) Tj ET Q q 0 0 0 rg BT 310.23 166.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 349.71 166.65 Td (for ) Tj ET Q q 0 0 0 rg BT 362.68 166.65 Td (the ) Tj ET Q q 0 0 0 rg BT 377.65 166.65 Td (year ) Tj ET Q q 0 0 0 rg BT 397.62 166.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.10 166.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 484.09 166.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.11 166.65 Td ( ) Tj ET Q q 0 0 0 rg BT 506.57 166.65 Td (is ) Tj ET Q q 0 0 0 rg BT 515.53 166.65 Td (comprised ) Tj ET Q q 0 0 0 rg BT 559.51 166.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 155.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 75.02 155.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.03 155.85 Td (which ) Tj ET Q q 0 0 0 rg BT 117.54 155.85 Td (attracts ) Tj ET Q q 0 0 0 rg BT 149.55 155.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 173.56 155.85 Td (royalty ) Tj ET Q q 0 0 0 rg BT 202.57 155.85 Td (rates, ) Tj ET Q q 0 0 0 rg BT 227.58 155.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 270.10 155.85 Td (to ) Tj ET Q q 0 0 0 rg BT 280.10 155.85 Td (48% ) Tj ET Q q 0 0 0 rg BT 300.62 155.85 Td (in ) Tj ET Q q 0 0 0 rg BT 310.12 155.85 Td (the ) Tj ET Q q 0 0 0 rg BT 325.13 155.85 Td (same ) Tj ET Q q 0 0 0 rg BT 349.64 155.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 370.15 155.85 Td (year ) Tj ET Q q 0 0 0 rg BT 390.16 155.85 Td (period.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 139.05 Td (Natural ) Tj ET Q q 0 0 0 rg BT 75.84 139.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.18 139.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 127.52 139.05 Td (as ) Tj ET Q q 0 0 0 rg BT 138.85 139.05 Td (a ) Tj ET Q q 0 0 0 rg BT 145.68 139.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 192.54 139.05 Td (of ) Tj ET Q q 0 0 0 rg BT 201.87 139.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 231.22 139.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 247.56 139.05 Td (production ) Tj ET Q q 0 0 0 rg BT 291.41 139.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 330.26 139.05 Td (for ) Tj ET Q q 0 0 0 rg BT 342.59 139.05 Td (the ) Tj ET Q q 0 0 0 rg BT 356.93 139.05 Td (year ) Tj ET Q q 0 0 0 rg BT 376.27 139.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.12 139.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 461.47 139.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.49 139.05 Td ( ) Tj ET Q q 0 0 0 rg BT 483.32 139.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.65 139.05 Td (5.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.17 139.05 Td ( ) Tj ET Q q 0 0 0 rg BT 527.00 139.05 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 128.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.59 128.25 Td (8.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.11 128.25 Td ( ) Tj ET Q q 0 0 0 rg BT 79.19 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 92.78 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.38 128.25 Td (year ) Tj ET Q q 0 0 0 rg BT 128.97 128.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.09 128.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 216.70 128.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.72 128.25 Td (, ) Tj ET Q q 0 0 0 rg BT 242.31 128.25 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 281.91 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.51 128.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 322.10 128.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 363.21 128.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 390.31 128.25 Td (used ) Tj ET Q q 0 0 0 rg BT 412.91 128.25 Td (in ) Tj ET Q q 0 0 0 rg BT 423.00 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.60 128.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 484.21 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.80 128.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 525.41 128.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 543.00 128.25 Td (crown ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 117.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 75.30 117.45 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 124.62 117.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 157.42 117.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 175.72 117.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 205.03 117.45 Td (royalties ) Tj ET Q q 0 0 0 rg BT 242.33 117.45 Td (as ) Tj ET Q q 0 0 0 rg BT 255.62 117.45 Td (a ) Tj ET Q q 0 0 0 rg BT 264.42 117.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 313.24 117.45 Td (of ) Tj ET Q q 0 0 0 rg BT 324.54 117.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 355.85 117.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 374.15 117.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 403.45 117.45 Td (production ) Tj ET Q q 0 0 0 rg BT 449.27 117.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 490.08 117.45 Td (for ) Tj ET Q q 0 0 0 rg BT 504.38 117.45 Td (the ) Tj ET Q q 0 0 0 rg BT 520.68 117.45 Td (year ) Tj ET Q q 0 0 0 rg BT 541.97 117.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 106.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 102.87 106.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.89 106.65 Td ( ) Tj ET Q q 0 0 0 rg BT 124.23 106.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.09 106.65 Td (16.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.60 106.65 Td ( ) Tj ET Q q 0 0 0 rg BT 171.95 106.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 213.31 106.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.16 106.65 Td (17.5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.68 106.65 Td ( ) Tj ET Q q 0 0 0 rg BT 249.02 106.65 Td (in ) Tj ET Q q 0 0 0 rg BT 257.37 106.65 Td (the ) Tj ET Q q 0 0 0 rg BT 271.23 106.65 Td (same ) Tj ET Q q 0 0 0 rg BT 294.58 106.65 Td (period ) Tj ET Q q 0 0 0 rg BT 320.94 106.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.29 106.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.31 106.65 Td (. ) Tj ET Q q 0 0 0 rg BT 353.15 106.65 Td (Natural ) Tj ET Q q 0 0 0 rg BT 383.51 106.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 399.36 106.65 Td (liquids ) Tj ET Q q 0 0 0 rg BT 426.22 106.65 Td (royalties ) Tj ET Q q 0 0 0 rg BT 461.08 106.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.93 106.65 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.43 106.65 Td ( ) Tj ET Q q 0 0 0 rg BT 504.78 106.65 Td (as ) Tj ET Q q 0 0 0 rg BT 515.63 106.65 Td (a ) Tj ET Q q 0 0 0 rg BT 521.97 106.65 Td (percentage ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 95.85 Td (of ) Tj ET Q q 0 0 0 rg BT 55.35 95.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 85.72 95.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 103.07 95.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 131.43 95.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 171.30 95.85 Td (for ) Tj ET Q q 0 0 0 rg BT 184.65 95.85 Td (the ) Tj ET Q q 0 0 0 rg BT 200.01 95.85 Td (year ) Tj ET Q q 0 0 0 rg BT 220.37 95.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.24 95.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.26 95.85 Td ( ) Tj ET Q q 0 0 0 rg BT 271.11 95.85 Td (due ) Tj ET Q q 0 0 0 rg BT 288.97 95.85 Td (to ) Tj ET Q q 0 0 0 rg BT 299.32 95.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 336.19 95.85 Td (to ) Tj ET Q q 0 0 0 rg BT 346.55 95.85 Td (the ) Tj ET Q q 0 0 0 rg BT 361.34 95.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 392.70 95.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 423.06 95.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 440.42 95.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 468.78 95.85 Td (reference ) Tj ET Q q 0 0 0 rg BT 509.65 95.85 Td (price ) Tj ET Q q 0 0 0 rg BT 532.00 95.85 Td (structure ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 85.05 Td (ef) Tj ET Q q 0 0 0 rg BT 52.34 85.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 81.44 85.05 Td (July ) Tj ET Q q 0 0 0 rg BT 100.53 85.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 111.12 85.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 136.73 85.05 Td (partially ) Tj ET Q q 0 0 0 rg BT 170.83 85.05 Td (of) Tj ET Q q 0 0 0 rg BT 178.17 85.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 195.76 85.05 Td (by ) Tj ET Q q 0 0 0 rg BT 208.35 85.05 Td (a ) Tj ET Q q 0 0 0 rg BT 216.44 85.05 Td (change ) Tj ET Q q 0 0 0 rg BT 249.06 85.05 Td (in ) Tj ET Q q 0 0 0 rg BT 259.15 85.05 Td (the ) Tj ET Q q 0 0 0 rg BT 274.74 85.05 Td (composition ) Tj ET Q q 0 0 0 rg BT 325.85 85.05 Td (of ) Tj ET Q q 0 0 0 rg BT 336.44 85.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 385.27 85.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 415.88 85.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 433.47 85.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 462.07 85.05 Td (revenue ) Tj ET Q q 0 0 0 rg BT 497.68 85.05 Td (to ) Tj ET Q q 0 0 0 rg BT 508.27 85.05 Td (a ) Tj ET Q q 0 0 0 rg BT 516.36 85.05 Td (pentane ) Tj ET Q q 0 0 0 rg BT 551.98 85.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 74.25 Td (condensate ) Tj ET Q q 0 0 0 rg BT 93.65 74.25 Td (weighting ) Tj ET Q q 0 0 0 rg BT 133.80 74.25 Td (which ) Tj ET Q q 0 0 0 rg BT 158.92 74.25 Td (attracted ) Tj ET Q q 0 0 0 rg BT 196.06 74.25 Td (higher ) Tj ET Q q 0 0 0 rg BT 223.19 74.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 251.81 74.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 276.44 74.25 Td (Oil ) Tj ET Q q 0 0 0 rg BT 289.55 74.25 Td (royalties ) Tj ET Q q 0 0 0 rg BT 325.18 74.25 Td (as ) Tj ET Q q 0 0 0 rg BT 336.80 74.25 Td (a ) Tj ET Q q 0 0 0 rg BT 343.92 74.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 391.08 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.70 74.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 411.82 74.25 Td (production ) Tj ET Q q 0 0 0 rg BT 455.96 74.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 495.10 74.25 Td (for ) Tj ET Q q 0 0 0 rg BT 507.72 74.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.35 74.25 Td (year ) Tj ET Q q 0 0 0 rg BT 541.97 74.25 Td (ended ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 16) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.04 731.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.06 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 124.57 731.45 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.59 731.45 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.09 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 168.60 731.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.62 731.45 Td (10.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.14 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 204.65 731.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 246.18 731.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.20 731.45 Td (14.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.72 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 282.23 731.45 Td (for ) Tj ET Q q 0 0 0 rg BT 294.24 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 308.26 731.45 Td (year ) Tj ET Q q 0 0 0 rg BT 327.28 731.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.82 731.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 411.85 731.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.87 731.45 Td (, ) Tj ET Q q 0 0 0 rg BT 435.88 731.45 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 473.91 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 487.94 731.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 515.95 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 524.97 731.45 Td (decreased ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (par ) Tj ET Q q 0 0 0 rg BT 60.51 720.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 87.02 720.65 Td (used ) Tj ET Q q 0 0 0 rg BT 109.03 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 118.54 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 133.55 720.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 178.58 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 188.58 720.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 200.09 720.65 Td (crown ) Tj ET Q q 0 0 0 rg BT 226.60 720.65 Td (royalty ) Tj ET Q q 0 0 0 rg BT 255.60 720.65 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 303.64 720.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 703.85 Td (For ) Tj ET Q q 0 0 0 rg BT 61.32 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 76.65 703.85 Td (three ) Tj ET Q q 0 0 0 rg BT 99.99 703.85 Td (months ) Tj ET Q q 0 0 0 rg BT 132.32 703.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.17 703.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 219.51 703.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.54 703.85 Td ( ) Tj ET Q q 0 0 0 rg BT 242.36 703.85 Td (royalties ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.69 703.85 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.72 703.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.54 703.85 Td (58%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.55 703.85 Td ( ) Tj ET Q q 0 0 0 rg BT 344.37 703.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.70 703.85 Td ($1) Tj ET Q q 0 0 0 rg BT 364.04 703.85 Td (1.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.55 703.85 Td ( ) Tj ET Q q 0 0 0 rg BT 379.37 703.85 Td (million ) Tj ET Q q 0 0 0 rg BT 407.70 703.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.52 703.85 Td ($27.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.04 703.85 Td ( ) Tj ET Q q 0 0 0 rg BT 453.86 703.85 Td (million ) Tj ET Q q 0 0 0 rg BT 482.19 703.85 Td (in ) Tj ET Q q 0 0 0 rg BT 492.01 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 507.34 703.85 Td (same ) Tj ET Q q 0 0 0 rg BT 532.17 703.85 Td (period ) Tj ET Q q 0 0 0 rg BT 560.01 703.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 693.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 693.05 Td (. ) Tj ET Q q 0 0 0 rg BT 69.87 693.05 Td ( ) Tj ET Q q 0 0 0 rg BT 72.23 693.05 Td (Royalties ) Tj ET Q q 0 0 0 rg BT 111.59 693.05 Td (as ) Tj ET Q q 0 0 0 rg BT 123.45 693.05 Td (a ) Tj ET Q q 0 0 0 rg BT 130.81 693.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 178.20 693.05 Td (of ) Tj ET Q q 0 0 0 rg BT 188.06 693.05 Td (total ) Tj ET Q q 0 0 0 rg BT 207.42 693.05 Td (production ) Tj ET Q q 0 0 0 rg BT 251.80 693.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 291.18 693.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.04 693.05 Td (8.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.55 693.05 Td ( ) Tj ET Q q 0 0 0 rg BT 335.90 693.05 Td (for ) Tj ET Q q 0 0 0 rg BT 348.76 693.05 Td (the ) Tj ET Q q 0 0 0 rg BT 363.62 693.05 Td (three ) Tj ET Q q 0 0 0 rg BT 386.49 693.05 Td (months ) Tj ET Q q 0 0 0 rg BT 418.36 693.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.74 693.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 504.62 693.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.64 693.05 Td ( ) Tj ET Q q 0 0 0 rg BT 526.99 693.05 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 682.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.53 682.25 Td (1) Tj ET Q q 0 0 0 rg BT 58.87 682.25 Td (1.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.38 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.40 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 90.43 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.96 682.25 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.00 682.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.03 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.05 682.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 207.59 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.48 682.25 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.01 682.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.03 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 266.05 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 275.08 682.25 Td (royalties ) Tj ET Q q 0 0 0 rg BT 310.62 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 322.65 682.25 Td (an ) Tj ET Q q 0 0 0 rg BT 334.68 682.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 370.73 682.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 393.76 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 410.80 682.25 Td (as ) Tj ET Q q 0 0 0 rg BT 422.33 682.25 Td (a ) Tj ET Q q 0 0 0 rg BT 429.36 682.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 476.41 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.94 682.25 Td (production ) Tj ET Q q 0 0 0 rg BT 529.99 682.25 Td (revenues ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 671.45 Td (was ) Tj ET Q q 0 0 0 rg BT 63.80 671.45 Td (due ) Tj ET Q q 0 0 0 rg BT 81.61 671.45 Td (in ) Tj ET Q q 0 0 0 rg BT 91.40 671.45 Td (large ) Tj ET Q q 0 0 0 rg BT 114.21 671.45 Td (part ) Tj ET Q q 0 0 0 rg BT 132.51 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 142.81 671.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.61 671.45 Td (44%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.62 671.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.41 671.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.44 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 211.23 671.45 Td (in ) Tj ET Q q 0 0 0 rg BT 221.02 671.45 Td (production ) Tj ET Q q 0 0 0 rg BT 265.85 671.45 Td (revenues ) Tj ET Q q 0 0 0 rg BT 305.66 671.45 Td (as ) Tj ET Q q 0 0 0 rg BT 317.96 671.45 Td (well ) Tj ET Q q 0 0 0 rg BT 336.26 671.45 Td (as ) Tj ET Q q 0 0 0 rg BT 348.56 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 363.86 671.45 Td (composition ) Tj ET Q q 0 0 0 rg BT 414.67 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 424.97 671.45 Td (production ) Tj ET Q q 0 0 0 rg BT 469.79 671.45 Td (revenues. ) Tj ET Q q 0 0 0 rg BT 512.11 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 514.90 671.45 Td (For ) Tj ET Q q 0 0 0 rg BT 531.20 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 546.50 671.45 Td (three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 660.65 Td (months ) Tj ET Q q 0 0 0 rg BT 76.87 660.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.26 660.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 163.15 660.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.17 660.65 Td (, ) Tj ET Q q 0 0 0 rg BT 188.03 660.65 Td (58% ) Tj ET Q q 0 0 0 rg BT 208.40 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 218.27 660.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 266.37 660.65 Td (production ) Tj ET Q q 0 0 0 rg BT 310.76 660.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 350.14 660.65 Td (were ) Tj ET Q q 0 0 0 rg BT 372.01 660.65 Td (comprised ) Tj ET Q q 0 0 0 rg BT 415.89 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 425.75 660.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 455.63 660.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 472.50 660.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 514.88 660.65 Td (to ) Tj ET Q q 0 0 0 rg BT 524.75 660.65 Td (54% ) Tj ET Q q 0 0 0 rg BT 545.12 660.65 Td (in ) Tj ET Q q 0 0 0 rg BT 554.48 660.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 649.85 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.51 649.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.53 649.85 Td ( ) Tj ET Q q 0 0 0 rg BT 92.03 649.85 Td (period ) Tj ET Q q 0 0 0 rg BT 119.55 649.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 156.07 649.85 Td (in ) Tj ET Q q 0 0 0 rg BT 165.57 649.85 Td (a ) Tj ET Q q 0 0 0 rg BT 173.08 649.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 208.10 649.85 Td (overall ) Tj ET Q q 0 0 0 rg BT 237.12 649.85 Td (corporate ) Tj ET Q q 0 0 0 rg BT 277.64 649.85 Td (royalty ) Tj ET Q q 0 0 0 rg BT 306.65 649.85 Td (rate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 633.05 Td (Natural ) Tj ET Q q 0 0 0 rg BT 76.23 633.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.96 633.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 128.70 633.05 Td (as ) Tj ET Q q 0 0 0 rg BT 140.42 633.05 Td (a ) Tj ET Q q 0 0 0 rg BT 147.65 633.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 194.91 633.05 Td (of ) Tj ET Q q 0 0 0 rg BT 204.63 633.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 234.37 633.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 251.10 633.05 Td (production ) Tj ET Q q 0 0 0 rg BT 295.35 633.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 334.60 633.05 Td (for ) Tj ET Q q 0 0 0 rg BT 347.32 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 362.05 633.05 Td (three ) Tj ET Q q 0 0 0 rg BT 384.79 633.05 Td (months ) Tj ET Q q 0 0 0 rg BT 416.52 633.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.77 633.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 502.52 633.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.54 633.05 Td ( ) Tj ET Q q 0 0 0 rg BT 524.76 633.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.49 633.05 Td (4.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 633.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 622.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.30 622.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.08 622.25 Td (6.7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.59 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 119.87 622.25 Td (for ) Tj ET Q q 0 0 0 rg BT 132.65 622.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 147.43 622.25 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.45 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 172.72 622.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 203.52 622.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.30 622.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.32 622.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.10 622.25 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 276.89 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 291.68 622.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 326.48 622.25 Td (royalty ) Tj ET Q q 0 0 0 rg BT 355.26 622.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 396.07 622.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 432.36 622.25 Td (from ) Tj ET Q q 0 0 0 rg BT 452.64 622.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 476.42 622.25 Td (references ) Tj ET Q q 0 0 0 rg BT 521.22 622.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 547.50 622.25 Td (used ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 611.45 Td (in ) Tj ET Q q 0 0 0 rg BT 53.63 611.45 Td (the ) Tj ET Q q 0 0 0 rg BT 67.77 611.45 Td (calculation ) Tj ET Q q 0 0 0 rg BT 111.93 611.45 Td (of ) Tj ET Q q 0 0 0 rg BT 121.06 611.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 150.21 611.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 166.35 611.45 Td (crown ) Tj ET Q q 0 0 0 rg BT 191.99 611.45 Td (royalties. ) Tj ET Q q 0 0 0 rg BT 229.63 611.45 Td ( ) Tj ET Q q 0 0 0 rg BT 231.26 611.45 Td (Natural ) Tj ET Q q 0 0 0 rg BT 261.90 611.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 278.04 611.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 305.18 611.45 Td (royalties ) Tj ET Q q 0 0 0 rg BT 340.32 611.45 Td (as ) Tj ET Q q 0 0 0 rg BT 351.46 611.45 Td (a ) Tj ET Q q 0 0 0 rg BT 358.09 611.45 Td (percentage ) Tj ET Q q 0 0 0 rg BT 404.76 611.45 Td (of ) Tj ET Q q 0 0 0 rg BT 413.89 611.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 443.04 611.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 459.18 611.45 Td (liquids ) Tj ET Q q 0 0 0 rg BT 486.32 611.45 Td (production ) Tj ET Q q 0 0 0 rg BT 529.98 611.45 Td (revenues ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.65 Td (for ) Tj ET Q q 0 0 0 rg BT 58.56 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 74.13 600.65 Td (three ) Tj ET Q q 0 0 0 rg BT 97.70 600.65 Td (months ) Tj ET Q q 0 0 0 rg BT 130.27 600.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.35 600.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 217.94 600.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.96 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 241.02 600.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.58 600.65 Td (15.0%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.10 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 292.16 600.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 335.24 600.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.80 600.65 Td (17.6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.32 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 374.37 600.65 Td (in ) Tj ET Q q 0 0 0 rg BT 384.44 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 400.00 600.65 Td (same ) Tj ET Q q 0 0 0 rg BT 425.07 600.65 Td (period ) Tj ET Q q 0 0 0 rg BT 453.15 600.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 463.21 600.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.23 600.65 Td (. ) Tj ET Q q 0 0 0 rg BT 488.79 600.65 Td ( ) Tj ET Q q 0 0 0 rg BT 491.84 600.65 Td (Natural ) Tj ET Q q 0 0 0 rg BT 523.91 600.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.48 600.65 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 589.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 81.09 589.85 Td (were ) Tj ET Q q 0 0 0 rg BT 103.17 589.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 127.25 589.85 Td (as ) Tj ET Q q 0 0 0 rg BT 139.33 589.85 Td (a ) Tj ET Q q 0 0 0 rg BT 146.91 589.85 Td (percentage ) Tj ET Q q 0 0 0 rg BT 194.52 589.85 Td (of ) Tj ET Q q 0 0 0 rg BT 204.60 589.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 234.70 589.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 251.78 589.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 279.87 589.85 Td (revenues ) Tj ET Q q 0 0 0 rg BT 319.47 589.85 Td (in ) Tj ET Q q 0 0 0 rg BT 329.05 589.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.14 589.85 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.15 589.85 Td ( ) Tj ET Q q 0 0 0 rg BT 369.73 589.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 400.82 589.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.90 589.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.92 589.85 Td (, ) Tj ET Q q 0 0 0 rg BT 436.00 589.85 Td (primarily ) Tj ET Q q 0 0 0 rg BT 472.57 589.85 Td (as ) Tj ET Q q 0 0 0 rg BT 484.66 589.85 Td (a ) Tj ET Q q 0 0 0 rg BT 492.24 589.85 Td (result ) Tj ET Q q 0 0 0 rg BT 516.82 589.85 Td (of ) Tj ET Q q 0 0 0 rg BT 526.90 589.85 Td (the ) Tj ET Q q 0 0 0 rg BT 541.99 589.85 Td (higher ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 579.05 Td (weighting ) Tj ET Q q 0 0 0 rg BT 85.54 579.05 Td (to ) Tj ET Q q 0 0 0 rg BT 95.56 579.05 Td (ethane ) Tj ET Q q 0 0 0 rg BT 125.59 579.05 Td (which ) Tj ET Q q 0 0 0 rg BT 151.12 579.05 Td (attracts ) Tj ET Q q 0 0 0 rg BT 183.14 579.05 Td (a ) Tj ET Q q 0 0 0 rg BT 190.65 579.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 214.67 579.05 Td (royalty ) Tj ET Q q 0 0 0 rg BT 243.69 579.05 Td (rate. ) Tj ET Q q 0 0 0 rg BT 264.21 579.05 Td (Oil ) Tj ET Q q 0 0 0 rg BT 277.72 579.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 313.75 579.05 Td (as ) Tj ET Q q 0 0 0 rg BT 325.77 579.05 Td (a ) Tj ET Q q 0 0 0 rg BT 333.28 579.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 380.83 579.05 Td (of ) Tj ET Q q 0 0 0 rg BT 390.85 579.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 402.36 579.05 Td (production ) Tj ET Q q 0 0 0 rg BT 446.90 579.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 486.44 579.05 Td (for ) Tj ET Q q 0 0 0 rg BT 499.45 579.05 Td (the ) Tj ET Q q 0 0 0 rg BT 514.48 579.05 Td (three ) Tj ET Q q 0 0 0 rg BT 537.50 579.05 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 568.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.74 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 131.99 568.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.01 568.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.73 568.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.75 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.47 568.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.69 568.25 Td (10.4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.21 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.93 568.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 280.67 568.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.89 568.25 Td (14.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.41 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 319.13 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 332.35 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.57 568.25 Td (three ) Tj ET Q q 0 0 0 rg BT 370.80 568.25 Td (months ) Tj ET Q q 0 0 0 rg BT 403.04 568.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.78 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 490.02 568.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.04 568.25 Td (, ) Tj ET Q q 0 0 0 rg BT 515.26 568.25 Td (reflecting ) Tj ET Q q 0 0 0 rg BT 554.50 568.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 74.01 557.45 Td (of ) Tj ET Q q 0 0 0 rg BT 84.01 557.45 Td (decreased ) Tj ET Q q 0 0 0 rg BT 128.54 557.45 Td (par ) Tj ET Q q 0 0 0 rg BT 144.05 557.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 170.56 557.45 Td (used ) Tj ET Q q 0 0 0 rg BT 192.58 557.45 Td (in ) Tj ET Q q 0 0 0 rg BT 202.08 557.45 Td (the ) Tj ET Q q 0 0 0 rg BT 217.09 557.45 Td (calculation ) Tj ET Q q 0 0 0 rg BT 262.12 557.45 Td (of ) Tj ET Q q 0 0 0 rg BT 272.13 557.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 283.63 557.45 Td (crown ) Tj ET Q q 0 0 0 rg BT 310.14 557.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 339.15 557.45 Td (obligations.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 540.65 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 540.65 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 540.65 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 540.65 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.07 540.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 211.32 540.65 Td (royalties ) Tj ET Q q 0 0 0 rg BT 247.33 540.65 Td (by ) Tj ET Q q 0 0 0 rg BT 259.33 540.65 Td (product ) Tj ET Q q 0 0 0 rg BT 291.85 540.65 Td (for ) Tj ET Q q 0 0 0 rg BT 304.86 540.65 Td (the ) Tj ET Q q 0 0 0 rg BT 319.87 540.65 Td (three ) Tj ET Q q 0 0 0 rg BT 342.88 540.65 Td (months ) Tj ET Q q 0 0 0 rg BT 374.90 540.65 Td (and ) Tj ET Q q 0 0 0 rg BT 392.41 540.65 Td (years ) Tj ET Q q 0 0 0 rg BT 416.92 540.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.45 540.65 Td (December ) Tj ET Q q 0 0 0 rg BT 488.47 540.65 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.98 540.65 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 45.50 530.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 530.15 168.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 516.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 287.50 516.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 516.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 516.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 502.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 287.50 502.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 502.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 502.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 488.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 488.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 474.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 474.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 460.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 287.50 460.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 460.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 460.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 446.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 446.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 432.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 432.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 418.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 287.50 418.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 418.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 418.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 404.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 404.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 390.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 390.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 376.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 287.50 376.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 399.50 376.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 376.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 362.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 362.15 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 45.50 348.15 186.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 511.50 348.15 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 530.15 m 231.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 530.15 m 287.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 530.15 m 343.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 530.15 m 399.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 530.15 m 455.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 530.15 m 511.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 530.15 m 567.5 530.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 502.15 m 231.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 502.15 m 287.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 502.15 m 343.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 502.15 m 399.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 502.15 m 455.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 502.15 m 511.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 502.15 m 567.5 502.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 460.15 m 231.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 460.15 m 287.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 460.15 m 343.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 460.15 m 399.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 460.15 m 455.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 460.15 m 511.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 460.15 m 567.5 460.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 418.15 m 231.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 418.15 m 287.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 418.15 m 343.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 418.15 m 399.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 418.15 m 455.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 418.15 m 511.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 418.15 m 567.5 418.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 376.15 m 231.5 376.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 376.15 m 287.5 376.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 376.15 m 343.5 376.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 376.15 m 399.5 376.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 376.15 m 455.5 376.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 376.15 m 511.5 376.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 376.15 m 567.5 376.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 334.15 m 231.5 334.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 231.5 334.15 m 287.5 334.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 287.5 334.15 m 343.5 334.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343.5 334.15 m 399.5 334.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 334.15 m 455.5 334.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 455.5 334.15 m 511.5 334.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 511.5 334.15 m 567.5 334.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.40 520.55 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.25 520.55 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 263.95 506.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.95 506.55 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.95 506.55 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 506.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.95 506.55 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 506.55 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 492.55 Td (Natural gas \($/mcf\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 478.55 Td (Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 478.55 Td (0.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 478.55 Td (0.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 478.55 Td (\(52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 478.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 478.55 Td (0.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 478.55 Td (0.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 478.55 Td (\(59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 478.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 464.55 Td (% of production revenues) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 159.06 468.84 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 464.55 Td (4.7) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 464.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.40 464.55 Td (6.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 464.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.45 464.55 Td (\(2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 464.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 464.55 Td (5.5) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 464.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.40 464.55 Td (8.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 464.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 464.55 Td (\(2.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 464.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 450.55 Td (Natural gas liquids \($/bbl\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 436.55 Td ( Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 436.55 Td (2.82) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 436.55 Td (6.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 436.55 Td (\(57) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 436.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 436.55 Td (3.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 436.55 Td (8.64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 436.55 Td (\(58) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 436.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 422.55 Td ( % of production revenues) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 157.56 426.84 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 422.55 Td (15.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 422.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 422.55 Td (17.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 422.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.45 422.55 Td (\(2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 422.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 422.55 Td (16.6) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 422.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 422.55 Td (17.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 422.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 422.55 Td (\(0.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 422.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 408.55 Td (Oil \($/bbl\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 394.55 Td ( Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 394.55 Td (4.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.40 394.55 Td (10.67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 394.55 Td (\(55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 394.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 394.55 Td (5.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.40 394.55 Td (12.72) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 394.55 Td (\(56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 394.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 380.55 Td ( % of production revenues) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 157.56 384.84 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 380.55 Td (10.4) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 380.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 380.55 Td (14.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 380.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.45 380.55 Td (\(4.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 380.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 380.55 Td (10.9) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 380.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 380.55 Td (14.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 380.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 380.55 Td (\(3.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 380.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 366.55 Td (Total \($/boe\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 352.55 Td ( Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 261.40 352.55 Td (1.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 352.55 Td (3.46) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.95 352.55 Td (\(55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 352.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.40 352.55 Td (1.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 352.55 Td (4.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 352.55 Td (\(61) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 352.55 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 338.55 Td ( % of production revenues) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 157.56 342.84 Td (\(1\) ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 266.40 338.55 Td (8.3) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 278.95 338.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.40 338.55 Td (11.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 334.95 338.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 372.45 338.55 Td (\(2.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.00 338.55 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 338.55 Td (9.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.95 338.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.40 338.55 Td (12.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.95 338.55 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 338.55 Td (\(3.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.00 338.55 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 45.00 325.14 Td (\(1\) ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 63.00 325.14 Td (% ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 69.83 325.14 Td (of ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 76.33 325.14 Td (production ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 105.27 325.14 Td (revenues ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 130.96 325.14 Td (excludes ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 155.67 325.14 Td (gains ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 171.27 325.14 Td (and ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 182.66 325.14 Td (losses ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 200.86 325.14 Td (on ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 208.99 325.14 Td (financial ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 232.08 325.14 Td (instrument ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 261.01 325.14 Td (commodity ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 290.91 325.14 Td (contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 307.05 Td (On ) Tj ET Q q 0 0 0 rg BT 59.10 307.05 Td (January ) Tj ET Q q 0 0 0 rg BT 93.21 307.05 Td (29, ) Tj ET Q q 0 0 0 rg BT 107.82 307.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 132.44 307.05 Td (the ) Tj ET Q q 0 0 0 rg BT 146.63 307.05 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 177.24 307.05 Td (provincial ) Tj ET Q q 0 0 0 rg BT 217.35 307.05 Td (government ) Tj ET Q q 0 0 0 rg BT 266.97 307.05 Td (announced ) Tj ET Q q 0 0 0 rg BT 313.61 307.05 Td (the ) Tj ET Q q 0 0 0 rg BT 328.22 307.05 Td (key ) Tj ET Q q 0 0 0 rg BT 344.32 307.05 Td (highlights ) Tj ET Q q 0 0 0 rg BT 384.44 307.05 Td (of ) Tj ET Q q 0 0 0 rg BT 394.04 307.05 Td (a ) Tj ET Q q 0 0 0 rg BT 401.14 307.05 Td (proposed ) Tj ET Q q 0 0 0 rg BT 440.77 307.05 Td (Modernized ) Tj ET Q q 0 0 0 rg BT 489.89 307.05 Td (Royalty ) Tj ET Q q 0 0 0 rg BT 521.99 307.05 Td (Framework ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 296.25 Td (\("MRF"\) ) Tj ET Q q 0 0 0 rg BT 79.34 296.25 Td (that ) Tj ET Q q 0 0 0 rg BT 96.81 296.25 Td (will ) Tj ET Q q 0 0 0 rg BT 111.77 296.25 Td (be ) Tj ET Q q 0 0 0 rg BT 124.24 296.25 Td (ef) Tj ET Q q 0 0 0 rg BT 131.58 296.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 160.05 296.25 Td (on ) Tj ET Q q 0 0 0 rg BT 172.52 296.25 Td (January ) Tj ET Q q 0 0 0 rg BT 207.00 296.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 216.97 296.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 241.95 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.25 296.25 Td (These ) Tj ET Q q 0 0 0 rg BT 271.72 296.25 Td (highlights ) Tj ET Q q 0 0 0 rg BT 312.21 296.25 Td (include; ) Tj ET Q q 0 0 0 rg BT 345.69 296.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.16 296.25 Td (simplified ) Tj ET Q q 0 0 0 rg BT 393.13 296.25 Td (system ) Tj ET Q q 0 0 0 rg BT 424.09 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.06 296.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 473.04 296.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 514.02 296.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 556.50 296.25 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 285.45 Td (the ) Tj ET Q q 0 0 0 rg BT 59.97 285.45 Td (ef) Tj ET Q q 0 0 0 rg BT 67.31 285.45 Td (ficient ) Tj ET Q q 0 0 0 rg BT 93.28 285.45 Td (development ) Tj ET Q q 0 0 0 rg BT 147.28 285.45 Td (of ) Tj ET Q q 0 0 0 rg BT 156.75 285.45 Td (Alberta's ) Tj ET Q q 0 0 0 rg BT 193.95 285.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 205.41 285.45 Td (and ) Tj ET Q q 0 0 0 rg BT 222.89 285.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 252.86 285.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 269.83 285.45 Td (resources; ) Tj ET Q q 0 0 0 rg BT 314.31 285.45 Td (no ) Tj ET Q q 0 0 0 rg BT 326.78 285.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 363.26 285.45 Td (to ) Tj ET Q q 0 0 0 rg BT 373.23 285.45 Td (the ) Tj ET Q q 0 0 0 rg BT 388.20 285.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 417.17 285.45 Td (structure ) Tj ET Q q 0 0 0 rg BT 454.64 285.45 Td (on ) Tj ET Q q 0 0 0 rg BT 467.10 285.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 500.08 285.45 Td (wells ) Tj ET Q q 0 0 0 rg BT 522.54 285.45 Td (drilled ) Tj ET Q q 0 0 0 rg BT 549.01 285.45 Td (prior ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 274.65 Td (to ) Tj ET Q q 0 0 0 rg BT 54.73 274.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 76.98 274.65 Td (for ) Tj ET Q q 0 0 0 rg BT 89.71 274.65 Td (a ) Tj ET Q q 0 0 0 rg BT 96.94 274.65 Td (10 ) Tj ET Q q 0 0 0 rg BT 109.17 274.65 Td (year ) Tj ET Q q 0 0 0 rg BT 128.91 274.65 Td (period; ) Tj ET Q q 0 0 0 rg BT 158.65 274.65 Td (MRF ) Tj ET Q q 0 0 0 rg BT 180.37 274.65 Td (will ) Tj ET Q q 0 0 0 rg BT 195.10 274.65 Td (apply ) Tj ET Q q 0 0 0 rg BT 218.84 274.65 Td (to ) Tj ET Q q 0 0 0 rg BT 228.57 274.65 Td (all ) Tj ET Q q 0 0 0 rg BT 239.80 274.65 Td (wells ) Tj ET Q q 0 0 0 rg BT 262.03 274.65 Td (drilled ) Tj ET Q q 0 0 0 rg BT 288.26 274.65 Td (after ) Tj ET Q q 0 0 0 rg BT 308.50 274.65 Td (2017 ) Tj ET Q q 0 0 0 rg BT 330.75 274.65 Td (and ) Tj ET Q q 0 0 0 rg BT 347.99 274.65 Td (will ) Tj ET Q q 0 0 0 rg BT 362.71 274.65 Td (encompass ) Tj ET Q q 0 0 0 rg BT 410.96 274.65 Td (dif) Tj ET Q q 0 0 0 rg BT 420.30 274.65 Td (ferent ) Tj ET Q q 0 0 0 rg BT 445.54 274.65 Td (royalty ) Tj ET Q q 0 0 0 rg BT 474.28 274.65 Td (structure ) Tj ET Q q 0 0 0 rg BT 511.51 274.65 Td (under ) Tj ET Q q 0 0 0 rg BT 536.76 274.65 Td (pre ) Tj ET Q q 0 0 0 rg BT 551.99 274.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 263.85 Td (post ) Tj ET Q q 0 0 0 rg BT 64.70 263.85 Td (payout. ) Tj ET Q q 0 0 0 rg BT 96.90 263.85 Td ( ) Tj ET Q q 0 0 0 rg BT 99.59 263.85 Td (Pre-payout, ) Tj ET Q q 0 0 0 rg BT 148.80 263.85 Td (companies ) Tj ET Q q 0 0 0 rg BT 195.01 263.85 Td (will ) Tj ET Q q 0 0 0 rg BT 210.19 263.85 Td (pay ) Tj ET Q q 0 0 0 rg BT 227.39 263.85 Td (a ) Tj ET Q q 0 0 0 rg BT 235.08 263.85 Td (flat ) Tj ET Q q 0 0 0 rg BT 249.77 263.85 Td (5% ) Tj ET Q q 0 0 0 rg BT 265.46 263.85 Td (royalty ) Tj ET Q q 0 0 0 rg BT 294.65 263.85 Td (until ) Tj ET Q q 0 0 0 rg BT 313.85 263.85 Td (the ) Tj ET Q q 0 0 0 rg BT 329.04 263.85 Td (well ) Tj ET Q q 0 0 0 rg BT 347.23 263.85 Td (has ) Tj ET Q q 0 0 0 rg BT 364.43 263.85 Td (paid ) Tj ET Q q 0 0 0 rg BT 384.13 263.85 Td (out ) Tj ET Q q 0 0 0 rg BT 399.33 263.85 Td (on ) Tj ET Q q 0 0 0 rg BT 412.02 263.85 Td (a ) Tj ET Q q 0 0 0 rg BT 419.71 263.85 Td (revenue ) Tj ET Q q 0 0 0 rg BT 454.92 263.85 Td (minus ) Tj ET Q q 0 0 0 rg BT 481.61 263.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 500.81 263.85 Td (structure. ) Tj ET Q q 0 0 0 rg BT 541.00 263.85 Td ( ) Tj ET Q q 0 0 0 rg BT 543.51 263.85 Td (There ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 253.05 Td (are ) Tj ET Q q 0 0 0 rg BT 59.77 253.05 Td (two ) Tj ET Q q 0 0 0 rg BT 75.54 253.05 Td (royalty ) Tj ET Q q 0 0 0 rg BT 103.81 253.05 Td (phases ) Tj ET Q q 0 0 0 rg BT 134.59 253.05 Td (under ) Tj ET Q q 0 0 0 rg BT 159.37 253.05 Td (post-payout. ) Tj ET Q q 0 0 0 rg BT 210.66 253.05 Td ( ) Tj ET Q q 0 0 0 rg BT 212.31 253.05 Td (The ) Tj ET Q q 0 0 0 rg BT 229.58 253.05 Td (first ) Tj ET Q q 0 0 0 rg BT 245.84 253.05 Td (phase, ) Tj ET Q q 0 0 0 rg BT 274.62 253.05 Td ("mid-life", ) Tj ET Q q 0 0 0 rg BT 314.28 253.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 349.55 253.05 Td (are ) Tj ET Q q 0 0 0 rg BT 364.32 253.05 Td (tied ) Tj ET Q q 0 0 0 rg BT 380.59 253.05 Td (to ) Tj ET Q q 0 0 0 rg BT 389.86 253.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 435.13 253.05 Td (prices. ) Tj ET Q q 0 0 0 rg BT 463.40 253.05 Td ( ) Tj ET Q q 0 0 0 rg BT 465.17 253.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 491.44 253.05 Td (this ) Tj ET Q q 0 0 0 rg BT 507.21 253.05 Td (phase ) Tj ET Q q 0 0 0 rg BT 533.49 253.05 Td (royalties ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 242.25 Td (will ) Tj ET Q q 0 0 0 rg BT 60.11 242.25 Td (be ) Tj ET Q q 0 0 0 rg BT 72.73 242.25 Td (more ) Tj ET Q q 0 0 0 rg BT 95.84 242.25 Td (than ) Tj ET Q q 0 0 0 rg BT 115.97 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.09 242.25 Td (5% ) Tj ET Q q 0 0 0 rg BT 146.71 242.25 Td (flat ) Tj ET Q q 0 0 0 rg BT 161.32 242.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 179.44 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.06 242.25 Td (are ) Tj ET Q q 0 0 0 rg BT 212.68 242.25 Td (intended ) Tj ET Q q 0 0 0 rg BT 249.82 242.25 Td (on ) Tj ET Q q 0 0 0 rg BT 262.44 242.25 Td (average ) Tj ET Q q 0 0 0 rg BT 297.58 242.25 Td (to ) Tj ET Q q 0 0 0 rg BT 307.69 242.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 328.81 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 343.93 242.25 Td (same ) Tj ET Q q 0 0 0 rg BT 368.55 242.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 400.68 242.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 423.29 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 433.41 242.25 Td (return ) Tj ET Q q 0 0 0 rg BT 459.53 242.25 Td (that ) Tj ET Q q 0 0 0 rg BT 477.15 242.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 498.26 242.25 Td (under ) Tj ET Q q 0 0 0 rg BT 523.89 242.25 Td (the ) Tj ET Q q 0 0 0 rg BT 539.01 242.25 Td (current ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 231.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 73.66 231.45 Td (system. ) Tj ET Q q 0 0 0 rg BT 106.82 231.45 Td ( ) Tj ET Q q 0 0 0 rg BT 108.84 231.45 Td (The ) Tj ET Q q 0 0 0 rg BT 126.50 231.45 Td (second ) Tj ET Q q 0 0 0 rg BT 157.67 231.45 Td (phase, ) Tj ET Q q 0 0 0 rg BT 186.85 231.45 Td ("maturity" ) Tj ET Q q 0 0 0 rg BT 227.40 231.45 Td (will ) Tj ET Q q 0 0 0 rg BT 242.05 231.45 Td (go ) Tj ET Q q 0 0 0 rg BT 254.22 231.45 Td (into ) Tj ET Q q 0 0 0 rg BT 270.89 231.45 Td (ef) Tj ET Q q 0 0 0 rg BT 278.23 231.45 Td (fect ) Tj ET Q q 0 0 0 rg BT 294.89 231.45 Td (once ) Tj ET Q q 0 0 0 rg BT 316.56 231.45 Td (a ) Tj ET Q q 0 0 0 rg BT 323.72 231.45 Td (well ) Tj ET Q q 0 0 0 rg BT 341.38 231.45 Td (hits ) Tj ET Q q 0 0 0 rg BT 357.54 231.45 Td (20 ) Tj ET Q q 0 0 0 rg BT 369.71 231.45 Td (bbls ) Tj ET Q q 0 0 0 rg BT 388.37 231.45 Td (per ) Tj ET Q q 0 0 0 rg BT 403.53 231.45 Td (day ) Tj ET Q q 0 0 0 rg BT 420.20 231.45 Td (for ) Tj ET Q q 0 0 0 rg BT 432.86 231.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 444.02 231.45 Td (and ) Tj ET Q q 0 0 0 rg BT 461.19 231.45 Td (200 ) Tj ET Q q 0 0 0 rg BT 478.36 231.45 Td (mcf ) Tj ET Q q 0 0 0 rg BT 495.01 231.45 Td (per ) Tj ET Q q 0 0 0 rg BT 510.17 231.45 Td (day ) Tj ET Q q 0 0 0 rg BT 526.84 231.45 Td (for ) Tj ET Q q 0 0 0 rg BT 539.50 231.45 Td (natural ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 220.65 Td (gas. ) Tj ET Q q 0 0 0 rg BT 64.94 220.65 Td ( ) Tj ET Q q 0 0 0 rg BT 67.86 220.65 Td (Under ) Tj ET Q q 0 0 0 rg BT 95.30 220.65 Td (this ) Tj ET Q q 0 0 0 rg BT 112.23 220.65 Td (phase ) Tj ET Q q 0 0 0 rg BT 139.68 220.65 Td (the ) Tj ET Q q 0 0 0 rg BT 155.11 220.65 Td (royalty ) Tj ET Q q 0 0 0 rg BT 184.55 220.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 207.48 220.65 Td (will ) Tj ET Q q 0 0 0 rg BT 222.90 220.65 Td (move ) Tj ET Q q 0 0 0 rg BT 247.84 220.65 Td (to ) Tj ET Q q 0 0 0 rg BT 258.27 220.65 Td (a ) Tj ET Q q 0 0 0 rg BT 266.20 220.65 Td (sliding ) Tj ET Q q 0 0 0 rg BT 294.64 220.65 Td (scale ) Tj ET Q q 0 0 0 rg BT 318.57 220.65 Td (with ) Tj ET Q q 0 0 0 rg BT 337.50 220.65 Td (a ) Tj ET Q q 0 0 0 rg BT 345.44 220.65 Td (5% ) Tj ET Q q 0 0 0 rg BT 361.37 220.65 Td (minimum ) Tj ET Q q 0 0 0 rg BT 400.79 220.65 Td (acknowledging ) Tj ET Q q 0 0 0 rg BT 463.26 220.65 Td (that ) Tj ET Q q 0 0 0 rg BT 481.20 220.65 Td (lower ) Tj ET Q q 0 0 0 rg BT 505.63 220.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 524.06 220.65 Td (older ) Tj ET Q q 0 0 0 rg BT 547.00 220.65 Td (wells ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 209.85 Td (have ) Tj ET Q q 0 0 0 rg BT 67.60 209.85 Td (higher ) Tj ET Q q 0 0 0 rg BT 95.70 209.85 Td (units ) Tj ET Q q 0 0 0 rg BT 117.80 209.85 Td (costs. ) Tj ET Q q 0 0 0 rg BT 144.39 209.85 Td ( ) Tj ET Q q 0 0 0 rg BT 147.47 209.85 Td (While ) Tj ET Q q 0 0 0 rg BT 173.06 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 188.04 209.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 219.64 209.85 Td (government ) Tj ET Q q 0 0 0 rg BT 270.25 209.85 Td (has ) Tj ET Q q 0 0 0 rg BT 287.85 209.85 Td (not ) Tj ET Q q 0 0 0 rg BT 303.44 209.85 Td (released ) Tj ET Q q 0 0 0 rg BT 341.05 209.85 Td (all ) Tj ET Q q 0 0 0 rg BT 353.14 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 368.73 209.85 Td (details ) Tj ET Q q 0 0 0 rg BT 397.83 209.85 Td (of ) Tj ET Q q 0 0 0 rg BT 408.42 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 424.02 209.85 Td (MRF) Tj ET Q q 0 0 0 rg BT 442.52 209.85 Td (, ) Tj ET Q q 0 0 0 rg BT 448.10 209.85 Td (the ) Tj ET Q q 0 0 0 rg BT 463.70 209.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 500.81 209.85 Td (are ) Tj ET Q q 0 0 0 rg BT 516.90 209.85 Td (not ) Tj ET Q q 0 0 0 rg BT 532.49 209.85 Td (currently ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 199.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 84.03 199.05 Td (to ) Tj ET Q q 0 0 0 rg BT 94.03 199.05 Td (have ) Tj ET Q q 0 0 0 rg BT 116.05 199.05 Td (a ) Tj ET Q q 0 0 0 rg BT 123.56 199.05 Td (significant ) Tj ET Q q 0 0 0 rg BT 166.08 199.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 195.09 199.05 Td (on ) Tj ET Q q 0 0 0 rg BT 207.60 199.05 Td (our ) Tj ET Q q 0 0 0 rg BT 223.11 199.05 Td (operations. ) Tj ET Q q 0 0 0 rg BT 270.14 199.05 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 182.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 90.13 182.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 133.78 182.25 Td (- ) Tj ET Q q 0 0 0 rg BT 139.40 182.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.02 182.25 Td (Operating ) Tj ET Q q 0 0 0 rg BT 184.17 182.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 225.32 182.25 Td (for ) Tj ET Q q 0 0 0 rg BT 238.45 182.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.59 182.25 Td (year ) Tj ET Q q 0 0 0 rg BT 273.72 182.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.37 182.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 360.52 182.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.54 182.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.17 182.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.19 182.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.82 182.25 Td (18%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.83 182.25 Td ( ) Tj ET Q q 0 0 0 rg BT 448.46 182.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.59 182.25 Td ($190.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.11 182.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.74 182.25 Td (million ) Tj ET Q q 0 0 0 rg BT 516.87 182.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.51 182.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 171.45 Td ($232.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.53 171.45 Td ( ) Tj ET Q q 0 0 0 rg BT 74.80 171.45 Td (million ) Tj ET Q q 0 0 0 rg BT 102.57 171.45 Td (for ) Tj ET Q q 0 0 0 rg BT 115.34 171.45 Td (the ) Tj ET Q q 0 0 0 rg BT 130.12 171.45 Td (year ) Tj ET Q q 0 0 0 rg BT 149.90 171.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.19 171.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 235.99 171.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.01 171.45 Td (. ) Tj ET Q q 0 0 0 rg BT 260.78 171.45 Td (Similarly) Tj ET Q q 0 0 0 rg BT 294.11 171.45 Td (, ) Tj ET Q q 0 0 0 rg BT 298.88 171.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 338.68 171.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 379.47 171.45 Td (on ) Tj ET Q q 0 0 0 rg BT 391.75 171.45 Td (a ) Tj ET Q q 0 0 0 rg BT 399.03 171.45 Td (per ) Tj ET Q q 0 0 0 rg BT 414.30 171.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 431.59 171.45 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.87 171.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.90 171.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.17 171.45 Td (20%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.18 171.45 Td ( ) Tj ET Q q 0 0 0 rg BT 519.45 171.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.22 171.45 Td ($6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.74 171.45 Td ( ) Tj ET Q q 0 0 0 rg BT 554.01 171.45 Td (per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 160.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 62.48 160.65 Td (for ) Tj ET Q q 0 0 0 rg BT 75.44 160.65 Td (the ) Tj ET Q q 0 0 0 rg BT 90.41 160.65 Td (year ) Tj ET Q q 0 0 0 rg BT 110.38 160.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 137.87 160.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 196.86 160.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.88 160.65 Td ( ) Tj ET Q q 0 0 0 rg BT 219.34 160.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 261.83 160.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.79 160.65 Td ($8.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.31 160.65 Td ( ) Tj ET Q q 0 0 0 rg BT 296.78 160.65 Td (per ) Tj ET Q q 0 0 0 rg BT 312.25 160.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 329.72 160.65 Td (in ) Tj ET Q q 0 0 0 rg BT 339.19 160.65 Td (the ) Tj ET Q q 0 0 0 rg BT 354.16 160.65 Td (same ) Tj ET Q q 0 0 0 rg BT 378.63 160.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 399.10 160.65 Td (year ) Tj ET Q q 0 0 0 rg BT 419.07 160.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 449.05 160.65 Td ( ) Tj ET Q q 0 0 0 rg BT 451.02 160.65 Td (Although ) Tj ET Q q 0 0 0 rg BT 489.01 160.65 Td (production ) Tj ET Q q 0 0 0 rg BT 533.50 160.65 Td (volumes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 148.65 Td (for ) Tj ET Q q 0 0 0 rg BT 58.32 148.65 Td (the ) Tj ET Q q 0 0 0 rg BT 73.65 148.65 Td (year ) Tj ET Q q 0 0 0 rg BT 93.97 148.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.82 148.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 181.16 148.65 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.18 148.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.00 148.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.02 148.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.84 148.65 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.85 148.65 Td ( ) Tj ET Q q 0 0 0 rg BT 261.66 148.65 Td (when ) Tj ET Q q 0 0 0 rg BT 286.00 148.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 328.83 148.65 Td (to ) Tj ET Q q 0 0 0 rg BT 339.16 148.65 Td (the ) Tj ET Q q 0 0 0 rg BT 354.48 148.65 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.31 148.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.33 148.65 Td ( ) Tj ET Q q 0 0 0 rg BT 402.15 148.65 Td (period, ) Tj ET Q q 0 0 0 rg BT 432.48 148.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 475.32 148.65 Td (decreases ) Tj ET Q q 0 0 0 rg BT 519.66 148.65 Td (in ) Tj ET Q q 0 0 0 rg BT 529.48 148.65 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 137.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 85.57 137.85 Td (on ) Tj ET Q q 0 0 0 rg BT 97.62 137.85 Td (an ) Tj ET Q q 0 0 0 rg BT 109.67 137.85 Td (absolute ) Tj ET Q q 0 0 0 rg BT 145.74 137.85 Td (and ) Tj ET Q q 0 0 0 rg BT 162.79 137.85 Td (per ) Tj ET Q q 0 0 0 rg BT 177.84 137.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 194.90 137.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 217.95 137.85 Td (were ) Tj ET Q q 0 0 0 rg BT 239.49 137.85 Td (realized. ) Tj ET Q q 0 0 0 rg BT 275.55 137.85 Td ( ) Tj ET Q q 0 0 0 rg BT 277.46 137.85 Td (These ) Tj ET Q q 0 0 0 rg BT 304.51 137.85 Td (reductions ) Tj ET Q q 0 0 0 rg BT 348.08 137.85 Td (were ) Tj ET Q q 0 0 0 rg BT 369.62 137.85 Td (achieved ) Tj ET Q q 0 0 0 rg BT 407.69 137.85 Td (through ) Tj ET Q q 0 0 0 rg BT 440.25 137.85 Td (the ) Tj ET Q q 0 0 0 rg BT 454.81 137.85 Td (continued ) Tj ET Q q 0 0 0 rg BT 495.88 137.85 Td (focus ) Tj ET Q q 0 0 0 rg BT 519.43 137.85 Td (of ) Tj ET Q q 0 0 0 rg BT 528.98 137.85 Td (allocating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 127.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 94.03 127.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 123.33 127.05 Td (to ) Tj ET Q q 0 0 0 rg BT 134.12 127.05 Td (the ) Tj ET Q q 0 0 0 rg BT 149.91 127.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 174.70 127.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 215.52 127.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 235.31 127.05 Td (structures ) Tj ET Q q 0 0 0 rg BT 278.10 127.05 Td (in ) Tj ET Q q 0 0 0 rg BT 288.39 127.05 Td (the ) Tj ET Q q 0 0 0 rg BT 304.19 127.05 Td (W) Tj ET Q q 0 0 0 rg BT 312.52 127.05 Td (est ) Tj ET Q q 0 0 0 rg BT 327.81 127.05 Td (Central ) Tj ET Q q 0 0 0 rg BT 360.11 127.05 Td (and ) Tj ET Q q 0 0 0 rg BT 378.41 127.05 Td (Deep ) Tj ET Q q 0 0 0 rg BT 403.21 127.05 Td (Basin ) Tj ET Q q 0 0 0 rg BT 429.00 127.05 Td (core ) Tj ET Q q 0 0 0 rg BT 449.79 127.05 Td (areas ) Tj ET Q q 0 0 0 rg BT 475.59 127.05 Td (as ) Tj ET Q q 0 0 0 rg BT 488.38 127.05 Td (well ) Tj ET Q q 0 0 0 rg BT 507.17 127.05 Td (as ) Tj ET Q q 0 0 0 rg BT 519.96 127.05 Td (expenditure ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 116.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 84.05 116.25 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 123.08 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 140.12 116.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 174.17 116.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 192.70 116.25 Td (control ) Tj ET Q q 0 0 0 rg BT 221.74 116.25 Td (ef) Tj ET Q q 0 0 0 rg BT 229.08 116.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 248.61 116.25 Td (including ) Tj ET Q q 0 0 0 rg BT 286.15 116.25 Td (decreases ) Tj ET Q q 0 0 0 rg BT 329.70 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.73 116.25 Td (supplier ) Tj ET Q q 0 0 0 rg BT 372.27 116.25 Td (service ) Tj ET Q q 0 0 0 rg BT 402.80 116.25 Td (costs. ) Tj ET Q q 0 0 0 rg BT 428.32 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.35 116.25 Td (In ) Tj ET Q q 0 0 0 rg BT 439.87 116.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 475.92 116.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 517.97 116.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 536.49 116.25 Td (savings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 105.45 Td (were ) Tj ET Q q 0 0 0 rg BT 66.73 105.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 100.47 105.45 Td (as ) Tj ET Q q 0 0 0 rg BT 112.20 105.45 Td (a ) Tj ET Q q 0 0 0 rg BT 119.43 105.45 Td (result ) Tj ET Q q 0 0 0 rg BT 143.67 105.45 Td (of ) Tj ET Q q 0 0 0 rg BT 153.40 105.45 Td (the ) Tj ET Q q 0 0 0 rg BT 167.69 105.45 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 194.43 105.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 211.16 105.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 232.90 105.45 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 292.65 105.45 Td (in ) Tj ET Q q 0 0 0 rg BT 301.88 105.45 Td (the ) Tj ET Q q 0 0 0 rg BT 316.61 105.45 Td (third ) Tj ET Q q 0 0 0 rg BT 336.35 105.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 367.09 105.45 Td (of ) Tj ET Q q 0 0 0 rg BT 376.82 105.45 Td (2015 ) Tj ET Q q 0 0 0 rg BT 399.06 105.45 Td (and ) Tj ET Q q 0 0 0 rg BT 416.30 105.45 Td (the ) Tj ET Q q 0 0 0 rg BT 431.04 105.45 Td (disposition ) Tj ET Q q 0 0 0 rg BT 475.79 105.45 Td (of ) Tj ET Q q 0 0 0 rg BT 485.52 105.45 Td (higher ) Tj ET Q q 0 0 0 rg BT 512.76 105.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 531.49 105.45 Td (non-core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 94.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 73.51 94.65 Td (throughout ) Tj ET Q q 0 0 0 rg BT 119.05 94.65 Td (2015. ) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 17) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Operating ) Tj ET Q q 0 0 0 rg BT 87.37 731.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 128.74 731.45 Td (for ) Tj ET Q q 0 0 0 rg BT 142.09 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 157.44 731.45 Td (three ) Tj ET Q q 0 0 0 rg BT 180.80 731.45 Td (months ) Tj ET Q q 0 0 0 rg BT 213.16 731.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.03 731.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 300.40 731.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.43 731.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.27 731.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.30 731.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.14 731.45 Td (26%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.16 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 389.00 731.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.35 731.45 Td ($43.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.88 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 424.72 731.45 Td (million ) Tj ET Q q 0 0 0 rg BT 453.07 731.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 495.94 731.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.29 731.45 Td ($58.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.81 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 531.65 731.45 Td (million ) Tj ET Q q 0 0 0 rg BT 560.00 731.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 60.76 720.65 Td (same ) Tj ET Q q 0 0 0 rg BT 86.01 720.65 Td (period ) Tj ET Q q 0 0 0 rg BT 114.28 720.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.53 720.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.55 720.65 Td (. ) Tj ET Q q 0 0 0 rg BT 150.30 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 153.54 720.65 Td (Operating ) Tj ET Q q 0 0 0 rg BT 196.31 720.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 238.09 720.65 Td (on ) Tj ET Q q 0 0 0 rg BT 251.35 720.65 Td (a ) Tj ET Q q 0 0 0 rg BT 259.60 720.65 Td (per ) Tj ET Q q 0 0 0 rg BT 275.85 720.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 294.11 720.65 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.37 720.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.40 720.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.65 720.65 Td (21%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.66 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 384.91 720.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.66 720.65 Td ($5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.18 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 421.43 720.65 Td (per ) Tj ET Q q 0 0 0 rg BT 437.68 720.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 455.94 720.65 Td (for ) Tj ET Q q 0 0 0 rg BT 469.69 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 485.45 720.65 Td (three ) Tj ET Q q 0 0 0 rg BT 509.21 720.65 Td (months ) Tj ET Q q 0 0 0 rg BT 541.97 720.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.63 709.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.65 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 125.75 709.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 167.87 709.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.47 709.85 Td ($7.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.99 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 202.09 709.85 Td (per ) Tj ET Q q 0 0 0 rg BT 217.20 709.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 234.31 709.85 Td (in ) Tj ET Q q 0 0 0 rg BT 243.42 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 258.02 709.85 Td (same ) Tj ET Q q 0 0 0 rg BT 282.13 709.85 Td (period ) Tj ET Q q 0 0 0 rg BT 309.25 709.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.35 709.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.37 709.85 Td (. ) Tj ET Q q 0 0 0 rg BT 342.97 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 345.07 709.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 392.91 709.85 Td (focus ) Tj ET Q q 0 0 0 rg BT 416.52 709.85 Td (on ) Tj ET Q q 0 0 0 rg BT 428.63 709.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 452.24 709.85 Td (concentration, ) Tj ET Q q 0 0 0 rg BT 510.88 709.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 550.50 709.85 Td (cost ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (ef) Tj ET Q q 0 0 0 rg BT 52.34 699.05 Td (ficiencies ) Tj ET Q q 0 0 0 rg BT 92.33 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 110.33 699.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 129.81 699.05 Td (control ) Tj ET Q q 0 0 0 rg BT 159.80 699.05 Td (within ) Tj ET Q q 0 0 0 rg BT 185.78 699.05 Td (its ) Tj ET Q q 0 0 0 rg BT 197.76 699.05 Td (core ) Tj ET Q q 0 0 0 rg BT 218.24 699.05 Td (areas ) Tj ET Q q 0 0 0 rg BT 243.73 699.05 Td (as ) Tj ET Q q 0 0 0 rg BT 256.21 699.05 Td (well ) Tj ET Q q 0 0 0 rg BT 274.69 699.05 Td (as ) Tj ET Q q 0 0 0 rg BT 287.17 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 302.66 699.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 322.14 699.05 Td (savings ) Tj ET Q q 0 0 0 rg BT 355.63 699.05 Td (realized ) Tj ET Q q 0 0 0 rg BT 390.12 699.05 Td (through ) Tj ET Q q 0 0 0 rg BT 423.62 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 439.11 699.05 Td (newly ) Tj ET Q q 0 0 0 rg BT 465.10 699.05 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 525.00 699.05 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 552.49 699.05 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (plant, ) Tj ET Q q 0 0 0 rg BT 69.52 688.25 Td (resulted ) Tj ET Q q 0 0 0 rg BT 104.04 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 113.54 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.55 688.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 171.07 688.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 210.60 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 220.10 688.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 260.13 688.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 314.17 688.25 Td (on ) Tj ET Q q 0 0 0 rg BT 326.68 688.25 Td (an ) Tj ET Q q 0 0 0 rg BT 339.19 688.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 375.72 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.24 688.25 Td (per ) Tj ET Q q 0 0 0 rg BT 408.74 688.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 426.26 688.25 Td (basis.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 671.45 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 671.45 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 671.45 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 671.45 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.07 671.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 211.32 671.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 251.35 671.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 292.37 671.45 Td (by ) Tj ET Q q 0 0 0 rg BT 304.38 671.45 Td (product ) Tj ET Q q 0 0 0 rg BT 336.90 671.45 Td (for ) Tj ET Q q 0 0 0 rg BT 349.90 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 364.91 671.45 Td (three ) Tj ET Q q 0 0 0 rg BT 387.93 671.45 Td (months ) Tj ET Q q 0 0 0 rg BT 419.94 671.45 Td (and ) Tj ET Q q 0 0 0 rg BT 437.46 671.45 Td (years ) Tj ET Q q 0 0 0 rg BT 461.97 671.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.49 671.45 Td (December ) Tj ET Q q 0 0 0 rg BT 533.51 671.45 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.02 671.45 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 398.50 654.95 168.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 286.50 640.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 398.50 640.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 640.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 626.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 612.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 598.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 584.95 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 654.95 m 228.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 654.95 m 286.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 654.95 m 342.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 654.95 m 398.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 654.95 m 454.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 654.95 m 510.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 654.95 m 566.5 654.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 626.95 m 228.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 626.95 m 286.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 626.95 m 342.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 626.95 m 398.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 626.95 m 454.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 626.95 m 510.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 626.95 m 566.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 626.95 m 286.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 626.95 m 342.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 626.95 m 454.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 626.95 m 510.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 626.95 m 566.5 626.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 584.95 m 228.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 584.95 m 286.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 584.95 m 342.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 584.95 m 398.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 584.95 m 454.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 584.95 m 510.5 584.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 584.95 m 566.5 584.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 570.95 m 228.5 570.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 584.95 m 286.5 584.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 228.5 570.95 m 286.5 570.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 584.95 m 342.5 584.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 570.95 m 342.5 570.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 570.95 m 398.5 570.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 570.95 m 454.5 570.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 570.95 m 510.5 570.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 570.95 m 566.5 570.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.40 645.35 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 645.35 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 631.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 631.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 631.35 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 631.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 631.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 631.35 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 617.35 Td (Natural gas \($/mcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 617.35 Td (0.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 617.35 Td (1.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 617.35 Td (\(19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 617.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 617.35 Td (0.98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 617.35 Td (1.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 617.35 Td (\(16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 617.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 603.35 Td (Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 603.35 Td (5.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 603.35 Td (9.31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 603.35 Td (\(38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 603.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 603.35 Td (7.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 603.35 Td (10.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 603.35 Td (\(29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 603.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 589.35 Td (Oil \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 260.45 589.35 Td (11.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.45 589.35 Td (11.39) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.95 589.35 Td (\(3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 589.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.45 589.35 Td (11.10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 589.35 Td (12.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 589.35 Td (\(10) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 589.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 575.35 Td (Total \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 575.35 Td (5.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 575.35 Td (7.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 575.35 Td (\(21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 575.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 575.35 Td (6.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 575.35 Td (8.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 575.35 Td (\(20) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 575.35 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 554.65 Td (T) Tj ET Q q 0 0 0 rg BT 50.33 554.65 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 110.38 554.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 153.46 554.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.50 554.65 Td (T) Tj ET Q q 0 0 0 rg BT 163.67 554.65 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 218.24 554.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 258.82 554.65 Td (for ) Tj ET Q q 0 0 0 rg BT 271.37 554.65 Td (the ) Tj ET Q q 0 0 0 rg BT 285.92 554.65 Td (year ) Tj ET Q q 0 0 0 rg BT 305.48 554.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.55 554.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 391.13 554.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.15 554.65 Td ( ) Tj ET Q q 0 0 0 rg BT 413.19 554.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.75 554.65 Td ($36.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.27 554.65 Td ( ) Tj ET Q q 0 0 0 rg BT 459.31 554.65 Td (million, ) Tj ET Q q 0 0 0 rg BT 489.37 554.65 Td (a ) Tj ET Q q 0 0 0 rg BT 496.42 554.65 Td (marginal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.98 554.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 554.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 543.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.64 543.85 Td ($36.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.17 543.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.81 543.85 Td (million ) Tj ET Q q 0 0 0 rg BT 118.96 543.85 Td (for ) Tj ET Q q 0 0 0 rg BT 132.11 543.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.26 543.85 Td (year ) Tj ET Q q 0 0 0 rg BT 167.42 543.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.09 543.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 254.26 543.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 274.28 543.85 Td (. ) Tj ET Q q 0 0 0 rg BT 279.43 543.85 Td ( ) Tj ET Q q 0 0 0 rg BT 282.07 543.85 Td (Conversely) Tj ET Q q 0 0 0 rg BT 326.42 543.85 Td (, ) Tj ET Q q 0 0 0 rg BT 331.57 543.85 Td (transportation ) Tj ET Q q 0 0 0 rg BT 389.24 543.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 430.41 543.85 Td (on ) Tj ET Q q 0 0 0 rg BT 443.07 543.85 Td (a ) Tj ET Q q 0 0 0 rg BT 450.72 543.85 Td (per ) Tj ET Q q 0 0 0 rg BT 466.37 543.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 484.03 543.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 507.69 543.85 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.84 543.85 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.85 543.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.49 543.85 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 543.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 533.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.15 533.05 Td ($1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.67 533.05 Td ( ) Tj ET Q q 0 0 0 rg BT 80.31 533.05 Td (per ) Tj ET Q q 0 0 0 rg BT 95.96 533.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 113.62 533.05 Td (for ) Tj ET Q q 0 0 0 rg BT 126.76 533.05 Td (the ) Tj ET Q q 0 0 0 rg BT 141.91 533.05 Td (year ) Tj ET Q q 0 0 0 rg BT 162.06 533.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.73 533.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 248.90 533.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.92 533.05 Td ( ) Tj ET Q q 0 0 0 rg BT 271.56 533.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 314.22 533.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.37 533.05 Td ($1.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.89 533.05 Td ( ) Tj ET Q q 0 0 0 rg BT 349.53 533.05 Td (per ) Tj ET Q q 0 0 0 rg BT 365.18 533.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 382.84 533.05 Td (in ) Tj ET Q q 0 0 0 rg BT 392.48 533.05 Td (the ) Tj ET Q q 0 0 0 rg BT 407.64 533.05 Td (same ) Tj ET Q q 0 0 0 rg BT 432.29 533.05 Td (prior ) Tj ET Q q 0 0 0 rg BT 452.93 533.05 Td (period ) Tj ET Q q 0 0 0 rg BT 480.59 533.05 Td (year) Tj ET Q q 0 0 0 rg BT 497.60 533.05 Td (. ) Tj ET Q q 0 0 0 rg BT 502.74 533.05 Td ( ) Tj ET Q q 0 0 0 rg BT 505.21 533.05 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.36 533.05 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.38 533.05 Td ( ) Tj ET Q q 0 0 0 rg BT 560.02 533.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 522.25 Td (absolute ) Tj ET Q q 0 0 0 rg BT 81.69 522.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 139.38 522.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 163.04 522.25 Td (for ) Tj ET Q q 0 0 0 rg BT 176.21 522.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.38 522.25 Td (year ) Tj ET Q q 0 0 0 rg BT 211.54 522.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 239.23 522.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 298.41 522.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.44 522.25 Td ( ) Tj ET Q q 0 0 0 rg BT 321.10 522.25 Td (was ) Tj ET Q q 0 0 0 rg BT 339.76 522.25 Td (due ) Tj ET Q q 0 0 0 rg BT 357.43 522.25 Td (to ) Tj ET Q q 0 0 0 rg BT 367.60 522.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.77 522.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 419.45 522.25 Td (in ) Tj ET Q q 0 0 0 rg BT 429.11 522.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 459.29 522.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 476.46 522.25 Td (and ) Tj ET Q q 0 0 0 rg BT 494.13 522.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 524.31 522.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 541.48 522.25 Td (liquids ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 511.45 Td (production ) Tj ET Q q 0 0 0 rg BT 89.90 511.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 132.80 511.45 Td (to ) Tj ET Q q 0 0 0 rg BT 143.18 511.45 Td (the ) Tj ET Q q 0 0 0 rg BT 158.57 511.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 179.45 511.45 Td (year) Tj ET Q q 0 0 0 rg BT 196.46 511.45 Td (, ) Tj ET Q q 0 0 0 rg BT 201.84 511.45 Td (of) Tj ET Q q 0 0 0 rg BT 209.18 511.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 226.56 511.45 Td (by ) Tj ET Q q 0 0 0 rg BT 238.94 511.45 Td (the ) Tj ET Q q 0 0 0 rg BT 254.33 511.45 Td (disposition ) Tj ET Q q 0 0 0 rg BT 299.73 511.45 Td (of ) Tj ET Q q 0 0 0 rg BT 310.11 511.45 Td (oil-weighted, ) Tj ET Q q 0 0 0 rg BT 363.52 511.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 401.91 511.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 444.81 511.45 Td (throughout ) Tj ET Q q 0 0 0 rg BT 490.72 511.45 Td (2014 ) Tj ET Q q 0 0 0 rg BT 513.62 511.45 Td (which ) Tj ET Q q 0 0 0 rg BT 539.50 511.45 Td (carried ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 500.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 73.08 500.65 Td (transportation ) Tj ET Q q 0 0 0 rg BT 131.17 500.65 Td (rates. ) Tj ET Q q 0 0 0 rg BT 156.54 500.65 Td (T) Tj ET Q q 0 0 0 rg BT 161.71 500.65 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 217.30 500.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 258.89 500.65 Td (on ) Tj ET Q q 0 0 0 rg BT 271.96 500.65 Td (a ) Tj ET Q q 0 0 0 rg BT 280.03 500.65 Td (per ) Tj ET Q q 0 0 0 rg BT 296.10 500.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 314.17 500.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 338.24 500.65 Td (were ) Tj ET Q q 0 0 0 rg BT 360.81 500.65 Td (impacted ) Tj ET Q q 0 0 0 rg BT 400.39 500.65 Td (by ) Tj ET Q q 0 0 0 rg BT 412.96 500.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 461.76 500.65 Td (increased ) Tj ET Q q 0 0 0 rg BT 503.85 500.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 534.43 500.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 552.00 500.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 489.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 74.77 489.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 91.53 489.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 119.29 489.85 Td (production ) Tj ET Q q 0 0 0 rg BT 163.57 489.85 Td (profile ) Tj ET Q q 0 0 0 rg BT 190.33 489.85 Td (which ) Tj ET Q q 0 0 0 rg BT 215.59 489.85 Td (carry ) Tj ET Q q 0 0 0 rg BT 237.84 489.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 261.59 489.85 Td (transportation ) Tj ET Q q 0 0 0 rg BT 318.88 489.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 342.13 489.85 Td (per ) Tj ET Q q 0 0 0 rg BT 357.39 489.85 Td (boe, ) Tj ET Q q 0 0 0 rg BT 377.15 489.85 Td (as ) Tj ET Q q 0 0 0 rg BT 388.91 489.85 Td (well ) Tj ET Q q 0 0 0 rg BT 406.66 489.85 Td (as ) Tj ET Q q 0 0 0 rg BT 418.42 489.85 Td (additional ) Tj ET Q q 0 0 0 rg BT 459.20 489.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 488.96 489.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 505.72 489.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 533.49 489.85 Td (volumes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 479.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 81.52 479.05 Td (from ) Tj ET Q q 0 0 0 rg BT 102.02 479.05 Td (a ) Tj ET Q q 0 0 0 rg BT 109.52 479.05 Td (third-party ) Tj ET Q q 0 0 0 rg BT 152.54 479.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 174.56 479.05 Td (expansion ) Tj ET Q q 0 0 0 rg BT 218.09 479.05 Td (commissioned ) Tj ET Q q 0 0 0 rg BT 278.11 479.05 Td (in ) Tj ET Q q 0 0 0 rg BT 287.61 479.05 Td (the ) Tj ET Q q 0 0 0 rg BT 302.63 479.05 Td (third ) Tj ET Q q 0 0 0 rg BT 322.63 479.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.65 479.05 Td (of ) Tj ET Q q 0 0 0 rg BT 363.66 479.05 Td (2015 ) Tj ET Q q 0 0 0 rg BT 386.18 479.05 Td (which ) Tj ET Q q 0 0 0 rg BT 411.69 479.05 Td (have ) Tj ET Q q 0 0 0 rg BT 433.71 479.05 Td (limited ) Tj ET Q q 0 0 0 rg BT 462.21 479.05 Td (transportation ) Tj ET Q q 0 0 0 rg BT 519.75 479.05 Td (costs.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 462.25 Td (T) Tj ET Q q 0 0 0 rg BT 50.16 462.25 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 105.22 462.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 146.28 462.25 Td (for ) Tj ET Q q 0 0 0 rg BT 159.31 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 174.35 462.25 Td (three ) Tj ET Q q 0 0 0 rg BT 197.39 462.25 Td (months ) Tj ET Q q 0 0 0 rg BT 229.44 462.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 256.99 462.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 316.05 462.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.07 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.60 462.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.13 462.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.16 462.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.69 462.25 Td (6%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.69 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 401.22 462.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.26 462.25 Td ($9.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.77 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 431.30 462.25 Td (million ) Tj ET Q q 0 0 0 rg BT 459.34 462.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 501.89 462.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.92 462.25 Td ($9.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.44 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 531.97 462.25 Td (million ) Tj ET Q q 0 0 0 rg BT 560.00 462.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 451.45 Td (the ) Tj ET Q q 0 0 0 rg BT 59.82 451.45 Td (same ) Tj ET Q q 0 0 0 rg BT 84.14 451.45 Td (period ) Tj ET Q q 0 0 0 rg BT 111.47 451.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.79 451.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.81 451.45 Td (, ) Tj ET Q q 0 0 0 rg BT 145.63 451.45 Td (largely ) Tj ET Q q 0 0 0 rg BT 174.45 451.45 Td (due ) Tj ET Q q 0 0 0 rg BT 191.78 451.45 Td (to ) Tj ET Q q 0 0 0 rg BT 201.60 451.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 216.42 451.45 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.43 451.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.74 451.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 268.77 451.45 Td ( ) Tj ET Q q 0 0 0 rg BT 271.08 451.45 Td (in ) Tj ET Q q 0 0 0 rg BT 280.40 451.45 Td (production ) Tj ET Q q 0 0 0 rg BT 324.74 451.45 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 363.06 451.45 Td ( ) Tj ET Q q 0 0 0 rg BT 365.23 451.45 Td (T) Tj ET Q q 0 0 0 rg BT 370.39 451.45 Td (ransportation ) Tj ET Q q 0 0 0 rg BT 425.23 451.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 466.07 451.45 Td (on ) Tj ET Q q 0 0 0 rg BT 478.40 451.45 Td (a ) Tj ET Q q 0 0 0 rg BT 485.71 451.45 Td (per ) Tj ET Q q 0 0 0 rg BT 501.03 451.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 518.36 451.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 541.69 451.45 Td (for ) Tj ET Q q 0 0 0 rg BT 554.50 451.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 440.65 Td (three ) Tj ET Q q 0 0 0 rg BT 68.10 440.65 Td (months ) Tj ET Q q 0 0 0 rg BT 100.20 440.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.81 440.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 186.92 440.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.94 440.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.53 440.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 248.55 440.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.14 440.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.14 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 266.73 440.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.82 440.65 Td ($1.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.34 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 301.93 440.65 Td (per ) Tj ET Q q 0 0 0 rg BT 317.52 440.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 335.12 440.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.71 440.65 Td ($1.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.23 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 380.81 440.65 Td (per ) Tj ET Q q 0 0 0 rg BT 396.40 440.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 414.01 440.65 Td (for ) Tj ET Q q 0 0 0 rg BT 427.09 440.65 Td (the ) Tj ET Q q 0 0 0 rg BT 442.19 440.65 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.80 440.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.82 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 516.40 440.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 546.51 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 549.09 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 551.51 440.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 429.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 81.29 429.85 Td (in ) Tj ET Q q 0 0 0 rg BT 90.57 429.85 Td (transportation ) Tj ET Q q 0 0 0 rg BT 147.88 429.85 Td (expenses ) Tj ET Q q 0 0 0 rg BT 188.68 429.85 Td (on ) Tj ET Q q 0 0 0 rg BT 200.96 429.85 Td (a ) Tj ET Q q 0 0 0 rg BT 208.24 429.85 Td (per ) Tj ET Q q 0 0 0 rg BT 223.52 429.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 240.81 429.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 264.09 429.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 306.39 429.85 Td (to ) Tj ET Q q 0 0 0 rg BT 316.17 429.85 Td (the ) Tj ET Q q 0 0 0 rg BT 330.95 429.85 Td (same ) Tj ET Q q 0 0 0 rg BT 355.23 429.85 Td (prior ) Tj ET Q q 0 0 0 rg BT 375.51 429.85 Td (year ) Tj ET Q q 0 0 0 rg BT 395.29 429.85 Td (period ) Tj ET Q q 0 0 0 rg BT 422.58 429.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 456.88 429.85 Td (from ) Tj ET Q q 0 0 0 rg BT 477.15 429.85 Td (excess ) Tj ET Q q 0 0 0 rg BT 507.43 429.85 Td (firm ) Tj ET Q q 0 0 0 rg BT 524.70 429.85 Td (capacity ) Tj ET Q q 0 0 0 rg BT 559.99 429.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 419.05 Td (the ) Tj ET Q q 0 0 0 rg BT 60.08 419.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 85.67 419.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 116.75 419.05 Td (of ) Tj ET Q q 0 0 0 rg BT 126.83 419.05 Td (2015, ) Tj ET Q q 0 0 0 rg BT 151.92 419.05 Td (partially ) Tj ET Q q 0 0 0 rg BT 185.50 419.05 Td (of) Tj ET Q q 0 0 0 rg BT 192.85 419.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 209.92 419.05 Td (by ) Tj ET Q q 0 0 0 rg BT 222.00 419.05 Td (the ) Tj ET Q q 0 0 0 rg BT 237.08 419.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 266.16 419.05 Td (of ) Tj ET Q q 0 0 0 rg BT 276.23 419.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 317.83 419.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 347.92 419.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 365.00 419.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 393.08 419.05 Td (volumes ) Tj ET Q q 0 0 0 rg BT 429.17 419.05 Td (with ) Tj ET Q q 0 0 0 rg BT 447.74 419.05 Td (limited ) Tj ET Q q 0 0 0 rg BT 476.32 419.05 Td (transportation ) Tj ET Q q 0 0 0 rg BT 533.92 419.05 Td (costs, ) Tj ET Q q 0 0 0 rg BT 560.00 419.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 408.25 Td (W) Tj ET Q q 0 0 0 rg BT 68.34 408.25 Td (est ) Tj ET Q q 0 0 0 rg BT 82.85 408.25 Td (Central ) Tj ET Q q 0 0 0 rg BT 114.36 408.25 Td (core ) Tj ET Q q 0 0 0 rg BT 134.37 408.25 Td (area ) Tj ET Q q 0 0 0 rg BT 154.89 408.25 Td (due ) Tj ET Q q 0 0 0 rg BT 172.40 408.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.41 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 197.42 408.25 Td (commissioning ) Tj ET Q q 0 0 0 rg BT 259.44 408.25 Td (of ) Tj ET Q q 0 0 0 rg BT 269.45 408.25 Td (a ) Tj ET Q q 0 0 0 rg BT 276.95 408.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 319.97 408.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 341.98 408.25 Td (expansion.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 391.45 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 391.45 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 391.45 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 391.45 Td (highlights ) Tj ET Q q 0 0 0 rg BT 163.07 391.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 204.43 391.45 Td (s ) Tj ET Q q 0 0 0 rg BT 211.43 391.45 Td (transportation ) Tj ET Q q 0 0 0 rg BT 268.97 391.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 292.47 391.45 Td (by ) Tj ET Q q 0 0 0 rg BT 304.48 391.45 Td (product ) Tj ET Q q 0 0 0 rg BT 337.00 391.45 Td (for ) Tj ET Q q 0 0 0 rg BT 350.00 391.45 Td (the ) Tj ET Q q 0 0 0 rg BT 365.01 391.45 Td (three ) Tj ET Q q 0 0 0 rg BT 388.03 391.45 Td (months ) Tj ET Q q 0 0 0 rg BT 420.04 391.45 Td (and ) Tj ET Q q 0 0 0 rg BT 437.56 391.45 Td (years ) Tj ET Q q 0 0 0 rg BT 462.07 391.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.59 391.45 Td (December ) Tj ET Q q 0 0 0 rg BT 533.61 391.45 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.12 391.45 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 398.50 377.95 168.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 286.50 363.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 398.50 363.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 363.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 349.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 335.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 321.95 56.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 510.50 307.95 56.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 377.95 m 230.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 377.95 m 286.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 377.95 m 342.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 377.95 m 398.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 377.95 m 454.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 377.95 m 510.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 377.95 m 566.5 377.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 349.95 m 230.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 349.95 m 286.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 349.95 m 342.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 349.95 m 398.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 349.95 m 454.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 349.95 m 510.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 349.95 m 566.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 349.95 m 566.5 349.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 307.95 m 230.5 307.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 307.95 m 286.5 307.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 307.95 m 342.5 307.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 307.95 m 398.5 307.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 307.95 m 454.5 307.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 307.95 m 510.5 307.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 307.95 m 566.5 307.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 293.95 m 230.5 293.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 230.5 293.95 m 286.5 293.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 286.5 293.95 m 342.5 293.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342.5 293.95 m 398.5 293.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 398.5 293.95 m 454.5 293.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 293.95 m 510.5 293.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 510.5 293.95 m 566.5 293.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.40 368.35 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 368.35 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 262.95 354.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.95 354.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.95 354.35 Td (% Change) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.95 354.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.95 354.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 354.35 Td (% Change) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 340.35 Td (Natural gas \($/mcf\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 340.35 Td (0.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 340.35 Td (0.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 340.35 Td (14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 340.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 340.35 Td (0.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 340.35 Td (0.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.00 340.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 340.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 326.35 Td (Natural gas liquids \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 326.35 Td (0.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 326.35 Td (0.67) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.95 326.35 Td (\(49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 387.00 326.35 Td (\)%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 326.35 Td (0.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 326.35 Td (0.59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 326.35 Td (\(19) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 326.35 Td (\)%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 312.35 Td (Oil \($/bbl\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 312.35 Td (1.85) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 312.35 Td (1.53) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.95 312.35 Td (21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 312.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 312.35 Td (1.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 312.35 Td (1.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.95 312.35 Td (11) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 312.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 298.35 Td (Total \($/boe\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 265.45 298.35 Td (1.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 321.45 298.35 Td (1.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 298.35 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 298.35 Td (%) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.45 298.35 Td (1.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.45 298.35 Td (1.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.95 298.35 Td (\(2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 298.35 Td (\)%) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 277.65 Td (General ) Tj ET Q q 0 0 0 rg BT 81.33 277.65 Td (and ) Tj ET Q q 0 0 0 rg BT 100.15 277.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 163.99 277.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 207.83 277.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.65 277.65 Td (General ) Tj ET Q q 0 0 0 rg BT 248.48 277.65 Td (and ) Tj ET Q q 0 0 0 rg BT 266.32 277.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 324.65 277.65 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 368.50 277.65 Td (after ) Tj ET Q q 0 0 0 rg BT 389.32 277.65 Td (overhead ) Tj ET Q q 0 0 0 rg BT 429.67 277.65 Td (recoveries, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.50 277.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 515.53 277.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.34 277.65 Td (2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.35 277.65 Td ( ) Tj ET Q q 0 0 0 rg BT 534.17 277.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 277.65 Td ($32.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 277.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 266.85 Td (million ) Tj ET Q q 0 0 0 rg BT 73.55 266.85 Td (for ) Tj ET Q q 0 0 0 rg BT 87.11 266.85 Td (the ) Tj ET Q q 0 0 0 rg BT 102.67 266.85 Td (year ) Tj ET Q q 0 0 0 rg BT 123.22 266.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.30 266.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 210.87 266.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.90 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 233.94 266.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 277.01 266.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.57 266.85 Td ($32.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.09 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 313.14 266.85 Td (million ) Tj ET Q q 0 0 0 rg BT 341.69 266.85 Td (for ) Tj ET Q q 0 0 0 rg BT 355.25 266.85 Td (the ) Tj ET Q q 0 0 0 rg BT 370.81 266.85 Td (year ) Tj ET Q q 0 0 0 rg BT 391.36 266.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.44 266.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 479.01 266.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.04 266.85 Td (. ) Tj ET Q q 0 0 0 rg BT 504.39 266.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.94 266.85 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.96 266.85 Td ( ) Tj ET Q q 0 0 0 rg BT 560.01 266.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 256.05 Td (absolute ) Tj ET Q q 0 0 0 rg BT 82.36 256.05 Td (general ) Tj ET Q q 0 0 0 rg BT 115.72 256.05 Td (and ) Tj ET Q q 0 0 0 rg BT 134.08 256.05 Td (administrative ) Tj ET Q q 0 0 0 rg BT 192.93 256.05 Td (expenses ) Tj ET Q q 0 0 0 rg BT 234.80 256.05 Td (was ) Tj ET Q q 0 0 0 rg BT 254.14 256.05 Td (impacted ) Tj ET Q q 0 0 0 rg BT 294.00 256.05 Td (by ) Tj ET Q q 0 0 0 rg BT 306.84 256.05 Td (one-time ) Tj ET Q q 0 0 0 rg BT 345.19 256.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 404.56 256.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 428.90 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 439.25 256.05 Td (relation ) Tj ET Q q 0 0 0 rg BT 472.10 256.05 Td (to ) Tj ET Q q 0 0 0 rg BT 482.94 256.05 Td (reductions ) Tj ET Q q 0 0 0 rg BT 527.81 256.05 Td (in ) Tj ET Q q 0 0 0 rg BT 538.15 256.05 Td (staf) Tj ET Q q 0 0 0 rg BT 552.49 256.05 Td (fing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 245.25 Td (levels, ) Tj ET Q q 0 0 0 rg BT 72.76 245.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.01 245.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 115.78 245.25 Td (to ) Tj ET Q q 0 0 0 rg BT 125.54 245.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 149.29 245.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 177.56 245.25 Td (overhead ) Tj ET Q q 0 0 0 rg BT 217.33 245.25 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 261.09 245.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 306.37 245.25 Td (with ) Tj ET Q q 0 0 0 rg BT 324.62 245.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 368.90 245.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 397.16 245.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 435.94 245.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.69 245.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.45 245.25 Td (year ) Tj ET Q q 0 0 0 rg BT 483.21 245.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 245.25 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 234.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 234.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.45 234.45 Td (relative ) Tj ET Q q 0 0 0 rg BT 98.90 234.45 Td (to ) Tj ET Q q 0 0 0 rg BT 108.83 234.45 Td (the ) Tj ET Q q 0 0 0 rg BT 123.77 234.45 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.23 234.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.25 234.45 Td ( ) Tj ET Q q 0 0 0 rg BT 197.68 234.45 Td (period. ) Tj ET Q q 0 0 0 rg BT 227.63 234.45 Td (On ) Tj ET Q q 0 0 0 rg BT 242.06 234.45 Td (a ) Tj ET Q q 0 0 0 rg BT 249.50 234.45 Td (per ) Tj ET Q q 0 0 0 rg BT 264.94 234.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 282.38 234.45 Td (basis, ) Tj ET Q q 0 0 0 rg BT 308.33 234.45 Td (general ) Tj ET Q q 0 0 0 rg BT 340.78 234.45 Td (and ) Tj ET Q q 0 0 0 rg BT 358.23 234.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 416.18 234.45 Td (expenses ) Tj ET Q q 0 0 0 rg BT 457.14 234.45 Td (decreased ) Tj ET Q q 0 0 0 rg BT 501.60 234.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.53 234.45 Td ($1.12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.05 234.45 Td (per ) Tj ET Q q 0 0 0 rg BT 551.99 234.45 Td (boe ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 223.65 Td (for ) Tj ET Q q 0 0 0 rg BT 58.33 223.65 Td (the ) Tj ET Q q 0 0 0 rg BT 73.67 223.65 Td (year ) Tj ET Q q 0 0 0 rg BT 94.00 223.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 121.86 223.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 181.21 223.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.24 223.65 Td ( ) Tj ET Q q 0 0 0 rg BT 204.06 223.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.89 223.65 Td ($1.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.41 223.65 Td ( ) Tj ET Q q 0 0 0 rg BT 250.24 223.65 Td (perboe ) Tj ET Q q 0 0 0 rg BT 283.59 223.65 Td (for ) Tj ET Q q 0 0 0 rg BT 296.92 223.65 Td (the ) Tj ET Q q 0 0 0 rg BT 312.26 223.65 Td (same ) Tj ET Q q 0 0 0 rg BT 337.10 223.65 Td (period ) Tj ET Q q 0 0 0 rg BT 364.94 223.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.78 223.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.80 223.65 Td ( ) Tj ET Q q 0 0 0 rg BT 397.62 223.65 Td (due ) Tj ET Q q 0 0 0 rg BT 415.47 223.65 Td (mostly ) Tj ET Q q 0 0 0 rg BT 444.30 223.65 Td (to ) Tj ET Q q 0 0 0 rg BT 454.63 223.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.46 223.65 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.47 223.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.30 223.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.32 223.65 Td ( ) Tj ET Q q 0 0 0 rg BT 515.15 223.65 Td (in ) Tj ET Q q 0 0 0 rg BT 524.98 223.65 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 212.85 Td (volumes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 196.05 Td (General ) Tj ET Q q 0 0 0 rg BT 79.59 196.05 Td (and ) Tj ET Q q 0 0 0 rg BT 97.19 196.05 Td (administrative ) Tj ET Q q 0 0 0 rg BT 155.28 196.05 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 198.89 196.05 Td (after ) Tj ET Q q 0 0 0 rg BT 219.47 196.05 Td (overhead ) Tj ET Q q 0 0 0 rg BT 259.58 196.05 Td (recoveries, ) Tj ET Q q 0 0 0 rg BT 306.17 196.05 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.75 196.05 Td ($7.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.27 196.05 Td ( ) Tj ET Q q 0 0 0 rg BT 344.84 196.05 Td (million ) Tj ET Q q 0 0 0 rg BT 372.93 196.05 Td (for ) Tj ET Q q 0 0 0 rg BT 386.00 196.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.09 196.05 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.11 196.05 Td ( ) Tj ET Q q 0 0 0 rg BT 426.68 196.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 457.77 196.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.38 196.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.48 196.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.50 196.05 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 185.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 51.99 185.25 Td (12%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.00 185.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.99 185.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.02 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 111.00 185.25 Td (when ) Tj ET Q q 0 0 0 rg BT 134.50 185.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 176.51 185.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.00 185.25 Td ($8.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.52 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.51 185.25 Td (million ) Tj ET Q q 0 0 0 rg BT 233.00 185.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.99 185.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.49 185.25 Td (same ) Tj ET Q q 0 0 0 rg BT 280.48 185.25 Td (period ) Tj ET Q q 0 0 0 rg BT 307.49 185.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.48 185.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.50 185.25 Td (. ) Tj ET Q q 0 0 0 rg BT 340.98 185.25 Td ( ) Tj ET Q q 0 0 0 rg BT 342.97 185.25 Td (On ) Tj ET Q q 0 0 0 rg BT 356.96 185.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.96 185.25 Td (per ) Tj ET Q q 0 0 0 rg BT 378.95 185.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 395.95 185.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 421.45 185.25 Td (general ) Tj ET Q q 0 0 0 rg BT 453.46 185.25 Td (and ) Tj ET Q q 0 0 0 rg BT 470.46 185.25 Td (administration ) Tj ET Q q 0 0 0 rg BT 528.47 185.25 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 174.45 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 87.03 174.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.88 174.45 Td (5%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.89 174.45 Td ( ) Tj ET Q q 0 0 0 rg BT 105.74 174.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 116.09 174.45 Td ($0.97) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 138.61 174.45 Td ( ) Tj ET Q q 0 0 0 rg BT 141.46 174.45 Td (per ) Tj ET Q q 0 0 0 rg BT 157.32 174.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 175.19 174.45 Td (for ) Tj ET Q q 0 0 0 rg BT 188.54 174.45 Td (the ) Tj ET Q q 0 0 0 rg BT 203.90 174.45 Td (three ) Tj ET Q q 0 0 0 rg BT 227.26 174.45 Td (months ) Tj ET Q q 0 0 0 rg BT 259.63 174.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.50 174.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 346.88 174.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.90 174.45 Td ( ) Tj ET Q q 0 0 0 rg BT 369.75 174.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 412.62 174.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.98 174.45 Td ($1.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.50 174.45 Td ( ) Tj ET Q q 0 0 0 rg BT 448.35 174.45 Td (per ) Tj ET Q q 0 0 0 rg BT 464.21 174.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 482.07 174.45 Td (in ) Tj ET Q q 0 0 0 rg BT 491.93 174.45 Td (the ) Tj ET Q q 0 0 0 rg BT 507.29 174.45 Td (same ) Tj ET Q q 0 0 0 rg BT 532.14 174.45 Td (period ) Tj ET Q q 0 0 0 rg BT 560.01 174.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 163.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 163.65 Td (. ) Tj ET Q q 0 0 0 rg BT 70.53 163.65 Td (The ) Tj ET Q q 0 0 0 rg BT 89.27 163.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 129.51 163.65 Td (in ) Tj ET Q q 0 0 0 rg BT 139.74 163.65 Td (general ) Tj ET Q q 0 0 0 rg BT 172.98 163.65 Td (and ) Tj ET Q q 0 0 0 rg BT 191.22 163.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 249.96 163.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 291.71 163.65 Td (on ) Tj ET Q q 0 0 0 rg BT 304.95 163.65 Td (both ) Tj ET Q q 0 0 0 rg BT 325.69 163.65 Td (an ) Tj ET Q q 0 0 0 rg BT 338.92 163.65 Td (absolute ) Tj ET Q q 0 0 0 rg BT 376.17 163.65 Td (and ) Tj ET Q q 0 0 0 rg BT 394.41 163.65 Td (per ) Tj ET Q q 0 0 0 rg BT 410.64 163.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 428.87 163.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 453.11 163.65 Td (is ) Tj ET Q q 0 0 0 rg BT 462.83 163.65 Td (due ) Tj ET Q q 0 0 0 rg BT 481.07 163.65 Td (to ) Tj ET Q q 0 0 0 rg BT 491.79 163.65 Td (a ) Tj ET Q q 0 0 0 rg BT 500.02 163.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 540.27 163.65 Td (in ) Tj ET Q q 0 0 0 rg BT 550.50 163.65 Td (cost ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 152.85 Td (structure ) Tj ET Q q 0 0 0 rg BT 82.51 152.85 Td (and ) Tj ET Q q 0 0 0 rg BT 100.03 152.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 135.05 152.85 Td (discretionary ) Tj ET Q q 0 0 0 rg BT 188.57 152.85 Td (spending. ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 18) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 102.02 731.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 166.03 731.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.03 731.45 Td (On ) Tj ET Q q 0 0 0 rg BT 187.04 731.45 Td (January ) Tj ET Q q 0 0 0 rg BT 222.06 731.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 232.56 731.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 258.09 731.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 300.61 731.45 Td (adopted ) Tj ET Q q 0 0 0 rg BT 336.15 731.45 Td (a ) Tj ET Q q 0 0 0 rg BT 344.15 731.45 Td (Performance ) Tj ET Q q 0 0 0 rg BT 398.68 731.45 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 437.10 731.45 Td (A) Tj ET Q q 0 0 0 rg BT 442.94 731.45 Td (ward ) Tj ET Q q 0 0 0 rg BT 465.45 731.45 Td (Plan ) Tj ET Q q 0 0 0 rg BT 486.47 731.45 Td (for ) Tj ET Q q 0 0 0 rg BT 499.97 731.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 529.98 731.45 Td (directors, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (of) Tj ET Q q 0 0 0 rg BT 52.34 720.65 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 79.23 720.65 Td (employees ) Tj ET Q q 0 0 0 rg BT 125.65 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 143.55 720.65 Td (eligible ) Tj ET Q q 0 0 0 rg BT 174.46 720.65 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 225.18 720.65 Td (The ) Tj ET Q q 0 0 0 rg BT 243.58 720.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 296.99 720.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 335.40 720.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 367.30 720.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 386.69 720.65 Td (thirty-nine ) Tj ET Q q 0 0 0 rg BT 429.10 720.65 Td (months ) Tj ET Q q 0 0 0 rg BT 461.50 720.65 Td (from ) Tj ET Q q 0 0 0 rg BT 482.39 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 497.79 720.65 Td (date ) Tj ET Q q 0 0 0 rg BT 518.19 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 528.58 720.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 551.98 720.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 60.02 709.85 Td (number ) Tj ET Q q 0 0 0 rg BT 93.05 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 103.07 709.85 Td (notional ) Tj ET Q q 0 0 0 rg BT 137.11 709.85 Td (common ) Tj ET Q q 0 0 0 rg BT 174.13 709.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 203.66 709.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 232.19 709.85 Td (for ) Tj ET Q q 0 0 0 rg BT 245.20 709.85 Td (each ) Tj ET Q q 0 0 0 rg BT 267.23 709.85 Td (performance ) Tj ET Q q 0 0 0 rg BT 320.27 709.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 358.30 709.85 Td (award ) Tj ET Q q 0 0 0 rg BT 385.33 709.85 Td (granted ) Tj ET Q q 0 0 0 rg BT 418.36 709.85 Td (is ) Tj ET Q q 0 0 0 rg BT 427.38 709.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 458.41 709.85 Td (to ) Tj ET Q q 0 0 0 rg BT 468.42 709.85 Td (a ) Tj ET Q q 0 0 0 rg BT 475.94 709.85 Td (corporate ) Tj ET Q q 0 0 0 rg BT 516.48 709.85 Td (performance ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (multiplier) Tj ET Q q 0 0 0 rg BT 80.51 699.05 Td (. ) Tj ET Q q 0 0 0 rg BT 84.55 699.05 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 137.62 699.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 195.19 699.05 Td (expense, ) Tj ET Q q 0 0 0 rg BT 233.26 699.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 278.82 699.05 Td (in ) Tj ET Q q 0 0 0 rg BT 287.37 699.05 Td (connection ) Tj ET Q q 0 0 0 rg BT 332.44 699.05 Td (with ) Tj ET Q q 0 0 0 rg BT 349.98 699.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 397.26 699.05 Td (option, ) Tj ET Q q 0 0 0 rg BT 425.82 699.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 462.87 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 479.43 699.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 531.49 699.05 Td (incentive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (award ) Tj ET Q q 0 0 0 rg BT 72.53 688.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 97.06 688.25 Td (\("long-term ) Tj ET Q q 0 0 0 rg BT 144.29 688.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 182.83 688.25 Td (plans"\), ) Tj ET Q q 0 0 0 rg BT 216.05 688.25 Td (for ) Tj ET Q q 0 0 0 rg BT 229.57 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.10 688.25 Td (year ) Tj ET Q q 0 0 0 rg BT 265.63 688.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.67 688.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 313.69 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.71 688.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.74 688.25 Td ($17.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.26 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 361.28 688.25 Td (million ) Tj ET Q q 0 0 0 rg BT 389.80 688.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 432.84 688.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.36 688.25 Td ($20.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.88 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.90 688.25 Td (million ) Tj ET Q q 0 0 0 rg BT 497.43 688.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.47 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 688.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.45 Td (same ) Tj ET Q q 0 0 0 rg BT 69.30 677.45 Td (period ) Tj ET Q q 0 0 0 rg BT 96.60 677.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 105.90 677.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.92 677.45 Td (. ) Tj ET Q q 0 0 0 rg BT 130.71 677.45 Td (For ) Tj ET Q q 0 0 0 rg BT 146.50 677.45 Td (the ) Tj ET Q q 0 0 0 rg BT 161.30 677.45 Td (year ) Tj ET Q q 0 0 0 rg BT 181.10 677.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.41 677.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 267.23 677.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.25 677.45 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.04 677.45 Td ($1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.55 677.45 Td ( ) Tj ET Q q 0 0 0 rg BT 311.84 677.45 Td (million ) Tj ET Q q 0 0 0 rg BT 339.64 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 349.43 677.45 Td (share-based ) Tj ET Q q 0 0 0 rg BT 401.75 677.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 460.08 677.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 496.39 677.45 Td (was ) Tj ET Q q 0 0 0 rg BT 514.69 677.45 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 559.50 677.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.65 Td (property) Tj ET Q q 0 0 0 rg BT 77.35 666.65 Td (, ) Tj ET Q q 0 0 0 rg BT 82.21 666.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 104.09 666.65 Td (and ) Tj ET Q q 0 0 0 rg BT 121.46 666.65 Td (equipment ) Tj ET Q q 0 0 0 rg BT 165.86 666.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 208.24 666.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.10 666.65 Td ($2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.62 666.65 Td ( ) Tj ET Q q 0 0 0 rg BT 237.98 666.65 Td (million ) Tj ET Q q 0 0 0 rg BT 265.85 666.65 Td (in ) Tj ET Q q 0 0 0 rg BT 275.22 666.65 Td (the ) Tj ET Q q 0 0 0 rg BT 290.09 666.65 Td (same ) Tj ET Q q 0 0 0 rg BT 314.46 666.65 Td (period ) Tj ET Q q 0 0 0 rg BT 341.84 666.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.20 666.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 371.23 666.65 Td (. ) Tj ET Q q 0 0 0 rg BT 376.09 666.65 Td ( ) Tj ET Q q 0 0 0 rg BT 378.45 666.65 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 432.34 666.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 490.74 666.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 527.13 666.65 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.49 666.65 Td (lower) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 666.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 655.85 Td (for ) Tj ET Q q 0 0 0 rg BT 58.64 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 74.28 655.85 Td (year ) Tj ET Q q 0 0 0 rg BT 94.92 655.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.09 655.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 182.75 655.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.77 655.85 Td (, ) Tj ET Q q 0 0 0 rg BT 208.40 655.85 Td (due ) Tj ET Q q 0 0 0 rg BT 226.55 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 237.19 655.85 Td (lower ) Tj ET Q q 0 0 0 rg BT 261.83 655.85 Td (valued ) Tj ET Q q 0 0 0 rg BT 291.49 655.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 330.15 655.85 Td (awards ) Tj ET Q q 0 0 0 rg BT 362.29 655.85 Td (being ) Tj ET Q q 0 0 0 rg BT 387.45 655.85 Td (expensed ) Tj ET Q q 0 0 0 rg BT 429.61 655.85 Td (in ) Tj ET Q q 0 0 0 rg BT 439.75 655.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 462.91 655.85 Td (as ) Tj ET Q q 0 0 0 rg BT 475.55 655.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 518.70 655.85 Td (to ) Tj ET Q q 0 0 0 rg BT 529.34 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 544.99 655.85 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 645.05 Td (period ) Tj ET Q q 0 0 0 rg BT 72.30 645.05 Td (in ) Tj ET Q q 0 0 0 rg BT 81.59 645.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 106.39 645.05 Td (along ) Tj ET Q q 0 0 0 rg BT 130.70 645.05 Td (with ) Tj ET Q q 0 0 0 rg BT 148.99 645.05 Td (grant ) Tj ET Q q 0 0 0 rg BT 171.78 645.05 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 214.08 645.05 Td (which ) Tj ET Q q 0 0 0 rg BT 239.38 645.05 Td (was ) Tj ET Q q 0 0 0 rg BT 257.66 645.05 Td (partially ) Tj ET Q q 0 0 0 rg BT 290.96 645.05 Td (of) Tj ET Q q 0 0 0 rg BT 298.30 645.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 315.09 645.05 Td (by ) Tj ET Q q 0 0 0 rg BT 326.88 645.05 Td (an ) Tj ET Q q 0 0 0 rg BT 339.18 645.05 Td (acceleration ) Tj ET Q q 0 0 0 rg BT 389.99 645.05 Td (of ) Tj ET Q q 0 0 0 rg BT 399.78 645.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 436.09 645.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 482.40 645.05 Td (for ) Tj ET Q q 0 0 0 rg BT 495.18 645.05 Td (options ) Tj ET Q q 0 0 0 rg BT 526.49 645.05 Td (voluntarily ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 634.25 Td (surrendered ) Tj ET Q q 0 0 0 rg BT 96.03 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 108.04 634.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 156.28 634.25 Td (employees ) Tj ET Q q 0 0 0 rg BT 202.30 634.25 Td (throughout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.84 634.25 Td (2015) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 267.86 634.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.45 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 99.67 617.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 158.83 617.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 195.99 617.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 243.16 617.45 Td (in ) Tj ET Q q 0 0 0 rg BT 253.29 617.45 Td (connection ) Tj ET Q q 0 0 0 rg BT 299.96 617.45 Td (with ) Tj ET Q q 0 0 0 rg BT 319.10 617.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 367.97 617.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 409.12 617.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 447.77 617.45 Td (plans ) Tj ET Q q 0 0 0 rg BT 472.42 617.45 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.56 617.45 Td ($4.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.07 617.45 Td ( ) Tj ET Q q 0 0 0 rg BT 512.21 617.45 Td (million ) Tj ET Q q 0 0 0 rg BT 540.85 617.45 Td (for ) Tj ET Q q 0 0 0 rg BT 554.48 617.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 606.65 Td (three ) Tj ET Q q 0 0 0 rg BT 67.81 606.65 Td (months ) Tj ET Q q 0 0 0 rg BT 99.63 606.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.96 606.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 185.78 606.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 205.80 606.65 Td ( ) Tj ET Q q 0 0 0 rg BT 208.10 606.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 250.43 606.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.23 606.65 Td ($2.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.75 606.65 Td ( ) Tj ET Q q 0 0 0 rg BT 280.05 606.65 Td (million ) Tj ET Q q 0 0 0 rg BT 307.85 606.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 354.18 606.65 Td (in ) Tj ET Q q 0 0 0 rg BT 363.49 606.65 Td (the ) Tj ET Q q 0 0 0 rg BT 378.30 606.65 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.62 606.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.64 606.65 Td ( ) Tj ET Q q 0 0 0 rg BT 451.94 606.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 481.76 606.65 Td ( ) Tj ET Q q 0 0 0 rg BT 484.06 606.65 Td (For ) Tj ET Q q 0 0 0 rg BT 499.86 606.65 Td (the ) Tj ET Q q 0 0 0 rg BT 514.67 606.65 Td (three ) Tj ET Q q 0 0 0 rg BT 537.49 606.65 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 595.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 73.35 595.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 133.20 595.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.22 595.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.05 595.85 Td ($0.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.56 595.85 Td ( ) Tj ET Q q 0 0 0 rg BT 179.89 595.85 Td (million ) Tj ET Q q 0 0 0 rg BT 208.71 595.85 Td (of ) Tj ET Q q 0 0 0 rg BT 219.54 595.85 Td (share-based ) Tj ET Q q 0 0 0 rg BT 272.90 595.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 332.26 595.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 369.61 595.85 Td (was ) Tj ET Q q 0 0 0 rg BT 388.93 595.85 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 434.78 595.85 Td (to ) Tj ET Q q 0 0 0 rg BT 445.61 595.85 Td (property) Tj ET Q q 0 0 0 rg BT 477.96 595.85 Td (, ) Tj ET Q q 0 0 0 rg BT 483.78 595.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 506.62 595.85 Td (and ) Tj ET Q q 0 0 0 rg BT 524.96 595.85 Td (equipment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.52 585.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 97.53 585.05 Td ($0.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 115.04 585.05 Td ( ) Tj ET Q q 0 0 0 rg BT 117.54 585.05 Td (million ) Tj ET Q q 0 0 0 rg BT 145.55 585.05 Td (in ) Tj ET Q q 0 0 0 rg BT 155.06 585.05 Td (the ) Tj ET Q q 0 0 0 rg BT 170.07 585.05 Td (same ) Tj ET Q q 0 0 0 rg BT 194.58 585.05 Td (period ) Tj ET Q q 0 0 0 rg BT 222.10 585.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.60 585.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.62 585.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 568.25 Td (The ) Tj ET Q q 0 0 0 rg BT 63.77 568.25 Td (following ) Tj ET Q q 0 0 0 rg BT 102.04 568.25 Td (table ) Tj ET Q q 0 0 0 rg BT 124.82 568.25 Td (highlights ) Tj ET Q q 0 0 0 rg BT 166.10 568.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 207.46 568.25 Td (s ) Tj ET Q q 0 0 0 rg BT 215.22 568.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 268.51 568.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 327.80 568.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 365.08 568.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 412.37 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.13 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.90 568.25 Td (three ) Tj ET Q q 0 0 0 rg BT 465.67 568.25 Td (months ) Tj ET Q q 0 0 0 rg BT 498.44 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 516.71 568.25 Td (years ) Tj ET Q q 0 0 0 rg BT 541.98 568.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.45 Td (December ) Tj ET Q q 0 0 0 rg BT 89.02 557.45 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.53 557.45 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 338.50 532.95 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 490.50 532.95 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 546.95 m 262.5 546.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 546.95 m 338.5 546.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 546.95 m 414.5 546.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 546.95 m 490.5 546.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 546.95 m 566.5 546.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 518.95 m 262.5 518.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 518.95 m 338.5 518.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 518.95 m 414.5 518.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 518.95 m 490.5 518.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 518.95 m 566.5 518.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 478.95 m 262.5 478.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 478.95 m 338.5 478.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 478.95 m 414.5 478.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 478.95 m 490.5 478.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 478.95 m 566.5 478.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.40 537.35 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 537.35 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 523.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 523.35 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 523.35 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 523.35 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 510.95 Td (\($ thousands, except for per boe amounts\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 497.35 Td (Share-based compensation expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 497.35 Td (4,057) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 497.35 Td (2,608) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 497.35 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 497.35 Td (20,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 483.35 Td (Share-based compensation expense per boe) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.45 483.35 Td (0.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.45 483.35 Td (0.33) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.45 483.35 Td (0.59) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 483.35 Td (0.73) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 462.65 Td (Depletion, ) Tj ET Q q 0 0 0 rg BT 93.37 462.65 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 154.25 462.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 212.63 462.65 Td (and ) Tj ET Q q 0 0 0 rg BT 233.50 462.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 286.88 462.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 294.75 462.65 Td (For ) Tj ET Q q 0 0 0 rg BT 313.12 462.65 Td (the ) Tj ET Q q 0 0 0 rg BT 330.50 462.65 Td (year ) Tj ET Q q 0 0 0 rg BT 352.88 462.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.77 462.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 444.17 462.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.19 462.65 Td (, ) Tj ET Q q 0 0 0 rg BT 471.56 462.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 515.46 462.65 Td (depreciation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 450.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 96.95 450.65 Td (and ) Tj ET Q q 0 0 0 rg BT 114.89 450.65 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.33 450.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.35 450.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.27 450.65 Td (74%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.29 450.65 Td ( ) Tj ET Q q 0 0 0 rg BT 225.21 450.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.64 450.65 Td ($1,168.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.68 450.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.60 450.65 Td (million, ) Tj ET Q q 0 0 0 rg BT 304.53 450.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 347.48 450.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.91 450.65 Td ($670.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.44 450.65 Td ( ) Tj ET Q q 0 0 0 rg BT 388.36 450.65 Td (million ) Tj ET Q q 0 0 0 rg BT 416.79 450.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 463.75 450.65 Td (during ) Tj ET Q q 0 0 0 rg BT 491.69 450.65 Td (the ) Tj ET Q q 0 0 0 rg BT 507.13 450.65 Td (same ) Tj ET Q q 0 0 0 rg BT 532.06 450.65 Td (period ) Tj ET Q q 0 0 0 rg BT 560.00 450.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 439.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 439.85 Td (. ) Tj ET Q q 0 0 0 rg BT 69.79 439.85 Td ( ) Tj ET Q q 0 0 0 rg BT 71.91 439.85 Td (The ) Tj ET Q q 0 0 0 rg BT 89.69 439.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 131.98 439.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 168.26 439.85 Td (was ) Tj ET Q q 0 0 0 rg BT 186.54 439.85 Td (a ) Tj ET Q q 0 0 0 rg BT 193.81 439.85 Td (result ) Tj ET Q q 0 0 0 rg BT 218.09 439.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.86 439.85 Td ($812.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.39 439.85 Td ( ) Tj ET Q q 0 0 0 rg BT 257.66 439.85 Td (million ) Tj ET Q q 0 0 0 rg BT 285.43 439.85 Td (in ) Tj ET Q q 0 0 0 rg BT 294.71 439.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 341.49 439.85 Td (charges ) Tj ET Q q 0 0 0 rg BT 375.77 439.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 413.56 439.85 Td (for ) Tj ET Q q 0 0 0 rg BT 426.34 439.85 Td (the ) Tj ET Q q 0 0 0 rg BT 441.12 439.85 Td (year ) Tj ET Q q 0 0 0 rg BT 460.89 439.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.19 439.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.98 439.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 439.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 429.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 429.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 107.39 429.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.41 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 130.28 429.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.14 429.05 Td ($300.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.67 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 166.54 429.05 Td (million\). ) Tj ET Q q 0 0 0 rg BT 200.41 429.05 Td (On ) Tj ET Q q 0 0 0 rg BT 215.28 429.05 Td (a ) Tj ET Q q 0 0 0 rg BT 223.15 429.05 Td (per ) Tj ET Q q 0 0 0 rg BT 239.03 429.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 256.91 429.05 Td (basis, ) Tj ET Q q 0 0 0 rg BT 283.29 429.05 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 325.19 429.05 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 379.59 429.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 431.47 429.05 Td (and ) Tj ET Q q 0 0 0 rg BT 449.36 429.05 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.74 429.05 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.76 429.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.63 429.05 Td (70%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 556.64 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 559.51 429.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 418.25 Td ($40.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.53 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.22 418.25 Td (per ) Tj ET Q q 0 0 0 rg BT 90.92 418.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 108.62 418.25 Td (for ) Tj ET Q q 0 0 0 rg BT 121.82 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.02 418.25 Td (year ) Tj ET Q q 0 0 0 rg BT 157.22 418.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.94 418.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 244.15 418.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.18 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 266.87 418.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 309.58 418.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.78 418.25 Td ($23.79) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.30 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.99 418.25 Td (per ) Tj ET Q q 0 0 0 rg BT 365.69 418.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 383.40 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 393.10 418.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.30 418.25 Td (same ) Tj ET Q q 0 0 0 rg BT 433.00 418.25 Td (period ) Tj ET Q q 0 0 0 rg BT 460.71 418.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.40 418.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 490.42 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 493.11 418.25 Td (for ) Tj ET Q q 0 0 0 rg BT 506.31 418.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 535.00 418.25 Td (reasons ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 407.45 Td (as ) Tj ET Q q 0 0 0 rg BT 57.01 407.45 Td (discussed ) Tj ET Q q 0 0 0 rg BT 99.53 407.45 Td (above. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 390.65 Td (For ) Tj ET Q q 0 0 0 rg BT 61.88 390.65 Td (the ) Tj ET Q q 0 0 0 rg BT 77.77 390.65 Td (three ) Tj ET Q q 0 0 0 rg BT 101.66 390.65 Td (months ) Tj ET Q q 0 0 0 rg BT 134.56 390.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.96 390.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 222.87 390.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.89 390.65 Td (, ) Tj ET Q q 0 0 0 rg BT 248.77 390.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 291.18 390.65 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 346.10 390.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 398.50 390.65 Td (and ) Tj ET Q q 0 0 0 rg BT 416.89 390.65 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.78 390.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.81 390.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.19 390.65 Td (60%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.20 390.65 Td ( ) Tj ET Q q 0 0 0 rg BT 528.58 390.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.46 390.65 Td ($649.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 566.99 390.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 379.85 Td (million ) Tj ET Q q 0 0 0 rg BT 73.59 379.85 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 94.68 379.85 Td ($404.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.21 379.85 Td ( ) Tj ET Q q 0 0 0 rg BT 125.29 379.85 Td (million ) Tj ET Q q 0 0 0 rg BT 153.88 379.85 Td (in ) Tj ET Q q 0 0 0 rg BT 163.98 379.85 Td (the ) Tj ET Q q 0 0 0 rg BT 179.57 379.85 Td (same ) Tj ET Q q 0 0 0 rg BT 204.67 379.85 Td (period ) Tj ET Q q 0 0 0 rg BT 232.77 379.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.86 379.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.89 379.85 Td (. ) Tj ET Q q 0 0 0 rg BT 268.47 379.85 Td ( ) Tj ET Q q 0 0 0 rg BT 271.56 379.85 Td (On ) Tj ET Q q 0 0 0 rg BT 286.65 379.85 Td (a ) Tj ET Q q 0 0 0 rg BT 294.74 379.85 Td (per ) Tj ET Q q 0 0 0 rg BT 310.84 379.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 328.94 379.85 Td (basis, ) Tj ET Q q 0 0 0 rg BT 355.54 379.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 397.66 379.85 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 452.28 379.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 504.38 379.85 Td (and ) Tj ET Q q 0 0 0 rg BT 522.49 379.85 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 369.05 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.02 369.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.33 369.05 Td (72%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.34 369.05 Td ( ) Tj ET Q q 0 0 0 rg BT 106.64 369.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 116.45 369.05 Td ($88.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.98 369.05 Td ( ) Tj ET Q q 0 0 0 rg BT 146.28 369.05 Td (per ) Tj ET Q q 0 0 0 rg BT 161.59 369.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 178.91 369.05 Td (for ) Tj ET Q q 0 0 0 rg BT 191.72 369.05 Td (the ) Tj ET Q q 0 0 0 rg BT 206.53 369.05 Td (three ) Tj ET Q q 0 0 0 rg BT 229.35 369.05 Td (months ) Tj ET Q q 0 0 0 rg BT 261.16 369.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.49 369.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 347.32 369.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.34 369.05 Td ( ) Tj ET Q q 0 0 0 rg BT 369.65 369.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 411.97 369.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.78 369.05 Td ($51.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 449.31 369.05 Td ( ) Tj ET Q q 0 0 0 rg BT 451.61 369.05 Td (per ) Tj ET Q q 0 0 0 rg BT 466.92 369.05 Td (boe ) Tj ET Q q 0 0 0 rg BT 484.24 369.05 Td (in ) Tj ET Q q 0 0 0 rg BT 493.55 369.05 Td (the ) Tj ET Q q 0 0 0 rg BT 508.36 369.05 Td (same ) Tj ET Q q 0 0 0 rg BT 532.67 369.05 Td (period ) Tj ET Q q 0 0 0 rg BT 559.99 369.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 358.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 358.25 Td (. ) Tj ET Q q 0 0 0 rg BT 70.54 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.37 358.25 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.90 358.25 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.92 358.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.94 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 138.97 358.25 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 181.03 358.25 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 235.58 358.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 287.63 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.67 358.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 353.20 358.25 Td (is ) Tj ET Q q 0 0 0 rg BT 362.73 358.25 Td (largely ) Tj ET Q q 0 0 0 rg BT 392.26 358.25 Td (due ) Tj ET Q q 0 0 0 rg BT 410.30 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 420.83 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.36 358.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.89 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.42 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 491.96 358.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 539.49 358.25 Td (charge ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 347.45 Td (discussed ) Tj ET Q q 0 0 0 rg BT 87.52 347.45 Td (above, ) Tj ET Q q 0 0 0 rg BT 117.04 347.45 Td (of) Tj ET Q q 0 0 0 rg BT 124.39 347.45 Td (fset ) Tj ET Q q 0 0 0 rg BT 141.39 347.45 Td (slightly ) Tj ET Q q 0 0 0 rg BT 171.40 347.45 Td (by ) Tj ET Q q 0 0 0 rg BT 183.41 347.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.92 347.45 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.92 347.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.42 347.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.45 347.45 Td ( ) Tj ET Q q 0 0 0 rg BT 245.95 347.45 Td (in ) Tj ET Q q 0 0 0 rg BT 255.45 347.45 Td (production ) Tj ET Q q 0 0 0 rg BT 299.98 347.45 Td (volumes ) Tj ET Q q 0 0 0 rg BT 336.00 347.45 Td (during ) Tj ET Q q 0 0 0 rg BT 363.52 347.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.53 347.45 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 401.54 347.45 Td ( ) Tj ET Q q 0 0 0 rg BT 404.04 347.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 435.06 347.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.06 347.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.09 347.45 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 330.65 Td (The ) Tj ET Q q 0 0 0 rg BT 62.76 330.65 Td (following ) Tj ET Q q 0 0 0 rg BT 100.02 330.65 Td (table ) Tj ET Q q 0 0 0 rg BT 121.79 330.65 Td (represents ) Tj ET Q q 0 0 0 rg BT 166.56 330.65 Td (the ) Tj ET Q q 0 0 0 rg BT 181.31 330.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 210.07 330.65 Td (of ) Tj ET Q q 0 0 0 rg BT 219.82 330.65 Td (the ) Tj ET Q q 0 0 0 rg BT 234.58 330.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 281.34 330.65 Td (charges ) Tj ET Q q 0 0 0 rg BT 315.61 330.65 Td (in ) Tj ET Q q 0 0 0 rg BT 324.86 330.65 Td (each ) Tj ET Q q 0 0 0 rg BT 346.62 330.65 Td (of ) Tj ET Q q 0 0 0 rg BT 356.38 330.65 Td (our ) Tj ET Q q 0 0 0 rg BT 371.63 330.65 Td (areas ) Tj ET Q q 0 0 0 rg BT 396.39 330.65 Td (due ) Tj ET Q q 0 0 0 rg BT 413.66 330.65 Td (to ) Tj ET Q q 0 0 0 rg BT 423.41 330.65 Td (the ) Tj ET Q q 0 0 0 rg BT 438.17 330.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 480.44 330.65 Td (and ) Tj ET Q q 0 0 0 rg BT 497.70 330.65 Td (sustained ) Tj ET Q q 0 0 0 rg BT 538.48 330.65 Td (decline ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 319.85 Td (in ) Tj ET Q q 0 0 0 rg BT 54.51 319.85 Td (the ) Tj ET Q q 0 0 0 rg BT 69.52 319.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 115.53 319.85 Td (price ) Tj ET Q q 0 0 0 rg BT 137.54 319.85 Td (environment ) Tj ET Q q 0 0 0 rg BT 189.56 319.85 Td (for ) Tj ET Q q 0 0 0 rg BT 202.57 319.85 Td (the ) Tj ET Q q 0 0 0 rg BT 217.58 319.85 Td (three ) Tj ET Q q 0 0 0 rg BT 240.59 319.85 Td (months ) Tj ET Q q 0 0 0 rg BT 272.61 319.85 Td (and ) Tj ET Q q 0 0 0 rg BT 290.12 319.85 Td (years ) Tj ET Q q 0 0 0 rg BT 314.63 319.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 342.16 319.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.18 319.85 Td ( ) Tj ET Q q 0 0 0 rg BT 364.68 319.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.20 319.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 402.22 319.85 Td (.) Tj ET Q 1 1 1 rg /GS0 gs 340.50 289.35 75.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 490.50 289.35 75.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 303.35 m 265.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 303.35 m 340.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 303.35 m 415.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 303.35 m 490.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 303.35 m 565.5 303.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 275.35 m 265.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 275.35 m 340.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 275.35 m 415.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 275.35 m 490.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 275.35 m 565.5 275.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 137.35000000000002 m 265.5 137.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 137.35000000000002 m 340.5 137.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 137.35000000000002 m 415.5 137.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 137.35000000000002 m 490.5 137.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 137.35000000000002 m 565.5 137.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 123.35000000000002 m 265.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 265.5 123.35000000000002 m 340.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340.5 123.35000000000002 m 415.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 415.5 123.35000000000002 m 490.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 137.35000000000002 m 565.5 137.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 123.35000000000002 m 565.5 123.35000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.40 293.75 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.25 293.75 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.95 279.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.95 279.75 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 279.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 279.75 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 267.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 253.75 Td (West Central Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 239.75 Td (Central Alberta CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.45 239.75 Td (204,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 239.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 239.75 Td (364,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 239.75 Td (105,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 225.75 Td (South Central Alberta CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.45 225.75 Td (28,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 225.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 225.75 Td (105,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 225.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 211.75 Td (Deep Basin Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 197.75 Td (North Central Alberta CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.45 197.75 Td (194,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 197.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 197.75 Td (194,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.00 197.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 183.75 Td (Other Area) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 169.75 Td (British Columbia CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.45 169.75 Td (83,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 169.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 169.75 Td (83,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.45 169.75 Td (85,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 155.75 Td (Southern Alberta CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.45 155.75 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 155.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 155.75 Td (18,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.45 155.75 Td (60,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 141.75 Td (Eastern Alberta CGU) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.45 141.75 Td (48,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 141.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 141.75 Td (48,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.45 141.75 Td (50,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 127.75 Td (Total Impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.45 127.75 Td (562,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 403.00 127.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 127.75 Td (812,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 127.75 Td (300,000) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 107.05 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 85.87 107.05 Td (the ) Tj ET Q q 0 0 0 rg BT 100.22 107.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 128.57 107.05 Td (of ) Tj ET Q q 0 0 0 rg BT 137.92 107.05 Td (the ) Tj ET Q q 0 0 0 rg BT 152.27 107.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 198.63 107.05 Td (charge ) Tj ET Q q 0 0 0 rg BT 227.99 107.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 273.86 107.05 Td (for ) Tj ET Q q 0 0 0 rg BT 286.20 107.05 Td (the ) Tj ET Q q 0 0 0 rg BT 300.56 107.05 Td (year ) Tj ET Q q 0 0 0 rg BT 319.91 107.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.78 107.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 405.14 107.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.17 107.05 Td (, ) Tj ET Q q 0 0 0 rg BT 429.51 107.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 477.09 107.05 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 530.47 107.05 Td (depletion ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 62.25 96.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 113.51 96.25 Td (expenses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.27 96.25 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.30 96.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.54 96.25 Td (4%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 211.55 96.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.79 96.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.53 96.25 Td ($356.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.06 96.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.29 96.25 Td (million ) Tj ET Q q 0 0 0 rg BT 281.03 96.25 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.27 96.25 Td ($370.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.80 96.25 Td ( ) Tj ET Q q 0 0 0 rg BT 331.04 96.25 Td (million ) Tj ET Q q 0 0 0 rg BT 358.78 96.25 Td (for ) Tj ET Q q 0 0 0 rg BT 371.52 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.27 96.25 Td (same ) Tj ET Q q 0 0 0 rg BT 410.51 96.25 Td (period ) Tj ET Q q 0 0 0 rg BT 437.77 96.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.01 96.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 467.03 96.25 Td (, ) Tj ET Q q 0 0 0 rg BT 471.77 96.25 Td (due ) Tj ET Q q 0 0 0 rg BT 489.02 96.25 Td (to ) Tj ET Q q 0 0 0 rg BT 498.76 96.25 Td (a ) Tj ET Q q 0 0 0 rg BT 506.00 96.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 545.26 96.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.51 96.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 85.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 79.80 85.45 Td (value ) Tj ET Q q 0 0 0 rg BT 104.10 85.45 Td (of ) Tj ET Q q 0 0 0 rg BT 114.39 85.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 126.18 85.45 Td (and ) Tj ET Q q 0 0 0 rg BT 143.98 85.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 174.29 85.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 191.58 85.45 Td (properties ) Tj ET Q q 0 0 0 rg BT 234.39 85.45 Td (as ) Tj ET Q q 0 0 0 rg BT 246.68 85.45 Td (a ) Tj ET Q q 0 0 0 rg BT 254.47 85.45 Td (result ) Tj ET Q q 0 0 0 rg BT 279.27 85.45 Td (of ) Tj ET Q q 0 0 0 rg BT 289.56 85.45 Td (the ) Tj ET Q q 0 0 0 rg BT 304.86 85.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 352.16 85.45 Td (charges ) Tj ET Q q 0 0 0 rg BT 386.96 85.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 433.78 85.45 Td (for ) Tj ET Q q 0 0 0 rg BT 447.06 85.45 Td (the ) Tj ET Q q 0 0 0 rg BT 462.36 85.45 Td (year ) Tj ET Q q 0 0 0 rg BT 482.66 85.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.47 85.45 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 74.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 74.65 Td ( ) Tj ET Q q 0 0 0 rg BT 67.56 74.65 Td (despite ) Tj ET Q q 0 0 0 rg BT 99.12 74.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.66 74.65 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 119.66 74.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 122.20 74.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 156.22 74.65 Td ( ) Tj ET Q q 0 0 0 rg BT 158.75 74.65 Td (in ) Tj ET Q q 0 0 0 rg BT 168.30 74.65 Td (production ) Tj ET Q q 0 0 0 rg BT 212.86 74.65 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 251.41 74.65 Td (On ) Tj ET Q q 0 0 0 rg BT 265.95 74.65 Td (a ) Tj ET Q q 0 0 0 rg BT 273.49 74.65 Td (per ) Tj ET Q q 0 0 0 rg BT 289.04 74.65 Td (boe ) Tj ET Q q 0 0 0 rg BT 306.59 74.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 330.14 74.65 Td (the ) Tj ET Q q 0 0 0 rg BT 345.18 74.65 Td (average ) Tj ET Q q 0 0 0 rg BT 380.24 74.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 416.81 74.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 463.37 74.65 Td (for ) Tj ET Q q 0 0 0 rg BT 476.41 74.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 517.98 74.65 Td (depreciation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 63.85 Td (and ) Tj ET Q q 0 0 0 rg BT 61.96 63.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 112.92 63.85 Td (for ) Tj ET Q q 0 0 0 rg BT 125.36 63.85 Td (the ) Tj ET Q q 0 0 0 rg BT 139.81 63.85 Td (year ) Tj ET Q q 0 0 0 rg BT 159.26 63.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.23 63.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 244.69 63.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.71 63.85 Td (, ) Tj ET Q q 0 0 0 rg BT 269.15 63.85 Td (was ) Tj ET Q q 0 0 0 rg BT 287.10 63.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.10 63.85 Td (12.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.63 63.85 Td ( ) Tj ET Q q 0 0 0 rg BT 316.57 63.85 Td (per ) Tj ET Q q 0 0 0 rg BT 331.51 63.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 348.47 63.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 390.43 63.85 Td (to ) Tj ET Q q 0 0 0 rg BT 399.88 63.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.88 63.85 Td (13.15) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.40 63.85 Td ( ) Tj ET Q q 0 0 0 rg BT 429.34 63.85 Td (per ) Tj ET Q q 0 0 0 rg BT 444.29 63.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 461.25 63.85 Td (in ) Tj ET Q q 0 0 0 rg BT 470.19 63.85 Td (the ) Tj ET Q q 0 0 0 rg BT 484.64 63.85 Td (same ) Tj ET Q q 0 0 0 rg BT 508.59 63.85 Td (period ) Tj ET Q q 0 0 0 rg BT 535.55 63.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 63.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.52 63.85 Td (. ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 19) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (For ) Tj ET Q q 0 0 0 rg BT 61.73 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 77.47 731.45 Td (three ) Tj ET Q q 0 0 0 rg BT 101.22 731.45 Td (months ) Tj ET Q q 0 0 0 rg BT 133.96 731.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.22 731.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 221.98 731.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.00 731.45 Td (, ) Tj ET Q q 0 0 0 rg BT 247.73 731.45 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 302.49 731.45 Td (depletion ) Tj ET Q q 0 0 0 rg BT 342.25 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.50 731.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 412.75 731.45 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 457.01 731.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 498.27 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 514.01 731.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 543.75 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 554.48 731.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 91.69 720.65 Td (charge, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.89 720.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.92 720.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.10 720.65 Td (17%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.11 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 188.29 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 197.97 720.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.98 720.65 Td (86.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.49 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 222.67 720.65 Td (million ) Tj ET Q q 0 0 0 rg BT 250.35 720.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 292.55 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 302.24 720.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.24 720.65 Td (104.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.77 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 331.94 720.65 Td (million ) Tj ET Q q 0 0 0 rg BT 359.63 720.65 Td (for ) Tj ET Q q 0 0 0 rg BT 372.31 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 387.00 720.65 Td (three ) Tj ET Q q 0 0 0 rg BT 409.69 720.65 Td (months ) Tj ET Q q 0 0 0 rg BT 441.38 720.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.59 720.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 527.29 720.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 547.31 720.65 Td (, ) Tj ET Q q 0 0 0 rg BT 551.99 720.65 Td (due ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (to ) Tj ET Q q 0 0 0 rg BT 54.93 709.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.36 709.85 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.36 709.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 77.79 709.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 114.81 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 117.23 709.85 Td (in ) Tj ET Q q 0 0 0 rg BT 126.66 709.85 Td (production ) Tj ET Q q 0 0 0 rg BT 171.11 709.85 Td (volumes ) Tj ET Q q 0 0 0 rg BT 207.05 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 224.48 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 239.42 709.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 268.35 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 278.28 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 293.21 709.85 Td (2014 ) Tj ET Q q 0 0 0 rg BT 315.65 709.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 362.59 709.85 Td (charge ) Tj ET Q q 0 0 0 rg BT 392.53 709.85 Td (as ) Tj ET Q q 0 0 0 rg BT 404.46 709.85 Td (discussed ) Tj ET Q q 0 0 0 rg BT 446.90 709.85 Td (above. ) Tj ET Q q 0 0 0 rg BT 476.35 709.85 Td (On ) Tj ET Q q 0 0 0 rg BT 490.77 709.85 Td (a ) Tj ET Q q 0 0 0 rg BT 498.20 709.85 Td (per ) Tj ET Q q 0 0 0 rg BT 513.63 709.85 Td (boe ) Tj ET Q q 0 0 0 rg BT 531.07 709.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 554.50 709.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (average ) Tj ET Q q 0 0 0 rg BT 79.50 699.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 115.51 699.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 161.51 699.05 Td (for ) Tj ET Q q 0 0 0 rg BT 173.99 699.05 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 215.00 699.05 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 266.02 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 283.01 699.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 334.01 699.05 Td (for ) Tj ET Q q 0 0 0 rg BT 346.49 699.05 Td (the ) Tj ET Q q 0 0 0 rg BT 360.98 699.05 Td (three ) Tj ET Q q 0 0 0 rg BT 383.47 699.05 Td (months ) Tj ET Q q 0 0 0 rg BT 414.96 699.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.97 699.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 500.47 699.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.50 699.05 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.97 699.05 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 699.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (1) Tj ET Q q 0 0 0 rg BT 49.34 688.25 Td (1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.35 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 64.85 688.25 Td (to ) Tj ET Q q 0 0 0 rg BT 74.85 688.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 79.86 688.25 Td (1) Tj ET Q q 0 0 0 rg BT 84.19 688.25 Td (1.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.71 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.21 688.25 Td (per ) Tj ET Q q 0 0 0 rg BT 119.72 688.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 137.24 688.25 Td (from ) Tj ET Q q 0 0 0 rg BT 157.74 688.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.74 688.25 Td (13.29) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.26 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.77 688.25 Td (per ) Tj ET Q q 0 0 0 rg BT 203.27 688.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 220.79 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.30 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.31 688.25 Td (same ) Tj ET Q q 0 0 0 rg BT 269.82 688.25 Td (period ) Tj ET Q q 0 0 0 rg BT 297.33 688.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.84 688.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.86 688.25 Td (. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 671.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 61.42 671.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 103.33 671.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 128.75 671.45 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.75 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 133.66 671.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 149.58 671.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 187.52 671.45 Td (costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.44 671.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.46 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 251.37 671.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.79 671.45 Td ($166.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.32 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 290.23 671.45 Td (million ) Tj ET Q q 0 0 0 rg BT 317.65 671.45 Td (for ) Tj ET Q q 0 0 0 rg BT 330.07 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 344.49 671.45 Td (year ) Tj ET Q q 0 0 0 rg BT 363.91 671.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.85 671.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 449.29 671.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.32 671.45 Td (, ) Tj ET Q q 0 0 0 rg BT 473.73 671.45 Td (from ) Tj ET Q q 0 0 0 rg BT 493.64 671.45 Td (net ) Tj ET Q q 0 0 0 rg BT 508.07 671.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 546.01 671.45 Td (costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 660.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.27 660.65 Td ($1) Tj ET Q q 0 0 0 rg BT 64.61 660.65 Td (19.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 82.13 660.65 Td ( ) Tj ET Q q 0 0 0 rg BT 84.90 660.65 Td (million ) Tj ET Q q 0 0 0 rg BT 113.17 660.65 Td (in ) Tj ET Q q 0 0 0 rg BT 122.94 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 138.22 660.65 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.00 660.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.02 660.65 Td ( ) Tj ET Q q 0 0 0 rg BT 212.79 660.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 242.89 660.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.17 660.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 295.19 660.65 Td ( ) Tj ET Q q 0 0 0 rg BT 297.95 660.65 Td (is ) Tj ET Q q 0 0 0 rg BT 307.22 660.65 Td (largely ) Tj ET Q q 0 0 0 rg BT 336.49 660.65 Td (attributable ) Tj ET Q q 0 0 0 rg BT 383.79 660.65 Td (to ) Tj ET Q q 0 0 0 rg BT 394.06 660.65 Td (an ) Tj ET Q q 0 0 0 rg BT 406.84 660.65 Td (increase ) Tj ET Q q 0 0 0 rg BT 443.62 660.65 Td (in ) Tj ET Q q 0 0 0 rg BT 453.39 660.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 497.69 660.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 527.97 660.65 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 649.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 73.40 649.85 Td (associated ) Tj ET Q q 0 0 0 rg BT 119.31 649.85 Td (with ) Tj ET Q q 0 0 0 rg BT 138.20 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 153.59 649.85 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 200.51 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 210.90 649.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 259.53 649.85 Td (US ) Tj ET Q q 0 0 0 rg BT 274.92 649.85 Td (dollar ) Tj ET Q q 0 0 0 rg BT 299.81 649.85 Td (denominated ) Tj ET Q q 0 0 0 rg BT 354.74 649.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 382.14 649.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 427.05 649.85 Td (notes, ) Tj ET Q q 0 0 0 rg BT 454.45 649.85 Td (partially ) Tj ET Q q 0 0 0 rg BT 488.35 649.85 Td (of) Tj ET Q q 0 0 0 rg BT 495.69 649.85 Td (fset ) Tj ET Q q 0 0 0 rg BT 513.08 649.85 Td (by ) Tj ET Q q 0 0 0 rg BT 525.48 649.85 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 70.01 639.05 Td (on ) Tj ET Q q 0 0 0 rg BT 83.51 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 99.52 639.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 115.52 639.05 Td (value ) Tj ET Q q 0 0 0 rg BT 140.53 639.05 Td (of ) Tj ET Q q 0 0 0 rg BT 151.53 639.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 182.54 639.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 225.07 639.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.58 639.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 307.09 639.05 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 349.60 639.05 Td (Similarly) Tj ET Q q 0 0 0 rg BT 382.93 639.05 Td (, ) Tj ET Q q 0 0 0 rg BT 388.93 639.05 Td (for ) Tj ET Q q 0 0 0 rg BT 402.92 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 418.93 639.05 Td (year ) Tj ET Q q 0 0 0 rg BT 439.93 639.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 639.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 528.47 639.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.49 639.05 Td (, ) Tj ET Q q 0 0 0 rg BT 554.49 639.05 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 83.62 628.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 107.21 628.25 Td (on ) Tj ET Q q 0 0 0 rg BT 119.82 628.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.41 628.25 Td (per ) Tj ET Q q 0 0 0 rg BT 143.01 628.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 160.62 628.25 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.22 628.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.24 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.83 628.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 235.93 628.25 Td ($5.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.45 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.04 628.25 Td (per ) Tj ET Q q 0 0 0 rg BT 276.64 628.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 294.25 628.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 336.86 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.96 628.25 Td (net ) Tj ET Q q 0 0 0 rg BT 362.06 628.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 400.68 628.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 424.27 628.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.37 628.25 Td ($4.24) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.89 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 459.48 628.25 Td (per ) Tj ET Q q 0 0 0 rg BT 475.08 628.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 492.69 628.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.28 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.38 628.25 Td (same ) Tj ET Q q 0 0 0 rg BT 541.98 628.25 Td (period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.29 617.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.31 617.45 Td (, ) Tj ET Q q 0 0 0 rg BT 79.10 617.45 Td (for ) Tj ET Q q 0 0 0 rg BT 91.89 617.45 Td (the ) Tj ET Q q 0 0 0 rg BT 106.68 617.45 Td (same ) Tj ET Q q 0 0 0 rg BT 130.98 617.45 Td (reasons ) Tj ET Q q 0 0 0 rg BT 165.28 617.45 Td (as ) Tj ET Q q 0 0 0 rg BT 177.07 617.45 Td (stated ) Tj ET Q q 0 0 0 rg BT 203.88 617.45 Td (above. ) Tj ET Q q 0 0 0 rg BT 233.18 617.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 249.47 617.45 Td (financing ) Tj ET Q q 0 0 0 rg BT 287.79 617.45 Td (costs, ) Tj ET Q q 0 0 0 rg BT 313.58 617.45 Td (excluding ) Tj ET Q q 0 0 0 rg BT 353.89 617.45 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 393.20 617.45 Td (amounts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.50 617.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.53 617.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.81 617.45 Td (13%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.83 617.45 Td ( ) Tj ET Q q 0 0 0 rg BT 494.11 617.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.90 617.45 Td ($49.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.43 617.45 Td ( ) Tj ET Q q 0 0 0 rg BT 528.71 617.45 Td (million ) Tj ET Q q 0 0 0 rg BT 556.50 617.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 606.65 Td (the ) Tj ET Q q 0 0 0 rg BT 59.77 606.65 Td (year ) Tj ET Q q 0 0 0 rg BT 79.53 606.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.81 606.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 165.59 606.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.61 606.65 Td (, ) Tj ET Q q 0 0 0 rg BT 190.37 606.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 232.65 606.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 242.41 606.65 Td ($43.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.93 606.65 Td ( ) Tj ET Q q 0 0 0 rg BT 267.18 606.65 Td (million ) Tj ET Q q 0 0 0 rg BT 294.94 606.65 Td (for ) Tj ET Q q 0 0 0 rg BT 307.70 606.65 Td (the ) Tj ET Q q 0 0 0 rg BT 322.47 606.65 Td (year ) Tj ET Q q 0 0 0 rg BT 342.23 606.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.51 606.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 428.29 606.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.31 606.65 Td (. ) Tj ET Q q 0 0 0 rg BT 452.92 606.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.69 606.65 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.71 606.65 Td ( ) Tj ET Q q 0 0 0 rg BT 506.96 606.65 Td (in ) Tj ET Q q 0 0 0 rg BT 516.22 606.65 Td (net ) Tj ET Q q 0 0 0 rg BT 530.99 606.65 Td (financing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 595.85 Td (costs, ) Tj ET Q q 0 0 0 rg BT 70.99 595.85 Td (excluding ) Tj ET Q q 0 0 0 rg BT 111.50 595.85 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 151.01 595.85 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 190.52 595.85 Td (was ) Tj ET Q q 0 0 0 rg BT 209.01 595.85 Td (due ) Tj ET Q q 0 0 0 rg BT 226.51 595.85 Td (to ) Tj ET Q q 0 0 0 rg BT 236.50 595.85 Td (higher ) Tj ET Q q 0 0 0 rg BT 264.01 595.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 296.01 595.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 319.50 595.85 Td (associated ) Tj ET Q q 0 0 0 rg BT 365.01 595.85 Td (with ) Tj ET Q q 0 0 0 rg BT 383.50 595.85 Td (the ) Tj ET Q q 0 0 0 rg BT 398.50 595.85 Td (translation ) Tj ET Q q 0 0 0 rg BT 442.51 595.85 Td (of ) Tj ET Q q 0 0 0 rg BT 452.50 595.85 Td (US ) Tj ET Q q 0 0 0 rg BT 467.49 595.85 Td (dollar ) Tj ET Q q 0 0 0 rg BT 491.99 595.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 523.99 595.85 Td (associated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.05 Td (with ) Tj ET Q q 0 0 0 rg BT 63.51 585.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.75 585.05 Td (US ) Tj ET Q q 0 0 0 rg BT 126.75 585.05 Td (denominated ) Tj ET Q q 0 0 0 rg BT 181.29 585.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 208.31 585.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 252.83 585.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 277.35 585.05 Td (as ) Tj ET Q q 0 0 0 rg BT 289.36 585.05 Td (a ) Tj ET Q q 0 0 0 rg BT 296.86 585.05 Td (result ) Tj ET Q q 0 0 0 rg BT 321.37 585.05 Td (of ) Tj ET Q q 0 0 0 rg BT 331.38 585.05 Td (the ) Tj ET Q q 0 0 0 rg BT 346.39 585.05 Td (weakening ) Tj ET Q q 0 0 0 rg BT 391.92 585.05 Td (CDN ) Tj ET Q q 0 0 0 rg BT 413.92 585.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 438.43 585.05 Td (relative ) Tj ET Q q 0 0 0 rg BT 469.95 585.05 Td (to ) Tj ET Q q 0 0 0 rg BT 479.95 585.05 Td (the ) Tj ET Q q 0 0 0 rg BT 494.96 585.05 Td (US ) Tj ET Q q 0 0 0 rg BT 509.97 585.05 Td (dollar) Tj ET Q q 0 0 0 rg BT 531.48 585.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 568.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 61.44 568.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 99.90 568.25 Td (costs ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.34 568.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.37 568.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 164.80 568.25 Td (7%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.81 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.25 568.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.19 568.25 Td ($42.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.71 568.25 Td ( ) Tj ET Q q 0 0 0 rg BT 215.15 568.25 Td (million ) Tj ET Q q 0 0 0 rg BT 243.09 568.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.03 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.97 568.25 Td (three ) Tj ET Q q 0 0 0 rg BT 293.92 568.25 Td (months ) Tj ET Q q 0 0 0 rg BT 325.87 568.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.33 568.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 412.30 568.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.32 568.25 Td (, ) Tj ET Q q 0 0 0 rg BT 437.25 568.25 Td (from ) Tj ET Q q 0 0 0 rg BT 457.69 568.25 Td (net ) Tj ET Q q 0 0 0 rg BT 472.64 568.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 511.10 568.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 534.54 568.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 568.25 Td ($39.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 568.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 557.45 Td (million ) Tj ET Q q 0 0 0 rg BT 73.25 557.45 Td (in ) Tj ET Q q 0 0 0 rg BT 83.00 557.45 Td (the ) Tj ET Q q 0 0 0 rg BT 98.26 557.45 Td (same ) Tj ET Q q 0 0 0 rg BT 123.01 557.45 Td (period ) Tj ET Q q 0 0 0 rg BT 150.77 557.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.52 557.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.54 557.45 Td (. ) Tj ET Q q 0 0 0 rg BT 185.79 557.45 Td ( ) Tj ET Q q 0 0 0 rg BT 188.35 557.45 Td (This ) Tj ET Q q 0 0 0 rg BT 208.10 557.45 Td (change ) Tj ET Q q 0 0 0 rg BT 240.37 557.45 Td (is ) Tj ET Q q 0 0 0 rg BT 249.62 557.45 Td (largely ) Tj ET Q q 0 0 0 rg BT 278.87 557.45 Td (attributable ) Tj ET Q q 0 0 0 rg BT 326.15 557.45 Td (to ) Tj ET Q q 0 0 0 rg BT 336.40 557.45 Td (lower ) Tj ET Q q 0 0 0 rg BT 360.65 557.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 404.92 557.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 435.19 557.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 476.96 557.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 505.22 557.45 Td (associated ) Tj ET Q q 0 0 0 rg BT 550.99 557.45 Td (with ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 60.24 546.65 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 107.00 546.65 Td (of ) Tj ET Q q 0 0 0 rg BT 117.24 546.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 165.71 546.65 Td (US ) Tj ET Q q 0 0 0 rg BT 180.94 546.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 205.68 546.65 Td (denominated ) Tj ET Q q 0 0 0 rg BT 260.45 546.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 287.70 546.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 332.46 546.65 Td (notes, ) Tj ET Q q 0 0 0 rg BT 359.70 546.65 Td (partially ) Tj ET Q q 0 0 0 rg BT 393.44 546.65 Td (of) Tj ET Q q 0 0 0 rg BT 400.79 546.65 Td (fset ) Tj ET Q q 0 0 0 rg BT 418.02 546.65 Td (by ) Tj ET Q q 0 0 0 rg BT 430.26 546.65 Td (higher ) Tj ET Q q 0 0 0 rg BT 458.01 546.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 502.27 546.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 526.51 546.65 Td (on ) Tj ET Q q 0 0 0 rg BT 539.25 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 554.49 546.65 Td (fair ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 535.85 Td (value ) Tj ET Q q 0 0 0 rg BT 69.48 535.85 Td (of ) Tj ET Q q 0 0 0 rg BT 79.96 535.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 110.44 535.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 152.45 535.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.43 535.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 233.42 535.85 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 275.21 535.85 Td (The ) Tj ET Q q 0 0 0 rg BT 293.68 535.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 330.67 535.85 Td (in ) Tj ET Q q 0 0 0 rg BT 340.64 535.85 Td (net ) Tj ET Q q 0 0 0 rg BT 356.12 535.85 Td (financing ) Tj ET Q q 0 0 0 rg BT 395.12 535.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 419.09 535.85 Td (was ) Tj ET Q q 0 0 0 rg BT 438.07 535.85 Td (also ) Tj ET Q q 0 0 0 rg BT 457.54 535.85 Td (impacted ) Tj ET Q q 0 0 0 rg BT 497.03 535.85 Td (by ) Tj ET Q q 0 0 0 rg BT 509.50 535.85 Td (higher ) Tj ET Q q 0 0 0 rg BT 537.49 535.85 Td (interest ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 525.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 68.45 525.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 113.92 525.05 Td (with ) Tj ET Q q 0 0 0 rg BT 132.37 525.05 Td (the ) Tj ET Q q 0 0 0 rg BT 147.33 525.05 Td (translation ) Tj ET Q q 0 0 0 rg BT 191.30 525.05 Td (of ) Tj ET Q q 0 0 0 rg BT 201.25 525.05 Td (US ) Tj ET Q q 0 0 0 rg BT 216.20 525.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 240.66 525.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 272.61 525.05 Td (associated ) Tj ET Q q 0 0 0 rg BT 318.09 525.05 Td (with ) Tj ET Q q 0 0 0 rg BT 336.54 525.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 384.73 525.05 Td (US ) Tj ET Q q 0 0 0 rg BT 399.67 525.05 Td (denominated ) Tj ET Q q 0 0 0 rg BT 454.16 525.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 481.12 525.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 525.59 525.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 550.05 525.05 Td (as ) Tj ET Q q 0 0 0 rg BT 562.00 525.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 514.25 Td (result ) Tj ET Q q 0 0 0 rg BT 69.43 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.35 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.28 514.25 Td (weakening ) Tj ET Q q 0 0 0 rg BT 139.74 514.25 Td (CDN ) Tj ET Q q 0 0 0 rg BT 161.65 514.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 186.09 514.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 217.52 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.44 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.38 514.25 Td (US ) Tj ET Q q 0 0 0 rg BT 257.30 514.25 Td (dollar) Tj ET Q q 0 0 0 rg BT 278.81 514.25 Td (. ) Tj ET Q q 0 0 0 rg BT 283.73 514.25 Td (Similarly) Tj ET Q q 0 0 0 rg BT 317.07 514.25 Td (, ) Tj ET Q q 0 0 0 rg BT 321.99 514.25 Td (for ) Tj ET Q q 0 0 0 rg BT 334.91 514.25 Td (the ) Tj ET Q q 0 0 0 rg BT 349.84 514.25 Td (three ) Tj ET Q q 0 0 0 rg BT 372.77 514.25 Td (months ) Tj ET Q q 0 0 0 rg BT 404.71 514.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.16 514.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 491.10 514.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.12 514.25 Td (, ) Tj ET Q q 0 0 0 rg BT 516.04 514.25 Td (net ) Tj ET Q q 0 0 0 rg BT 530.98 514.25 Td (financing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 503.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 69.06 503.45 Td (on ) Tj ET Q q 0 0 0 rg BT 82.12 503.45 Td (a ) Tj ET Q q 0 0 0 rg BT 90.17 503.45 Td (per ) Tj ET Q q 0 0 0 rg BT 106.23 503.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 124.29 503.45 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.35 503.45 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 187.38 503.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.43 503.45 Td (15%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.44 503.45 Td ( ) Tj ET Q q 0 0 0 rg BT 211.49 503.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.05 503.45 Td ($5.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.57 503.45 Td ( ) Tj ET Q q 0 0 0 rg BT 247.62 503.45 Td (per ) Tj ET Q q 0 0 0 rg BT 263.68 503.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 281.74 503.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 324.81 503.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.37 503.45 Td ($5.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.89 503.45 Td ( ) Tj ET Q q 0 0 0 rg BT 360.94 503.45 Td (per ) Tj ET Q q 0 0 0 rg BT 377.00 503.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 395.06 503.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 442.14 503.45 Td (in ) Tj ET Q q 0 0 0 rg BT 452.20 503.45 Td (the ) Tj ET Q q 0 0 0 rg BT 467.76 503.45 Td (same ) Tj ET Q q 0 0 0 rg BT 492.82 503.45 Td (period ) Tj ET Q q 0 0 0 rg BT 520.88 503.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.94 503.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 550.96 503.45 Td (, ) Tj ET Q q 0 0 0 rg BT 556.51 503.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 492.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 74.22 492.65 Td (reasons ) Tj ET Q q 0 0 0 rg BT 109.46 492.65 Td (as ) Tj ET Q q 0 0 0 rg BT 122.19 492.65 Td (stated ) Tj ET Q q 0 0 0 rg BT 149.93 492.65 Td (above. ) Tj ET Q q 0 0 0 rg BT 180.18 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 183.40 492.65 Td (Net ) Tj ET Q q 0 0 0 rg BT 200.63 492.65 Td (financing ) Tj ET Q q 0 0 0 rg BT 239.88 492.65 Td (costs, ) Tj ET Q q 0 0 0 rg BT 266.61 492.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 307.86 492.65 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 348.10 492.65 Td (amounts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.35 492.65 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.37 492.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.59 492.65 Td (16%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.61 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 451.83 492.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.56 492.65 Td ($12.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.08 492.65 Td ( ) Tj ET Q q 0 0 0 rg BT 488.30 492.65 Td (million ) Tj ET Q q 0 0 0 rg BT 517.03 492.65 Td (for ) Tj ET Q q 0 0 0 rg BT 530.76 492.65 Td (the ) Tj ET Q q 0 0 0 rg BT 546.49 492.65 Td (three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 481.85 Td (months ) Tj ET Q q 0 0 0 rg BT 77.02 481.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.54 481.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 163.57 481.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.59 481.85 Td (, ) Tj ET Q q 0 0 0 rg BT 188.60 481.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 231.12 481.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.13 481.85 Td ($1) Tj ET Q q 0 0 0 rg BT 250.47 481.85 Td (1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.98 481.85 Td ( ) Tj ET Q q 0 0 0 rg BT 265.48 481.85 Td (million ) Tj ET Q q 0 0 0 rg BT 293.49 481.85 Td (for ) Tj ET Q q 0 0 0 rg BT 306.50 481.85 Td (the ) Tj ET Q q 0 0 0 rg BT 321.51 481.85 Td (three ) Tj ET Q q 0 0 0 rg BT 344.53 481.85 Td (months ) Tj ET Q q 0 0 0 rg BT 376.54 481.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.07 481.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 463.10 481.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.12 481.85 Td (. ) Tj ET Q q 0 0 0 rg BT 488.12 481.85 Td ( ) Tj ET Q q 0 0 0 rg BT 490.46 481.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 508.47 481.85 Td (increase) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.49 481.85 Td ( ) Tj ET Q q 0 0 0 rg BT 544.99 481.85 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 481.85 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 471.05 Td (financing ) Tj ET Q q 0 0 0 rg BT 83.33 471.05 Td (costs, ) Tj ET Q q 0 0 0 rg BT 109.14 471.05 Td (excluding ) Tj ET Q q 0 0 0 rg BT 149.47 471.05 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 188.80 471.05 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 228.13 471.05 Td (was ) Tj ET Q q 0 0 0 rg BT 246.44 471.05 Td (due ) Tj ET Q q 0 0 0 rg BT 263.76 471.05 Td (to ) Tj ET Q q 0 0 0 rg BT 273.57 471.05 Td (the ) Tj ET Q q 0 0 0 rg BT 288.39 471.05 Td (translation ) Tj ET Q q 0 0 0 rg BT 332.22 471.05 Td (of ) Tj ET Q q 0 0 0 rg BT 342.03 471.05 Td (US ) Tj ET Q q 0 0 0 rg BT 356.83 471.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 381.15 471.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 412.97 471.05 Td (on ) Tj ET Q q 0 0 0 rg BT 425.29 471.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 473.33 471.05 Td (US ) Tj ET Q q 0 0 0 rg BT 488.14 471.05 Td (denominated ) Tj ET Q q 0 0 0 rg BT 542.49 471.05 Td (senior ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 460.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 89.20 460.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 113.38 460.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 155.57 460.25 Td (above. ) Tj ET Q q 0 0 0 rg BT 184.76 460.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 200.94 460.25 Td (financing ) Tj ET Q q 0 0 0 rg BT 239.13 460.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 264.81 460.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 305.00 460.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 344.19 460.25 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 383.38 460.25 Td (on ) Tj ET Q q 0 0 0 rg BT 395.56 460.25 Td (a ) Tj ET Q q 0 0 0 rg BT 402.73 460.25 Td (per ) Tj ET Q q 0 0 0 rg BT 417.91 460.25 Td (boe ) Tj ET Q q 0 0 0 rg BT 435.09 460.25 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.27 460.25 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 497.30 460.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.47 460.25 Td (25%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.48 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 519.65 460.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.32 460.25 Td ($1.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.84 460.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.01 460.25 Td (per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 449.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 62.52 449.45 Td (for ) Tj ET Q q 0 0 0 rg BT 75.52 449.45 Td (the ) Tj ET Q q 0 0 0 rg BT 90.53 449.45 Td (three ) Tj ET Q q 0 0 0 rg BT 113.55 449.45 Td (months ) Tj ET Q q 0 0 0 rg BT 145.56 449.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.09 449.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 232.11 449.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.14 449.45 Td ( ) Tj ET Q q 0 0 0 rg BT 254.64 449.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 297.16 449.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.16 449.45 Td ($1.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.69 449.45 Td ( ) Tj ET Q q 0 0 0 rg BT 332.19 449.45 Td (per ) Tj ET Q q 0 0 0 rg BT 347.70 449.45 Td (boe ) Tj ET Q q 0 0 0 rg BT 365.21 449.45 Td (in ) Tj ET Q q 0 0 0 rg BT 374.72 449.45 Td (the ) Tj ET Q q 0 0 0 rg BT 389.73 449.45 Td (same ) Tj ET Q q 0 0 0 rg BT 414.24 449.45 Td (period ) Tj ET Q q 0 0 0 rg BT 441.76 449.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.26 449.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.28 449.45 Td (. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 432.65 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 85.11 432.65 Td (income ) Tj ET Q q 0 0 0 rg BT 119.72 432.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 135.82 432.65 Td (\(recovery\) ) Tj ET Q q 0 0 0 rg BT 182.45 432.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.54 432.65 Td (For ) Tj ET Q q 0 0 0 rg BT 205.14 432.65 Td (the ) Tj ET Q q 0 0 0 rg BT 220.75 432.65 Td (year ) Tj ET Q q 0 0 0 rg BT 241.35 432.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.48 432.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 329.10 432.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.12 432.65 Td (, ) Tj ET Q q 0 0 0 rg BT 354.72 432.65 Td (the ) Tj ET Q q 0 0 0 rg BT 370.33 432.65 Td (deferred ) Tj ET Q q 0 0 0 rg BT 406.95 432.65 Td (income ) Tj ET Q q 0 0 0 rg BT 439.06 432.65 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.16 432.65 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.67 432.65 Td ( ) Tj ET Q q 0 0 0 rg BT 491.77 432.65 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.87 432.65 Td ($204.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.40 432.65 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 432.65 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 421.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 86.85 421.85 Td (to ) Tj ET Q q 0 0 0 rg BT 96.19 421.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.03 421.85 Td (provision) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.05 421.85 Td ( ) Tj ET Q q 0 0 0 rg BT 140.89 421.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.23 421.85 Td ($34.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 172.75 421.85 Td ( ) Tj ET Q q 0 0 0 rg BT 174.58 421.85 Td (million ) Tj ET Q q 0 0 0 rg BT 201.92 421.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 247.78 421.85 Td (in ) Tj ET Q q 0 0 0 rg BT 256.62 421.85 Td (the ) Tj ET Q q 0 0 0 rg BT 270.97 421.85 Td (same ) Tj ET Q q 0 0 0 rg BT 294.81 421.85 Td (period ) Tj ET Q q 0 0 0 rg BT 321.66 421.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.50 421.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.52 421.85 Td (. ) Tj ET Q q 0 0 0 rg BT 354.74 421.85 Td (The ) Tj ET Q q 0 0 0 rg BT 372.08 421.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 407.44 421.85 Td (income ) Tj ET Q q 0 0 0 rg BT 438.28 421.85 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.12 421.85 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.63 421.85 Td ( ) Tj ET Q q 0 0 0 rg BT 488.47 421.85 Td (for ) Tj ET Q q 0 0 0 rg BT 500.80 421.85 Td (the ) Tj ET Q q 0 0 0 rg BT 515.15 421.85 Td (three ) Tj ET Q q 0 0 0 rg BT 537.50 421.85 Td (months ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 411.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.85 411.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 132.21 411.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.23 411.05 Td ( ) Tj ET Q q 0 0 0 rg BT 155.06 411.05 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.89 411.05 Td ($155.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.42 411.05 Td ( ) Tj ET Q q 0 0 0 rg BT 204.25 411.05 Td (million ) Tj ET Q q 0 0 0 rg BT 232.58 411.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 275.43 411.05 Td (to ) Tj ET Q q 0 0 0 rg BT 285.76 411.05 Td (a ) Tj ET Q q 0 0 0 rg BT 293.59 411.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 329.94 411.05 Td (income ) Tj ET Q q 0 0 0 rg BT 361.78 411.05 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.62 411.05 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.13 411.05 Td ( ) Tj ET Q q 0 0 0 rg BT 413.96 411.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.29 411.05 Td ($6.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.81 411.05 Td ( ) Tj ET Q q 0 0 0 rg BT 444.63 411.05 Td (million ) Tj ET Q q 0 0 0 rg BT 472.97 411.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 519.82 411.05 Td (in ) Tj ET Q q 0 0 0 rg BT 529.66 411.05 Td (the ) Tj ET Q q 0 0 0 rg BT 544.99 411.05 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 400.25 Td (period ) Tj ET Q q 0 0 0 rg BT 73.28 400.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.54 400.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.56 400.25 Td (. ) Tj ET Q q 0 0 0 rg BT 109.32 400.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.37 400.25 Td (The ) Tj ET Q q 0 0 0 rg BT 131.14 400.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 167.92 400.25 Td (income ) Tj ET Q q 0 0 0 rg BT 200.19 400.25 Td (tax ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.45 400.25 Td (recovery) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.96 400.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.22 400.25 Td (for ) Tj ET Q q 0 0 0 rg BT 266.98 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 282.75 400.25 Td (three ) Tj ET Q q 0 0 0 rg BT 306.52 400.25 Td (months ) Tj ET Q q 0 0 0 rg BT 339.30 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.57 400.25 Td (year ) Tj ET Q q 0 0 0 rg BT 378.34 400.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.62 400.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 466.41 400.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.43 400.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.69 400.25 Td (was ) Tj ET Q q 0 0 0 rg BT 508.95 400.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 533.72 400.25 Td (than ) Tj ET Q q 0 0 0 rg BT 554.50 400.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 389.45 Td (recovery ) Tj ET Q q 0 0 0 rg BT 81.50 389.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 124.01 389.45 Td (using ) Tj ET Q q 0 0 0 rg BT 147.52 389.45 Td (the ) Tj ET Q q 0 0 0 rg BT 162.01 389.45 Td (statutory ) Tj ET Q q 0 0 0 rg BT 198.52 389.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 216.01 389.45 Td (as ) Tj ET Q q 0 0 0 rg BT 227.51 389.45 Td (a ) Tj ET Q q 0 0 0 rg BT 234.50 389.45 Td (result ) Tj ET Q q 0 0 0 rg BT 258.50 389.45 Td (of ) Tj ET Q q 0 0 0 rg BT 267.99 389.45 Td (the ) Tj ET Q q 0 0 0 rg BT 282.49 389.45 Td (income ) Tj ET Q q 0 0 0 rg BT 313.49 389.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 327.48 389.45 Td (treatment ) Tj ET Q q 0 0 0 rg BT 367.49 389.45 Td (of ) Tj ET Q q 0 0 0 rg BT 376.98 389.45 Td (net ) Tj ET Q q 0 0 0 rg BT 391.48 389.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 420.99 389.45 Td (currency ) Tj ET Q q 0 0 0 rg BT 457.48 389.45 Td (translation ) Tj ET Q q 0 0 0 rg BT 501.00 389.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 524.50 389.45 Td (and ) Tj ET Q q 0 0 0 rg BT 541.50 389.45 Td (losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 378.65 Td (on ) Tj ET Q q 0 0 0 rg BT 57.58 378.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 105.89 378.65 Td (US ) Tj ET Q q 0 0 0 rg BT 120.96 378.65 Td (denominated ) Tj ET Q q 0 0 0 rg BT 175.56 378.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 202.64 378.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 247.24 378.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 271.82 378.65 Td (and ) Tj ET Q q 0 0 0 rg BT 289.40 378.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 324.99 378.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 369.57 378.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 411.15 378.65 Td (income ) Tj ET Q q 0 0 0 rg BT 442.73 378.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 457.30 378.65 Td (treatment ) Tj ET Q q 0 0 0 rg BT 497.89 378.65 Td (of ) Tj ET Q q 0 0 0 rg BT 507.96 378.65 Td (non-deductible ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 367.85 Td (share-based ) Tj ET Q q 0 0 0 rg BT 96.87 367.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 154.74 367.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 190.61 367.85 Td (and ) Tj ET Q q 0 0 0 rg BT 207.46 367.85 Td (the ) Tj ET Q q 0 0 0 rg BT 221.81 367.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 250.15 367.85 Td (of ) Tj ET Q q 0 0 0 rg BT 259.50 367.85 Td (the ) Tj ET Q q 0 0 0 rg BT 273.84 367.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 309.70 367.85 Td (in ) Tj ET Q q 0 0 0 rg BT 318.54 367.85 Td (the ) Tj ET Q q 0 0 0 rg BT 332.53 367.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 362.88 367.85 Td (corporate ) Tj ET Q q 0 0 0 rg BT 402.74 367.85 Td (income ) Tj ET Q q 0 0 0 rg BT 433.59 367.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 447.43 367.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 464.78 367.85 Td (from ) Tj ET Q q 0 0 0 rg BT 484.62 367.85 Td (10% ) Tj ET Q q 0 0 0 rg BT 504.47 367.85 Td (to ) Tj ET Q q 0 0 0 rg BT 513.81 367.85 Td (12% ) Tj ET Q q 0 0 0 rg BT 533.66 367.85 Td (ef) Tj ET Q q 0 0 0 rg BT 541.00 367.85 Td (fective ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 357.05 Td (July ) Tj ET Q q 0 0 0 rg BT 63.64 357.05 Td (1,2015. ) Tj ET Q q 0 0 0 rg BT 96.31 357.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 138.47 357.05 Td (made ) Tj ET Q q 0 0 0 rg BT 163.62 357.05 Td (no ) Tj ET Q q 0 0 0 rg BT 176.26 357.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 197.91 357.05 Td (payments ) Tj ET Q q 0 0 0 rg BT 239.56 357.05 Td (or ) Tj ET Q q 0 0 0 rg BT 250.20 357.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 264.85 357.05 Td (installments ) Tj ET Q q 0 0 0 rg BT 315.00 357.05 Td (for ) Tj ET Q q 0 0 0 rg BT 328.14 357.05 Td (the ) Tj ET Q q 0 0 0 rg BT 343.29 357.05 Td (three ) Tj ET Q q 0 0 0 rg BT 366.44 357.05 Td (months ) Tj ET Q q 0 0 0 rg BT 398.59 357.05 Td (and ) Tj ET Q q 0 0 0 rg BT 416.24 357.05 Td (year ) Tj ET Q q 0 0 0 rg BT 436.38 357.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 464.05 357.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 523.21 357.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.23 357.05 Td ( ) Tj ET Q q 0 0 0 rg BT 545.87 357.05 Td (or ) Tj ET Q q 0 0 0 rg BT 556.50 357.05 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 346.25 Td (comparative ) Tj ET Q q 0 0 0 rg BT 111.53 346.25 Td (period ) Tj ET Q q 0 0 0 rg BT 139.05 346.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 148.56 346.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.58 346.25 Td (. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 329.45 Td (Funds ) Tj ET Q q 0 0 0 rg BT 74.78 329.45 Td (from ) Tj ET Q q 0 0 0 rg BT 97.57 329.45 Td (operations, ) Tj ET Q q 0 0 0 rg BT 148.86 329.45 Td (net ) Tj ET Q q 0 0 0 rg BT 165.14 329.45 Td (income ) Tj ET Q q 0 0 0 rg BT 199.44 329.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 226.22 329.45 Td (and ) Tj ET Q q 0 0 0 rg BT 245.01 329.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 313.82 329.45 Td (income ) Tj ET Q q 0 0 0 rg BT 348.12 329.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 374.91 329.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.69 329.45 Td (For ) Tj ET Q q 0 0 0 rg BT 396.97 329.45 Td (the ) Tj ET Q q 0 0 0 rg BT 412.27 329.45 Td (year ) Tj ET Q q 0 0 0 rg BT 432.56 329.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.37 329.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 519.69 329.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.71 329.45 Td (, ) Tj ET Q q 0 0 0 rg BT 544.99 329.45 Td (funds ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 318.65 Td (from ) Tj ET Q q 0 0 0 rg BT 65.73 318.65 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.50 318.65 Td (decreased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.53 318.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.26 318.65 Td (31%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.27 318.65 Td ( ) Tj ET Q q 0 0 0 rg BT 176.01 318.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.25 318.65 Td ($385.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.77 318.65 Td ( ) Tj ET Q q 0 0 0 rg BT 216.51 318.65 Td (million ) Tj ET Q q 0 0 0 rg BT 244.75 318.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.75 318.65 Td ($1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.27 318.65 Td ( ) Tj ET Q q 0 0 0 rg BT 273.00 318.65 Td (pershare,basic\) ) Tj ET Q q 0 0 0 rg BT 342.76 318.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 363.50 318.65 Td ($561.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.03 318.65 Td ( ) Tj ET Q q 0 0 0 rg BT 393.76 318.65 Td (million ) Tj ET Q q 0 0 0 rg BT 422.00 318.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.00 318.65 Td ($2.69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.52 318.65 Td ( ) Tj ET Q q 0 0 0 rg BT 450.25 318.65 Td (pershare,basic\) ) Tj ET Q q 0 0 0 rg BT 520.02 318.65 Td (in ) Tj ET Q q 0 0 0 rg BT 529.75 318.65 Td (the ) Tj ET Q q 0 0 0 rg BT 545.00 318.65 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 307.85 Td (period ) Tj ET Q q 0 0 0 rg BT 73.45 307.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.88 307.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.90 307.85 Td (. ) Tj ET Q q 0 0 0 rg BT 109.83 307.85 Td (While ) Tj ET Q q 0 0 0 rg BT 135.77 307.85 Td (production ) Tj ET Q q 0 0 0 rg BT 181.23 307.85 Td (volumes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.17 307.85 Td (increased) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.19 307.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.62 307.85 Td (3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.63 307.85 Td (, ) Tj ET Q q 0 0 0 rg BT 279.56 307.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 305.01 307.85 Td (from ) Tj ET Q q 0 0 0 rg BT 326.44 307.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 371.90 307.85 Td (was ) Tj ET Q q 0 0 0 rg BT 391.33 307.85 Td (impacted ) Tj ET Q q 0 0 0 rg BT 431.28 307.85 Td (by ) Tj ET Q q 0 0 0 rg BT 444.21 307.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 452.65 307.85 Td (28%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.66 307.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.09 307.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.12 307.85 Td ( ) Tj ET Q q 0 0 0 rg BT 514.54 307.85 Td (in ) Tj ET Q q 0 0 0 rg BT 524.98 307.85 Td (production ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 297.05 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 85.99 297.05 Td (including ) Tj ET Q q 0 0 0 rg BT 122.99 297.05 Td (the ) Tj ET Q q 0 0 0 rg BT 136.96 297.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 164.94 297.05 Td (of ) Tj ET Q q 0 0 0 rg BT 173.91 297.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 208.40 297.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 251.89 297.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 296.86 297.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 337.35 297.05 Td (partially ) Tj ET Q q 0 0 0 rg BT 369.83 297.05 Td (of) Tj ET Q q 0 0 0 rg BT 377.17 297.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 393.14 297.05 Td (by ) Tj ET Q q 0 0 0 rg BT 404.12 297.05 Td (the ) Tj ET Q q 0 0 0 rg BT 418.10 297.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 446.07 297.05 Td (of ) Tj ET Q q 0 0 0 rg BT 455.04 297.05 Td (lower ) Tj ET Q q 0 0 0 rg BT 478.02 297.05 Td (royalties ) Tj ET Q q 0 0 0 rg BT 513.00 297.05 Td (and ) Tj ET Q q 0 0 0 rg BT 529.48 297.05 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 286.25 Td (expenses. ) Tj ET Q q 0 0 0 rg BT 87.87 286.25 Td (For ) Tj ET Q q 0 0 0 rg BT 103.21 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 117.57 286.25 Td (three ) Tj ET Q q 0 0 0 rg BT 139.93 286.25 Td (months ) Tj ET Q q 0 0 0 rg BT 171.28 286.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.16 286.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 256.53 286.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.55 286.25 Td (, ) Tj ET Q q 0 0 0 rg BT 280.89 286.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 322.26 286.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 373.14 286.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.99 286.25 Td (29%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.00 286.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.84 286.25 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.87 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 438.71 286.25 Td (in ) Tj ET Q q 0 0 0 rg BT 447.56 286.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 471.42 286.25 Td (from ) Tj ET Q q 0 0 0 rg BT 491.26 286.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 535.14 286.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 286.25 Td ($95.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 286.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 275.45 Td (million ) Tj ET Q q 0 0 0 rg BT 72.89 275.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 75.89 275.45 Td ($0.44) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 98.41 275.45 Td ( ) Tj ET Q q 0 0 0 rg BT 100.80 275.45 Td (per ) Tj ET Q q 0 0 0 rg BT 116.19 275.45 Td (share, ) Tj ET Q q 0 0 0 rg BT 143.59 275.45 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 169.99 275.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.37 275.45 Td ($135.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.90 275.45 Td ( ) Tj ET Q q 0 0 0 rg BT 220.29 275.45 Td (million ) Tj ET Q q 0 0 0 rg BT 248.18 275.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.18 275.45 Td ($0.63) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.70 275.45 Td ( ) Tj ET Q q 0 0 0 rg BT 276.09 275.45 Td (per ) Tj ET Q q 0 0 0 rg BT 291.48 275.45 Td (share, ) Tj ET Q q 0 0 0 rg BT 318.88 275.45 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 345.28 275.45 Td (in ) Tj ET Q q 0 0 0 rg BT 354.67 275.45 Td (the ) Tj ET Q q 0 0 0 rg BT 369.56 275.45 Td (same ) Tj ET Q q 0 0 0 rg BT 393.96 275.45 Td (period ) Tj ET Q q 0 0 0 rg BT 421.36 275.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.76 275.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.78 275.45 Td (. ) Tj ET Q q 0 0 0 rg BT 455.66 275.45 Td ( ) Tj ET Q q 0 0 0 rg BT 457.90 275.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.79 275.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.82 275.45 Td ( ) Tj ET Q q 0 0 0 rg BT 515.20 275.45 Td (in ) Tj ET Q q 0 0 0 rg BT 524.59 275.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.00 275.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 264.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 89.64 264.65 Td (resulted ) Tj ET Q q 0 0 0 rg BT 124.27 264.65 Td (from ) Tj ET Q q 0 0 0 rg BT 144.88 264.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.49 264.65 Td (28%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.50 264.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.11 264.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.14 264.65 Td ( ) Tj ET Q q 0 0 0 rg BT 212.75 264.65 Td (in ) Tj ET Q q 0 0 0 rg BT 222.36 264.65 Td (production ) Tj ET Q q 0 0 0 rg BT 267.00 264.65 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 309.13 264.65 Td (including ) Tj ET Q q 0 0 0 rg BT 347.27 264.65 Td (the ) Tj ET Q q 0 0 0 rg BT 362.39 264.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 391.51 264.65 Td (of ) Tj ET Q q 0 0 0 rg BT 401.62 264.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 437.25 264.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 481.88 264.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 528.00 264.65 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 253.85 Td (when ) Tj ET Q q 0 0 0 rg BT 69.02 253.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 111.54 253.85 Td (to ) Tj ET Q q 0 0 0 rg BT 121.54 253.85 Td (the ) Tj ET Q q 0 0 0 rg BT 136.56 253.85 Td (same ) Tj ET Q q 0 0 0 rg BT 161.06 253.85 Td (period ) Tj ET Q q 0 0 0 rg BT 188.58 253.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.09 253.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.11 253.85 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 237.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 87.43 237.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 125.86 237.05 Td (a ) Tj ET Q q 0 0 0 rg BT 133.77 237.05 Td (net ) Tj ET Q q 0 0 0 rg BT 149.19 237.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 168.10 237.05 Td (and ) Tj ET Q q 0 0 0 rg BT 186.02 237.05 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 249.95 237.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 268.87 237.05 Td (for ) Tj ET Q q 0 0 0 rg BT 282.27 237.05 Td (the ) Tj ET Q q 0 0 0 rg BT 297.69 237.05 Td (year ) Tj ET Q q 0 0 0 rg BT 318.10 237.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 346.04 237.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 405.47 237.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.49 237.05 Td ( ) Tj ET Q q 0 0 0 rg BT 428.40 237.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.81 237.05 Td ($751.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.34 237.05 Td ( ) Tj ET Q q 0 0 0 rg BT 469.24 237.05 Td (million ) Tj ET Q q 0 0 0 rg BT 497.65 237.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.65 237.05 Td ($3.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.17 237.05 Td ( ) Tj ET Q q 0 0 0 rg BT 526.08 237.05 Td (per ) Tj ET Q q 0 0 0 rg BT 541.99 237.05 Td (share, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 226.25 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 71.29 226.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 113.60 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.39 226.25 Td (net ) Tj ET Q q 0 0 0 rg BT 138.18 226.25 Td (income ) Tj ET Q q 0 0 0 rg BT 169.48 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.78 226.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 250.09 226.25 Td (income ) Tj ET Q q 0 0 0 rg BT 281.39 226.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.18 226.25 Td ($4.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.70 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.98 226.25 Td (million ) Tj ET Q q 0 0 0 rg BT 338.77 226.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.77 226.25 Td ($0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.29 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 366.58 226.25 Td (per ) Tj ET Q q 0 0 0 rg BT 381.87 226.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 409.17 226.25 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 435.46 226.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.24 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 463.04 226.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 483.33 226.25 Td (period ) Tj ET Q q 0 0 0 rg BT 510.63 226.25 Td (year) Tj ET Q q 0 0 0 rg BT 527.64 226.25 Td (. ) Tj ET Q q 0 0 0 rg BT 532.43 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 534.71 226.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 551.00 226.25 Td (loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 215.45 Td (and ) Tj ET Q q 0 0 0 rg BT 62.85 215.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 126.72 215.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 145.56 215.45 Td (for ) Tj ET Q q 0 0 0 rg BT 158.90 215.45 Td (the ) Tj ET Q q 0 0 0 rg BT 174.24 215.45 Td (year ) Tj ET Q q 0 0 0 rg BT 194.58 215.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 222.45 215.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 281.81 215.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.83 215.45 Td ( ) Tj ET Q q 0 0 0 rg BT 304.66 215.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 346.52 215.45 Td (when ) Tj ET Q q 0 0 0 rg BT 370.87 215.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 413.73 215.45 Td (to ) Tj ET Q q 0 0 0 rg BT 424.07 215.45 Td (the ) Tj ET Q q 0 0 0 rg BT 439.42 215.45 Td (year ) Tj ET Q q 0 0 0 rg BT 459.76 215.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.62 215.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.98 215.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 215.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 204.65 Td (as ) Tj ET Q q 0 0 0 rg BT 57.42 204.65 Td (a ) Tj ET Q q 0 0 0 rg BT 65.34 204.65 Td (result ) Tj ET Q q 0 0 0 rg BT 90.27 204.65 Td (of ) Tj ET Q q 0 0 0 rg BT 100.69 204.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 108.61 204.65 Td (31%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.62 204.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.54 204.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.56 204.65 Td ( ) Tj ET Q q 0 0 0 rg BT 169.48 204.65 Td (in ) Tj ET Q q 0 0 0 rg BT 179.40 204.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 204.33 204.65 Td (from ) Tj ET Q q 0 0 0 rg BT 225.24 204.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 270.19 204.65 Td (and ) Tj ET Q q 0 0 0 rg BT 288.12 204.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.55 204.65 Td ($812.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.07 204.65 Td ( ) Tj ET Q q 0 0 0 rg BT 333.99 204.65 Td (million ) Tj ET Q q 0 0 0 rg BT 362.41 204.65 Td (in ) Tj ET Q q 0 0 0 rg BT 372.33 204.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 419.76 204.65 Td (charges ) Tj ET Q q 0 0 0 rg BT 454.69 204.65 Td (resulting ) Tj ET Q q 0 0 0 rg BT 491.63 204.65 Td (from ) Tj ET Q q 0 0 0 rg BT 512.54 204.65 Td (the ) Tj ET Q q 0 0 0 rg BT 527.97 204.65 Td (continued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 193.85 Td (decline ) Tj ET Q q 0 0 0 rg BT 76.23 193.85 Td (in ) Tj ET Q q 0 0 0 rg BT 85.95 193.85 Td (the ) Tj ET Q q 0 0 0 rg BT 101.17 193.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 147.39 193.85 Td (price ) Tj ET Q q 0 0 0 rg BT 169.61 193.85 Td (forecasts ) Tj ET Q q 0 0 0 rg BT 208.84 193.85 Td (at ) Tj ET Q q 0 0 0 rg BT 219.06 193.85 Td (January ) Tj ET Q q 0 0 0 rg BT 253.79 193.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 264.01 193.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 286.74 193.85 Td (when ) Tj ET Q q 0 0 0 rg BT 310.97 193.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 353.70 193.85 Td (to ) Tj ET Q q 0 0 0 rg BT 363.92 193.85 Td (January ) Tj ET Q q 0 0 0 rg BT 398.65 193.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 408.87 193.85 Td (2015. ) Tj ET Q q 0 0 0 rg BT 434.10 193.85 Td (Net ) Tj ET Q q 0 0 0 rg BT 450.82 193.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 469.53 193.85 Td (and ) Tj ET Q q 0 0 0 rg BT 487.26 193.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 551.00 193.85 Td (loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 183.05 Td (for ) Tj ET Q q 0 0 0 rg BT 58.39 183.05 Td (the ) Tj ET Q q 0 0 0 rg BT 73.78 183.05 Td (three ) Tj ET Q q 0 0 0 rg BT 97.18 183.05 Td (months ) Tj ET Q q 0 0 0 rg BT 129.58 183.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 157.49 183.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 216.91 183.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.93 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 239.81 183.05 Td (increased ) Tj ET Q q 0 0 0 rg BT 281.72 183.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 292.11 183.05 Td ($454.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.64 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 322.53 183.05 Td (million ) Tj ET Q q 0 0 0 rg BT 350.92 183.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.91 183.05 Td ($2.09) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 376.44 183.05 Td ( ) Tj ET Q q 0 0 0 rg BT 379.32 183.05 Td (per ) Tj ET Q q 0 0 0 rg BT 395.21 183.05 Td (share, ) Tj ET Q q 0 0 0 rg BT 423.11 183.05 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 450.01 183.05 Td (when ) Tj ET Q q 0 0 0 rg BT 474.41 183.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 517.31 183.05 Td (to ) Tj ET Q q 0 0 0 rg BT 527.70 183.05 Td (a ) Tj ET Q q 0 0 0 rg BT 535.59 183.05 Td (net ) Tj ET Q q 0 0 0 rg BT 550.99 183.05 Td (loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 172.25 Td (and ) Tj ET Q q 0 0 0 rg BT 62.79 172.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 126.59 172.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 145.37 172.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 155.65 172.25 Td ($61.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.17 172.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.94 172.25 Td (million ) Tj ET Q q 0 0 0 rg BT 209.22 172.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.22 172.25 Td ($0.28) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.74 172.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.52 172.25 Td (per ) Tj ET Q q 0 0 0 rg BT 253.30 172.25 Td (share, ) Tj ET Q q 0 0 0 rg BT 281.08 172.25 Td (basic\) ) Tj ET Q q 0 0 0 rg BT 307.86 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 317.64 172.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.93 172.25 Td (same ) Tj ET Q q 0 0 0 rg BT 357.71 172.25 Td (period ) Tj ET Q q 0 0 0 rg BT 385.50 172.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.27 172.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.30 172.25 Td (. ) Tj ET Q q 0 0 0 rg BT 420.57 172.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 437.35 172.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 456.13 172.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.92 172.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 537.72 172.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 556.50 172.25 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 161.45 Td (the ) Tj ET Q q 0 0 0 rg BT 60.01 161.45 Td (three ) Tj ET Q q 0 0 0 rg BT 83.03 161.45 Td (months ) Tj ET Q q 0 0 0 rg BT 115.04 161.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 142.57 161.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.59 161.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.62 161.45 Td ( ) Tj ET Q q 0 0 0 rg BT 224.12 161.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 265.64 161.45 Td (for ) Tj ET Q q 0 0 0 rg BT 278.64 161.45 Td (similar ) Tj ET Q q 0 0 0 rg BT 307.14 161.45 Td (reasons ) Tj ET Q q 0 0 0 rg BT 341.66 161.45 Td (as ) Tj ET Q q 0 0 0 rg BT 353.67 161.45 Td (stated ) Tj ET Q q 0 0 0 rg BT 380.69 161.45 Td (above.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 20) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (The ) Tj ET Q q 0 0 0 rg BT 63.47 731.45 Td (following ) Tj ET Q q 0 0 0 rg BT 101.45 731.45 Td (table ) Tj ET Q q 0 0 0 rg BT 123.93 731.45 Td (is ) Tj ET Q q 0 0 0 rg BT 133.39 731.45 Td (a ) Tj ET Q q 0 0 0 rg BT 141.35 731.45 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 196.84 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 207.31 731.45 Td (an ) Tj ET Q q 0 0 0 rg BT 220.28 731.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 261.77 731.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 285.23 731.45 Td (measure, ) Tj ET Q q 0 0 0 rg BT 325.71 731.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 350.69 731.45 Td (from ) Tj ET Q q 0 0 0 rg BT 371.65 731.45 Td (operations, ) Tj ET Q q 0 0 0 rg BT 419.14 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 429.61 731.45 Td (its ) Tj ET Q q 0 0 0 rg BT 441.57 731.45 Td (nearest ) Tj ET Q q 0 0 0 rg BT 474.55 731.45 Td (measure ) Tj ET Q q 0 0 0 rg BT 512.53 731.45 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 557.51 731.45 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (IFRS:) Tj ET Q 1 1 1 rg /GS0 gs 338.50 693.15 76.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 490.50 693.15 76.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 707.15 m 262.5 707.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 707.15 m 338.5 707.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 707.15 m 414.5 707.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 707.15 m 490.5 707.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 707.15 m 566.5 707.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 679.15 m 262.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 679.15 m 338.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 679.15 m 414.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 679.15 m 490.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 679.15 m 566.5 679.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 612.15 m 262.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 612.15 m 338.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 612.15 m 414.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 612.15 m 490.5 612.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 612.15 m 566.5 612.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 598.15 m 262.5 598.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 598.15 m 338.5 598.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 598.15 m 414.5 598.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 598.15 m 490.5 598.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 598.15 m 566.5 598.15 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.40 697.55 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 697.55 Td (Years ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 683.55 Td (Calculation of Funds From Operations:) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 683.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 683.55 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 683.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 683.55 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 671.55 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 658.55 Td (Cash flow from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 302.45 658.55 Td (126,735) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 658.55 Td (139,349) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 658.55 Td (406,290) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 658.55 Td (593,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 644.55 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.45 644.55 Td (\(12,860) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 644.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 644.55 Td (\(11,060) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 644.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.45 644.55 Td (\(49,716) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 644.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 644.55 Td (\(43,921) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 644.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 630.55 Td (Decommissioning expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 630.55 Td (3,281) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 630.55 Td (9,944) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 630.55 Td (18,925) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 630.55 Td (32,026) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 616.55 Td (Changes in non-cash working capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 304.45 616.55 Td (\(21,364) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 616.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.45 616.55 Td (\(2,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 616.55 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.45 616.55 Td (9,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 616.55 Td (\(20,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 616.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 602.55 Td (Funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 602.55 Td (95,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 602.55 Td (135,845) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 602.55 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 602.55 Td (561,105) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 581.85 Td (Capital ) Tj ET Q q 0 0 0 rg BT 76.32 581.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 133.65 581.85 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.65 581.85 Td ( ) Tj ET Q q 0 0 0 rg BT 137.96 581.85 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 181.80 581.85 Td (with ) Tj ET Q q 0 0 0 rg BT 199.12 581.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 246.17 581.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 269.00 581.85 Td (concentration ) Tj ET Q q 0 0 0 rg BT 324.35 581.85 Td (strategy) Tj ET Q q 0 0 0 rg BT 355.69 581.85 Td (, ) Tj ET Q q 0 0 0 rg BT 359.51 581.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 386.84 581.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 439.69 581.85 Td (for ) Tj ET Q q 0 0 0 rg BT 451.50 581.85 Td (the ) Tj ET Q q 0 0 0 rg BT 465.33 581.85 Td (year ) Tj ET Q q 0 0 0 rg BT 484.15 581.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 581.85 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 571.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 571.05 Td ( ) Tj ET Q q 0 0 0 rg BT 67.54 571.05 Td (were ) Tj ET Q q 0 0 0 rg BT 89.57 571.05 Td (predominately ) Tj ET Q q 0 0 0 rg BT 148.62 571.05 Td (focused ) Tj ET Q q 0 0 0 rg BT 182.66 571.05 Td (on ) Tj ET Q q 0 0 0 rg BT 195.19 571.05 Td (further ) Tj ET Q q 0 0 0 rg BT 223.72 571.05 Td (development ) Tj ET Q q 0 0 0 rg BT 277.77 571.05 Td (of ) Tj ET Q q 0 0 0 rg BT 287.80 571.05 Td (the ) Tj ET Q q 0 0 0 rg BT 302.83 571.05 Td (Glauconite ) Tj ET Q q 0 0 0 rg BT 348.37 571.05 Td (and ) Tj ET Q q 0 0 0 rg BT 365.91 571.05 Td (Falher ) Tj ET Q q 0 0 0 rg BT 393.94 571.05 Td (plays ) Tj ET Q q 0 0 0 rg BT 417.47 571.05 Td (in ) Tj ET Q q 0 0 0 rg BT 426.99 571.05 Td (the ) Tj ET Q q 0 0 0 rg BT 442.02 571.05 Td (W) Tj ET Q q 0 0 0 rg BT 450.35 571.05 Td (est ) Tj ET Q q 0 0 0 rg BT 464.88 571.05 Td (Central ) Tj ET Q q 0 0 0 rg BT 496.41 571.05 Td (core ) Tj ET Q q 0 0 0 rg BT 516.44 571.05 Td (area ) Tj ET Q q 0 0 0 rg BT 536.97 571.05 Td (and ) Tj ET Q q 0 0 0 rg BT 554.50 571.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 560.25 Td (Wilrich ) Tj ET Q q 0 0 0 rg BT 73.68 560.25 Td (play ) Tj ET Q q 0 0 0 rg BT 91.88 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.57 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.77 560.25 Td (Deep ) Tj ET Q q 0 0 0 rg BT 137.97 560.25 Td (Basin ) Tj ET Q q 0 0 0 rg BT 162.17 560.25 Td (core ) Tj ET Q q 0 0 0 rg BT 181.36 560.25 Td (area. ) Tj ET Q q 0 0 0 rg BT 203.56 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 205.25 560.25 Td (For ) Tj ET Q q 0 0 0 rg BT 220.43 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.63 560.25 Td (year ) Tj ET Q q 0 0 0 rg BT 253.82 560.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.54 560.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 338.75 560.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.77 560.25 Td (, ) Tj ET Q q 0 0 0 rg BT 362.96 560.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 408.16 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 416.85 560.25 Td (exploration ) Tj ET Q q 0 0 0 rg BT 462.57 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.27 560.25 Td (development ) Tj ET Q q 0 0 0 rg BT 532.49 560.25 Td (activities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 549.45 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.35 549.45 Td ($313.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.88 549.45 Td ( ) Tj ET Q q 0 0 0 rg BT 104.20 549.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 134.54 549.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.87 549.45 Td (51%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 159.88 549.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 162.21 549.45 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.23 549.45 Td ( ) Tj ET Q q 0 0 0 rg BT 201.56 549.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 243.91 549.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.74 549.45 Td ($639.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.27 549.45 Td ( ) Tj ET Q q 0 0 0 rg BT 283.60 549.45 Td (million ) Tj ET Q q 0 0 0 rg BT 311.43 549.45 Td (in ) Tj ET Q q 0 0 0 rg BT 320.76 549.45 Td (the ) Tj ET Q q 0 0 0 rg BT 335.60 549.45 Td (same ) Tj ET Q q 0 0 0 rg BT 359.94 549.45 Td (period ) Tj ET Q q 0 0 0 rg BT 387.28 549.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.61 549.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.63 549.45 Td (. ) Tj ET Q q 0 0 0 rg BT 421.46 549.45 Td (Similarly) Tj ET Q q 0 0 0 rg BT 454.79 549.45 Td (, ) Tj ET Q q 0 0 0 rg BT 459.62 549.45 Td (for ) Tj ET Q q 0 0 0 rg BT 472.45 549.45 Td (the ) Tj ET Q q 0 0 0 rg BT 487.29 549.45 Td (three ) Tj ET Q q 0 0 0 rg BT 510.13 549.45 Td (months ) Tj ET Q q 0 0 0 rg BT 541.97 549.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 538.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 103.37 538.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 123.39 538.65 Td (, ) Tj ET Q q 0 0 0 rg BT 127.74 538.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 175.32 538.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 220.69 538.65 Td (in ) Tj ET Q q 0 0 0 rg BT 229.53 538.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 275.41 538.65 Td (and ) Tj ET Q q 0 0 0 rg BT 292.27 538.65 Td (development ) Tj ET Q q 0 0 0 rg BT 345.65 538.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 382.00 538.65 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 399.85 538.65 Td ($56.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.37 538.65 Td ( ) Tj ET Q q 0 0 0 rg BT 424.21 538.65 Td (million, ) Tj ET Q q 0 0 0 rg BT 454.06 538.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.91 538.65 Td (65%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.93 538.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.77 538.65 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.79 538.65 Td ( ) Tj ET Q q 0 0 0 rg BT 519.64 538.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.48 538.65 Td ($162.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 538.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 527.85 Td (million ) Tj ET Q q 0 0 0 rg BT 73.36 527.85 Td (in ) Tj ET Q q 0 0 0 rg BT 83.22 527.85 Td (the ) Tj ET Q q 0 0 0 rg BT 98.59 527.85 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.46 527.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.48 527.85 Td ( ) Tj ET Q q 0 0 0 rg BT 173.34 527.85 Td (period. ) Tj ET Q q 0 0 0 rg BT 203.71 527.85 Td ( ) Tj ET Q q 0 0 0 rg BT 206.38 527.85 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.74 527.85 Td (decrease) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.77 527.85 Td ( ) Tj ET Q q 0 0 0 rg BT 264.62 527.85 Td (in ) Tj ET Q q 0 0 0 rg BT 274.48 527.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 321.36 527.85 Td (and ) Tj ET Q q 0 0 0 rg BT 339.23 527.85 Td (development ) Tj ET Q q 0 0 0 rg BT 393.62 527.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 448.01 527.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.87 527.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.89 527.85 Td ( ) Tj ET Q q 0 0 0 rg BT 480.75 527.85 Td (resulted ) Tj ET Q q 0 0 0 rg BT 515.62 527.85 Td (from ) Tj ET Q q 0 0 0 rg BT 536.47 527.85 Td (prudent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 517.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 73.52 517.05 Td (spending ) Tj ET Q q 0 0 0 rg BT 112.55 517.05 Td (driven ) Tj ET Q q 0 0 0 rg BT 139.56 517.05 Td (by ) Tj ET Q q 0 0 0 rg BT 151.57 517.05 Td (the ) Tj ET Q q 0 0 0 rg BT 166.58 517.05 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 209.11 517.05 Td (weakness ) Tj ET Q q 0 0 0 rg BT 251.64 517.05 Td (in ) Tj ET Q q 0 0 0 rg BT 261.14 517.05 Td (global ) Tj ET Q q 0 0 0 rg BT 287.66 517.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 333.67 517.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 360.18 517.05 Td (which ) Tj ET Q q 0 0 0 rg BT 385.69 517.05 Td (continued ) Tj ET Q q 0 0 0 rg BT 427.22 517.05 Td (to ) Tj ET Q q 0 0 0 rg BT 437.23 517.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 468.25 517.05 Td (throughout ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.79 517.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.81 517.05 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 500.25 Td (For ) Tj ET Q q 0 0 0 rg BT 61.39 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.80 500.25 Td (year ) Tj ET Q q 0 0 0 rg BT 97.20 500.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.12 500.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 184.54 500.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 204.56 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 209.96 500.25 Td (non-core ) Tj ET Q q 0 0 0 rg BT 248.37 500.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 298.29 500.25 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 328.21 500.25 Td ($100.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.73 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.63 500.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 389.53 500.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 426.44 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 436.34 500.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.24 500.25 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.25 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.14 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 477.05 500.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 496.45 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 506.85 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 509.75 500.25 Td (property) Tj ET Q q 0 0 0 rg BT 542.09 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 547.49 500.25 Td (plant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 489.45 Td (and ) Tj ET Q q 0 0 0 rg BT 63.10 489.45 Td (equipment ) Tj ET Q q 0 0 0 rg BT 108.22 489.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.82 489.45 Td ($19.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.34 489.45 Td ( ) Tj ET Q q 0 0 0 rg BT 144.43 489.45 Td (million ) Tj ET Q q 0 0 0 rg BT 173.02 489.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.13 489.45 Td ($14.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 213.65 489.45 Td ( ) Tj ET Q q 0 0 0 rg BT 216.74 489.45 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.33 489.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.35 489.45 Td ( ) Tj ET Q q 0 0 0 rg BT 265.44 489.45 Td (on ) Tj ET Q q 0 0 0 rg BT 278.54 489.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 298.14 489.45 Td (of ) Tj ET Q q 0 0 0 rg BT 308.73 489.45 Td (exploration ) Tj ET Q q 0 0 0 rg BT 355.85 489.45 Td (and ) Tj ET Q q 0 0 0 rg BT 373.95 489.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 418.08 489.45 Td (assets. ) Tj ET Q q 0 0 0 rg BT 449.68 489.45 Td (During ) Tj ET Q q 0 0 0 rg BT 479.28 489.45 Td (the ) Tj ET Q q 0 0 0 rg BT 494.88 489.45 Td (comparative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.99 489.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 489.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 478.65 Td (period, ) Tj ET Q q 0 0 0 rg BT 75.21 478.65 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 114.93 478.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.13 478.65 Td ($293.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 152.66 478.65 Td ( ) Tj ET Q q 0 0 0 rg BT 155.35 478.65 Td (million ) Tj ET Q q 0 0 0 rg BT 183.56 478.65 Td (were ) Tj ET Q q 0 0 0 rg BT 205.76 478.65 Td (received ) Tj ET Q q 0 0 0 rg BT 242.47 478.65 Td (largely ) Tj ET Q q 0 0 0 rg BT 271.68 478.65 Td (for ) Tj ET Q q 0 0 0 rg BT 284.88 478.65 Td (non-core ) Tj ET Q q 0 0 0 rg BT 323.09 478.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 334.79 478.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 373.51 478.65 Td (properties ) Tj ET Q q 0 0 0 rg BT 416.23 478.65 Td (resulting ) Tj ET Q q 0 0 0 rg BT 452.94 478.65 Td (in ) Tj ET Q q 0 0 0 rg BT 462.64 478.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.34 478.65 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.36 478.65 Td ( ) Tj ET Q q 0 0 0 rg BT 490.05 478.65 Td (on ) Tj ET Q q 0 0 0 rg BT 502.76 478.65 Td (sale ) Tj ET Q q 0 0 0 rg BT 521.96 478.65 Td (of ) Tj ET Q q 0 0 0 rg BT 532.16 478.65 Td (property) Tj ET Q q 0 0 0 rg BT 564.51 478.65 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 467.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 66.83 467.85 Td (and ) Tj ET Q q 0 0 0 rg BT 84.15 467.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 128.49 467.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 138.31 467.85 Td ($61.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 160.83 467.85 Td ( ) Tj ET Q q 0 0 0 rg BT 163.14 467.85 Td (million ) Tj ET Q q 0 0 0 rg BT 190.96 467.85 Td (and ) Tj ET Q q 0 0 0 rg BT 208.29 467.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 215.60 467.85 Td ($5.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.12 467.85 Td ( ) Tj ET Q q 0 0 0 rg BT 235.43 467.85 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.25 467.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.27 467.85 Td ( ) Tj ET Q q 0 0 0 rg BT 282.58 467.85 Td (on ) Tj ET Q q 0 0 0 rg BT 294.90 467.85 Td (the ) Tj ET Q q 0 0 0 rg BT 309.72 467.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 328.54 467.85 Td (of ) Tj ET Q q 0 0 0 rg BT 338.36 467.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 384.70 467.85 Td (and ) Tj ET Q q 0 0 0 rg BT 402.03 467.85 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 445.37 467.85 Td (assets. ) Tj ET Q q 0 0 0 rg BT 476.19 467.85 Td ( ) Tj ET Q q 0 0 0 rg BT 478.50 467.85 Td (During ) Tj ET Q q 0 0 0 rg BT 507.33 467.85 Td (the ) Tj ET Q q 0 0 0 rg BT 522.15 467.85 Td (year ) Tj ET Q q 0 0 0 rg BT 541.97 467.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 457.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.11 457.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.13 457.05 Td (, ) Tj ET Q q 0 0 0 rg BT 129.22 457.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 171.33 457.05 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 210.94 457.05 Td (through ) Tj ET Q q 0 0 0 rg BT 244.05 457.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 268.14 457.05 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 314.26 457.05 Td (and ) Tj ET Q q 0 0 0 rg BT 331.86 457.05 Td (property ) Tj ET Q q 0 0 0 rg BT 367.46 457.05 Td (acquisitions, ) Tj ET Q q 0 0 0 rg BT 419.57 457.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 449.17 457.05 Td (properties ) Tj ET Q q 0 0 0 rg BT 491.78 457.05 Td (and ) Tj ET Q q 0 0 0 rg BT 509.38 457.05 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 551.98 457.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 446.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 75.08 446.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 92.15 446.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 116.72 446.25 Td (within ) Tj ET Q q 0 0 0 rg BT 142.29 446.25 Td (its ) Tj ET Q q 0 0 0 rg BT 153.85 446.25 Td (core ) Tj ET Q q 0 0 0 rg BT 173.92 446.25 Td (areas ) Tj ET Q q 0 0 0 rg BT 199.00 446.25 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.06 446.25 Td ($69.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.58 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 237.15 446.25 Td (million ) Tj ET Q q 0 0 0 rg BT 265.21 446.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 307.80 446.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.86 446.25 Td ($186.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.39 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 347.95 446.25 Td (million ) Tj ET Q q 0 0 0 rg BT 376.02 446.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 385.59 446.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.61 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 408.17 446.25 Td (to ) Tj ET Q q 0 0 0 rg BT 418.24 446.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 450.32 446.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 478.89 446.25 Td (predominantly ) Tj ET Q q 0 0 0 rg BT 537.98 446.25 Td (located ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 435.45 Td (in ) Tj ET Q q 0 0 0 rg BT 54.10 435.45 Td (Ansell ) Tj ET Q q 0 0 0 rg BT 81.22 435.45 Td (within ) Tj ET Q q 0 0 0 rg BT 106.84 435.45 Td (the ) Tj ET Q q 0 0 0 rg BT 121.96 435.45 Td (Deep ) Tj ET Q q 0 0 0 rg BT 146.08 435.45 Td (Basin ) Tj ET Q q 0 0 0 rg BT 171.21 435.45 Td (core ) Tj ET Q q 0 0 0 rg BT 191.32 435.45 Td (area. ) Tj ET Q q 0 0 0 rg BT 214.45 435.45 Td ( ) Tj ET Q q 0 0 0 rg BT 217.05 435.45 Td (Head ) Tj ET Q q 0 0 0 rg BT 241.18 435.45 Td (of) Tj ET Q q 0 0 0 rg BT 248.52 435.45 Td (fice ) Tj ET Q q 0 0 0 rg BT 265.14 435.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 293.76 435.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 347.91 435.45 Td (for ) Tj ET Q q 0 0 0 rg BT 361.02 435.45 Td (the ) Tj ET Q q 0 0 0 rg BT 376.14 435.45 Td (year ) Tj ET Q q 0 0 0 rg BT 396.26 435.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.89 435.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.91 435.45 Td ( ) Tj ET Q q 0 0 0 rg BT 446.52 435.45 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.64 435.45 Td ($1.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 486.16 435.45 Td ( ) Tj ET Q q 0 0 0 rg BT 488.77 435.45 Td (million ) Tj ET Q q 0 0 0 rg BT 516.88 435.45 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.51 435.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 424.65 Td ($3.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.52 424.65 Td ( ) Tj ET Q q 0 0 0 rg BT 65.02 424.65 Td (million ) Tj ET Q q 0 0 0 rg BT 93.02 424.65 Td (in ) Tj ET Q q 0 0 0 rg BT 102.53 424.65 Td (the ) Tj ET Q q 0 0 0 rg BT 117.54 424.65 Td (same ) Tj ET Q q 0 0 0 rg BT 142.05 424.65 Td (period ) Tj ET Q q 0 0 0 rg BT 169.57 424.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 179.57 424.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.60 424.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 407.85 Td (During ) Tj ET Q q 0 0 0 rg BT 75.29 407.85 Td (the ) Tj ET Q q 0 0 0 rg BT 91.59 407.85 Td (three ) Tj ET Q q 0 0 0 rg BT 115.88 407.85 Td (months ) Tj ET Q q 0 0 0 rg BT 149.18 407.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.98 407.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 238.29 407.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 258.31 407.85 Td (, ) Tj ET Q q 0 0 0 rg BT 264.60 407.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 307.90 407.85 Td (successfully ) Tj ET Q q 0 0 0 rg BT 360.20 407.85 Td (disposed ) Tj ET Q q 0 0 0 rg BT 400.01 407.85 Td (of ) Tj ET Q q 0 0 0 rg BT 411.29 407.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 442.09 407.85 Td (non-core ) Tj ET Q q 0 0 0 rg BT 481.39 407.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 511.18 407.85 Td (through ) Tj ET Q q 0 0 0 rg BT 545.49 407.85 Td (asset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 397.05 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 91.10 397.05 Td (and ) Tj ET Q q 0 0 0 rg BT 108.67 397.05 Td (a ) Tj ET Q q 0 0 0 rg BT 116.24 397.05 Td (property ) Tj ET Q q 0 0 0 rg BT 151.82 397.05 Td (disposition ) Tj ET Q q 0 0 0 rg BT 196.91 397.05 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.98 397.05 Td ($7.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 227.49 397.05 Td ( ) Tj ET Q q 0 0 0 rg BT 230.06 397.05 Td (million, ) Tj ET Q q 0 0 0 rg BT 260.63 397.05 Td (resulting ) Tj ET Q q 0 0 0 rg BT 297.21 397.05 Td (in ) Tj ET Q q 0 0 0 rg BT 306.77 397.05 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.34 397.05 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.35 397.05 Td ( ) Tj ET Q q 0 0 0 rg BT 332.91 397.05 Td (on ) Tj ET Q q 0 0 0 rg BT 345.48 397.05 Td (the ) Tj ET Q q 0 0 0 rg BT 360.56 397.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 379.63 397.05 Td (of ) Tj ET Q q 0 0 0 rg BT 389.70 397.05 Td (property) Tj ET Q q 0 0 0 rg BT 422.05 397.05 Td (, ) Tj ET Q q 0 0 0 rg BT 427.11 397.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 449.19 397.05 Td (and ) Tj ET Q q 0 0 0 rg BT 466.77 397.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 511.36 397.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.43 397.05 Td ($0.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.95 397.05 Td ( ) Tj ET Q q 0 0 0 rg BT 541.51 397.05 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 386.25 Td (and ) Tj ET Q q 0 0 0 rg BT 61.98 386.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.94 386.25 Td ($8.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.46 386.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.42 386.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 115.89 386.25 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.89 386.25 Td ( ) Tj ET Q q 0 0 0 rg BT 133.85 386.25 Td (on ) Tj ET Q q 0 0 0 rg BT 145.83 386.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 164.30 386.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.76 386.25 Td (exploration ) Tj ET Q q 0 0 0 rg BT 219.75 386.25 Td (and ) Tj ET Q q 0 0 0 rg BT 236.73 386.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 279.72 386.25 Td (assets. ) Tj ET Q q 0 0 0 rg BT 310.20 386.25 Td ( ) Tj ET Q q 0 0 0 rg BT 312.16 386.25 Td (During ) Tj ET Q q 0 0 0 rg BT 340.63 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.10 386.25 Td (comparative ) Tj ET Q q 0 0 0 rg BT 406.08 386.25 Td (period ) Tj ET Q q 0 0 0 rg BT 433.06 386.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.03 386.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.05 386.25 Td (, ) Tj ET Q q 0 0 0 rg BT 466.51 386.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 515.50 386.25 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.48 386.25 Td ($99.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 386.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 375.45 Td (million, ) Tj ET Q q 0 0 0 rg BT 74.32 375.45 Td (consisting ) Tj ET Q q 0 0 0 rg BT 115.66 375.45 Td (mainly ) Tj ET Q q 0 0 0 rg BT 142.99 375.45 Td (of ) Tj ET Q q 0 0 0 rg BT 151.81 375.45 Td (non-core ) Tj ET Q q 0 0 0 rg BT 188.65 375.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 198.97 375.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 236.31 375.45 Td (properties. ) Tj ET Q q 0 0 0 rg BT 280.15 375.45 Td (Head ) Tj ET Q q 0 0 0 rg BT 302.99 375.45 Td (of) Tj ET Q q 0 0 0 rg BT 310.33 375.45 Td (fice ) Tj ET Q q 0 0 0 rg BT 325.65 375.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 352.98 375.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 405.84 375.45 Td (for ) Tj ET Q q 0 0 0 rg BT 417.66 375.45 Td (the ) Tj ET Q q 0 0 0 rg BT 431.49 375.45 Td (three ) Tj ET Q q 0 0 0 rg BT 453.32 375.45 Td (months ) Tj ET Q q 0 0 0 rg BT 484.15 375.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 375.45 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 364.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 364.65 Td ( ) Tj ET Q q 0 0 0 rg BT 67.52 364.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.53 364.65 Td ($0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 107.05 364.65 Td ( ) Tj ET Q q 0 0 0 rg BT 109.55 364.65 Td (million ) Tj ET Q q 0 0 0 rg BT 137.55 364.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 180.07 364.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.08 364.65 Td ($0.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 207.60 364.65 Td ( ) Tj ET Q q 0 0 0 rg BT 210.10 364.65 Td (million ) Tj ET Q q 0 0 0 rg BT 238.10 364.65 Td (in ) Tj ET Q q 0 0 0 rg BT 247.61 364.65 Td (the ) Tj ET Q q 0 0 0 rg BT 262.62 364.65 Td (same ) Tj ET Q q 0 0 0 rg BT 287.13 364.65 Td (period ) Tj ET Q q 0 0 0 rg BT 314.65 364.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 324.15 364.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.18 364.65 Td (. ) Tj ET Q q 0 0 0 rg BT 349.18 364.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 347.85 Td (The ) Tj ET Q q 0 0 0 rg BT 63.01 347.85 Td (following ) Tj ET Q q 0 0 0 rg BT 100.53 347.85 Td (table ) Tj ET Q q 0 0 0 rg BT 122.55 347.85 Td (outlines ) Tj ET Q q 0 0 0 rg BT 156.07 347.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 184.58 347.85 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 238.62 347.85 Td (by ) Tj ET Q q 0 0 0 rg BT 250.62 347.85 Td (category ) Tj ET Q q 0 0 0 rg BT 287.64 347.85 Td (for ) Tj ET Q q 0 0 0 rg BT 300.65 347.85 Td (the ) Tj ET Q q 0 0 0 rg BT 315.66 347.85 Td (three ) Tj ET Q q 0 0 0 rg BT 338.67 347.85 Td (months ) Tj ET Q q 0 0 0 rg BT 370.69 347.85 Td (and ) Tj ET Q q 0 0 0 rg BT 388.20 347.85 Td (years ) Tj ET Q q 0 0 0 rg BT 412.71 347.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.24 347.85 Td (December ) Tj ET Q q 0 0 0 rg BT 484.26 347.85 Td (31:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 496.77 347.85 Td ( ) Tj ET Q 1 1 1 rg /GS0 gs 338.50 320.35 76.00 -15.00 re f /GS0 gs 1 1 1 rg /GS0 gs 490.50 320.35 76.00 -15.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 334.35 m 262.5 334.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 334.35 m 338.5 334.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 334.35 m 414.5 334.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 334.35 m 490.5 334.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 334.35 m 566.5 334.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 305.35 m 262.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 305.35 m 338.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 305.35 m 414.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 305.35 m 490.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 305.35 m 566.5 305.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 234.35000000000002 m 262.5 234.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 234.35000000000002 m 338.5 234.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 234.35000000000002 m 414.5 234.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i 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0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 174.35000000000002 m 566.5 174.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 159.35000000000002 m 262.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 262.5 159.35000000000002 m 338.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 338.5 159.35000000000002 m 414.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 414.5 159.35000000000002 m 490.5 159.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 490.5 159.35000000000002 m 566.5 159.35000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 271.40 324.75 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 324.75 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 309.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.95 309.75 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.95 309.75 Td (2015) Tj ET Q BT /F3 9.00 Tf ET 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(115,642) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 253.75 Td (230,724) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 253.75 Td (442,237) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 238.75 Td (Production equipment and facilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 238.75 Td (12,931) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 238.75 Td (30,121) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 238.75 Td (65,599) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 238.75 Td (153,095) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 223.75 Td (Exploration and development expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 223.75 Td (56,084) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.45 223.75 Td (162,155) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 223.75 Td (313,905) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 223.75 Td (639,560) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 208.75 Td (Business and other acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 312.45 208.75 Td (1,572) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 208.75 Td (11,580) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.45 208.75 Td (69,576) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 208.75 Td (186,608) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 193.75 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 309.45 193.75 Td (\(7,112) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 335.00 193.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.45 193.75 Td (\(99,448) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.00 193.75 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.45 193.75 Td (\(100,128) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 487.00 193.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 193.75 Td (\(293,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 193.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 178.75 Td (Head office expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 324.95 178.75 Td (74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.95 178.75 Td (449) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.45 178.75 Td (1,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 178.75 Td (3,018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 163.75 Td (Net capital expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 307.45 163.75 Td (50,618) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.45 163.75 Td (74,736) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.45 163.75 Td (284,556) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 163.75 Td (535,801) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 143.05 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 84.72 143.05 Td (and ) Tj ET Q q 0 0 0 rg BT 102.95 143.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 133.68 143.05 Td (resources) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 176.71 143.05 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 178.94 143.05 Td (-) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 181.93 143.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 184.16 143.05 Td (As ) Tj ET Q q 0 0 0 rg BT 196.89 143.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.62 143.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 265.37 143.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.39 143.05 Td (, ) Tj ET Q q 0 0 0 rg BT 290.12 143.05 Td (net ) Tj ET Q q 0 0 0 rg BT 304.85 143.05 Td (debt, ) Tj ET Q q 0 0 0 rg BT 327.10 143.05 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.33 143.05 Td ($1.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.84 143.05 Td ( ) Tj ET Q q 0 0 0 rg BT 365.07 143.05 Td (billion ) Tj ET Q q 0 0 0 rg BT 390.31 143.05 Td (with ) Tj ET Q q 0 0 0 rg BT 408.54 143.05 Td (a ) Tj ET Q q 0 0 0 rg BT 415.77 143.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 435.51 143.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.25 143.05 Td (fourth) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.26 143.05 Td ( ) Tj ET Q q 0 0 0 rg BT 470.48 143.05 Td (quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 501.23 143.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.25 143.05 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0 0 rg BT 279.66 115.45 Td (the ) Tj ET Q q 0 0 0 rg BT 294.48 115.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 314.30 115.45 Td (if ) Tj ET Q q 0 0 0 rg BT 321.11 115.45 Td (no ) Tj ET Q q 0 0 0 rg BT 333.43 115.45 Td (further ) Tj ET Q q 0 0 0 rg BT 361.75 115.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 390.08 115.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 443.92 115.45 Td (were ) Tj ET Q q 0 0 0 rg BT 465.74 115.45 Td (incurred ) Tj ET Q q 0 0 0 rg BT 500.56 115.45 Td (and ) Tj ET Q q 0 0 0 rg BT 517.88 115.45 Td (if ) Tj ET Q q 0 0 0 rg BT 524.69 115.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.02 115.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 104.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 90.02 104.65 Td (remained ) Tj ET Q q 0 0 0 rg BT 130.54 104.65 Td (constant. ) Tj ET Q q 0 0 0 rg BT 169.86 104.65 Td (This ) Tj ET Q q 0 0 0 rg BT 189.86 104.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 210.36 104.65 Td (is ) Tj ET Q q 0 0 0 rg BT 219.85 104.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 263.37 104.65 Td (as ) Tj ET Q q 0 0 0 rg BT 275.87 104.65 Td (net ) Tj ET Q q 0 0 0 rg BT 291.37 104.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 314.38 104.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 346.91 104.65 Td (as ) Tj ET Q q 0 0 0 rg BT 359.40 104.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 408.94 104.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 431.45 104.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 454.46 104.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 481.96 104.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 526.99 104.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 552.00 104.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 93.85 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 81.46 93.85 Td (working ) Tj ET Q q 0 0 0 rg BT 114.92 93.85 Td (capital, ) Tj ET Q q 0 0 0 rg BT 145.87 93.85 Td (divided ) Tj ET Q q 0 0 0 rg BT 176.83 93.85 Td (by ) Tj ET Q q 0 0 0 rg BT 188.77 93.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 213.23 93.85 Td (from ) Tj ET Q q 0 0 0 rg BT 233.66 93.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 278.13 93.85 Td (for ) Tj ET Q q 0 0 0 rg BT 291.07 93.85 Td (the ) Tj ET Q q 0 0 0 rg BT 306.02 93.85 Td (most ) Tj ET Q q 0 0 0 rg BT 327.96 93.85 Td (recent ) Tj ET Q q 0 0 0 rg BT 355.41 93.85 Td (calendar ) Tj ET Q q 0 0 0 rg BT 392.38 93.85 Td (quarter) Tj ET Q q 0 0 0 rg BT 420.39 93.85 Td (, ) Tj ET Q q 0 0 0 rg BT 425.33 93.85 Td (annualized ) Tj ET Q q 0 0 0 rg BT 471.31 93.85 Td (\(multiplied ) Tj ET Q q 0 0 0 rg BT 514.76 93.85 Td (by ) Tj ET Q q 0 0 0 rg BT 526.70 93.85 Td (four\). ) Tj ET Q q 0 0 0 rg BT 549.99 93.85 Td (This ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 83.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 65.01 83.05 Td (may ) Tj ET Q q 0 0 0 rg BT 84.51 83.05 Td (increase ) Tj ET Q q 0 0 0 rg BT 121.03 83.05 Td (at ) Tj ET Q q 0 0 0 rg BT 131.04 83.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 160.55 83.05 Td (times ) Tj ET Q q 0 0 0 rg BT 184.55 83.05 Td (as ) Tj ET Q q 0 0 0 rg BT 196.56 83.05 Td (a ) Tj ET Q q 0 0 0 rg BT 204.06 83.05 Td (result ) Tj ET Q q 0 0 0 rg BT 228.57 83.05 Td (of ) Tj ET Q q 0 0 0 rg BT 238.58 83.05 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 288.11 83.05 Td (or ) Tj ET Q q 0 0 0 rg BT 298.61 83.05 Td (low ) Tj ET Q q 0 0 0 rg BT 314.61 83.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 360.62 83.05 Td (prices. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 66.25 Td (T) Tj ET Q q 0 0 0 rg BT 49.50 66.25 Td (o ) Tj ET Q q 0 0 0 rg BT 57.05 66.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 92.60 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.66 66.25 Td (management ) Tj ET Q q 0 0 0 rg BT 162.73 66.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.78 66.25 Td (this ) Tj ET Q q 0 0 0 rg BT 189.32 66.25 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 211.87 66.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 253.94 66.25 Td (prepares ) Tj ET Q q 0 0 0 rg BT 292.00 66.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 321.57 66.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 346.12 66.25 Td (from ) Tj ET Q q 0 0 0 rg BT 366.67 66.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 411.24 66.25 Td (and ) Tj ET Q q 0 0 0 rg BT 428.79 66.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 457.35 66.25 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 506.92 66.25 Td (budgets, ) Tj ET Q q 0 0 0 rg BT 543.99 66.25 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 55.45 Td (are ) Tj ET Q q 0 0 0 rg BT 60.23 55.45 Td (updated ) Tj ET Q q 0 0 0 rg BT 94.98 55.45 Td (as ) Tj ET Q q 0 0 0 rg BT 106.70 55.45 Td (necessary) Tj ET Q q 0 0 0 rg BT 147.05 55.45 Td (, ) Tj ET Q q 0 0 0 rg BT 151.77 55.45 Td (and ) Tj ET Q q 0 0 0 rg BT 169.00 55.45 Td (are ) Tj ET Q q 0 0 0 rg BT 184.22 55.45 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 222.46 55.45 Td (and ) Tj ET Q q 0 0 0 rg BT 239.69 55.45 Td (periodically ) Tj ET Q q 0 0 0 rg BT 286.93 55.45 Td (approved ) Tj ET Q q 0 0 0 rg BT 326.68 55.45 Td (by ) Tj ET Q q 0 0 0 rg BT 338.40 55.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 379.76 55.45 Td (s ) Tj ET Q q 0 0 0 rg BT 386.48 55.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 412.71 55.45 Td (of ) Tj ET Q q 0 0 0 rg BT 422.44 55.45 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 463.01 55.45 Td (The ) Tj ET Q q 0 0 0 rg BT 480.74 55.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 529.98 55.45 Td (manages ) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 21) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (its ) Tj ET Q q 0 0 0 rg BT 55.27 731.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 82.55 731.45 Td (structure ) Tj ET Q q 0 0 0 rg BT 118.82 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 135.10 731.45 Td (makes ) Tj ET Q q 0 0 0 rg BT 162.88 731.45 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 212.67 731.45 Td (by ) Tj ET Q q 0 0 0 rg BT 223.44 731.45 Td (continually ) Tj ET Q q 0 0 0 rg BT 267.23 731.45 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 310.51 731.45 Td (its ) Tj ET Q q 0 0 0 rg BT 320.78 731.45 Td (business ) Tj ET Q q 0 0 0 rg BT 357.56 731.45 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 401.86 731.45 Td (including: ) Tj ET Q q 0 0 0 rg BT 441.15 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 454.92 731.45 Td (current ) Tj ET Q q 0 0 0 rg BT 484.20 731.45 Td (economic ) Tj ET Q q 0 0 0 rg BT 523.98 731.45 Td (conditions; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 59.80 720.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 76.08 720.65 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 135.88 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 145.67 720.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 187.03 720.65 Td (s ) Tj ET Q q 0 0 0 rg BT 193.81 720.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 205.10 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 222.40 720.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 252.20 720.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 269.00 720.65 Td (assets; ) Tj ET Q q 0 0 0 rg BT 299.79 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 314.59 720.65 Td (depth ) Tj ET Q q 0 0 0 rg BT 339.40 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 349.19 720.65 Td (its ) Tj ET Q q 0 0 0 rg BT 360.47 720.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 406.27 720.65 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 462.59 720.65 Td (current ) Tj ET Q q 0 0 0 rg BT 492.89 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 510.19 720.65 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 554.50 720.65 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 65.06 709.85 Td (levels; ) Tj ET Q q 0 0 0 rg BT 93.12 709.85 Td (current ) Tj ET Q q 0 0 0 rg BT 123.67 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 141.23 709.85 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 185.80 709.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 231.86 709.85 Td (prices; ) Tj ET Q q 0 0 0 rg BT 260.91 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 278.47 709.85 Td (other ) Tj ET Q q 0 0 0 rg BT 301.53 709.85 Td (factors ) Tj ET Q q 0 0 0 rg BT 331.08 709.85 Td (that ) Tj ET Q q 0 0 0 rg BT 348.64 709.85 Td (influence ) Tj ET Q q 0 0 0 rg BT 387.21 709.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 433.26 709.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 459.81 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 477.37 709.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 501.93 709.85 Td (from ) Tj ET Q q 0 0 0 rg BT 522.48 709.85 Td (operations, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (such ) Tj ET Q q 0 0 0 rg BT 66.51 699.05 Td (as ) Tj ET Q q 0 0 0 rg BT 78.52 699.05 Td (quality ) Tj ET Q q 0 0 0 rg BT 107.03 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 124.55 699.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 148.06 699.05 Td (dif) Tj ET Q q 0 0 0 rg BT 157.40 699.05 Td (ferentials, ) Tj ET Q q 0 0 0 rg BT 198.92 699.05 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 237.44 699.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 277.47 699.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 300.97 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 318.49 699.05 Td (transportation ) Tj ET Q q 0 0 0 rg BT 376.02 699.05 Td (costs.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 682.25 Td (T) Tj ET Q q 0 0 0 rg BT 49.50 682.25 Td (o ) Tj ET Q q 0 0 0 rg BT 56.72 682.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 92.95 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 103.16 682.25 Td (adjust ) Tj ET Q q 0 0 0 rg BT 129.39 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.12 682.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 172.34 682.25 Td (structure, ) Tj ET Q q 0 0 0 rg BT 212.07 682.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 253.80 682.25 Td (will ) Tj ET Q q 0 0 0 rg BT 268.51 682.25 Td (consider: ) Tj ET Q q 0 0 0 rg BT 307.25 682.25 Td (its ) Tj ET Q q 0 0 0 rg BT 318.46 682.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 362.70 682.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 382.42 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.13 682.25 Td (net ) Tj ET Q q 0 0 0 rg BT 406.86 682.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 426.59 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.30 682.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 480.54 682.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 504.77 682.25 Td (from ) Tj ET Q q 0 0 0 rg BT 524.98 682.25 Td (operations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 671.45 Td (while ) Tj ET Q q 0 0 0 rg BT 68.30 671.45 Td (attempting ) Tj ET Q q 0 0 0 rg BT 113.12 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 123.42 671.45 Td (finance ) Tj ET Q q 0 0 0 rg BT 155.24 671.45 Td (an ) Tj ET Q q 0 0 0 rg BT 168.04 671.45 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 214.37 671.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 243.17 671.45 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 293.00 671.45 Td (program ) Tj ET Q q 0 0 0 rg BT 329.31 671.45 Td (including ) Tj ET Q q 0 0 0 rg BT 367.63 671.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 412.95 671.45 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 469.78 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 485.08 671.45 Td (current ) Tj ET Q q 0 0 0 rg BT 515.88 671.45 Td (level ) Tj ET Q q 0 0 0 rg BT 537.19 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 547.49 671.45 Td (bank ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 660.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 69.44 660.65 Td (available ) Tj ET Q q 0 0 0 rg BT 107.39 660.65 Td (from ) Tj ET Q q 0 0 0 rg BT 127.81 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 142.75 660.65 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 198.42 660.65 Td (lenders; ) Tj ET Q q 0 0 0 rg BT 232.87 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 247.81 660.65 Td (availability ) Tj ET Q q 0 0 0 rg BT 291.76 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 301.69 660.65 Td (other ) Tj ET Q q 0 0 0 rg BT 324.63 660.65 Td (sources ) Tj ET Q q 0 0 0 rg BT 358.57 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 368.50 660.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 388.45 660.65 Td (with ) Tj ET Q q 0 0 0 rg BT 406.88 660.65 Td (dif) Tj ET Q q 0 0 0 rg BT 416.22 660.65 Td (ferent ) Tj ET Q q 0 0 0 rg BT 441.66 660.65 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 501.61 660.65 Td (than ) Tj ET Q q 0 0 0 rg BT 521.55 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 536.49 660.65 Td (existing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 649.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 66.98 649.85 Td (debt; ) Tj ET Q q 0 0 0 rg BT 89.45 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 104.42 649.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 123.39 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 133.36 649.85 Td (assets; ) Tj ET Q q 0 0 0 rg BT 164.33 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 179.30 649.85 Td (monetization ) Tj ET Q q 0 0 0 rg BT 232.79 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 242.76 649.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.24 649.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 322.71 649.85 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 364.19 649.85 Td (limiting ) Tj ET Q q 0 0 0 rg BT 394.66 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 409.63 649.85 Td (size ) Tj ET Q q 0 0 0 rg BT 428.09 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 438.06 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 453.03 649.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 481.50 649.85 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 531.00 649.85 Td (program; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.05 Td (issuance ) Tj ET Q q 0 0 0 rg BT 82.49 639.05 Td (of ) Tj ET Q q 0 0 0 rg BT 91.97 639.05 Td (new ) Tj ET Q q 0 0 0 rg BT 110.46 639.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 136.45 639.05 Td (if ) Tj ET Q q 0 0 0 rg BT 142.92 639.05 Td (available ) Tj ET Q q 0 0 0 rg BT 180.42 639.05 Td (on ) Tj ET Q q 0 0 0 rg BT 192.40 639.05 Td (favourable ) Tj ET Q q 0 0 0 rg BT 236.40 639.05 Td (terms; ) Tj ET Q q 0 0 0 rg BT 263.38 639.05 Td (and ) Tj ET Q q 0 0 0 rg BT 280.37 639.05 Td (its ) Tj ET Q q 0 0 0 rg BT 291.34 639.05 Td (level ) Tj ET Q q 0 0 0 rg BT 311.82 639.05 Td (of ) Tj ET Q q 0 0 0 rg BT 321.30 639.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 361.30 639.05 Td (payable ) Tj ET Q q 0 0 0 rg BT 394.80 639.05 Td (to ) Tj ET Q q 0 0 0 rg BT 404.28 639.05 Td (its ) Tj ET Q q 0 0 0 rg BT 415.25 639.05 Td (shareholders. ) Tj ET Q q 0 0 0 rg BT 471.76 639.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 513.25 639.05 Td (shareholders' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 73.91 628.25 Td (is ) Tj ET Q q 0 0 0 rg BT 83.30 628.25 Td (not ) Tj ET Q q 0 0 0 rg BT 98.70 628.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 130.10 628.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.50 628.25 Td (external ) Tj ET Q q 0 0 0 rg BT 175.41 628.25 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 224.31 628.25 Td (however) Tj ET Q q 0 0 0 rg BT 257.83 628.25 Td (, ) Tj ET Q q 0 0 0 rg BT 263.22 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.62 628.25 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 334.76 628.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 357.16 628.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 382.06 628.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 409.96 628.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.86 628.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 455.26 628.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 500.18 628.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 525.09 628.25 Td (do ) Tj ET Q q 0 0 0 rg BT 537.99 628.25 Td (contain ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 617.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 80.52 617.45 Td (covenants ) Tj ET Q q 0 0 0 rg BT 124.05 617.45 Td (that ) Tj ET Q q 0 0 0 rg BT 141.56 617.45 Td (are ) Tj ET Q q 0 0 0 rg BT 157.07 617.45 Td (outlined ) Tj ET Q q 0 0 0 rg BT 191.10 617.45 Td (in ) Tj ET Q q 0 0 0 rg BT 200.60 617.45 Td (note ) Tj ET Q q 0 0 0 rg BT 220.62 617.45 Td (1) Tj ET Q q 0 0 0 rg BT 224.96 617.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 232.46 617.45 Td (of ) Tj ET Q q 0 0 0 rg BT 242.47 617.45 Td (the ) Tj ET Q q 0 0 0 rg BT 257.48 617.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 310.52 617.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.04 617.45 Td (statements. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 593.45 Td (The following table represents Bonavista's ratio of net debt to funds from operations as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 582.95 m 375.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 560.95 m 375.5 560.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 582.95 m 471.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 560.95 m 471.5 560.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 582.95 m 565.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 560.95 m 565.5 560.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 521.95 m 375.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 521.95 m 471.5 521.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 521.95 m 565.5 521.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 451.95 m 375.5 451.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375.5 451.95 m 471.5 451.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 451.95 m 565.5 451.95 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 565.35 Td (Net Debt to Funds from Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 573.90 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.90 564.90 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.25 573.90 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.95 564.90 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 553.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 540.35 Td (Long Term Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 540.35 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 540.35 Td (989,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 526.35 Td (Adjusted working capital deficiency) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 187.57 530.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 526.35 Td (79,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 526.35 Td (165,751) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 512.35 Td (T) Tj ET Q q 0 0 0 rg BT 52.50 512.35 Td (otal net debt) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 102.04 516.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 427.95 512.35 Td (1,310,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 521.95 512.35 Td (1,155,422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 498.35 Td (Funds from operations fourth quarter annualized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 498.35 Td (383,168) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 498.35 Td (543,380) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 484.35 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 484.35 Td (3.4:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 484.35 Td (2.1:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 470.35 Td (Funds from operations for the year ended December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 470.35 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.45 470.35 Td (561,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 456.35 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 456.35 Td (3.4:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.95 456.35 Td (2.1:1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 438.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 63.00 438.05 Td (Additional IFRS measure.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 421.25 Td (As ) Tj ET Q q 0 0 0 rg BT 57.76 421.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.53 421.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.32 421.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.34 421.25 Td (, ) Tj ET Q q 0 0 0 rg BT 151.10 421.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 199.11 421.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 220.88 421.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 240.66 421.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 289.46 421.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.73 421.25 Td ($272.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.25 421.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.52 421.25 Td (million ) Tj ET Q q 0 0 0 rg BT 365.28 421.25 Td (bearing ) Tj ET Q q 0 0 0 rg BT 397.57 421.25 Td (a ) Tj ET Q q 0 0 0 rg BT 404.83 421.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 443.12 421.25 Td (average ) Tj ET Q q 0 0 0 rg BT 477.91 421.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 509.68 421.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 527.45 421.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.22 421.25 Td (3.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.73 421.25 Td ( ) Tj ET Q q 0 0 0 rg BT 559.99 421.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 410.45 Td (comparison ) Tj ET Q q 0 0 0 rg BT 93.58 410.45 Td (as ) Tj ET Q q 0 0 0 rg BT 105.14 410.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 114.70 410.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 173.29 410.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.31 410.45 Td ( ) Tj ET Q q 0 0 0 rg BT 195.37 410.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 243.17 410.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 264.74 410.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 284.31 410.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 332.91 410.45 Td (was ) Tj ET Q q 0 0 0 rg BT 350.97 410.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.98 410.45 Td (154.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.50 410.45 Td ( ) Tj ET Q q 0 0 0 rg BT 380.55 410.45 Td (million ) Tj ET Q q 0 0 0 rg BT 408.12 410.45 Td (bearing ) Tj ET Q q 0 0 0 rg BT 440.20 410.45 Td (a ) Tj ET Q q 0 0 0 rg BT 447.26 410.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 485.34 410.45 Td (average ) Tj ET Q q 0 0 0 rg BT 519.92 410.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 551.50 410.45 Td (rate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 399.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.79 399.65 Td (3.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 76.31 399.65 Td (. ) Tj ET Q q 0 0 0 rg BT 82.09 399.65 Td (On ) Tj ET Q q 0 0 0 rg BT 97.38 399.65 Td (September ) Tj ET Q q 0 0 0 rg BT 144.69 399.65 Td (10, ) Tj ET Q q 0 0 0 rg BT 160.49 399.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 186.30 399.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 229.11 399.65 Td (amended ) Tj ET Q q 0 0 0 rg BT 269.92 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 288.22 399.65 Td (renewed ) Tj ET Q q 0 0 0 rg BT 326.03 399.65 Td (its ) Tj ET Q q 0 0 0 rg BT 338.32 399.65 Td (existing ) Tj ET Q q 0 0 0 rg BT 372.12 399.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 394.92 399.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 420.22 399.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 448.51 399.65 Td (of ) Tj ET Q q 0 0 0 rg BT 459.30 399.65 Td ($600 ) Tj ET Q q 0 0 0 rg BT 482.60 399.65 Td (million ) Tj ET Q q 0 0 0 rg BT 511.40 399.65 Td (provided ) Tj ET Q q 0 0 0 rg BT 549.21 399.65 Td (by ) Tj ET Q q 0 0 0 rg BT 562.00 399.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 388.85 Td (syndicate ) Tj ET Q q 0 0 0 rg BT 85.07 388.85 Td (of ) Tj ET Q q 0 0 0 rg BT 94.62 388.85 Td (1) Tj ET Q q 0 0 0 rg BT 98.96 388.85 Td (1 ) Tj ET Q q 0 0 0 rg BT 106.01 388.85 Td (domestic ) Tj ET Q q 0 0 0 rg BT 144.07 388.85 Td (and ) Tj ET Q q 0 0 0 rg BT 161.14 388.85 Td (international ) Tj ET Q q 0 0 0 rg BT 212.22 388.85 Td (banks ) Tj ET Q q 0 0 0 rg BT 238.28 388.85 Td (to ) Tj ET Q q 0 0 0 rg BT 247.83 388.85 Td (a ) Tj ET Q q 0 0 0 rg BT 254.89 388.85 Td (maturity ) Tj ET Q q 0 0 0 rg BT 288.94 388.85 Td (date ) Tj ET Q q 0 0 0 rg BT 308.50 388.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.06 388.85 Td (September ) Tj ET Q q 0 0 0 rg BT 364.13 388.85 Td (10, ) Tj ET Q q 0 0 0 rg BT 378.69 388.85 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 398.71 388.85 Td (. ) Tj ET Q q 0 0 0 rg BT 403.12 388.85 Td (The ) Tj ET Q q 0 0 0 rg BT 420.68 388.85 Td (amendments ) Tj ET Q q 0 0 0 rg BT 474.75 388.85 Td (made ) Tj ET Q q 0 0 0 rg BT 499.31 388.85 Td (to ) Tj ET Q q 0 0 0 rg BT 508.87 388.85 Td (the ) Tj ET Q q 0 0 0 rg BT 523.43 388.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 544.99 388.85 Td (credit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 378.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 72.54 378.05 Td (pertain ) Tj ET Q q 0 0 0 rg BT 102.59 378.05 Td (to ) Tj ET Q q 0 0 0 rg BT 112.63 378.05 Td (the ) Tj ET Q q 0 0 0 rg BT 127.68 378.05 Td (applicable ) Tj ET Q q 0 0 0 rg BT 170.74 378.05 Td (banks' ) Tj ET Q q 0 0 0 rg BT 199.01 378.05 Td (prime ) Tj ET Q q 0 0 0 rg BT 224.05 378.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 242.09 378.05 Td (and ) Tj ET Q q 0 0 0 rg BT 259.64 378.05 Td (stamping ) Tj ET Q q 0 0 0 rg BT 298.69 378.05 Td (fee ) Tj ET Q q 0 0 0 rg BT 313.73 378.05 Td (for ) Tj ET Q q 0 0 0 rg BT 326.77 378.05 Td (advances ) Tj ET Q q 0 0 0 rg BT 367.83 378.05 Td (made ) Tj ET Q q 0 0 0 rg BT 392.88 378.05 Td (under ) Tj ET Q q 0 0 0 rg BT 418.43 378.05 Td (the ) Tj ET Q q 0 0 0 rg BT 433.48 378.05 Td (facility) Tj ET Q q 0 0 0 rg BT 457.81 378.05 Td (. ) Tj ET Q q 0 0 0 rg BT 462.34 378.05 Td (As ) Tj ET Q q 0 0 0 rg BT 475.38 378.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.42 378.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 544.48 378.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.50 378.05 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 367.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 87.02 367.25 Td (had ) Tj ET Q q 0 0 0 rg BT 104.54 367.25 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 163.07 367.25 Td ($325.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.60 367.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.10 367.25 Td (million ) Tj ET Q q 0 0 0 rg BT 221.10 367.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.11 367.25 Td (unused ) Tj ET Q q 0 0 0 rg BT 263.14 367.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 305.16 367.25 Td (capacity ) Tj ET Q q 0 0 0 rg BT 340.67 367.25 Td (on ) Tj ET Q q 0 0 0 rg BT 353.18 367.25 Td (its ) Tj ET Q q 0 0 0 rg BT 364.68 367.25 Td ($600 ) Tj ET Q q 0 0 0 rg BT 387.21 367.25 Td (million ) Tj ET Q q 0 0 0 rg BT 415.21 367.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 437.23 367.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 461.74 367.25 Td (facility) Tj ET Q q 0 0 0 rg BT 486.07 367.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 350.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 93.74 350.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 121.26 350.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 166.28 350.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 191.30 350.45 Td (totaled ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.32 350.45 Td ($1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.84 350.45 Td ( ) Tj ET Q q 0 0 0 rg BT 241.84 350.45 Td (billion ) Tj ET Q q 0 0 0 rg BT 267.85 350.45 Td (as ) Tj ET Q q 0 0 0 rg BT 280.36 350.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 290.87 350.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.39 350.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.41 350.45 Td ( ) Tj ET Q q 0 0 0 rg BT 373.41 350.45 Td (which ) Tj ET Q q 0 0 0 rg BT 399.42 350.45 Td (consists ) Tj ET Q q 0 0 0 rg BT 434.93 350.45 Td (of ) Tj ET Q q 0 0 0 rg BT 445.44 350.45 Td (US$705.0 ) Tj ET Q q 0 0 0 rg BT 488.47 350.45 Td (million ) Tj ET Q q 0 0 0 rg BT 516.98 350.45 Td (\(CDN$975.7 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 339.65 Td (million\) ) Tj ET Q q 0 0 0 rg BT 75.69 339.65 Td (and ) Tj ET Q q 0 0 0 rg BT 92.89 339.65 Td (CDN$20.0 ) Tj ET Q q 0 0 0 rg BT 137.10 339.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 167.29 339.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 215.22 339.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 241.91 339.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 286.13 339.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 310.33 339.65 Td (bear ) Tj ET Q q 0 0 0 rg BT 330.53 339.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 351.73 339.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 383.43 339.65 Td (rates, ) Tj ET Q q 0 0 0 rg BT 408.12 339.65 Td (with ) Tj ET Q q 0 0 0 rg BT 426.31 339.65 Td (a ) Tj ET Q q 0 0 0 rg BT 433.50 339.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 471.71 339.65 Td (average ) Tj ET Q q 0 0 0 rg BT 506.42 339.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 524.12 339.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.81 339.65 Td (4.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.32 339.65 Td ( ) Tj ET Q q 0 0 0 rg BT 556.51 339.65 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 328.85 Td (the ) Tj ET Q q 0 0 0 rg BT 59.93 328.85 Td (years ) Tj ET Q q 0 0 0 rg BT 84.35 328.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.80 328.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 170.74 328.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.76 328.85 Td ( ) Tj ET Q q 0 0 0 rg BT 193.18 328.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 210.62 328.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.64 328.85 Td (. ) Tj ET Q q 0 0 0 rg BT 235.40 328.85 Td (The ) Tj ET Q q 0 0 0 rg BT 253.32 328.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 280.25 328.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 324.70 328.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 349.13 328.85 Td (have ) Tj ET Q q 0 0 0 rg BT 371.07 328.85 Td (a ) Tj ET Q q 0 0 0 rg BT 378.49 328.85 Td (five ) Tj ET Q q 0 0 0 rg BT 394.91 328.85 Td (year ) Tj ET Q q 0 0 0 rg BT 414.84 328.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 453.28 328.85 Td (average ) Tj ET Q q 0 0 0 rg BT 488.22 328.85 Td (life ) Tj ET Q q 0 0 0 rg BT 502.15 328.85 Td (with ) Tj ET Q q 0 0 0 rg BT 520.57 328.85 Td (the ) Tj ET Q q 0 0 0 rg BT 535.50 328.85 Td (majority ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 318.05 Td (of ) Tj ET Q q 0 0 0 rg BT 55.01 318.05 Td (the ) Tj ET Q q 0 0 0 rg BT 70.02 318.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 90.04 318.05 Td (repayments ) Tj ET Q q 0 0 0 rg BT 139.56 318.05 Td (due ) Tj ET Q q 0 0 0 rg BT 157.07 318.05 Td (in ) Tj ET Q q 0 0 0 rg BT 166.58 318.05 Td (2019 ) Tj ET Q q 0 0 0 rg BT 189.10 318.05 Td (and ) Tj ET Q q 0 0 0 rg BT 206.62 318.05 Td (thereafter) Tj ET Q q 0 0 0 rg BT 244.64 318.05 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 301.25 Td (As ) Tj ET Q q 0 0 0 rg BT 57.30 301.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.60 301.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.92 301.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.94 301.25 Td (, ) Tj ET Q q 0 0 0 rg BT 149.24 301.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 190.56 301.25 Td (was ) Tj ET Q q 0 0 0 rg BT 208.36 301.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.16 301.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 264.47 301.25 Td (with ) Tj ET Q q 0 0 0 rg BT 282.27 301.25 Td (all ) Tj ET Q q 0 0 0 rg BT 293.07 301.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 335.90 301.25 Td (under ) Tj ET Q q 0 0 0 rg BT 360.71 301.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.50 301.25 Td (its ) Tj ET Q q 0 0 0 rg BT 373.30 301.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 394.61 301.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 418.41 301.25 Td (facility) Tj ET Q q 0 0 0 rg BT 442.75 301.25 Td (, ) Tj ET Q q 0 0 0 rg BT 447.04 301.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 473.35 301.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 517.18 301.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 540.99 301.25 Td (issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 290.45 Td (under ) Tj ET Q q 0 0 0 rg BT 71.11 290.45 Td (the ) Tj ET Q q 0 0 0 rg BT 86.72 290.45 Td (master ) Tj ET Q q 0 0 0 rg BT 117.32 290.45 Td (shelf ) Tj ET Q q 0 0 0 rg BT 139.43 290.45 Td (agreement ) Tj ET Q q 0 0 0 rg BT 185.55 290.45 Td (and ) Tj ET Q q 0 0 0 rg BT 203.66 290.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 231.27 290.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 276.39 290.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 301.50 290.45 Td (not ) Tj ET Q q 0 0 0 rg BT 317.11 290.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 348.72 290.45 Td (to ) Tj ET Q q 0 0 0 rg BT 359.32 290.45 Td (the ) Tj ET Q q 0 0 0 rg BT 374.93 290.45 Td (master ) Tj ET Q q 0 0 0 rg BT 405.53 290.45 Td (shelf ) Tj ET Q q 0 0 0 rg BT 427.64 290.45 Td (agreement. ) Tj ET Q q 0 0 0 rg BT 476.26 290.45 Td ( ) Tj ET Q q 0 0 0 rg BT 479.15 290.45 Td (T) Tj ET Q q 0 0 0 rg BT 483.65 290.45 Td (otal ) Tj ET Q q 0 0 0 rg BT 501.26 290.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 521.87 290.45 Td (to ) Tj ET Q q 0 0 0 rg BT 532.47 290.45 Td (earnings ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 279.65 Td (before ) Tj ET Q q 0 0 0 rg BT 72.91 279.65 Td (interest; ) Tj ET Q q 0 0 0 rg BT 107.31 279.65 Td (taxes; ) Tj ET Q q 0 0 0 rg BT 133.71 279.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 175.13 279.65 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 229.05 279.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 280.46 279.65 Td (and ) Tj ET Q q 0 0 0 rg BT 297.87 279.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 344.77 279.65 Td (\(EBIDT) Tj ET Q q 0 0 0 rg BT 373.60 279.65 Td (A\) ) Tj ET Q q 0 0 0 rg BT 384.99 279.65 Td (and ) Tj ET Q q 0 0 0 rg BT 402.39 279.65 Td (total ) Tj ET Q q 0 0 0 rg BT 421.79 279.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 448.69 279.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 468.60 279.65 Td (to ) Tj ET Q q 0 0 0 rg BT 478.49 279.65 Td (EBIDT) Tj ET Q q 0 0 0 rg BT 504.33 279.65 Td (A) Tj ET Q q 0 0 0 rg BT 509.83 279.65 Td ( ) Tj ET Q q 0 0 0 rg BT 512.22 279.65 Td (was ) Tj ET Q q 0 0 0 rg BT 530.61 279.65 Td (2.8 ) Tj ET Q q 0 0 0 rg BT 545.51 279.65 Td (times ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 268.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 87.52 268.85 Td (to ) Tj ET Q q 0 0 0 rg BT 97.53 268.85 Td (the ) Tj ET Q q 0 0 0 rg BT 112.54 268.85 Td (covenant ) Tj ET Q q 0 0 0 rg BT 151.57 268.85 Td (of ) Tj ET Q q 0 0 0 rg BT 161.57 268.85 Td (3.5 ) Tj ET Q q 0 0 0 rg BT 176.59 268.85 Td (times ) Tj ET Q q 0 0 0 rg BT 200.59 268.85 Td (and ) Tj ET Q q 0 0 0 rg BT 218.10 268.85 Td (total ) Tj ET Q q 0 0 0 rg BT 237.62 268.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 257.63 268.85 Td (to ) Tj ET Q q 0 0 0 rg BT 267.64 268.85 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 322.17 268.85 Td (was ) Tj ET Q q 0 0 0 rg BT 340.68 268.85 Td (0.45 ) Tj ET Q q 0 0 0 rg BT 360.69 268.85 Td (times ) Tj ET Q q 0 0 0 rg BT 384.70 268.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 427.22 268.85 Td (to ) Tj ET Q q 0 0 0 rg BT 437.23 268.85 Td (the ) Tj ET Q q 0 0 0 rg BT 452.24 268.85 Td (covenant ) Tj ET Q q 0 0 0 rg BT 491.26 268.85 Td (of ) Tj ET Q q 0 0 0 rg BT 501.27 268.85 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 516.28 268.85 Td (times.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 252.05 Td (While ) Tj ET Q q 0 0 0 rg BT 68.87 252.05 Td (operational ) Tj ET Q q 0 0 0 rg BT 114.77 252.05 Td (success ) Tj ET Q q 0 0 0 rg BT 148.64 252.05 Td (continued ) Tj ET Q q 0 0 0 rg BT 189.04 252.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 197.41 252.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.43 252.05 Td (, ) Tj ET Q q 0 0 0 rg BT 221.29 252.05 Td (the ) Tj ET Q q 0 0 0 rg BT 235.17 252.05 Td (continued ) Tj ET Q q 0 0 0 rg BT 275.56 252.05 Td (decline ) Tj ET Q q 0 0 0 rg BT 305.45 252.05 Td (in ) Tj ET Q q 0 0 0 rg BT 313.81 252.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 358.69 252.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 384.06 252.05 Td (continues ) Tj ET Q q 0 0 0 rg BT 423.95 252.05 Td (to ) Tj ET Q q 0 0 0 rg BT 432.82 252.05 Td (present ) Tj ET Q q 0 0 0 rg BT 464.20 252.05 Td (a ) Tj ET Q q 0 0 0 rg BT 470.57 252.05 Td (challenging ) Tj ET Q q 0 0 0 rg BT 517.47 252.05 Td (environment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 241.25 Td (for ) Tj ET Q q 0 0 0 rg BT 58.61 241.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.22 241.25 Td (North ) Tj ET Q q 0 0 0 rg BT 98.72 241.25 Td (American ) Tj ET Q q 0 0 0 rg BT 139.83 241.25 Td (energy ) Tj ET Q q 0 0 0 rg BT 170.45 241.25 Td (sector) Tj ET Q q 0 0 0 rg BT 194.47 241.25 Td (, ) Tj ET Q q 0 0 0 rg BT 200.07 241.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 242.70 241.25 Td (remains ) Tj ET Q q 0 0 0 rg BT 277.81 241.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 322.43 241.25 Td (to ) Tj ET Q q 0 0 0 rg BT 333.04 241.25 Td (preserving ) Tj ET Q q 0 0 0 rg BT 378.16 241.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 414.28 241.25 Td (flexibility ) Tj ET Q q 0 0 0 rg BT 451.40 241.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.52 241.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.13 241.25 Td (prudent ) Tj ET Q q 0 0 0 rg BT 518.76 241.25 Td (use ) Tj ET Q q 0 0 0 rg BT 536.37 241.25 Td (of ) Tj ET Q q 0 0 0 rg BT 546.98 241.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 569.50 241.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 230.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 86.37 230.45 Td (remains ) Tj ET Q q 0 0 0 rg BT 120.22 230.45 Td (focused ) Tj ET Q q 0 0 0 rg BT 153.59 230.45 Td (on ) Tj ET Q q 0 0 0 rg BT 165.45 230.45 Td (creating ) Tj ET Q q 0 0 0 rg BT 199.31 230.45 Td (value ) Tj ET Q q 0 0 0 rg BT 222.67 230.45 Td (for ) Tj ET Q q 0 0 0 rg BT 235.02 230.45 Td (its ) Tj ET Q q 0 0 0 rg BT 245.86 230.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 299.74 230.45 Td (by ) Tj ET Q q 0 0 0 rg BT 311.09 230.45 Td (consistently ) Tj ET Q q 0 0 0 rg BT 359.95 230.45 Td (aligning ) Tj ET Q q 0 0 0 rg BT 392.82 230.45 Td (the ) Tj ET Q q 0 0 0 rg BT 407.18 230.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 435.04 230.45 Td (program ) Tj ET Q q 0 0 0 rg BT 470.40 230.45 Td (and ) Tj ET Q q 0 0 0 rg BT 487.26 230.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 527.13 230.45 Td (with ) Tj ET Q q 0 0 0 rg BT 544.98 230.45 Td (funds ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 219.65 Td (from ) Tj ET Q q 0 0 0 rg BT 66.16 219.65 Td (operations. ) Tj ET Q q 0 0 0 rg BT 113.85 219.65 Td (For ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 130.52 219.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.54 219.65 Td (, ) Tj ET Q q 0 0 0 rg BT 156.20 219.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 198.89 219.65 Td (plans ) Tj ET Q q 0 0 0 rg BT 223.56 219.65 Td (to ) Tj ET Q q 0 0 0 rg BT 234.23 219.65 Td (invest ) Tj ET Q q 0 0 0 rg BT 260.91 219.65 Td (between ) Tj ET Q q 0 0 0 rg BT 298.09 219.65 Td ($145 ) Tj ET Q q 0 0 0 rg BT 321.28 219.65 Td (million ) Tj ET Q q 0 0 0 rg BT 349.95 219.65 Td (and ) Tj ET Q q 0 0 0 rg BT 368.12 219.65 Td ($190 ) Tj ET Q q 0 0 0 rg BT 391.31 219.65 Td (million ) Tj ET Q q 0 0 0 rg BT 419.98 219.65 Td (on ) Tj ET Q q 0 0 0 rg BT 433.15 219.65 Td (its ) Tj ET Q q 0 0 0 rg BT 445.31 219.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 474.49 219.65 Td (program ) Tj ET Q q 0 0 0 rg BT 511.16 219.65 Td (within ) Tj ET Q q 0 0 0 rg BT 537.33 219.65 Td (its ) Tj ET Q q 0 0 0 rg BT 549.50 219.65 Td (core ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 208.85 Td (areas, ) Tj ET Q q 0 0 0 rg BT 72.52 208.85 Td (to ) Tj ET Q q 0 0 0 rg BT 82.54 208.85 Td (drill ) Tj ET Q q 0 0 0 rg BT 99.04 208.85 Td (between ) Tj ET Q q 0 0 0 rg BT 135.58 208.85 Td (30.0 ) Tj ET Q q 0 0 0 rg BT 155.60 208.85 Td (net ) Tj ET Q q 0 0 0 rg BT 170.62 208.85 Td (and ) Tj ET Q q 0 0 0 rg BT 188.15 208.85 Td (50.0 ) Tj ET Q q 0 0 0 rg BT 208.17 208.85 Td (net ) Tj ET Q q 0 0 0 rg BT 223.19 208.85 Td (wells. ) Tj ET Q q 0 0 0 rg BT 248.20 208.85 Td (With ) Tj ET Q q 0 0 0 rg BT 268.71 208.85 Td (an ) Tj ET Q q 0 0 0 rg BT 281.23 208.85 Td (approximate ) Tj ET Q q 0 0 0 rg BT 333.26 208.85 Td (payout ) Tj ET Q q 0 0 0 rg BT 362.79 208.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 382.81 208.85 Td (of ) Tj ET Q q 0 0 0 rg BT 392.82 208.85 Td (70% ) Tj ET Q q 0 0 0 rg BT 413.34 208.85 Td (in ) Tj ET Q q 0 0 0 rg BT 422.85 208.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 445.38 208.85 Td (using ) Tj ET Q q 0 0 0 rg BT 469.41 208.85 Td (our ) Tj ET Q q 0 0 0 rg BT 484.92 208.85 Td (base ) Tj ET Q q 0 0 0 rg BT 506.95 208.85 Td (budget ) Tj ET Q q 0 0 0 rg BT 536.98 208.85 Td (of ) Tj ET Q q 0 0 0 rg BT 547.00 208.85 Td ($145 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 198.05 Td (million ) Tj ET Q q 0 0 0 rg BT 72.83 198.05 Td (in ) Tj ET Q q 0 0 0 rg BT 82.17 198.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 110.51 198.05 Td (spending ) Tj ET Q q 0 0 0 rg BT 149.37 198.05 Td (along ) Tj ET Q q 0 0 0 rg BT 173.72 198.05 Td (with ) Tj ET Q q 0 0 0 rg BT 192.05 198.05 Td (the ) Tj ET Q q 0 0 0 rg BT 206.89 198.05 Td (revised ) Tj ET Q q 0 0 0 rg BT 238.23 198.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 274.09 198.05 Td (of ) Tj ET Q q 0 0 0 rg BT 283.92 198.05 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 308.77 198.05 Td (per ) Tj ET Q q 0 0 0 rg BT 324.11 198.05 Td (share ) Tj ET Q q 0 0 0 rg BT 348.95 198.05 Td (per ) Tj ET Q q 0 0 0 rg BT 364.28 198.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 395.13 198.05 Td (allows ) Tj ET Q q 0 0 0 rg BT 422.47 198.05 Td (us ) Tj ET Q q 0 0 0 rg BT 434.30 198.05 Td (to ) Tj ET Q q 0 0 0 rg BT 444.13 198.05 Td (apply ) Tj ET Q q 0 0 0 rg BT 467.98 198.05 Td (the ) Tj ET Q q 0 0 0 rg BT 482.82 198.05 Td (remaining ) Tj ET Q q 0 0 0 rg BT 524.66 198.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.01 198.05 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 187.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 92.03 187.25 Td (of ) Tj ET Q q 0 0 0 rg BT 102.04 187.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 160.56 187.25 Td ($70 ) Tj ET Q q 0 0 0 rg BT 178.08 187.25 Td (million, ) Tj ET Q q 0 0 0 rg BT 208.59 187.25 Td (to ) Tj ET Q q 0 0 0 rg BT 218.59 187.25 Td (our ) Tj ET Q q 0 0 0 rg BT 234.10 187.25 Td (net ) Tj ET Q q 0 0 0 rg BT 249.11 187.25 Td (debt. ) Tj ET Q endstream endobj 45 0 obj <> endobj 46 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 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0 0 0 rg BT 328.12 731.45 Td (million ) Tj ET Q q 0 0 0 rg BT 355.61 731.45 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 398.62 731.45 Td (common ) Tj ET Q q 0 0 0 rg BT 435.11 731.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 464.11 731.45 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 515.00 731.45 Td (This ) Tj ET Q q 0 0 0 rg BT 533.98 731.45 Td (includes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (3.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.51 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 58.90 720.65 Td (million ) Tj ET Q q 0 0 0 rg BT 85.79 720.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 143.23 720.65 Td (shares, ) Tj ET Q q 0 0 0 rg BT 174.13 720.65 Td (which ) Tj ET Q q 0 0 0 rg BT 198.52 720.65 Td (are ) Tj ET Q q 0 0 0 rg BT 212.92 720.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 270.35 720.65 Td (into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.25 720.65 Td (4.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.76 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 300.15 720.65 Td (million ) Tj ET Q q 0 0 0 rg BT 327.04 720.65 Td (common ) Tj ET Q q 0 0 0 rg BT 362.94 720.65 Td (shares. ) Tj ET Q q 0 0 0 rg BT 393.75 720.65 Td (The ) Tj ET Q q 0 0 0 rg BT 410.65 720.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 451.07 720.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 469.96 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 478.35 720.65 Td (ef) Tj ET Q q 0 0 0 rg BT 485.70 720.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 501.59 720.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 720.65 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.02 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 68.39 709.85 Td (for ) Tj ET Q q 0 0 0 rg BT 82.26 709.85 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 141.67 709.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 172.05 709.85 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.42 709.85 Td (1.39313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 223.95 709.85 Td (:1. ) Tj ET Q q 0 0 0 rg BT 236.66 709.85 Td (As ) Tj ET Q q 0 0 0 rg BT 250.53 709.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.40 709.85 Td (February25, ) Tj ET Q q 0 0 0 rg BT 315.79 709.85 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.81 709.85 Td (, ) Tj ET Q q 0 0 0 rg BT 341.68 709.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 384.57 709.85 Td (had ) Tj ET Q q 0 0 0 rg BT 402.95 709.85 Td (218.6 ) Tj ET Q q 0 0 0 rg BT 428.84 709.85 Td (million ) Tj ET Q q 0 0 0 rg BT 457.71 709.85 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 502.11 709.85 Td (common ) Tj ET Q q 0 0 0 rg BT 539.99 709.85 Td (shares ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 96.17 699.05 Td (This ) Tj ET Q q 0 0 0 rg BT 115.46 699.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 150.76 699.05 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 165.55 699.05 Td (million ) Tj ET Q q 0 0 0 rg BT 193.34 699.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 251.67 699.05 Td (shares, ) Tj ET Q q 0 0 0 rg BT 283.46 699.05 Td (which ) Tj ET Q q 0 0 0 rg BT 308.76 699.05 Td (are ) Tj ET Q q 0 0 0 rg BT 324.05 699.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 382.38 699.05 Td (into ) Tj ET Q q 0 0 0 rg BT 399.17 699.05 Td (4.6 ) Tj ET Q q 0 0 0 rg BT 413.96 699.05 Td (million ) Tj ET Q q 0 0 0 rg BT 441.75 699.05 Td (common ) Tj ET Q q 0 0 0 rg BT 478.54 699.05 Td (shares. ) Tj ET Q q 0 0 0 rg BT 510.19 699.05 Td (The ) Tj ET Q q 0 0 0 rg BT 527.98 699.05 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 65.18 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 74.87 688.25 Td (ef) Tj ET Q q 0 0 0 rg BT 82.21 688.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 99.39 688.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 109.57 688.25 Td (February25, ) Tj ET Q q 0 0 0 rg BT 163.27 688.25 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.30 688.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.97 688.25 Td (for ) Tj ET Q q 0 0 0 rg BT 199.15 688.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 257.88 688.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 287.56 688.25 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 306.25 688.25 Td (1.40915) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.78 688.25 Td (:1. ) Tj ET Q q 0 0 0 rg BT 351.46 688.25 Td (In ) Tj ET Q q 0 0 0 rg BT 361.64 688.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 398.35 688.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 440.55 688.25 Td (has ) Tj ET Q q 0 0 0 rg BT 457.73 688.25 Td (0.3 ) Tj ET Q q 0 0 0 rg BT 472.92 688.25 Td (million ) Tj ET Q q 0 0 0 rg BT 501.10 688.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 524.79 688.25 Td (option ) Tj ET Q q 0 0 0 rg BT 551.98 688.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.45 Td (common ) Tj ET Q q 0 0 0 rg BT 81.55 677.45 Td (share ) Tj ET Q q 0 0 0 rg BT 106.10 677.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 143.66 677.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 167.70 677.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 216.28 677.45 Td (as ) Tj ET Q q 0 0 0 rg BT 227.82 677.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.36 677.45 Td (February25, ) Tj ET Q q 0 0 0 rg BT 290.43 677.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.45 677.45 Td (, ) Tj ET Q q 0 0 0 rg BT 314.99 677.45 Td (with ) Tj ET Q q 0 0 0 rg BT 333.03 677.45 Td (an ) Tj ET Q q 0 0 0 rg BT 345.08 677.45 Td (average ) Tj ET Q q 0 0 0 rg BT 379.64 677.45 Td (exercise ) Tj ET Q q 0 0 0 rg BT 415.19 677.45 Td (price ) Tj ET Q q 0 0 0 rg BT 436.73 677.45 Td (of ) Tj ET Q q 0 0 0 rg BT 446.28 677.45 Td ($17.89 ) Tj ET Q q 0 0 0 rg BT 475.84 677.45 Td (per ) Tj ET Q q 0 0 0 rg BT 490.89 677.45 Td (common ) Tj ET Q q 0 0 0 rg BT 527.44 677.45 Td (share ) Tj ET Q q 0 0 0 rg BT 551.99 677.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.65 Td (2.9 ) Tj ET Q q 0 0 0 rg BT 60.01 666.65 Td (million ) Tj ET Q q 0 0 0 rg BT 88.02 666.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 126.04 666.65 Td (and ) Tj ET Q q 0 0 0 rg BT 143.56 666.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 183.07 666.65 Td (share ) Tj ET Q q 0 0 0 rg BT 208.08 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Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 649.85 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 90.77 649.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.53 649.85 Td (For ) Tj ET Q q 0 0 0 rg BT 112.80 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 128.07 649.85 Td (year ) Tj ET Q q 0 0 0 rg BT 148.35 649.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.14 649.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 235.43 649.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 255.45 649.85 Td (, ) Tj ET Q q 0 0 0 rg BT 260.71 649.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 303.00 649.85 Td (declared ) Tj ET Q q 0 0 0 rg BT 340.29 649.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 381.08 649.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.35 649.85 Td ($76.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.87 649.85 Td ( ) Tj ET Q q 0 0 0 rg BT 416.64 649.85 Td (million ) Tj ET Q q 0 0 0 rg BT 444.91 649.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.90 649.85 Td ($0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.43 649.85 Td (pershare\) ) Tj ET Q q 0 0 0 rg BT 516.71 649.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 559.49 649.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 639.05 Td ($164.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.53 639.05 Td ( ) Tj ET Q q 0 0 0 rg BT 75.26 639.05 Td (million ) Tj ET Q q 0 0 0 rg BT 103.50 639.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 106.50 639.05 Td ($0.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.02 639.05 Td ( ) Tj ET Q q 0 0 0 rg BT 131.76 639.05 Td (per ) Tj ET Q q 0 0 0 rg BT 147.50 639.05 Td (share\) ) Tj ET Q q 0 0 0 rg BT 175.74 639.05 Td (in ) Tj ET Q q 0 0 0 rg BT 185.48 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 200.73 639.05 Td (same ) Tj ET Q q 0 0 0 rg BT 225.47 639.05 Td (period ) Tj ET Q q 0 0 0 rg BT 253.23 639.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.97 639.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.99 639.05 Td (. ) Tj ET Q q 0 0 0 rg BT 288.22 639.05 Td ( ) Tj ET Q q 0 0 0 rg BT 290.96 639.05 Td (For ) Tj ET Q q 0 0 0 rg BT 307.19 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 322.44 639.05 Td (three ) Tj ET Q q 0 0 0 rg BT 345.69 639.05 Td (months ) Tj ET Q q 0 0 0 rg BT 377.94 639.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.70 639.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 464.96 639.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.98 639.05 Td (, ) Tj ET Q q 0 0 0 rg BT 490.22 639.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 532.48 639.05 Td (declared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 628.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 85.53 628.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.53 628.25 Td ($1) Tj ET Q q 0 0 0 rg BT 104.88 628.25 Td (1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.39 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 119.89 628.25 Td (million ) Tj ET Q q 0 0 0 rg BT 147.89 628.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 150.89 628.25 Td ($0.055) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.42 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.92 628.25 Td (per ) Tj ET Q q 0 0 0 rg BT 196.43 628.25 Td (share\) ) Tj ET Q q 0 0 0 rg BT 224.44 628.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 266.96 628.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.97 628.25 Td ($42.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 299.49 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 301.99 628.25 Td (million ) Tj ET Q q 0 0 0 rg BT 329.99 628.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 332.99 628.25 Td ($0.21) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.51 628.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.01 628.25 Td (per ) Tj ET Q q 0 0 0 rg BT 373.52 628.25 Td (share\) ) Tj ET Q q 0 0 0 rg BT 401.53 628.25 Td (for ) Tj ET Q q 0 0 0 rg BT 414.54 628.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.55 628.25 Td (same ) Tj ET Q q 0 0 0 rg BT 454.06 628.25 Td (period ) Tj ET Q q 0 0 0 rg BT 481.57 628.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 491.08 628.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 511.10 628.25 Td (. ) Tj ET Q q 0 0 0 rg BT 516.10 628.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 611.45 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 86.98 611.45 Td (are ) Tj ET Q q 0 0 0 rg BT 102.44 611.45 Td (approved ) Tj ET Q q 0 0 0 rg BT 142.42 611.45 Td (by ) Tj ET Q q 0 0 0 rg BT 154.38 611.45 Td (the ) Tj ET Q q 0 0 0 rg BT 169.35 611.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 195.82 611.45 Td (of ) Tj ET Q q 0 0 0 rg BT 205.78 611.45 Td (Directors ) Tj ET Q q 0 0 0 rg BT 244.24 611.45 Td (and ) Tj ET Q q 0 0 0 rg BT 261.71 611.45 Td (are ) Tj ET Q q 0 0 0 rg BT 277.17 611.45 Td (dependent ) Tj ET Q q 0 0 0 rg BT 322.17 611.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 344.65 611.45 Td (the ) Tj ET Q q 0 0 0 rg BT 359.62 611.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 405.58 611.45 Td (price ) Tj ET Q q 0 0 0 rg BT 427.54 611.45 Td (environment, ) Tj ET Q q 0 0 0 rg BT 482.03 611.45 Td (production ) Tj ET Q q 0 0 0 rg BT 526.51 611.45 Td (levels ) Tj ET Q q 0 0 0 rg BT 551.98 611.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 60.69 600.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 93.88 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 104.57 600.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 133.76 600.65 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 188.47 600.65 Td (to ) Tj ET Q q 0 0 0 rg BT 199.15 600.65 Td (be ) Tj ET Q q 0 0 0 rg BT 212.34 600.65 Td (financed ) Tj ET Q q 0 0 0 rg BT 249.54 600.65 Td (from ) Tj ET Q q 0 0 0 rg BT 270.72 600.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 295.91 600.65 Td (from ) Tj ET Q q 0 0 0 rg BT 317.09 600.65 Td (operations. ) Tj ET Q q 0 0 0 rg BT 364.80 600.65 Td (Ef) Tj ET Q q 0 0 0 rg BT 373.14 600.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 401.70 600.65 Td (April ) Tj ET Q q 0 0 0 rg BT 422.88 600.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 433.56 600.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 459.26 600.65 Td (our ) Tj ET Q q 0 0 0 rg BT 475.44 600.65 Td (Board ) Tj ET Q q 0 0 0 rg BT 502.64 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 513.32 600.65 Td (Directors ) Tj ET Q q 0 0 0 rg BT 552.50 600.65 Td (has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 588.65 Td (approved ) Tj ET Q q 0 0 0 rg BT 84.53 588.65 Td (a ) Tj ET Q q 0 0 0 rg BT 91.53 588.65 Td (67% ) Tj ET Q q 0 0 0 rg BT 111.54 588.65 Td (reduction ) Tj ET Q q 0 0 0 rg BT 150.56 588.65 Td (in ) Tj ET Q q 0 0 0 rg BT 159.56 588.65 Td (the ) Tj ET Q q 0 0 0 rg BT 174.07 588.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 209.60 588.65 Td (to ) Tj ET Q q 0 0 0 rg BT 219.10 588.65 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 243.62 588.65 Td (per ) Tj ET Q q 0 0 0 rg BT 258.63 588.65 Td (share ) Tj ET Q q 0 0 0 rg BT 283.14 588.65 Td (per ) Tj ET Q q 0 0 0 rg BT 298.14 588.65 Td (quarter) Tj ET Q q 0 0 0 rg BT 326.16 588.65 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.66 588.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.88 588.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 372.40 588.65 Td (announces ) Tj ET Q q 0 0 0 rg BT 418.44 588.65 Td (its ) Tj ET Q q 0 0 0 rg BT 429.44 588.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 464.96 588.65 Td (policy ) Tj ET Q q 0 0 0 rg BT 489.97 588.65 Td (on ) Tj ET Q q 0 0 0 rg BT 501.97 588.65 Td (a ) Tj ET Q q 0 0 0 rg BT 508.98 588.65 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 545.99 588.65 Td (basis ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 577.85 Td (and ) Tj ET Q q 0 0 0 rg BT 62.52 577.85 Td (confirms ) Tj ET Q q 0 0 0 rg BT 99.02 577.85 Td (its ) Tj ET Q q 0 0 0 rg BT 110.52 577.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 146.55 577.85 Td (payment ) Tj ET Q q 0 0 0 rg BT 183.57 577.85 Td (on ) Tj ET Q q 0 0 0 rg BT 196.08 577.85 Td (a ) Tj ET Q q 0 0 0 rg BT 203.59 577.85 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 241.10 577.85 Td (basis.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 561.05 Td (Annual ) Tj ET Q q 0 0 0 rg BT 77.54 561.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 116.09 561.05 Td (information ) Tj ET Q q 0 0 0 rg BT 167.62 561.05 Td (- ) Tj ET Q q 0 0 0 rg BT 172.66 561.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.70 561.05 Td (The ) Tj ET Q q 0 0 0 rg BT 192.25 561.05 Td (following ) Tj ET Q q 0 0 0 rg BT 229.31 561.05 Td (table ) Tj ET Q q 0 0 0 rg BT 250.87 561.05 Td (highlights ) Tj ET Q q 0 0 0 rg BT 290.93 561.05 Td (selected ) Tj ET Q q 0 0 0 rg BT 326.49 561.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 355.56 561.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.62 561.05 Td (information ) Tj ET Q q 0 0 0 rg BT 437.18 561.05 Td (for ) Tj ET Q q 0 0 0 rg BT 449.72 561.05 Td (each ) Tj ET Q q 0 0 0 rg BT 471.28 561.05 Td (of ) Tj ET Q q 0 0 0 rg BT 480.83 561.05 Td (the ) Tj ET Q q 0 0 0 rg BT 495.38 561.05 Td (three ) Tj ET Q q 0 0 0 rg BT 517.93 561.05 Td (years ) Tj ET Q q 0 0 0 rg BT 541.98 561.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 550.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 104.03 550.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 124.05 550.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 129.05 550.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 149.07 550.25 Td ( ) Tj ET Q q 0 0 0 rg BT 151.57 550.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.09 550.25 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.11 550.25 Td (.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 533.75 m 272.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 519.75 m 272.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 533.75 m 370.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 519.75 m 370.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 533.75 m 468.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 519.75 m 468.5 519.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 533.75 m 566.5 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 519.75 m 566.5 519.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 44.5 393.75 m 272.5 393.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 272.5 393.75 m 370.5 393.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 370.5 393.75 m 468.5 393.75 l s 0 0 0 RG /GS0 gs 0.50 w 0 i [] 0 d 0 J 0 j 3 M 468.5 393.75 m 566.5 393.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 44.5 295.75 m 272.5 295.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 295.75 m 370.5 295.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 295.75 m 468.5 295.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468.5 295.75 m 566.5 295.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 524.15 Td (Years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.95 524.15 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.95 524.15 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 524.15 Td (2013) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 47.00 509.75 Td (\($ thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 496.15 Td (Consolidated Statement of Income and Comprehensive Income Information) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 482.15 Td (Production revenues, net of royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.45 482.15 Td (545,798) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 482.15 Td (970,757) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 482.15 Td (839,823) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 468.15 Td (Funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.45 468.15 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 468.15 Td (561,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 468.15 Td (477,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 454.15 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.45 454.15 Td (1.77) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 454.15 Td (2.69) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 454.15 Td (2.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 440.15 Td (per share - diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 349.45 440.15 Td (1.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 440.15 Td (2.66) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 440.15 Td (2.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 426.15 Td (Net income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 331.45 426.15 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 426.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.45 426.15 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.45 426.15 Td (49,505) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 412.15 Td (per share - basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.45 412.15 Td (\(3.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 412.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 412.15 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 412.15 Td (0.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 56.00 398.15 Td (per share - diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 346.45 398.15 Td (\(3.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 398.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 447.45 398.15 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.45 398.15 Td (0.25) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 47.00 384.15 Td (Consolidated Statement of Financial Position Information) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 370.15 Td (Net capital expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 334.45 370.15 Td (284,556) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 370.15 Td (535,801) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 370.15 Td (470,542) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 356.15 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.95 356.15 Td (3,523,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.95 356.15 Td (4,429,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 356.15 Td (4,235,626) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 342.15 Td (W) Tj ET Q q 0 0 0 rg BT 55.33 342.15 Td (orking capital deficiency) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 150.88 346.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.45 342.15 Td (\(16,230) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 367.00 342.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.45 342.15 Td (\(27,173) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.00 342.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.45 342.15 Td (\(109,587) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 342.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 328.15 Td (Long-term debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.95 328.15 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 328.15 Td (989,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 328.15 Td (1,046,177) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 314.15 Td (Shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 326.95 314.15 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.95 314.15 Td (2,357,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 314.15 Td (2,270,015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 47.00 300.15 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 339.45 300.15 Td (76,762) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 300.15 Td (164,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 300.15 Td (152,968) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 45.00 283.74 Td (\(1\) ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 53.77 283.74 Td (Excluding ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 80.76 283.74 Td (decommissioning ) Tj ET Q BT /F3 5.85 Tf ET q 0 0 0 rg BT 127.57 283.74 Td (liabilities. ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 262.65 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 87.79 262.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 127.08 262.65 Td (information ) Tj ET Q q 0 0 0 rg BT 179.35 262.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.12 262.65 Td (The ) Tj ET Q q 0 0 0 rg BT 203.41 262.65 Td (following ) Tj ET Q q 0 0 0 rg BT 241.21 262.65 Td (table ) Tj ET Q q 0 0 0 rg BT 263.50 262.65 Td (highlights ) Tj ET Q q 0 0 0 rg BT 304.30 262.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 345.66 262.65 Td (s ) Tj ET Q q 0 0 0 rg BT 352.94 262.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 406.24 262.65 Td (for ) Tj ET Q q 0 0 0 rg BT 419.52 262.65 Td (the ) Tj ET Q q 0 0 0 rg BT 434.81 262.65 Td (eight ) Tj ET Q q 0 0 0 rg BT 457.10 262.65 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 494.89 262.65 Td (periods ) Tj ET Q q 0 0 0 rg BT 527.18 262.65 Td (ending ) Tj ET Q q 0 0 0 rg BT 556.99 262.65 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 251.85 Td (March ) Tj ET Q q 0 0 0 rg BT 72.51 251.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 87.52 251.85 Td (2014 ) Tj ET Q q 0 0 0 rg BT 110.04 251.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 120.05 251.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 179.07 251.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.09 251.85 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 241.35000000000002 m 133.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 241.35000000000002 m 188.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 241.35000000000002 m 245.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 241.35000000000002 m 295.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 241.35000000000002 m 346.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 346.5 241.35000000000002 m 350.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350.5 241.35000000000002 m 405.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 241.35000000000002 m 462.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 241.35000000000002 m 514.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 241.35000000000002 m 566.5 241.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 209.35000000000002 m 133.5 209.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 227.35000000000002 m 188.5 227.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 209.35000000000002 m 188.5 209.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 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gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 405.5 209.35000000000002 m 462.5 209.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 227.35000000000002 m 514.5 227.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462.5 209.35000000000002 m 514.5 209.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 227.35000000000002 m 566.5 227.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 514.5 209.35000000000002 m 566.5 209.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 154.35000000000002 m 133.5 154.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 133.5 154.35000000000002 m 188.5 154.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 188.5 154.35000000000002 m 245.5 154.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 245.5 154.35000000000002 m 295.5 154.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 295.5 154.35000000000002 m 346.5 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141.05 Td (Production ) Tj ET Q q 0 0 0 rg BT 91.14 141.05 Td (revenues ) Tj ET Q q 0 0 0 rg BT 131.29 141.05 Td (over ) Tj ET Q q 0 0 0 rg BT 151.91 141.05 Td (the ) Tj ET Q q 0 0 0 rg BT 167.54 141.05 Td (past ) Tj ET Q q 0 0 0 rg BT 187.67 141.05 Td (eight ) Tj ET Q q 0 0 0 rg BT 210.30 141.05 Td (quarters ) Tj ET Q q 0 0 0 rg BT 246.43 141.05 Td (have ) Tj ET Q q 0 0 0 rg BT 269.07 141.05 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 311.21 141.05 Td (largely ) Tj ET Q q 0 0 0 rg BT 340.84 141.05 Td (due ) Tj ET Q q 0 0 0 rg BT 358.97 141.05 Td (to ) Tj ET Q q 0 0 0 rg BT 369.60 141.05 Td (the ) Tj ET Q q 0 0 0 rg BT 385.23 141.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 420.35 141.05 Td (of ) Tj ET Q q 0 0 0 rg BT 430.98 141.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 477.60 141.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 504.73 141.05 Td (and ) Tj ET Q q 0 0 0 rg BT 522.86 141.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 560.01 141.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 130.25 Td (production ) Tj ET Q q 0 0 0 rg BT 89.45 130.25 Td (volumes. ) Tj ET Q q 0 0 0 rg BT 127.88 130.25 Td (Net ) Tj ET Q q 0 0 0 rg BT 144.31 130.25 Td (income ) Tj ET Q q 0 0 0 rg BT 175.74 130.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 200.16 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 209.58 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.52 130.25 Td (past ) Tj ET Q q 0 0 0 rg BT 243.95 130.25 Td (eight ) Tj ET Q q 0 0 0 rg BT 265.88 130.25 Td (quarters ) Tj ET Q q 0 0 0 rg BT 301.32 130.25 Td (has ) Tj ET Q q 0 0 0 rg BT 318.25 130.25 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 359.70 130.25 Td (from ) Tj ET Q q 0 0 0 rg BT 380.12 130.25 Td (a ) Tj ET Q q 0 0 0 rg BT 387.54 130.25 Td (net ) Tj ET Q q 0 0 0 rg BT 402.47 130.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 420.90 130.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 430.82 130.25 Td ($454.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.35 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 460.77 130.25 Td (million ) Tj ET Q q 0 0 0 rg BT 488.70 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.12 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.05 130.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 538.49 130.25 Td (quarter ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 119.45 Td (of ) Tj ET Q q 0 0 0 rg BT 54.22 119.45 Td (2015 ) Tj ET Q q 0 0 0 rg BT 75.96 119.45 Td (to ) Tj ET Q q 0 0 0 rg BT 85.18 119.45 Td (net ) Tj ET Q q 0 0 0 rg BT 99.41 119.45 Td (income ) Tj ET Q q 0 0 0 rg BT 130.13 119.45 Td (of ) Tj ET Q q 0 0 0 rg BT 139.35 119.45 Td ($86.6million ) Tj ET Q q 0 0 0 rg BT 191.60 119.45 Td (in ) Tj ET Q q 0 0 0 rg BT 200.32 119.45 Td (the ) Tj ET Q q 0 0 0 rg BT 214.55 119.45 Td (second ) Tj ET Q q 0 0 0 rg BT 245.28 119.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 275.51 119.45 Td (of ) Tj ET Q q 0 0 0 rg BT 284.73 119.45 Td (2014. ) Tj ET Q q 0 0 0 rg BT 308.86 119.45 Td (These ) Tj ET Q q 0 0 0 rg BT 335.59 119.45 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 382.83 119.45 Td (are ) Tj ET Q q 0 0 0 rg BT 397.56 119.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 433.27 119.45 Td (influenced ) Tj ET Q q 0 0 0 rg BT 476.02 119.45 Td (by ) Tj ET Q q 0 0 0 rg BT 487.24 119.45 Td (production ) Tj ET Q q 0 0 0 rg BT 530.98 119.45 Td (volumes, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 108.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 90.43 108.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 118.86 108.65 Td (realized ) Tj ET Q q 0 0 0 rg BT 152.30 108.65 Td (and ) Tj ET Q q 0 0 0 rg BT 169.24 108.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 212.69 108.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 236.13 108.65 Td (and ) Tj ET Q q 0 0 0 rg BT 253.06 108.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 280.50 108.65 Td (on ) Tj ET Q q 0 0 0 rg BT 292.43 108.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.37 108.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 371.31 108.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 416.74 108.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 457.68 108.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 501.13 108.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 524.57 108.65 Td (and ) Tj ET Q q 0 0 0 rg BT 541.50 108.65 Td (losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 97.85 Td (on ) Tj ET Q q 0 0 0 rg BT 57.51 97.85 Td (the ) Tj ET Q q 0 0 0 rg BT 72.52 97.85 Td (revaluation ) Tj ET Q q 0 0 0 rg BT 119.05 97.85 Td (of ) Tj ET Q q 0 0 0 rg BT 129.06 97.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 177.30 97.85 Td (US ) Tj ET Q q 0 0 0 rg BT 192.30 97.85 Td (dollar ) Tj ET Q q 0 0 0 rg BT 216.82 97.85 Td (denominated ) Tj ET Q q 0 0 0 rg BT 271.36 97.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 298.37 97.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 342.90 97.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 367.42 97.85 Td (and ) Tj ET Q q 0 0 0 rg BT 384.93 97.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 431.95 97.85 Td (charges. ) Tj ET Q q 0 0 0 rg BT 468.97 97.85 Td ( ) Tj ET Q q 0 0 0 rg BT 471.47 97.85 Td ( ) Tj ET Q q 0 0 0 rg BT 473.97 97.85 Td ( ) Tj ET Q q 0 0 0 rg BT 476.47 97.85 Td ( ) Tj ET Q q 0 0 0 rg BT 478.97 97.85 Td ( ) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 23) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 94.00 731.45 Td (controls ) Tj ET Q q 0 0 0 rg BT 132.49 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 151.48 731.45 Td (procedures ) Tj ET Q q 0 0 0 rg BT 203.48 731.45 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 206.48 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 209.46 731.45 Td (Disclosure ) Tj ET Q q 0 0 0 rg BT 254.46 731.45 Td (controls ) Tj ET Q q 0 0 0 rg BT 288.96 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 306.96 731.45 Td (procedures ) Tj ET Q q 0 0 0 rg BT 354.97 731.45 Td (have ) Tj ET Q q 0 0 0 rg BT 377.47 731.45 Td (been ) Tj ET Q q 0 0 0 rg BT 400.48 731.45 Td (designed ) Tj ET Q q 0 0 0 rg BT 440.00 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 450.49 731.45 Td (ensure ) Tj ET Q q 0 0 0 rg BT 480.99 731.45 Td (that ) Tj ET Q q 0 0 0 rg BT 498.99 731.45 Td (information ) Tj ET Q q 0 0 0 rg BT 546.50 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 556.99 731.45 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 84.03 720.65 Td (by ) Tj ET Q q 0 0 0 rg BT 95.05 720.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 136.09 720.65 Td (is ) Tj ET Q q 0 0 0 rg BT 144.11 720.65 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 196.65 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 213.18 720.65 Td (communicated ) Tj ET Q q 0 0 0 rg BT 273.22 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 282.24 720.65 Td (management, ) Tj ET Q q 0 0 0 rg BT 338.79 720.65 Td (as ) Tj ET Q q 0 0 0 rg BT 349.81 720.65 Td (appropriate, ) Tj ET Q q 0 0 0 rg BT 399.35 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 408.37 720.65 Td (allow ) Tj ET Q q 0 0 0 rg BT 430.40 720.65 Td (timely ) Tj ET Q q 0 0 0 rg BT 455.41 720.65 Td (decisions ) Tj ET Q q 0 0 0 rg BT 494.45 720.65 Td (regarding ) Tj ET Q q 0 0 0 rg BT 533.99 720.65 Td (required ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 94.40 709.85 Td (The ) Tj ET Q q 0 0 0 rg BT 111.92 709.85 Td (Chief ) Tj ET Q q 0 0 0 rg BT 134.94 709.85 Td (Executive ) Tj ET Q q 0 0 0 rg BT 175.97 709.85 Td (Of) Tj ET Q q 0 0 0 rg BT 185.31 709.85 Td (ficer ) Tj ET Q q 0 0 0 rg BT 204.32 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 221.35 709.85 Td (Chief ) Tj ET Q q 0 0 0 rg BT 244.37 709.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 282.40 709.85 Td (Of) Tj ET Q q 0 0 0 rg BT 291.73 709.85 Td (ficer ) Tj ET Q q 0 0 0 rg BT 310.75 709.85 Td (have ) Tj ET Q q 0 0 0 rg BT 332.27 709.85 Td (designed, ) Tj ET Q q 0 0 0 rg BT 373.32 709.85 Td (or ) Tj ET Q q 0 0 0 rg BT 383.33 709.85 Td (caused ) Tj ET Q q 0 0 0 rg BT 414.36 709.85 Td (to ) Tj ET Q q 0 0 0 rg BT 423.88 709.85 Td (be ) Tj ET Q q 0 0 0 rg BT 435.90 709.85 Td (designed ) Tj ET Q q 0 0 0 rg BT 474.44 709.85 Td (under ) Tj ET Q q 0 0 0 rg BT 499.47 709.85 Td (their ) Tj ET Q q 0 0 0 rg BT 518.99 709.85 Td (supervision, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 87.97 699.05 Td (controls ) Tj ET Q q 0 0 0 rg BT 121.93 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 139.40 699.05 Td (procedures, ) Tj ET Q q 0 0 0 rg BT 189.38 699.05 Td (as ) Tj ET Q q 0 0 0 rg BT 201.34 699.05 Td (defined ) Tj ET Q q 0 0 0 rg BT 233.32 699.05 Td (by ) Tj ET Q q 0 0 0 rg BT 245.27 699.05 Td (National ) Tj ET Q q 0 0 0 rg BT 280.75 699.05 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 325.71 699.05 Td (52-109 ) Tj ET Q q 0 0 0 rg BT 356.19 699.05 Td (Certification, ) Tj ET Q q 0 0 0 rg BT 408.66 699.05 Td (to ) Tj ET Q q 0 0 0 rg BT 418.62 699.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 450.59 699.05 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 497.57 699.05 Td (assurance ) Tj ET Q q 0 0 0 rg BT 541.55 699.05 Td (that ) Tj ET Q q 0 0 0 rg BT 559.01 699.05 Td (\(i\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (material ) Tj ET Q q 0 0 0 rg BT 79.00 688.25 Td (information ) Tj ET Q q 0 0 0 rg BT 125.50 688.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 157.01 688.25 Td (to ) Tj ET Q q 0 0 0 rg BT 166.50 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.00 688.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 230.01 688.25 Td (is ) Tj ET Q q 0 0 0 rg BT 238.50 688.25 Td (made ) Tj ET Q q 0 0 0 rg BT 263.00 688.25 Td (known ) Tj ET Q q 0 0 0 rg BT 291.00 688.25 Td (to ) Tj ET Q q 0 0 0 rg BT 300.49 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.99 688.25 Td (Corporation) Tj ET Q q 0 0 0 rg BT 363.85 688.25 Td (s ) Tj ET Q q 0 0 0 rg BT 370.34 688.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 393.33 688.25 Td (Executive ) Tj ET Q q 0 0 0 rg BT 434.34 688.25 Td (Of) Tj ET Q q 0 0 0 rg BT 443.68 688.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 462.67 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 479.67 688.25 Td (Chief ) Tj ET Q q 0 0 0 rg BT 502.66 688.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 540.67 688.25 Td (Of) Tj ET Q q 0 0 0 rg BT 550.01 688.25 Td (ficer ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 677.45 Td (by ) Tj ET Q q 0 0 0 rg BT 56.18 677.45 Td (others, ) Tj ET Q q 0 0 0 rg BT 85.38 677.45 Td (particularly ) Tj ET Q q 0 0 0 rg BT 130.57 677.45 Td (during ) Tj ET Q q 0 0 0 rg BT 157.26 677.45 Td (the ) Tj ET Q q 0 0 0 rg BT 171.45 677.45 Td (period ) Tj ET Q q 0 0 0 rg BT 198.15 677.45 Td (in ) Tj ET Q q 0 0 0 rg BT 206.83 677.45 Td (which ) Tj ET Q q 0 0 0 rg BT 231.52 677.45 Td (the ) Tj ET Q q 0 0 0 rg BT 245.71 677.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 274.41 677.45 Td (and ) Tj ET Q q 0 0 0 rg BT 291.10 677.45 Td (interim ) Tj ET Q q 0 0 0 rg BT 319.79 677.45 Td (filings ) Tj ET Q q 0 0 0 rg BT 344.47 677.45 Td (are ) Tj ET Q q 0 0 0 rg BT 359.16 677.45 Td (prepared; ) Tj ET Q q 0 0 0 rg BT 399.36 677.45 Td (and ) Tj ET Q q 0 0 0 rg BT 416.06 677.45 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 427.73 677.45 Td (information ) Tj ET Q q 0 0 0 rg BT 473.93 677.45 Td (required ) Tj ET Q q 0 0 0 rg BT 508.63 677.45 Td (to ) Tj ET Q q 0 0 0 rg BT 517.81 677.45 Td (be ) Tj ET Q q 0 0 0 rg BT 529.50 677.45 Td (disclosed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 666.65 Td (by ) Tj ET Q q 0 0 0 rg BT 57.11 666.65 Td (the ) Tj ET Q q 0 0 0 rg BT 72.23 666.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 121.87 666.65 Td (in ) Tj ET Q q 0 0 0 rg BT 131.48 666.65 Td (its ) Tj ET Q q 0 0 0 rg BT 143.09 666.65 Td (annual ) Tj ET Q q 0 0 0 rg BT 172.72 666.65 Td (filings, ) Tj ET Q q 0 0 0 rg BT 200.84 666.65 Td (interim ) Tj ET Q q 0 0 0 rg BT 230.45 666.65 Td (filings ) Tj ET Q q 0 0 0 rg BT 256.07 666.65 Td (or ) Tj ET Q q 0 0 0 rg BT 266.68 666.65 Td (other ) Tj ET Q q 0 0 0 rg BT 289.80 666.65 Td (reports ) Tj ET Q q 0 0 0 rg BT 320.42 666.65 Td (filed ) Tj ET Q q 0 0 0 rg BT 339.54 666.65 Td (or ) Tj ET Q q 0 0 0 rg BT 350.15 666.65 Td (submitted ) Tj ET Q q 0 0 0 rg BT 391.78 666.65 Td (by ) Tj ET Q q 0 0 0 rg BT 403.89 666.65 Td (it ) Tj ET Q q 0 0 0 rg BT 411.00 666.65 Td (under ) Tj ET Q q 0 0 0 rg BT 436.62 666.65 Td (securities ) Tj ET Q q 0 0 0 rg BT 477.24 666.65 Td (legislation ) Tj ET Q q 0 0 0 rg BT 519.88 666.65 Td (is ) Tj ET Q q 0 0 0 rg BT 528.98 666.65 Td (recorded, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 655.85 Td (processed, ) Tj ET Q q 0 0 0 rg BT 91.15 655.85 Td (summarized ) Tj ET Q q 0 0 0 rg BT 142.28 655.85 Td (and ) Tj ET Q q 0 0 0 rg BT 159.41 655.85 Td (reported ) Tj ET Q q 0 0 0 rg BT 195.06 655.85 Td (within ) Tj ET Q q 0 0 0 rg BT 220.19 655.85 Td (the ) Tj ET Q q 0 0 0 rg BT 234.82 655.85 Td (time ) Tj ET Q q 0 0 0 rg BT 253.94 655.85 Td (period ) Tj ET Q q 0 0 0 rg BT 281.08 655.85 Td (specified ) Tj ET Q q 0 0 0 rg BT 318.72 655.85 Td (in ) Tj ET Q q 0 0 0 rg BT 327.85 655.85 Td (securities ) Tj ET Q q 0 0 0 rg BT 367.98 655.85 Td (legislation. ) Tj ET Q q 0 0 0 rg BT 412.21 655.85 Td (All ) Tj ET Q q 0 0 0 rg BT 424.33 655.85 Td (control ) Tj ET Q q 0 0 0 rg BT 453.46 655.85 Td (systems ) Tj ET Q q 0 0 0 rg BT 488.59 655.85 Td (by ) Tj ET Q q 0 0 0 rg BT 500.21 655.85 Td (their ) Tj ET Q q 0 0 0 rg BT 519.84 655.85 Td (nature ) Tj ET Q q 0 0 0 rg BT 547.48 655.85 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 645.05 Td (inherent ) Tj ET Q q 0 0 0 rg BT 80.02 645.05 Td (limitations ) Tj ET Q q 0 0 0 rg BT 122.52 645.05 Td (and, ) Tj ET Q q 0 0 0 rg BT 142.53 645.05 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 183.54 645.05 Td (the ) Tj ET Q q 0 0 0 rg BT 198.54 645.05 Td (Corporation) Tj ET Q q 0 0 0 rg BT 247.41 645.05 Td (s ) Tj ET Q q 0 0 0 rg BT 254.40 645.05 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 297.41 645.05 Td (controls ) Tj ET Q q 0 0 0 rg BT 331.41 645.05 Td (and ) Tj ET Q q 0 0 0 rg BT 348.92 645.05 Td (procedures ) Tj ET Q q 0 0 0 rg BT 396.44 645.05 Td (are ) Tj ET Q q 0 0 0 rg BT 411.94 645.05 Td (believed ) Tj ET Q q 0 0 0 rg BT 447.96 645.05 Td (to ) Tj ET Q q 0 0 0 rg BT 457.95 645.05 Td (provide ) Tj ET Q q 0 0 0 rg BT 489.96 645.05 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 539.49 645.05 Td (but ) Tj ET Q q 0 0 0 rg BT 554.49 645.05 Td (not ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 634.25 Td (absolute, ) Tj ET Q q 0 0 0 rg BT 84.03 634.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 128.05 634.25 Td (that ) Tj ET Q q 0 0 0 rg BT 145.56 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.58 634.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 203.10 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 213.10 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.12 634.25 Td (control ) Tj ET Q q 0 0 0 rg BT 257.63 634.25 Td (system ) Tj ET Q q 0 0 0 rg BT 288.63 634.25 Td (are ) Tj ET Q q 0 0 0 rg BT 304.14 634.25 Td (met.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 617.45 Td (Internal ) Tj ET Q q 0 0 0 rg BT 79.92 617.45 Td (control ) Tj ET Q q 0 0 0 rg BT 112.82 617.45 Td (over ) Tj ET Q q 0 0 0 rg BT 134.25 617.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 173.17 617.45 Td (reporting) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.66 617.45 Td ( ) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 215.07 617.45 Td (-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.07 617.45 Td ( ) Tj ET Q q 0 0 0 rg BT 220.32 617.45 Td (The ) Tj ET Q q 0 0 0 rg BT 238.24 617.45 Td (Corporation) Tj ET Q q 0 0 0 rg BT 287.11 617.45 Td (s ) Tj ET Q q 0 0 0 rg BT 294.02 617.45 Td (Chief ) Tj ET Q q 0 0 0 rg BT 317.44 617.45 Td (Executive ) Tj ET Q q 0 0 0 rg BT 358.87 617.45 Td (Of) Tj ET Q q 0 0 0 rg BT 368.20 617.45 Td (ficer ) Tj ET Q q 0 0 0 rg BT 387.62 617.45 Td (and ) Tj ET Q q 0 0 0 rg BT 405.04 617.45 Td (Chief ) Tj ET Q q 0 0 0 rg BT 428.46 617.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 466.89 617.45 Td (Of) Tj ET Q q 0 0 0 rg BT 476.23 617.45 Td (ficer ) Tj ET Q q 0 0 0 rg BT 495.64 617.45 Td (have ) Tj ET Q q 0 0 0 rg BT 517.57 617.45 Td (designed, ) Tj ET Q q 0 0 0 rg BT 559.01 617.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 606.65 Td (caused ) Tj ET Q q 0 0 0 rg BT 76.74 606.65 Td (to ) Tj ET Q q 0 0 0 rg BT 86.96 606.65 Td (be ) Tj ET Q q 0 0 0 rg BT 99.69 606.65 Td (designed ) Tj ET Q q 0 0 0 rg BT 138.94 606.65 Td (under ) Tj ET Q q 0 0 0 rg BT 164.68 606.65 Td (their ) Tj ET Q q 0 0 0 rg BT 184.90 606.65 Td (supervision, ) Tj ET Q q 0 0 0 rg BT 235.64 606.65 Td (internal ) Tj ET Q q 0 0 0 rg BT 267.88 606.65 Td (controls ) Tj ET Q q 0 0 0 rg BT 302.11 606.65 Td (over ) Tj ET Q q 0 0 0 rg BT 322.34 606.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 358.07 606.65 Td (reporting, ) Tj ET Q q 0 0 0 rg BT 398.81 606.65 Td (as ) Tj ET Q q 0 0 0 rg BT 411.04 606.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 443.28 606.65 Td (by ) Tj ET Q q 0 0 0 rg BT 455.50 606.65 Td (National ) Tj ET Q q 0 0 0 rg BT 491.24 606.65 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 536.48 606.65 Td (51-109. ) Tj ET Q q 0 0 0 rg BT 569.50 606.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 595.85 Td (Internal ) Tj ET Q q 0 0 0 rg BT 78.33 595.85 Td (controls ) Tj ET Q q 0 0 0 rg BT 113.14 595.85 Td (over ) Tj ET Q q 0 0 0 rg BT 133.96 595.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 170.29 595.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 209.11 595.85 Td (is ) Tj ET Q q 0 0 0 rg BT 218.92 595.85 Td (a ) Tj ET Q q 0 0 0 rg BT 227.23 595.85 Td (process ) Tj ET Q q 0 0 0 rg BT 262.05 595.85 Td (designed ) Tj ET Q q 0 0 0 rg BT 301.89 595.85 Td (to ) Tj ET Q q 0 0 0 rg BT 312.70 595.85 Td (provide ) Tj ET Q q 0 0 0 rg BT 345.52 595.85 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 393.36 595.85 Td (assurance ) Tj ET Q q 0 0 0 rg BT 438.19 595.85 Td (that ) Tj ET Q q 0 0 0 rg BT 456.51 595.85 Td (all ) Tj ET Q q 0 0 0 rg BT 468.82 595.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 498.14 595.85 Td (are ) Tj ET Q q 0 0 0 rg BT 514.45 595.85 Td (safeguarded, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 585.05 Td (transactions ) Tj ET Q q 0 0 0 rg BT 95.47 585.05 Td (are ) Tj ET Q q 0 0 0 rg BT 110.43 585.05 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 164.41 585.05 Td (authorized ) Tj ET Q q 0 0 0 rg BT 208.38 585.05 Td (and ) Tj ET Q q 0 0 0 rg BT 225.35 585.05 Td (to ) Tj ET Q q 0 0 0 rg BT 234.80 585.05 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 269.76 585.05 Td (the ) Tj ET Q q 0 0 0 rg BT 284.22 585.05 Td (preparation ) Tj ET Q q 0 0 0 rg BT 331.70 585.05 Td (of ) Tj ET Q q 0 0 0 rg BT 341.15 585.05 Td (relevant, ) Tj ET Q q 0 0 0 rg BT 377.62 585.05 Td (reliable ) Tj ET Q q 0 0 0 rg BT 408.58 585.05 Td (and ) Tj ET Q q 0 0 0 rg BT 425.55 585.05 Td (timely ) Tj ET Q q 0 0 0 rg BT 451.00 585.05 Td (information. ) Tj ET Q q 0 0 0 rg BT 499.58 585.05 Td (A) Tj ET Q q 0 0 0 rg BT 505.08 585.05 Td ( ) Tj ET Q q 0 0 0 rg BT 507.03 585.05 Td (control ) Tj ET Q q 0 0 0 rg BT 535.99 585.05 Td (system, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 574.25 Td (no ) Tj ET Q q 0 0 0 rg BT 58.15 574.25 Td (matter ) Tj ET Q q 0 0 0 rg BT 86.80 574.25 Td (how ) Tj ET Q q 0 0 0 rg BT 106.45 574.25 Td (well ) Tj ET Q q 0 0 0 rg BT 125.10 574.25 Td (conceived ) Tj ET Q q 0 0 0 rg BT 168.77 574.25 Td (or ) Tj ET Q q 0 0 0 rg BT 179.92 574.25 Td (operated, ) Tj ET Q q 0 0 0 rg BT 221.09 574.25 Td (can ) Tj ET Q q 0 0 0 rg BT 238.74 574.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 271.40 574.25 Td (only ) Tj ET Q q 0 0 0 rg BT 291.05 574.25 Td (reasonable, ) Tj ET Q q 0 0 0 rg BT 341.23 574.25 Td (not ) Tj ET Q q 0 0 0 rg BT 356.89 574.25 Td (absolute, ) Tj ET Q q 0 0 0 rg BT 396.56 574.25 Td (assurance ) Tj ET Q q 0 0 0 rg BT 441.22 574.25 Td (that ) Tj ET Q q 0 0 0 rg BT 459.38 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 475.03 574.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 513.69 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.34 574.25 Td (the ) Tj ET Q q 0 0 0 rg BT 540.00 574.25 Td (control ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 563.45 Td (system ) Tj ET Q q 0 0 0 rg BT 76.03 563.45 Td (is ) Tj ET Q q 0 0 0 rg BT 85.06 563.45 Td (met. ) Tj ET Q q 0 0 0 rg BT 104.93 563.45 Td (There ) Tj ET Q q 0 0 0 rg BT 130.97 563.45 Td (were ) Tj ET Q q 0 0 0 rg BT 153.00 563.45 Td (no ) Tj ET Q q 0 0 0 rg BT 165.54 563.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 202.10 563.45 Td (made ) Tj ET Q q 0 0 0 rg BT 227.14 563.45 Td (to ) Tj ET Q q 0 0 0 rg BT 237.18 563.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 278.54 563.45 Td (s ) Tj ET Q q 0 0 0 rg BT 285.57 563.45 Td (internal ) Tj ET Q q 0 0 0 rg BT 317.61 563.45 Td (controls ) Tj ET Q q 0 0 0 rg BT 351.65 563.45 Td (over ) Tj ET Q q 0 0 0 rg BT 371.69 563.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.24 563.45 Td (reporting ) Tj ET Q q 0 0 0 rg BT 445.29 563.45 Td (during ) Tj ET Q q 0 0 0 rg BT 472.84 563.45 Td (the ) Tj ET Q q 0 0 0 rg BT 487.88 563.45 Td (period ) Tj ET Q q 0 0 0 rg BT 515.42 563.45 Td (beginning ) Tj ET Q q 0 0 0 rg BT 556.99 563.45 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 552.65 Td (January ) Tj ET Q q 0 0 0 rg BT 80.10 552.65 Td (1, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.69 552.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 110.71 552.65 Td ( ) Tj ET Q q 0 0 0 rg BT 113.79 552.65 Td (and ) Tj ET Q q 0 0 0 rg BT 131.88 552.65 Td (ending ) Tj ET Q q 0 0 0 rg BT 161.99 552.65 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.08 552.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 234.69 552.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.71 552.65 Td ( ) Tj ET Q q 0 0 0 rg BT 257.79 552.65 Td (that ) Tj ET Q q 0 0 0 rg BT 275.88 552.65 Td (have ) Tj ET Q q 0 0 0 rg BT 298.48 552.65 Td (materially ) Tj ET Q q 0 0 0 rg BT 340.07 552.65 Td (af) Tj ET Q q 0 0 0 rg BT 347.41 552.65 Td (fected, ) Tj ET Q q 0 0 0 rg BT 377.51 552.65 Td (or ) Tj ET Q q 0 0 0 rg BT 388.60 552.65 Td (are ) Tj ET Q q 0 0 0 rg BT 404.68 552.65 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 451.79 552.65 Td (likely ) Tj ET Q q 0 0 0 rg BT 474.88 552.65 Td (to ) Tj ET Q q 0 0 0 rg BT 485.46 552.65 Td (materially ) Tj ET Q q 0 0 0 rg BT 527.05 552.65 Td (af) Tj ET Q q 0 0 0 rg BT 534.40 552.65 Td (fect, ) Tj ET Q q 0 0 0 rg BT 554.48 552.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 541.85 Td (Corporation) Tj ET Q q 0 0 0 rg BT 93.86 541.85 Td (s ) Tj ET Q q 0 0 0 rg BT 101.39 541.85 Td (internal ) Tj ET Q q 0 0 0 rg BT 133.94 541.85 Td (controls ) Tj ET Q q 0 0 0 rg BT 168.48 541.85 Td (over ) Tj ET Q q 0 0 0 rg BT 189.01 541.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 225.06 541.85 Td (reporting. ) Tj ET Q q 0 0 0 rg BT 266.11 541.85 Td (In ) Tj ET Q q 0 0 0 rg BT 276.64 541.85 Td (May ) Tj ET Q q 0 0 0 rg BT 296.67 541.85 Td (2013, ) Tj ET Q q 0 0 0 rg BT 322.22 541.85 Td (the ) Tj ET Q q 0 0 0 rg BT 337.76 541.85 Td (Committee ) Tj ET Q q 0 0 0 rg BT 384.30 541.85 Td (of ) Tj ET Q q 0 0 0 rg BT 394.84 541.85 Td (Sponsoring ) Tj ET Q q 0 0 0 rg BT 443.40 541.85 Td (Organizations ) Tj ET Q q 0 0 0 rg BT 501.95 541.85 Td (of ) Tj ET Q q 0 0 0 rg BT 512.49 541.85 Td (the ) Tj ET Q q 0 0 0 rg BT 527.83 541.85 Td (T) Tj ET Q q 0 0 0 rg BT 532.99 541.85 Td (readway ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 531.05 Td (Commission ) Tj ET Q q 0 0 0 rg BT 97.00 531.05 Td (\("COSO"\) ) Tj ET Q q 0 0 0 rg BT 138.38 531.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 166.89 531.05 Td (an ) Tj ET Q q 0 0 0 rg BT 179.40 531.05 Td (updated ) Tj ET Q q 0 0 0 rg BT 214.42 531.05 Td (Internal ) Tj ET Q q 0 0 0 rg BT 246.93 531.05 Td (Control-Integrated ) Tj ET Q q 0 0 0 rg BT 321.97 531.05 Td (Framework ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 369.46 531.05 Td (\(2013 ) Tj ET Q q 0 0 0 rg BT 397.97 531.05 Td (Framework\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 448.97 531.05 Td ( ) Tj ET Q q 0 0 0 rg BT 451.46 531.05 Td (replacing ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 490.48 531.05 Td (the ) Tj ET Q q 0 0 0 rg BT 505.49 531.05 Td (Internal ) Tj ET Q q 0 0 0 rg BT 538.00 531.05 Td (Control ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 45.00 520.25 Td (- ) Tj ET Q q 0 0 0 rg BT 50.50 520.25 Td (Integrated ) Tj ET Q q 0 0 0 rg BT 93.53 520.25 Td (Framework ) Tj ET Q q 0 0 0 rg BT 141.03 520.25 Td (\(1992\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.05 520.25 Td (. ) Tj ET Q q 0 0 0 rg BT 172.05 520.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 214.08 520.25 Td (has ) Tj ET Q q 0 0 0 rg BT 231.09 520.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 266.12 520.25 Td (the ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 281.13 520.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 303.65 520.25 Td (Framework.) Tj ET Q BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 503.45 Td (Future ) Tj ET Q q 0 0 0 rg BT 76.02 503.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 127.04 503.45 Td (policies ) Tj ET Q q 0 0 0 rg BT 163.58 503.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.60 503.45 Td (Below ) Tj ET Q q 0 0 0 rg BT 197.14 503.45 Td (is ) Tj ET Q q 0 0 0 rg BT 206.66 503.45 Td (a ) Tj ET Q q 0 0 0 rg BT 214.69 503.45 Td (brief ) Tj ET Q q 0 0 0 rg BT 235.22 503.45 Td (description ) Tj ET Q q 0 0 0 rg BT 281.76 503.45 Td (of ) Tj ET Q q 0 0 0 rg BT 292.29 503.45 Td (new ) Tj ET Q q 0 0 0 rg BT 311.83 503.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 335.35 503.45 Td (standards ) Tj ET Q q 0 0 0 rg BT 377.90 503.45 Td (and ) Tj ET Q q 0 0 0 rg BT 395.94 503.45 Td (amendments ) Tj ET Q q 0 0 0 rg BT 450.99 503.45 Td (that ) Tj ET Q q 0 0 0 rg BT 469.02 503.45 Td (are ) Tj ET Q q 0 0 0 rg BT 485.05 503.45 Td (not ) Tj ET Q q 0 0 0 rg BT 500.59 503.45 Td (yet ) Tj ET Q q 0 0 0 rg BT 515.61 503.45 Td (ef) Tj ET Q q 0 0 0 rg BT 522.96 503.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 551.99 503.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 492.65 Td (have ) Tj ET Q q 0 0 0 rg BT 67.38 492.65 Td (not ) Tj ET Q q 0 0 0 rg BT 82.75 492.65 Td (been ) Tj ET Q q 0 0 0 rg BT 105.63 492.65 Td (applied ) Tj ET Q q 0 0 0 rg BT 137.52 492.65 Td (in ) Tj ET Q q 0 0 0 rg BT 147.39 492.65 Td (the ) Tj ET Q q 0 0 0 rg BT 162.76 492.65 Td (preparation ) Tj ET Q q 0 0 0 rg BT 211.16 492.65 Td (of ) Tj ET Q q 0 0 0 rg BT 221.52 492.65 Td (these ) Tj ET Q q 0 0 0 rg BT 246.40 492.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 282.28 492.65 Td (statements. ) Tj ET Q q 0 0 0 rg BT 331.48 492.65 Td (There ) Tj ET Q q 0 0 0 rg BT 357.85 492.65 Td (are ) Tj ET Q q 0 0 0 rg BT 373.72 492.65 Td (no ) Tj ET Q q 0 0 0 rg BT 386.59 492.65 Td (other ) Tj ET Q q 0 0 0 rg BT 409.97 492.65 Td (standards ) Tj ET Q q 0 0 0 rg BT 452.36 492.65 Td (or ) Tj ET Q q 0 0 0 rg BT 463.22 492.65 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 523.11 492.65 Td (issued, ) Tj ET Q q 0 0 0 rg BT 554.49 492.65 Td (but ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 481.85 Td (not ) Tj ET Q q 0 0 0 rg BT 60.01 481.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 74.52 481.85 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 112.05 481.85 Td (that ) Tj ET Q q 0 0 0 rg BT 129.56 481.85 Td (are ) Tj ET Q q 0 0 0 rg BT 145.07 481.85 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 191.10 481.85 Td (to ) Tj ET Q q 0 0 0 rg BT 201.11 481.85 Td (have ) Tj ET Q q 0 0 0 rg BT 223.13 481.85 Td (a ) Tj ET Q q 0 0 0 rg BT 230.63 481.85 Td (material ) Tj ET Q q 0 0 0 rg BT 265.14 481.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 294.15 481.85 Td (on ) Tj ET Q q 0 0 0 rg BT 306.66 481.85 Td (the ) Tj ET Q q 0 0 0 rg BT 321.68 481.85 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 377.42 481.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 412.94 481.85 Td (statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 465.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 465.05 Td (On ) Tj ET Q q 0 0 0 rg BT 94.97 465.05 Td (December ) Tj ET Q q 0 0 0 rg BT 138.46 465.05 Td (18, ) Tj ET Q q 0 0 0 rg BT 152.94 465.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 177.43 465.05 Td (the ) Tj ET Q q 0 0 0 rg BT 191.91 465.05 Td (IASB ) Tj ET Q q 0 0 0 rg BT 214.38 465.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 242.37 465.05 Td (amendments ) Tj ET Q q 0 0 0 rg BT 296.36 465.05 Td (to ) Tj ET Q q 0 0 0 rg BT 305.84 465.05 Td (IAS ) Tj ET Q q 0 0 0 rg BT 322.31 465.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 331.79 465.05 Td ("Presentation ) Tj ET Q q 0 0 0 rg BT 387.48 465.05 Td (of ) Tj ET Q q 0 0 0 rg BT 396.96 465.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 434.94 465.05 Td (Statements". ) Tj ET Q q 0 0 0 rg BT 488.00 465.05 Td (These ) Tj ET Q q 0 0 0 rg BT 514.98 465.05 Td (amendments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 454.25 Td (will ) Tj ET Q q 0 0 0 rg BT 94.77 454.25 Td (not ) Tj ET Q q 0 0 0 rg BT 108.54 454.25 Td (require ) Tj ET Q q 0 0 0 rg BT 137.83 454.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 179.12 454.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 214.41 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 223.18 454.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.96 454.25 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 291.47 454.25 Td (current ) Tj ET Q q 0 0 0 rg BT 320.75 454.25 Td (practices ) Tj ET Q q 0 0 0 rg BT 358.03 454.25 Td (but ) Tj ET Q q 0 0 0 rg BT 371.81 454.25 Td (are ) Tj ET Q q 0 0 0 rg BT 386.09 454.25 Td (aimed ) Tj ET Q q 0 0 0 rg BT 411.87 454.25 Td (to ) Tj ET Q q 0 0 0 rg BT 420.64 454.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 454.92 454.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 493.21 454.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 527.50 454.25 Td (statement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 443.45 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 131.44 443.45 Td (The ) Tj ET Q q 0 0 0 rg BT 150.07 443.45 Td (amendments ) Tj ET Q q 0 0 0 rg BT 205.22 443.45 Td (are ) Tj ET Q q 0 0 0 rg BT 221.35 443.45 Td (ef) Tj ET Q q 0 0 0 rg BT 228.69 443.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 257.83 443.45 Td (for ) Tj ET Q q 0 0 0 rg BT 271.45 443.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 301.60 443.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 334.24 443.45 Td (beginning ) Tj ET Q q 0 0 0 rg BT 376.40 443.45 Td (on ) Tj ET Q q 0 0 0 rg BT 389.54 443.45 Td (or ) Tj ET Q q 0 0 0 rg BT 400.66 443.45 Td (after ) Tj ET Q q 0 0 0 rg BT 421.79 443.45 Td (January ) Tj ET Q q 0 0 0 rg BT 456.94 443.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 467.57 443.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 490.71 443.45 Td (with ) Tj ET Q q 0 0 0 rg BT 509.84 443.45 Td (early ) Tj ET Q q 0 0 0 rg BT 532.47 443.45 Td (adoption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 432.65 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 123.55 432.65 Td (The ) Tj ET Q q 0 0 0 rg BT 141.77 432.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 191.51 432.65 Td (intends ) Tj ET Q q 0 0 0 rg BT 223.24 432.65 Td (to ) Tj ET Q q 0 0 0 rg BT 233.46 432.65 Td (adopt ) Tj ET Q q 0 0 0 rg BT 258.69 432.65 Td (these ) Tj ET Q q 0 0 0 rg BT 283.42 432.65 Td (amendments ) Tj ET Q q 0 0 0 rg BT 338.16 432.65 Td (in ) Tj ET Q q 0 0 0 rg BT 347.88 432.65 Td (its ) Tj ET Q q 0 0 0 rg BT 359.59 432.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.32 432.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 442.06 432.65 Td (for ) Tj ET Q q 0 0 0 rg BT 455.27 432.65 Td (the ) Tj ET Q q 0 0 0 rg BT 470.49 432.65 Td (annual ) Tj ET Q q 0 0 0 rg BT 500.23 432.65 Td (period ) Tj ET Q q 0 0 0 rg BT 527.96 432.65 Td (beginning ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 421.85 Td (on ) Tj ET Q q 0 0 0 rg BT 92.58 421.85 Td (January ) Tj ET Q q 0 0 0 rg BT 126.17 421.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 135.25 421.85 Td (2016. ) Tj ET Q q 0 0 0 rg BT 159.24 421.85 Td (The ) Tj ET Q q 0 0 0 rg BT 176.31 421.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 224.91 421.85 Td (does ) Tj ET Q q 0 0 0 rg BT 246.00 421.85 Td (not ) Tj ET Q q 0 0 0 rg BT 260.08 421.85 Td (expect ) Tj ET Q q 0 0 0 rg BT 288.17 421.85 Td (these ) Tj ET Q q 0 0 0 rg BT 311.75 421.85 Td (amendments ) Tj ET Q q 0 0 0 rg BT 365.35 421.85 Td (to ) Tj ET Q q 0 0 0 rg BT 374.43 421.85 Td (have ) Tj ET Q q 0 0 0 rg BT 395.51 421.85 Td (a ) Tj ET Q q 0 0 0 rg BT 402.09 421.85 Td (material ) Tj ET Q q 0 0 0 rg BT 435.67 421.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 463.75 421.85 Td (on ) Tj ET Q q 0 0 0 rg BT 475.33 421.85 Td (its ) Tj ET Q q 0 0 0 rg BT 485.90 421.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.49 421.85 Td (statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 405.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 405.05 Td (On ) Tj ET Q q 0 0 0 rg BT 95.37 405.05 Td (May ) Tj ET Q q 0 0 0 rg BT 114.73 405.05 Td (28, ) Tj ET Q q 0 0 0 rg BT 129.60 405.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 154.49 405.05 Td (the ) Tj ET Q q 0 0 0 rg BT 169.36 405.05 Td (IASB ) Tj ET Q q 0 0 0 rg BT 192.23 405.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 220.61 405.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 243.47 405.05 Td (15, ) Tj ET Q q 0 0 0 rg BT 258.34 405.05 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 299.92 405.05 Td (from ) Tj ET Q q 0 0 0 rg BT 320.29 405.05 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 361.16 405.05 Td (with ) Tj ET Q q 0 0 0 rg BT 379.53 405.05 Td (Customers," ) Tj ET Q q 0 0 0 rg BT 431.09 405.05 Td (which ) Tj ET Q q 0 0 0 rg BT 456.46 405.05 Td (replaces ) Tj ET Q q 0 0 0 rg BT 492.84 405.05 Td (IAS ) Tj ET Q q 0 0 0 rg BT 509.71 405.05 Td (18 ) Tj ET Q q 0 0 0 rg BT 522.08 405.05 Td ("Revenue," ) Tj ET Q q 0 0 0 rg BT 569.50 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 405.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 405.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 394.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 99.12 394.25 Td (1) Tj ET Q q 0 0 0 rg BT 103.45 394.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 112.07 394.25 Td ("Construction ) Tj ET Q q 0 0 0 rg BT 169.40 394.25 Td (Contracts," ) Tj ET Q q 0 0 0 rg BT 217.22 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.84 394.25 Td (related ) Tj ET Q q 0 0 0 rg BT 266.97 394.25 Td (interpretations. ) Tj ET Q q 0 0 0 rg BT 329.88 394.25 Td (The ) Tj ET Q q 0 0 0 rg BT 349.00 394.25 Td (new ) Tj ET Q q 0 0 0 rg BT 369.12 394.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 407.76 394.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 444.89 394.25 Td (a ) Tj ET Q q 0 0 0 rg BT 453.50 394.25 Td (single ) Tj ET Q q 0 0 0 rg BT 480.63 394.25 Td (model ) Tj ET Q q 0 0 0 rg BT 508.75 394.25 Td (that ) Tj ET Q q 0 0 0 rg BT 527.37 394.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 559.50 394.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 383.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 120.16 383.45 Td (with ) Tj ET Q q 0 0 0 rg BT 138.81 383.45 Td (customers ) Tj ET Q q 0 0 0 rg BT 182.97 383.45 Td (and ) Tj ET Q q 0 0 0 rg BT 200.63 383.45 Td (two ) Tj ET Q q 0 0 0 rg BT 217.29 383.45 Td (approaches ) Tj ET Q q 0 0 0 rg BT 266.97 383.45 Td (to ) Tj ET Q q 0 0 0 rg BT 277.12 383.45 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 325.80 383.45 Td (revenue: ) Tj ET Q q 0 0 0 rg BT 363.47 383.45 Td (at ) Tj ET Q q 0 0 0 rg BT 373.62 383.45 Td (a ) Tj ET Q q 0 0 0 rg BT 381.27 383.45 Td (point ) Tj ET Q q 0 0 0 rg BT 403.44 383.45 Td (in ) Tj ET Q q 0 0 0 rg BT 413.09 383.45 Td (time ) Tj ET Q q 0 0 0 rg BT 432.74 383.45 Td (or ) Tj ET Q q 0 0 0 rg BT 443.39 383.45 Td (over ) Tj ET Q q 0 0 0 rg BT 463.54 383.45 Td (time. ) Tj ET Q q 0 0 0 rg BT 485.52 383.45 Td (The ) Tj ET Q q 0 0 0 rg BT 503.67 383.45 Td (new ) Tj ET Q q 0 0 0 rg BT 522.83 383.45 Td (standard ) Tj ET Q q 0 0 0 rg BT 560.50 383.45 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 372.65 Td (ef) Tj ET Q q 0 0 0 rg BT 88.34 372.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 117.12 372.65 Td (for ) Tj ET Q q 0 0 0 rg BT 130.39 372.65 Td (annual ) Tj ET Q q 0 0 0 rg BT 160.19 372.65 Td (periods ) Tj ET Q q 0 0 0 rg BT 192.47 372.65 Td (beginning ) Tj ET Q q 0 0 0 rg BT 234.28 372.65 Td (on ) Tj ET Q q 0 0 0 rg BT 247.06 372.65 Td (or ) Tj ET Q q 0 0 0 rg BT 257.83 372.65 Td (after ) Tj ET Q q 0 0 0 rg BT 278.60 372.65 Td (January ) Tj ET Q q 0 0 0 rg BT 313.39 372.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 323.67 372.65 Td (2018, ) Tj ET Q q 0 0 0 rg BT 348.96 372.65 Td (with ) Tj ET Q q 0 0 0 rg BT 367.73 372.65 Td (early ) Tj ET Q q 0 0 0 rg BT 390.00 372.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 427.30 372.65 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 469.91 372.65 Td (The ) Tj ET Q q 0 0 0 rg BT 488.19 372.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 537.98 372.65 Td (intends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 361.85 Td (to ) Tj ET Q q 0 0 0 rg BT 90.89 361.85 Td (adopt ) Tj ET Q q 0 0 0 rg BT 115.79 361.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 138.67 361.85 Td (15 ) Tj ET Q q 0 0 0 rg BT 151.06 361.85 Td (in ) Tj ET Q q 0 0 0 rg BT 160.45 361.85 Td (its ) Tj ET Q q 0 0 0 rg BT 171.83 361.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.23 361.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.63 361.85 Td (for ) Tj ET Q q 0 0 0 rg BT 266.52 361.85 Td (the ) Tj ET Q q 0 0 0 rg BT 281.41 361.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 310.81 361.85 Td (period ) Tj ET Q q 0 0 0 rg BT 338.21 361.85 Td (beginning ) Tj ET Q q 0 0 0 rg BT 379.63 361.85 Td (on ) Tj ET Q q 0 0 0 rg BT 392.02 361.85 Td (January ) Tj ET Q q 0 0 0 rg BT 426.42 361.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 436.31 361.85 Td (2018. ) Tj ET Q q 0 0 0 rg BT 461.06 361.85 Td (The ) Tj ET Q q 0 0 0 rg BT 478.95 361.85 Td (extent ) Tj ET Q q 0 0 0 rg BT 505.84 361.85 Td (of ) Tj ET Q q 0 0 0 rg BT 515.73 361.85 Td (the ) Tj ET Q q 0 0 0 rg BT 530.62 361.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 559.51 361.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 351.05 Td (the ) Tj ET Q q 0 0 0 rg BT 96.01 351.05 Td (adoption ) Tj ET Q q 0 0 0 rg BT 133.04 351.05 Td (of ) Tj ET Q q 0 0 0 rg BT 143.05 351.05 Td (the ) Tj ET Q q 0 0 0 rg BT 158.06 351.05 Td (standard ) Tj ET Q q 0 0 0 rg BT 195.59 351.05 Td (has ) Tj ET Q q 0 0 0 rg BT 212.60 351.05 Td (not ) Tj ET Q q 0 0 0 rg BT 227.61 351.05 Td (yet ) Tj ET Q q 0 0 0 rg BT 242.12 351.05 Td (been ) Tj ET Q q 0 0 0 rg BT 264.64 351.05 Td (determined. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 334.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 334.25 Td (On ) Tj ET Q q 0 0 0 rg BT 95.49 334.25 Td (July ) Tj ET Q q 0 0 0 rg BT 113.98 334.25 Td (24, ) Tj ET Q q 0 0 0 rg BT 128.97 334.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 153.98 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.97 334.25 Td (IASB ) Tj ET Q q 0 0 0 rg BT 191.96 334.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 220.46 334.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.46 334.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 274.46 334.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 297.44 334.25 Td (9, ) Tj ET Q q 0 0 0 rg BT 307.43 334.25 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 349.13 334.25 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 401.82 334.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.81 334.25 Td (replace ) Tj ET Q q 0 0 0 rg BT 443.82 334.25 Td (IAS ) Tj ET Q q 0 0 0 rg BT 460.81 334.25 Td (39, ) Tj ET Q q 0 0 0 rg BT 475.80 334.25 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 517.50 334.25 Td (Instruments: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 323.45 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 132.78 323.45 Td (and ) Tj ET Q q 0 0 0 rg BT 152.05 323.45 Td (Measurement". ) Tj ET Q q 0 0 0 rg BT 217.03 323.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 241.78 323.45 Td (9, ) Tj ET Q q 0 0 0 rg BT 253.54 323.45 Td (as ) Tj ET Q q 0 0 0 rg BT 267.30 323.45 Td (amended, ) Tj ET Q q 0 0 0 rg BT 311.58 323.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 348.86 323.45 Td (a ) Tj ET Q q 0 0 0 rg BT 358.11 323.45 Td (principle-based ) Tj ET Q q 0 0 0 rg BT 423.40 323.45 Td (approach ) Tj ET Q q 0 0 0 rg BT 465.19 323.45 Td (for ) Tj ET Q q 0 0 0 rg BT 479.94 323.45 Td (the ) Tj ET Q q 0 0 0 rg BT 496.71 323.45 Td (classification ) Tj ET Q q 0 0 0 rg BT 551.98 323.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 312.65 Td (measurement ) Tj ET Q q 0 0 0 rg BT 138.92 312.65 Td (of ) Tj ET Q q 0 0 0 rg BT 149.32 312.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.23 312.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 216.64 312.65 Td (a ) Tj ET Q q 0 0 0 rg BT 224.54 312.65 Td (single ) Tj ET Q q 0 0 0 rg BT 250.94 312.65 Td ('expected ) Tj ET Q q 0 0 0 rg BT 292.08 312.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 316.98 312.65 Td (loss' ) Tj ET Q q 0 0 0 rg BT 337.60 312.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 385.01 312.65 Td (model ) Tj ET Q q 0 0 0 rg BT 412.41 312.65 Td (and ) Tj ET Q q 0 0 0 rg BT 430.32 312.65 Td (a ) Tj ET Q q 0 0 0 rg BT 438.22 312.65 Td (new ) Tj ET Q q 0 0 0 rg BT 457.63 312.65 Td (hedge ) Tj ET Q q 0 0 0 rg BT 485.55 312.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 531.97 312.65 Td (standard ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 301.85 Td (which ) Tj ET Q q 0 0 0 rg BT 106.90 301.85 Td (aligns ) Tj ET Q q 0 0 0 rg BT 133.31 301.85 Td (hedge ) Tj ET Q q 0 0 0 rg BT 161.24 301.85 Td (accounting ) Tj ET Q q 0 0 0 rg BT 207.66 301.85 Td (more ) Tj ET Q q 0 0 0 rg BT 231.06 301.85 Td (closely ) Tj ET Q q 0 0 0 rg BT 261.47 301.85 Td (with ) Tj ET Q q 0 0 0 rg BT 280.37 301.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 297.26 301.85 Td (management. ) Tj ET Q q 0 0 0 rg BT 355.00 301.85 Td (The ) Tj ET Q q 0 0 0 rg BT 373.40 301.85 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 418.82 301.85 Td (ef) Tj ET Q q 0 0 0 rg BT 426.16 301.85 Td (fective ) Tj ET Q q 0 0 0 rg BT 455.07 301.85 Td (date ) Tj ET Q q 0 0 0 rg BT 475.48 301.85 Td (of ) Tj ET Q q 0 0 0 rg BT 485.88 301.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 509.28 301.85 Td (9 ) Tj ET Q q 0 0 0 rg BT 517.18 301.85 Td (is ) Tj ET Q q 0 0 0 rg BT 526.57 301.85 Td (for ) Tj ET Q q 0 0 0 rg BT 539.97 301.85 Td (annual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 291.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 112.86 291.05 Td (beginning ) Tj ET Q q 0 0 0 rg BT 154.25 291.05 Td (on ) Tj ET Q q 0 0 0 rg BT 166.61 291.05 Td (or ) Tj ET Q q 0 0 0 rg BT 176.95 291.05 Td (after ) Tj ET Q q 0 0 0 rg BT 197.31 291.05 Td (January ) Tj ET Q q 0 0 0 rg BT 231.68 291.05 Td (1, ) Tj ET Q q 0 0 0 rg BT 241.53 291.05 Td (2018 ) Tj ET Q q 0 0 0 rg BT 263.90 291.05 Td (and ) Tj ET Q q 0 0 0 rg BT 281.26 291.05 Td (must ) Tj ET Q q 0 0 0 rg BT 303.11 291.05 Td (be ) Tj ET Q q 0 0 0 rg BT 315.47 291.05 Td (applied ) Tj ET Q q 0 0 0 rg BT 346.84 291.05 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 407.21 291.05 Td (with ) Tj ET Q q 0 0 0 rg BT 425.56 291.05 Td (some ) Tj ET Q q 0 0 0 rg BT 449.91 291.05 Td (exemptions. ) Tj ET Q q 0 0 0 rg BT 500.78 291.05 Td (Early ) Tj ET Q q 0 0 0 rg BT 523.63 291.05 Td (adoption ) Tj ET Q q 0 0 0 rg BT 560.51 291.05 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 280.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 121.14 280.25 Td (if ) Tj ET Q q 0 0 0 rg BT 128.27 280.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 151.40 280.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 159.03 280.25 Td (is ) Tj ET Q q 0 0 0 rg BT 168.16 280.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 203.32 280.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.95 280.25 Td (its ) Tj ET Q q 0 0 0 rg BT 224.58 280.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 256.72 280.25 Td (at ) Tj ET Q q 0 0 0 rg BT 266.85 280.25 Td (the ) Tj ET Q q 0 0 0 rg BT 281.99 280.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 323.66 280.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.79 280.25 Td (a ) Tj ET Q q 0 0 0 rg BT 341.42 280.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 364.55 280.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 394.53 280.25 Td (The ) Tj ET Q q 0 0 0 rg BT 412.67 280.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 462.32 280.25 Td (intends ) Tj ET Q q 0 0 0 rg BT 493.97 280.25 Td (to ) Tj ET Q q 0 0 0 rg BT 504.10 280.25 Td (adopt ) Tj ET Q q 0 0 0 rg BT 529.25 280.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 552.38 280.25 Td (9 ) Tj ET Q q 0 0 0 rg BT 560.01 280.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 269.45 Td (its ) Tj ET Q q 0 0 0 rg BT 92.63 269.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 128.29 269.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.94 269.45 Td (for ) Tj ET Q q 0 0 0 rg BT 188.08 269.45 Td (the ) Tj ET Q q 0 0 0 rg BT 203.23 269.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 232.89 269.45 Td (period ) Tj ET Q q 0 0 0 rg BT 260.54 269.45 Td (beginning ) Tj ET Q q 0 0 0 rg BT 302.21 269.45 Td (on ) Tj ET Q q 0 0 0 rg BT 314.86 269.45 Td (January ) Tj ET Q q 0 0 0 rg BT 349.51 269.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 359.65 269.45 Td (2018.The ) Tj ET Q q 0 0 0 rg BT 400.32 269.45 Td (extent ) Tj ET Q q 0 0 0 rg BT 427.47 269.45 Td (of ) Tj ET Q q 0 0 0 rg BT 437.61 269.45 Td (the ) Tj ET Q q 0 0 0 rg BT 452.76 269.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 481.90 269.45 Td (of ) Tj ET Q q 0 0 0 rg BT 492.04 269.45 Td (the ) Tj ET Q q 0 0 0 rg BT 507.19 269.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 544.35 269.45 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 269.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 258.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 118.52 258.65 Td (has ) Tj ET Q q 0 0 0 rg BT 135.54 258.65 Td (not ) Tj ET Q q 0 0 0 rg BT 150.55 258.65 Td (yet ) Tj ET Q q 0 0 0 rg BT 165.05 258.65 Td (been ) Tj ET Q q 0 0 0 rg BT 187.58 258.65 Td (determined. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 241.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 241.85 Td (On ) Tj ET Q q 0 0 0 rg BT 95.33 241.85 Td (January ) Tj ET Q q 0 0 0 rg BT 129.67 241.85 Td (13, ) Tj ET Q q 0 0 0 rg BT 144.50 241.85 Td (2016, ) Tj ET Q q 0 0 0 rg BT 169.35 241.85 Td (the ) Tj ET Q q 0 0 0 rg BT 184.18 241.85 Td (IASB ) Tj ET Q q 0 0 0 rg BT 207.01 241.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 235.35 241.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 258.17 241.85 Td (16, ) Tj ET Q q 0 0 0 rg BT 273.01 241.85 Td ("Leases", ) Tj ET Q q 0 0 0 rg BT 313.24 241.85 Td (which ) Tj ET Q q 0 0 0 rg BT 338.57 241.85 Td (replaces ) Tj ET Q q 0 0 0 rg BT 374.91 241.85 Td (IAS ) Tj ET Q q 0 0 0 rg BT 391.74 241.85 Td (17 ) Tj ET Q q 0 0 0 rg BT 404.07 241.85 Td ("Leases". ) Tj ET Q q 0 0 0 rg BT 444.16 241.85 Td (The ) Tj ET Q q 0 0 0 rg BT 461.99 241.85 Td (new ) Tj ET Q q 0 0 0 rg BT 480.82 241.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 518.17 241.85 Td (introduces ) Tj ET Q q 0 0 0 rg BT 562.01 241.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 231.05 Td (single ) Tj ET Q q 0 0 0 rg BT 106.94 231.05 Td (recognition ) Tj ET Q q 0 0 0 rg BT 153.40 231.05 Td (and ) Tj ET Q q 0 0 0 rg BT 170.84 231.05 Td (measurement ) Tj ET Q q 0 0 0 rg BT 228.29 231.05 Td (model ) Tj ET Q q 0 0 0 rg BT 255.23 231.05 Td (for ) Tj ET Q q 0 0 0 rg BT 268.16 231.05 Td (leases, ) Tj ET Q q 0 0 0 rg BT 299.11 231.05 Td (which ) Tj ET Q q 0 0 0 rg BT 324.54 231.05 Td (would ) Tj ET Q q 0 0 0 rg BT 350.49 231.05 Td (require ) Tj ET Q q 0 0 0 rg BT 380.93 231.05 Td (the ) Tj ET Q q 0 0 0 rg BT 395.87 231.05 Td (recognition ) Tj ET Q q 0 0 0 rg BT 442.32 231.05 Td (of ) Tj ET Q q 0 0 0 rg BT 452.26 231.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 480.69 231.05 Td (and ) Tj ET Q q 0 0 0 rg BT 498.14 231.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 534.58 231.05 Td (for ) Tj ET Q q 0 0 0 rg BT 547.51 231.05 Td (most ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 220.25 Td (leases ) Tj ET Q q 0 0 0 rg BT 108.78 220.25 Td (with ) Tj ET Q q 0 0 0 rg BT 126.55 220.25 Td (a ) Tj ET Q q 0 0 0 rg BT 133.32 220.25 Td (term ) Tj ET Q q 0 0 0 rg BT 153.08 220.25 Td (of ) Tj ET Q q 0 0 0 rg BT 162.35 220.25 Td (more ) Tj ET Q q 0 0 0 rg BT 184.62 220.25 Td (than ) Tj ET Q q 0 0 0 rg BT 203.90 220.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 231.17 220.25 Td (months. ) Tj ET Q q 0 0 0 rg BT 264.83 220.25 Td (The ) Tj ET Q q 0 0 0 rg BT 282.10 220.25 Td (new ) Tj ET Q q 0 0 0 rg BT 300.38 220.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 337.16 220.25 Td (is ) Tj ET Q q 0 0 0 rg BT 345.43 220.25 Td (ef) Tj ET Q q 0 0 0 rg BT 352.77 220.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 380.54 220.25 Td (for ) Tj ET Q q 0 0 0 rg BT 392.81 220.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 421.60 220.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 452.88 220.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 493.68 220.25 Td (on ) Tj ET Q q 0 0 0 rg BT 505.46 220.25 Td (or ) Tj ET Q q 0 0 0 rg BT 515.22 220.25 Td (after ) Tj ET Q q 0 0 0 rg BT 534.99 220.25 Td (January ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 209.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 91.21 209.45 Td (2019. ) Tj ET Q q 0 0 0 rg BT 116.44 209.45 Td (Early ) Tj ET Q q 0 0 0 rg BT 139.65 209.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 176.88 209.45 Td (is ) Tj ET Q q 0 0 0 rg BT 186.09 209.45 Td (permitted ) Tj ET Q q 0 0 0 rg BT 226.31 209.45 Td (for ) Tj ET Q q 0 0 0 rg BT 239.52 209.45 Td (entities ) Tj ET Q q 0 0 0 rg BT 270.74 209.45 Td (that ) Tj ET Q q 0 0 0 rg BT 288.45 209.45 Td (apply ) Tj ET Q q 0 0 0 rg BT 312.67 209.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 335.88 209.45 Td (15 ) Tj ET Q q 0 0 0 rg BT 348.59 209.45 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 390.52 209.45 Td (from ) Tj ET Q q 0 0 0 rg BT 411.22 209.45 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 452.44 209.45 Td (with ) Tj ET Q q 0 0 0 rg BT 471.15 209.45 Td (Customers" ) Tj ET Q q 0 0 0 rg BT 520.56 209.45 Td (at ) Tj ET Q q 0 0 0 rg BT 530.77 209.45 Td (or ) Tj ET Q q 0 0 0 rg BT 541.48 209.45 Td (before ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 198.65 Td (the ) Tj ET Q q 0 0 0 rg BT 96.68 198.65 Td (initial ) Tj ET Q q 0 0 0 rg BT 120.36 198.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 158.07 198.65 Td (date ) Tj ET Q q 0 0 0 rg BT 178.76 198.65 Td (of ) Tj ET Q q 0 0 0 rg BT 189.43 198.65 Td (January ) Tj ET Q q 0 0 0 rg BT 224.63 198.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.30 198.65 Td (2018. ) Tj ET Q q 0 0 0 rg BT 260.79 198.65 Td (The ) Tj ET Q q 0 0 0 rg BT 279.47 198.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 329.67 198.65 Td (intends ) Tj ET Q q 0 0 0 rg BT 361.86 198.65 Td (to ) Tj ET Q q 0 0 0 rg BT 372.54 198.65 Td (adopt ) Tj ET Q q 0 0 0 rg BT 398.23 198.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 421.91 198.65 Td (16 ) Tj ET Q q 0 0 0 rg BT 435.09 198.65 Td (in ) Tj ET Q q 0 0 0 rg BT 445.27 198.65 Td (its ) Tj ET Q q 0 0 0 rg BT 457.44 198.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.63 198.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 540.82 198.65 Td (for ) Tj ET Q q 0 0 0 rg BT 554.50 198.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 187.85 Td (annual ) Tj ET Q q 0 0 0 rg BT 111.26 187.85 Td (period ) Tj ET Q q 0 0 0 rg BT 139.51 187.85 Td (beginning ) Tj ET Q q 0 0 0 rg BT 181.78 187.85 Td (on ) Tj ET Q q 0 0 0 rg BT 195.02 187.85 Td (January ) Tj ET Q q 0 0 0 rg BT 230.27 187.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 241.01 187.85 Td (2019. ) Tj ET Q q 0 0 0 rg BT 266.56 187.85 Td (The ) Tj ET Q q 0 0 0 rg BT 285.30 187.85 Td (extent ) Tj ET Q q 0 0 0 rg BT 313.05 187.85 Td (of ) Tj ET Q q 0 0 0 rg BT 323.79 187.85 Td (the ) Tj ET Q q 0 0 0 rg BT 339.53 187.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 369.27 187.85 Td (of ) Tj ET Q q 0 0 0 rg BT 380.01 187.85 Td (the ) Tj ET Q q 0 0 0 rg BT 395.76 187.85 Td (adoption ) Tj ET Q q 0 0 0 rg BT 433.52 187.85 Td (of ) Tj ET Q q 0 0 0 rg BT 444.26 187.85 Td (the ) Tj ET Q q 0 0 0 rg BT 460.00 187.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 498.26 187.85 Td (has ) Tj ET Q q 0 0 0 rg BT 516.01 187.85 Td (not ) Tj ET Q q 0 0 0 rg BT 531.75 187.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 546.99 187.85 Td (been ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 177.05 Td (determined. ) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 24) Tj ET Q BT /F1 10.00 Tf ET BT /F4 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (Critical ) Tj ET Q q 0 0 0 rg BT 77.20 731.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 126.90 731.45 Td (estimates ) Tj ET Q BT /F6 9.00 Tf ET q 0 0 0 rg BT 170.12 731.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.64 731.45 Td (The ) Tj ET Q q 0 0 0 rg BT 191.84 731.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 244.07 731.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.78 731.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 324.50 731.45 Td (have ) Tj ET Q q 0 0 0 rg BT 345.71 731.45 Td (been ) Tj ET Q q 0 0 0 rg BT 367.42 731.45 Td (prepared ) Tj ET Q q 0 0 0 rg BT 405.14 731.45 Td (in ) Tj ET Q q 0 0 0 rg BT 413.84 731.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 462.06 731.45 Td (with ) Tj ET Q q 0 0 0 rg BT 479.76 731.45 Td (International ) Tj ET Q q 0 0 0 rg BT 530.99 731.45 Td (Financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 720.65 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 85.55 720.65 Td (Standards ) Tj ET Q q 0 0 0 rg BT 128.11 720.65 Td (\("IFRS"\). ) Tj ET Q q 0 0 0 rg BT 165.02 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 166.25 720.65 Td (A) Tj ET Q q 0 0 0 rg BT 171.76 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 173.29 720.65 Td (summary ) Tj ET Q q 0 0 0 rg BT 211.82 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 220.85 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 234.90 720.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 276.45 720.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 321.51 720.65 Td (policies ) Tj ET Q q 0 0 0 rg BT 353.05 720.65 Td (are ) Tj ET Q q 0 0 0 rg BT 367.59 720.65 Td (presented ) Tj ET Q q 0 0 0 rg BT 409.15 720.65 Td (in ) Tj ET Q q 0 0 0 rg BT 417.68 720.65 Td (note ) Tj ET Q q 0 0 0 rg BT 436.73 720.65 Td (2 ) Tj ET Q q 0 0 0 rg BT 443.27 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 452.30 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 466.34 720.65 Td (Notes ) Tj ET Q q 0 0 0 rg BT 491.38 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 500.42 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 514.46 720.65 Td (Consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 709.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 83.71 709.85 Td (Statements. ) Tj ET Q q 0 0 0 rg BT 134.25 709.85 Td (The ) Tj ET Q q 0 0 0 rg BT 152.45 709.85 Td (timely ) Tj ET Q q 0 0 0 rg BT 178.65 709.85 Td (preparation ) Tj ET Q q 0 0 0 rg BT 226.87 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 237.07 709.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 285.51 709.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 321.22 709.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 367.94 709.85 Td (requires ) Tj ET Q q 0 0 0 rg BT 403.15 709.85 Td (management ) Tj ET Q q 0 0 0 rg BT 458.37 709.85 Td (to ) Tj ET Q q 0 0 0 rg BT 468.57 709.85 Td (make ) Tj ET Q q 0 0 0 rg BT 493.27 709.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 522.98 709.85 Td (judgments, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 699.05 Td (estimates ) Tj ET Q q 0 0 0 rg BT 84.85 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 101.19 699.05 Td (assumptions. ) Tj ET Q q 0 0 0 rg BT 155.46 699.05 Td (These ) Tj ET Q q 0 0 0 rg BT 181.81 699.05 Td (estimates ) Tj ET Q q 0 0 0 rg BT 221.66 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 238.00 699.05 Td (judgments ) Tj ET Q q 0 0 0 rg BT 280.86 699.05 Td (are ) Tj ET Q q 0 0 0 rg BT 295.20 699.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 325.05 699.05 Td (to ) Tj ET Q q 0 0 0 rg BT 333.89 699.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 369.24 699.05 Td (and ) Tj ET Q q 0 0 0 rg BT 385.59 699.05 Td (actual ) Tj ET Q q 0 0 0 rg BT 410.94 699.05 Td (results ) Tj ET Q q 0 0 0 rg BT 438.78 699.05 Td (could ) Tj ET Q q 0 0 0 rg BT 461.63 699.05 Td (dif) Tj ET Q q 0 0 0 rg BT 470.97 699.05 Td (fer ) Tj ET Q q 0 0 0 rg BT 482.81 699.05 Td (from ) Tj ET Q q 0 0 0 rg BT 502.14 699.05 Td (those ) Tj ET Q q 0 0 0 rg BT 525.49 699.05 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 569.51 699.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 688.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 89.02 688.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 133.05 688.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.57 688.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 191.58 688.25 Td (made ) Tj ET Q q 0 0 0 rg BT 216.59 688.25 Td (by ) Tj ET Q q 0 0 0 rg BT 228.60 688.25 Td (management ) Tj ET Q q 0 0 0 rg BT 283.63 688.25 Td (in ) Tj ET Q q 0 0 0 rg BT 293.14 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.15 688.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 356.18 688.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.19 688.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.20 688.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 416.72 688.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 463.24 688.25 Td (are ) Tj ET Q q 0 0 0 rg BT 478.75 688.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 512.78 688.25 Td (below) Tj ET Q q 0 0 0 rg BT 535.79 688.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 671.45 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 671.45 Td (Determination ) Tj ET Q q 0 0 0 rg BT 140.27 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 151.01 671.45 Td (a ) Tj ET Q q 0 0 0 rg BT 159.26 671.45 Td (Cash ) Tj ET Q q 0 0 0 rg BT 183.51 671.45 Td (Generating ) Tj ET Q q 0 0 0 rg BT 231.28 671.45 Td (Unit ) Tj ET Q q 0 0 0 rg BT 250.52 671.45 Td (\(CGU\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.75 671.45 Td (- ) Tj ET Q q 0 0 0 rg BT 291.78 671.45 Td (The ) Tj ET Q q 0 0 0 rg BT 310.53 671.45 Td (determination ) Tj ET Q q 0 0 0 rg BT 368.30 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 379.04 671.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 420.41 671.45 Td (s ) Tj ET Q q 0 0 0 rg BT 428.15 671.45 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 455.89 671.45 Td (is ) Tj ET Q q 0 0 0 rg BT 465.63 671.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 497.38 671.45 Td (to ) Tj ET Q q 0 0 0 rg BT 508.13 671.45 Td (management) Tj ET Q q 0 0 0 rg BT 562.50 671.45 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 660.65 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 123.23 660.65 Td (In ) Tj ET Q q 0 0 0 rg BT 133.44 660.65 Td (determining ) Tj ET Q q 0 0 0 rg BT 183.18 660.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 224.54 660.65 Td (s ) Tj ET Q q 0 0 0 rg BT 231.75 660.65 Td (CGUs, ) Tj ET Q q 0 0 0 rg BT 261.45 660.65 Td (management ) Tj ET Q q 0 0 0 rg BT 316.69 660.65 Td (assessed ) Tj ET Q q 0 0 0 rg BT 357.42 660.65 Td (what ) Tj ET Q q 0 0 0 rg BT 379.14 660.65 Td (constituted ) Tj ET Q q 0 0 0 rg BT 425.37 660.65 Td (independent ) Tj ET Q q 0 0 0 rg BT 477.63 660.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 499.35 660.65 Td (flows ) Tj ET Q q 0 0 0 rg BT 522.56 660.65 Td (and ) Tj ET Q q 0 0 0 rg BT 540.28 660.65 Td (how ) Tj ET Q q 0 0 0 rg BT 559.50 660.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 649.85 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 123.20 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 137.38 649.85 Td (respective ) Tj ET Q q 0 0 0 rg BT 180.07 649.85 Td (assets. ) Tj ET Q q 0 0 0 rg BT 210.14 649.85 Td (The ) Tj ET Q q 0 0 0 rg BT 227.32 649.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 250.50 649.85 Td (composition ) Tj ET Q q 0 0 0 rg BT 300.19 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 309.37 649.85 Td (each ) Tj ET Q q 0 0 0 rg BT 330.55 649.85 Td (CGU ) Tj ET Q q 0 0 0 rg BT 352.22 649.85 Td (can ) Tj ET Q q 0 0 0 rg BT 368.40 649.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 398.58 649.85 Td (impact ) Tj ET Q q 0 0 0 rg BT 426.75 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 440.94 649.85 Td (assessment ) Tj ET Q q 0 0 0 rg BT 490.62 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 499.80 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 513.98 649.85 Td (recoverability ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 639.05 Td (of ) Tj ET Q q 0 0 0 rg BT 91.55 639.05 Td (those ) Tj ET Q q 0 0 0 rg BT 116.61 639.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 145.66 639.05 Td (included ) Tj ET Q q 0 0 0 rg BT 182.23 639.05 Td (within ) Tj ET Q q 0 0 0 rg BT 208.28 639.05 Td (each ) Tj ET Q q 0 0 0 rg BT 230.83 639.05 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 256.38 639.05 Td ( ) Tj ET Q q 0 0 0 rg BT 259.42 639.05 Td (In ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.96 639.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 289.99 639.05 Td (, ) Tj ET Q q 0 0 0 rg BT 295.53 639.05 Td (there ) Tj ET Q q 0 0 0 rg BT 319.08 639.05 Td (were ) Tj ET Q q 0 0 0 rg BT 341.63 639.05 Td (no ) Tj ET Q q 0 0 0 rg BT 354.68 639.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 391.75 639.05 Td (to ) Tj ET Q q 0 0 0 rg BT 402.30 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 417.85 639.05 Td (composition ) Tj ET Q q 0 0 0 rg BT 468.92 639.05 Td (of ) Tj ET Q q 0 0 0 rg BT 479.47 639.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 528.25 639.05 Td (CGU's ) Tj ET Q q 0 0 0 rg BT 557.51 639.05 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 628.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.52 628.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 133.53 628.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 153.55 628.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 611.45 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 611.45 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 129.04 611.45 Td (testing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.59 611.45 Td (- ) Tj ET Q q 0 0 0 rg BT 164.62 611.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 207.17 611.45 Td (assesses ) Tj ET Q q 0 0 0 rg BT 247.72 611.45 Td (its ) Tj ET Q q 0 0 0 rg BT 259.75 611.45 Td (property) Tj ET Q q 0 0 0 rg BT 292.10 611.45 Td (, ) Tj ET Q q 0 0 0 rg BT 297.63 611.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 320.17 611.45 Td (and ) Tj ET Q q 0 0 0 rg BT 338.22 611.45 Td (equipment ) Tj ET Q q 0 0 0 rg BT 383.28 611.45 Td (for ) Tj ET Q q 0 0 0 rg BT 396.81 611.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 444.36 611.45 Td (when ) Tj ET Q q 0 0 0 rg BT 468.90 611.45 Td (events ) Tj ET Q q 0 0 0 rg BT 498.45 611.45 Td (or ) Tj ET Q q 0 0 0 rg BT 509.48 611.45 Td (circumstances ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 600.65 Td (indicate ) Tj ET Q q 0 0 0 rg BT 115.31 600.65 Td (that ) Tj ET Q q 0 0 0 rg BT 133.62 600.65 Td (the ) Tj ET Q q 0 0 0 rg BT 149.42 600.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 184.73 600.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.04 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 228.84 600.65 Td (its ) Tj ET Q q 0 0 0 rg BT 241.13 600.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 270.43 600.65 Td (may ) Tj ET Q q 0 0 0 rg BT 290.73 600.65 Td (not ) Tj ET Q q 0 0 0 rg BT 306.53 600.65 Td (be ) Tj ET Q q 0 0 0 rg BT 319.84 600.65 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 372.66 600.65 Td (If ) Tj ET Q q 0 0 0 rg BT 380.95 600.65 Td (any ) Tj ET Q q 0 0 0 rg BT 398.75 600.65 Td (indication ) Tj ET Q q 0 0 0 rg BT 440.07 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 450.87 600.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 498.68 600.65 Td (exists, ) Tj ET Q q 0 0 0 rg BT 527.48 600.65 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 589.85 Td (performs ) Tj ET Q q 0 0 0 rg BT 119.21 589.85 Td (an ) Tj ET Q q 0 0 0 rg BT 131.92 589.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 179.13 589.85 Td (test ) Tj ET Q q 0 0 0 rg BT 196.34 589.85 Td (on ) Tj ET Q q 0 0 0 rg BT 209.05 589.85 Td (the ) Tj ET Q q 0 0 0 rg BT 224.26 589.85 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 249.46 589.85 Td (which ) Tj ET Q q 0 0 0 rg BT 275.17 589.85 Td (is ) Tj ET Q q 0 0 0 rg BT 284.37 589.85 Td (the ) Tj ET Q q 0 0 0 rg BT 299.58 589.85 Td (lowest ) Tj ET Q q 0 0 0 rg BT 327.79 589.85 Td (level ) Tj ET Q q 0 0 0 rg BT 349.00 589.85 Td (at ) Tj ET Q q 0 0 0 rg BT 359.20 589.85 Td (which ) Tj ET Q q 0 0 0 rg BT 384.91 589.85 Td (there ) Tj ET Q q 0 0 0 rg BT 408.12 589.85 Td (are ) Tj ET Q q 0 0 0 rg BT 423.83 589.85 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 469.56 589.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 491.27 589.85 Td (flows. ) Tj ET Q q 0 0 0 rg BT 516.80 589.85 Td (The ) Tj ET Q q 0 0 0 rg BT 535.01 589.85 Td (carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 579.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 113.42 579.05 Td (of ) Tj ET Q q 0 0 0 rg BT 123.33 579.05 Td (each ) Tj ET Q q 0 0 0 rg BT 145.25 579.05 Td (CGU ) Tj ET Q q 0 0 0 rg BT 167.66 579.05 Td (is ) Tj ET Q q 0 0 0 rg BT 176.56 579.05 Td (compared ) Tj ET Q q 0 0 0 rg BT 218.98 579.05 Td (to ) Tj ET Q q 0 0 0 rg BT 228.89 579.05 Td (its ) Tj ET Q q 0 0 0 rg BT 240.30 579.05 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 289.73 579.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 322.15 579.05 Td (which ) Tj ET Q q 0 0 0 rg BT 347.56 579.05 Td (is ) Tj ET Q q 0 0 0 rg BT 356.47 579.05 Td (defined ) Tj ET Q q 0 0 0 rg BT 388.40 579.05 Td (as ) Tj ET Q q 0 0 0 rg BT 400.31 579.05 Td (the ) Tj ET Q q 0 0 0 rg BT 415.22 579.05 Td (greater ) Tj ET Q q 0 0 0 rg BT 446.14 579.05 Td (of ) Tj ET Q q 0 0 0 rg BT 456.05 579.05 Td (its ) Tj ET Q q 0 0 0 rg BT 467.46 579.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 482.36 579.05 Td (value ) Tj ET Q q 0 0 0 rg BT 506.28 579.05 Td (less ) Tj ET Q q 0 0 0 rg BT 524.69 579.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 543.60 579.05 Td (to ) Tj ET Q q 0 0 0 rg BT 553.51 579.05 Td (sell ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.19 568.25 Td (value ) Tj ET Q q 0 0 0 rg BT 123.87 568.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.05 568.25 Td (use ) Tj ET Q q 0 0 0 rg BT 151.73 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 169.92 568.25 Td (is ) Tj ET Q q 0 0 0 rg BT 179.59 568.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 211.28 568.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.95 568.25 Td (management ) Tj ET Q q 0 0 0 rg BT 277.66 568.25 Td (estimates. ) Tj ET Q q 0 0 0 rg BT 321.84 568.25 Td (Key ) Tj ET Q q 0 0 0 rg BT 340.52 568.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 382.20 568.25 Td (used ) Tj ET Q q 0 0 0 rg BT 404.89 568.25 Td (in ) Tj ET Q q 0 0 0 rg BT 415.07 568.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.75 568.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 488.45 568.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.13 568.25 Td (these ) Tj ET Q q 0 0 0 rg BT 524.32 568.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 546.50 568.25 Td (flows ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 557.45 Td (include: ) Tj ET Q q 0 0 0 rg BT 114.43 557.45 Td (quantities ) Tj ET Q q 0 0 0 rg BT 155.37 557.45 Td (of ) Tj ET Q q 0 0 0 rg BT 165.29 557.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 202.21 557.45 Td (and ) Tj ET Q q 0 0 0 rg BT 219.64 557.45 Td (future ) Tj ET Q q 0 0 0 rg BT 245.06 557.45 Td (production; ) Tj ET Q q 0 0 0 rg BT 292.00 557.45 Td (future ) Tj ET Q q 0 0 0 rg BT 317.43 557.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 363.35 557.45 Td (pricing; ) Tj ET Q q 0 0 0 rg BT 394.77 557.45 Td (development ) Tj ET Q q 0 0 0 rg BT 448.72 557.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 474.64 557.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 514.58 557.45 Td (costs; ) Tj ET Q q 0 0 0 rg BT 540.49 557.45 Td (royalty ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 546.65 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 128.51 546.65 Td (and ) Tj ET Q q 0 0 0 rg BT 145.51 546.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 181.01 546.65 Td (rates. ) Tj ET Q q 0 0 0 rg BT 205.11 546.65 Td (Any ) Tj ET Q q 0 0 0 rg BT 222.60 546.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 258.60 546.65 Td (in ) Tj ET Q q 0 0 0 rg BT 267.59 546.65 Td (these ) Tj ET Q q 0 0 0 rg BT 291.58 546.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 332.08 546.65 Td (may ) Tj ET Q q 0 0 0 rg BT 351.06 546.65 Td (have ) Tj ET Q q 0 0 0 rg BT 372.56 546.65 Td (an ) Tj ET Q q 0 0 0 rg BT 384.55 546.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 413.04 546.65 Td (on ) Tj ET Q q 0 0 0 rg BT 425.03 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 439.52 546.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 488.53 546.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.53 546.65 Td (of ) Tj ET Q q 0 0 0 rg BT 530.01 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 544.50 546.65 Td (CGU.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 529.85 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 529.85 Td (Proved ) Tj ET Q q 0 0 0 rg BT 112.68 529.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 132.35 529.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 170.54 529.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 182.70 529.85 Td (and ) Tj ET Q q 0 0 0 rg BT 200.88 529.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 231.56 529.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 249.23 529.85 Td (reserves ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.90 529.85 Td (- ) Tj ET Q q 0 0 0 rg BT 293.06 529.85 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 329.74 529.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 371.41 529.85 Td (are ) Tj ET Q q 0 0 0 rg BT 387.58 529.85 Td (based ) Tj ET Q q 0 0 0 rg BT 415.26 529.85 Td (on ) Tj ET Q q 0 0 0 rg BT 428.43 529.85 Td (engineering ) Tj ET Q q 0 0 0 rg BT 478.63 529.85 Td (data, ) Tj ET Q q 0 0 0 rg BT 501.81 529.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 543.99 529.85 Td (future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 519.05 Td (prices, ) Tj ET Q q 0 0 0 rg BT 108.94 519.05 Td (expected ) Tj ET Q q 0 0 0 rg BT 146.90 519.05 Td (future ) Tj ET Q q 0 0 0 rg BT 171.35 519.05 Td (rates ) Tj ET Q q 0 0 0 rg BT 192.79 519.05 Td (of ) Tj ET Q q 0 0 0 rg BT 201.73 519.05 Td (production ) Tj ET Q q 0 0 0 rg BT 245.19 519.05 Td (and ) Tj ET Q q 0 0 0 rg BT 261.64 519.05 Td (the ) Tj ET Q q 0 0 0 rg BT 275.59 519.05 Td (timing ) Tj ET Q q 0 0 0 rg BT 301.03 519.05 Td (of ) Tj ET Q q 0 0 0 rg BT 309.97 519.05 Td (future ) Tj ET Q q 0 0 0 rg BT 334.42 519.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 361.87 519.05 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 417.33 519.05 Td (all ) Tj ET Q q 0 0 0 rg BT 427.77 519.05 Td (of ) Tj ET Q q 0 0 0 rg BT 436.71 519.05 Td (which ) Tj ET Q q 0 0 0 rg BT 461.16 519.05 Td (are ) Tj ET Q q 0 0 0 rg BT 475.60 519.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 505.55 519.05 Td (to ) Tj ET Q q 0 0 0 rg BT 514.49 519.05 Td (interpretation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 508.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.95 508.25 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 141.31 508.25 Td (. ) Tj ET Q q 0 0 0 rg BT 145.75 508.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 187.21 508.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 220.16 508.25 Td (that ) Tj ET Q q 0 0 0 rg BT 237.11 508.25 Td (over ) Tj ET Q q 0 0 0 rg BT 256.55 508.25 Td (time ) Tj ET Q q 0 0 0 rg BT 275.49 508.25 Td (its ) Tj ET Q q 0 0 0 rg BT 286.43 508.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 318.38 508.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 358.83 508.25 Td (will ) Tj ET Q q 0 0 0 rg BT 373.26 508.25 Td (be ) Tj ET Q q 0 0 0 rg BT 385.21 508.25 Td (revised ) Tj ET Q q 0 0 0 rg BT 416.16 508.25 Td (either ) Tj ET Q q 0 0 0 rg BT 440.61 508.25 Td (upward ) Tj ET Q q 0 0 0 rg BT 472.06 508.25 Td (or ) Tj ET Q q 0 0 0 rg BT 482.00 508.25 Td (downward ) Tj ET Q q 0 0 0 rg BT 524.96 508.25 Td (depending ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 497.45 Td (upon ) Tj ET Q q 0 0 0 rg BT 104.50 497.45 Td (the ) Tj ET Q q 0 0 0 rg BT 120.48 497.45 Td (factors ) Tj ET Q q 0 0 0 rg BT 150.97 497.45 Td (as ) Tj ET Q q 0 0 0 rg BT 163.95 497.45 Td (stated ) Tj ET Q q 0 0 0 rg BT 191.94 497.45 Td (above. ) Tj ET Q q 0 0 0 rg BT 222.22 497.45 Td (These ) Tj ET Q q 0 0 0 rg BT 250.71 497.45 Td (reserve ) Tj ET Q q 0 0 0 rg BT 284.19 497.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 326.18 497.45 Td (can ) Tj ET Q q 0 0 0 rg BT 344.17 497.45 Td (have ) Tj ET Q q 0 0 0 rg BT 367.16 497.45 Td (a ) Tj ET Q q 0 0 0 rg BT 375.64 497.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 419.14 497.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 449.12 497.45 Td (on ) Tj ET Q q 0 0 0 rg BT 462.61 497.45 Td (net ) Tj ET Q q 0 0 0 rg BT 478.60 497.45 Td (income, ) Tj ET Q q 0 0 0 rg BT 513.59 497.45 Td (as ) Tj ET Q q 0 0 0 rg BT 526.57 497.45 Td (it ) Tj ET Q q 0 0 0 rg BT 534.54 497.45 Td (is ) Tj ET Q q 0 0 0 rg BT 544.52 497.45 Td (a ) Tj ET Q q 0 0 0 rg BT 553.00 497.45 Td (key ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 486.65 Td (component ) Tj ET Q q 0 0 0 rg BT 128.35 486.65 Td (in ) Tj ET Q q 0 0 0 rg BT 138.19 486.65 Td (the ) Tj ET Q q 0 0 0 rg BT 153.52 486.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 198.87 486.65 Td (of ) Tj ET Q q 0 0 0 rg BT 209.20 486.65 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 251.06 486.65 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 302.92 486.65 Td (and ) Tj ET Q q 0 0 0 rg BT 320.76 486.65 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 375.11 486.65 Td (and ) Tj ET Q q 0 0 0 rg BT 392.95 486.65 Td (also ) Tj ET Q q 0 0 0 rg BT 412.29 486.65 Td (for ) Tj ET Q q 0 0 0 rg BT 425.61 486.65 Td (the ) Tj ET Q q 0 0 0 rg BT 440.95 486.65 Td (determination ) Tj ET Q q 0 0 0 rg BT 498.31 486.65 Td (of ) Tj ET Q q 0 0 0 rg BT 508.64 486.65 Td (potential ) Tj ET Q q 0 0 0 rg BT 545.49 486.65 Td (asset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 475.85 Td (impairments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 459.05 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 459.05 Td (Depreciation, ) Tj ET Q q 0 0 0 rg BT 135.89 459.05 Td (depletion ) Tj ET Q q 0 0 0 rg BT 174.28 459.05 Td (and ) Tj ET Q q 0 0 0 rg BT 191.16 459.05 Td (amortization ) Tj ET Q q 0 0 0 rg BT 242.04 459.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.90 459.05 Td (Property) Tj ET Q q 0 0 0 rg BT 280.24 459.05 Td (, ) Tj ET Q q 0 0 0 rg BT 284.61 459.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 305.98 459.05 Td (and ) Tj ET Q q 0 0 0 rg BT 322.86 459.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 366.75 459.05 Td (is ) Tj ET Q q 0 0 0 rg BT 375.11 459.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 416.99 459.05 Td (at ) Tj ET Q q 0 0 0 rg BT 426.36 459.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 444.73 459.05 Td (less ) Tj ET Q q 0 0 0 rg BT 462.59 459.05 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 515.48 459.05 Td (depreciation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 448.25 Td (depletion ) Tj ET Q q 0 0 0 rg BT 119.66 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 136.80 448.25 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 190.44 448.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 231.80 448.25 Td (s ) Tj ET Q q 0 0 0 rg BT 238.43 448.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 249.56 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 266.70 448.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 296.34 448.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 312.98 448.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 355.12 448.25 Td (are ) Tj ET Q q 0 0 0 rg BT 370.25 448.25 Td (depleted ) Tj ET Q q 0 0 0 rg BT 406.91 448.25 Td (using ) Tj ET Q q 0 0 0 rg BT 430.55 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 445.19 448.25 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 517.35 448.25 Td (method ) Tj ET Q q 0 0 0 rg BT 549.50 448.25 Td (over ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 437.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 112.85 437.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 133.70 437.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 173.07 437.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 211.91 437.45 Td (for ) Tj ET Q q 0 0 0 rg BT 226.75 437.45 Td (each ) Tj ET Q q 0 0 0 rg BT 250.61 437.45 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 277.16 437.45 Td (The ) Tj ET Q q 0 0 0 rg BT 297.00 437.45 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 371.38 437.45 Td (method ) Tj ET Q q 0 0 0 rg BT 405.74 437.45 Td (takes ) Tj ET Q q 0 0 0 rg BT 431.58 437.45 Td (into ) Tj ET Q q 0 0 0 rg BT 450.43 437.45 Td (account ) Tj ET Q q 0 0 0 rg BT 486.29 437.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 529.14 437.45 Td (of ) Tj ET Q q 0 0 0 rg BT 540.98 437.45 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 426.65 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 134.58 426.65 Td (incurred ) Tj ET Q q 0 0 0 rg BT 169.14 426.65 Td (to ) Tj ET Q q 0 0 0 rg BT 178.69 426.65 Td (date ) Tj ET Q q 0 0 0 rg BT 198.25 426.65 Td (along ) Tj ET Q q 0 0 0 rg BT 222.31 426.65 Td (with ) Tj ET Q q 0 0 0 rg BT 240.36 426.65 Td (future ) Tj ET Q q 0 0 0 rg BT 265.42 426.65 Td (development ) Tj ET Q q 0 0 0 rg BT 319.00 426.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 347.06 426.65 Td (required ) Tj ET Q q 0 0 0 rg BT 382.12 426.65 Td (to ) Tj ET Q q 0 0 0 rg BT 391.67 426.65 Td (develop ) Tj ET Q q 0 0 0 rg BT 425.24 426.65 Td (both ) Tj ET Q q 0 0 0 rg BT 444.80 426.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 474.37 426.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 492.92 426.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 529.99 426.65 Td (reserves.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 409.85 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 409.85 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 154.53 409.85 Td (liability ) Tj ET Q q 0 0 0 rg BT 184.04 409.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.55 409.85 Td (The ) Tj ET Q q 0 0 0 rg BT 207.56 409.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 246.08 409.85 Td (for ) Tj ET Q q 0 0 0 rg BT 259.09 409.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 331.13 409.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 367.65 409.85 Td (is ) Tj ET Q q 0 0 0 rg BT 376.65 409.85 Td (based ) Tj ET Q q 0 0 0 rg BT 403.68 409.85 Td (on ) Tj ET Q q 0 0 0 rg BT 416.19 409.85 Td (management's ) Tj ET Q q 0 0 0 rg BT 477.45 409.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 518.47 409.85 Td (of ) Tj ET Q q 0 0 0 rg BT 528.48 409.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 551.99 409.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 399.05 Td (planned ) Tj ET Q q 0 0 0 rg BT 115.59 399.05 Td (remediation ) Tj ET Q q 0 0 0 rg BT 165.17 399.05 Td (projects. ) Tj ET Q q 0 0 0 rg BT 201.24 399.05 Td (Actual ) Tj ET Q q 0 0 0 rg BT 228.81 399.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.37 399.05 Td (may ) Tj ET Q q 0 0 0 rg BT 271.93 399.05 Td (dif) Tj ET Q q 0 0 0 rg BT 281.28 399.05 Td (fer ) Tj ET Q q 0 0 0 rg BT 294.34 399.05 Td (from ) Tj ET Q q 0 0 0 rg BT 314.90 399.05 Td (those ) Tj ET Q q 0 0 0 rg BT 339.47 399.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 381.05 399.05 Td (due ) Tj ET Q q 0 0 0 rg BT 398.62 399.05 Td (to ) Tj ET Q q 0 0 0 rg BT 408.69 399.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 445.27 399.05 Td (in ) Tj ET Q q 0 0 0 rg BT 454.83 399.05 Td (governing ) Tj ET Q q 0 0 0 rg BT 496.92 399.05 Td (environment ) Tj ET Q q 0 0 0 rg BT 549.00 399.05 Td (laws ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 98.52 388.25 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 147.55 388.25 Td (technological ) Tj ET Q q 0 0 0 rg BT 202.58 388.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 241.61 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 259.13 388.25 Td (market ) Tj ET Q q 0 0 0 rg BT 289.13 388.25 Td (conditions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 371.45 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 371.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.14 371.45 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 163.78 371.45 Td (contracts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.41 371.45 Td (- ) Tj ET Q q 0 0 0 rg BT 207.39 371.45 Td (The ) Tj ET Q q 0 0 0 rg BT 225.02 371.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 266.16 371.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.78 371.45 Td (value ) Tj ET Q q 0 0 0 rg BT 304.42 371.45 Td (of ) Tj ET Q q 0 0 0 rg BT 314.04 371.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 349.19 371.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 393.32 371.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 438.95 371.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 477.59 371.45 Td (are ) Tj ET Q q 0 0 0 rg BT 492.72 371.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 523.35 371.45 Td (to ) Tj ET Q q 0 0 0 rg BT 532.98 371.45 Td (changes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 360.65 Td (in ) Tj ET Q q 0 0 0 rg BT 91.76 360.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 125.52 360.65 Td (looking ) Tj ET Q q 0 0 0 rg BT 157.80 360.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 205.06 360.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 235.32 360.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 268.59 360.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 287.85 360.65 Td (curves, ) Tj ET Q q 0 0 0 rg BT 320.62 360.65 Td (volatility ) Tj ET Q q 0 0 0 rg BT 356.38 360.65 Td (curves ) Tj ET Q q 0 0 0 rg BT 386.64 360.65 Td (and ) Tj ET Q q 0 0 0 rg BT 405.41 360.65 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 459.19 360.65 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 531.48 360.65 Td (risk. ) Tj ET Q q 0 0 0 rg BT 551.49 360.65 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 349.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 122.52 349.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 137.52 349.85 Td (values ) Tj ET Q q 0 0 0 rg BT 166.04 349.85 Td (of ) Tj ET Q q 0 0 0 rg BT 176.04 349.85 Td (the ) Tj ET Q q 0 0 0 rg BT 191.06 349.85 Td (Corporation) Tj ET Q q 0 0 0 rg BT 239.92 349.85 Td (s ) Tj ET Q q 0 0 0 rg BT 246.92 349.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 282.44 349.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 326.96 349.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 365.97 349.85 Td (are ) Tj ET Q q 0 0 0 rg BT 381.48 349.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 412.50 349.85 Td (to ) Tj ET Q q 0 0 0 rg BT 422.50 349.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 459.03 349.85 Td (in ) Tj ET Q q 0 0 0 rg BT 468.54 349.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 498.56 349.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 540.09 349.85 Td (rates.) Tj ET Q endstream endobj 51 0 obj <> endobj 52 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 25) Tj ET Q BT /F1 10.00 Tf ET /GS0 gs q 150.00 0 0 56.00 45.00 663.75 cm /I8 Do Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 627.75 Td (MANAGEMENT'S REPORT) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 606.75 Td (The ) Tj ET Q q 0 0 0 rg BT 64.11 606.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 124.37 606.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 166.27 606.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 218.74 606.75 Td (of ) Tj ET Q q 0 0 0 rg BT 228.96 606.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 274.76 606.75 Td (Energy ) Tj ET Q q 0 0 0 rg BT 308.33 606.75 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 362.46 606.75 Td (and ) Tj ET Q q 0 0 0 rg BT 381.03 606.75 Td (related ) Tj ET Q q 0 0 0 rg BT 413.49 606.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 452.06 606.75 Td (information ) Tj ET Q q 0 0 0 rg BT 503.41 606.75 Td (were ) Tj ET Q q 0 0 0 rg BT 526.97 606.75 Td (prepared ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 594.75 Td (by) Tj ET Q q 0 0 0 rg BT 54.82 594.75 Td (, ) Tj ET Q q 0 0 0 rg BT 59.43 594.75 Td (and ) Tj ET Q q 0 0 0 rg BT 77.96 594.75 Td (are ) Tj ET Q q 0 0 0 rg BT 94.25 594.75 Td (the ) Tj ET Q q 0 0 0 rg BT 109.98 594.75 Td (responsibility ) Tj ET Q q 0 0 0 rg BT 169.62 594.75 Td (of ) Tj ET Q q 0 0 0 rg BT 179.80 594.75 Td (Management. ) Tj ET Q q 0 0 0 rg BT 242.67 594.75 Td (The ) Tj ET Q q 0 0 0 rg BT 261.73 594.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 321.94 594.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 363.80 594.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 416.22 594.75 Td (have ) Tj ET Q q 0 0 0 rg BT 439.74 594.75 Td (been ) Tj ET Q q 0 0 0 rg BT 463.82 594.75 Td (prepared ) Tj ET Q q 0 0 0 rg BT 505.69 594.75 Td (in ) Tj ET Q q 0 0 0 rg BT 515.31 594.75 Td (accordance ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 582.75 Td (with ) Tj ET Q q 0 0 0 rg BT 64.28 582.75 Td (International ) Tj ET Q q 0 0 0 rg BT 120.81 582.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 162.32 582.75 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 207.17 582.75 Td (Standards. ) Tj ET Q q 0 0 0 rg BT 256.93 582.75 Td (The ) Tj ET Q q 0 0 0 rg BT 275.65 582.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 335.52 582.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 377.03 582.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 429.10 582.75 Td (and ) Tj ET Q q 0 0 0 rg BT 447.28 582.75 Td (related ) Tj ET Q q 0 0 0 rg BT 479.35 582.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.53 582.75 Td (information ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 570.75 Td (reflect ) Tj ET Q q 0 0 0 rg BT 76.87 570.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 119.86 570.75 Td (which ) Tj ET Q q 0 0 0 rg BT 150.06 570.75 Td (must ) Tj ET Q q 0 0 0 rg BT 176.36 570.75 Td (of ) Tj ET Q q 0 0 0 rg BT 189.34 570.75 Td (necessity ) Tj ET Q q 0 0 0 rg BT 235.66 570.75 Td (be ) Tj ET Q q 0 0 0 rg BT 251.41 570.75 Td (based ) Tj ET Q q 0 0 0 rg BT 283.29 570.75 Td (upon ) Tj ET Q q 0 0 0 rg BT 310.17 570.75 Td (informed ) Tj ET Q q 0 0 0 rg BT 353.72 570.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 401.14 570.75 Td (and ) Tj ET Q q 0 0 0 rg BT 422.46 570.75 Td (judgments ) Tj ET Q q 0 0 0 rg BT 473.24 570.75 Td (of ) Tj ET Q q 0 0 0 rg BT 486.21 570.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 549.21 570.75 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 558.75 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 97.88 558.75 Td (consideration ) Tj ET Q q 0 0 0 rg BT 159.65 558.75 Td (to ) Tj ET Q q 0 0 0 rg BT 170.28 558.75 Td (materiality) Tj ET Q q 0 0 0 rg BT 215.11 558.75 Td (. ) Tj ET Q q 0 0 0 rg BT 220.03 558.75 Td (The ) Tj ET Q q 0 0 0 rg BT 239.55 558.75 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 294.09 558.75 Td (has ) Tj ET Q q 0 0 0 rg BT 312.50 558.75 Td (developed ) Tj ET Q q 0 0 0 rg BT 360.94 558.75 Td (and ) Tj ET Q q 0 0 0 rg BT 379.92 558.75 Td (maintains ) Tj ET Q q 0 0 0 rg BT 425.01 558.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 463.97 558.75 Td (of ) Tj ET Q q 0 0 0 rg BT 474.60 558.75 Td (controls, ) Tj ET Q q 0 0 0 rg BT 514.68 558.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 550.32 558.75 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 546.75 Td (procedures ) Tj ET Q q 0 0 0 rg BT 97.05 546.75 Td (in ) Tj ET Q q 0 0 0 rg BT 106.84 546.75 Td (order ) Tj ET Q q 0 0 0 rg BT 132.21 546.75 Td (to ) Tj ET Q q 0 0 0 rg BT 142.56 546.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 177.38 546.75 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 228.87 546.75 Td (assurance ) Tj ET Q q 0 0 0 rg BT 277.03 546.75 Td (that ) Tj ET Q q 0 0 0 rg BT 295.72 546.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 326.64 546.75 Td (are ) Tj ET Q q 0 0 0 rg BT 343.11 546.75 Td (properly ) Tj ET Q q 0 0 0 rg BT 381.25 546.75 Td (safeguarded, ) Tj ET Q q 0 0 0 rg BT 441.65 546.75 Td (and ) Tj ET Q q 0 0 0 rg BT 460.35 546.75 Td (that ) Tj ET Q q 0 0 0 rg BT 479.05 546.75 Td (the ) Tj ET Q q 0 0 0 rg BT 494.96 546.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 533.67 546.75 Td (records ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 64.43 534.75 Td (systems ) Tj ET Q q 0 0 0 rg BT 103.84 534.75 Td (are ) Tj ET Q q 0 0 0 rg BT 121.03 534.75 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 181.59 534.75 Td (designed ) Tj ET Q q 0 0 0 rg BT 224.92 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 244.35 534.75 Td (maintained, ) Tj ET Q q 0 0 0 rg BT 298.79 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 318.21 534.75 Td (provide ) Tj ET Q q 0 0 0 rg BT 353.75 534.75 Td (relevant, ) Tj ET Q q 0 0 0 rg BT 394.85 534.75 Td (timely ) Tj ET Q q 0 0 0 rg BT 423.70 534.75 Td (and ) Tj ET Q q 0 0 0 rg BT 443.13 534.75 Td (reliable ) Tj ET Q q 0 0 0 rg BT 478.11 534.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.54 534.75 Td (information ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 522.75 Td (to ) Tj ET Q q 0 0 0 rg BT 56.12 522.75 Td (Management.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 501.75 Td (The ) Tj ET Q q 0 0 0 rg BT 65.88 501.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 127.90 501.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 171.56 501.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 225.79 501.75 Td (have ) Tj ET Q q 0 0 0 rg BT 251.12 501.75 Td (been ) Tj ET Q q 0 0 0 rg BT 277.01 501.75 Td (audited ) Tj ET Q q 0 0 0 rg BT 313.46 501.75 Td (by ) Tj ET Q q 0 0 0 rg BT 327.67 501.75 Td (KPMG ) Tj ET Q q 0 0 0 rg BT 360.76 501.75 Td (LLP) Tj ET Q q 0 0 0 rg BT 377.26 501.75 Td (, ) Tj ET Q q 0 0 0 rg BT 383.69 501.75 Td (the ) Tj ET Q q 0 0 0 rg BT 401.23 501.75 Td (external ) Tj ET Q q 0 0 0 rg BT 440.45 501.75 Td (auditors, ) Tj ET Q q 0 0 0 rg BT 482.45 501.75 Td (in ) Tj ET Q q 0 0 0 rg BT 493.88 501.75 Td (accordance ) Tj ET Q q 0 0 0 rg BT 549.23 501.75 Td (with ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 489.75 Td (auditing ) Tj ET Q q 0 0 0 rg BT 82.81 489.75 Td (standards ) Tj ET Q q 0 0 0 rg BT 129.50 489.75 Td (generally ) Tj ET Q q 0 0 0 rg BT 172.86 489.75 Td (accepted ) Tj ET Q q 0 0 0 rg BT 216.23 489.75 Td (in ) Tj ET Q q 0 0 0 rg BT 226.79 489.75 Td (Canada ) Tj ET Q q 0 0 0 rg BT 264.59 489.75 Td (on ) Tj ET Q q 0 0 0 rg BT 278.50 489.75 Td (behalf ) Tj ET Q q 0 0 0 rg BT 308.52 489.75 Td (of ) Tj ET Q q 0 0 0 rg BT 319.64 489.75 Td (the ) Tj ET Q q 0 0 0 rg BT 336.32 489.75 Td (shareholders.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 468.75 Td (The ) Tj ET Q q 0 0 0 rg BT 65.38 468.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 95.22 468.75 Td (of ) Tj ET Q q 0 0 0 rg BT 106.71 468.75 Td (Directors ) Tj ET Q q 0 0 0 rg BT 149.87 468.75 Td (has ) Tj ET Q q 0 0 0 rg BT 169.15 468.75 Td (established ) Tj ET Q q 0 0 0 rg BT 222.89 468.75 Td (an ) Tj ET Q q 0 0 0 rg BT 236.54 468.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 262.49 468.75 Td (Committee. ) Tj ET Q q 0 0 0 rg BT 316.56 468.75 Td (The ) Tj ET Q q 0 0 0 rg BT 336.32 468.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 362.26 468.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 413.76 468.75 Td (reviews ) Tj ET Q q 0 0 0 rg BT 450.81 468.75 Td (with ) Tj ET Q q 0 0 0 rg BT 471.75 468.75 Td (Management ) Tj ET Q q 0 0 0 rg BT 533.27 468.75 Td (and ) Tj ET Q q 0 0 0 rg BT 553.10 468.75 Td (the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 456.75 Td (external ) Tj ET Q q 0 0 0 rg BT 82.60 456.75 Td (auditors ) Tj ET Q q 0 0 0 rg BT 120.21 456.75 Td (any ) Tj ET Q q 0 0 0 rg BT 138.36 456.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 184.86 456.75 Td (financial ) Tj ET Q q 0 0 0 rg BT 223.57 456.75 Td (reporting ) Tj ET Q q 0 0 0 rg BT 265.07 456.75 Td (issues, ) Tj ET Q q 0 0 0 rg BT 298.22 456.75 Td (the ) Tj ET Q q 0 0 0 rg BT 314.15 456.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 374.55 456.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 416.60 456.75 Td (Statements, ) Tj ET Q q 0 0 0 rg BT 471.99 456.75 Td (and ) Tj ET Q q 0 0 0 rg BT 490.70 456.75 Td (any ) Tj ET Q q 0 0 0 rg BT 508.85 456.75 Td (other ) Tj ET Q q 0 0 0 rg BT 533.67 456.75 Td (matters ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 444.75 Td (of ) Tj ET Q q 0 0 0 rg BT 55.37 444.75 Td (relevance ) Tj ET Q q 0 0 0 rg BT 100.76 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 111.13 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 127.06 444.75 Td (parties. ) Tj ET Q q 0 0 0 rg BT 161.75 444.75 Td (The ) Tj ET Q q 0 0 0 rg BT 180.61 444.75 Td (Audit ) Tj ET Q q 0 0 0 rg BT 205.43 444.75 Td (Committee ) Tj ET Q q 0 0 0 rg BT 255.80 444.75 Td (meets ) Tj ET Q q 0 0 0 rg BT 285.06 444.75 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 326.00 444.75 Td (to ) Tj ET Q q 0 0 0 rg BT 336.37 444.75 Td (review ) Tj ET Q q 0 0 0 rg BT 367.29 444.75 Td (and ) Tj ET Q q 0 0 0 rg BT 386.01 444.75 Td (approve ) Tj ET Q q 0 0 0 rg BT 424.17 444.75 Td (the ) Tj ET Q q 0 0 0 rg BT 440.10 444.75 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 498.29 444.75 Td (interim ) Tj ET Q q 0 0 0 rg BT 530.32 444.75 Td (financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 432.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 95.45 432.75 Td (prior ) Tj ET Q q 0 0 0 rg BT 117.00 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 126.88 432.75 Td (their ) Tj ET Q q 0 0 0 rg BT 147.88 432.75 Td (release, ) Tj ET Q q 0 0 0 rg BT 185.00 432.75 Td (as ) Tj ET Q q 0 0 0 rg BT 197.10 432.75 Td (well ) Tj ET Q q 0 0 0 rg BT 215.87 432.75 Td (as ) Tj ET Q q 0 0 0 rg BT 227.97 432.75 Td (annually ) Tj ET Q q 0 0 0 rg BT 266.77 432.75 Td (to ) Tj ET Q q 0 0 0 rg BT 276.65 432.75 Td (review ) Tj ET Q q 0 0 0 rg BT 307.09 432.75 Td (the ) Tj ET Q q 0 0 0 rg BT 322.53 432.75 Td (Corporation) Tj ET Q q 0 0 0 rg BT 376.83 432.75 Td (s ) Tj ET Q q 0 0 0 rg BT 383.37 432.75 Td (annual ) Tj ET Q q 0 0 0 rg BT 414.94 432.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 474.86 432.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 516.42 432.75 Td (Statements ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 64.46 420.75 Td (Management) Tj ET Q q 0 0 0 rg BT 124.87 420.75 Td (s ) Tj ET Q q 0 0 0 rg BT 132.65 420.75 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 183.78 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 202.69 420.75 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 242.71 420.75 Td (and ) Tj ET Q q 0 0 0 rg BT 262.17 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 273.29 420.75 Td (recommend ) Tj ET Q q 0 0 0 rg BT 328.86 420.75 Td (their ) Tj ET Q q 0 0 0 rg BT 351.09 420.75 Td (approval ) Tj ET Q q 0 0 0 rg BT 392.23 420.75 Td (to ) Tj ET Q q 0 0 0 rg BT 403.35 420.75 Td (the ) Tj ET Q q 0 0 0 rg BT 420.03 420.75 Td (Board ) Tj ET Q q 0 0 0 rg BT 449.49 420.75 Td (of ) Tj ET Q q 0 0 0 rg BT 460.61 420.75 Td (Directors.) 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Tj ET Q /GS0 gs q 99.00 0 0 54.00 45.00 320.75 cm /I9 Do Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 144.00 320.75 Td ( ) Tj ET Q /GS0 gs q 88.00 0 0 52.00 299.59 320.75 cm /I10 Do Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 81.00 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 117.00 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 304.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 304.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 288.75 Td (Jason E. Skehar) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.37 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 288.75 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 288.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.00 288.75 Td (Dean M. Kobelka ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 276.75 Td (President ) Tj ET Q q 0 0 0 rg BT 90.02 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 109.49 276.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 135.61 276.75 Td (Executive ) Tj ET Q q 0 0 0 rg BT 181.74 276.75 Td (Of) Tj ET Q q 0 0 0 rg BT 192.12 276.75 Td (ficer) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.01 276.75 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 276.75 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 276.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 297.00 276.75 Td (V) Tj ET Q q 0 0 0 rg BT 303.49 276.75 Td (ice ) Tj ET Q q 0 0 0 rg BT 319.05 276.75 Td (President ) Tj ET Q q 0 0 0 rg BT 364.08 276.75 Td (Finance ) Tj ET Q q 0 0 0 rg BT 402.43 276.75 Td (and ) Tj ET Q q 0 0 0 rg BT 421.89 276.75 Td (Chief ) Tj ET Q q 0 0 0 rg BT 448.02 276.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 490.81 276.75 Td (Of) Tj ET Q q 0 0 0 rg BT 501.19 276.75 Td (ficer) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 258.75 Td (February25, ) Tj ET Q q 0 0 0 rg BT 104.47 258.75 Td (2016) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 126.72 258.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 246.75 Td (Calgary) Tj ET Q q 0 0 0 rg BT 78.72 246.75 Td (, ) Tj ET Q q 0 0 0 rg BT 83.72 246.75 Td (Alberta) Tj ET Q endstream endobj 53 0 obj <> endobj 54 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 26) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 707.35 Td (INDEPENDENT ) Tj ET Q q 0 0 0 rg BT 119.08 707.35 Td (AUDIT) Tj ET Q q 0 0 0 rg BT 149.45 707.35 Td (ORS' REPORT) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 677.95 Td (T) Tj ET Q q 0 0 0 rg BT 50.00 677.95 Td (o the Shareholders of Bonavista Energy Corporation) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 659.95 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 659.95 Td (e have audited the accompanying consolidatedfinancial statements of Bonavista Energy Corporation, which ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 647.95 Td (comprise the consolidatedstatements of financial position as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 327.93 647.95 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 415.77 647.95 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 438.01 647.95 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 525.84 647.95 Td (, the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 635.95 Td (consolidated statements of income \(loss\) and comprehensive income \(loss\), changes in equity and cash flows for the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 623.95 Td (years then ended, and notes, comprising a summary of significant accounting policies and other explanatory ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 611.95 Td (information.) 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 505.15 Td (Auditors) Tj ET Q q 0 0 0 rg BT 88.52 505.15 Td ( Responsibility) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 487.15 Td (Our responsibility is to express an opinion on these consolidated financial statements based on our audits. W) Tj ET Q q 0 0 0 rg BT 526.76 487.15 Td (e ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 475.15 Td (conducted our audits in accordance with Canadian generally accepted auditing standards. ) Tj ET Q q 0 0 0 rg BT 445.63 475.15 Td (Those standards require ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 463.15 Td (that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 451.15 Td (whether the consolidated financial statements are free from material misstatement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 433.15 Td (An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 421.15 Td (consolidated financial statements. ) Tj ET Q q 0 0 0 rg BT 197.69 421.15 Td (The procedures selected depend on our judgment, including the assessment of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 409.15 Td (risks of material misstatement of the consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 263.98 409.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 266.76 409.15 Td (financial statements, whether due to fraud or error) Tj ET Q q 0 0 0 rg BT 487.44 409.15 Td (. In making those ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 397.15 Td (risk assessments, we consider internal control relevant to the entity) Tj ET Q q 0 0 0 rg BT 343.84 397.15 Td (s preparation and fair presentation of the ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 385.15 Td (consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 101.15 385.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 103.93 385.15 Td (financial statements in order to design audit procedures that are appropriate in the circumstances, but ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 373.15 Td (not for the purpose of expressing an opinion on the ef) Tj ET Q q 0 0 0 rg BT 281.65 373.15 Td (fectiveness of the entity) Tj ET Q q 0 0 0 rg BT 388.19 373.15 Td (s internal control.) Tj ET Q BT /F2 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0.2 0.4 1 rg BT 464.34 373.15 Td ( ) Tj ET Q BT /F3 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 467.12 373.15 Td (An audit also includes ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 361.15 Td (evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 349.15 Td (management, as well as evaluating the overall presentation of the consolidated financial statements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 331.15 Td (W) Tj ET Q q 0 0 0 rg BT 54.26 331.15 Td (e believe that the audit evidence we have obtained in our audits is suf) Tj ET Q q 0 0 0 rg BT 362.06 331.15 Td (ficient and appropriate to provide a basis for ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 319.15 Td (our audit opinion.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 45.00 292.75 Td (Opinion) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 274.75 Td (In our opinion, the consolidated financial statements present fairly) Tj ET Q q 0 0 0 rg BT 334.43 274.75 Td (, in all material respects, the consolidated financial ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 262.75 Td (position of Bonavista Energy Corporation as at ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 254.01 262.75 Td (December31, 2015) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 341.84 262.75 Td ( and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 364.08 262.75 Td (December31, 2014) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 451.91 262.75 Td (, and its consolidated) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 545.86 262.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 250.75 Td (financial performance and its consolidated cash flows for the years then ended in accordance with International ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 238.75 Td (Financial Reporting Standards.) Tj ET Q /GS0 gs q 124.00 0 0 36.00 45.00 174.95 cm /I11 Do Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 144.35 Td (Chartered Professional ) Tj ET Q q 0 0 0 rg BT 139.05 144.35 Td (Accountants) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 130.55 Td (February25, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.55 130.55 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 116.75 Td (Calgary) Tj ET Q q 0 0 0 rg BT 75.34 116.75 Td (, Canada) Tj ET Q endstream endobj 55 0 obj <> endobj 56 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 27) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td (BONA) Tj ET Q q 0 0 0 rg BT 73.70 730.75 Td (VIST) Tj ET Q q 0 0 0 rg BT 95.19 730.75 Td (A) Tj ET Q q 0 0 0 rg BT 102.04 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 104.81 730.75 Td (ENERGY) Tj ET Q q 0 0 0 rg BT 146.87 730.75 Td ( ) Tj ET Q q 0 0 0 rg BT 149.64 730.75 Td (CORPORA) Tj ET Q q 0 0 0 rg BT 200.01 730.75 Td (TION ) Tj ET Q q 0 0 0 rg BT 226.68 730.75 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 718.75 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 106.15 718.75 Td (Statements ) Tj ET Q q 0 0 0 rg BT 159.51 718.75 Td (of ) Tj ET Q q 0 0 0 rg BT 170.63 718.75 Td (Financial ) Tj ET Q q 0 0 0 rg BT 213.43 718.75 Td (Position ) Tj ET Q q 0 0 0 rg BT 261.00 718.75 Td ( ) Tj ET Q q 0 0 0 rg BT 297.00 718.75 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 696.25 m 263.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 682.25 m 263.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 696.25 m 348.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 682.25 m 348.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 696.25 m 380.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 682.25 m 380.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 696.25 m 475.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 682.25 m 475.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 696.25 m 479.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 682.25 m 479.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 696.25 m 567.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 682.25 m 567.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 552.25 m 263.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 552.25 m 348.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 552.25 m 380.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 552.25 m 475.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 552.25 m 479.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 552.25 m 567.5 552.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 482.25 m 263.5 482.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 468.25 m 263.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 482.25 m 348.5 482.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 468.25 m 348.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 482.25 m 380.5 482.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 468.25 m 380.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 482.25 m 475.5 482.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 468.25 m 475.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 482.25 m 479.5 482.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 468.25 m 479.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 482.25 m 567.5 482.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 468.25 m 567.5 468.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 364.25 m 263.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 364.25 m 348.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 364.25 m 380.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 364.25 m 475.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 364.25 m 479.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 364.25 m 567.5 364.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 280.25 m 263.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 266.25 m 263.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 280.25 m 348.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 266.25 m 348.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 280.25 m 380.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 266.25 m 380.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 280.25 m 475.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 266.25 m 475.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 280.25 m 479.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 266.25 m 479.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 280.25 m 567.5 280.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 266.25 m 567.5 266.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 195.25 m 263.5 195.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 195.25 m 348.5 195.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 195.25 m 380.5 195.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 195.25 m 475.5 195.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 195.25 m 479.5 195.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 195.25 m 567.5 195.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 181.25 m 263.5 181.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 181.25 m 348.5 181.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 181.25 m 380.5 181.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 181.25 m 475.5 181.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 181.25 m 479.5 181.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 181.25 m 567.5 181.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 166.25 m 263.5 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 166.25 m 348.5 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 166.25 m 380.5 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 166.25 m 475.5 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 166.25 m 479.5 166.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 166.25 m 567.5 166.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 152.25 m 263.5 152.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 263.5 152.25 m 348.5 152.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 348.5 152.25 m 380.5 152.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 380.5 152.25 m 475.5 152.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 152.25 m 479.5 152.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 479.5 152.25 m 567.5 152.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 686.65 Td (As at December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 354.00 686.65 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.95 686.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 686.65 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.00 674.25 Td (\($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 654.65 Td (Assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 640.65 Td (Current assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 640.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 626.65 Td (Accounts receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 626.65 Td (70,278) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 626.65 Td (102,840) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 612.65 Td (Prepaid expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.45 612.65 Td (8,333) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 612.65 Td (9,525) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 598.65 Td (Marketable securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 456.95 598.65 Td (102) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 598.65 Td (814) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 584.65 Td (Other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 584.65 Td (14,104) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 584.65 Td (19,358) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 570.65 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 570.65 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 570.65 Td (66,213) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 570.65 Td (140,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 556.65 Td (Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 556.65 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.45 556.65 Td (2,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 556.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 542.65 Td (161,043) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 542.65 Td (272,808) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 528.65 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 528.65 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 528.65 Td (19,390) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 528.65 Td (17,680) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 514.65 Td (Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 514.65 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 514.65 Td (68,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 514.65 Td (16,025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 500.65 Td (Property, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 500.65 Td (\(8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 500.65 Td (3,064,335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 500.65 Td (3,933,396) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 486.65 Td (Exploration and evaluation assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 486.65 Td (\(9\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 486.65 Td (210,194) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 486.65 Td (189,493) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 472.65 Td (Total assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 472.65 Td (3,523,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 472.65 Td (4,429,402) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 452.65 Td (Liabilities and Shareholders Equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 438.65 Td (Current liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 424.65 Td (Accounts payable and accrued liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 424.65 Td (137,722) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 424.65 Td (234,025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 410.65 Td (Current portion of long-term debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.30 410.65 Td (\(11\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 410.65 Td (34,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 410.65 Td (50,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 396.65 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 396.65 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 396.65 Td (18,559) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 396.65 Td (15,185) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 382.65 Td (Dividends payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.45 382.65 Td (2,140) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 382.65 Td (14,263) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 368.65 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 368.65 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.45 368.65 Td (2,811) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 368.65 Td (1,693) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 354.65 Td (195,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 354.65 Td (315,166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 340.65 Td (Financial instrument commodity contracts ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 332.08 340.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.50 340.65 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 449.45 340.65 Td (2,289) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 340.65 Td (2,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 326.65 Td (Long-term debt) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.30 326.65 Td (\(11\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 326.65 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 326.65 Td (989,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 312.65 Td (Other long-term liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 312.65 Td (10,742) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 312.65 Td (12,412) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 298.65 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 298.65 Td (\(12\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 298.65 Td (470,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 298.65 Td (482,797) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 284.65 Td (Deferred income taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 284.65 Td (\(13\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 284.65 Td (65,214) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 284.65 Td (269,265) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 270.65 Td (1,975,450) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 270.65 Td (2,071,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 255.65 Td (Shareholders equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 255.65 Td (\(10\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 241.65 Td (Shareholders capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 241.65 Td (2,716,011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 241.65 Td (2,514,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 227.65 Td (Exchangeable shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 227.65 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 227.65 Td (272,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 213.65 Td (Contributed surplus) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 213.65 Td (52,825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 213.65 Td (57,613) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 199.65 Td (Deficit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.95 199.65 Td (\(1,315,120) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.00 199.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 199.65 Td (\(486,813) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 199.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 185.65 Td (1,548,266) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 185.65 Td (2,357,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 170.65 Td (Commitments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 355.95 170.65 Td (\(14\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 156.65 Td (Total liabilities and shareholders' equity) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 156.65 Td (3,523,716) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 156.65 Td (4,429,402) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 138.95 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 122.15 Td (Approved on behalf of the Board of Directors of Bonavista Energy Corporation) Tj ET Q /GS0 gs q 90.00 0 0 37.00 45.00 77.15 cm /I12 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 135.00 77.15 Td ( ) Tj ET Q q 0 0 0 rg BT 153.00 77.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 77.15 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 77.15 Td ( ) Tj ET Q /GS0 gs q 95.00 0 0 31.00 261.00 77.15 cm /I13 Do Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.00 77.15 Td ( ) Tj ET Q q 0 0 0 rg BT 369.00 77.15 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 62.15 Td (Ian S. Brown, Director ) Tj ET Q q 0 0 0 rg BT 153.00 62.15 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 62.15 Td ( ) Tj ET Q q 0 0 0 rg BT 225.00 62.15 Td ( ) Tj ET Q q 0 0 0 rg BT 261.00 62.15 Td (Michael M. Kanovsky) Tj ET Q q 0 0 0 rg BT 345.36 62.15 Td (, Director) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 381.87 62.15 Td ( ) Tj ET Q endstream endobj 57 0 obj <> endobj 58 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 28) Tj ET Q BT /F1 10.00 Tf ET BT /F7 10.00 Tf ET q 0 0 0 rg BT 45.00 728.40 Td (B) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 51.26 728.40 Td (ONA) Tj ET Q q 0 0 0 rg BT 72.74 728.40 Td (VIST) Tj ET Q q 0 0 0 rg BT 94.22 728.40 Td (A) Tj ET Q q 0 0 0 rg BT 101.07 728.40 Td ( ENERGY) Tj ET Q q 0 0 0 rg BT 145.90 728.40 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 199.05 728.40 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 716.40 Td (Consolidated Statements of Income \(Loss\) and Comprehensive Income \(Loss\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 693.9 m 354.5 693.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 679.9 m 354.5 679.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 693.9 m 396.5 693.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 679.9 m 396.5 679.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 693.9 m 400.5 693.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 679.9 m 400.5 679.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 693.9 m 481.5 693.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 679.9 m 481.5 679.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 693.9 m 485.5 693.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 679.9 m 485.5 679.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 693.9 m 567.5 693.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 679.9 m 567.5 679.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 620.9 m 354.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 620.9 m 396.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 620.9 m 400.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 620.9 m 481.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 620.9 m 485.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 620.9 m 567.5 620.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 577.9 m 354.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 577.9 m 396.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 577.9 m 400.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 577.9 m 481.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 577.9 m 485.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 577.9 m 567.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 563.9 m 354.5 563.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 563.9 m 396.5 563.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 563.9 m 400.5 563.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 577.9 m 481.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 563.9 m 481.5 563.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 577.9 m 485.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 563.9 m 485.5 563.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 577.9 m 567.5 577.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 563.9 m 567.5 563.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 445.9 m 354.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 445.9 m 396.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 445.9 m 400.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 445.9 m 481.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 445.9 m 485.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 445.9 m 567.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 445.9 m 481.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 431.9 m 481.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 445.9 m 485.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 431.9 m 485.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 445.9 m 567.5 445.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 431.9 m 567.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 431.9 m 354.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 415.9 m 354.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 431.9 m 396.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 415.9 m 396.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 431.9 m 400.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 415.9 m 400.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 431.9 m 481.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 415.9 m 481.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 431.9 m 485.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 415.9 m 485.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 431.9 m 567.5 431.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 415.9 m 567.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 415.9 m 400.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 415.9 m 481.5 415.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 387.9 m 354.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 387.9 m 396.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 387.9 m 400.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 387.9 m 481.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 387.9 m 485.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 387.9 m 567.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 373.9 m 354.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 373.9 m 396.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 373.9 m 400.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 387.9 m 481.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 373.9 m 481.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 387.9 m 485.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 373.9 m 485.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 387.9 m 567.5 387.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 373.9 m 567.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 373.9 m 396.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 373.9 m 481.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 373.9 m 485.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 373.9 m 567.5 373.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 345.9 m 354.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 345.9 m 396.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 345.9 m 400.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 345.9 m 481.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 345.9 m 485.5 345.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 345.9 m 567.5 345.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 327.9 m 354.5 327.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 327.9 m 396.5 327.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 327.9 m 400.5 327.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 345.9 m 481.5 345.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 327.9 m 481.5 327.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 345.9 m 485.5 345.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 327.9 m 485.5 327.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 345.9 m 567.5 345.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 327.9 m 567.5 327.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 316.9 m 354.5 316.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 316.9 m 396.5 316.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 316.9 m 400.5 316.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 316.9 m 481.5 316.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 316.9 m 485.5 316.9 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 316.9 m 567.5 316.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 46.5 274.9 m 354.5 274.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 354.5 274.9 m 396.5 274.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 274.9 m 400.5 274.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 400.5 274.9 m 481.5 274.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 274.9 m 485.5 274.9 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 274.9 m 567.5 274.9 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 684.30 Td (For the years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 366.00 684.30 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 684.30 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.95 684.30 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 49.00 672.30 Td (\($ thousands, except per share amounts\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 653.30 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 639.30 Td (Production) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 639.30 Td (599,999) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 639.30 Td (1,106,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 625.30 Td (Royalties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 625.30 Td (\(54,201) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 625.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 625.30 Td (\(136,095) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 625.30 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 610.30 Td (545,798) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 610.30 Td (970,757) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 596.30 Td (Realized gains \(losses\) on financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 596.30 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 596.30 Td (149,153) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 596.30 Td (\(65,232) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 596.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 582.30 Td (Unrealized gains \(losses\) on financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 582.30 Td (\(4\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 582.30 Td (\(73,370) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 582.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 582.30 Td (188,803) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 568.30 Td (621,581) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 568.30 Td (1,094,328) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.00 548.30 Td (Expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 534.30 Td (Operating) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 534.30 Td (190,889) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 534.30 Td (232,474) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 520.30 Td (Transportation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 520.30 Td (36,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 520.30 Td (36,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 506.30 Td (General and administrative) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 506.30 Td (32,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 506.30 Td (32,012) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 492.30 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 492.30 Td (\(10\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 450.45 492.30 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 492.30 Td (20,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 478.30 Td (Gain on disposition of property, plant and equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 478.30 Td (\(8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 478.30 Td (\(19,946) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 478.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 478.30 Td (\(61,780) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 478.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 464.30 Td (Loss \(gain\) on disposition of exploration and evaluation assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 464.30 Td (\(8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 464.30 Td (\(14,534) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 464.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 464.30 Td (5,903) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 450.30 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 450.30 Td (\(8\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.95 450.30 Td (1,168,016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 450.30 Td (670,510) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.95 436.30 Td (1,410,577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 436.30 Td (935,581) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 420.30 Td (Income from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 420.30 Td (\(788,996) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 420.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 420.30 Td (158,747) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.00 406.30 Td (Finance costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 406.30 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 406.30 Td (221,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 406.30 Td (127,579) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.00 392.30 Td (Finance income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.50 392.30 Td (\(6\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.45 392.30 Td (\(54,742) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 392.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 392.30 Td (\(8,002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 392.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.00 378.30 Td (Net finance costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 378.30 Td (166,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 378.30 Td (119,577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 364.30 Td (Income \(loss\) before taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 364.30 Td (\(955,596) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 364.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 364.30 Td (39,170) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 58.00 350.30 Td (Deferred income tax \(recovery\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.95 350.30 Td (\(13\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 350.30 Td (\(204,051) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 350.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 350.30 Td (34,323) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 332.30 Td (Net income \(loss\) and comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 332.30 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 332.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 332.30 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 49.00 307.30 Td (Net income \(loss\) and comprehensive income \(loss\) per share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 293.30 Td (Basic) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 293.30 Td (\(3.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 293.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 293.30 Td (0.02) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 55.00 279.30 Td (Diluted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.45 279.30 Td (\(3.45) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.00 279.30 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.45 279.30 Td (0.02) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 261.60 Td (See accompanying notes to the consolidated financial statements.) 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w 0 i [] 0 d 0 J 0 j 3 M 386.5 308.25 m 444.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 308.25 m 501.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 308.25 m 567.5 308.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 308.25 m 251.5 308.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 294.25 m 251.5 294.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 294.25 m 317.5 294.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 317.5 294.25 m 386.5 294.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 386.5 294.25 m 444.5 294.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 308.25 m 501.5 308.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 444.5 294.25 m 501.5 294.25 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 294.25 m 567.5 294.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 665.65 Td (For the years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.30 674.65 Td (Shareholders') Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 283.95 665.65 Td (Capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.45 674.65 Td (Exchangeable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 352.95 665.65 Td (Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 390.00 674.65 Td (Contributed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 407.45 665.65 Td (Surplus) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.95 665.65 Td ( Deficit) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.15 683.65 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 504.45 674.65 Td (Shareholders) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 665.65 Td (Equity) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 653.65 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 640.65 Td (Balance as at December 31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.95 640.65 Td (2,228,210) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 640.65 Td (307,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.45 640.65 Td (61,247) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 640.65 Td (\(326,910) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 640.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 640.65 Td (2,270,015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 626.65 Td (Net income and comprehensive income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 626.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 626.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 626.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 626.65 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 626.65 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 612.65 Td (Issuance of equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 612.65 Td (200,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 612.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 612.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 612.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 612.65 Td (200,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 598.65 Td (Issue costs, net of future tax benefit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 288.45 598.65 Td (\(6,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 314.00 598.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 598.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 598.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 598.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 598.65 Td (\(6,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 598.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 585.20 Td (Issued for cash on exercise of stock options and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 576.20 Td (common share incentive rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 576.65 Td (4,154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 576.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 576.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 576.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 576.65 Td (4,154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 562.65 Td (Exercise of stock options and common share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 553.65 Td (incentive rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.45 553.65 Td (4,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 553.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.45 553.65 Td (\(4,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.00 553.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 553.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 553.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 539.65 Td (Conversion of incentive and restricted share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 530.65 Td (awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 530.65 Td (21,721) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 530.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 410.45 530.65 Td (\(21,721) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.00 530.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 530.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 530.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 516.65 Td (Tax effect on conversion of incentive awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 298.95 516.65 Td (148) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 516.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 516.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 516.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 516.65 Td (148) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 502.65 Td (Share-based compensation expense) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 502.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 502.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.45 502.65 Td (20,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 502.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 502.65 Td (20,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 488.65 Td (Share-based compensation capitalized) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 488.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 488.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.45 488.65 Td (2,188) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 488.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 488.65 Td (2,188) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 474.65 Td (Issued pursuant to the dividend reinvestment and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 465.65 Td (stock dividend plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 465.65 Td (26,075) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 465.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 465.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 465.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 465.65 Td (26,075) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 451.65 Td (Exchangeable shares exchanged for common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 442.65 Td (shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.45 442.65 Td (34,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.45 442.65 Td (\(34,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 383.00 442.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 442.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 489.00 442.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 442.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 428.65 Td (Dividends declared) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 428.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 374.00 428.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.00 428.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 428.65 Td (\(164,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 428.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 428.65 Td (\(164,750) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 428.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 414.65 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.95 414.65 Td (2,514,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 350.45 414.65 Td (272,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.45 414.65 Td (57,613) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.45 414.65 Td (\(486,813) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 498.00 414.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 414.65 Td (2,357,706) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 400.65 Td (Net loss and comprehensive loss) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 400.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 400.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 400.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 462.45 400.65 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 400.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 400.65 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 400.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 386.65 Td (Conversion of incentive and restricted share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 377.65 Td (awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 286.45 377.65 Td (23,655) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 377.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 410.45 377.65 Td (\(23,655) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.00 377.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 377.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 377.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 363.65 Td (Share-based compensation expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 363.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 363.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.45 363.65 Td (17,157) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 363.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 363.65 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 349.65 Td (Share-based compensation capitalized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 349.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 349.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.45 349.65 Td (1,710) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 349.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 349.65 Td (1,710) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 335.65 Td (Exchangeable shares exchanged for common) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 57.00 326.65 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.45 326.65 Td (178,350) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 347.45 326.65 Td (\(178,350) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.00 326.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 326.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 489.00 326.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 326.65 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 312.65 Td (Dividends declared) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 312.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 374.00 312.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.00 312.65 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.45 312.65 Td (\(76,762) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 312.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.45 312.65 Td (\(76,762) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 312.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 298.65 Td (Balance ) Tj ET Q q 0 0 0 rg BT 83.02 298.65 Td (as ) Tj ET Q q 0 0 0 rg BT 95.03 298.65 Td (at ) Tj ET Q q 0 0 0 rg BT 105.04 298.65 Td (December ) Tj ET Q q 0 0 0 rg BT 149.05 298.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 164.06 298.65 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 273.95 298.65 Td (2,716,011) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.45 298.65 Td (94,550) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 413.45 298.65 Td (52,825) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 454.95 298.65 Td (\(1,315,120) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 498.00 298.65 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 298.65 Td (1,548,266) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 280.95 Td (See accompanying notes to the consolidated financial statements.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 30) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 45.00 730.75 Td (BONA) Tj ET Q q 0 0 0 rg BT 73.70 730.75 Td (VIST) Tj ET Q q 0 0 0 rg BT 95.19 730.75 Td (A) Tj ET Q q 0 0 0 rg BT 102.04 730.75 Td ( ENERGY) Tj ET Q q 0 0 0 rg BT 146.87 730.75 Td ( CORPORA) Tj ET Q q 0 0 0 rg BT 200.01 730.75 Td (TION) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 45.00 718.75 Td (Consolidated Statements of Cash Flows) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 696.25 m 369.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 682.25 m 369.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 696.25 m 402.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 682.25 m 402.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 696.25 m 482.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 682.25 m 482.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 696.25 m 486.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 682.25 m 486.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 696.25 m 566.5 696.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 682.25 m 566.5 682.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 484.25 m 369.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 484.25 m 402.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 484.25 m 482.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 484.25 m 486.5 484.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 484.25 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 230.25 m 369.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 230.25 m 402.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 230.25 m 482.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 230.25 m 486.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 230.25 m 566.5 230.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 45.5 216.25 m 369.5 216.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 45.5 202.25 m 369.5 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 216.25 m 402.5 216.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 369.5 202.25 m 402.5 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402.5 216.25 m 482.5 216.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 402.5 202.25 m 482.5 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482.5 216.25 m 486.5 216.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 482.5 202.25 m 486.5 202.25 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 486.5 216.25 m 566.5 216.25 l s 0 0 0 RG /GS0 gs 1.50 w 0 i [] 0 d 0 J 0 j 3 M 486.5 202.25 m 566.5 202.25 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 686.65 Td (For the years ended December 31) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 376.50 686.65 Td (Note) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 686.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.95 686.65 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 48.00 674.65 Td (\($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 661.65 Td (Cash provided by \(used for\):) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 48.00 642.65 Td (Operating Activities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 628.65 Td (Net income \(loss\) and comprehensive income \(loss\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.10 628.65 Td (\(751,545) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.65 628.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.10 628.65 Td (4,847) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 48.00 614.65 Td (Adjustments for:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 600.65 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.60 600.65 Td (1,168,016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.10 600.65 Td (670,510) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 586.65 Td (Share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.10 586.65 Td (17,157) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.10 586.65 Td (20,449) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 572.65 Td (Unrealized losses \(gains\) on financial instrument commodity contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.10 572.65 Td (73,370) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.10 572.65 Td (\(188,803) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 562.65 572.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 558.65 Td (Gain on disposition of property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.10 558.65 Td (\(19,946) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.65 558.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.10 558.65 Td (\(61,780) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 562.65 558.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 544.65 Td (Loss \(gain\) on disposition of exploration and evaluation assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 448.10 544.65 Td (\(14,534) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.65 544.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.10 544.65 Td (5,903) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 530.65 Td (Net finance costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.10 530.65 Td (166,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.10 530.65 Td (119,577) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 54.00 516.65 Td (Deferred income tax \(recovery\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.10 516.65 Td (\(204,051) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 478.65 516.65 Td (\)) Tj ET Q BT /F3 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Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 587.95 Td (1. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 587.95 Td (Basis of Presentation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 571.15 Td (Statement ) Tj ET Q q 0 0 0 rg BT 109.01 571.15 Td (of ) Tj ET Q q 0 0 0 rg BT 120.01 571.15 Td (compliance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 554.35 Td (The ) Tj ET Q q 0 0 0 rg BT 80.53 554.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 133.09 554.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.13 554.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 214.18 554.35 Td (\(the ) Tj ET Q q 0 0 0 rg BT 231.71 554.35 Td ("financial ) Tj ET Q q 0 0 0 rg BT 269.95 554.35 Td (statements"\) ) Tj ET Q q 0 0 0 rg BT 322.18 554.35 Td (have ) Tj ET Q q 0 0 0 rg BT 343.72 554.35 Td (been ) Tj ET Q q 0 0 0 rg BT 365.77 554.35 Td (prepared ) Tj ET Q q 0 0 0 rg BT 403.81 554.35 Td (in ) Tj ET Q q 0 0 0 rg BT 412.84 554.35 Td (accordance ) Tj ET Q q 0 0 0 rg BT 461.40 554.35 Td (with ) Tj ET Q q 0 0 0 rg BT 479.42 554.35 Td (International ) Tj ET Q q 0 0 0 rg BT 530.98 554.35 Td (Financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 543.55 Td (Reporting ) Tj ET Q q 0 0 0 rg BT 104.99 543.55 Td (Standards ) Tj ET Q q 0 0 0 rg BT 148.98 543.55 Td (\("IFRS"\) ) Tj ET Q q 0 0 0 rg BT 184.83 543.55 Td (as ) Tj ET Q q 0 0 0 rg BT 197.29 543.55 Td (issued ) Tj ET Q q 0 0 0 rg BT 226.27 543.55 Td (by ) Tj ET Q q 0 0 0 rg BT 238.74 543.55 Td (the ) Tj ET Q q 0 0 0 rg BT 254.22 543.55 Td (International ) Tj ET Q q 0 0 0 rg BT 306.13 543.55 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 353.62 543.55 Td (Standards ) Tj ET Q q 0 0 0 rg BT 397.61 543.55 Td (Board ) Tj ET Q q 0 0 0 rg BT 424.59 543.55 Td (\("IASB"\). ) Tj ET Q q 0 0 0 rg BT 462.36 543.55 Td (A) Tj ET Q q 0 0 0 rg BT 467.86 543.55 Td ( ) Tj ET Q q 0 0 0 rg BT 470.83 543.55 Td (summary ) Tj ET Q q 0 0 0 rg BT 510.79 543.55 Td (of ) Tj ET Q q 0 0 0 rg BT 521.26 543.55 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 532.75 Td (significant ) Tj ET Q q 0 0 0 rg BT 105.52 532.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 151.55 532.75 Td (policies ) Tj ET Q q 0 0 0 rg BT 184.07 532.75 Td (under ) Tj ET Q q 0 0 0 rg BT 209.59 532.75 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 232.59 532.75 Td (are ) Tj ET Q q 0 0 0 rg BT 248.10 532.75 Td (presented ) Tj ET Q q 0 0 0 rg BT 290.63 532.75 Td (in ) Tj ET Q q 0 0 0 rg BT 300.13 532.75 Td (note ) Tj ET Q q 0 0 0 rg BT 320.15 532.75 Td (2.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 515.95 Td (These ) Tj ET Q q 0 0 0 rg BT 90.51 515.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.04 515.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 172.56 515.95 Td (were ) Tj ET Q q 0 0 0 rg BT 194.56 515.95 Td (authorized ) Tj ET Q q 0 0 0 rg BT 239.09 515.95 Td (for ) Tj ET Q q 0 0 0 rg BT 252.10 515.95 Td (issue ) Tj ET Q q 0 0 0 rg BT 275.61 515.95 Td (by ) Tj ET Q q 0 0 0 rg BT 287.61 515.95 Td (the ) Tj ET Q q 0 0 0 rg BT 302.63 515.95 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 358.37 515.95 Td (Board ) Tj ET Q q 0 0 0 rg BT 384.89 515.95 Td (of ) Tj ET Q q 0 0 0 rg BT 394.89 515.95 Td (Directors ) Tj ET Q q 0 0 0 rg BT 433.40 515.95 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.91 515.95 Td (February25, ) Tj ET Q q 0 0 0 rg BT 499.43 515.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 519.46 515.95 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 499.15 Td (Basis ) Tj ET Q q 0 0 0 rg BT 89.52 499.15 Td (of ) Tj ET Q q 0 0 0 rg BT 100.51 499.15 Td (measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 482.35 Td (These ) Tj ET Q q 0 0 0 rg BT 90.20 482.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 125.42 482.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 171.63 482.35 Td (have ) Tj ET Q q 0 0 0 rg BT 193.33 482.35 Td (been ) Tj ET Q q 0 0 0 rg BT 215.54 482.35 Td (prepared ) Tj ET Q q 0 0 0 rg BT 253.76 482.35 Td (on ) Tj ET Q q 0 0 0 rg BT 265.96 482.35 Td (the ) Tj ET Q q 0 0 0 rg BT 280.66 482.35 Td (historical ) Tj ET Q q 0 0 0 rg BT 318.37 482.35 Td (cost ) Tj ET Q q 0 0 0 rg BT 337.06 482.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 360.26 482.35 Td (except ) Tj ET Q q 0 0 0 rg BT 388.97 482.35 Td (for ) Tj ET Q q 0 0 0 rg BT 401.66 482.35 Td (derivative ) Tj ET Q q 0 0 0 rg BT 442.37 482.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 477.58 482.35 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 528.79 482.35 Td (which ) Tj ET Q q 0 0 0 rg BT 553.99 482.35 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 471.55 Td (measured ) Tj ET Q q 0 0 0 rg BT 105.52 471.55 Td (at ) Tj ET Q q 0 0 0 rg BT 115.53 471.55 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.53 471.55 Td (value.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 454.75 Td (Functional ) Tj ET Q q 0 0 0 rg BT 111.00 454.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.50 454.75 Td (presentation ) Tj ET Q q 0 0 0 rg BT 186.01 454.75 Td (currency) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 437.95 Td (These ) Tj ET Q q 0 0 0 rg BT 90.51 437.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 126.04 437.95 Td (statements ) Tj ET Q q 0 0 0 rg BT 172.56 437.95 Td (are ) Tj ET Q q 0 0 0 rg BT 188.06 437.95 Td (presented ) Tj ET Q q 0 0 0 rg BT 230.59 437.95 Td (in ) Tj ET Q q 0 0 0 rg BT 240.10 437.95 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 281.13 437.95 Td (\(CDN\) ) Tj ET Q q 0 0 0 rg BT 309.12 437.95 Td (dollars, ) Tj ET Q q 0 0 0 rg BT 340.64 437.95 Td (which ) Tj ET Q q 0 0 0 rg BT 366.15 437.95 Td (is ) Tj ET Q q 0 0 0 rg BT 375.15 437.95 Td (the ) Tj ET Q q 0 0 0 rg BT 390.16 437.95 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 445.90 437.95 Td (functional ) Tj ET Q q 0 0 0 rg BT 486.93 437.95 Td (currency) Tj ET Q q 0 0 0 rg BT 520.77 437.95 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 421.15 Td (Use ) Tj ET Q q 0 0 0 rg BT 82.01 421.15 Td (of ) Tj ET Q q 0 0 0 rg BT 93.01 421.15 Td (management's ) Tj ET Q q 0 0 0 rg BT 158.17 421.15 Td (judgments ) Tj ET Q q 0 0 0 rg BT 206.17 421.15 Td (and ) Tj ET Q q 0 0 0 rg BT 224.67 421.15 Td (estimates) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 404.35 Td (The ) Tj ET Q q 0 0 0 rg BT 81.17 404.35 Td (preparation ) Tj ET Q q 0 0 0 rg BT 129.36 404.35 Td (of ) Tj ET Q q 0 0 0 rg BT 139.52 404.35 Td (the ) Tj ET Q q 0 0 0 rg BT 154.69 404.35 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 207.89 404.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.57 404.35 Td (statements ) Tj ET Q q 0 0 0 rg BT 290.25 404.35 Td (requires ) Tj ET Q q 0 0 0 rg BT 325.42 404.35 Td (management ) Tj ET Q q 0 0 0 rg BT 380.61 404.35 Td (to ) Tj ET Q q 0 0 0 rg BT 390.78 404.35 Td (make ) Tj ET Q q 0 0 0 rg BT 415.45 404.35 Td (estimates ) Tj ET Q q 0 0 0 rg BT 456.62 404.35 Td (and ) Tj ET Q q 0 0 0 rg BT 474.29 404.35 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 527.48 404.35 Td (that ) Tj ET Q q 0 0 0 rg BT 545.15 404.35 Td (af) Tj ET Q q 0 0 0 rg BT 552.49 404.35 Td (fect ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 77.73 393.55 Td (reported ) Tj ET Q q 0 0 0 rg BT 113.47 393.55 Td (amounts ) Tj ET Q q 0 0 0 rg BT 150.21 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 159.93 393.55 Td (assets ) Tj ET Q q 0 0 0 rg BT 188.16 393.55 Td (and ) Tj ET Q q 0 0 0 rg BT 205.39 393.55 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 241.63 393.55 Td (and ) Tj ET Q q 0 0 0 rg BT 258.86 393.55 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 306.10 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 315.82 393.55 Td (contingencies, ) Tj ET Q q 0 0 0 rg BT 375.58 393.55 Td (if ) Tj ET Q q 0 0 0 rg BT 382.29 393.55 Td (any) Tj ET Q q 0 0 0 rg BT 396.14 393.55 Td (, ) Tj ET Q q 0 0 0 rg BT 400.86 393.55 Td (as ) Tj ET Q q 0 0 0 rg BT 412.58 393.55 Td (at ) Tj ET Q q 0 0 0 rg BT 422.30 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 437.03 393.55 Td (date ) Tj ET Q q 0 0 0 rg BT 456.77 393.55 Td (of ) Tj ET Q q 0 0 0 rg BT 466.49 393.55 Td (the ) Tj ET Q q 0 0 0 rg BT 481.22 393.55 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 533.98 393.55 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 382.75 Td (statements ) Tj ET Q q 0 0 0 rg BT 110.91 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 129.81 382.75 Td (the ) Tj ET Q q 0 0 0 rg BT 146.21 382.75 Td (reported ) Tj ET Q q 0 0 0 rg BT 183.63 382.75 Td (amounts ) Tj ET Q q 0 0 0 rg BT 222.03 382.75 Td (of ) Tj ET Q q 0 0 0 rg BT 233.43 382.75 Td (revenue ) Tj ET Q q 0 0 0 rg BT 269.84 382.75 Td (and ) Tj ET Q q 0 0 0 rg BT 288.75 382.75 Td (expenses ) Tj ET Q q 0 0 0 rg BT 331.16 382.75 Td (during ) Tj ET Q q 0 0 0 rg BT 360.07 382.75 Td (the ) Tj ET Q q 0 0 0 rg BT 376.47 382.75 Td (period. ) Tj ET Q q 0 0 0 rg BT 407.88 382.75 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 451.28 382.75 Td (are ) Tj ET Q q 0 0 0 rg BT 468.18 382.75 Td (subject ) Tj ET Q q 0 0 0 rg BT 500.58 382.75 Td (to ) Tj ET Q q 0 0 0 rg BT 511.98 382.75 Td (measurement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 371.95 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 108.62 371.95 Td (and ) Tj ET Q q 0 0 0 rg BT 125.23 371.95 Td (changes ) Tj ET Q q 0 0 0 rg BT 160.85 371.95 Td (in ) Tj ET Q q 0 0 0 rg BT 169.46 371.95 Td (such ) Tj ET Q q 0 0 0 rg BT 190.06 371.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 230.17 371.95 Td (in ) Tj ET Q q 0 0 0 rg BT 238.77 371.95 Td (future ) Tj ET Q q 0 0 0 rg BT 263.38 371.95 Td (years ) Tj ET Q q 0 0 0 rg BT 286.98 371.95 Td (could ) Tj ET Q q 0 0 0 rg BT 310.10 371.95 Td (require ) Tj ET Q q 0 0 0 rg BT 339.71 371.95 Td (a ) Tj ET Q q 0 0 0 rg BT 346.31 371.95 Td (material ) Tj ET Q q 0 0 0 rg BT 379.91 371.95 Td (change ) Tj ET Q q 0 0 0 rg BT 411.04 371.95 Td (in ) Tj ET Q q 0 0 0 rg BT 419.64 371.95 Td (the ) Tj ET Q q 0 0 0 rg BT 433.74 371.95 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 485.88 371.95 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.49 371.95 Td (statements. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 361.15 Td (These ) Tj ET Q q 0 0 0 rg BT 90.18 361.15 Td (underlying ) Tj ET Q q 0 0 0 rg BT 133.88 361.15 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 186.57 361.15 Td (are ) Tj ET Q q 0 0 0 rg BT 201.75 361.15 Td (based ) Tj ET Q q 0 0 0 rg BT 228.44 361.15 Td (on ) Tj ET Q q 0 0 0 rg BT 240.62 361.15 Td (historical ) Tj ET Q q 0 0 0 rg BT 278.30 361.15 Td (experience ) Tj ET Q q 0 0 0 rg BT 324.50 361.15 Td (and ) Tj ET Q q 0 0 0 rg BT 341.69 361.15 Td (other ) Tj ET Q q 0 0 0 rg BT 364.37 361.15 Td (factors ) Tj ET Q q 0 0 0 rg BT 393.55 361.15 Td (that ) Tj ET Q q 0 0 0 rg BT 410.73 361.15 Td (management ) Tj ET Q q 0 0 0 rg BT 465.43 361.15 Td (believes ) Tj ET Q q 0 0 0 rg BT 500.62 361.15 Td (to ) Tj ET Q q 0 0 0 rg BT 510.30 361.15 Td (be ) Tj ET Q q 0 0 0 rg BT 522.48 361.15 Td (reasonable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 350.35 Td (under ) Tj ET Q q 0 0 0 rg BT 88.19 350.35 Td (the ) Tj ET Q q 0 0 0 rg BT 102.87 350.35 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 165.05 350.35 Td (and ) Tj ET Q q 0 0 0 rg BT 182.24 350.35 Td (are ) Tj ET Q q 0 0 0 rg BT 197.42 350.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 228.10 350.35 Td (to ) Tj ET Q q 0 0 0 rg BT 237.78 350.35 Td (change ) Tj ET Q q 0 0 0 rg BT 269.47 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 281.15 350.35 Td (new ) Tj ET Q q 0 0 0 rg BT 299.83 350.35 Td (events ) Tj ET Q q 0 0 0 rg BT 328.51 350.35 Td (occur) Tj ET Q q 0 0 0 rg BT 350.03 350.35 Td (, ) Tj ET Q q 0 0 0 rg BT 354.70 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 366.37 350.35 Td (more ) Tj ET Q q 0 0 0 rg BT 389.04 350.35 Td (industry ) Tj ET Q q 0 0 0 rg BT 422.73 350.35 Td (experience ) Tj ET Q q 0 0 0 rg BT 468.93 350.35 Td (is ) Tj ET Q q 0 0 0 rg BT 477.59 350.35 Td (acquired, ) Tj ET Q q 0 0 0 rg BT 516.79 350.35 Td (as ) Tj ET Q q 0 0 0 rg BT 528.46 350.35 Td (additional ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 339.55 Td (information ) Tj ET Q q 0 0 0 rg BT 110.02 339.55 Td (is ) Tj ET Q q 0 0 0 rg BT 119.02 339.55 Td (obtained ) Tj ET Q q 0 0 0 rg BT 156.05 339.55 Td (and ) Tj ET Q q 0 0 0 rg BT 173.57 339.55 Td (as ) Tj ET Q q 0 0 0 rg BT 185.58 339.55 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 233.82 339.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 273.85 339.55 Td (environment ) Tj ET Q q 0 0 0 rg BT 325.88 339.55 Td (changes. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 322.75 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 105.33 322.75 Td (and ) Tj ET Q q 0 0 0 rg BT 123.16 322.75 Td (underlying ) Tj ET Q q 0 0 0 rg BT 167.50 322.75 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 220.84 322.75 Td (are ) Tj ET Q q 0 0 0 rg BT 236.66 322.75 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 275.50 322.75 Td (on ) Tj ET Q q 0 0 0 rg BT 288.32 322.75 Td (an ) Tj ET Q q 0 0 0 rg BT 301.15 322.75 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 336.00 322.75 Td (basis ) Tj ET Q q 0 0 0 rg BT 359.82 322.75 Td (by ) Tj ET Q q 0 0 0 rg BT 372.14 322.75 Td (management. ) Tj ET Q q 0 0 0 rg BT 429.99 322.75 Td (Revisions ) Tj ET Q q 0 0 0 rg BT 471.82 322.75 Td (to ) Tj ET Q q 0 0 0 rg BT 482.14 322.75 Td (accounting ) Tj ET Q q 0 0 0 rg BT 528.49 322.75 Td (estimates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 311.95 Td (are ) Tj ET Q q 0 0 0 rg BT 78.22 311.95 Td (recognized ) Tj ET Q q 0 0 0 rg BT 124.47 311.95 Td (in ) Tj ET Q q 0 0 0 rg BT 133.69 311.95 Td (the ) Tj ET Q q 0 0 0 rg BT 148.42 311.95 Td (period ) Tj ET Q q 0 0 0 rg BT 175.65 311.95 Td (in ) Tj ET Q q 0 0 0 rg BT 184.87 311.95 Td (which ) Tj ET Q q 0 0 0 rg BT 210.10 311.95 Td (the ) Tj ET Q q 0 0 0 rg BT 224.82 311.95 Td (estimates ) Tj ET Q q 0 0 0 rg BT 265.55 311.95 Td (are ) Tj ET Q q 0 0 0 rg BT 280.78 311.95 Td (revised ) Tj ET Q q 0 0 0 rg BT 312.00 311.95 Td (and ) Tj ET Q q 0 0 0 rg BT 329.24 311.95 Td (in ) Tj ET Q q 0 0 0 rg BT 338.46 311.95 Td (any ) Tj ET Q q 0 0 0 rg BT 355.18 311.95 Td (future ) Tj ET Q q 0 0 0 rg BT 380.41 311.95 Td (periods ) Tj ET Q q 0 0 0 rg BT 412.15 311.95 Td (af) Tj ET Q q 0 0 0 rg BT 419.49 311.95 Td (fected. ) Tj ET Q q 0 0 0 rg BT 448.58 311.95 Td (The ) Tj ET Q q 0 0 0 rg BT 466.30 311.95 Td (key ) Tj ET Q q 0 0 0 rg BT 482.53 311.95 Td (sources ) Tj ET Q q 0 0 0 rg BT 516.25 311.95 Td (of ) Tj ET Q q 0 0 0 rg BT 525.98 311.95 Td (estimation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 301.15 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 109.52 301.15 Td (to ) Tj ET Q q 0 0 0 rg BT 119.53 301.15 Td (the ) Tj ET Q q 0 0 0 rg BT 134.54 301.15 Td (carrying ) Tj ET Q q 0 0 0 rg BT 169.05 301.15 Td (amounts ) Tj ET Q q 0 0 0 rg BT 206.07 301.15 Td (of ) Tj ET Q q 0 0 0 rg BT 216.08 301.15 Td (assets ) Tj ET Q q 0 0 0 rg BT 244.59 301.15 Td (and ) Tj ET Q q 0 0 0 rg BT 262.11 301.15 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 298.62 301.15 Td (are ) Tj ET Q q 0 0 0 rg BT 314.13 301.15 Td (discussed ) Tj ET Q q 0 0 0 rg BT 356.65 301.15 Td (below:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 284.35 Td (i. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 284.35 Td (Determination ) Tj ET Q q 0 0 0 rg BT 139.53 284.35 Td (of ) Tj ET Q q 0 0 0 rg BT 149.53 284.35 Td (a ) Tj ET Q q 0 0 0 rg BT 157.04 284.35 Td (Cash ) Tj ET Q q 0 0 0 rg BT 180.55 284.35 Td (Generating ) Tj ET Q q 0 0 0 rg BT 227.58 284.35 Td (Unit ) Tj ET Q q 0 0 0 rg BT 246.08 284.35 Td (\(CGU\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 270.55 Td (The ) Tj ET Q q 0 0 0 rg BT 101.88 270.55 Td (determination ) Tj ET Q q 0 0 0 rg BT 161.78 270.55 Td (of ) Tj ET Q q 0 0 0 rg BT 174.65 270.55 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 216.01 270.55 Td (s ) Tj ET Q q 0 0 0 rg BT 225.88 270.55 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 255.75 270.55 Td (is ) Tj ET Q q 0 0 0 rg BT 267.62 270.55 Td (subject ) Tj ET Q q 0 0 0 rg BT 301.50 270.55 Td (to ) Tj ET Q q 0 0 0 rg BT 314.37 270.55 Td (management) Tj ET Q q 0 0 0 rg BT 368.74 270.55 Td (s ) Tj ET Q q 0 0 0 rg BT 378.61 270.55 Td (judgment. ) Tj ET Q q 0 0 0 rg BT 423.50 270.55 Td (In ) Tj ET Q q 0 0 0 rg BT 436.38 270.55 Td (determining ) Tj ET Q q 0 0 0 rg BT 488.77 270.55 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 530.13 270.55 Td (s ) Tj ET Q q 0 0 0 rg BT 540.00 270.55 Td (CGUs, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 259.75 Td (management ) Tj ET Q q 0 0 0 rg BT 136.56 259.75 Td (assessed ) Tj ET Q q 0 0 0 rg BT 177.61 259.75 Td (what ) Tj ET Q q 0 0 0 rg BT 199.65 259.75 Td (constituted ) Tj ET Q q 0 0 0 rg BT 246.20 259.75 Td (independent ) Tj ET Q q 0 0 0 rg BT 298.78 259.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.82 259.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 344.35 259.75 Td (and ) Tj ET Q q 0 0 0 rg BT 362.40 259.75 Td (how ) Tj ET Q q 0 0 0 rg BT 381.93 259.75 Td (to ) Tj ET Q q 0 0 0 rg BT 392.47 259.75 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 436.03 259.75 Td (the ) Tj ET Q q 0 0 0 rg BT 451.57 259.75 Td (respective ) Tj ET Q q 0 0 0 rg BT 495.62 259.75 Td (assets. ) Tj ET Q q 0 0 0 rg BT 526.96 259.75 Td (The ) Tj ET Q q 0 0 0 rg BT 545.49 259.75 Td (asset ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 248.95 Td (composition ) Tj ET Q q 0 0 0 rg BT 130.90 248.95 Td (of ) Tj ET Q q 0 0 0 rg BT 140.28 248.95 Td (each ) Tj ET Q q 0 0 0 rg BT 161.67 248.95 Td (CGU ) Tj ET Q q 0 0 0 rg BT 183.55 248.95 Td (can ) Tj ET Q q 0 0 0 rg BT 199.94 248.95 Td (directly ) Tj ET Q q 0 0 0 rg BT 230.32 248.95 Td (impact ) Tj ET Q q 0 0 0 rg BT 258.71 248.95 Td (the ) Tj ET Q q 0 0 0 rg BT 273.09 248.95 Td (assessment ) Tj ET Q q 0 0 0 rg BT 322.99 248.95 Td (of ) Tj ET Q q 0 0 0 rg BT 332.37 248.95 Td (the ) Tj ET Q q 0 0 0 rg BT 346.76 248.95 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 401.66 248.95 Td (of ) Tj ET Q q 0 0 0 rg BT 411.04 248.95 Td (those ) Tj ET Q q 0 0 0 rg BT 434.93 248.95 Td (assets ) Tj ET Q q 0 0 0 rg BT 462.82 248.95 Td (included ) Tj ET Q q 0 0 0 rg BT 498.22 248.95 Td (within ) Tj ET Q q 0 0 0 rg BT 523.11 248.95 Td (each ) Tj ET Q q 0 0 0 rg BT 544.50 248.95 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 569.50 248.95 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 238.15 Td (In ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.01 238.15 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 111.03 238.15 Td (, ) Tj ET Q q 0 0 0 rg BT 116.03 238.15 Td (there ) Tj ET Q q 0 0 0 rg BT 139.04 238.15 Td (were ) Tj ET Q q 0 0 0 rg BT 161.05 238.15 Td (no ) Tj ET Q q 0 0 0 rg BT 173.56 238.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 210.09 238.15 Td (to ) Tj ET Q q 0 0 0 rg BT 220.10 238.15 Td (the ) Tj ET Q q 0 0 0 rg BT 235.11 238.15 Td (composition ) Tj ET Q q 0 0 0 rg BT 285.63 238.15 Td (of ) Tj ET Q q 0 0 0 rg BT 295.64 238.15 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 343.88 238.15 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 370.88 238.15 Td (as ) Tj ET Q q 0 0 0 rg BT 382.89 238.15 Td (compared ) Tj ET Q q 0 0 0 rg BT 425.41 238.15 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.41 238.15 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.44 238.15 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 221.35 Td (ii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 221.35 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 128.51 221.35 Td (testing) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 207.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.36 207.55 Td (assesses ) Tj ET Q q 0 0 0 rg BT 161.72 207.55 Td (its ) Tj ET Q q 0 0 0 rg BT 172.56 207.55 Td (property) Tj ET Q q 0 0 0 rg BT 204.91 207.55 Td (, ) Tj ET Q q 0 0 0 rg BT 209.25 207.55 Td (plant ) Tj ET Q q 0 0 0 rg BT 230.60 207.55 Td (and ) Tj ET Q q 0 0 0 rg BT 247.46 207.55 Td (equipment ) Tj ET Q q 0 0 0 rg BT 291.33 207.55 Td (for ) Tj ET Q q 0 0 0 rg BT 303.67 207.55 Td (impairment ) Tj ET Q q 0 0 0 rg BT 350.02 207.55 Td (when ) Tj ET Q q 0 0 0 rg BT 373.38 207.55 Td (events ) Tj ET Q q 0 0 0 rg BT 401.74 207.55 Td (or ) Tj ET Q q 0 0 0 rg BT 411.58 207.55 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 470.93 207.55 Td (indicate ) Tj ET Q q 0 0 0 rg BT 503.79 207.55 Td (that ) Tj ET Q q 0 0 0 rg BT 520.65 207.55 Td (the ) Tj ET Q q 0 0 0 rg BT 535.00 207.55 Td (carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 196.75 Td (amount ) Tj ET Q q 0 0 0 rg BT 113.54 196.75 Td (of ) Tj ET Q q 0 0 0 rg BT 123.56 196.75 Td (its ) Tj ET Q q 0 0 0 rg BT 135.07 196.75 Td (assets ) Tj ET Q q 0 0 0 rg BT 163.60 196.75 Td (may ) Tj ET Q q 0 0 0 rg BT 183.12 196.75 Td (not ) Tj ET Q q 0 0 0 rg BT 198.15 196.75 Td (be ) Tj ET Q q 0 0 0 rg BT 210.68 196.75 Td (recoverable. ) Tj ET Q q 0 0 0 rg BT 262.72 196.75 Td (If ) Tj ET Q q 0 0 0 rg BT 270.24 196.75 Td (any ) Tj ET Q q 0 0 0 rg BT 287.26 196.75 Td (indication ) Tj ET Q q 0 0 0 rg BT 327.81 196.75 Td (of ) Tj ET Q q 0 0 0 rg BT 337.83 196.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 384.86 196.75 Td (exists, ) Tj ET Q q 0 0 0 rg BT 412.88 196.75 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 454.92 196.75 Td (performs ) Tj ET Q q 0 0 0 rg BT 492.95 196.75 Td (an ) Tj ET Q q 0 0 0 rg BT 505.47 196.75 Td (impairment ) Tj ET Q q 0 0 0 rg BT 552.50 196.75 Td (test ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 185.95 Td (on ) Tj ET Q q 0 0 0 rg BT 92.60 185.95 Td (the ) Tj ET Q q 0 0 0 rg BT 106.69 185.95 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 130.78 185.95 Td (which ) Tj ET Q q 0 0 0 rg BT 155.38 185.95 Td (is ) Tj ET Q q 0 0 0 rg BT 163.46 185.95 Td (the ) Tj ET Q q 0 0 0 rg BT 177.56 185.95 Td (lowest ) Tj ET Q q 0 0 0 rg BT 204.65 185.95 Td (level ) Tj ET Q q 0 0 0 rg BT 224.75 185.95 Td (at ) Tj ET Q q 0 0 0 rg BT 233.84 185.95 Td (which ) Tj ET Q q 0 0 0 rg BT 258.44 185.95 Td (there ) Tj ET Q q 0 0 0 rg BT 280.54 185.95 Td (are ) Tj ET Q q 0 0 0 rg BT 295.13 185.95 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 339.75 185.95 Td (cash ) Tj ET Q q 0 0 0 rg BT 360.34 185.95 Td (flows. ) Tj ET Q q 0 0 0 rg BT 384.83 185.95 Td (The ) Tj ET Q q 0 0 0 rg BT 401.93 185.95 Td (carrying ) Tj ET Q q 0 0 0 rg BT 435.52 185.95 Td (amount ) Tj ET Q q 0 0 0 rg BT 467.13 185.95 Td (of ) Tj ET Q q 0 0 0 rg BT 476.22 185.95 Td (each ) Tj ET Q q 0 0 0 rg BT 497.32 185.95 Td (CGU ) Tj ET Q q 0 0 0 rg BT 518.91 185.95 Td (is ) Tj ET Q q 0 0 0 rg BT 526.99 185.95 Td (compared ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 175.15 Td (to ) Tj ET Q q 0 0 0 rg BT 91.04 175.15 Td (its ) Tj ET Q q 0 0 0 rg BT 102.57 175.15 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 152.12 175.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 184.67 175.15 Td (which ) Tj ET Q q 0 0 0 rg BT 210.21 175.15 Td (is ) Tj ET Q q 0 0 0 rg BT 219.24 175.15 Td (defined ) Tj ET Q q 0 0 0 rg BT 251.30 175.15 Td (as ) Tj ET Q q 0 0 0 rg BT 263.33 175.15 Td (the ) Tj ET Q q 0 0 0 rg BT 278.37 175.15 Td (greater ) Tj ET Q q 0 0 0 rg BT 309.42 175.15 Td (of ) Tj ET Q q 0 0 0 rg BT 319.45 175.15 Td (its ) Tj ET Q q 0 0 0 rg BT 330.98 175.15 Td (fair ) Tj ET Q q 0 0 0 rg BT 346.02 175.15 Td (value ) Tj ET Q q 0 0 0 rg BT 370.06 175.15 Td (less ) Tj ET Q q 0 0 0 rg BT 388.60 175.15 Td (cost ) Tj ET Q q 0 0 0 rg BT 407.63 175.15 Td (to ) Tj ET Q q 0 0 0 rg BT 417.67 175.15 Td (sell ) Tj ET Q q 0 0 0 rg BT 433.70 175.15 Td (and ) Tj ET Q q 0 0 0 rg BT 451.25 175.15 Td (value ) Tj ET Q q 0 0 0 rg BT 475.29 175.15 Td (in ) Tj ET Q q 0 0 0 rg BT 484.83 175.15 Td (use ) Tj ET Q q 0 0 0 rg BT 501.87 175.15 Td (and ) Tj ET Q q 0 0 0 rg BT 519.41 175.15 Td (is ) Tj ET Q q 0 0 0 rg BT 528.44 175.15 Td (subject ) Tj ET Q q 0 0 0 rg BT 559.49 175.15 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 164.35 Td (management ) Tj ET Q q 0 0 0 rg BT 136.03 164.35 Td (estimates. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 147.55 Td (As ) Tj ET Q q 0 0 0 rg BT 93.75 147.55 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.51 147.55 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.29 147.55 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.31 147.55 Td (, ) Tj ET Q q 0 0 0 rg BT 187.06 147.55 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 228.84 147.55 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 270.12 147.55 Td (each ) Tj ET Q q 0 0 0 rg BT 291.89 147.55 Td (of ) Tj ET Q q 0 0 0 rg BT 301.65 147.55 Td (its ) Tj ET Q q 0 0 0 rg BT 312.90 147.55 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 339.65 147.55 Td (for ) Tj ET Q q 0 0 0 rg BT 352.40 147.55 Td (indicators ) Tj ET Q q 0 0 0 rg BT 393.17 147.55 Td (of ) Tj ET Q q 0 0 0 rg BT 402.93 147.55 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 452.20 147.55 Td (In ) Tj ET Q q 0 0 0 rg BT 461.95 147.55 Td (performing ) Tj ET Q q 0 0 0 rg BT 507.22 147.55 Td (this ) Tj ET Q q 0 0 0 rg BT 523.48 147.55 Td (evaluation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 136.75 Td (management ) Tj ET Q q 0 0 0 rg BT 135.25 136.75 Td (used ) Tj ET Q q 0 0 0 rg BT 156.49 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 170.73 136.75 Td (net ) Tj ET Q q 0 0 0 rg BT 184.96 136.75 Td (present ) Tj ET Q q 0 0 0 rg BT 216.70 136.75 Td (values ) Tj ET Q q 0 0 0 rg BT 244.44 136.75 Td (for ) Tj ET Q q 0 0 0 rg BT 256.67 136.75 Td (each ) Tj ET Q q 0 0 0 rg BT 277.91 136.75 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 302.13 136.75 Td (Key ) Tj ET Q q 0 0 0 rg BT 319.36 136.75 Td (estimates ) Tj ET Q q 0 0 0 rg BT 359.60 136.75 Td (used ) Tj ET Q q 0 0 0 rg BT 380.83 136.75 Td (in ) Tj ET Q q 0 0 0 rg BT 389.56 136.75 Td (the ) Tj ET Q q 0 0 0 rg BT 403.80 136.75 Td (determination ) Tj ET Q q 0 0 0 rg BT 460.05 136.75 Td (of ) Tj ET Q q 0 0 0 rg BT 469.28 136.75 Td (these ) Tj ET Q q 0 0 0 rg BT 493.02 136.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 513.75 136.75 Td (flows ) Tj ET Q q 0 0 0 rg BT 535.98 136.75 Td (include: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 125.95 Td (quantities ) Tj ET Q q 0 0 0 rg BT 120.90 125.95 Td (of ) Tj ET Q q 0 0 0 rg BT 129.78 125.95 Td (reserves ) Tj ET Q q 0 0 0 rg BT 165.67 125.95 Td (and ) Tj ET Q q 0 0 0 rg BT 182.06 125.95 Td (future ) Tj ET Q q 0 0 0 rg BT 206.45 125.95 Td (production; ) Tj ET Q q 0 0 0 rg BT 252.35 125.95 Td (future ) Tj ET Q q 0 0 0 rg BT 276.74 125.95 Td (commodity ) Tj ET Q q 0 0 0 rg BT 321.63 125.95 Td (pricing; ) Tj ET Q q 0 0 0 rg BT 352.02 125.95 Td (development ) Tj ET Q q 0 0 0 rg BT 404.92 125.95 Td (costs; ) Tj ET Q q 0 0 0 rg BT 429.81 125.95 Td (operating ) Tj ET Q q 0 0 0 rg BT 468.71 125.95 Td (costs; ) Tj ET Q q 0 0 0 rg BT 493.59 125.95 Td (royalty ) Tj ET Q q 0 0 0 rg BT 521.47 125.95 Td (obligations; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 115.15 Td (and ) Tj ET Q q 0 0 0 rg BT 98.52 115.15 Td (discount ) Tj ET Q q 0 0 0 rg BT 134.54 115.15 Td (rates. ) Tj ET Q q 0 0 0 rg BT 159.05 115.15 Td (Any ) Tj ET Q q 0 0 0 rg BT 177.06 115.15 Td (changes ) Tj ET Q q 0 0 0 rg BT 213.59 115.15 Td (in ) Tj ET Q q 0 0 0 rg BT 223.09 115.15 Td (these ) Tj ET Q q 0 0 0 rg BT 247.61 115.15 Td (estimates ) Tj ET Q q 0 0 0 rg BT 288.62 115.15 Td (may ) Tj ET Q q 0 0 0 rg BT 308.13 115.15 Td (have ) Tj ET Q q 0 0 0 rg BT 330.14 115.15 Td (an ) Tj ET Q q 0 0 0 rg BT 342.65 115.15 Td (impact ) Tj ET Q q 0 0 0 rg BT 371.66 115.15 Td (on ) Tj ET Q q 0 0 0 rg BT 384.17 115.15 Td (the ) Tj ET Q q 0 0 0 rg BT 399.19 115.15 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 448.71 115.15 Td (amount ) Tj ET Q q 0 0 0 rg BT 481.23 115.15 Td (of ) Tj ET Q q 0 0 0 rg BT 491.24 115.15 Td (the ) Tj ET Q q 0 0 0 rg BT 506.25 115.15 Td (CGU. ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 40 m 198.5 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 40 m 369.5 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 40 m 582.5 40 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 29.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 29.23 Td (Page 32) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 740.45 Td (iii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 740.45 Td (Proved ) Tj ET Q q 0 0 0 rg BT 112.02 740.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 131.03 740.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 168.56 740.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 180.06 740.45 Td (and ) Tj ET Q q 0 0 0 rg BT 197.58 740.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 227.60 740.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 244.61 740.45 Td (reserves) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 726.65 Td (Reserve ) Tj ET Q q 0 0 0 rg BT 116.29 726.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 156.58 726.65 Td (are ) Tj ET Q q 0 0 0 rg BT 171.37 726.65 Td (based ) Tj ET Q q 0 0 0 rg BT 197.67 726.65 Td (on ) Tj ET Q q 0 0 0 rg BT 209.46 726.65 Td (engineering ) Tj ET Q q 0 0 0 rg BT 258.27 726.65 Td (data, ) Tj ET Q q 0 0 0 rg BT 280.07 726.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 320.86 726.65 Td (future ) Tj ET Q q 0 0 0 rg BT 345.66 726.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 373.94 726.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 412.25 726.65 Td (future ) Tj ET Q q 0 0 0 rg BT 437.04 726.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 458.83 726.65 Td (of ) Tj ET Q q 0 0 0 rg BT 468.11 726.65 Td (production ) Tj ET Q q 0 0 0 rg BT 511.92 726.65 Td (and ) Tj ET Q q 0 0 0 rg BT 528.71 726.65 Td (the ) Tj ET Q q 0 0 0 rg BT 543.00 726.65 Td (timing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 715.85 Td (of ) Tj ET Q q 0 0 0 rg BT 90.97 715.85 Td (future ) Tj ET Q q 0 0 0 rg BT 116.45 715.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 144.94 715.85 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 201.44 715.85 Td (all ) Tj ET Q q 0 0 0 rg BT 212.91 715.85 Td (of ) Tj ET Q q 0 0 0 rg BT 222.88 715.85 Td (which ) Tj ET Q q 0 0 0 rg BT 248.36 715.85 Td (are ) Tj ET Q q 0 0 0 rg BT 263.84 715.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 294.82 715.85 Td (to ) Tj ET Q q 0 0 0 rg BT 304.79 715.85 Td (interpretation ) Tj ET Q q 0 0 0 rg BT 359.79 715.85 Td (and ) Tj ET Q q 0 0 0 rg BT 377.28 715.85 Td (uncertainty) Tj ET Q q 0 0 0 rg BT 420.63 715.85 Td (. ) Tj ET Q q 0 0 0 rg BT 425.60 715.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 467.59 715.85 Td (expects ) Tj ET Q q 0 0 0 rg BT 501.08 715.85 Td (that ) Tj ET Q q 0 0 0 rg BT 518.56 715.85 Td (over ) Tj ET Q q 0 0 0 rg BT 538.53 715.85 Td (time ) Tj ET Q q 0 0 0 rg BT 558.00 715.85 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 705.05 Td (reserve ) Tj ET Q q 0 0 0 rg BT 113.80 705.05 Td (estimates ) Tj ET Q q 0 0 0 rg BT 155.10 705.05 Td (will ) Tj ET Q q 0 0 0 rg BT 170.39 705.05 Td (be ) Tj ET Q q 0 0 0 rg BT 183.19 705.05 Td (revised ) Tj ET Q q 0 0 0 rg BT 215.00 705.05 Td (either ) Tj ET Q q 0 0 0 rg BT 240.30 705.05 Td (upward ) Tj ET Q q 0 0 0 rg BT 272.61 705.05 Td (or ) Tj ET Q q 0 0 0 rg BT 283.40 705.05 Td (downward ) Tj ET Q q 0 0 0 rg BT 327.21 705.05 Td (depending ) Tj ET Q q 0 0 0 rg BT 372.04 705.05 Td (upon ) Tj ET Q q 0 0 0 rg BT 394.86 705.05 Td (the ) Tj ET Q q 0 0 0 rg BT 410.16 705.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 439.96 705.05 Td (as ) Tj ET Q q 0 0 0 rg BT 452.25 705.05 Td (stated ) Tj ET Q q 0 0 0 rg BT 479.56 705.05 Td (above. ) Tj ET Q q 0 0 0 rg BT 509.19 705.05 Td (These ) Tj ET Q q 0 0 0 rg BT 536.99 705.05 Td (reserve ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 694.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 121.83 694.25 Td (can ) Tj ET Q q 0 0 0 rg BT 138.65 694.25 Td (have ) Tj ET Q q 0 0 0 rg BT 160.48 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 167.80 694.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 210.13 694.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 238.95 694.25 Td (on ) Tj ET Q q 0 0 0 rg BT 251.27 694.25 Td (net ) Tj ET Q q 0 0 0 rg BT 266.10 694.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 299.92 694.25 Td (as ) Tj ET Q q 0 0 0 rg BT 311.74 694.25 Td (it ) Tj ET Q q 0 0 0 rg BT 318.55 694.25 Td (is ) Tj ET Q q 0 0 0 rg BT 327.36 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 334.68 694.25 Td (key ) Tj ET Q q 0 0 0 rg BT 351.00 694.25 Td (component ) Tj ET Q q 0 0 0 rg BT 397.84 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.16 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.98 694.25 Td (calculation ) Tj ET Q q 0 0 0 rg BT 466.82 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.64 694.25 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 517.99 694.25 Td (depreciation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 683.45 Td (and ) Tj ET Q q 0 0 0 rg BT 98.52 683.45 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 152.54 683.45 Td (and ) Tj ET Q q 0 0 0 rg BT 170.06 683.45 Td (also ) Tj ET Q q 0 0 0 rg BT 189.07 683.45 Td (for ) Tj ET Q q 0 0 0 rg BT 202.07 683.45 Td (the ) Tj ET Q q 0 0 0 rg BT 217.08 683.45 Td (determination ) Tj ET Q q 0 0 0 rg BT 274.11 683.45 Td (of ) Tj ET Q q 0 0 0 rg BT 284.12 683.45 Td (potential ) Tj ET Q q 0 0 0 rg BT 320.65 683.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.66 683.45 Td (impairments.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 666.65 Td (iv) Tj ET Q q 0 0 0 rg BT 68.83 666.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 666.65 Td (Depreciation, ) Tj ET Q q 0 0 0 rg BT 136.53 666.65 Td (depletion ) Tj ET Q q 0 0 0 rg BT 175.56 666.65 Td (and ) Tj ET Q q 0 0 0 rg BT 193.08 666.65 Td (amortization) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 652.85 Td (Property) Tj ET Q q 0 0 0 rg BT 114.35 652.85 Td (, ) Tj ET Q q 0 0 0 rg BT 119.39 652.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 141.44 652.85 Td (and ) Tj ET Q q 0 0 0 rg BT 159.00 652.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 203.57 652.85 Td (is ) Tj ET Q q 0 0 0 rg BT 212.61 652.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 255.17 652.85 Td (at ) Tj ET Q q 0 0 0 rg BT 265.22 652.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 284.27 652.85 Td (less ) Tj ET Q q 0 0 0 rg BT 302.81 652.85 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 356.38 652.85 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 410.46 652.85 Td (depletion ) Tj ET Q q 0 0 0 rg BT 449.53 652.85 Td (and ) Tj ET Q q 0 0 0 rg BT 467.09 652.85 Td (amortization. ) Tj ET Q q 0 0 0 rg BT 521.15 652.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 562.51 652.85 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 642.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 92.19 642.05 Td (and ) Tj ET Q q 0 0 0 rg BT 109.40 642.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 139.11 642.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 155.81 642.05 Td (properties ) Tj ET Q q 0 0 0 rg BT 198.02 642.05 Td (are ) Tj ET Q q 0 0 0 rg BT 213.21 642.05 Td (depleted ) Tj ET Q q 0 0 0 rg BT 249.93 642.05 Td (using ) Tj ET Q q 0 0 0 rg BT 273.64 642.05 Td (the ) Tj ET Q q 0 0 0 rg BT 288.34 642.05 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 360.57 642.05 Td (method ) Tj ET Q q 0 0 0 rg BT 392.78 642.05 Td (over ) Tj ET Q q 0 0 0 rg BT 412.47 642.05 Td (proved ) Tj ET Q q 0 0 0 rg BT 442.18 642.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 460.88 642.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 498.10 642.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 534.80 642.05 Td (for ) Tj ET Q q 0 0 0 rg BT 547.49 642.05 Td (each ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 631.25 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 105.74 631.25 Td (The ) Tj ET Q q 0 0 0 rg BT 123.65 631.25 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 196.09 631.25 Td (method ) Tj ET Q q 0 0 0 rg BT 228.51 631.25 Td (takes ) Tj ET Q q 0 0 0 rg BT 252.42 631.25 Td (into ) Tj ET Q q 0 0 0 rg BT 269.34 631.25 Td (account ) Tj ET Q q 0 0 0 rg BT 303.26 631.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 344.17 631.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.08 631.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 382.49 631.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 436.43 631.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 471.34 631.25 Td (to ) Tj ET Q q 0 0 0 rg BT 481.25 631.25 Td (date ) Tj ET Q q 0 0 0 rg BT 501.17 631.25 Td (along ) Tj ET Q q 0 0 0 rg BT 525.59 631.25 Td (with ) Tj ET Q q 0 0 0 rg BT 543.99 631.25 Td (future ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 620.45 Td (development ) Tj ET Q q 0 0 0 rg BT 135.04 620.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 163.55 620.45 Td (required ) Tj ET Q q 0 0 0 rg BT 199.07 620.45 Td (to ) Tj ET Q q 0 0 0 rg BT 209.08 620.45 Td (develop ) Tj ET Q q 0 0 0 rg BT 243.11 620.45 Td (both ) Tj ET Q q 0 0 0 rg BT 263.12 620.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 293.14 620.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 312.15 620.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 349.68 620.45 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 389.19 620.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 603.65 Td (v) Tj ET Q q 0 0 0 rg BT 66.83 603.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 603.65 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 154.52 603.65 Td (liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 589.85 Td (The ) Tj ET Q q 0 0 0 rg BT 98.21 589.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 135.93 589.85 Td (for ) Tj ET Q q 0 0 0 rg BT 148.14 589.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 219.37 589.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 255.09 589.85 Td (is ) Tj ET Q q 0 0 0 rg BT 263.29 589.85 Td (based ) Tj ET Q q 0 0 0 rg BT 289.52 589.85 Td (on ) Tj ET Q q 0 0 0 rg BT 301.23 589.85 Td (management's ) Tj ET Q q 0 0 0 rg BT 361.68 589.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 401.90 589.85 Td (of ) Tj ET Q q 0 0 0 rg BT 411.11 589.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 433.82 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 450.54 589.85 Td (planned ) Tj ET Q q 0 0 0 rg BT 484.27 589.85 Td (remediation ) Tj ET Q q 0 0 0 rg BT 533.00 589.85 Td (projects. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 579.05 Td (Actual ) Tj ET Q q 0 0 0 rg BT 108.48 579.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 131.94 579.05 Td (may ) Tj ET Q q 0 0 0 rg BT 151.41 579.05 Td (dif) Tj ET Q q 0 0 0 rg BT 160.75 579.05 Td (fer ) Tj ET Q q 0 0 0 rg BT 173.72 579.05 Td (from ) Tj ET Q q 0 0 0 rg BT 194.18 579.05 Td (those ) Tj ET Q q 0 0 0 rg BT 218.66 579.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 260.14 579.05 Td (due ) Tj ET Q q 0 0 0 rg BT 277.62 579.05 Td (to ) Tj ET Q q 0 0 0 rg BT 287.59 579.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 324.08 579.05 Td (in ) Tj ET Q q 0 0 0 rg BT 333.54 579.05 Td (governing ) Tj ET Q q 0 0 0 rg BT 375.53 579.05 Td (environment ) Tj ET Q q 0 0 0 rg BT 427.52 579.05 Td (laws ) Tj ET Q q 0 0 0 rg BT 447.99 579.05 Td (and ) Tj ET Q q 0 0 0 rg BT 465.47 579.05 Td (regulations, ) Tj ET Q q 0 0 0 rg BT 514.46 579.05 Td (technological ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 568.25 Td (changes, ) Tj ET Q q 0 0 0 rg BT 120.03 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 568.25 Td (market ) Tj ET Q q 0 0 0 rg BT 167.55 568.25 Td (conditions. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 551.45 Td (vi. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 551.45 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.52 551.45 Td (Instrument ) Tj ET Q q 0 0 0 rg BT 164.54 551.45 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 537.65 Td (The ) Tj ET Q q 0 0 0 rg BT 99.18 537.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 140.88 537.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 156.05 537.65 Td (value ) Tj ET Q q 0 0 0 rg BT 180.24 537.65 Td (of ) Tj ET Q q 0 0 0 rg BT 190.42 537.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.11 537.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 270.80 537.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 316.99 537.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 356.18 537.65 Td (are ) Tj ET Q q 0 0 0 rg BT 371.86 537.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 403.05 537.65 Td (to ) Tj ET Q q 0 0 0 rg BT 413.23 537.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 449.93 537.65 Td (in ) Tj ET Q q 0 0 0 rg BT 459.61 537.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 492.29 537.65 Td (looking ) Tj ET Q q 0 0 0 rg BT 523.49 537.65 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 526.85 Td (prices, ) Tj ET Q q 0 0 0 rg BT 111.78 526.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.57 526.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 165.35 526.85 Td (curves, ) Tj ET Q q 0 0 0 rg BT 198.63 526.85 Td (volatility ) Tj ET Q q 0 0 0 rg BT 234.91 526.85 Td (curves ) Tj ET Q q 0 0 0 rg BT 265.69 526.85 Td (and ) Tj ET Q q 0 0 0 rg BT 284.98 526.85 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 339.27 526.85 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 412.08 526.85 Td (risk. ) Tj ET Q q 0 0 0 rg BT 432.58 526.85 Td (The ) Tj ET Q q 0 0 0 rg BT 452.36 526.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 495.65 526.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 512.42 526.85 Td (values ) Tj ET Q q 0 0 0 rg BT 542.71 526.85 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 526.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 516.05 Td (Corporation) Tj ET Q q 0 0 0 rg BT 129.86 516.05 Td (s ) Tj ET Q q 0 0 0 rg BT 136.86 516.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 172.38 516.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 216.90 516.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 255.92 516.05 Td (are ) Tj ET Q q 0 0 0 rg BT 271.42 516.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 302.44 516.05 Td (to ) Tj ET Q q 0 0 0 rg BT 312.45 516.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 348.97 516.05 Td (in ) Tj ET Q q 0 0 0 rg BT 358.48 516.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 388.50 516.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 430.03 516.05 Td (rates.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 493.25 Td (2. ) Tj ET Q q 0 0 0 rg BT 55.01 493.25 Td ( ) Tj ET Q q 0 0 0 rg BT 57.51 493.25 Td ( ) Tj ET Q q 0 0 0 rg BT 60.01 493.25 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 493.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 111.01 493.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 161.51 493.25 Td (policies) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 476.45 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 476.45 Td (Basis ) Tj ET Q q 0 0 0 rg BT 89.52 476.45 Td (of ) Tj ET Q q 0 0 0 rg BT 100.51 476.45 Td (consolidation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 459.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 459.65 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 459.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 134.05 459.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 169.57 459.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 216.09 459.65 Td (comprise ) Tj ET Q q 0 0 0 rg BT 255.10 459.65 Td (the ) Tj ET Q q 0 0 0 rg BT 270.11 459.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 305.63 459.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 352.15 459.65 Td (of ) Tj ET Q q 0 0 0 rg BT 362.16 459.65 Td (the ) Tj ET Q q 0 0 0 rg BT 377.17 459.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 426.70 459.65 Td (and ) Tj ET Q q 0 0 0 rg BT 444.21 459.65 Td (its ) Tj ET Q q 0 0 0 rg BT 455.71 459.65 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 505.74 459.65 Td (as ) Tj ET Q q 0 0 0 rg BT 517.74 459.65 Td (at) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 448.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.22 448.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.24 448.85 Td (. ) Tj ET Q q 0 0 0 rg BT 145.43 448.85 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 196.14 448.85 Td (are ) Tj ET Q q 0 0 0 rg BT 210.84 448.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 263.06 448.85 Td (from ) Tj ET Q q 0 0 0 rg BT 282.75 448.85 Td (the ) Tj ET Q q 0 0 0 rg BT 296.95 448.85 Td (date ) Tj ET Q q 0 0 0 rg BT 316.15 448.85 Td (of ) Tj ET Q q 0 0 0 rg BT 325.35 448.85 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 372.06 448.85 Td (being ) Tj ET Q q 0 0 0 rg BT 395.77 448.85 Td (the ) Tj ET Q q 0 0 0 rg BT 409.97 448.85 Td (date ) Tj ET Q q 0 0 0 rg BT 429.18 448.85 Td (on ) Tj ET Q q 0 0 0 rg BT 440.88 448.85 Td (which ) Tj ET Q q 0 0 0 rg BT 465.58 448.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 506.79 448.85 Td (obtains ) Tj ET Q q 0 0 0 rg BT 537.50 448.85 Td (control, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 438.05 Td (and ) Tj ET Q q 0 0 0 rg BT 80.55 438.05 Td (continues ) Tj ET Q q 0 0 0 rg BT 121.61 438.05 Td (to ) Tj ET Q q 0 0 0 rg BT 131.65 438.05 Td (be ) Tj ET Q q 0 0 0 rg BT 144.20 438.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 197.27 438.05 Td (until ) Tj ET Q q 0 0 0 rg BT 216.31 438.05 Td (the ) Tj ET Q q 0 0 0 rg BT 231.36 438.05 Td (date ) Tj ET Q q 0 0 0 rg BT 251.41 438.05 Td (that ) Tj ET Q q 0 0 0 rg BT 268.96 438.05 Td (control ) Tj ET Q q 0 0 0 rg BT 298.51 438.05 Td (ceases. ) Tj ET Q q 0 0 0 rg BT 332.06 438.05 Td (Control ) Tj ET Q q 0 0 0 rg BT 363.60 438.05 Td (exists ) Tj ET Q q 0 0 0 rg BT 389.15 438.05 Td (when ) Tj ET Q q 0 0 0 rg BT 413.20 438.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 455.25 438.05 Td (has ) Tj ET Q q 0 0 0 rg BT 472.30 438.05 Td (the ) Tj ET Q q 0 0 0 rg BT 487.35 438.05 Td (power ) Tj ET Q q 0 0 0 rg BT 514.39 438.05 Td (to ) Tj ET Q q 0 0 0 rg BT 524.43 438.05 Td (govern ) Tj ET Q q 0 0 0 rg BT 554.49 438.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 427.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 97.97 427.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.94 427.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 154.43 427.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 186.40 427.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.85 427.25 Td (an ) Tj ET Q q 0 0 0 rg BT 207.82 427.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 231.28 427.25 Td (so ) Tj ET Q q 0 0 0 rg BT 242.74 427.25 Td (as ) Tj ET Q q 0 0 0 rg BT 254.20 427.25 Td (to ) Tj ET Q q 0 0 0 rg BT 263.66 427.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 290.14 427.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 323.61 427.25 Td (from ) Tj ET Q q 0 0 0 rg BT 343.57 427.25 Td (its ) Tj ET Q q 0 0 0 rg BT 354.52 427.25 Td (activities. ) Tj ET Q q 0 0 0 rg BT 393.10 427.25 Td (All ) Tj ET Q q 0 0 0 rg BT 405.05 427.25 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 461.03 427.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 499.01 427.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.98 427.25 Td (transactions, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 416.45 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 416.45 Td (any ) Tj ET Q q 0 0 0 rg BT 97.53 416.45 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 141.56 416.45 Td (income ) Tj ET Q q 0 0 0 rg BT 173.07 416.45 Td (and ) Tj ET Q q 0 0 0 rg BT 190.59 416.45 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 234.11 416.45 Td (arising ) Tj ET Q q 0 0 0 rg BT 263.13 416.45 Td (from ) Tj ET Q q 0 0 0 rg BT 283.63 416.45 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 340.15 416.45 Td (transactions ) Tj ET Q q 0 0 0 rg BT 391.18 416.45 Td (are ) Tj ET Q q 0 0 0 rg BT 406.69 416.45 Td (eliminated ) Tj ET Q q 0 0 0 rg BT 450.21 416.45 Td (in ) Tj ET Q q 0 0 0 rg BT 459.72 416.45 Td (full. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 399.65 Td (Many ) Tj ET Q q 0 0 0 rg BT 87.39 399.65 Td (of ) Tj ET Q q 0 0 0 rg BT 97.29 399.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 145.41 399.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 156.80 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 174.21 399.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 204.11 399.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 221.01 399.65 Td (activities ) Tj ET Q q 0 0 0 rg BT 257.90 399.65 Td (involve ) Tj ET Q q 0 0 0 rg BT 288.30 399.65 Td (jointly ) Tj ET Q q 0 0 0 rg BT 313.70 399.65 Td (controlled ) Tj ET Q q 0 0 0 rg BT 355.11 399.65 Td (assets. ) Tj ET Q q 0 0 0 rg BT 385.85 399.65 Td (The ) Tj ET Q q 0 0 0 rg BT 403.74 399.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 456.67 399.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 492.07 399.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 538.48 399.65 Td (include ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 388.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.24 388.85 Td (share ) Tj ET Q q 0 0 0 rg BT 136.26 388.85 Td (of ) Tj ET Q q 0 0 0 rg BT 146.26 388.85 Td (these ) Tj ET Q q 0 0 0 rg BT 170.78 388.85 Td (jointly ) Tj ET Q q 0 0 0 rg BT 196.29 388.85 Td (controlled ) Tj ET Q q 0 0 0 rg BT 237.81 388.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 266.33 388.85 Td (and ) Tj ET Q q 0 0 0 rg BT 283.84 388.85 Td (a ) Tj ET Q q 0 0 0 rg BT 291.35 388.85 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 346.89 388.85 Td (share ) Tj ET Q q 0 0 0 rg BT 371.90 388.85 Td (of ) Tj ET Q q 0 0 0 rg BT 381.91 388.85 Td (the ) Tj ET Q q 0 0 0 rg BT 396.92 388.85 Td (relevant ) Tj ET Q q 0 0 0 rg BT 431.44 388.85 Td (revenue ) Tj ET Q q 0 0 0 rg BT 466.46 388.85 Td (and ) Tj ET Q q 0 0 0 rg BT 483.98 388.85 Td (related ) Tj ET Q q 0 0 0 rg BT 514.00 388.85 Td (costs.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 372.05 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 98.50 372.05 Td (currency) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 358.25 Td (Monetary ) Tj ET Q q 0 0 0 rg BT 102.82 358.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 131.14 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 148.46 358.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 184.78 358.25 Td (denominated ) Tj ET Q q 0 0 0 rg BT 239.13 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 248.44 358.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 278.26 358.25 Td (currencies ) Tj ET Q q 0 0 0 rg BT 322.08 358.25 Td (are ) Tj ET Q q 0 0 0 rg BT 337.40 358.25 Td (translated ) Tj ET Q q 0 0 0 rg BT 379.23 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.04 358.25 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 429.88 358.25 Td (dollars ) Tj ET Q q 0 0 0 rg BT 458.70 358.25 Td (at ) Tj ET Q q 0 0 0 rg BT 468.51 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 483.33 358.25 Td (period ) Tj ET Q q 0 0 0 rg BT 510.65 358.25 Td (end ) Tj ET Q q 0 0 0 rg BT 527.97 358.25 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 347.45 Td (rate. ) Tj ET Q q 0 0 0 rg BT 83.44 347.45 Td (Non-monetary ) Tj ET Q q 0 0 0 rg BT 142.89 347.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 171.33 347.45 Td (and ) Tj ET Q q 0 0 0 rg BT 188.78 347.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 225.22 347.45 Td (denominated ) Tj ET Q q 0 0 0 rg BT 279.69 347.45 Td (in ) Tj ET Q q 0 0 0 rg BT 289.13 347.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 319.07 347.45 Td (currencies ) Tj ET Q q 0 0 0 rg BT 363.02 347.45 Td (that ) Tj ET Q q 0 0 0 rg BT 380.46 347.45 Td (are ) Tj ET Q q 0 0 0 rg BT 395.90 347.45 Td (measured ) Tj ET Q q 0 0 0 rg BT 438.35 347.45 Td (at ) Tj ET Q q 0 0 0 rg BT 448.28 347.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.22 347.45 Td (value ) Tj ET Q q 0 0 0 rg BT 487.16 347.45 Td (are ) Tj ET Q q 0 0 0 rg BT 502.60 347.45 Td (translated ) Tj ET Q q 0 0 0 rg BT 544.55 347.45 Td (to ) Tj ET Q q 0 0 0 rg BT 554.49 347.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 336.65 Td (functional ) Tj ET Q q 0 0 0 rg BT 104.07 336.65 Td (currency ) Tj ET Q q 0 0 0 rg BT 141.13 336.65 Td (at ) Tj ET Q q 0 0 0 rg BT 151.18 336.65 Td (the ) Tj ET Q q 0 0 0 rg BT 166.24 336.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 207.82 336.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 225.88 336.65 Td (at ) Tj ET Q q 0 0 0 rg BT 235.93 336.65 Td (the ) Tj ET Q q 0 0 0 rg BT 250.99 336.65 Td (date ) Tj ET Q q 0 0 0 rg BT 271.05 336.65 Td (that ) Tj ET Q q 0 0 0 rg BT 288.61 336.65 Td (the ) Tj ET Q q 0 0 0 rg BT 303.67 336.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 318.72 336.65 Td (value ) Tj ET Q q 0 0 0 rg BT 342.78 336.65 Td (was ) Tj ET Q q 0 0 0 rg BT 361.33 336.65 Td (determined. ) Tj ET Q q 0 0 0 rg BT 411.40 336.65 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 444.47 336.65 Td (currency ) Tj ET Q q 0 0 0 rg BT 481.52 336.65 Td (dif) Tj ET Q q 0 0 0 rg BT 490.87 336.65 Td (ferences ) Tj ET Q q 0 0 0 rg BT 527.93 336.65 Td (arising ) Tj ET Q q 0 0 0 rg BT 556.99 336.65 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 325.85 Td (translation ) Tj ET Q q 0 0 0 rg BT 107.02 325.85 Td (are ) Tj ET Q q 0 0 0 rg BT 122.53 325.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 169.06 325.85 Td (in ) Tj ET Q q 0 0 0 rg BT 178.57 325.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 201.08 325.85 Td (or ) Tj ET Q q 0 0 0 rg BT 211.58 325.85 Td (loss.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 309.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 104.51 309.05 Td (instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 292.25 Td (i. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 292.25 Td (Non-derivative ) Tj ET Q q 0 0 0 rg BT 141.53 292.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.05 292.25 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 275.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.98 275.45 Td (initially ) Tj ET Q q 0 0 0 rg BT 152.44 275.45 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 198.42 275.45 Td (loans, ) Tj ET Q q 0 0 0 rg BT 224.89 275.45 Td (receivables ) Tj ET Q q 0 0 0 rg BT 272.87 275.45 Td (and ) Tj ET Q q 0 0 0 rg BT 290.34 275.45 Td (deposits ) Tj ET Q q 0 0 0 rg BT 326.31 275.45 Td (on ) Tj ET Q q 0 0 0 rg BT 338.78 275.45 Td (the ) Tj ET Q q 0 0 0 rg BT 353.74 275.45 Td (date ) Tj ET Q q 0 0 0 rg BT 373.71 275.45 Td (that ) Tj ET Q q 0 0 0 rg BT 391.18 275.45 Td (they ) Tj ET Q q 0 0 0 rg BT 410.64 275.45 Td (are ) Tj ET Q q 0 0 0 rg BT 426.11 275.45 Td (originated. ) Tj ET Q q 0 0 0 rg BT 470.10 275.45 Td (All ) Tj ET Q q 0 0 0 rg BT 482.56 275.45 Td (other ) Tj ET Q q 0 0 0 rg BT 505.53 275.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 541.00 275.45 Td (assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 264.65 Td (\(including ) Tj ET Q q 0 0 0 rg BT 120.98 264.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.45 264.65 Td (designated ) Tj ET Q q 0 0 0 rg BT 193.95 264.65 Td (at ) Tj ET Q q 0 0 0 rg BT 202.92 264.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 216.88 264.65 Td (value ) Tj ET Q q 0 0 0 rg BT 239.86 264.65 Td (through ) Tj ET Q q 0 0 0 rg BT 271.84 264.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 293.31 264.65 Td (or ) Tj ET Q q 0 0 0 rg BT 302.77 264.65 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 323.24 264.65 Td (are ) Tj ET Q q 0 0 0 rg BT 337.71 264.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 383.19 264.65 Td (initially ) Tj ET Q q 0 0 0 rg BT 411.66 264.65 Td (on ) Tj ET Q q 0 0 0 rg BT 423.13 264.65 Td (the ) Tj ET Q q 0 0 0 rg BT 437.11 264.65 Td (date ) Tj ET Q q 0 0 0 rg BT 456.08 264.65 Td (at ) Tj ET Q q 0 0 0 rg BT 465.05 264.65 Td (which ) Tj ET Q q 0 0 0 rg BT 489.52 264.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 530.50 264.65 Td (becomes ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 253.85 Td (a ) Tj ET Q q 0 0 0 rg BT 88.51 253.85 Td (party ) Tj ET Q q 0 0 0 rg BT 111.01 253.85 Td (to ) Tj ET Q q 0 0 0 rg BT 121.02 253.85 Td (the ) Tj ET Q q 0 0 0 rg BT 136.03 253.85 Td (contractual ) Tj ET Q q 0 0 0 rg BT 182.56 253.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 225.58 253.85 Td (of ) Tj ET Q q 0 0 0 rg BT 235.58 253.85 Td (the ) Tj ET Q q 0 0 0 rg BT 250.59 253.85 Td (instrument.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 237.05 Td (The ) Tj ET Q q 0 0 0 rg BT 99.63 237.05 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 149.77 237.05 Td (derecognizes ) Tj ET Q q 0 0 0 rg BT 206.43 237.05 Td (a ) Tj ET Q q 0 0 0 rg BT 214.55 237.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.69 237.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 275.32 237.05 Td (when ) Tj ET Q q 0 0 0 rg BT 299.96 237.05 Td (the ) Tj ET Q q 0 0 0 rg BT 315.59 237.05 Td (contractual ) Tj ET Q q 0 0 0 rg BT 362.73 237.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 387.86 237.05 Td (to ) Tj ET Q q 0 0 0 rg BT 398.49 237.05 Td (the ) Tj ET Q q 0 0 0 rg BT 414.12 237.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.25 237.05 Td (flows ) Tj ET Q q 0 0 0 rg BT 459.87 237.05 Td (from ) Tj ET Q q 0 0 0 rg BT 480.99 237.05 Td (the ) Tj ET Q q 0 0 0 rg BT 496.62 237.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 521.25 237.05 Td (expire, ) Tj ET Q q 0 0 0 rg BT 551.39 237.05 Td (or ) Tj ET Q q 0 0 0 rg BT 562.51 237.05 Td (it ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 226.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 118.50 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 133.50 226.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 158.00 226.25 Td (to ) Tj ET Q q 0 0 0 rg BT 167.99 226.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 199.49 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.49 226.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 261.00 226.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 282.50 226.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 305.49 226.25 Td (on ) Tj ET Q q 0 0 0 rg BT 317.99 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.99 226.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.50 226.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 392.50 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.99 226.25 Td (a ) Tj ET Q q 0 0 0 rg BT 409.49 226.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 456.00 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.49 226.25 Td (which ) Tj ET Q q 0 0 0 rg BT 490.99 226.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 543.01 226.25 Td (all ) Tj ET Q q 0 0 0 rg BT 554.50 226.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 215.45 Td (risks ) Tj ET Q q 0 0 0 rg BT 101.23 215.45 Td (and ) Tj ET Q q 0 0 0 rg BT 117.97 215.45 Td (rewards ) Tj ET Q q 0 0 0 rg BT 151.71 215.45 Td (of ) Tj ET Q q 0 0 0 rg BT 160.95 215.45 Td (ownership ) Tj ET Q q 0 0 0 rg BT 203.70 215.45 Td (of ) Tj ET Q q 0 0 0 rg BT 212.94 215.45 Td (the ) Tj ET Q q 0 0 0 rg BT 227.18 215.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 261.93 215.45 Td (asset ) Tj ET Q q 0 0 0 rg BT 285.17 215.45 Td (are ) Tj ET Q q 0 0 0 rg BT 299.91 215.45 Td (transferred.) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 345.93 219.74 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 347.05 215.45 Td (Any ) Tj ET Q q 0 0 0 rg BT 364.29 215.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 395.53 215.45 Td (in ) Tj ET Q q 0 0 0 rg BT 404.27 215.45 Td (transferred ) Tj ET Q q 0 0 0 rg BT 449.52 215.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 484.27 215.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 512.01 215.45 Td (that ) Tj ET Q q 0 0 0 rg BT 528.75 215.45 Td (is ) Tj ET Q q 0 0 0 rg BT 536.98 215.45 Td (created ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 204.65 Td (or ) Tj ET Q q 0 0 0 rg BT 91.50 204.65 Td (retained ) Tj ET Q q 0 0 0 rg BT 126.53 204.65 Td (by ) Tj ET Q q 0 0 0 rg BT 138.53 204.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 180.56 204.65 Td (is ) Tj ET Q q 0 0 0 rg BT 189.56 204.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 236.09 204.65 Td (as ) Tj ET Q q 0 0 0 rg BT 248.09 204.65 Td (a ) Tj ET Q q 0 0 0 rg BT 255.60 204.65 Td (separate ) Tj ET Q q 0 0 0 rg BT 293.12 204.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 317.14 204.65 Td (or ) Tj ET Q q 0 0 0 rg BT 327.64 204.65 Td (liability) Tj ET Q q 0 0 0 rg BT 353.98 204.65 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 187.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.37 187.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 147.74 187.85 Td (and ) Tj ET Q q 0 0 0 rg BT 165.11 187.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 201.47 187.85 Td (are ) Tj ET Q q 0 0 0 rg BT 216.84 187.85 Td (of) Tj ET Q q 0 0 0 rg BT 224.18 187.85 Td (fset ) Tj ET Q q 0 0 0 rg BT 241.04 187.85 Td (and ) Tj ET Q q 0 0 0 rg BT 258.41 187.85 Td (the ) Tj ET Q q 0 0 0 rg BT 273.28 187.85 Td (net ) Tj ET Q q 0 0 0 rg BT 288.14 187.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 320.51 187.85 Td (is ) Tj ET Q q 0 0 0 rg BT 329.37 187.85 Td (presented ) Tj ET Q q 0 0 0 rg BT 371.75 187.85 Td (in ) Tj ET Q q 0 0 0 rg BT 381.11 187.85 Td (the ) Tj ET Q q 0 0 0 rg BT 395.98 187.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 437.85 187.85 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 187.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 500.60 187.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 535.97 187.85 Td (position ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 177.05 Td (when, ) Tj ET Q q 0 0 0 rg BT 107.03 177.05 Td (and ) Tj ET Q q 0 0 0 rg BT 124.06 177.05 Td (only ) Tj ET Q q 0 0 0 rg BT 142.59 177.05 Td (when, ) Tj ET Q q 0 0 0 rg BT 168.62 177.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 210.16 177.05 Td (has ) Tj ET Q q 0 0 0 rg BT 226.69 177.05 Td (a ) Tj ET Q q 0 0 0 rg BT 233.71 177.05 Td (legal ) Tj ET Q q 0 0 0 rg BT 254.74 177.05 Td (right ) Tj ET Q q 0 0 0 rg BT 274.26 177.05 Td (to ) Tj ET Q q 0 0 0 rg BT 283.78 177.05 Td (of) Tj ET Q q 0 0 0 rg BT 291.13 177.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 307.65 177.05 Td (the ) Tj ET Q q 0 0 0 rg BT 322.18 177.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 358.71 177.05 Td (and ) Tj ET Q q 0 0 0 rg BT 375.74 177.05 Td (intends ) Tj ET Q q 0 0 0 rg BT 406.78 177.05 Td (either ) Tj ET Q q 0 0 0 rg BT 431.31 177.05 Td (to ) Tj ET Q q 0 0 0 rg BT 440.83 177.05 Td (settle ) Tj ET Q q 0 0 0 rg BT 464.36 177.05 Td (on ) Tj ET Q q 0 0 0 rg BT 476.38 177.05 Td (a ) Tj ET Q q 0 0 0 rg BT 483.40 177.05 Td (net ) Tj ET Q q 0 0 0 rg BT 497.93 177.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 520.96 177.05 Td (or ) Tj ET Q q 0 0 0 rg BT 530.98 177.05 Td (to ) Tj ET Q q 0 0 0 rg BT 540.50 177.05 Td (realize ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.01 166.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 120.02 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 137.54 166.25 Td (settle ) Tj ET Q q 0 0 0 rg BT 161.55 166.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.56 166.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 206.07 166.25 Td (simultaneously) Tj ET Q q 0 0 0 rg BT 264.93 166.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 149.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.01 149.45 Td (classifies ) Tj ET Q q 0 0 0 rg BT 162.00 149.45 Td (non-derivative ) Tj ET Q q 0 0 0 rg BT 221.02 149.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.52 149.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.01 149.45 Td (into ) Tj ET Q q 0 0 0 rg BT 302.01 149.45 Td (the ) Tj ET Q q 0 0 0 rg BT 317.00 149.45 Td (following ) Tj ET Q q 0 0 0 rg BT 354.51 149.45 Td (categories: ) Tj ET Q q 0 0 0 rg BT 401.01 149.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.52 149.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 465.01 149.45 Td (at ) Tj ET Q q 0 0 0 rg BT 475.00 149.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 489.99 149.45 Td (value ) Tj ET Q q 0 0 0 rg BT 513.99 149.45 Td (through ) Tj ET Q q 0 0 0 rg BT 546.99 149.45 Td (profit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 138.65 Td (or ) Tj ET Q q 0 0 0 rg BT 91.50 138.65 Td (loss, ) Tj ET Q q 0 0 0 rg BT 112.51 138.65 Td (held-to-maturity ) Tj ET Q q 0 0 0 rg BT 177.53 138.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 213.05 138.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 244.06 138.65 Td (loans ) Tj ET Q q 0 0 0 rg BT 268.08 138.65 Td (and ) Tj ET Q q 0 0 0 rg BT 285.60 138.65 Td (receivables ) Tj ET Q q 0 0 0 rg BT 333.62 138.65 Td (and ) Tj ET Q q 0 0 0 rg BT 351.14 138.65 Td (available-for-sale ) Tj ET Q q 0 0 0 rg BT 422.17 138.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 457.69 138.65 Td (assets.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 121.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.52 121.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.03 121.85 Td (at ) Tj ET Q q 0 0 0 rg BT 158.04 121.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 173.04 121.85 Td (value ) Tj ET Q q 0 0 0 rg BT 197.06 121.85 Td (through ) Tj ET Q q 0 0 0 rg BT 230.08 121.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 252.59 121.85 Td (or ) Tj ET Q q 0 0 0 rg BT 263.09 121.85 Td (loss ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 108.05 Td (A) Tj ET Q q 0 0 0 rg BT 86.51 108.05 Td ( ) Tj ET Q q 0 0 0 rg BT 89.10 108.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 124.72 108.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 148.82 108.05 Td (is ) Tj ET Q q 0 0 0 rg BT 157.92 108.05 Td (classified ) Tj ET Q q 0 0 0 rg BT 197.53 108.05 Td (at ) Tj ET Q q 0 0 0 rg BT 207.63 108.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.72 108.05 Td (value ) Tj ET Q q 0 0 0 rg BT 246.83 108.05 Td (through ) Tj ET Q q 0 0 0 rg BT 279.95 108.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 302.56 108.05 Td (or ) Tj ET Q q 0 0 0 rg BT 313.15 108.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 331.75 108.05 Td (if ) Tj ET Q q 0 0 0 rg BT 338.85 108.05 Td (it ) Tj ET Q q 0 0 0 rg BT 345.94 108.05 Td (is ) Tj ET Q q 0 0 0 rg BT 355.04 108.05 Td (classified ) Tj ET Q q 0 0 0 rg BT 394.65 108.05 Td (as ) Tj ET Q q 0 0 0 rg BT 406.75 108.05 Td (held ) Tj ET Q q 0 0 0 rg BT 426.36 108.05 Td (for ) Tj ET Q q 0 0 0 rg BT 439.46 108.05 Td (trading ) Tj ET Q q 0 0 0 rg BT 469.57 108.05 Td (or ) Tj ET Q q 0 0 0 rg BT 480.17 108.05 Td (is ) Tj ET Q q 0 0 0 rg BT 489.26 108.05 Td (designated ) Tj ET Q q 0 0 0 rg BT 535.89 108.05 Td (as ) Tj ET Q q 0 0 0 rg BT 547.99 108.05 Td (such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 97.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 104.77 97.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 129.03 97.25 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 179.31 97.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 219.08 97.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.84 97.25 Td (are ) Tj ET Q q 0 0 0 rg BT 265.59 97.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 313.38 97.25 Td (at ) Tj ET Q q 0 0 0 rg BT 324.64 97.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 340.89 97.25 Td (value ) Tj ET Q q 0 0 0 rg BT 366.15 97.25 Td (through ) Tj ET Q q 0 0 0 rg BT 400.43 97.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 424.19 97.25 Td (or ) Tj ET Q q 0 0 0 rg BT 435.94 97.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 455.69 97.25 Td (if ) Tj ET Q q 0 0 0 rg BT 463.94 97.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 507.21 97.25 Td (manages ) Tj ET Q q 0 0 0 rg BT 547.99 97.25 Td (such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 86.45 Td (investments ) Tj ET Q q 0 0 0 rg BT 131.49 86.45 Td (and ) Tj ET Q q 0 0 0 rg BT 148.97 86.45 Td (makes ) Tj ET Q q 0 0 0 rg BT 177.95 86.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 217.45 86.45 Td (and ) Tj ET Q q 0 0 0 rg BT 234.93 86.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 253.91 86.45 Td (decisions ) Tj ET Q q 0 0 0 rg BT 293.90 86.45 Td (based ) Tj ET Q q 0 0 0 rg BT 320.89 86.45 Td (on ) Tj ET Q q 0 0 0 rg BT 333.37 86.45 Td (their ) Tj ET Q q 0 0 0 rg BT 353.35 86.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.32 86.45 Td (value ) Tj ET Q q 0 0 0 rg BT 392.31 86.45 Td (in ) Tj ET Q q 0 0 0 rg BT 401.78 86.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 450.78 86.45 Td (with ) Tj ET Q q 0 0 0 rg BT 469.26 86.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 517.47 86.45 Td (documented ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 75.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 97.50 75.65 Td (management ) Tj ET Q q 0 0 0 rg BT 152.53 75.65 Td (or ) Tj ET Q q 0 0 0 rg BT 163.03 75.65 Td (investment ) Tj ET Q q 0 0 0 rg BT 209.05 75.65 Td (strategy) Tj ET Q q 0 0 0 rg BT 240.40 75.65 Td (. ) Tj ET Q q 0 0 0 rg BT 244.90 75.65 Td (Attributable ) Tj ET Q q 0 0 0 rg BT 292.93 75.65 Td (transaction ) Tj ET Q q 0 0 0 rg BT 339.46 75.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 362.96 75.65 Td (are ) Tj ET Q q 0 0 0 rg BT 378.47 75.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 425.00 75.65 Td (in ) Tj ET Q q 0 0 0 rg BT 434.50 75.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 457.01 75.65 Td (or ) Tj ET Q q 0 0 0 rg BT 467.52 75.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 486.02 75.65 Td (as ) Tj ET Q q 0 0 0 rg BT 498.03 75.65 Td (incurred. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 61.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 120.03 61.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 149.05 61.85 Td (at ) Tj ET Q q 0 0 0 rg BT 159.57 61.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 175.09 61.85 Td (value ) Tj ET Q q 0 0 0 rg BT 199.61 61.85 Td (through ) Tj ET Q q 0 0 0 rg BT 233.15 61.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 256.17 61.85 Td (or ) Tj ET Q q 0 0 0 rg BT 267.19 61.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 286.20 61.85 Td (are ) Tj ET Q q 0 0 0 rg BT 302.22 61.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 345.26 61.85 Td (at ) Tj ET Q q 0 0 0 rg BT 355.77 61.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 371.29 61.85 Td (value ) Tj ET Q q 0 0 0 rg BT 395.82 61.85 Td (and ) Tj ET Q q 0 0 0 rg BT 413.84 61.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 450.88 61.85 Td (therein ) Tj ET Q q 0 0 0 rg BT 481.41 61.85 Td (are ) Tj ET Q q 0 0 0 rg BT 497.43 61.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.48 61.85 Td (in ) Tj ET Q q 0 0 0 rg BT 554.49 61.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 51.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 134.04 51.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 176.06 51.05 Td (of ) Tj ET Q q 0 0 0 rg BT 186.06 51.05 Td (income.) Tj ET Q endstream endobj 67 0 obj <> endobj 68 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 33) Tj ET Q BT /F1 10.00 Tf ET BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 742.45 Td (Loans ) Tj ET Q q 0 0 0 rg BT 108.02 742.45 Td (and ) Tj ET Q q 0 0 0 rg BT 125.54 742.45 Td (receivables ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 728.65 Td (Loans ) Tj ET Q q 0 0 0 rg BT 107.40 728.65 Td (and ) Tj ET Q q 0 0 0 rg BT 124.30 728.65 Td (receivables ) Tj ET Q q 0 0 0 rg BT 171.70 728.65 Td (are ) Tj ET Q q 0 0 0 rg BT 186.59 728.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.49 728.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 249.38 728.65 Td (with ) Tj ET Q q 0 0 0 rg BT 267.27 728.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 288.16 728.65 Td (or ) Tj ET Q q 0 0 0 rg BT 298.04 728.65 Td (determinable ) Tj ET Q q 0 0 0 rg BT 351.95 728.65 Td (payments ) Tj ET Q q 0 0 0 rg BT 392.85 728.65 Td (that ) Tj ET Q q 0 0 0 rg BT 409.74 728.65 Td (are ) Tj ET Q q 0 0 0 rg BT 424.63 728.65 Td (not ) Tj ET Q q 0 0 0 rg BT 439.02 728.65 Td (quoted ) Tj ET Q q 0 0 0 rg BT 468.43 728.65 Td (in ) Tj ET Q q 0 0 0 rg BT 477.32 728.65 Td (an ) Tj ET Q q 0 0 0 rg BT 489.21 728.65 Td (active ) Tj ET Q q 0 0 0 rg BT 514.60 728.65 Td (market. ) Tj ET Q q 0 0 0 rg BT 546.49 728.65 Td (Such ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 717.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 109.53 717.85 Td (are ) Tj ET Q q 0 0 0 rg BT 125.05 717.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 171.59 717.85 Td (initially ) Tj ET Q q 0 0 0 rg BT 201.12 717.85 Td (at ) Tj ET Q q 0 0 0 rg BT 211.14 717.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 226.16 717.85 Td (value ) Tj ET Q q 0 0 0 rg BT 250.19 717.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 269.21 717.85 Td (any ) Tj ET Q q 0 0 0 rg BT 286.24 717.85 Td (directly ) Tj ET Q q 0 0 0 rg BT 317.26 717.85 Td (attributable ) Tj ET Q q 0 0 0 rg BT 364.31 717.85 Td (transaction ) Tj ET Q q 0 0 0 rg BT 410.84 717.85 Td (costs. ) Tj ET Q q 0 0 0 rg BT 436.87 717.85 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 487.42 717.85 Td (to ) Tj ET Q q 0 0 0 rg BT 497.44 717.85 Td (initial ) Tj ET Q q 0 0 0 rg BT 520.47 717.85 Td (recognition, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 707.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 105.02 707.05 Td (and ) Tj ET Q q 0 0 0 rg BT 122.53 707.05 Td (receivables ) Tj ET Q q 0 0 0 rg BT 170.56 707.05 Td (are ) Tj ET Q q 0 0 0 rg BT 186.06 707.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 228.59 707.05 Td (at ) Tj ET Q q 0 0 0 rg BT 238.59 707.05 Td (amortized ) Tj ET Q q 0 0 0 rg BT 280.61 707.05 Td (cost ) Tj ET Q q 0 0 0 rg BT 299.61 707.05 Td (using ) Tj ET Q q 0 0 0 rg BT 323.63 707.05 Td (the ) Tj ET Q q 0 0 0 rg BT 338.64 707.05 Td (ef) Tj ET Q q 0 0 0 rg BT 345.99 707.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 374.50 707.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 406.51 707.05 Td (method, ) Tj ET Q q 0 0 0 rg BT 441.53 707.05 Td (less ) Tj ET Q q 0 0 0 rg BT 460.04 707.05 Td (any ) Tj ET Q q 0 0 0 rg BT 477.05 707.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 524.06 707.05 Td (losses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 690.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 108.02 690.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.54 690.25 Td (receivables ) Tj ET Q q 0 0 0 rg BT 173.56 690.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 212.57 690.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.58 690.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 244.09 690.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.61 690.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 283.12 690.25 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 333.65 690.25 Td (and ) Tj ET Q q 0 0 0 rg BT 351.17 690.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 374.18 690.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.70 690.25 Td (other ) Tj ET Q q 0 0 0 rg BT 414.71 690.25 Td (receivables. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 81.00 673.45 Td (Cash ) Tj ET Q q 0 0 0 rg BT 104.51 673.45 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 673.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.54 673.45 Td (equivalents) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 659.65 Td (Cash ) Tj ET Q q 0 0 0 rg BT 104.51 659.65 Td (and ) Tj ET Q q 0 0 0 rg BT 122.03 659.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 143.54 659.65 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 191.57 659.65 Td (comprise ) Tj ET Q q 0 0 0 rg BT 230.58 659.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 252.09 659.65 Td (balances ) Tj ET Q q 0 0 0 rg BT 290.62 659.65 Td (and ) Tj ET Q q 0 0 0 rg BT 308.14 659.65 Td (call ) Tj ET Q q 0 0 0 rg BT 324.14 659.65 Td (deposits ) Tj ET Q q 0 0 0 rg BT 360.16 659.65 Td (with ) Tj ET Q q 0 0 0 rg BT 378.67 659.65 Td (original ) Tj ET Q q 0 0 0 rg BT 410.19 659.65 Td (maturities ) Tj ET Q q 0 0 0 rg BT 451.70 659.65 Td (of ) Tj ET Q q 0 0 0 rg BT 461.70 659.65 Td (three ) Tj ET Q q 0 0 0 rg BT 484.72 659.65 Td (months ) Tj ET Q q 0 0 0 rg BT 516.73 659.65 Td (or ) Tj ET Q q 0 0 0 rg BT 527.23 659.65 Td (less.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 642.85 Td (ii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 642.85 Td (Non-derivative ) Tj ET Q q 0 0 0 rg BT 141.53 642.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 177.05 642.85 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 626.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 122.65 626.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 151.78 626.05 Td (recognizes ) Tj ET Q q 0 0 0 rg BT 197.43 626.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 217.08 626.05 Td (securities ) Tj ET Q q 0 0 0 rg BT 257.21 626.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 285.35 626.05 Td (and ) Tj ET Q q 0 0 0 rg BT 302.50 626.05 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 356.66 626.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 392.80 626.05 Td (on ) Tj ET Q q 0 0 0 rg BT 404.94 626.05 Td (the ) Tj ET Q q 0 0 0 rg BT 419.57 626.05 Td (date ) Tj ET Q q 0 0 0 rg BT 439.22 626.05 Td (that ) Tj ET Q q 0 0 0 rg BT 456.35 626.05 Td (they ) Tj ET Q q 0 0 0 rg BT 475.49 626.05 Td (are ) Tj ET Q q 0 0 0 rg BT 490.62 626.05 Td (originated. ) Tj ET Q q 0 0 0 rg BT 534.36 626.05 Td (All ) Tj ET Q q 0 0 0 rg BT 546.48 626.05 Td (other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 615.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 116.17 615.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 152.34 615.25 Td (\(including ) Tj ET Q q 0 0 0 rg BT 193.01 615.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 229.18 615.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 275.37 615.25 Td (at ) Tj ET Q q 0 0 0 rg BT 285.03 615.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 299.68 615.25 Td (value ) Tj ET Q q 0 0 0 rg BT 323.35 615.25 Td (through ) Tj ET Q q 0 0 0 rg BT 356.03 615.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 378.19 615.25 Td (or ) Tj ET Q q 0 0 0 rg BT 388.34 615.25 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 409.50 615.25 Td (are ) Tj ET Q q 0 0 0 rg BT 424.66 615.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 470.84 615.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 500.00 615.25 Td (on ) Tj ET Q q 0 0 0 rg BT 512.16 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.83 615.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 549.49 615.25 Td (date ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 604.45 Td (at ) Tj ET Q q 0 0 0 rg BT 91.01 604.45 Td (which ) Tj ET Q q 0 0 0 rg BT 116.52 604.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 158.54 604.45 Td (becomes ) Tj ET Q q 0 0 0 rg BT 197.56 604.45 Td (a ) Tj ET Q q 0 0 0 rg BT 205.07 604.45 Td (party ) Tj ET Q q 0 0 0 rg BT 227.58 604.45 Td (to ) Tj ET Q q 0 0 0 rg BT 237.58 604.45 Td (the ) Tj ET Q q 0 0 0 rg BT 252.59 604.45 Td (contractual ) Tj ET Q q 0 0 0 rg BT 299.12 604.45 Td (provisions ) Tj ET Q q 0 0 0 rg BT 342.14 604.45 Td (of ) Tj ET Q q 0 0 0 rg BT 352.14 604.45 Td (the ) Tj ET Q q 0 0 0 rg BT 367.15 604.45 Td (instrument.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 587.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.02 587.65 Td (derecognizes ) Tj ET Q q 0 0 0 rg BT 179.06 587.65 Td (a ) Tj ET Q q 0 0 0 rg BT 186.57 587.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 222.09 587.65 Td (liability ) Tj ET Q q 0 0 0 rg BT 251.60 587.65 Td (when ) Tj ET Q q 0 0 0 rg BT 275.61 587.65 Td (its ) Tj ET Q q 0 0 0 rg BT 287.11 587.65 Td (contractual ) Tj ET Q q 0 0 0 rg BT 333.64 587.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 379.17 587.65 Td (are ) Tj ET Q q 0 0 0 rg BT 394.68 587.65 Td (discharged, ) Tj ET Q q 0 0 0 rg BT 443.71 587.65 Td (cancelled ) Tj ET Q q 0 0 0 rg BT 484.23 587.65 Td (or ) Tj ET Q q 0 0 0 rg BT 494.74 587.65 Td (expired. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 570.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.02 570.85 Td (classifies ) Tj ET Q q 0 0 0 rg BT 162.02 570.85 Td (non-derivative ) Tj ET Q q 0 0 0 rg BT 221.05 570.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.56 570.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 293.07 570.85 Td (into ) Tj ET Q q 0 0 0 rg BT 310.08 570.85 Td (the ) Tj ET Q q 0 0 0 rg BT 325.08 570.85 Td (other ) Tj ET Q q 0 0 0 rg BT 348.09 570.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 383.60 570.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 420.11 570.85 Td (category) Tj ET Q q 0 0 0 rg BT 453.96 570.85 Td (. ) Tj ET Q q 0 0 0 rg BT 458.96 570.85 Td (Such ) Tj ET Q q 0 0 0 rg BT 481.96 570.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 517.48 570.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 553.99 570.85 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 560.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 126.54 560.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 155.07 560.05 Td (at ) Tj ET Q q 0 0 0 rg BT 164.09 560.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 178.11 560.05 Td (value ) Tj ET Q q 0 0 0 rg BT 201.14 560.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 219.16 560.05 Td (any ) Tj ET Q q 0 0 0 rg BT 235.19 560.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 265.21 560.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 311.26 560.05 Td (transaction ) Tj ET Q q 0 0 0 rg BT 356.80 560.05 Td (costs. ) Tj ET Q q 0 0 0 rg BT 381.82 560.05 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 431.37 560.05 Td (to ) Tj ET Q q 0 0 0 rg BT 440.39 560.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 462.42 560.05 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 510.46 560.05 Td (these ) Tj ET Q q 0 0 0 rg BT 533.99 560.05 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 549.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 117.51 549.25 Td (are ) Tj ET Q q 0 0 0 rg BT 133.02 549.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 175.54 549.25 Td (at ) Tj ET Q q 0 0 0 rg BT 185.55 549.25 Td (amortized ) Tj ET Q q 0 0 0 rg BT 227.57 549.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 246.57 549.25 Td (using ) Tj ET Q q 0 0 0 rg BT 270.59 549.25 Td (the ) Tj ET Q q 0 0 0 rg BT 285.60 549.25 Td (ef) Tj ET Q q 0 0 0 rg BT 292.94 549.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 321.46 549.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 353.47 549.25 Td (method.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 532.45 Td (Other ) Tj ET Q q 0 0 0 rg BT 106.01 532.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.53 532.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 178.04 532.45 Td (comprise ) Tj ET Q q 0 0 0 rg BT 217.05 532.45 Td (loans ) Tj ET Q q 0 0 0 rg BT 241.07 532.45 Td (and ) Tj ET Q q 0 0 0 rg BT 258.59 532.45 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 307.61 532.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 329.63 532.45 Td (overdrafts, ) Tj ET Q q 0 0 0 rg BT 374.64 532.45 Td (and ) Tj ET Q q 0 0 0 rg BT 392.16 532.45 Td (trade ) Tj ET Q q 0 0 0 rg BT 415.17 532.45 Td (and ) Tj ET Q q 0 0 0 rg BT 432.69 532.45 Td (other ) Tj ET Q q 0 0 0 rg BT 455.70 532.45 Td (payables.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 515.65 Td (Bank ) Tj ET Q q 0 0 0 rg BT 104.10 515.65 Td (overdrafts ) Tj ET Q q 0 0 0 rg BT 146.70 515.65 Td (that ) Tj ET Q q 0 0 0 rg BT 164.29 515.65 Td (are ) Tj ET Q q 0 0 0 rg BT 179.88 515.65 Td (repayable ) Tj ET Q q 0 0 0 rg BT 222.00 515.65 Td (on ) Tj ET Q q 0 0 0 rg BT 234.59 515.65 Td (demand ) Tj ET Q q 0 0 0 rg BT 269.70 515.65 Td (and ) Tj ET Q q 0 0 0 rg BT 287.30 515.65 Td (form ) Tj ET Q q 0 0 0 rg BT 307.88 515.65 Td (an ) Tj ET Q q 0 0 0 rg BT 320.48 515.65 Td (integral ) Tj ET Q q 0 0 0 rg BT 352.58 515.65 Td (part ) Tj ET Q q 0 0 0 rg BT 370.67 515.65 Td (of ) Tj ET Q q 0 0 0 rg BT 380.76 515.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 429.08 515.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 450.68 515.65 Td (management ) Tj ET Q q 0 0 0 rg BT 505.79 515.65 Td (are ) Tj ET Q q 0 0 0 rg BT 521.39 515.65 Td (included ) Tj ET Q q 0 0 0 rg BT 557.49 515.65 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 504.85 Td (a ) Tj ET Q q 0 0 0 rg BT 88.51 504.85 Td (component ) Tj ET Q q 0 0 0 rg BT 135.54 504.85 Td (of ) Tj ET Q q 0 0 0 rg BT 145.54 504.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 167.05 504.85 Td (and ) Tj ET Q q 0 0 0 rg BT 184.57 504.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 206.08 504.85 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 254.11 504.85 Td (for ) Tj ET Q q 0 0 0 rg BT 267.12 504.85 Td (the ) Tj ET Q q 0 0 0 rg BT 282.13 504.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 317.15 504.85 Td (of ) Tj ET Q q 0 0 0 rg BT 327.16 504.85 Td (the ) Tj ET Q q 0 0 0 rg BT 342.17 504.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 395.21 504.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 437.23 504.85 Td (of ) Tj ET Q q 0 0 0 rg BT 447.24 504.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 468.75 504.85 Td (flows. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 488.05 Td (iii. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 488.05 Td (Derivative ) Tj ET Q q 0 0 0 rg BT 123.51 488.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.03 488.05 Td (instruments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 471.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 124.22 471.25 Td (has ) Tj ET Q q 0 0 0 rg BT 142.42 471.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 176.64 471.25 Td (into ) Tj ET Q q 0 0 0 rg BT 194.84 471.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 225.55 471.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 262.26 471.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 304.48 471.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 344.68 471.25 Td (in ) Tj ET Q q 0 0 0 rg BT 355.38 471.25 Td (order ) Tj ET Q q 0 0 0 rg BT 380.08 471.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.28 471.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 427.50 471.25 Td (the ) Tj ET Q q 0 0 0 rg BT 443.71 471.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 484.42 471.25 Td (to ) Tj ET Q q 0 0 0 rg BT 495.62 471.25 Td (market ) Tj ET Q q 0 0 0 rg BT 526.82 471.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 549.01 471.25 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 460.45 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 129.93 460.45 Td (in ) Tj ET Q q 0 0 0 rg BT 140.34 460.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 187.26 460.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 214.67 460.45 Td (and ) Tj ET Q q 0 0 0 rg BT 233.09 460.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 264.02 460.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 306.45 460.45 Td (rates. ) Tj ET Q q 0 0 0 rg BT 332.15 460.45 Td (These ) Tj ET Q q 0 0 0 rg BT 360.56 460.45 Td (instruments ) Tj ET Q q 0 0 0 rg BT 410.49 460.45 Td (are ) Tj ET Q q 0 0 0 rg BT 426.90 460.45 Td (not ) Tj ET Q q 0 0 0 rg BT 442.82 460.45 Td (used ) Tj ET Q q 0 0 0 rg BT 465.74 460.45 Td (for ) Tj ET Q q 0 0 0 rg BT 479.65 460.45 Td (trading ) Tj ET Q q 0 0 0 rg BT 510.57 460.45 Td (or ) Tj ET Q q 0 0 0 rg BT 521.98 460.45 Td (speculative ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 449.65 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 122.20 449.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 163.41 449.65 Td (has ) Tj ET Q q 0 0 0 rg BT 179.60 449.65 Td (not ) Tj ET Q q 0 0 0 rg BT 193.79 449.65 Td (designated ) Tj ET Q q 0 0 0 rg BT 239.50 449.65 Td (its ) Tj ET Q q 0 0 0 rg BT 250.18 449.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.88 449.65 Td (derivative ) Tj ET Q q 0 0 0 rg BT 325.08 449.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 363.27 449.65 Td (as ) Tj ET Q q 0 0 0 rg BT 374.45 449.65 Td (ef) Tj ET Q q 0 0 0 rg BT 381.80 449.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 409.49 449.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 454.70 449.65 Td (hedges, ) Tj ET Q q 0 0 0 rg BT 488.40 449.65 Td (and ) Tj ET Q q 0 0 0 rg BT 505.10 449.65 Td (thus ) Tj ET Q q 0 0 0 rg BT 523.79 449.65 Td (not ) Tj ET Q q 0 0 0 rg BT 537.98 449.65 Td (applied ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 438.85 Td (hedge ) Tj ET Q q 0 0 0 rg BT 109.04 438.85 Td (accounting, ) Tj ET Q q 0 0 0 rg BT 158.09 438.85 Td (even ) Tj ET Q q 0 0 0 rg BT 180.62 438.85 Td (though ) Tj ET Q q 0 0 0 rg BT 211.16 438.85 Td (the ) Tj ET Q q 0 0 0 rg BT 226.69 438.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 276.73 438.85 Td (considers ) Tj ET Q q 0 0 0 rg BT 318.26 438.85 Td (all ) Tj ET Q q 0 0 0 rg BT 330.28 438.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 376.80 438.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 416.33 438.85 Td (and ) Tj ET Q q 0 0 0 rg BT 434.36 438.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 464.90 438.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 506.94 438.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 546.47 438.85 Td (to ) Tj ET Q q 0 0 0 rg BT 556.99 438.85 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 428.05 Td (economic ) Tj ET Q q 0 0 0 rg BT 122.16 428.05 Td (hedges. ) Tj ET Q q 0 0 0 rg BT 156.83 428.05 Td (Derivatives ) Tj ET Q q 0 0 0 rg BT 203.98 428.05 Td (are ) Tj ET Q q 0 0 0 rg BT 219.63 428.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 266.30 428.05 Td (initially ) Tj ET Q q 0 0 0 rg BT 295.95 428.05 Td (at ) Tj ET Q q 0 0 0 rg BT 306.10 428.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 321.24 428.05 Td (value ) Tj ET Q q 0 0 0 rg BT 345.40 428.05 Td (and ) Tj ET Q q 0 0 0 rg BT 363.05 428.05 Td (any ) Tj ET Q q 0 0 0 rg BT 380.21 428.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 427.38 428.05 Td (transaction ) Tj ET Q q 0 0 0 rg BT 474.04 428.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.69 428.05 Td (are ) Tj ET Q q 0 0 0 rg BT 513.34 428.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 560.01 428.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 417.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 103.73 417.25 Td (or ) Tj ET Q q 0 0 0 rg BT 114.45 417.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 133.18 417.25 Td (when ) Tj ET Q q 0 0 0 rg BT 157.41 417.25 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 195.15 417.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 245.91 417.25 Td (to ) Tj ET Q q 0 0 0 rg BT 256.14 417.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 279.36 417.25 Td (recognition, ) Tj ET Q q 0 0 0 rg BT 328.61 417.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 374.35 417.25 Td (are ) Tj ET Q q 0 0 0 rg BT 390.08 417.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 432.82 417.25 Td (at ) Tj ET Q q 0 0 0 rg BT 443.05 417.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 458.27 417.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 485.01 417.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.74 417.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 539.49 417.25 Td (therein ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 406.45 Td (are ) Tj ET Q q 0 0 0 rg BT 96.51 406.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 143.04 406.45 Td (immediately ) Tj ET Q q 0 0 0 rg BT 193.55 406.45 Td (in ) Tj ET Q q 0 0 0 rg BT 203.06 406.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 225.57 406.45 Td (or ) Tj ET Q q 0 0 0 rg BT 236.07 406.45 Td (loss. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 389.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 123.09 389.65 Td (has ) Tj ET Q q 0 0 0 rg BT 140.17 389.65 Td (accounted ) Tj ET Q q 0 0 0 rg BT 184.27 389.65 Td (for ) Tj ET Q q 0 0 0 rg BT 197.35 389.65 Td (its ) Tj ET Q q 0 0 0 rg BT 208.92 389.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 241.49 389.65 Td (physical ) Tj ET Q q 0 0 0 rg BT 276.58 389.65 Td (delivery ) Tj ET Q q 0 0 0 rg BT 310.16 389.65 Td (sales ) Tj ET Q q 0 0 0 rg BT 333.74 389.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 375.32 389.65 Td (which ) Tj ET Q q 0 0 0 rg BT 400.90 389.65 Td (were ) Tj ET Q q 0 0 0 rg BT 422.98 389.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 456.07 389.65 Td (into ) Tj ET Q q 0 0 0 rg BT 473.15 389.65 Td (and ) Tj ET Q q 0 0 0 rg BT 490.73 389.65 Td (continue ) Tj ET Q q 0 0 0 rg BT 527.33 389.65 Td (to ) Tj ET Q q 0 0 0 rg BT 537.40 389.65 Td (be ) Tj ET Q q 0 0 0 rg BT 549.98 389.65 Td (held ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 378.85 Td (for ) Tj ET Q q 0 0 0 rg BT 95.47 378.85 Td (the ) Tj ET Q q 0 0 0 rg BT 111.95 378.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 148.44 378.85 Td (of ) Tj ET Q q 0 0 0 rg BT 159.92 378.85 Td (receipt ) Tj ET Q q 0 0 0 rg BT 190.90 378.85 Td (or ) Tj ET Q q 0 0 0 rg BT 202.87 378.85 Td (delivery) Tj ET Q q 0 0 0 rg BT 233.21 378.85 Td (, ) Tj ET Q q 0 0 0 rg BT 239.68 378.85 Td (of ) Tj ET Q q 0 0 0 rg BT 251.16 378.85 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 306.16 378.85 Td (items ) Tj ET Q q 0 0 0 rg BT 331.63 378.85 Td (in ) Tj ET Q q 0 0 0 rg BT 342.60 378.85 Td (accordance ) Tj ET Q q 0 0 0 rg BT 393.10 378.85 Td (with ) Tj ET Q q 0 0 0 rg BT 413.07 378.85 Td (its ) Tj ET Q q 0 0 0 rg BT 426.04 378.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 466.54 378.85 Td (purchase, ) Tj ET Q q 0 0 0 rg BT 510.03 378.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 530.51 378.85 Td (or ) Tj ET Q q 0 0 0 rg BT 542.48 378.85 Td (usage ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 368.05 Td (requirements ) Tj ET Q q 0 0 0 rg BT 135.76 368.05 Td (as ) Tj ET Q q 0 0 0 rg BT 147.49 368.05 Td (executory ) Tj ET Q q 0 0 0 rg BT 188.74 368.05 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 229.55 368.05 Td (As ) Tj ET Q q 0 0 0 rg BT 242.28 368.05 Td (such, ) Tj ET Q q 0 0 0 rg BT 266.02 368.05 Td (these ) Tj ET Q q 0 0 0 rg BT 290.27 368.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 329.02 368.05 Td (are ) Tj ET Q q 0 0 0 rg BT 344.26 368.05 Td (not ) Tj ET Q q 0 0 0 rg BT 359.00 368.05 Td (considered ) Tj ET Q q 0 0 0 rg BT 405.26 368.05 Td (to ) Tj ET Q q 0 0 0 rg BT 415.00 368.05 Td (be ) Tj ET Q q 0 0 0 rg BT 427.24 368.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 467.99 368.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 503.25 368.05 Td (instruments ) Tj ET Q q 0 0 0 rg BT 551.99 368.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 357.25 Td (have ) Tj ET Q q 0 0 0 rg BT 102.58 357.25 Td (not ) Tj ET Q q 0 0 0 rg BT 117.16 357.25 Td (been ) Tj ET Q q 0 0 0 rg BT 139.25 357.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 176.84 357.25 Td (at ) Tj ET Q q 0 0 0 rg BT 186.41 357.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 200.98 357.25 Td (value ) Tj ET Q q 0 0 0 rg BT 224.56 357.25 Td (on ) Tj ET Q q 0 0 0 rg BT 236.64 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.22 357.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 303.82 357.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 345.41 357.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.98 357.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 390.07 357.25 Td (position. ) Tj ET Q q 0 0 0 rg BT 425.66 357.25 Td (Settlements ) Tj ET Q q 0 0 0 rg BT 475.25 357.25 Td (on ) Tj ET Q q 0 0 0 rg BT 487.32 357.25 Td (these ) Tj ET Q q 0 0 0 rg BT 511.41 357.25 Td (physical ) Tj ET Q q 0 0 0 rg BT 545.99 357.25 Td (sales ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 346.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 120.01 346.45 Td (are ) Tj ET Q q 0 0 0 rg BT 135.52 346.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 182.05 346.45 Td (in ) Tj ET Q q 0 0 0 rg BT 191.56 346.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 203.06 346.45 Td (and ) Tj ET Q q 0 0 0 rg BT 220.58 346.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 250.60 346.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 267.61 346.45 Td (revenues.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 329.65 Td (Embedded ) Tj ET Q q 0 0 0 rg BT 127.55 329.65 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 173.58 329.65 Td (are ) Tj ET Q q 0 0 0 rg BT 189.61 329.65 Td (separated ) Tj ET Q q 0 0 0 rg BT 232.66 329.65 Td (from ) Tj ET Q q 0 0 0 rg BT 253.67 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 269.20 329.65 Td (host ) Tj ET Q q 0 0 0 rg BT 289.23 329.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 324.26 329.65 Td (and ) Tj ET Q q 0 0 0 rg BT 342.29 329.65 Td (accounted ) Tj ET Q q 0 0 0 rg BT 386.84 329.65 Td (for ) Tj ET Q q 0 0 0 rg BT 400.36 329.65 Td (separately ) Tj ET Q q 0 0 0 rg BT 444.91 329.65 Td (if ) Tj ET Q q 0 0 0 rg BT 452.42 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 467.95 329.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.49 329.65 Td (characteristics ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 318.85 Td (and ) Tj ET Q q 0 0 0 rg BT 99.13 318.85 Td (risks ) Tj ET Q q 0 0 0 rg BT 120.75 318.85 Td (of ) Tj ET Q q 0 0 0 rg BT 131.37 318.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.00 318.85 Td (host ) Tj ET Q q 0 0 0 rg BT 167.13 318.85 Td (contract ) Tj ET Q q 0 0 0 rg BT 202.26 318.85 Td (and ) Tj ET Q q 0 0 0 rg BT 220.40 318.85 Td (the ) Tj ET Q q 0 0 0 rg BT 236.03 318.85 Td (embedded ) Tj ET Q q 0 0 0 rg BT 281.68 318.85 Td (derivative ) Tj ET Q q 0 0 0 rg BT 323.32 318.85 Td (are ) Tj ET Q q 0 0 0 rg BT 339.44 318.85 Td (not ) Tj ET Q q 0 0 0 rg BT 355.07 318.85 Td (closely ) Tj ET Q q 0 0 0 rg BT 385.70 318.85 Td (related, ) Tj ET Q q 0 0 0 rg BT 418.84 318.85 Td (a ) Tj ET Q q 0 0 0 rg BT 426.96 318.85 Td (separate ) Tj ET Q q 0 0 0 rg BT 465.10 318.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 510.24 318.85 Td (with ) Tj ET Q q 0 0 0 rg BT 529.36 318.85 Td (the ) Tj ET Q q 0 0 0 rg BT 544.99 318.85 Td (same ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 308.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 106.13 308.05 Td (as ) Tj ET Q q 0 0 0 rg BT 118.26 308.05 Td (the ) Tj ET Q q 0 0 0 rg BT 133.39 308.05 Td (embedded ) Tj ET Q q 0 0 0 rg BT 178.55 308.05 Td (derivative ) Tj ET Q q 0 0 0 rg BT 219.69 308.05 Td (would ) Tj ET Q q 0 0 0 rg BT 245.83 308.05 Td (meet ) Tj ET Q q 0 0 0 rg BT 268.47 308.05 Td (the ) Tj ET Q q 0 0 0 rg BT 283.60 308.05 Td (definition ) Tj ET Q q 0 0 0 rg BT 322.26 308.05 Td (of ) Tj ET Q q 0 0 0 rg BT 332.39 308.05 Td (a ) Tj ET Q q 0 0 0 rg BT 340.02 308.05 Td (derivative, ) Tj ET Q q 0 0 0 rg BT 383.66 308.05 Td (and ) Tj ET Q q 0 0 0 rg BT 401.30 308.05 Td (the ) Tj ET Q q 0 0 0 rg BT 416.44 308.05 Td (combined ) Tj ET Q q 0 0 0 rg BT 458.09 308.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 502.73 308.05 Td (is ) Tj ET Q q 0 0 0 rg BT 511.85 308.05 Td (not ) Tj ET Q q 0 0 0 rg BT 526.99 308.05 Td (measured ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 297.25 Td (at ) Tj ET Q q 0 0 0 rg BT 90.74 297.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 105.48 297.25 Td (value ) Tj ET Q q 0 0 0 rg BT 129.23 297.25 Td (through ) Tj ET Q q 0 0 0 rg BT 161.99 297.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 184.23 297.25 Td (or ) Tj ET Q q 0 0 0 rg BT 194.47 297.25 Td (loss. ) Tj ET Q q 0 0 0 rg BT 215.21 297.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 253.47 297.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.71 297.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.46 297.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 292.20 297.25 Td (value ) Tj ET Q q 0 0 0 rg BT 315.95 297.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.69 297.25 Td (separable ) Tj ET Q q 0 0 0 rg BT 367.45 297.25 Td (embedded ) Tj ET Q q 0 0 0 rg BT 412.22 297.25 Td (derivatives ) Tj ET Q q 0 0 0 rg BT 457.48 297.25 Td (are ) Tj ET Q q 0 0 0 rg BT 472.72 297.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 518.99 297.25 Td (immediately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 286.45 Td (in ) Tj ET Q q 0 0 0 rg BT 90.51 286.45 Td (the ) Tj ET Q q 0 0 0 rg BT 105.52 286.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 158.55 286.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 200.58 286.45 Td (of ) Tj ET Q q 0 0 0 rg BT 210.58 286.45 Td (income.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 269.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 119.64 269.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 148.28 269.65 Td (designated ) Tj ET Q q 0 0 0 rg BT 194.94 269.65 Td (at ) Tj ET Q q 0 0 0 rg BT 205.07 269.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 220.20 269.65 Td (value ) Tj ET Q q 0 0 0 rg BT 244.34 269.65 Td (through ) Tj ET Q q 0 0 0 rg BT 277.49 269.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 300.12 269.65 Td (or ) Tj ET Q q 0 0 0 rg BT 310.75 269.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 329.38 269.65 Td (are ) Tj ET Q q 0 0 0 rg BT 345.01 269.65 Td (comprised ) Tj ET Q q 0 0 0 rg BT 389.15 269.65 Td (of ) Tj ET Q q 0 0 0 rg BT 399.28 269.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 431.42 269.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 449.56 269.65 Td (swaps ) Tj ET Q q 0 0 0 rg BT 477.69 269.65 Td (and ) Tj ET Q q 0 0 0 rg BT 495.33 269.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 527.97 269.65 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 258.85 Td (contracts.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 242.05 Td (iv) Tj ET Q q 0 0 0 rg BT 68.83 242.05 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 242.05 Td (Shareholders) Tj ET Q q 0 0 0 rg BT 136.20 242.05 Td ( ) Tj ET Q q 0 0 0 rg BT 138.70 242.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 167.22 242.05 Td (and ) Tj ET Q q 0 0 0 rg BT 184.73 242.05 Td (Exchangeable ) Tj ET Q q 0 0 0 rg BT 244.28 242.05 Td (shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 225.25 Td (Common ) Tj ET Q q 0 0 0 rg BT 120.60 225.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 150.70 225.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.81 225.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 227.94 225.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 258.04 225.25 Td (are ) Tj ET Q q 0 0 0 rg BT 274.14 225.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 314.25 225.25 Td (as ) Tj ET Q q 0 0 0 rg BT 326.84 225.25 Td (equity) Tj ET Q q 0 0 0 rg BT 350.19 225.25 Td (. ) Tj ET Q q 0 0 0 rg BT 355.78 225.25 Td (Incremental ) Tj ET Q q 0 0 0 rg BT 405.89 225.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 429.98 225.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 461.58 225.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 509.20 225.25 Td (to ) Tj ET Q q 0 0 0 rg BT 519.79 225.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.39 225.25 Td (issue ) Tj ET Q q 0 0 0 rg BT 559.49 225.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 214.45 Td (common ) Tj ET Q q 0 0 0 rg BT 118.01 214.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 147.52 214.45 Td (and ) Tj ET Q q 0 0 0 rg BT 165.04 214.45 Td (share ) Tj ET Q q 0 0 0 rg BT 190.05 214.45 Td (options ) Tj ET Q q 0 0 0 rg BT 221.58 214.45 Td (are ) Tj ET Q q 0 0 0 rg BT 237.08 214.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 283.61 214.45 Td (as ) Tj ET Q q 0 0 0 rg BT 295.62 214.45 Td (a ) Tj ET Q q 0 0 0 rg BT 303.13 214.45 Td (deduction ) Tj ET Q q 0 0 0 rg BT 344.66 214.45 Td (from ) Tj ET Q q 0 0 0 rg BT 365.16 214.45 Td (equity) Tj ET Q q 0 0 0 rg BT 388.51 214.45 Td (, ) Tj ET Q q 0 0 0 rg BT 393.51 214.45 Td (net ) Tj ET Q q 0 0 0 rg BT 408.52 214.45 Td (of ) Tj ET Q q 0 0 0 rg BT 418.53 214.45 Td (any ) Tj ET Q q 0 0 0 rg BT 435.54 214.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 450.04 214.45 Td (ef) Tj ET Q q 0 0 0 rg BT 457.39 214.45 Td (fects.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 197.65 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 115.00 197.65 Td (and ) Tj ET Q q 0 0 0 rg BT 133.51 197.65 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 180.52 197.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 211.04 197.65 Td (and ) Tj ET Q q 0 0 0 rg BT 229.54 197.65 Td (property) Tj ET Q q 0 0 0 rg BT 265.38 197.65 Td (, ) Tj ET Q q 0 0 0 rg BT 270.38 197.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 294.38 197.65 Td (and ) Tj ET Q q 0 0 0 rg BT 312.88 197.65 Td (equipment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 180.85 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 113.03 180.85 Td (and ) Tj ET Q q 0 0 0 rg BT 130.55 180.85 Td (measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 167.05 Td (Pre-licence ) Tj ET Q q 0 0 0 rg BT 110.52 167.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 134.02 167.05 Td (are ) Tj ET Q q 0 0 0 rg BT 149.53 167.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 196.06 167.05 Td (in ) Tj ET Q q 0 0 0 rg BT 205.57 167.05 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 167.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 273.62 167.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 315.64 167.05 Td (of ) Tj ET Q q 0 0 0 rg BT 325.64 167.05 Td (income ) Tj ET Q q 0 0 0 rg BT 357.16 167.05 Td (as ) Tj ET Q q 0 0 0 rg BT 369.16 167.05 Td (incurred. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 150.25 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 110.53 150.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.04 150.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 171.58 150.25 Td (expenditures) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 136.45 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 112.74 136.45 Td (and ) Tj ET Q q 0 0 0 rg BT 132.48 136.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 178.22 136.45 Td (\(E&E\) ) Tj ET Q q 0 0 0 rg BT 212.94 136.45 Td (costs, ) Tj ET Q q 0 0 0 rg BT 241.16 136.45 Td (including ) Tj ET Q q 0 0 0 rg BT 281.40 136.45 Td (the ) Tj ET Q q 0 0 0 rg BT 298.63 136.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 324.35 136.45 Td (of ) Tj ET Q q 0 0 0 rg BT 336.57 136.45 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 377.81 136.45 Td (licences ) Tj ET Q q 0 0 0 rg BT 415.04 136.45 Td (and ) Tj ET Q q 0 0 0 rg BT 434.78 136.45 Td (directly ) Tj ET Q q 0 0 0 rg BT 468.00 136.45 Td (attributable ) Tj ET Q q 0 0 0 rg BT 517.25 136.45 Td (general ) Tj ET Q q 0 0 0 rg BT 551.99 136.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 125.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 121.87 125.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 146.22 125.65 Td (are ) Tj ET Q q 0 0 0 rg BT 162.57 125.65 Td (initially ) Tj ET Q q 0 0 0 rg BT 192.93 125.65 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 238.80 125.65 Td (as ) Tj ET Q q 0 0 0 rg BT 251.65 125.65 Td (either ) Tj ET Q q 0 0 0 rg BT 277.51 125.65 Td (tangible ) Tj ET Q q 0 0 0 rg BT 312.39 125.65 Td (or ) Tj ET Q q 0 0 0 rg BT 323.74 125.65 Td (intangible ) Tj ET Q q 0 0 0 rg BT 365.61 125.65 Td (E&E ) Tj ET Q q 0 0 0 rg BT 386.97 125.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 416.33 125.65 Td (according ) Tj ET Q q 0 0 0 rg BT 458.70 125.65 Td (to ) Tj ET Q q 0 0 0 rg BT 469.55 125.65 Td (the ) Tj ET Q q 0 0 0 rg BT 485.41 125.65 Td (nature ) Tj ET Q q 0 0 0 rg BT 514.27 125.65 Td (of ) Tj ET Q q 0 0 0 rg BT 525.13 125.65 Td (the ) Tj ET Q q 0 0 0 rg BT 540.98 125.65 Td (assets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 114.85 Td (acquired. ) Tj ET Q q 0 0 0 rg BT 101.73 114.85 Td (The ) Tj ET Q q 0 0 0 rg BT 119.06 114.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 141.90 114.85 Td (are ) Tj ET Q q 0 0 0 rg BT 156.73 114.85 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 209.58 114.85 Td (in ) Tj ET Q q 0 0 0 rg BT 218.41 114.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 236.74 114.85 Td (centres ) Tj ET Q q 0 0 0 rg BT 268.08 114.85 Td (by ) Tj ET Q q 0 0 0 rg BT 279.41 114.85 Td (well, ) Tj ET Q q 0 0 0 rg BT 299.24 114.85 Td (field ) Tj ET Q q 0 0 0 rg BT 317.58 114.85 Td (or ) Tj ET Q q 0 0 0 rg BT 327.41 114.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 373.26 114.85 Td (area ) Tj ET Q q 0 0 0 rg BT 393.10 114.85 Td (pending ) Tj ET Q q 0 0 0 rg BT 426.96 114.85 Td (determination ) Tj ET Q q 0 0 0 rg BT 483.31 114.85 Td (of ) Tj ET Q q 0 0 0 rg BT 492.64 114.85 Td (technical ) Tj ET Q q 0 0 0 rg BT 529.99 114.85 Td (feasibility ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 104.05 Td (and ) Tj ET Q q 0 0 0 rg BT 80.82 104.05 Td (commercial ) Tj ET Q q 0 0 0 rg BT 129.63 104.05 Td (viability) Tj ET Q q 0 0 0 rg BT 158.47 104.05 Td (. ) Tj ET Q q 0 0 0 rg BT 163.77 104.05 Td (E&E ) Tj ET Q q 0 0 0 rg BT 184.58 104.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 213.40 104.05 Td (are ) Tj ET Q q 0 0 0 rg BT 229.21 104.05 Td (assessed ) Tj ET Q q 0 0 0 rg BT 270.03 104.05 Td (for ) Tj ET Q q 0 0 0 rg BT 283.33 104.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 330.65 104.05 Td (if: ) Tj ET Q q 0 0 0 rg BT 340.45 104.05 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 354.25 104.05 Td (suf) Tj ET Q q 0 0 0 rg BT 366.10 104.05 Td (ficient ) Tj ET Q q 0 0 0 rg BT 392.41 104.05 Td (data ) Tj ET Q q 0 0 0 rg BT 412.73 104.05 Td (exists ) Tj ET Q q 0 0 0 rg BT 438.54 104.05 Td (to ) Tj ET Q q 0 0 0 rg BT 448.84 104.05 Td (determine ) Tj ET Q q 0 0 0 rg BT 491.67 104.05 Td (technical ) Tj ET Q q 0 0 0 rg BT 529.99 104.05 Td (feasibility ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 93.25 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 93.25 Td (commercial ) Tj ET Q q 0 0 0 rg BT 129.02 93.25 Td (viability; ) Tj ET Q q 0 0 0 rg BT 163.53 93.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.05 93.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 194.55 93.25 Td (facts ) Tj ET Q q 0 0 0 rg BT 216.06 93.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.57 93.25 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 293.59 93.25 Td (suggest ) Tj ET Q q 0 0 0 rg BT 327.61 93.25 Td (that ) Tj ET Q q 0 0 0 rg BT 345.12 93.25 Td (the ) Tj ET Q q 0 0 0 rg BT 360.14 93.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 394.65 93.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 427.17 93.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 463.19 93.25 Td (the ) Tj ET Q q 0 0 0 rg BT 478.20 93.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 527.73 93.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 562.75 93.25 Td ( ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 34) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (The ) Tj ET Q q 0 0 0 rg BT 81.49 742.45 Td (technical ) Tj ET Q q 0 0 0 rg BT 120.00 742.45 Td (feasibility ) Tj ET Q q 0 0 0 rg BT 160.00 742.45 Td (and ) Tj ET Q q 0 0 0 rg BT 178.01 742.45 Td (commercial ) Tj ET Q q 0 0 0 rg BT 227.00 742.45 Td (viability ) Tj ET Q q 0 0 0 rg BT 259.49 742.45 Td (of ) Tj ET Q q 0 0 0 rg BT 269.99 742.45 Td (extracting ) Tj ET Q q 0 0 0 rg BT 311.99 742.45 Td (a ) Tj ET Q q 0 0 0 rg BT 319.98 742.45 Td (mineral ) Tj ET Q q 0 0 0 rg BT 352.48 742.45 Td (resource ) Tj ET Q q 0 0 0 rg BT 390.48 742.45 Td (is ) Tj ET Q q 0 0 0 rg BT 399.97 742.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 446.98 742.45 Td (to ) Tj ET Q q 0 0 0 rg BT 457.47 742.45 Td (be ) Tj ET Q q 0 0 0 rg BT 470.47 742.45 Td (determinable ) Tj ET Q q 0 0 0 rg BT 525.49 742.45 Td (when ) Tj ET Q q 0 0 0 rg BT 549.99 742.45 Td (total ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 93.37 731.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 112.73 731.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 150.61 731.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 187.97 731.65 Td (are ) Tj ET Q q 0 0 0 rg BT 203.82 731.65 Td (determined ) Tj ET Q q 0 0 0 rg BT 251.70 731.65 Td (to ) Tj ET Q q 0 0 0 rg BT 262.06 731.65 Td (exist. ) Tj ET Q q 0 0 0 rg BT 285.34 731.65 Td (Annually) Tj ET Q q 0 0 0 rg BT 319.20 731.65 Td (, ) Tj ET Q q 0 0 0 rg BT 324.55 731.65 Td (a ) Tj ET Q q 0 0 0 rg BT 332.41 731.65 Td (review ) Tj ET Q q 0 0 0 rg BT 361.26 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 371.62 731.65 Td (each ) Tj ET Q q 0 0 0 rg BT 393.98 731.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 440.86 731.65 Td (licence ) Tj ET Q q 0 0 0 rg BT 471.73 731.65 Td (or ) Tj ET Q q 0 0 0 rg BT 482.58 731.65 Td (field ) Tj ET Q q 0 0 0 rg BT 501.94 731.65 Td (is ) Tj ET Q q 0 0 0 rg BT 511.29 731.65 Td (carried ) Tj ET Q q 0 0 0 rg BT 541.65 731.65 Td (out, ) Tj ET Q q 0 0 0 rg BT 559.51 731.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.85 Td (ascertain ) Tj ET Q q 0 0 0 rg BT 103.30 720.85 Td (whether ) Tj ET Q q 0 0 0 rg BT 139.10 720.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 170.40 720.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 190.69 720.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 229.50 720.85 Td (reserves ) Tj ET Q q 0 0 0 rg BT 267.79 720.85 Td (have ) Tj ET Q q 0 0 0 rg BT 291.09 720.85 Td (been ) Tj ET Q q 0 0 0 rg BT 314.89 720.85 Td (discovered. ) Tj ET Q q 0 0 0 rg BT 364.69 720.85 Td (Upon ) Tj ET Q q 0 0 0 rg BT 389.99 720.85 Td (determination ) Tj ET Q q 0 0 0 rg BT 448.30 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 459.59 720.85 Td (total ) Tj ET Q q 0 0 0 rg BT 480.38 720.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 511.68 720.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 531.97 720.85 Td (probable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 710.05 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 103.08 710.05 Td (intangible ) Tj ET Q q 0 0 0 rg BT 144.69 710.05 Td (E&E ) Tj ET Q q 0 0 0 rg BT 165.77 710.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 194.86 710.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 242.46 710.05 Td (to ) Tj ET Q q 0 0 0 rg BT 253.04 710.05 Td (those ) Tj ET Q q 0 0 0 rg BT 278.13 710.05 Td (reserves ) Tj ET Q q 0 0 0 rg BT 315.72 710.05 Td (are ) Tj ET Q q 0 0 0 rg BT 331.80 710.05 Td (transferred ) Tj ET Q q 0 0 0 rg BT 378.39 710.05 Td (from ) Tj ET Q q 0 0 0 rg BT 399.47 710.05 Td (E&E ) Tj ET Q q 0 0 0 rg BT 420.55 710.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 449.64 710.05 Td (to ) Tj ET Q q 0 0 0 rg BT 460.22 710.05 Td (a ) Tj ET Q q 0 0 0 rg BT 468.30 710.05 Td (separate ) Tj ET Q q 0 0 0 rg BT 506.39 710.05 Td (category ) Tj ET Q q 0 0 0 rg BT 543.99 710.05 Td (within ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 699.25 Td (tangible ) Tj ET Q q 0 0 0 rg BT 97.03 699.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 125.54 699.25 Td (referred ) Tj ET Q q 0 0 0 rg BT 159.55 699.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.56 699.25 Td (as ) Tj ET Q q 0 0 0 rg BT 181.56 699.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 193.07 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.59 699.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 240.60 699.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 257.62 699.25 Td (properties.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.45 Td (Gains ) Tj ET Q q 0 0 0 rg BT 88.67 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 105.85 682.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 133.52 682.45 Td (on ) Tj ET Q q 0 0 0 rg BT 145.69 682.45 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 194.87 682.45 Td (of ) Tj ET Q q 0 0 0 rg BT 204.54 682.45 Td (exploration ) Tj ET Q q 0 0 0 rg BT 250.73 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 267.90 682.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 311.09 682.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 341.76 682.45 Td (are ) Tj ET Q q 0 0 0 rg BT 356.93 682.45 Td (determined ) Tj ET Q q 0 0 0 rg BT 404.12 682.45 Td (by ) Tj ET Q q 0 0 0 rg BT 415.78 682.45 Td (comparing ) Tj ET Q q 0 0 0 rg BT 459.96 682.45 Td (the ) Tj ET Q q 0 0 0 rg BT 474.63 682.45 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 513.82 682.45 Td (from ) Tj ET Q q 0 0 0 rg BT 533.98 682.45 Td (disposal ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 671.65 Td (with ) Tj ET Q q 0 0 0 rg BT 80.39 671.65 Td (the ) Tj ET Q q 0 0 0 rg BT 94.29 671.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 127.68 671.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 159.09 671.65 Td (of ) Tj ET Q q 0 0 0 rg BT 167.98 671.65 Td (exploration ) Tj ET Q q 0 0 0 rg BT 213.39 671.65 Td (and ) Tj ET Q q 0 0 0 rg BT 229.80 671.65 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 272.21 671.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 299.61 671.65 Td (and ) Tj ET Q q 0 0 0 rg BT 316.01 671.65 Td (are ) Tj ET Q q 0 0 0 rg BT 330.41 671.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 375.82 671.65 Td (on ) Tj ET Q q 0 0 0 rg BT 387.22 671.65 Td (a ) Tj ET Q q 0 0 0 rg BT 393.61 671.65 Td (net ) Tj ET Q q 0 0 0 rg BT 407.50 671.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 429.90 671.65 Td (within ) Tj ET Q q 0 0 0 rg BT 454.30 671.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 480.19 671.65 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 513.08 671.65 Td (on ) Tj ET Q q 0 0 0 rg BT 524.48 671.65 Td (disposition ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 660.85 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 660.85 Td (exploration ) Tj ET Q q 0 0 0 rg BT 119.54 660.85 Td (and ) Tj ET Q q 0 0 0 rg BT 137.05 660.85 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 180.58 660.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 212.09 660.85 Td (in ) Tj ET Q q 0 0 0 rg BT 221.60 660.85 Td (the ) Tj ET Q q 0 0 0 rg BT 236.61 660.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 289.65 660.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 331.67 660.85 Td (of ) Tj ET Q q 0 0 0 rg BT 341.67 660.85 Td (income.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 644.05 Td (Development ) Tj ET Q q 0 0 0 rg BT 118.53 644.05 Td (and ) Tj ET Q q 0 0 0 rg BT 136.05 644.05 Td (production ) Tj ET Q q 0 0 0 rg BT 180.58 644.05 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 630.25 Td (Items ) Tj ET Q q 0 0 0 rg BT 87.52 630.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.55 630.25 Td (property) Tj ET Q q 0 0 0 rg BT 129.90 630.25 Td (, ) Tj ET Q q 0 0 0 rg BT 134.92 630.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 156.96 630.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.50 630.25 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 221.55 630.25 Td (which ) Tj ET Q q 0 0 0 rg BT 247.08 630.25 Td (include ) Tj ET Q q 0 0 0 rg BT 278.12 630.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 289.65 630.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.19 630.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 337.23 630.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 354.26 630.25 Td (development ) Tj ET Q q 0 0 0 rg BT 408.31 630.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.85 630.25 Td (production ) Tj ET Q q 0 0 0 rg BT 470.40 630.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 501.44 630.25 Td (are ) Tj ET Q q 0 0 0 rg BT 516.96 630.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 559.51 630.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 619.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 81.81 619.45 Td (less ) Tj ET Q q 0 0 0 rg BT 100.11 619.45 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 153.44 619.45 Td (depletion ) Tj ET Q q 0 0 0 rg BT 192.28 619.45 Td (and ) Tj ET Q q 0 0 0 rg BT 209.59 619.45 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 260.93 619.45 Td (and ) Tj ET Q q 0 0 0 rg BT 278.25 619.45 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 331.58 619.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 378.39 619.45 Td (losses. ) Tj ET Q q 0 0 0 rg BT 408.70 619.45 Td (Development ) Tj ET Q q 0 0 0 rg BT 464.03 619.45 Td (and ) Tj ET Q q 0 0 0 rg BT 481.35 619.45 Td (production ) Tj ET Q q 0 0 0 rg BT 525.68 619.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 553.99 619.45 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 608.65 Td (grouped ) Tj ET Q q 0 0 0 rg BT 98.53 608.65 Td (into ) Tj ET Q q 0 0 0 rg BT 115.54 608.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 137.05 608.65 Td (generating ) Tj ET Q q 0 0 0 rg BT 182.09 608.65 Td (units ) Tj ET Q q 0 0 0 rg BT 203.60 608.65 Td (for ) Tj ET Q q 0 0 0 rg BT 216.60 608.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 263.61 608.65 Td (testing. ) Tj ET Q q 0 0 0 rg BT 295.13 608.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 591.85 Td (Gains ) Tj ET Q q 0 0 0 rg BT 89.62 591.85 Td (and ) Tj ET Q q 0 0 0 rg BT 107.74 591.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.35 591.85 Td (on ) Tj ET Q q 0 0 0 rg BT 149.47 591.85 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 199.60 591.85 Td (of ) Tj ET Q q 0 0 0 rg BT 210.21 591.85 Td (property) Tj ET Q q 0 0 0 rg BT 242.56 591.85 Td (, ) Tj ET Q q 0 0 0 rg BT 248.16 591.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 270.78 591.85 Td (and ) Tj ET Q q 0 0 0 rg BT 288.91 591.85 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 336.54 591.85 Td (including ) Tj ET Q q 0 0 0 rg BT 375.17 591.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 387.28 591.85 Td (and ) Tj ET Q q 0 0 0 rg BT 405.40 591.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 436.02 591.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 453.64 591.85 Td (interests, ) Tj ET Q q 0 0 0 rg BT 493.26 591.85 Td (are ) Tj ET Q q 0 0 0 rg BT 509.37 591.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 557.50 591.85 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 581.05 Td (comparing ) Tj ET Q q 0 0 0 rg BT 107.78 581.05 Td (the ) Tj ET Q q 0 0 0 rg BT 123.05 581.05 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 162.83 581.05 Td (from ) Tj ET Q q 0 0 0 rg BT 183.58 581.05 Td (disposal ) Tj ET Q q 0 0 0 rg BT 219.36 581.05 Td (with ) Tj ET Q q 0 0 0 rg BT 238.12 581.05 Td (the ) Tj ET Q q 0 0 0 rg BT 253.39 581.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 288.16 581.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 320.93 581.05 Td (of ) Tj ET Q q 0 0 0 rg BT 331.20 581.05 Td (property) Tj ET Q q 0 0 0 rg BT 363.54 581.05 Td (, ) Tj ET Q q 0 0 0 rg BT 368.80 581.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 391.07 581.05 Td (and ) Tj ET Q q 0 0 0 rg BT 408.85 581.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 453.63 581.05 Td (and ) Tj ET Q q 0 0 0 rg BT 471.41 581.05 Td (are ) Tj ET Q q 0 0 0 rg BT 487.17 581.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 533.96 581.05 Td (on ) Tj ET Q q 0 0 0 rg BT 546.72 581.05 Td (a ) Tj ET Q q 0 0 0 rg BT 554.49 581.05 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 570.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 86.51 570.25 Td (within ) Tj ET Q q 0 0 0 rg BT 112.02 570.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 139.03 570.25 Td (\(losses\) ) Tj ET Q q 0 0 0 rg BT 173.04 570.25 Td (on ) Tj ET Q q 0 0 0 rg BT 185.55 570.25 Td (disposition ) Tj ET Q q 0 0 0 rg BT 230.58 570.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.58 570.25 Td (property) Tj ET Q q 0 0 0 rg BT 272.93 570.25 Td (, ) Tj ET Q q 0 0 0 rg BT 277.93 570.25 Td (plant ) Tj ET Q q 0 0 0 rg BT 299.95 570.25 Td (and ) Tj ET Q q 0 0 0 rg BT 317.47 570.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 364.99 570.25 Td (in ) Tj ET Q q 0 0 0 rg BT 374.50 570.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.51 570.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 442.55 570.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 484.57 570.25 Td (of ) Tj ET Q q 0 0 0 rg BT 494.57 570.25 Td (income.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 553.45 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 113.54 553.45 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 536.65 Td (Costs ) Tj ET Q q 0 0 0 rg BT 88.61 536.65 Td (incurred ) Tj ET Q q 0 0 0 rg BT 123.73 536.65 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 172.87 536.65 Td (to ) Tj ET Q q 0 0 0 rg BT 182.98 536.65 Td (the ) Tj ET Q q 0 0 0 rg BT 198.09 536.65 Td (determination ) Tj ET Q q 0 0 0 rg BT 255.23 536.65 Td (of ) Tj ET Q q 0 0 0 rg BT 265.33 536.65 Td (technical ) Tj ET Q q 0 0 0 rg BT 303.46 536.65 Td (feasibility ) Tj ET Q q 0 0 0 rg BT 343.08 536.65 Td (and ) Tj ET Q q 0 0 0 rg BT 360.70 536.65 Td (commercial ) Tj ET Q q 0 0 0 rg BT 409.31 536.65 Td (viability ) Tj ET Q q 0 0 0 rg BT 441.42 536.65 Td (and ) Tj ET Q q 0 0 0 rg BT 459.04 536.65 Td (the ) Tj ET Q q 0 0 0 rg BT 474.15 536.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.76 536.65 Td (of ) Tj ET Q q 0 0 0 rg BT 507.87 536.65 Td (replacing ) Tj ET Q q 0 0 0 rg BT 546.99 536.65 Td (parts ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 525.85 Td (of ) Tj ET Q q 0 0 0 rg BT 73.42 525.85 Td (property) Tj ET Q q 0 0 0 rg BT 105.77 525.85 Td (, ) Tj ET Q q 0 0 0 rg BT 111.18 525.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 133.61 525.85 Td (and ) Tj ET Q q 0 0 0 rg BT 151.54 525.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 196.49 525.85 Td (are ) Tj ET Q q 0 0 0 rg BT 212.41 525.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 259.35 525.85 Td (as ) Tj ET Q q 0 0 0 rg BT 271.77 525.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 283.69 525.85 Td (and ) Tj ET Q q 0 0 0 rg BT 301.62 525.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 332.06 525.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 349.48 525.85 Td (interests ) Tj ET Q q 0 0 0 rg BT 386.41 525.85 Td (only ) Tj ET Q q 0 0 0 rg BT 405.84 525.85 Td (when ) Tj ET Q q 0 0 0 rg BT 430.27 525.85 Td (they ) Tj ET Q q 0 0 0 rg BT 450.19 525.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 487.12 525.85 Td (the ) Tj ET Q q 0 0 0 rg BT 502.55 525.85 Td (future ) Tj ET Q q 0 0 0 rg BT 528.48 525.85 Td (economic ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 515.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 97.29 515.05 Td (embodied ) Tj ET Q q 0 0 0 rg BT 139.58 515.05 Td (in ) Tj ET Q q 0 0 0 rg BT 149.35 515.05 Td (the ) Tj ET Q q 0 0 0 rg BT 164.63 515.05 Td (specific ) Tj ET Q q 0 0 0 rg BT 197.41 515.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 221.68 515.05 Td (to ) Tj ET Q q 0 0 0 rg BT 231.95 515.05 Td (which ) Tj ET Q q 0 0 0 rg BT 257.73 515.05 Td (they ) Tj ET Q q 0 0 0 rg BT 277.51 515.05 Td (relate. ) Tj ET Q q 0 0 0 rg BT 304.74 515.05 Td (All ) Tj ET Q q 0 0 0 rg BT 317.50 515.05 Td (other ) Tj ET Q q 0 0 0 rg BT 340.78 515.05 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 395.08 515.05 Td (are ) Tj ET Q q 0 0 0 rg BT 410.86 515.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 457.65 515.05 Td (in ) Tj ET Q q 0 0 0 rg BT 467.42 515.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 490.20 515.05 Td (or ) Tj ET Q q 0 0 0 rg BT 500.96 515.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 519.73 515.05 Td (as ) Tj ET Q q 0 0 0 rg BT 532.00 515.05 Td (incurred. ) Tj ET Q q 0 0 0 rg BT 569.52 515.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 504.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 86.32 504.25 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 131.65 504.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 143.47 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.29 504.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 191.61 504.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 208.93 504.25 Td (interests ) Tj ET Q q 0 0 0 rg BT 245.75 504.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 285.08 504.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 325.91 504.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 349.72 504.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 385.05 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 394.86 504.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 441.20 504.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 471.53 504.25 Td (or ) Tj ET Q q 0 0 0 rg BT 482.34 504.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 512.66 504.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 531.98 504.25 Td (probable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 493.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 99.57 493.45 Td (and ) Tj ET Q q 0 0 0 rg BT 116.66 493.45 Td (bringing ) Tj ET Q q 0 0 0 rg BT 150.74 493.45 Td (in ) Tj ET Q q 0 0 0 rg BT 159.81 493.45 Td (or ) Tj ET Q q 0 0 0 rg BT 169.88 493.45 Td (enhancing ) Tj ET Q q 0 0 0 rg BT 213.48 493.45 Td (production ) Tj ET Q q 0 0 0 rg BT 257.57 493.45 Td (from ) Tj ET Q q 0 0 0 rg BT 277.64 493.45 Td (such ) Tj ET Q q 0 0 0 rg BT 298.71 493.45 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 337.79 493.45 Td (and ) Tj ET Q q 0 0 0 rg BT 354.87 493.45 Td (are ) Tj ET Q q 0 0 0 rg BT 369.94 493.45 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 423.04 493.45 Td (on ) Tj ET Q q 0 0 0 rg BT 435.11 493.45 Td (a ) Tj ET Q q 0 0 0 rg BT 442.18 493.45 Td (field ) Tj ET Q q 0 0 0 rg BT 460.76 493.45 Td (or ) Tj ET Q q 0 0 0 rg BT 470.82 493.45 Td (geotechnical ) Tj ET Q q 0 0 0 rg BT 523.42 493.45 Td (area ) Tj ET Q q 0 0 0 rg BT 543.50 493.45 Td (basis. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 482.65 Td (The ) Tj ET Q q 0 0 0 rg BT 80.69 482.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 114.89 482.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 147.10 482.65 Td (of ) Tj ET Q q 0 0 0 rg BT 156.79 482.65 Td (any ) Tj ET Q q 0 0 0 rg BT 173.49 482.65 Td (replaced ) Tj ET Q q 0 0 0 rg BT 210.20 482.65 Td (or ) Tj ET Q q 0 0 0 rg BT 220.39 482.65 Td (sold ) Tj ET Q q 0 0 0 rg BT 239.08 482.65 Td (component ) Tj ET Q q 0 0 0 rg BT 285.80 482.65 Td (is ) Tj ET Q q 0 0 0 rg BT 294.48 482.65 Td (derecognized. ) Tj ET Q q 0 0 0 rg BT 353.07 482.65 Td (The ) Tj ET Q q 0 0 0 rg BT 370.76 482.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 393.96 482.65 Td (of ) Tj ET Q q 0 0 0 rg BT 403.65 482.65 Td (the ) Tj ET Q q 0 0 0 rg BT 418.35 482.65 Td (day-to-day ) Tj ET Q q 0 0 0 rg BT 463.05 482.65 Td (servicing ) Tj ET Q q 0 0 0 rg BT 500.75 482.65 Td (of ) Tj ET Q q 0 0 0 rg BT 510.45 482.65 Td (property) Tj ET Q q 0 0 0 rg BT 542.79 482.65 Td (, ) Tj ET Q q 0 0 0 rg BT 547.48 482.65 Td (plant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 471.85 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 471.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 125.05 471.85 Td (are ) Tj ET Q q 0 0 0 rg BT 140.55 471.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 187.08 471.85 Td (in ) Tj ET Q q 0 0 0 rg BT 196.59 471.85 Td (the ) Tj ET Q q 0 0 0 rg BT 211.60 471.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.64 471.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 306.66 471.85 Td (of ) Tj ET Q q 0 0 0 rg BT 316.67 471.85 Td (income ) Tj ET Q q 0 0 0 rg BT 348.18 471.85 Td (as ) Tj ET Q q 0 0 0 rg BT 360.18 471.85 Td (incurred.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 455.05 Td (Depletion, ) Tj ET Q q 0 0 0 rg BT 109.00 455.05 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 165.01 455.05 Td (and ) Tj ET Q q 0 0 0 rg BT 183.52 455.05 Td (amortization) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 438.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.37 438.25 Td (net ) Tj ET Q q 0 0 0 rg BT 96.75 438.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 131.63 438.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 164.51 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.88 438.25 Td (development ) Tj ET Q q 0 0 0 rg BT 229.28 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 240.15 438.25 Td (production ) Tj ET Q q 0 0 0 rg BT 285.05 438.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 313.92 438.25 Td (is ) Tj ET Q q 0 0 0 rg BT 323.29 438.25 Td (depleted ) Tj ET Q q 0 0 0 rg BT 360.69 438.25 Td (using ) Tj ET Q q 0 0 0 rg BT 385.07 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.44 438.25 Td (unit-of-production ) Tj ET Q q 0 0 0 rg BT 473.35 438.25 Td (method ) Tj ET Q q 0 0 0 rg BT 506.24 438.25 Td (by ) Tj ET Q q 0 0 0 rg BT 518.61 438.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 559.49 438.25 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 427.45 Td (the ) Tj ET Q q 0 0 0 rg BT 77.63 427.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 97.25 427.45 Td (of ) Tj ET Q q 0 0 0 rg BT 106.87 427.45 Td (production ) Tj ET Q q 0 0 0 rg BT 151.02 427.45 Td (in ) Tj ET Q q 0 0 0 rg BT 160.14 427.45 Td (the ) Tj ET Q q 0 0 0 rg BT 174.76 427.45 Td (year ) Tj ET Q q 0 0 0 rg BT 194.39 427.45 Td (to ) Tj ET Q q 0 0 0 rg BT 204.01 427.45 Td (the ) Tj ET Q q 0 0 0 rg BT 218.64 427.45 Td (related ) Tj ET Q q 0 0 0 rg BT 248.27 427.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 277.91 427.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 296.53 427.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 333.68 427.45 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 372.80 427.45 Td (taking ) Tj ET Q q 0 0 0 rg BT 398.93 427.45 Td (into ) Tj ET Q q 0 0 0 rg BT 415.56 427.45 Td (account ) Tj ET Q q 0 0 0 rg BT 449.20 427.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 490.33 427.45 Td (future ) Tj ET Q q 0 0 0 rg BT 515.46 427.45 Td (development ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 416.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 86.78 416.65 Td (necessary ) Tj ET Q q 0 0 0 rg BT 130.58 416.65 Td (to ) Tj ET Q q 0 0 0 rg BT 140.87 416.65 Td (bring ) Tj ET Q q 0 0 0 rg BT 163.66 416.65 Td (those ) Tj ET Q q 0 0 0 rg BT 188.45 416.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 225.74 416.65 Td (into ) Tj ET Q q 0 0 0 rg BT 243.03 416.65 Td (production. ) Tj ET Q q 0 0 0 rg BT 290.34 416.65 Td (Future ) Tj ET Q q 0 0 0 rg BT 319.13 416.65 Td (development ) Tj ET Q q 0 0 0 rg BT 373.44 416.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.23 416.65 Td (are ) Tj ET Q q 0 0 0 rg BT 413.02 416.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 454.81 416.65 Td (taking ) Tj ET Q q 0 0 0 rg BT 481.61 416.65 Td (into ) Tj ET Q q 0 0 0 rg BT 498.90 416.65 Td (account ) Tj ET Q q 0 0 0 rg BT 533.20 416.65 Td (the ) Tj ET Q q 0 0 0 rg BT 548.49 416.65 Td (level ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 405.85 Td (of ) Tj ET Q q 0 0 0 rg BT 73.94 405.85 Td (development ) Tj ET Q q 0 0 0 rg BT 128.91 405.85 Td (required ) Tj ET Q q 0 0 0 rg BT 165.36 405.85 Td (to ) Tj ET Q q 0 0 0 rg BT 176.31 405.85 Td (produce ) Tj ET Q q 0 0 0 rg BT 212.26 405.85 Td (the ) Tj ET Q q 0 0 0 rg BT 228.21 405.85 Td (reserves. ) Tj ET Q q 0 0 0 rg BT 268.43 405.85 Td (These ) Tj ET Q q 0 0 0 rg BT 296.88 405.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 338.83 405.85 Td (are ) Tj ET Q q 0 0 0 rg BT 355.27 405.85 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 394.72 405.85 Td (by ) Tj ET Q q 0 0 0 rg BT 407.66 405.85 Td (independent ) Tj ET Q q 0 0 0 rg BT 460.65 405.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 494.09 405.85 Td (engineers ) Tj ET Q q 0 0 0 rg BT 537.05 405.85 Td (at ) Tj ET Q q 0 0 0 rg BT 547.99 405.85 Td (least ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 395.05 Td (annually) Tj ET Q q 0 0 0 rg BT 95.86 395.05 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (Proved ) Tj ET Q q 0 0 0 rg BT 93.53 378.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 112.05 378.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 149.09 378.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 185.62 378.25 Td (are ) Tj ET Q q 0 0 0 rg BT 200.64 378.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 241.67 378.25 Td (using ) Tj ET Q q 0 0 0 rg BT 265.20 378.25 Td (independent ) Tj ET Q q 0 0 0 rg BT 316.76 378.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 348.79 378.25 Td (engineer ) Tj ET Q q 0 0 0 rg BT 385.83 378.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 415.85 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 432.88 378.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 472.92 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.44 378.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 528.47 378.25 Td (quantities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 367.45 Td (of ) Tj ET Q q 0 0 0 rg BT 72.18 367.45 Td (oil, ) Tj ET Q q 0 0 0 rg BT 85.36 367.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 114.56 367.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 130.75 367.45 Td (and ) Tj ET Q q 0 0 0 rg BT 147.44 367.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 176.63 367.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 192.82 367.45 Td (liquids, ) Tj ET Q q 0 0 0 rg BT 222.51 367.45 Td (which ) Tj ET Q q 0 0 0 rg BT 247.20 367.45 Td (geological, ) Tj ET Q q 0 0 0 rg BT 291.90 367.45 Td (geophysical ) Tj ET Q q 0 0 0 rg BT 341.11 367.45 Td (and ) Tj ET Q q 0 0 0 rg BT 357.80 367.45 Td (engineering ) Tj ET Q q 0 0 0 rg BT 406.52 367.45 Td (data ) Tj ET Q q 0 0 0 rg BT 425.71 367.45 Td (demonstrate ) Tj ET Q q 0 0 0 rg BT 477.42 367.45 Td (with ) Tj ET Q q 0 0 0 rg BT 495.10 367.45 Td (a ) Tj ET Q q 0 0 0 rg BT 501.78 367.45 Td (specified ) Tj ET Q q 0 0 0 rg BT 538.98 367.45 Td (degree ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 356.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.30 356.65 Td (certainty ) Tj ET Q q 0 0 0 rg BT 110.10 356.65 Td (to ) Tj ET Q q 0 0 0 rg BT 120.40 356.65 Td (be ) Tj ET Q q 0 0 0 rg BT 133.21 356.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 183.02 356.65 Td (in ) Tj ET Q q 0 0 0 rg BT 192.82 356.65 Td (future ) Tj ET Q q 0 0 0 rg BT 218.63 356.65 Td (years ) Tj ET Q q 0 0 0 rg BT 243.43 356.65 Td (from ) Tj ET Q q 0 0 0 rg BT 264.22 356.65 Td (known ) Tj ET Q q 0 0 0 rg BT 293.03 356.65 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 335.33 356.65 Td (and ) Tj ET Q q 0 0 0 rg BT 353.14 356.65 Td (which ) Tj ET Q q 0 0 0 rg BT 378.94 356.65 Td (are ) Tj ET Q q 0 0 0 rg BT 394.74 356.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 441.56 356.65 Td (commercially ) Tj ET Q q 0 0 0 rg BT 496.86 356.65 Td (producible. ) Tj ET Q q 0 0 0 rg BT 543.50 356.65 Td (There ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 345.85 Td (should ) Tj ET Q q 0 0 0 rg BT 92.27 345.85 Td (be ) Tj ET Q q 0 0 0 rg BT 105.03 345.85 Td (a ) Tj ET Q q 0 0 0 rg BT 112.79 345.85 Td (50% ) Tj ET Q q 0 0 0 rg BT 133.55 345.85 Td (statistical ) Tj ET Q q 0 0 0 rg BT 173.31 345.85 Td (probability ) Tj ET Q q 0 0 0 rg BT 217.08 345.85 Td (that ) Tj ET Q q 0 0 0 rg BT 234.84 345.85 Td (the ) Tj ET Q q 0 0 0 rg BT 250.10 345.85 Td (actual ) Tj ET Q q 0 0 0 rg BT 276.87 345.85 Td (quantity ) Tj ET Q q 0 0 0 rg BT 311.14 345.85 Td (of ) Tj ET Q q 0 0 0 rg BT 321.40 345.85 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 371.17 345.85 Td (reserves ) Tj ET Q q 0 0 0 rg BT 408.43 345.85 Td (will ) Tj ET Q q 0 0 0 rg BT 423.68 345.85 Td (be ) Tj ET Q q 0 0 0 rg BT 436.44 345.85 Td (more ) Tj ET Q q 0 0 0 rg BT 459.69 345.85 Td (than ) Tj ET Q q 0 0 0 rg BT 479.96 345.85 Td (the ) Tj ET Q q 0 0 0 rg BT 495.22 345.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 527.99 345.85 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 335.05 Td (as ) Tj ET Q q 0 0 0 rg BT 74.85 335.05 Td (proved ) Tj ET Q q 0 0 0 rg BT 104.71 335.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 123.57 335.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 160.94 335.05 Td (and ) Tj ET Q q 0 0 0 rg BT 178.30 335.05 Td (a ) Tj ET Q q 0 0 0 rg BT 185.65 335.05 Td (50% ) Tj ET Q q 0 0 0 rg BT 206.01 335.05 Td (statistical ) Tj ET Q q 0 0 0 rg BT 245.36 335.05 Td (probability ) Tj ET Q q 0 0 0 rg BT 288.73 335.05 Td (that ) Tj ET Q q 0 0 0 rg BT 306.09 335.05 Td (it ) Tj ET Q q 0 0 0 rg BT 312.93 335.05 Td (will ) Tj ET Q q 0 0 0 rg BT 327.77 335.05 Td (be ) Tj ET Q q 0 0 0 rg BT 340.13 335.05 Td (less. ) Tj ET Q q 0 0 0 rg BT 360.82 335.05 Td (The ) Tj ET Q q 0 0 0 rg BT 378.68 335.05 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 422.05 335.05 Td (statistical ) Tj ET Q q 0 0 0 rg BT 461.41 335.05 Td (probabilities ) Tj ET Q q 0 0 0 rg BT 511.78 335.05 Td (for ) Tj ET Q q 0 0 0 rg BT 524.63 335.05 Td (the ) Tj ET Q q 0 0 0 rg BT 539.48 335.05 Td (proven ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 324.25 Td (component ) Tj ET Q q 0 0 0 rg BT 110.03 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.04 324.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 150.06 324.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 169.07 324.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 206.60 324.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 243.61 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 259.11 324.25 Td (90% ) Tj ET Q q 0 0 0 rg BT 279.63 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.15 324.25 Td (10%, ) Tj ET Q q 0 0 0 rg BT 320.16 324.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 367.01 324.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 307.45 Td (Such ) Tj ET Q q 0 0 0 rg BT 86.03 307.45 Td (reserves ) Tj ET Q q 0 0 0 rg BT 123.05 307.45 Td (may ) Tj ET Q q 0 0 0 rg BT 142.57 307.45 Td (be ) Tj ET Q q 0 0 0 rg BT 155.09 307.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 201.64 307.45 Td (commercially ) Tj ET Q q 0 0 0 rg BT 256.66 307.45 Td (producible ) Tj ET Q q 0 0 0 rg BT 300.70 307.45 Td (if ) Tj ET Q q 0 0 0 rg BT 307.71 307.45 Td (management ) Tj ET Q q 0 0 0 rg BT 362.76 307.45 Td (has ) Tj ET Q q 0 0 0 rg BT 379.78 307.45 Td (the ) Tj ET Q q 0 0 0 rg BT 394.81 307.45 Td (intention ) Tj ET Q q 0 0 0 rg BT 431.35 307.45 Td (of ) Tj ET Q q 0 0 0 rg BT 441.37 307.45 Td (developing ) Tj ET Q q 0 0 0 rg BT 487.42 307.45 Td (and ) Tj ET Q q 0 0 0 rg BT 504.95 307.45 Td (producing ) Tj ET Q q 0 0 0 rg BT 547.00 307.45 Td (them ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 296.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 296.65 Td (such ) Tj ET Q q 0 0 0 rg BT 102.03 296.65 Td (intention ) Tj ET Q q 0 0 0 rg BT 138.56 296.65 Td (is ) Tj ET Q q 0 0 0 rg BT 147.56 296.65 Td (based ) Tj ET Q q 0 0 0 rg BT 174.58 296.65 Td (upon:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 279.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 279.85 Td (a reasonable assessment of the future economics of such production;) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 263.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 263.05 Td (areasonable expectation that there is a market for all or substantially all the expected oil and natural gas production; and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 246.25 Td (evidence that the necessary production, transmission and transportation facilities are available or can be made available.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 229.45 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 103.00 229.45 Td (may ) Tj ET Q q 0 0 0 rg BT 121.99 229.45 Td (only ) Tj ET Q q 0 0 0 rg BT 140.48 229.45 Td (be ) Tj ET Q q 0 0 0 rg BT 152.48 229.45 Td (considered ) Tj ET Q q 0 0 0 rg BT 198.49 229.45 Td (total ) Tj ET Q q 0 0 0 rg BT 217.49 229.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 246.99 229.45 Td (plus ) Tj ET Q q 0 0 0 rg BT 265.49 229.45 Td (probable ) Tj ET Q q 0 0 0 rg BT 302.50 229.45 Td (if ) Tj ET Q q 0 0 0 rg BT 308.99 229.45 Td (producibility ) Tj ET Q q 0 0 0 rg BT 358.50 229.45 Td (is ) Tj ET Q q 0 0 0 rg BT 366.98 229.45 Td (supported ) Tj ET Q q 0 0 0 rg BT 409.00 229.45 Td (by ) Tj ET Q q 0 0 0 rg BT 420.49 229.45 Td (either ) Tj ET Q q 0 0 0 rg BT 444.98 229.45 Td (actual ) Tj ET Q q 0 0 0 rg BT 470.99 229.45 Td (production ) Tj ET Q q 0 0 0 rg BT 515.00 229.45 Td (or ) Tj ET Q q 0 0 0 rg BT 524.99 229.45 Td (conclusive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 218.65 Td (formation ) Tj ET Q q 0 0 0 rg BT 102.51 218.65 Td (test. ) Tj ET Q q 0 0 0 rg BT 121.38 218.65 Td (The ) Tj ET Q q 0 0 0 rg BT 138.88 218.65 Td (area ) Tj ET Q q 0 0 0 rg BT 158.89 218.65 Td (of ) Tj ET Q q 0 0 0 rg BT 168.38 218.65 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 205.38 218.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 251.40 218.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 280.92 218.65 Td (includes: ) Tj ET Q q 0 0 0 rg BT 318.43 218.65 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 331.42 218.65 Td (that ) Tj ET Q q 0 0 0 rg BT 348.43 218.65 Td (portion ) Tj ET Q q 0 0 0 rg BT 377.94 218.65 Td (delineated ) Tj ET Q q 0 0 0 rg BT 421.47 218.65 Td (by ) Tj ET Q q 0 0 0 rg BT 432.97 218.65 Td (drilling ) Tj ET Q q 0 0 0 rg BT 460.97 218.65 Td (and ) Tj ET Q q 0 0 0 rg BT 477.98 218.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 509.50 218.65 Td (by ) Tj ET Q q 0 0 0 rg BT 521.00 218.65 Td (gas-oil ) Tj ET Q q 0 0 0 rg BT 549.50 218.65 Td (and/) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 207.85 Td (or ) Tj ET Q q 0 0 0 rg BT 72.93 207.85 Td (oil-water ) Tj ET Q q 0 0 0 rg BT 108.86 207.85 Td (contacts, ) Tj ET Q q 0 0 0 rg BT 146.80 207.85 Td (if ) Tj ET Q q 0 0 0 rg BT 153.23 207.85 Td (any) Tj ET Q q 0 0 0 rg BT 167.07 207.85 Td (, ) Tj ET Q q 0 0 0 rg BT 171.49 207.85 Td (or ) Tj ET Q q 0 0 0 rg BT 181.42 207.85 Td (both; ) Tj ET Q q 0 0 0 rg BT 203.36 207.85 Td (and ) Tj ET Q q 0 0 0 rg BT 220.30 207.85 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 233.23 207.85 Td (the ) Tj ET Q q 0 0 0 rg BT 247.66 207.85 Td (immediately ) Tj ET Q q 0 0 0 rg BT 297.60 207.85 Td (adjoining ) Tj ET Q q 0 0 0 rg BT 335.56 207.85 Td (portions ) Tj ET Q q 0 0 0 rg BT 369.50 207.85 Td (not ) Tj ET Q q 0 0 0 rg BT 383.93 207.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 397.86 207.85 Td (drilled, ) Tj ET Q q 0 0 0 rg BT 426.30 207.85 Td (but ) Tj ET Q q 0 0 0 rg BT 440.74 207.85 Td (which ) Tj ET Q q 0 0 0 rg BT 465.67 207.85 Td (can ) Tj ET Q q 0 0 0 rg BT 482.11 207.85 Td (be ) Tj ET Q q 0 0 0 rg BT 494.04 207.85 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 539.99 207.85 Td (judged ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 197.05 Td (as ) Tj ET Q q 0 0 0 rg BT 74.60 197.05 Td (economically ) Tj ET Q q 0 0 0 rg BT 128.73 197.05 Td (productive ) Tj ET Q q 0 0 0 rg BT 172.35 197.05 Td (on ) Tj ET Q q 0 0 0 rg BT 184.46 197.05 Td (the ) Tj ET Q q 0 0 0 rg BT 199.07 197.05 Td (basis ) Tj ET Q q 0 0 0 rg BT 222.18 197.05 Td (of ) Tj ET Q q 0 0 0 rg BT 231.78 197.05 Td (available ) Tj ET Q q 0 0 0 rg BT 269.40 197.05 Td (geophysical, ) Tj ET Q q 0 0 0 rg BT 321.53 197.05 Td (geological ) Tj ET Q q 0 0 0 rg BT 364.16 197.05 Td (and ) Tj ET Q q 0 0 0 rg BT 381.28 197.05 Td (engineering ) Tj ET Q q 0 0 0 rg BT 430.42 197.05 Td (data. ) Tj ET Q q 0 0 0 rg BT 452.53 197.05 Td (In ) Tj ET Q q 0 0 0 rg BT 462.14 197.05 Td (the ) Tj ET Q q 0 0 0 rg BT 476.75 197.05 Td (absence ) Tj ET Q q 0 0 0 rg BT 512.87 197.05 Td (of ) Tj ET Q q 0 0 0 rg BT 522.48 197.05 Td (information ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 186.25 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 186.25 Td (fluid ) Tj ET Q q 0 0 0 rg BT 94.52 186.25 Td (contacts, ) Tj ET Q q 0 0 0 rg BT 133.04 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.05 186.25 Td (lowest ) Tj ET Q q 0 0 0 rg BT 176.06 186.25 Td (known ) Tj ET Q q 0 0 0 rg BT 204.58 186.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 244.09 186.25 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 291.11 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 301.12 186.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 312.62 186.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.14 186.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 360.16 186.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 377.17 186.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 411.18 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.19 186.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 450.20 186.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 480.22 186.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 498.72 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.72 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.74 186.25 Td (reservoir) Tj ET Q q 0 0 0 rg BT 558.25 186.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 169.45 Td (Reserves ) Tj ET Q q 0 0 0 rg BT 103.25 169.45 Td (which ) Tj ET Q q 0 0 0 rg BT 128.49 169.45 Td (can ) Tj ET Q q 0 0 0 rg BT 145.24 169.45 Td (be ) Tj ET Q q 0 0 0 rg BT 157.48 169.45 Td (produced ) Tj ET Q q 0 0 0 rg BT 197.25 169.45 Td (economically ) Tj ET Q q 0 0 0 rg BT 251.50 169.45 Td (through ) Tj ET Q q 0 0 0 rg BT 284.26 169.45 Td (application ) Tj ET Q q 0 0 0 rg BT 329.53 169.45 Td (of ) Tj ET Q q 0 0 0 rg BT 339.27 169.45 Td (improved ) Tj ET Q q 0 0 0 rg BT 378.52 169.45 Td (recovery ) Tj ET Q q 0 0 0 rg BT 415.26 169.45 Td (techniques ) Tj ET Q q 0 0 0 rg BT 461.03 169.45 Td (\(such ) Tj ET Q q 0 0 0 rg BT 485.27 169.45 Td (as ) Tj ET Q q 0 0 0 rg BT 497.01 169.45 Td (fluid ) Tj ET Q q 0 0 0 rg BT 515.75 169.45 Td (injection\) ) Tj ET Q q 0 0 0 rg BT 554.01 169.45 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 158.65 Td (only ) Tj ET Q q 0 0 0 rg BT 82.31 158.65 Td (included ) Tj ET Q q 0 0 0 rg BT 118.64 158.65 Td (in ) Tj ET Q q 0 0 0 rg BT 128.44 158.65 Td (the ) Tj ET Q q 0 0 0 rg BT 143.76 158.65 Td (proved ) Tj ET Q q 0 0 0 rg BT 174.07 158.65 Td (plus ) Tj ET Q q 0 0 0 rg BT 193.39 158.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 231.22 158.65 Td (classification ) Tj ET Q q 0 0 0 rg BT 285.04 158.65 Td (when ) Tj ET Q q 0 0 0 rg BT 309.35 158.65 Td (successful ) Tj ET Q q 0 0 0 rg BT 354.17 158.65 Td (testing ) Tj ET Q q 0 0 0 rg BT 383.49 158.65 Td (by ) Tj ET Q q 0 0 0 rg BT 395.79 158.65 Td (a ) Tj ET Q q 0 0 0 rg BT 403.60 158.65 Td (pilot ) Tj ET Q q 0 0 0 rg BT 422.91 158.65 Td (project, ) Tj ET Q q 0 0 0 rg BT 455.23 158.65 Td (the ) Tj ET Q q 0 0 0 rg BT 470.54 158.65 Td (operation ) Tj ET Q q 0 0 0 rg BT 510.87 158.65 Td (of ) Tj ET Q q 0 0 0 rg BT 521.17 158.65 Td (an ) Tj ET Q q 0 0 0 rg BT 533.99 158.65 Td (installed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 147.85 Td (program ) Tj ET Q q 0 0 0 rg BT 99.72 147.85 Td (in ) Tj ET Q q 0 0 0 rg BT 109.94 147.85 Td (the ) Tj ET Q q 0 0 0 rg BT 125.66 147.85 Td (reservoir) Tj ET Q q 0 0 0 rg BT 160.17 147.85 Td (, ) Tj ET Q q 0 0 0 rg BT 165.88 147.85 Td (or ) Tj ET Q q 0 0 0 rg BT 177.09 147.85 Td (other ) Tj ET Q q 0 0 0 rg BT 200.82 147.85 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 248.56 147.85 Td (evidence ) Tj ET Q q 0 0 0 rg BT 287.80 147.85 Td (\(such ) Tj ET Q q 0 0 0 rg BT 313.01 147.85 Td (as, ) Tj ET Q q 0 0 0 rg BT 328.23 147.85 Td (experience ) Tj ET Q q 0 0 0 rg BT 375.47 147.85 Td (of ) Tj ET Q q 0 0 0 rg BT 386.18 147.85 Td (the ) Tj ET Q q 0 0 0 rg BT 401.91 147.85 Td (same ) Tj ET Q q 0 0 0 rg BT 427.12 147.85 Td (techniques ) Tj ET Q q 0 0 0 rg BT 473.87 147.85 Td (on ) Tj ET Q q 0 0 0 rg BT 487.09 147.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 516.29 147.85 Td (reservoirs ) Tj ET Q q 0 0 0 rg BT 559.01 147.85 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 137.05 Td (reservoir ) Tj ET Q q 0 0 0 rg BT 100.51 137.05 Td (simulation ) Tj ET Q q 0 0 0 rg BT 143.53 137.05 Td (studies\) ) Tj ET Q q 0 0 0 rg BT 177.54 137.05 Td (provides ) Tj ET Q q 0 0 0 rg BT 214.06 137.05 Td (support ) Tj ET Q q 0 0 0 rg BT 246.58 137.05 Td (for ) Tj ET Q q 0 0 0 rg BT 259.58 137.05 Td (the ) Tj ET Q q 0 0 0 rg BT 274.59 137.05 Td (engineering ) Tj ET Q q 0 0 0 rg BT 324.13 137.05 Td (analysis ) Tj ET Q q 0 0 0 rg BT 359.15 137.05 Td (on ) Tj ET Q q 0 0 0 rg BT 371.66 137.05 Td (which ) Tj ET Q q 0 0 0 rg BT 397.17 137.05 Td (the ) Tj ET Q q 0 0 0 rg BT 412.18 137.05 Td (project ) Tj ET Q q 0 0 0 rg BT 441.69 137.05 Td (or ) Tj ET Q q 0 0 0 rg BT 452.20 137.05 Td (program ) Tj ET Q q 0 0 0 rg BT 488.21 137.05 Td (was ) Tj ET Q q 0 0 0 rg BT 506.72 137.05 Td (based.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 120.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 120.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 122.53 120.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 149.04 120.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 169.55 120.25 Td (for ) Tj ET Q q 0 0 0 rg BT 182.55 120.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 212.07 120.25 Td (production ) Tj ET Q q 0 0 0 rg BT 256.60 120.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 285.11 120.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.11 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.12 120.25 Td (current ) Tj ET Q q 0 0 0 rg BT 343.63 120.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.15 120.25 Td (comparative ) Tj ET Q q 0 0 0 rg BT 412.67 120.25 Td (years ) Tj ET Q q 0 0 0 rg BT 437.18 120.25 Td (are ) Tj ET Q q 0 0 0 rg BT 452.69 120.25 Td (as ) Tj ET Q q 0 0 0 rg BT 464.70 120.25 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 106.75 m 315.5 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 106.75 m 567.5 106.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 76.75 m 315.5 76.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315.5 76.75 m 567.5 76.75 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.00 96.15 Td (Facilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.00 96.15 Td (15 years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.00 81.15 Td (Oil and natural gas properties) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.00 81.15 Td (Based on CGU Reserve Life) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 71 0 obj <> endobj 72 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 35) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (For ) Tj ET Q q 0 0 0 rg BT 79.11 742.45 Td (other ) Tj ET Q q 0 0 0 rg BT 102.23 742.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 133.35 742.45 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 184.99 742.45 Td (is ) Tj ET Q q 0 0 0 rg BT 194.10 742.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 240.74 742.45 Td (in ) Tj ET Q q 0 0 0 rg BT 250.35 742.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 272.96 742.45 Td (or ) Tj ET Q q 0 0 0 rg BT 283.57 742.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 302.19 742.45 Td (on ) Tj ET Q q 0 0 0 rg BT 314.81 742.45 Td (a ) Tj ET Q q 0 0 0 rg BT 322.42 742.45 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 371.55 742.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 395.17 742.45 Td (over ) Tj ET Q q 0 0 0 rg BT 415.28 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 430.40 742.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 472.03 742.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 498.65 742.45 Td (lives ) Tj ET Q q 0 0 0 rg BT 519.26 742.45 Td (of ) Tj ET Q q 0 0 0 rg BT 529.38 742.45 Td (each ) Tj ET Q q 0 0 0 rg BT 551.50 742.45 Td (part ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.29 731.65 Td (an ) Tj ET Q q 0 0 0 rg BT 86.08 731.65 Td (item ) Tj ET Q q 0 0 0 rg BT 105.86 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 116.15 731.65 Td (property) Tj ET Q q 0 0 0 rg BT 148.49 731.65 Td (, ) Tj ET Q q 0 0 0 rg BT 153.77 731.65 Td (plant ) Tj ET Q q 0 0 0 rg BT 176.07 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 193.87 731.65 Td (equipment. ) Tj ET Q q 0 0 0 rg BT 241.18 731.65 Td (Leased ) Tj ET Q q 0 0 0 rg BT 273.48 731.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 302.28 731.65 Td (are ) Tj ET Q q 0 0 0 rg BT 318.06 731.65 Td (depreciated ) Tj ET Q q 0 0 0 rg BT 367.88 731.65 Td (over ) Tj ET Q q 0 0 0 rg BT 388.17 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 403.46 731.65 Td (shorter ) Tj ET Q q 0 0 0 rg BT 434.25 731.65 Td (of ) Tj ET Q q 0 0 0 rg BT 444.54 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 459.83 731.65 Td (lease ) Tj ET Q q 0 0 0 rg BT 484.12 731.65 Td (term ) Tj ET Q q 0 0 0 rg BT 504.90 731.65 Td (and ) Tj ET Q q 0 0 0 rg BT 522.70 731.65 Td (their ) Tj ET Q q 0 0 0 rg BT 542.99 731.65 Td (useful ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.85 Td (lives ) Tj ET Q q 0 0 0 rg BT 83.50 720.85 Td (unless ) Tj ET Q q 0 0 0 rg BT 112.02 720.85 Td (it ) Tj ET Q q 0 0 0 rg BT 119.02 720.85 Td (is ) Tj ET Q q 0 0 0 rg BT 128.02 720.85 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 174.55 720.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.06 720.85 Td (that ) Tj ET Q q 0 0 0 rg BT 221.58 720.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 263.60 720.85 Td (will ) Tj ET Q q 0 0 0 rg BT 278.60 720.85 Td (obtain ) Tj ET Q q 0 0 0 rg BT 305.62 720.85 Td (ownership ) Tj ET Q q 0 0 0 rg BT 349.15 720.85 Td (by ) Tj ET Q q 0 0 0 rg BT 361.15 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 376.16 720.85 Td (end ) Tj ET Q q 0 0 0 rg BT 393.68 720.85 Td (of ) Tj ET Q q 0 0 0 rg BT 403.69 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 418.70 720.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 442.71 720.85 Td (term.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 704.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 704.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 122.53 704.05 Td (useful ) Tj ET Q q 0 0 0 rg BT 149.04 704.05 Td (lives ) Tj ET Q q 0 0 0 rg BT 169.55 704.05 Td (for ) Tj ET Q q 0 0 0 rg BT 182.55 704.05 Td (other ) Tj ET Q q 0 0 0 rg BT 205.57 704.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 234.08 704.05 Td (for ) Tj ET Q q 0 0 0 rg BT 247.08 704.05 Td (the ) Tj ET Q q 0 0 0 rg BT 262.09 704.05 Td (current ) Tj ET Q q 0 0 0 rg BT 292.61 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 310.12 704.05 Td (comparative ) Tj ET Q q 0 0 0 rg BT 361.64 704.05 Td (years ) Tj ET Q q 0 0 0 rg BT 386.15 704.05 Td (are ) Tj ET Q q 0 0 0 rg BT 401.66 704.05 Td (as ) Tj ET Q q 0 0 0 rg BT 413.67 704.05 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 693.55 m 314.5 693.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 693.55 m 566.5 693.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 651.55 m 314.5 651.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 314.5 651.55 m 566.5 651.55 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 683.95 Td (Office equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 683.95 Td (5 years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 669.95 Td (Fixtures and fittings) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 669.95 Td (5 years) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.00 655.95 Td (Leaseholds) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 335.00 655.95 Td (9.5 years) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 635.25 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 116.03 635.25 Td (methods, ) Tj ET Q q 0 0 0 rg BT 155.55 635.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 182.07 635.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 202.57 635.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.09 635.25 Td (residual ) Tj ET Q q 0 0 0 rg BT 254.10 635.25 Td (values ) Tj ET Q q 0 0 0 rg BT 282.62 635.25 Td (are ) Tj ET Q q 0 0 0 rg BT 298.13 635.25 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 336.65 635.25 Td (at ) Tj ET Q q 0 0 0 rg BT 346.65 635.25 Td (each ) Tj ET Q q 0 0 0 rg BT 368.67 635.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 406.69 635.25 Td (date. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 618.45 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 103.50 618.45 Td (and ) Tj ET Q q 0 0 0 rg BT 122.00 618.45 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 174.00 618.45 Td (and ) Tj ET Q q 0 0 0 rg BT 192.50 618.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 239.52 618.45 Td (assets) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 601.65 Td (Goodwill) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 587.85 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 100.06 587.85 Td (arises ) Tj ET Q q 0 0 0 rg BT 126.61 587.85 Td (on ) Tj ET Q q 0 0 0 rg BT 139.17 587.85 Td (the ) Tj ET Q q 0 0 0 rg BT 154.22 587.85 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 199.29 587.85 Td (of ) Tj ET Q q 0 0 0 rg BT 209.34 587.85 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 259.41 587.85 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 311.98 587.85 Td (associates ) Tj ET Q q 0 0 0 rg BT 357.05 587.85 Td (and ) Tj ET Q q 0 0 0 rg BT 374.61 587.85 Td (joint ) Tj ET Q q 0 0 0 rg BT 393.66 587.85 Td (ventures. ) Tj ET Q q 0 0 0 rg BT 433.23 587.85 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 470.29 587.85 Td (is ) Tj ET Q q 0 0 0 rg BT 479.33 587.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 521.89 587.85 Td (at ) Tj ET Q q 0 0 0 rg BT 531.94 587.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 551.00 587.85 Td (less ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 577.05 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 115.78 577.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 162.04 577.05 Td (losses. ) Tj ET Q q 0 0 0 rg BT 191.81 577.05 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 228.07 577.05 Td (is ) Tj ET Q q 0 0 0 rg BT 236.32 577.05 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 277.10 577.05 Td (for ) Tj ET Q q 0 0 0 rg BT 289.36 577.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 335.62 577.05 Td (on ) Tj ET Q q 0 0 0 rg BT 347.38 577.05 Td (an ) Tj ET Q q 0 0 0 rg BT 359.15 577.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 387.92 577.05 Td (basis, ) Tj ET Q q 0 0 0 rg BT 413.18 577.05 Td (or ) Tj ET Q q 0 0 0 rg BT 422.94 577.05 Td (more ) Tj ET Q q 0 0 0 rg BT 445.19 577.05 Td (frequently ) Tj ET Q q 0 0 0 rg BT 486.47 577.05 Td (if ) Tj ET Q q 0 0 0 rg BT 492.72 577.05 Td (potential ) Tj ET Q q 0 0 0 rg BT 528.50 577.05 Td (indicators ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 565.05 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 565.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 120.02 565.05 Td (exist.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.02 565.05 Td ( ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 548.25 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 110.53 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.04 548.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 171.58 548.25 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 534.45 Td (Other ) Tj ET Q q 0 0 0 rg BT 88.44 534.45 Td (intangible ) Tj ET Q q 0 0 0 rg BT 129.90 534.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 158.84 534.45 Td (that ) Tj ET Q q 0 0 0 rg BT 176.78 534.45 Td (are ) Tj ET Q q 0 0 0 rg BT 192.72 534.45 Td (acquired ) Tj ET Q q 0 0 0 rg BT 230.18 534.45 Td (by ) Tj ET Q q 0 0 0 rg BT 242.61 534.45 Td (Bonavista, ) Tj ET Q q 0 0 0 rg BT 287.57 534.45 Td (which ) Tj ET Q q 0 0 0 rg BT 313.51 534.45 Td (have ) Tj ET Q q 0 0 0 rg BT 335.95 534.45 Td (finite ) Tj ET Q q 0 0 0 rg BT 357.89 534.45 Td (useful ) Tj ET Q q 0 0 0 rg BT 384.84 534.45 Td (lives, ) Tj ET Q q 0 0 0 rg BT 408.27 534.45 Td (are ) Tj ET Q q 0 0 0 rg BT 424.21 534.45 Td (measured ) Tj ET Q q 0 0 0 rg BT 467.16 534.45 Td (at ) Tj ET Q q 0 0 0 rg BT 477.60 534.45 Td (cost ) Tj ET Q q 0 0 0 rg BT 497.04 534.45 Td (less ) Tj ET Q q 0 0 0 rg BT 515.97 534.45 Td (accumulated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 523.65 Td (amortization ) Tj ET Q q 0 0 0 rg BT 114.52 523.65 Td (and ) Tj ET Q q 0 0 0 rg BT 132.04 523.65 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 185.57 523.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 232.58 523.65 Td (losses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 506.85 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 112.83 506.85 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 161.66 506.85 Td (is ) Tj ET Q q 0 0 0 rg BT 169.95 506.85 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 214.26 506.85 Td (only ) Tj ET Q q 0 0 0 rg BT 232.56 506.85 Td (when ) Tj ET Q q 0 0 0 rg BT 255.87 506.85 Td (it ) Tj ET Q q 0 0 0 rg BT 262.16 506.85 Td (increases ) Tj ET Q q 0 0 0 rg BT 302.47 506.85 Td (the ) Tj ET Q q 0 0 0 rg BT 316.77 506.85 Td (future ) Tj ET Q q 0 0 0 rg BT 341.57 506.85 Td (economic ) Tj ET Q q 0 0 0 rg BT 381.88 506.85 Td (benefits ) Tj ET Q q 0 0 0 rg BT 415.19 506.85 Td (embodied ) Tj ET Q q 0 0 0 rg BT 456.51 506.85 Td (in ) Tj ET Q q 0 0 0 rg BT 465.30 506.85 Td (the ) Tj ET Q q 0 0 0 rg BT 479.61 506.85 Td (specific ) Tj ET Q q 0 0 0 rg BT 511.41 506.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 534.71 506.85 Td (to ) Tj ET Q q 0 0 0 rg BT 544.00 506.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 496.05 Td (it ) Tj ET Q q 0 0 0 rg BT 70.00 496.05 Td (relates.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 479.25 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 115.18 479.25 Td (is ) Tj ET Q q 0 0 0 rg BT 123.85 479.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 170.04 479.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.21 479.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 201.38 479.25 Td (or ) Tj ET Q q 0 0 0 rg BT 211.54 479.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 229.71 479.25 Td (on ) Tj ET Q q 0 0 0 rg BT 241.89 479.25 Td (a ) Tj ET Q q 0 0 0 rg BT 249.06 479.25 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 297.74 479.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 320.91 479.25 Td (over ) Tj ET Q q 0 0 0 rg BT 340.58 479.25 Td (the ) Tj ET Q q 0 0 0 rg BT 355.26 479.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 396.44 479.25 Td (useful ) Tj ET Q q 0 0 0 rg BT 422.62 479.25 Td (lives ) Tj ET Q q 0 0 0 rg BT 442.79 479.25 Td (of ) Tj ET Q q 0 0 0 rg BT 452.46 479.25 Td (other ) Tj ET Q q 0 0 0 rg BT 475.14 479.25 Td (intangible ) Tj ET Q q 0 0 0 rg BT 515.83 479.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 546.51 479.25 Td (other ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 468.45 Td (than ) Tj ET Q q 0 0 0 rg BT 83.02 468.45 Td (goodwill, ) Tj ET Q q 0 0 0 rg BT 120.54 468.45 Td (from ) Tj ET Q q 0 0 0 rg BT 141.04 468.45 Td (the ) Tj ET Q q 0 0 0 rg BT 156.05 468.45 Td (date ) Tj ET Q q 0 0 0 rg BT 176.07 468.45 Td (they ) Tj ET Q q 0 0 0 rg BT 195.58 468.45 Td (were ) Tj ET Q q 0 0 0 rg BT 217.59 468.45 Td (available ) Tj ET Q q 0 0 0 rg BT 255.61 468.45 Td (for ) Tj ET Q q 0 0 0 rg BT 268.62 468.45 Td (use.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 451.65 Td (Impairment) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 434.85 Td (Non-derivative ) Tj ET Q q 0 0 0 rg BT 123.53 434.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.05 434.85 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 421.05 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 421.05 Td ( ) Tj ET Q q 0 0 0 rg BT 71.31 421.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 107.13 421.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 131.44 421.05 Td (is ) Tj ET Q q 0 0 0 rg BT 140.74 421.05 Td (assessed ) Tj ET Q q 0 0 0 rg BT 181.56 421.05 Td (at ) Tj ET Q q 0 0 0 rg BT 191.86 421.05 Td (each ) Tj ET Q q 0 0 0 rg BT 214.18 421.05 Td (reporting ) Tj ET Q q 0 0 0 rg BT 252.50 421.05 Td (date ) Tj ET Q q 0 0 0 rg BT 272.82 421.05 Td (to ) Tj ET Q q 0 0 0 rg BT 283.12 421.05 Td (determine ) Tj ET Q q 0 0 0 rg BT 325.94 421.05 Td (whether ) Tj ET Q q 0 0 0 rg BT 360.76 421.05 Td (there ) Tj ET Q q 0 0 0 rg BT 384.08 421.05 Td (is ) Tj ET Q q 0 0 0 rg BT 393.37 421.05 Td (any ) Tj ET Q q 0 0 0 rg BT 410.69 421.05 Td (objective ) Tj ET Q q 0 0 0 rg BT 449.01 421.05 Td (evidence ) Tj ET Q q 0 0 0 rg BT 487.83 421.05 Td (that ) Tj ET Q q 0 0 0 rg BT 505.64 421.05 Td (it ) Tj ET Q q 0 0 0 rg BT 512.94 421.05 Td (is ) Tj ET Q q 0 0 0 rg BT 522.24 421.05 Td (impaired. ) Tj ET Q q 0 0 0 rg BT 561.50 421.05 Td (A) Tj ET Q q 0 0 0 rg BT 567.01 421.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 410.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 98.76 410.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 123.02 410.25 Td (is ) Tj ET Q q 0 0 0 rg BT 132.26 410.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 179.03 410.25 Td (to ) Tj ET Q q 0 0 0 rg BT 189.28 410.25 Td (be ) Tj ET Q q 0 0 0 rg BT 202.04 410.25 Td (impaired ) Tj ET Q q 0 0 0 rg BT 239.30 410.25 Td (if ) Tj ET Q q 0 0 0 rg BT 246.54 410.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 284.81 410.25 Td (evidence ) Tj ET Q q 0 0 0 rg BT 323.58 410.25 Td (indicates ) Tj ET Q q 0 0 0 rg BT 361.84 410.25 Td (that ) Tj ET Q q 0 0 0 rg BT 379.60 410.25 Td (one ) Tj ET Q q 0 0 0 rg BT 397.35 410.25 Td (or ) Tj ET Q q 0 0 0 rg BT 408.10 410.25 Td (more ) Tj ET Q q 0 0 0 rg BT 431.35 410.25 Td (events ) Tj ET Q q 0 0 0 rg BT 460.61 410.25 Td (have ) Tj ET Q q 0 0 0 rg BT 482.87 410.25 Td (had ) Tj ET Q q 0 0 0 rg BT 500.63 410.25 Td (a ) Tj ET Q q 0 0 0 rg BT 508.38 410.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 545.15 410.25 Td (ef) Tj ET Q q 0 0 0 rg BT 552.49 410.25 Td (fect ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 399.45 Td (on ) Tj ET Q q 0 0 0 rg BT 75.51 399.45 Td (the ) Tj ET Q q 0 0 0 rg BT 90.52 399.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 132.04 399.45 Td (future ) Tj ET Q q 0 0 0 rg BT 157.56 399.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 179.07 399.45 Td (flows ) Tj ET Q q 0 0 0 rg BT 202.07 399.45 Td (of ) Tj ET Q q 0 0 0 rg BT 212.08 399.45 Td (that ) Tj ET Q q 0 0 0 rg BT 229.59 399.45 Td (asset.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 382.65 Td (An ) Tj ET Q q 0 0 0 rg BT 76.10 382.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 122.71 382.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 140.81 382.65 Td (in ) Tj ET Q q 0 0 0 rg BT 149.92 382.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 181.52 382.65 Td (of ) Tj ET Q q 0 0 0 rg BT 191.13 382.65 Td (a ) Tj ET Q q 0 0 0 rg BT 198.23 382.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 233.35 382.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 256.95 382.65 Td (measured ) Tj ET Q q 0 0 0 rg BT 299.07 382.65 Td (at ) Tj ET Q q 0 0 0 rg BT 308.67 382.65 Td (amortized ) Tj ET Q q 0 0 0 rg BT 350.28 382.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 368.89 382.65 Td (is ) Tj ET Q q 0 0 0 rg BT 377.48 382.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 420.10 382.65 Td (as ) Tj ET Q q 0 0 0 rg BT 431.71 382.65 Td (the ) Tj ET Q q 0 0 0 rg BT 446.31 382.65 Td (dif) Tj ET Q q 0 0 0 rg BT 455.66 382.65 Td (ference ) Tj ET Q q 0 0 0 rg BT 487.77 382.65 Td (between ) Tj ET Q q 0 0 0 rg BT 523.89 382.65 Td (its ) Tj ET Q q 0 0 0 rg BT 534.99 382.65 Td (carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 371.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 95.52 371.85 Td (and ) Tj ET Q q 0 0 0 rg BT 113.04 371.85 Td (the ) Tj ET Q q 0 0 0 rg BT 128.05 371.85 Td (present ) Tj ET Q q 0 0 0 rg BT 160.57 371.85 Td (value ) Tj ET Q q 0 0 0 rg BT 184.58 371.85 Td (of ) Tj ET Q q 0 0 0 rg BT 194.59 371.85 Td (the ) Tj ET Q q 0 0 0 rg BT 209.60 371.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 251.12 371.85 Td (future ) Tj ET Q q 0 0 0 rg BT 276.64 371.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 298.15 371.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 321.15 371.85 Td (discounted ) Tj ET Q q 0 0 0 rg BT 367.19 371.85 Td (at ) Tj ET Q q 0 0 0 rg BT 377.19 371.85 Td (the ) Tj ET Q q 0 0 0 rg BT 392.20 371.85 Td (original ) Tj ET Q q 0 0 0 rg BT 423.72 371.85 Td (ef) Tj ET Q q 0 0 0 rg BT 431.06 371.85 Td (fective ) Tj ET Q q 0 0 0 rg BT 459.58 371.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 491.59 371.85 Td (rate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 355.05 Td (Significant ) Tj ET Q q 0 0 0 rg BT 105.78 355.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.06 355.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 167.32 355.05 Td (are ) Tj ET Q q 0 0 0 rg BT 181.58 355.05 Td (tested ) Tj ET Q q 0 0 0 rg BT 207.36 355.05 Td (for ) Tj ET Q q 0 0 0 rg BT 219.12 355.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 264.88 355.05 Td (on ) Tj ET Q q 0 0 0 rg BT 276.15 355.05 Td (an ) Tj ET Q q 0 0 0 rg BT 287.42 355.05 Td (individual ) Tj ET Q q 0 0 0 rg BT 326.20 355.05 Td (basis. ) Tj ET Q q 0 0 0 rg BT 350.88 355.05 Td (The ) Tj ET Q q 0 0 0 rg BT 367.64 355.05 Td (remaining ) Tj ET Q q 0 0 0 rg BT 408.42 355.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 442.69 355.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 469.96 355.05 Td (are ) Tj ET Q q 0 0 0 rg BT 484.22 355.05 Td (assessed ) Tj ET Q q 0 0 0 rg BT 523.50 355.05 Td (collectively ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 72.51 344.25 Td (groups ) Tj ET Q q 0 0 0 rg BT 102.52 344.25 Td (that ) Tj ET Q q 0 0 0 rg BT 120.04 344.25 Td (share ) Tj ET Q q 0 0 0 rg BT 145.05 344.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 173.55 344.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 198.06 344.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 214.55 344.25 Td (characteristics.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 327.45 Td (All ) Tj ET Q q 0 0 0 rg BT 75.50 327.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 122.52 327.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 150.53 327.45 Td (are ) Tj ET Q q 0 0 0 rg BT 166.03 327.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 212.56 327.45 Td (in ) Tj ET Q q 0 0 0 rg BT 222.07 327.45 Td (the ) Tj ET Q q 0 0 0 rg BT 237.08 327.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 290.12 327.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 332.14 327.45 Td (of ) Tj ET Q q 0 0 0 rg BT 342.15 327.45 Td (income. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 310.65 Td (An ) Tj ET Q q 0 0 0 rg BT 77.22 310.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 124.95 310.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 144.17 310.65 Td (is ) Tj ET Q q 0 0 0 rg BT 153.88 310.65 Td (reversed ) Tj ET Q q 0 0 0 rg BT 192.11 310.65 Td (if ) Tj ET Q q 0 0 0 rg BT 199.83 310.65 Td (the ) Tj ET Q q 0 0 0 rg BT 215.56 310.65 Td (reversal ) Tj ET Q q 0 0 0 rg BT 250.78 310.65 Td (can ) Tj ET Q q 0 0 0 rg BT 268.51 310.65 Td (be ) Tj ET Q q 0 0 0 rg BT 281.73 310.65 Td (related ) Tj ET Q q 0 0 0 rg BT 312.46 310.65 Td (objectively ) Tj ET Q q 0 0 0 rg BT 357.70 310.65 Td (to ) Tj ET Q q 0 0 0 rg BT 368.42 310.65 Td (an ) Tj ET Q q 0 0 0 rg BT 381.65 310.65 Td (event ) Tj ET Q q 0 0 0 rg BT 406.88 310.65 Td (occurring ) Tj ET Q q 0 0 0 rg BT 447.11 310.65 Td (after ) Tj ET Q q 0 0 0 rg BT 468.33 310.65 Td (the ) Tj ET Q q 0 0 0 rg BT 484.06 310.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 531.78 310.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 551.00 310.65 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 299.85 Td (recognized. ) Tj ET Q q 0 0 0 rg BT 111.75 299.85 Td (For ) Tj ET Q q 0 0 0 rg BT 127.47 299.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 162.71 299.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 190.94 299.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 233.19 299.85 Td (at ) Tj ET Q q 0 0 0 rg BT 242.91 299.85 Td (amortized ) Tj ET Q q 0 0 0 rg BT 284.65 299.85 Td (cost ) Tj ET Q q 0 0 0 rg BT 303.38 299.85 Td (the ) Tj ET Q q 0 0 0 rg BT 318.11 299.85 Td (reversal ) Tj ET Q q 0 0 0 rg BT 352.34 299.85 Td (is ) Tj ET Q q 0 0 0 rg BT 361.06 299.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 407.31 299.85 Td (in ) Tj ET Q q 0 0 0 rg BT 416.53 299.85 Td (the ) Tj ET Q q 0 0 0 rg BT 431.26 299.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 484.02 299.85 Td (statement ) Tj ET Q q 0 0 0 rg BT 525.76 299.85 Td (of ) Tj ET Q q 0 0 0 rg BT 535.49 299.85 Td (income. ) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 283.05 Td (Non-financial ) Tj ET Q q 0 0 0 rg BT 118.03 283.05 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 269.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.86 269.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 115.23 269.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 152.10 269.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.96 269.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 210.06 269.25 Td (non-financial ) Tj ET Q q 0 0 0 rg BT 263.45 269.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 294.32 269.25 Td (other ) Tj ET Q q 0 0 0 rg BT 317.18 269.25 Td (than ) Tj ET Q q 0 0 0 rg BT 337.06 269.25 Td (E&E ) Tj ET Q q 0 0 0 rg BT 357.42 269.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.79 269.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.16 269.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 439.03 269.25 Td (income ) Tj ET Q q 0 0 0 rg BT 470.40 269.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 484.76 269.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 515.63 269.25 Td (are ) Tj ET Q q 0 0 0 rg BT 530.99 269.25 Td (reviewed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 258.45 Td (at ) Tj ET Q q 0 0 0 rg BT 73.03 258.45 Td (each ) Tj ET Q q 0 0 0 rg BT 95.06 258.45 Td (reporting ) Tj ET Q q 0 0 0 rg BT 133.10 258.45 Td (date ) Tj ET Q q 0 0 0 rg BT 153.14 258.45 Td (to ) Tj ET Q q 0 0 0 rg BT 163.17 258.45 Td (determine ) Tj ET Q q 0 0 0 rg BT 205.71 258.45 Td (whether ) Tj ET Q q 0 0 0 rg BT 240.25 258.45 Td (there ) Tj ET Q q 0 0 0 rg BT 263.28 258.45 Td (is ) Tj ET Q q 0 0 0 rg BT 272.30 258.45 Td (any ) Tj ET Q q 0 0 0 rg BT 289.33 258.45 Td (indication ) Tj ET Q q 0 0 0 rg BT 329.88 258.45 Td (of ) Tj ET Q q 0 0 0 rg BT 339.90 258.45 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 389.43 258.45 Td (If ) Tj ET Q q 0 0 0 rg BT 396.95 258.45 Td (any ) Tj ET Q q 0 0 0 rg BT 413.99 258.45 Td (such ) Tj ET Q q 0 0 0 rg BT 435.52 258.45 Td (indication ) Tj ET Q q 0 0 0 rg BT 476.06 258.45 Td (exists, ) Tj ET Q q 0 0 0 rg BT 504.09 258.45 Td (then ) Tj ET Q q 0 0 0 rg BT 524.12 258.45 Td (the ) Tj ET Q q 0 0 0 rg BT 539.16 258.45 Td (asset) Tj ET Q q 0 0 0 rg BT 562.50 258.45 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 247.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 112.62 247.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 145.24 247.65 Td (is ) Tj ET Q q 0 0 0 rg BT 154.34 247.65 Td (estimated. ) Tj ET Q q 0 0 0 rg BT 197.94 247.65 Td (An ) Tj ET Q q 0 0 0 rg BT 211.55 247.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 258.66 247.65 Td (test ) Tj ET Q q 0 0 0 rg BT 275.76 247.65 Td (is ) Tj ET Q q 0 0 0 rg BT 284.86 247.65 Td (completed ) Tj ET Q q 0 0 0 rg BT 328.98 247.65 Td (each ) Tj ET Q q 0 0 0 rg BT 351.10 247.65 Td (year ) Tj ET Q q 0 0 0 rg BT 371.20 247.65 Td (for ) Tj ET Q q 0 0 0 rg BT 384.30 247.65 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 419.42 247.65 Td (and ) Tj ET Q q 0 0 0 rg BT 437.03 247.65 Td (other ) Tj ET Q q 0 0 0 rg BT 460.15 247.65 Td (intangible ) Tj ET Q q 0 0 0 rg BT 501.28 247.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 529.89 247.65 Td (that ) Tj ET Q q 0 0 0 rg BT 547.50 247.65 Td (have ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 236.85 Td (indefinite ) Tj ET Q q 0 0 0 rg BT 100.81 236.85 Td (lives ) Tj ET Q q 0 0 0 rg BT 120.60 236.85 Td (or ) Tj ET Q q 0 0 0 rg BT 130.38 236.85 Td (that ) Tj ET Q q 0 0 0 rg BT 147.18 236.85 Td (are ) Tj ET Q q 0 0 0 rg BT 161.97 236.85 Td (not ) Tj ET Q q 0 0 0 rg BT 176.26 236.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 190.05 236.85 Td (available ) Tj ET Q q 0 0 0 rg BT 227.36 236.85 Td (for ) Tj ET Q q 0 0 0 rg BT 239.64 236.85 Td (use. ) Tj ET Q q 0 0 0 rg BT 258.44 236.85 Td (E&E ) Tj ET Q q 0 0 0 rg BT 278.23 236.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 306.02 236.85 Td (are ) Tj ET Q q 0 0 0 rg BT 320.81 236.85 Td (assessed ) Tj ET Q q 0 0 0 rg BT 360.62 236.85 Td (for ) Tj ET Q q 0 0 0 rg BT 372.90 236.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 419.20 236.85 Td (when ) Tj ET Q q 0 0 0 rg BT 442.50 236.85 Td (they ) Tj ET Q q 0 0 0 rg BT 461.29 236.85 Td (are ) Tj ET Q q 0 0 0 rg BT 476.08 236.85 Td (reclassified ) Tj ET Q q 0 0 0 rg BT 522.88 236.85 Td (to ) Tj ET Q q 0 0 0 rg BT 532.17 236.85 Td (property) Tj ET Q q 0 0 0 rg BT 564.52 236.85 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 226.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 85.90 226.05 Td (and ) Tj ET Q q 0 0 0 rg BT 104.29 226.05 Td (equipment, ) Tj ET Q q 0 0 0 rg BT 152.20 226.05 Td (as ) Tj ET Q q 0 0 0 rg BT 165.09 226.05 Td (oil ) Tj ET Q q 0 0 0 rg BT 177.48 226.05 Td (and ) Tj ET Q q 0 0 0 rg BT 195.87 226.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 226.77 226.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 244.66 226.05 Td (interests, ) Tj ET Q q 0 0 0 rg BT 284.56 226.05 Td (and ) Tj ET Q q 0 0 0 rg BT 302.96 226.05 Td (also ) Tj ET Q q 0 0 0 rg BT 322.85 226.05 Td (if ) Tj ET Q q 0 0 0 rg BT 330.73 226.05 Td (facts ) Tj ET Q q 0 0 0 rg BT 353.12 226.05 Td (and ) Tj ET Q q 0 0 0 rg BT 371.51 226.05 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 432.41 226.05 Td (suggest ) Tj ET Q q 0 0 0 rg BT 467.31 226.05 Td (that ) Tj ET Q q 0 0 0 rg BT 485.70 226.05 Td (the ) Tj ET Q q 0 0 0 rg BT 501.60 226.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 536.99 226.05 Td (amount ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 215.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 99.02 215.25 Td (the ) Tj ET Q q 0 0 0 rg BT 114.03 215.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 163.56 215.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 198.58 215.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 198.45 Td (For ) Tj ET Q q 0 0 0 rg BT 78.67 198.45 Td (the ) Tj ET Q q 0 0 0 rg BT 93.35 198.45 Td (purpose ) Tj ET Q q 0 0 0 rg BT 128.05 198.45 Td (of ) Tj ET Q q 0 0 0 rg BT 137.72 198.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 184.41 198.45 Td (testing, ) Tj ET Q q 0 0 0 rg BT 215.60 198.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 243.78 198.45 Td (are ) Tj ET Q q 0 0 0 rg BT 258.96 198.45 Td (grouped ) Tj ET Q q 0 0 0 rg BT 294.16 198.45 Td (together ) Tj ET Q q 0 0 0 rg BT 329.35 198.45 Td (into ) Tj ET Q q 0 0 0 rg BT 346.03 198.45 Td (the ) Tj ET Q q 0 0 0 rg BT 360.72 198.45 Td (smallest ) Tj ET Q q 0 0 0 rg BT 395.89 198.45 Td (group ) Tj ET Q q 0 0 0 rg BT 421.08 198.45 Td (of ) Tj ET Q q 0 0 0 rg BT 430.76 198.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 458.94 198.45 Td (that ) Tj ET Q q 0 0 0 rg BT 476.13 198.45 Td (generates ) Tj ET Q q 0 0 0 rg BT 518.33 198.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 539.51 198.45 Td (inflows ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 187.65 Td (from ) Tj ET Q q 0 0 0 rg BT 82.75 187.65 Td (continuing ) Tj ET Q q 0 0 0 rg BT 125.54 187.65 Td (use ) Tj ET Q q 0 0 0 rg BT 141.81 187.65 Td (that ) Tj ET Q q 0 0 0 rg BT 158.57 187.65 Td (are ) Tj ET Q q 0 0 0 rg BT 173.33 187.65 Td (largely ) Tj ET Q q 0 0 0 rg BT 201.60 187.65 Td (independent ) Tj ET Q q 0 0 0 rg BT 252.90 187.65 Td (of ) Tj ET Q q 0 0 0 rg BT 262.16 187.65 Td (the ) Tj ET Q q 0 0 0 rg BT 276.43 187.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 297.19 187.65 Td (inflows ) Tj ET Q q 0 0 0 rg BT 326.46 187.65 Td (of ) Tj ET Q q 0 0 0 rg BT 335.72 187.65 Td (other ) Tj ET Q q 0 0 0 rg BT 357.99 187.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 385.75 187.65 Td (or ) Tj ET Q q 0 0 0 rg BT 395.51 187.65 Td (groups ) Tj ET Q q 0 0 0 rg BT 424.78 187.65 Td (of ) Tj ET Q q 0 0 0 rg BT 434.04 187.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 464.31 187.65 Td (the ) Tj ET Q q 0 0 0 rg BT 478.57 187.65 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 502.71 187.65 Td (The ) Tj ET Q q 0 0 0 rg BT 519.98 187.65 Td (recoverable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 176.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 95.52 176.85 Td (of ) Tj ET Q q 0 0 0 rg BT 105.53 176.85 Td (an ) Tj ET Q q 0 0 0 rg BT 118.04 176.85 Td (asset ) Tj ET Q q 0 0 0 rg BT 142.05 176.85 Td (or ) Tj ET Q q 0 0 0 rg BT 152.55 176.85 Td (a ) Tj ET Q q 0 0 0 rg BT 160.06 176.85 Td (CGU ) Tj ET Q q 0 0 0 rg BT 182.56 176.85 Td (is ) Tj ET Q q 0 0 0 rg BT 191.56 176.85 Td (the ) Tj ET Q q 0 0 0 rg BT 206.57 176.85 Td (greater ) Tj ET Q q 0 0 0 rg BT 237.59 176.85 Td (of ) Tj ET Q q 0 0 0 rg BT 247.59 176.85 Td (its ) Tj ET Q q 0 0 0 rg BT 259.09 176.85 Td (value ) Tj ET Q q 0 0 0 rg BT 283.11 176.85 Td (in ) Tj ET Q q 0 0 0 rg BT 292.61 176.85 Td (use ) Tj ET Q q 0 0 0 rg BT 309.63 176.85 Td (and ) Tj ET Q q 0 0 0 rg BT 327.14 176.85 Td (its ) Tj ET Q q 0 0 0 rg BT 338.64 176.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 353.65 176.85 Td (value ) Tj ET Q q 0 0 0 rg BT 377.66 176.85 Td (less ) Tj ET Q q 0 0 0 rg BT 396.17 176.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 419.67 176.85 Td (to ) Tj ET Q q 0 0 0 rg BT 429.68 176.85 Td (sell. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 160.05 Td (In ) Tj ET Q q 0 0 0 rg BT 72.66 160.05 Td (assessing ) Tj ET Q q 0 0 0 rg BT 114.83 160.05 Td (value ) Tj ET Q q 0 0 0 rg BT 138.50 160.05 Td (in ) Tj ET Q q 0 0 0 rg BT 147.66 160.05 Td (use, ) Tj ET Q q 0 0 0 rg BT 166.83 160.05 Td (the ) Tj ET Q q 0 0 0 rg BT 181.49 160.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 222.67 160.05 Td (future ) Tj ET Q q 0 0 0 rg BT 247.83 160.05 Td (cash ) Tj ET Q q 0 0 0 rg BT 269.00 160.05 Td (flows ) Tj ET Q q 0 0 0 rg BT 291.66 160.05 Td (are ) Tj ET Q q 0 0 0 rg BT 306.82 160.05 Td (discounted ) Tj ET Q q 0 0 0 rg BT 352.50 160.05 Td (to ) Tj ET Q q 0 0 0 rg BT 362.16 160.05 Td (their ) Tj ET Q q 0 0 0 rg BT 381.83 160.05 Td (present ) Tj ET Q q 0 0 0 rg BT 414.00 160.05 Td (value ) Tj ET Q q 0 0 0 rg BT 437.67 160.05 Td (using ) Tj ET Q q 0 0 0 rg BT 461.34 160.05 Td (a ) Tj ET Q q 0 0 0 rg BT 468.50 160.05 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 498.66 160.05 Td (discount ) Tj ET Q q 0 0 0 rg BT 534.34 160.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 552.00 160.05 Td (that ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 149.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 95.20 149.25 Td (current ) Tj ET Q q 0 0 0 rg BT 126.40 149.25 Td (market ) Tj ET Q q 0 0 0 rg BT 157.09 149.25 Td (assessments ) Tj ET Q q 0 0 0 rg BT 212.80 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 223.49 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.19 149.25 Td (time ) Tj ET Q q 0 0 0 rg BT 259.38 149.25 Td (value ) Tj ET Q q 0 0 0 rg BT 284.08 149.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.78 149.25 Td (money ) Tj ET Q q 0 0 0 rg BT 324.98 149.25 Td (and ) Tj ET Q q 0 0 0 rg BT 343.18 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.88 149.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 380.57 149.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 413.76 149.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.46 149.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.16 149.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 467.36 149.25 Td (V) Tj ET Q q 0 0 0 rg BT 472.69 149.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 492.90 149.25 Td (in ) Tj ET Q q 0 0 0 rg BT 503.09 149.25 Td (use ) Tj ET Q q 0 0 0 rg BT 520.79 149.25 Td (is ) Tj ET Q q 0 0 0 rg BT 530.47 149.25 Td (generally ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 138.45 Td (computed ) Tj ET Q q 0 0 0 rg BT 105.91 138.45 Td (by ) Tj ET Q q 0 0 0 rg BT 118.80 138.45 Td (reference ) Tj ET Q q 0 0 0 rg BT 160.21 138.45 Td (to ) Tj ET Q q 0 0 0 rg BT 171.10 138.45 Td (the ) Tj ET Q q 0 0 0 rg BT 187.00 138.45 Td (present ) Tj ET Q q 0 0 0 rg BT 220.41 138.45 Td (value ) Tj ET Q q 0 0 0 rg BT 245.31 138.45 Td (of ) Tj ET Q q 0 0 0 rg BT 256.20 138.45 Td (the ) Tj ET Q q 0 0 0 rg BT 272.10 138.45 Td (future ) Tj ET Q q 0 0 0 rg BT 298.50 138.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 320.90 138.45 Td (flows ) Tj ET Q q 0 0 0 rg BT 344.79 138.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 384.70 138.45 Td (to ) Tj ET Q q 0 0 0 rg BT 395.60 138.45 Td (be ) Tj ET Q q 0 0 0 rg BT 408.99 138.45 Td (derived ) Tj ET Q q 0 0 0 rg BT 441.90 138.45 Td (from ) Tj ET Q q 0 0 0 rg BT 463.29 138.45 Td (production ) Tj ET Q q 0 0 0 rg BT 508.70 138.45 Td (of ) Tj ET Q q 0 0 0 rg BT 519.59 138.45 Td (proved ) Tj ET Q q 0 0 0 rg BT 550.50 138.45 Td (plus ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 127.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 100.53 127.65 Td (reserves.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 110.85 Td (The ) Tj ET Q q 0 0 0 rg BT 80.24 110.85 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 114.50 110.85 Td (acquired ) Tj ET Q q 0 0 0 rg BT 150.76 110.85 Td (in ) Tj ET Q q 0 0 0 rg BT 159.50 110.85 Td (a ) Tj ET Q q 0 0 0 rg BT 166.24 110.85 Td (business ) Tj ET Q q 0 0 0 rg BT 203.50 110.85 Td (combination, ) Tj ET Q q 0 0 0 rg BT 256.27 110.85 Td (for ) Tj ET Q q 0 0 0 rg BT 268.51 110.85 Td (the ) Tj ET Q q 0 0 0 rg BT 282.75 110.85 Td (purpose ) Tj ET Q q 0 0 0 rg BT 317.01 110.85 Td (of ) Tj ET Q q 0 0 0 rg BT 326.26 110.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 372.50 110.85 Td (testing, ) Tj ET Q q 0 0 0 rg BT 403.26 110.85 Td (is ) Tj ET Q q 0 0 0 rg BT 411.49 110.85 Td (allocated ) Tj ET Q q 0 0 0 rg BT 449.26 110.85 Td (to ) Tj ET Q q 0 0 0 rg BT 458.50 110.85 Td (the ) Tj ET Q q 0 0 0 rg BT 472.75 110.85 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 498.98 110.85 Td (that ) Tj ET Q q 0 0 0 rg BT 515.73 110.85 Td (are ) Tj ET Q q 0 0 0 rg BT 530.47 110.85 Td (expected ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 100.05 Td (to ) Tj ET Q q 0 0 0 rg BT 73.01 100.05 Td (benefit ) Tj ET Q q 0 0 0 rg BT 102.53 100.05 Td (from ) Tj ET Q q 0 0 0 rg BT 123.03 100.05 Td (the ) Tj ET Q q 0 0 0 rg BT 138.04 100.05 Td (synergies ) Tj ET Q q 0 0 0 rg BT 179.06 100.05 Td (of ) Tj ET Q q 0 0 0 rg BT 189.07 100.05 Td (the ) Tj ET Q q 0 0 0 rg BT 204.08 100.05 Td (combination. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 83.25 Td (An ) Tj ET Q q 0 0 0 rg BT 77.47 83.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 125.45 83.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 144.91 83.25 Td (is ) Tj ET Q q 0 0 0 rg BT 154.87 83.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 202.37 83.25 Td (if ) Tj ET Q q 0 0 0 rg BT 210.33 83.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.30 83.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 261.77 83.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 295.26 83.25 Td (of ) Tj ET Q q 0 0 0 rg BT 306.22 83.25 Td (an ) Tj ET Q q 0 0 0 rg BT 319.70 83.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 344.67 83.25 Td (or ) Tj ET Q q 0 0 0 rg BT 356.14 83.25 Td (its ) Tj ET Q q 0 0 0 rg BT 368.60 83.25 Td (CGU ) Tj ET Q q 0 0 0 rg BT 392.06 83.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 429.04 83.25 Td (its ) Tj ET Q q 0 0 0 rg BT 441.51 83.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 483.99 83.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 534.48 83.25 Td (amount. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 72.45 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 110.19 72.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 137.87 72.45 Td (are ) Tj ET Q q 0 0 0 rg BT 153.05 72.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 199.25 72.45 Td (in ) Tj ET Q q 0 0 0 rg BT 208.43 72.45 Td (profit ) Tj ET Q q 0 0 0 rg BT 230.61 72.45 Td (or ) Tj ET Q q 0 0 0 rg BT 240.79 72.45 Td (loss. ) Tj ET Q q 0 0 0 rg BT 261.47 72.45 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 308.65 72.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 336.34 72.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 382.54 72.45 Td (in ) Tj ET Q q 0 0 0 rg BT 391.72 72.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 423.41 72.45 Td (of ) Tj ET Q q 0 0 0 rg BT 433.08 72.45 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 459.76 72.45 Td (are ) Tj ET Q q 0 0 0 rg BT 474.94 72.45 Td (allocated ) Tj ET Q q 0 0 0 rg BT 513.14 72.45 Td (first ) Tj ET Q q 0 0 0 rg BT 529.81 72.45 Td (to ) Tj ET Q q 0 0 0 rg BT 539.49 72.45 Td (reduce ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 77.80 61.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 112.10 61.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 144.41 61.65 Td (of ) Tj ET Q q 0 0 0 rg BT 154.21 61.65 Td (any ) Tj ET Q q 0 0 0 rg BT 171.01 61.65 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 205.83 61.65 Td (allocated ) Tj ET Q q 0 0 0 rg BT 244.14 61.65 Td (to ) Tj ET Q q 0 0 0 rg BT 253.94 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 268.74 61.65 Td (units ) Tj ET Q q 0 0 0 rg BT 290.05 61.65 Td (and ) Tj ET Q q 0 0 0 rg BT 307.35 61.65 Td (then ) Tj ET Q q 0 0 0 rg BT 327.16 61.65 Td (to ) Tj ET Q q 0 0 0 rg BT 336.96 61.65 Td (reduce ) Tj ET Q q 0 0 0 rg BT 366.77 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 381.57 61.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 415.87 61.65 Td (amounts ) Tj ET Q q 0 0 0 rg BT 452.68 61.65 Td (of ) Tj ET Q q 0 0 0 rg BT 462.48 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 477.28 61.65 Td (other ) Tj ET Q q 0 0 0 rg BT 500.09 61.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 528.39 61.65 Td (in ) Tj ET Q q 0 0 0 rg BT 537.69 61.65 Td (the ) Tj ET Q q 0 0 0 rg BT 552.49 61.65 Td (unit ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 50.85 Td (\(group ) Tj ET Q q 0 0 0 rg BT 91.52 50.85 Td (of ) Tj ET Q q 0 0 0 rg BT 101.52 50.85 Td (units\) ) Tj ET Q q 0 0 0 rg BT 126.03 50.85 Td (on ) Tj ET Q q 0 0 0 rg BT 138.54 50.85 Td (a ) Tj ET Q q 0 0 0 rg BT 146.05 50.85 Td (pro ) Tj ET Q q 0 0 0 rg BT 161.56 50.85 Td (rata ) Tj ET Q q 0 0 0 rg BT 179.56 50.85 Td (basis.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 36) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (An ) Tj ET Q q 0 0 0 rg BT 76.25 742.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 123.00 742.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 141.24 742.45 Td (in ) Tj ET Q q 0 0 0 rg BT 150.49 742.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 182.24 742.45 Td (of ) Tj ET Q q 0 0 0 rg BT 191.99 742.45 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 226.74 742.45 Td (is ) Tj ET Q q 0 0 0 rg BT 235.48 742.45 Td (not ) Tj ET Q q 0 0 0 rg BT 250.23 742.45 Td (reversed. ) Tj ET Q q 0 0 0 rg BT 289.99 742.45 Td (In ) Tj ET Q q 0 0 0 rg BT 299.73 742.45 Td (respect ) Tj ET Q q 0 0 0 rg BT 331.49 742.45 Td (of ) Tj ET Q q 0 0 0 rg BT 341.23 742.45 Td (other ) Tj ET Q q 0 0 0 rg BT 363.98 742.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 394.74 742.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 441.49 742.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 469.24 742.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 515.50 742.45 Td (in ) Tj ET Q q 0 0 0 rg BT 524.75 742.45 Td (prior ) Tj ET Q q 0 0 0 rg BT 544.99 742.45 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.65 Td (are ) Tj ET Q q 0 0 0 rg BT 78.83 731.65 Td (assessed ) Tj ET Q q 0 0 0 rg BT 119.68 731.65 Td (at ) Tj ET Q q 0 0 0 rg BT 130.01 731.65 Td (each ) Tj ET Q q 0 0 0 rg BT 152.35 731.65 Td (reporting ) Tj ET Q q 0 0 0 rg BT 190.69 731.65 Td (date ) Tj ET Q q 0 0 0 rg BT 211.03 731.65 Td (for ) Tj ET Q q 0 0 0 rg BT 224.36 731.65 Td (any ) Tj ET Q q 0 0 0 rg BT 241.70 731.65 Td (indications ) Tj ET Q q 0 0 0 rg BT 287.05 731.65 Td (that ) Tj ET Q q 0 0 0 rg BT 304.88 731.65 Td (the ) Tj ET Q q 0 0 0 rg BT 320.22 731.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 339.05 731.65 Td (has ) Tj ET Q q 0 0 0 rg BT 356.38 731.65 Td (decreased ) Tj ET Q q 0 0 0 rg BT 401.24 731.65 Td (or ) Tj ET Q q 0 0 0 rg BT 412.06 731.65 Td (no ) Tj ET Q q 0 0 0 rg BT 424.90 731.65 Td (longer ) Tj ET Q q 0 0 0 rg BT 452.74 731.65 Td (exists. ) Tj ET Q q 0 0 0 rg BT 480.51 731.65 Td (An ) Tj ET Q q 0 0 0 rg BT 494.34 731.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 541.68 731.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 560.51 731.65 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.85 Td (reversed ) Tj ET Q q 0 0 0 rg BT 100.28 720.85 Td (if ) Tj ET Q q 0 0 0 rg BT 107.04 720.85 Td (there ) Tj ET Q q 0 0 0 rg BT 129.81 720.85 Td (has ) Tj ET Q q 0 0 0 rg BT 146.58 720.85 Td (been ) Tj ET Q q 0 0 0 rg BT 168.86 720.85 Td (a ) Tj ET Q q 0 0 0 rg BT 176.13 720.85 Td (change ) Tj ET Q q 0 0 0 rg BT 207.91 720.85 Td (in ) Tj ET Q q 0 0 0 rg BT 217.18 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 231.95 720.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 272.72 720.85 Td (used ) Tj ET Q q 0 0 0 rg BT 294.50 720.85 Td (to ) Tj ET Q q 0 0 0 rg BT 304.26 720.85 Td (determine ) Tj ET Q q 0 0 0 rg BT 346.54 720.85 Td (the ) Tj ET Q q 0 0 0 rg BT 361.31 720.85 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 410.60 720.85 Td (amount. ) Tj ET Q q 0 0 0 rg BT 444.93 720.85 Td (An ) Tj ET Q q 0 0 0 rg BT 458.20 720.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 504.97 720.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 523.24 720.85 Td (is ) Tj ET Q q 0 0 0 rg BT 531.99 720.85 Td (reversed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 710.05 Td (only ) Tj ET Q q 0 0 0 rg BT 82.10 710.05 Td (to ) Tj ET Q q 0 0 0 rg BT 92.20 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 107.31 710.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 134.42 710.05 Td (that ) Tj ET Q q 0 0 0 rg BT 152.02 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 167.13 710.05 Td (asset) Tj ET Q q 0 0 0 rg BT 190.48 710.05 Td (s ) Tj ET Q q 0 0 0 rg BT 197.57 710.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 232.17 710.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 264.78 710.05 Td (does ) Tj ET Q q 0 0 0 rg BT 286.89 710.05 Td (not ) Tj ET Q q 0 0 0 rg BT 302.00 710.05 Td (exceed ) Tj ET Q q 0 0 0 rg BT 333.61 710.05 Td (the ) Tj ET Q q 0 0 0 rg BT 348.72 710.05 Td (carrying ) Tj ET Q q 0 0 0 rg BT 383.32 710.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 415.93 710.05 Td (that ) Tj ET Q q 0 0 0 rg BT 433.54 710.05 Td (would ) Tj ET Q q 0 0 0 rg BT 459.65 710.05 Td (have ) Tj ET Q q 0 0 0 rg BT 481.75 710.05 Td (been ) Tj ET Q q 0 0 0 rg BT 504.37 710.05 Td (determined, ) Tj ET Q q 0 0 0 rg BT 554.49 710.05 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 699.25 Td (of ) Tj ET Q q 0 0 0 rg BT 73.01 699.25 Td (depletion ) Tj ET Q q 0 0 0 rg BT 112.04 699.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.56 699.25 Td (depreciation ) Tj ET Q q 0 0 0 rg BT 181.09 699.25 Td (or ) Tj ET Q q 0 0 0 rg BT 191.59 699.25 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 245.61 699.25 Td (if ) Tj ET Q q 0 0 0 rg BT 252.62 699.25 Td (no ) Tj ET Q q 0 0 0 rg BT 265.13 699.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 312.14 699.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 330.64 699.25 Td (had ) Tj ET Q q 0 0 0 rg BT 348.16 699.25 Td (been ) Tj ET Q q 0 0 0 rg BT 370.68 699.25 Td (recognized.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 682.45 Td (Employee ) Tj ET Q q 0 0 0 rg BT 108.02 682.45 Td (benefits) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 665.65 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 117.04 665.65 Td (compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 651.85 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 106.43 651.85 Td (incentives ) Tj ET Q q 0 0 0 rg BT 148.87 651.85 Td (are ) Tj ET Q q 0 0 0 rg BT 164.29 651.85 Td (granted ) Tj ET Q q 0 0 0 rg BT 197.23 651.85 Td (to ) Tj ET Q q 0 0 0 rg BT 207.15 651.85 Td (of) Tj ET Q q 0 0 0 rg BT 214.49 651.85 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 240.91 651.85 Td (directors, ) Tj ET Q q 0 0 0 rg BT 280.33 651.85 Td (employees ) Tj ET Q q 0 0 0 rg BT 326.27 651.85 Td (and ) Tj ET Q q 0 0 0 rg BT 343.70 651.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 373.12 651.85 Td (consultants ) Tj ET Q q 0 0 0 rg BT 421.06 651.85 Td (in ) Tj ET Q q 0 0 0 rg BT 430.48 651.85 Td (accordance ) Tj ET Q q 0 0 0 rg BT 479.43 651.85 Td (with ) Tj ET Q q 0 0 0 rg BT 497.84 651.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 546.00 651.85 Td (stock ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 641.05 Td (option, ) Tj ET Q q 0 0 0 rg BT 92.52 641.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 130.54 641.05 Td (award ) Tj ET Q q 0 0 0 rg BT 157.56 641.05 Td (and ) Tj ET Q q 0 0 0 rg BT 175.07 641.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 214.58 641.05 Td (share ) Tj ET Q q 0 0 0 rg BT 239.60 641.05 Td (award ) Tj ET Q q 0 0 0 rg BT 266.61 641.05 Td (plans. ) Tj ET Q q 0 0 0 rg BT 293.13 641.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.70 624.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 97.39 624.25 Td (value ) Tj ET Q q 0 0 0 rg BT 122.09 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.78 624.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 156.98 624.25 Td (options ) Tj ET Q q 0 0 0 rg BT 189.19 624.25 Td (is ) Tj ET Q q 0 0 0 rg BT 198.88 624.25 Td (assessed ) Tj ET Q q 0 0 0 rg BT 240.08 624.25 Td (on ) Tj ET Q q 0 0 0 rg BT 253.28 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.98 624.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 292.68 624.25 Td (date ) Tj ET Q q 0 0 0 rg BT 313.39 624.25 Td (using ) Tj ET Q q 0 0 0 rg BT 338.09 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.79 624.25 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 414.00 624.25 Td (option ) Tj ET Q q 0 0 0 rg BT 441.71 624.25 Td (pricing ) Tj ET Q q 0 0 0 rg BT 471.41 624.25 Td (model. ) Tj ET Q q 0 0 0 rg BT 501.41 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 520.10 624.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 535.79 624.25 Td (value ) Tj ET Q q 0 0 0 rg BT 560.50 624.25 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 613.45 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 117.95 613.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 163.89 613.45 Td (as ) Tj ET Q q 0 0 0 rg BT 175.31 613.45 Td (compensation ) Tj ET Q q 0 0 0 rg BT 233.26 613.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 269.20 613.45 Td (over ) Tj ET Q q 0 0 0 rg BT 288.62 613.45 Td (the ) Tj ET Q q 0 0 0 rg BT 303.04 613.45 Td (vesting ) Tj ET Q q 0 0 0 rg BT 333.47 613.45 Td (period ) Tj ET Q q 0 0 0 rg BT 360.40 613.45 Td (with ) Tj ET Q q 0 0 0 rg BT 378.32 613.45 Td (a ) Tj ET Q q 0 0 0 rg BT 385.24 613.45 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 444.19 613.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 480.12 613.45 Td (in ) Tj ET Q q 0 0 0 rg BT 489.04 613.45 Td (contributed ) Tj ET Q q 0 0 0 rg BT 535.48 613.45 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 569.50 613.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 602.65 Td (Upon ) Tj ET Q q 0 0 0 rg BT 87.32 602.65 Td (exercise ) Tj ET Q q 0 0 0 rg BT 123.63 602.65 Td (of ) Tj ET Q q 0 0 0 rg BT 133.93 602.65 Td (the ) Tj ET Q q 0 0 0 rg BT 149.24 602.65 Td (options, ) Tj ET Q q 0 0 0 rg BT 183.57 602.65 Td (consideration ) Tj ET Q q 0 0 0 rg BT 239.90 602.65 Td (paid ) Tj ET Q q 0 0 0 rg BT 259.72 602.65 Td (by ) Tj ET Q q 0 0 0 rg BT 272.02 602.65 Td (the ) Tj ET Q q 0 0 0 rg BT 287.33 602.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 311.14 602.65 Td (option ) Tj ET Q q 0 0 0 rg BT 338.46 602.65 Td (holders ) Tj ET Q q 0 0 0 rg BT 370.78 602.65 Td (and ) Tj ET Q q 0 0 0 rg BT 388.59 602.65 Td (the ) Tj ET Q q 0 0 0 rg BT 403.90 602.65 Td (value ) Tj ET Q q 0 0 0 rg BT 428.22 602.65 Td (in ) Tj ET Q q 0 0 0 rg BT 438.02 602.65 Td (contributed ) Tj ET Q q 0 0 0 rg BT 485.35 602.65 Td (surplus ) Tj ET Q q 0 0 0 rg BT 517.17 602.65 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 559.49 602.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 591.85 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 591.85 Td (exercised ) Tj ET Q q 0 0 0 rg BT 119.03 591.85 Td (options ) Tj ET Q q 0 0 0 rg BT 150.55 591.85 Td (is ) Tj ET Q q 0 0 0 rg BT 159.55 591.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 197.57 591.85 Td (as ) Tj ET Q q 0 0 0 rg BT 209.58 591.85 Td (shareholders) Tj ET Q q 0 0 0 rg BT 263.28 591.85 Td ( ) Tj ET Q q 0 0 0 rg BT 265.78 591.85 Td (capital. ) Tj ET Q q 0 0 0 rg BT 296.79 591.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 575.05 Td (The ) Tj ET Q q 0 0 0 rg BT 81.07 575.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 96.13 575.05 Td (value ) Tj ET Q q 0 0 0 rg BT 120.21 575.05 Td (of ) Tj ET Q q 0 0 0 rg BT 130.28 575.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 168.36 575.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 199.94 575.05 Td (and ) Tj ET Q q 0 0 0 rg BT 217.51 575.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 257.08 575.05 Td (share ) Tj ET Q q 0 0 0 rg BT 282.16 575.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 313.73 575.05 Td (is ) Tj ET Q q 0 0 0 rg BT 322.79 575.05 Td (assessed ) Tj ET Q q 0 0 0 rg BT 363.38 575.05 Td (on ) Tj ET Q q 0 0 0 rg BT 375.95 575.05 Td (the ) Tj ET Q q 0 0 0 rg BT 391.02 575.05 Td (grant ) Tj ET Q q 0 0 0 rg BT 414.10 575.05 Td (date ) Tj ET Q q 0 0 0 rg BT 434.18 575.05 Td (factoring ) Tj ET Q q 0 0 0 rg BT 471.26 575.05 Td (in ) Tj ET Q q 0 0 0 rg BT 480.82 575.05 Td (the ) Tj ET Q q 0 0 0 rg BT 495.90 575.05 Td (weighted ) Tj ET Q q 0 0 0 rg BT 534.48 575.05 Td (average ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 564.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 93.12 564.25 Td (price ) Tj ET Q q 0 0 0 rg BT 115.23 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.33 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.44 564.25 Td (five ) Tj ET Q q 0 0 0 rg BT 157.05 564.25 Td (days ) Tj ET Q q 0 0 0 rg BT 178.66 564.25 Td (preceding ) Tj ET Q q 0 0 0 rg BT 220.79 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.90 564.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 259.01 564.25 Td (date ) Tj ET Q q 0 0 0 rg BT 279.13 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.74 564.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 341.37 564.25 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 384.32 564.25 Td (This ) Tj ET Q q 0 0 0 rg BT 403.92 564.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 419.03 564.25 Td (value ) Tj ET Q q 0 0 0 rg BT 443.14 564.25 Td (is ) Tj ET Q q 0 0 0 rg BT 452.24 564.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 498.87 564.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.97 564.25 Td (compensation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 553.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 98.93 553.45 Td (over ) Tj ET Q q 0 0 0 rg BT 118.34 553.45 Td (the ) Tj ET Q q 0 0 0 rg BT 132.75 553.45 Td (vesting ) Tj ET Q q 0 0 0 rg BT 163.17 553.45 Td (period ) Tj ET Q q 0 0 0 rg BT 190.08 553.45 Td (with ) Tj ET Q q 0 0 0 rg BT 207.99 553.45 Td (a ) Tj ET Q q 0 0 0 rg BT 214.90 553.45 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 273.83 553.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 309.75 553.45 Td (in ) Tj ET Q q 0 0 0 rg BT 318.66 553.45 Td (contributed ) Tj ET Q q 0 0 0 rg BT 365.09 553.45 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 398.50 553.45 Td (Upon ) Tj ET Q q 0 0 0 rg BT 421.92 553.45 Td (the ) Tj ET Q q 0 0 0 rg BT 436.33 553.45 Td (conversion ) Tj ET Q q 0 0 0 rg BT 481.76 553.45 Td (of ) Tj ET Q q 0 0 0 rg BT 491.16 553.45 Td (the ) Tj ET Q q 0 0 0 rg BT 505.58 553.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 544.49 553.45 Td (share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 542.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 93.89 542.65 Td (or ) Tj ET Q q 0 0 0 rg BT 103.78 542.65 Td (the ) Tj ET Q q 0 0 0 rg BT 118.17 542.65 Td (settlement ) Tj ET Q q 0 0 0 rg BT 161.57 542.65 Td (of ) Tj ET Q q 0 0 0 rg BT 170.95 542.65 Td (the ) Tj ET Q q 0 0 0 rg BT 185.35 542.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 222.75 542.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 253.64 542.65 Td (by ) Tj ET Q q 0 0 0 rg BT 265.03 542.65 Td (common ) Tj ET Q q 0 0 0 rg BT 301.42 542.65 Td (shares, ) Tj ET Q q 0 0 0 rg BT 332.81 542.65 Td (on ) Tj ET Q q 0 0 0 rg BT 344.70 542.65 Td (the ) Tj ET Q q 0 0 0 rg BT 359.09 542.65 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 419.01 542.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 449.40 542.65 Td (dates, ) Tj ET Q q 0 0 0 rg BT 475.80 542.65 Td (the ) Tj ET Q q 0 0 0 rg BT 490.19 542.65 Td (value ) Tj ET Q q 0 0 0 rg BT 513.59 542.65 Td (in ) Tj ET Q q 0 0 0 rg BT 522.47 542.65 Td (contributed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 531.85 Td (surplus ) Tj ET Q q 0 0 0 rg BT 94.51 531.85 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 136.54 531.85 Td (to ) Tj ET Q q 0 0 0 rg BT 146.55 531.85 Td (the ) Tj ET Q q 0 0 0 rg BT 161.56 531.85 Td (awards ) Tj ET Q q 0 0 0 rg BT 193.07 531.85 Td (is ) Tj ET Q q 0 0 0 rg BT 202.07 531.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 240.10 531.85 Td (as ) Tj ET Q q 0 0 0 rg BT 252.10 531.85 Td (shareholders) Tj ET Q q 0 0 0 rg BT 305.80 531.85 Td ( ) Tj ET Q q 0 0 0 rg BT 308.30 531.85 Td (capital. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 515.05 Td (The fair value of performance incentive awards is assessed on grant date by using the closing price of common shares and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 504.25 Td (multiplied by the estimated performance multiplier) Tj ET Q q 0 0 0 rg BT 260.59 504.25 Td (. ) Tj ET Q q 0 0 0 rg BT 265.43 504.25 Td (The performance multiplier can range from 0 to 2 and is dependent on the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 493.45 Td (performance of the Corporation at the end of the vesting period relative to corporate performance measures determined at the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 482.65 Td (discretion of Bonavista's Board of Directors. ) Tj ET Q q 0 0 0 rg BT 239.63 482.65 Td (The fair value is recognized as compensation expense over the vesting period ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 471.85 Td (with a corresponding increase to contributed surplus. Upon settlement of the performance share awards by common shares, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 461.05 Td (on the predetermined payment date, the value in contributed surplus pertaining to the awards is recorded as shareholders' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 450.25 Td (capital.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 433.45 Td (Under ) Tj ET Q q 0 0 0 rg BT 89.87 433.45 Td (the ) Tj ET Q q 0 0 0 rg BT 104.73 433.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 145.10 433.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 182.98 433.45 Td (plans, ) Tj ET Q q 0 0 0 rg BT 209.35 433.45 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 247.22 433.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 269.58 433.45 Td (are ) Tj ET Q q 0 0 0 rg BT 284.95 433.45 Td (assigned ) Tj ET Q q 0 0 0 rg BT 323.33 433.45 Td (in ) Tj ET Q q 0 0 0 rg BT 332.69 433.45 Td (the ) Tj ET Q q 0 0 0 rg BT 347.55 433.45 Td (determination ) Tj ET Q q 0 0 0 rg BT 404.44 433.45 Td (of ) Tj ET Q q 0 0 0 rg BT 414.30 433.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 429.16 433.45 Td (value. ) Tj ET Q q 0 0 0 rg BT 455.53 433.45 Td (Upon ) Tj ET Q q 0 0 0 rg BT 479.40 433.45 Td (vesting, ) Tj ET Q q 0 0 0 rg BT 512.77 433.45 Td (the ) Tj ET Q q 0 0 0 rg BT 527.64 433.45 Td (dif) Tj ET Q q 0 0 0 rg BT 536.98 433.45 Td (ference ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 422.65 Td (between ) Tj ET Q q 0 0 0 rg BT 99.53 422.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 141.05 422.65 Td (and ) Tj ET Q q 0 0 0 rg BT 158.56 422.65 Td (actual ) Tj ET Q q 0 0 0 rg BT 185.08 422.65 Td (forfeitures ) Tj ET Q q 0 0 0 rg BT 227.60 422.65 Td (is ) Tj ET Q q 0 0 0 rg BT 236.60 422.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 273.12 422.65 Td (through ) Tj ET Q q 0 0 0 rg BT 306.15 422.65 Td (share-based ) Tj ET Q q 0 0 0 rg BT 358.68 422.65 Td (compensation.) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 63.00 405.85 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 108.01 405.85 Td (employee ) Tj ET Q q 0 0 0 rg BT 149.53 405.85 Td (benefits) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 392.05 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 107.91 392.05 Td (employee ) Tj ET Q q 0 0 0 rg BT 149.33 392.05 Td (benefit ) Tj ET Q q 0 0 0 rg BT 178.75 392.05 Td (obligations ) Tj ET Q q 0 0 0 rg BT 224.19 392.05 Td (are ) Tj ET Q q 0 0 0 rg BT 239.59 392.05 Td (expensed ) Tj ET Q q 0 0 0 rg BT 281.03 392.05 Td (as ) Tj ET Q q 0 0 0 rg BT 292.93 392.05 Td (the ) Tj ET Q q 0 0 0 rg BT 307.84 392.05 Td (related ) Tj ET Q q 0 0 0 rg BT 337.76 392.05 Td (service ) Tj ET Q q 0 0 0 rg BT 368.67 392.05 Td (is ) Tj ET Q q 0 0 0 rg BT 377.57 392.05 Td (provided. ) Tj ET Q q 0 0 0 rg BT 416.52 392.05 Td (A) Tj ET Q q 0 0 0 rg BT 422.03 392.05 Td ( ) Tj ET Q q 0 0 0 rg BT 424.43 392.05 Td (liability ) Tj ET Q q 0 0 0 rg BT 453.83 392.05 Td (is ) Tj ET Q q 0 0 0 rg BT 462.73 392.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 509.16 392.05 Td (for ) Tj ET Q q 0 0 0 rg BT 522.07 392.05 Td (the ) Tj ET Q q 0 0 0 rg BT 536.98 392.05 Td (amount ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 381.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 101.43 381.25 Td (to ) Tj ET Q q 0 0 0 rg BT 110.84 381.25 Td (be ) Tj ET Q q 0 0 0 rg BT 122.76 381.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 141.68 381.25 Td (under ) Tj ET Q q 0 0 0 rg BT 166.61 381.25 Td (short-term ) Tj ET Q q 0 0 0 rg BT 209.52 381.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 230.43 381.25 Td (bonus ) Tj ET Q q 0 0 0 rg BT 256.86 381.25 Td (or ) Tj ET Q q 0 0 0 rg BT 266.77 381.25 Td (profit-sharing ) Tj ET Q q 0 0 0 rg BT 321.20 381.25 Td (plans ) Tj ET Q q 0 0 0 rg BT 344.62 381.25 Td (if ) Tj ET Q q 0 0 0 rg BT 351.03 381.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 392.46 381.25 Td (has ) Tj ET Q q 0 0 0 rg BT 408.87 381.25 Td (a ) Tj ET Q q 0 0 0 rg BT 415.78 381.25 Td (present ) Tj ET Q q 0 0 0 rg BT 447.71 381.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 468.63 381.25 Td (or ) Tj ET Q q 0 0 0 rg BT 478.54 381.25 Td (constructive ) Tj ET Q q 0 0 0 rg BT 528.46 381.25 Td (obligation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 370.45 Td (to ) Tj ET Q q 0 0 0 rg BT 73.01 370.45 Td (pay ) Tj ET Q q 0 0 0 rg BT 90.02 370.45 Td (this ) Tj ET Q q 0 0 0 rg BT 106.52 370.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 139.04 370.45 Td (as ) Tj ET Q q 0 0 0 rg BT 151.05 370.45 Td (a ) Tj ET Q q 0 0 0 rg BT 158.55 370.45 Td (result ) Tj ET Q q 0 0 0 rg BT 183.06 370.45 Td (of ) Tj ET Q q 0 0 0 rg BT 193.07 370.45 Td (past ) Tj ET Q q 0 0 0 rg BT 212.58 370.45 Td (service ) Tj ET Q q 0 0 0 rg BT 243.59 370.45 Td (provided ) Tj ET Q q 0 0 0 rg BT 280.61 370.45 Td (by ) Tj ET Q q 0 0 0 rg BT 292.62 370.45 Td (the ) Tj ET Q q 0 0 0 rg BT 307.63 370.45 Td (employee, ) Tj ET Q q 0 0 0 rg BT 351.65 370.45 Td (and ) Tj ET Q q 0 0 0 rg BT 369.17 370.45 Td (the ) Tj ET Q q 0 0 0 rg BT 384.18 370.45 Td (obligation ) Tj ET Q q 0 0 0 rg BT 425.21 370.45 Td (can ) Tj ET Q q 0 0 0 rg BT 442.23 370.45 Td (be ) Tj ET Q q 0 0 0 rg BT 454.74 370.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 496.26 370.45 Td (reliably) Tj ET Q q 0 0 0 rg BT 524.10 370.45 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 353.65 Td (Lease ) Tj ET Q q 0 0 0 rg BT 91.02 353.65 Td (payments) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 336.85 Td (Payments ) Tj ET Q q 0 0 0 rg BT 104.96 336.85 Td (made ) Tj ET Q q 0 0 0 rg BT 129.41 336.85 Td (under ) Tj ET Q q 0 0 0 rg BT 154.37 336.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 193.83 336.85 Td (leases ) Tj ET Q q 0 0 0 rg BT 221.79 336.85 Td (are ) Tj ET Q q 0 0 0 rg BT 236.73 336.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 282.70 336.85 Td (in ) Tj ET Q q 0 0 0 rg BT 291.65 336.85 Td (profit ) Tj ET Q q 0 0 0 rg BT 313.59 336.85 Td (and ) Tj ET Q q 0 0 0 rg BT 330.55 336.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 348.49 336.85 Td (on ) Tj ET Q q 0 0 0 rg BT 360.44 336.85 Td (a ) Tj ET Q q 0 0 0 rg BT 367.39 336.85 Td (straight-line ) Tj ET Q q 0 0 0 rg BT 415.85 336.85 Td (basis ) Tj ET Q q 0 0 0 rg BT 438.80 336.85 Td (over ) Tj ET Q q 0 0 0 rg BT 458.24 336.85 Td (the ) Tj ET Q q 0 0 0 rg BT 472.69 336.85 Td (term ) Tj ET Q q 0 0 0 rg BT 492.63 336.85 Td (of ) Tj ET Q q 0 0 0 rg BT 502.08 336.85 Td (the ) Tj ET Q q 0 0 0 rg BT 516.53 336.85 Td (lease. ) Tj ET Q q 0 0 0 rg BT 542.48 336.85 Td (Lease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 326.05 Td (incentives ) Tj ET Q q 0 0 0 rg BT 105.52 326.05 Td (received ) Tj ET Q q 0 0 0 rg BT 142.04 326.05 Td (are ) Tj ET Q q 0 0 0 rg BT 157.55 326.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 204.08 326.05 Td (as ) Tj ET Q q 0 0 0 rg BT 216.08 326.05 Td (an ) Tj ET Q q 0 0 0 rg BT 228.59 326.05 Td (integral ) Tj ET Q q 0 0 0 rg BT 260.61 326.05 Td (part ) Tj ET Q q 0 0 0 rg BT 278.62 326.05 Td (of ) Tj ET Q q 0 0 0 rg BT 288.63 326.05 Td (the ) Tj ET Q q 0 0 0 rg BT 303.64 326.05 Td (total ) Tj ET Q q 0 0 0 rg BT 323.15 326.05 Td (lease ) Tj ET Q q 0 0 0 rg BT 347.17 326.05 Td (expense, ) Tj ET Q q 0 0 0 rg BT 386.20 326.05 Td (over ) Tj ET Q q 0 0 0 rg BT 406.20 326.05 Td (the ) Tj ET Q q 0 0 0 rg BT 421.22 326.05 Td (term ) Tj ET Q q 0 0 0 rg BT 441.72 326.05 Td (of ) Tj ET Q q 0 0 0 rg BT 451.72 326.05 Td (the ) Tj ET Q q 0 0 0 rg BT 466.73 326.05 Td (lease.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 309.25 Td (Provisions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 292.45 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 292.45 Td ( ) Tj ET Q q 0 0 0 rg BT 71.79 292.45 Td (provision ) Tj ET Q q 0 0 0 rg BT 111.09 292.45 Td (is ) Tj ET Q q 0 0 0 rg BT 120.87 292.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 168.19 292.45 Td (if, ) Tj ET Q q 0 0 0 rg BT 178.47 292.45 Td (as ) Tj ET Q q 0 0 0 rg BT 191.26 292.45 Td (a ) Tj ET Q q 0 0 0 rg BT 199.55 292.45 Td (result ) Tj ET Q q 0 0 0 rg BT 224.84 292.45 Td (of ) Tj ET Q q 0 0 0 rg BT 235.63 292.45 Td (a ) Tj ET Q q 0 0 0 rg BT 243.91 292.45 Td (past ) Tj ET Q q 0 0 0 rg BT 264.21 292.45 Td (event, ) Tj ET Q q 0 0 0 rg BT 292.01 292.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 334.82 292.45 Td (has ) Tj ET Q q 0 0 0 rg BT 352.61 292.45 Td (a ) Tj ET Q q 0 0 0 rg BT 360.90 292.45 Td (present ) Tj ET Q q 0 0 0 rg BT 394.20 292.45 Td (legal ) Tj ET Q q 0 0 0 rg BT 416.50 292.45 Td (or ) Tj ET Q q 0 0 0 rg BT 427.79 292.45 Td (constructive ) Tj ET Q q 0 0 0 rg BT 479.09 292.45 Td (obligation ) Tj ET Q q 0 0 0 rg BT 520.90 292.45 Td (that ) Tj ET Q q 0 0 0 rg BT 539.20 292.45 Td (can ) Tj ET Q q 0 0 0 rg BT 556.99 292.45 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 281.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 104.51 281.65 Td (reliably) Tj ET Q q 0 0 0 rg BT 132.36 281.65 Td (, ) Tj ET Q q 0 0 0 rg BT 137.35 281.65 Td (and ) Tj ET Q q 0 0 0 rg BT 154.87 281.65 Td (it ) Tj ET Q q 0 0 0 rg BT 161.86 281.65 Td (is ) Tj ET Q q 0 0 0 rg BT 170.86 281.65 Td (probable ) Tj ET Q q 0 0 0 rg BT 208.38 281.65 Td (that ) Tj ET Q q 0 0 0 rg BT 225.89 281.65 Td (an ) Tj ET Q q 0 0 0 rg BT 238.40 281.65 Td (outflow ) Tj ET Q q 0 0 0 rg BT 269.41 281.65 Td (of ) Tj ET Q q 0 0 0 rg BT 279.41 281.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 320.42 281.65 Td (benefits ) Tj ET Q q 0 0 0 rg BT 354.44 281.65 Td (will ) Tj ET Q q 0 0 0 rg BT 369.43 281.65 Td (be ) Tj ET Q q 0 0 0 rg BT 381.94 281.65 Td (required ) Tj ET Q q 0 0 0 rg BT 417.46 281.65 Td (to ) Tj ET Q q 0 0 0 rg BT 427.46 281.65 Td (settle ) Tj ET Q q 0 0 0 rg BT 451.46 281.65 Td (the ) Tj ET Q q 0 0 0 rg BT 466.47 281.65 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 510.00 281.65 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 554.01 281.65 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 270.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 110.51 270.85 Td (by ) Tj ET Q q 0 0 0 rg BT 122.51 270.85 Td (discounting ) Tj ET Q q 0 0 0 rg BT 170.53 270.85 Td (the ) Tj ET Q q 0 0 0 rg BT 185.53 270.85 Td (expected ) Tj ET Q q 0 0 0 rg BT 224.54 270.85 Td (future ) Tj ET Q q 0 0 0 rg BT 250.05 270.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 271.54 270.85 Td (flows ) Tj ET Q q 0 0 0 rg BT 294.54 270.85 Td (at ) Tj ET Q q 0 0 0 rg BT 304.53 270.85 Td (a ) Tj ET Q q 0 0 0 rg BT 312.03 270.85 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 342.52 270.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 360.52 270.85 Td (that ) Tj ET Q q 0 0 0 rg BT 378.02 270.85 Td (reflects ) Tj ET Q q 0 0 0 rg BT 409.52 270.85 Td (current ) Tj ET Q q 0 0 0 rg BT 440.02 270.85 Td (market ) Tj ET Q q 0 0 0 rg BT 470.01 270.85 Td (assessments ) Tj ET Q q 0 0 0 rg BT 525.02 270.85 Td (of ) Tj ET Q q 0 0 0 rg BT 535.01 270.85 Td (the ) Tj ET Q q 0 0 0 rg BT 550.01 270.85 Td (time ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 260.05 Td (value ) Tj ET Q q 0 0 0 rg BT 87.02 260.05 Td (of ) Tj ET Q q 0 0 0 rg BT 97.02 260.05 Td (money ) Tj ET Q q 0 0 0 rg BT 126.54 260.05 Td (and ) Tj ET Q q 0 0 0 rg BT 144.05 260.05 Td (the ) Tj ET Q q 0 0 0 rg BT 159.06 260.05 Td (risks ) Tj ET Q q 0 0 0 rg BT 180.06 260.05 Td (specific ) Tj ET Q q 0 0 0 rg BT 212.57 260.05 Td (to ) Tj ET Q q 0 0 0 rg BT 222.58 260.05 Td (the ) Tj ET Q q 0 0 0 rg BT 237.59 260.05 Td (liability) Tj ET Q q 0 0 0 rg BT 263.93 260.05 Td (. ) Tj ET Q q 0 0 0 rg BT 268.93 260.05 Td (Provisions ) Tj ET Q q 0 0 0 rg BT 312.95 260.05 Td (are ) Tj ET Q q 0 0 0 rg BT 328.46 260.05 Td (not ) Tj ET Q q 0 0 0 rg BT 343.47 260.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 390.00 260.05 Td (for ) Tj ET Q q 0 0 0 rg BT 403.00 260.05 Td (future ) Tj ET Q q 0 0 0 rg BT 428.52 260.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 468.54 260.05 Td (losses.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 243.25 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 143.02 243.25 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 226.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 110.85 226.45 Td (activities ) Tj ET Q q 0 0 0 rg BT 147.46 226.45 Td (give ) Tj ET Q q 0 0 0 rg BT 166.07 226.45 Td (rise ) Tj ET Q q 0 0 0 rg BT 182.68 226.45 Td (to ) Tj ET Q q 0 0 0 rg BT 192.29 226.45 Td (dismantling, ) Tj ET Q q 0 0 0 rg BT 242.42 226.45 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 314.05 226.45 Td (and ) Tj ET Q q 0 0 0 rg BT 331.17 226.45 Td (site ) Tj ET Q q 0 0 0 rg BT 347.28 226.45 Td (disturbance ) Tj ET Q q 0 0 0 rg BT 395.91 226.45 Td (remediation ) Tj ET Q q 0 0 0 rg BT 445.04 226.45 Td (activities. ) Tj ET Q q 0 0 0 rg BT 484.15 226.45 Td (Provision ) Tj ET Q q 0 0 0 rg BT 523.27 226.45 Td (is ) Tj ET Q q 0 0 0 rg BT 531.88 226.45 Td (made ) Tj ET Q q 0 0 0 rg BT 556.49 226.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 215.65 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 215.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 119.53 215.65 Td (cost ) Tj ET Q q 0 0 0 rg BT 138.54 215.65 Td (of ) Tj ET Q q 0 0 0 rg BT 148.54 215.65 Td (site ) Tj ET Q q 0 0 0 rg BT 165.05 215.65 Td (restoration ) Tj ET Q q 0 0 0 rg BT 210.07 215.65 Td (and ) Tj ET Q q 0 0 0 rg BT 227.59 215.65 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 272.61 215.65 Td (in ) Tj ET Q q 0 0 0 rg BT 282.12 215.65 Td (the ) Tj ET Q q 0 0 0 rg BT 297.13 215.65 Td (relevant ) Tj ET Q q 0 0 0 rg BT 331.65 215.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 355.66 215.65 Td (category) Tj ET Q q 0 0 0 rg BT 389.51 215.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 198.85 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 136.55 198.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 173.09 198.85 Td (are ) Tj ET Q q 0 0 0 rg BT 188.62 198.85 Td (measured ) Tj ET Q q 0 0 0 rg BT 231.17 198.85 Td (at ) Tj ET Q q 0 0 0 rg BT 241.20 198.85 Td (the ) Tj ET Q q 0 0 0 rg BT 256.23 198.85 Td (present ) Tj ET Q q 0 0 0 rg BT 288.78 198.85 Td (value ) Tj ET Q q 0 0 0 rg BT 312.82 198.85 Td (of ) Tj ET Q q 0 0 0 rg BT 322.85 198.85 Td (management) Tj ET Q q 0 0 0 rg BT 377.22 198.85 Td (s ) Tj ET Q q 0 0 0 rg BT 384.24 198.85 Td (best ) Tj ET Q q 0 0 0 rg BT 403.78 198.85 Td (estimate ) Tj ET Q q 0 0 0 rg BT 440.32 198.85 Td (of ) Tj ET Q q 0 0 0 rg BT 450.35 198.85 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 499.91 198.85 Td (required ) Tj ET Q q 0 0 0 rg BT 535.45 198.85 Td (to ) Tj ET Q q 0 0 0 rg BT 545.48 198.85 Td (settle ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 188.05 Td (the ) Tj ET Q q 0 0 0 rg BT 77.88 188.05 Td (present ) Tj ET Q q 0 0 0 rg BT 110.27 188.05 Td (obligation ) Tj ET Q q 0 0 0 rg BT 151.17 188.05 Td (at ) Tj ET Q q 0 0 0 rg BT 161.05 188.05 Td (the ) Tj ET Q q 0 0 0 rg BT 175.93 188.05 Td (date ) Tj ET Q q 0 0 0 rg BT 195.82 188.05 Td (of ) Tj ET Q q 0 0 0 rg BT 205.70 188.05 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 188.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 273.49 188.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 315.38 188.05 Td (of ) Tj ET Q q 0 0 0 rg BT 325.26 188.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 360.65 188.05 Td (position. ) Tj ET Q q 0 0 0 rg BT 396.54 188.05 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 446.95 188.05 Td (to ) Tj ET Q q 0 0 0 rg BT 456.83 188.05 Td (the ) Tj ET Q q 0 0 0 rg BT 471.71 188.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 494.59 188.05 Td (measurement, ) Tj ET Q q 0 0 0 rg BT 554.49 188.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 177.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 104.47 177.25 Td (is ) Tj ET Q q 0 0 0 rg BT 113.91 177.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 150.88 177.25 Td (at ) Tj ET Q q 0 0 0 rg BT 161.33 177.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.78 177.25 Td (end ) Tj ET Q q 0 0 0 rg BT 194.74 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.19 177.25 Td (each ) Tj ET Q q 0 0 0 rg BT 227.64 177.25 Td (period ) Tj ET Q q 0 0 0 rg BT 255.60 177.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.05 177.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 293.50 177.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.95 177.25 Td (passage ) Tj ET Q q 0 0 0 rg BT 345.92 177.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.37 177.25 Td (time ) Tj ET Q q 0 0 0 rg BT 376.31 177.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.27 177.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 431.24 177.25 Td (in ) Tj ET Q q 0 0 0 rg BT 441.18 177.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.64 177.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 498.60 177.25 Td (future ) Tj ET Q q 0 0 0 rg BT 524.55 177.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 546.51 177.25 Td (flows ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 166.45 Td (underlying ) Tj ET Q q 0 0 0 rg BT 108.03 166.45 Td (the ) Tj ET Q q 0 0 0 rg BT 124.04 166.45 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 168.34 166.45 Td (The ) Tj ET Q q 0 0 0 rg BT 187.34 166.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 224.86 166.45 Td (in ) Tj ET Q q 0 0 0 rg BT 235.36 166.45 Td (the ) Tj ET Q q 0 0 0 rg BT 251.37 166.45 Td (provision ) Tj ET Q q 0 0 0 rg BT 290.89 166.45 Td (due ) Tj ET Q q 0 0 0 rg BT 309.40 166.45 Td (to ) Tj ET Q q 0 0 0 rg BT 320.41 166.45 Td (the ) Tj ET Q q 0 0 0 rg BT 336.42 166.45 Td (passage ) Tj ET Q q 0 0 0 rg BT 373.94 166.45 Td (of ) Tj ET Q q 0 0 0 rg BT 384.94 166.45 Td (time ) Tj ET Q q 0 0 0 rg BT 405.44 166.45 Td (is ) Tj ET Q q 0 0 0 rg BT 415.44 166.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 462.97 166.45 Td (as ) Tj ET Q q 0 0 0 rg BT 475.97 166.45 Td (finance ) Tj ET Q q 0 0 0 rg BT 508.49 166.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 533.00 166.45 Td (whereas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 155.65 Td (increases/decreases ) Tj ET Q q 0 0 0 rg BT 147.82 155.65 Td (due ) Tj ET Q q 0 0 0 rg BT 165.11 155.65 Td (to ) Tj ET Q q 0 0 0 rg BT 174.89 155.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 211.19 155.65 Td (in ) Tj ET Q q 0 0 0 rg BT 220.48 155.65 Td (the ) Tj ET Q q 0 0 0 rg BT 235.26 155.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 276.56 155.65 Td (future ) Tj ET Q q 0 0 0 rg BT 301.85 155.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 323.13 155.65 Td (flows ) Tj ET Q q 0 0 0 rg BT 345.92 155.65 Td (are ) Tj ET Q q 0 0 0 rg BT 361.20 155.65 Td (capitalized. ) Tj ET Q q 0 0 0 rg BT 408.05 155.65 Td (Actual ) Tj ET Q q 0 0 0 rg BT 435.34 155.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 458.62 155.65 Td (incurred ) Tj ET Q q 0 0 0 rg BT 493.41 155.65 Td (upon ) Tj ET Q q 0 0 0 rg BT 515.71 155.65 Td (settlement ) Tj ET Q q 0 0 0 rg BT 559.50 155.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 144.85 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 144.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 150.04 144.85 Td (obligations ) Tj ET Q q 0 0 0 rg BT 195.57 144.85 Td (are ) Tj ET Q q 0 0 0 rg BT 211.08 144.85 Td (charged ) Tj ET Q q 0 0 0 rg BT 246.11 144.85 Td (against ) Tj ET Q q 0 0 0 rg BT 277.63 144.85 Td (the ) Tj ET Q q 0 0 0 rg BT 292.64 144.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 331.16 144.85 Td (to ) Tj ET Q q 0 0 0 rg BT 341.17 144.85 Td (the ) Tj ET Q q 0 0 0 rg BT 356.18 144.85 Td (extent ) Tj ET Q q 0 0 0 rg BT 383.19 144.85 Td (the ) Tj ET Q q 0 0 0 rg BT 398.21 144.85 Td (provision ) Tj ET Q q 0 0 0 rg BT 436.72 144.85 Td (was ) Tj ET Q q 0 0 0 rg BT 455.23 144.85 Td (established.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 37) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (Revenues) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 725.65 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 105.25 725.65 Td (from ) Tj ET Q q 0 0 0 rg BT 124.98 725.65 Td (the ) Tj ET Q q 0 0 0 rg BT 139.21 725.65 Td (sale ) Tj ET Q q 0 0 0 rg BT 157.45 725.65 Td (of ) Tj ET Q q 0 0 0 rg BT 166.68 725.65 Td (oil, ) Tj ET Q q 0 0 0 rg BT 179.91 725.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 209.15 725.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 225.39 725.65 Td (and ) Tj ET Q q 0 0 0 rg BT 242.13 725.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 271.37 725.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 287.61 725.65 Td (liquids ) Tj ET Q q 0 0 0 rg BT 314.85 725.65 Td (are ) Tj ET Q q 0 0 0 rg BT 329.58 725.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 366.83 725.65 Td (when ) Tj ET Q q 0 0 0 rg BT 390.07 725.65 Td (the ) Tj ET Q q 0 0 0 rg BT 404.31 725.65 Td (significant ) Tj ET Q q 0 0 0 rg BT 446.05 725.65 Td (risks ) Tj ET Q q 0 0 0 rg BT 466.27 725.65 Td (and ) Tj ET Q q 0 0 0 rg BT 483.01 725.65 Td (rewards ) Tj ET Q q 0 0 0 rg BT 516.75 725.65 Td (of ) Tj ET Q q 0 0 0 rg BT 525.98 725.65 Td (ownership ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.85 Td (of ) Tj ET Q q 0 0 0 rg BT 73.34 714.85 Td (the ) Tj ET Q q 0 0 0 rg BT 88.68 714.85 Td (product ) Tj ET Q q 0 0 0 rg BT 121.53 714.85 Td (is ) Tj ET Q q 0 0 0 rg BT 130.86 714.85 Td (transferred ) Tj ET Q q 0 0 0 rg BT 177.21 714.85 Td (to ) Tj ET Q q 0 0 0 rg BT 187.54 714.85 Td (the ) Tj ET Q q 0 0 0 rg BT 202.88 714.85 Td (buyer) Tj ET Q q 0 0 0 rg BT 224.90 714.85 Td (, ) Tj ET Q q 0 0 0 rg BT 230.23 714.85 Td (which ) Tj ET Q q 0 0 0 rg BT 256.07 714.85 Td (is ) Tj ET Q q 0 0 0 rg BT 265.40 714.85 Td (usually ) Tj ET Q q 0 0 0 rg BT 296.24 714.85 Td (when ) Tj ET Q q 0 0 0 rg BT 320.59 714.85 Td (legal ) Tj ET Q q 0 0 0 rg BT 342.44 714.85 Td (title ) Tj ET Q q 0 0 0 rg BT 359.27 714.85 Td (passes ) Tj ET Q q 0 0 0 rg BT 390.62 714.85 Td (to ) Tj ET Q q 0 0 0 rg BT 400.95 714.85 Td (the ) Tj ET Q q 0 0 0 rg BT 416.29 714.85 Td (external ) Tj ET Q q 0 0 0 rg BT 451.14 714.85 Td (party) Tj ET Q q 0 0 0 rg BT 470.48 714.85 Td (. ) Tj ET Q q 0 0 0 rg BT 475.63 714.85 Td (This ) Tj ET Q q 0 0 0 rg BT 495.46 714.85 Td (is ) Tj ET Q q 0 0 0 rg BT 504.79 714.85 Td (generally ) Tj ET Q q 0 0 0 rg BT 544.14 714.85 Td (at ) Tj ET Q q 0 0 0 rg BT 554.48 714.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 704.05 Td (time ) Tj ET Q q 0 0 0 rg BT 82.96 704.05 Td (product ) Tj ET Q q 0 0 0 rg BT 115.94 704.05 Td (enters ) Tj ET Q q 0 0 0 rg BT 143.91 704.05 Td (the ) Tj ET Q q 0 0 0 rg BT 159.38 704.05 Td (pipeline. ) Tj ET Q q 0 0 0 rg BT 195.86 704.05 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 239.35 704.05 Td (are ) Tj ET Q q 0 0 0 rg BT 255.32 704.05 Td (measured ) Tj ET Q q 0 0 0 rg BT 298.30 704.05 Td (net ) Tj ET Q q 0 0 0 rg BT 313.77 704.05 Td (of ) Tj ET Q q 0 0 0 rg BT 324.23 704.05 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 367.71 704.05 Td (customs, ) Tj ET Q q 0 0 0 rg BT 406.68 704.05 Td (duties ) Tj ET Q q 0 0 0 rg BT 433.65 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 451.63 704.05 Td (royalties. ) Tj ET Q q 0 0 0 rg BT 490.60 704.05 Td (With ) Tj ET Q q 0 0 0 rg BT 511.56 704.05 Td (respect ) Tj ET Q q 0 0 0 rg BT 544.03 704.05 Td (to ) Tj ET Q q 0 0 0 rg BT 554.49 704.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.25 Td (latter) Tj ET Q q 0 0 0 rg BT 82.51 693.25 Td (, ) Tj ET Q q 0 0 0 rg BT 87.51 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.52 693.25 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 152.05 693.25 Td (is ) Tj ET Q q 0 0 0 rg BT 161.05 693.25 Td (acting ) Tj ET Q q 0 0 0 rg BT 187.57 693.25 Td (as ) Tj ET Q q 0 0 0 rg BT 199.57 693.25 Td (a ) Tj ET Q q 0 0 0 rg BT 207.08 693.25 Td (collection ) Tj ET Q q 0 0 0 rg BT 247.10 693.25 Td (agent ) Tj ET Q q 0 0 0 rg BT 272.12 693.25 Td (on ) Tj ET Q q 0 0 0 rg BT 284.63 693.25 Td (behalf ) Tj ET Q q 0 0 0 rg BT 311.66 693.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.66 693.25 Td (others.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 676.45 Td (Royalty ) Tj ET Q q 0 0 0 rg BT 95.51 676.45 Td (income ) Tj ET Q q 0 0 0 rg BT 127.02 676.45 Td (is ) Tj ET Q q 0 0 0 rg BT 136.02 676.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 182.55 676.45 Td (as ) Tj ET Q q 0 0 0 rg BT 194.56 676.45 Td (it ) Tj ET Q q 0 0 0 rg BT 201.56 676.45 Td (accrues ) Tj ET Q q 0 0 0 rg BT 235.57 676.45 Td (in ) Tj ET Q q 0 0 0 rg BT 245.08 676.45 Td (accordance ) Tj ET Q q 0 0 0 rg BT 294.11 676.45 Td (with ) Tj ET Q q 0 0 0 rg BT 312.61 676.45 Td (the ) Tj ET Q q 0 0 0 rg BT 327.63 676.45 Td (terms ) Tj ET Q q 0 0 0 rg BT 352.63 676.45 Td (of ) Tj ET Q q 0 0 0 rg BT 362.63 676.45 Td (the ) Tj ET Q q 0 0 0 rg BT 377.64 676.45 Td (overriding ) Tj ET Q q 0 0 0 rg BT 419.66 676.45 Td (royalty ) Tj ET Q q 0 0 0 rg BT 448.67 676.45 Td (agreements.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 659.65 Td (Finance ) Tj ET Q q 0 0 0 rg BT 99.51 659.65 Td (income ) Tj ET Q q 0 0 0 rg BT 133.52 659.65 Td (and ) Tj ET Q q 0 0 0 rg BT 152.02 659.65 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 642.85 Td (Finance ) Tj ET Q q 0 0 0 rg BT 98.60 642.85 Td (costs ) Tj ET Q q 0 0 0 rg BT 123.18 642.85 Td (comprise ) Tj ET Q q 0 0 0 rg BT 163.27 642.85 Td (of ) Tj ET Q q 0 0 0 rg BT 174.35 642.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 207.45 642.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 245.05 642.85 Td (on ) Tj ET Q q 0 0 0 rg BT 258.64 642.85 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 308.74 642.85 Td (unwinding ) Tj ET Q q 0 0 0 rg BT 352.85 642.85 Td (of ) Tj ET Q q 0 0 0 rg BT 363.93 642.85 Td (the ) Tj ET Q q 0 0 0 rg BT 380.02 642.85 Td (discount ) Tj ET Q q 0 0 0 rg BT 417.12 642.85 Td (on ) Tj ET Q q 0 0 0 rg BT 430.71 642.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 474.81 642.85 Td (and ) Tj ET Q q 0 0 0 rg BT 493.40 642.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 541.50 642.85 Td (losses ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 632.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 109.53 632.05 Td (on ) Tj ET Q q 0 0 0 rg BT 122.04 632.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.56 632.05 Td (assets, ) Tj ET Q q 0 0 0 rg BT 188.57 632.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 203.58 632.05 Td (value ) Tj ET Q q 0 0 0 rg BT 227.59 632.05 Td (losses ) Tj ET Q q 0 0 0 rg BT 255.60 632.05 Td (on ) Tj ET Q q 0 0 0 rg BT 268.11 632.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 303.64 632.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 332.15 632.05 Td (at ) Tj ET Q q 0 0 0 rg BT 342.15 632.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.16 632.05 Td (value ) Tj ET Q q 0 0 0 rg BT 381.17 632.05 Td (through ) Tj ET Q q 0 0 0 rg BT 414.20 632.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 436.71 632.05 Td (and ) Tj ET Q q 0 0 0 rg BT 454.22 632.05 Td (loss. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 615.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 95.52 615.25 Td (income ) Tj ET Q q 0 0 0 rg BT 127.03 615.25 Td (is ) Tj ET Q q 0 0 0 rg BT 136.03 615.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 182.56 615.25 Td (as ) Tj ET Q q 0 0 0 rg BT 194.56 615.25 Td (it ) Tj ET Q q 0 0 0 rg BT 201.56 615.25 Td (accrues ) Tj ET Q q 0 0 0 rg BT 235.58 615.25 Td (in ) Tj ET Q q 0 0 0 rg BT 245.08 615.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 267.59 615.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.09 615.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 299.10 615.25 Td (using ) Tj ET Q q 0 0 0 rg BT 323.12 615.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.13 615.25 Td (ef) Tj ET Q q 0 0 0 rg BT 345.47 615.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 373.98 615.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 406.00 615.25 Td (method.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 598.45 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 96.02 598.45 Td (currency ) Tj ET Q q 0 0 0 rg BT 133.03 598.45 Td (gains ) Tj ET Q q 0 0 0 rg BT 157.04 598.45 Td (and ) Tj ET Q q 0 0 0 rg BT 174.56 598.45 Td (losses ) Tj ET Q q 0 0 0 rg BT 202.57 598.45 Td (are ) Tj ET Q q 0 0 0 rg BT 218.08 598.45 Td (reported ) Tj ET Q q 0 0 0 rg BT 254.10 598.45 Td (under ) Tj ET Q q 0 0 0 rg BT 279.62 598.45 Td (finance ) Tj ET Q q 0 0 0 rg BT 311.14 598.45 Td (income ) Tj ET Q q 0 0 0 rg BT 342.65 598.45 Td (or ) Tj ET Q q 0 0 0 rg BT 353.16 598.45 Td (expenses.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 581.65 Td (Income ) Tj ET Q q 0 0 0 rg BT 97.01 581.65 Td (taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 564.85 Td (Income ) Tj ET Q q 0 0 0 rg BT 95.59 564.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 110.67 564.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 147.77 564.85 Td (comprises ) Tj ET Q q 0 0 0 rg BT 191.85 564.85 Td (current ) Tj ET Q q 0 0 0 rg BT 222.93 564.85 Td (and ) Tj ET Q q 0 0 0 rg BT 241.02 564.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 277.62 564.85 Td (income ) Tj ET Q q 0 0 0 rg BT 309.70 564.85 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 336.79 564.85 Td (Current ) Tj ET Q q 0 0 0 rg BT 369.87 564.85 Td (and ) Tj ET Q q 0 0 0 rg BT 387.96 564.85 Td (deferred ) Tj ET Q q 0 0 0 rg BT 424.56 564.85 Td (income ) Tj ET Q q 0 0 0 rg BT 456.64 564.85 Td (taxes ) Tj ET Q q 0 0 0 rg BT 481.23 564.85 Td (are ) Tj ET Q q 0 0 0 rg BT 497.31 564.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 544.41 564.85 Td (in ) Tj ET Q q 0 0 0 rg BT 554.49 564.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 554.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 116.26 554.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 158.51 554.05 Td (of ) Tj ET Q q 0 0 0 rg BT 168.74 554.05 Td (income ) Tj ET Q q 0 0 0 rg BT 200.47 554.05 Td (except ) Tj ET Q q 0 0 0 rg BT 229.71 554.05 Td (to ) Tj ET Q q 0 0 0 rg BT 239.94 554.05 Td (the ) Tj ET Q q 0 0 0 rg BT 255.18 554.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 282.42 554.05 Td (that ) Tj ET Q q 0 0 0 rg BT 300.16 554.05 Td (it ) Tj ET Q q 0 0 0 rg BT 307.38 554.05 Td (relates ) Tj ET Q q 0 0 0 rg BT 337.12 554.05 Td (to ) Tj ET Q q 0 0 0 rg BT 347.35 554.05 Td (a ) Tj ET Q q 0 0 0 rg BT 355.08 554.05 Td (business) Tj ET Q BT /F5 9.00 Tf ET q 0 0 0 rg BT 390.60 554.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.32 554.05 Td (combination, ) Tj ET Q q 0 0 0 rg BT 447.07 554.05 Td (or ) Tj ET Q q 0 0 0 rg BT 457.80 554.05 Td (items ) Tj ET Q q 0 0 0 rg BT 482.03 554.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 528.78 554.05 Td (directly ) Tj ET Q q 0 0 0 rg BT 560.01 554.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 543.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 89.52 543.25 Td (or ) Tj ET Q q 0 0 0 rg BT 100.02 543.25 Td (in ) Tj ET Q q 0 0 0 rg BT 109.52 543.25 Td (other ) Tj ET Q q 0 0 0 rg BT 132.54 543.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 196.07 543.25 Td (income. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 526.45 Td (Current ) Tj ET Q q 0 0 0 rg BT 95.98 526.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 110.95 526.45 Td (is ) Tj ET Q q 0 0 0 rg BT 120.41 526.45 Td (the ) Tj ET Q q 0 0 0 rg BT 135.89 526.45 Td (expected ) Tj ET Q q 0 0 0 rg BT 175.38 526.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 190.35 526.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 224.85 526.45 Td (or ) Tj ET Q q 0 0 0 rg BT 235.82 526.45 Td (receivable ) Tj ET Q q 0 0 0 rg BT 279.80 526.45 Td (on ) Tj ET Q q 0 0 0 rg BT 292.78 526.45 Td (the ) Tj ET Q q 0 0 0 rg BT 308.26 526.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 340.25 526.45 Td (income ) Tj ET Q q 0 0 0 rg BT 372.22 526.45 Td (or ) Tj ET Q q 0 0 0 rg BT 383.19 526.45 Td (loss ) Tj ET Q q 0 0 0 rg BT 402.16 526.45 Td (for ) Tj ET Q q 0 0 0 rg BT 415.63 526.45 Td (the ) Tj ET Q q 0 0 0 rg BT 431.11 526.45 Td (period, ) Tj ET Q q 0 0 0 rg BT 461.59 526.45 Td (using ) Tj ET Q q 0 0 0 rg BT 486.07 526.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 501.05 526.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 524.02 526.45 Td (enacted ) Tj ET Q q 0 0 0 rg BT 559.01 526.45 Td (or ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 515.65 Td (substantively ) Tj ET Q q 0 0 0 rg BT 117.53 515.65 Td (enacted ) Tj ET Q q 0 0 0 rg BT 152.06 515.65 Td (at ) Tj ET Q q 0 0 0 rg BT 162.06 515.65 Td (the ) Tj ET Q q 0 0 0 rg BT 177.07 515.65 Td (reporting ) Tj ET Q q 0 0 0 rg BT 215.09 515.65 Td (date, ) Tj ET Q q 0 0 0 rg BT 237.61 515.65 Td (and ) Tj ET Q q 0 0 0 rg BT 255.13 515.65 Td (any ) Tj ET Q q 0 0 0 rg BT 272.14 515.65 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 318.67 515.65 Td (to ) Tj ET Q q 0 0 0 rg BT 328.67 515.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 343.18 515.65 Td (payable ) Tj ET Q q 0 0 0 rg BT 377.20 515.65 Td (in ) Tj ET Q q 0 0 0 rg BT 386.71 515.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 418.72 515.65 Td (of ) Tj ET Q q 0 0 0 rg BT 428.73 515.65 Td (previous ) Tj ET Q q 0 0 0 rg BT 465.25 515.65 Td (years. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 498.85 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 100.22 498.85 Td (income ) Tj ET Q q 0 0 0 rg BT 131.43 498.85 Td (taxes ) Tj ET Q q 0 0 0 rg BT 155.14 498.85 Td (are ) Tj ET Q q 0 0 0 rg BT 170.35 498.85 Td (recognized ) Tj ET Q q 0 0 0 rg BT 216.58 498.85 Td (in ) Tj ET Q q 0 0 0 rg BT 225.79 498.85 Td (respect ) Tj ET Q q 0 0 0 rg BT 257.50 498.85 Td (of ) Tj ET Q q 0 0 0 rg BT 267.21 498.85 Td (temporary ) Tj ET Q q 0 0 0 rg BT 309.92 498.85 Td (dif) Tj ET Q q 0 0 0 rg BT 319.27 498.85 Td (ferences ) Tj ET Q q 0 0 0 rg BT 355.99 498.85 Td (between ) Tj ET Q q 0 0 0 rg BT 392.22 498.85 Td (the ) Tj ET Q q 0 0 0 rg BT 406.93 498.85 Td (carrying ) Tj ET Q q 0 0 0 rg BT 441.14 498.85 Td (amounts ) Tj ET Q q 0 0 0 rg BT 477.86 498.85 Td (of ) Tj ET Q q 0 0 0 rg BT 487.57 498.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 515.78 498.85 Td (and ) Tj ET Q q 0 0 0 rg BT 533.00 498.85 Td (liabilities ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 488.05 Td (for ) Tj ET Q q 0 0 0 rg BT 76.00 488.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.52 488.05 Td (reporting ) Tj ET Q q 0 0 0 rg BT 149.55 488.05 Td (purposes ) Tj ET Q q 0 0 0 rg BT 189.07 488.05 Td (and ) Tj ET Q q 0 0 0 rg BT 206.59 488.05 Td (the ) Tj ET Q q 0 0 0 rg BT 221.60 488.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 258.62 488.05 Td (used ) Tj ET Q q 0 0 0 rg BT 280.63 488.05 Td (for ) Tj ET Q q 0 0 0 rg BT 293.64 488.05 Td (taxation ) Tj ET Q q 0 0 0 rg BT 327.66 488.05 Td (purposes. ) Tj ET Q q 0 0 0 rg BT 369.69 488.05 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 407.20 488.05 Td (income ) Tj ET Q q 0 0 0 rg BT 438.71 488.05 Td (taxes ) Tj ET Q q 0 0 0 rg BT 462.73 488.05 Td (are ) Tj ET Q q 0 0 0 rg BT 478.23 488.05 Td (not ) Tj ET Q q 0 0 0 rg BT 493.25 488.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 539.78 488.05 Td (for:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 470.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 470.05 Td (temporary ) Tj ET Q q 0 0 0 rg BT 123.88 470.05 Td (dif) Tj ET Q q 0 0 0 rg BT 133.22 470.05 Td (ferences ) Tj ET Q q 0 0 0 rg BT 170.10 470.05 Td (on ) Tj ET Q q 0 0 0 rg BT 182.48 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 197.35 470.05 Td (initial ) Tj ET Q q 0 0 0 rg BT 220.23 470.05 Td (recognition ) Tj ET Q q 0 0 0 rg BT 266.62 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 276.49 470.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 304.86 470.05 Td (or ) Tj ET Q q 0 0 0 rg BT 315.23 470.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 351.61 470.05 Td (in ) Tj ET Q q 0 0 0 rg BT 360.97 470.05 Td (a ) Tj ET Q q 0 0 0 rg BT 368.34 470.05 Td (transaction ) Tj ET Q q 0 0 0 rg BT 414.73 470.05 Td (that ) Tj ET Q q 0 0 0 rg BT 432.11 470.05 Td (is ) Tj ET Q q 0 0 0 rg BT 440.97 470.05 Td (not ) Tj ET Q q 0 0 0 rg BT 455.85 470.05 Td (a ) Tj ET Q q 0 0 0 rg BT 463.21 470.05 Td (business ) Tj ET Q q 0 0 0 rg BT 501.10 470.05 Td (combination ) Tj ET Q q 0 0 0 rg BT 551.99 470.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 459.25 Td (that ) Tj ET Q q 0 0 0 rg BT 98.51 459.25 Td (af) Tj ET Q q 0 0 0 rg BT 105.86 459.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 127.36 459.25 Td (neither ) Tj ET Q q 0 0 0 rg BT 157.38 459.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 203.41 459.25 Td (nor ) Tj ET Q q 0 0 0 rg BT 218.92 459.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 250.44 459.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 272.95 459.25 Td (or ) Tj ET Q q 0 0 0 rg BT 283.46 459.25 Td (loss; ) Tj ET Q q 0 0 0 rg BT 304.46 459.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 441.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 441.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 124.11 441.25 Td (dif) Tj ET Q q 0 0 0 rg BT 133.45 441.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 170.57 441.25 Td (related ) Tj ET Q q 0 0 0 rg BT 200.69 441.25 Td (to ) Tj ET Q q 0 0 0 rg BT 210.79 441.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 261.40 441.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.01 441.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 321.13 441.25 Td (to ) Tj ET Q q 0 0 0 rg BT 331.23 441.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.34 441.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 373.45 441.25 Td (that ) Tj ET Q q 0 0 0 rg BT 391.06 441.25 Td (it ) Tj ET Q q 0 0 0 rg BT 398.16 441.25 Td (is ) Tj ET Q q 0 0 0 rg BT 407.25 441.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 444.88 441.25 Td (that ) Tj ET Q q 0 0 0 rg BT 462.49 441.25 Td (they ) Tj ET Q q 0 0 0 rg BT 482.10 441.25 Td (will ) Tj ET Q q 0 0 0 rg BT 497.19 441.25 Td (not ) Tj ET Q q 0 0 0 rg BT 512.30 441.25 Td (reverse ) Tj ET Q q 0 0 0 rg BT 544.91 441.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.51 441.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 430.45 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 130.54 430.45 Td (future; ) Tj ET Q q 0 0 0 rg BT 158.55 430.45 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.00 412.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 412.45 Td (taxable ) Tj ET Q q 0 0 0 rg BT 112.52 412.45 Td (temporary ) Tj ET Q q 0 0 0 rg BT 155.54 412.45 Td (dif) Tj ET Q q 0 0 0 rg BT 164.88 412.45 Td (ferences ) Tj ET Q q 0 0 0 rg BT 201.90 412.45 Td (arising ) Tj ET Q q 0 0 0 rg BT 230.91 412.45 Td (on ) Tj ET Q q 0 0 0 rg BT 243.42 412.45 Td (the ) Tj ET Q q 0 0 0 rg BT 258.43 412.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 281.44 412.45 Td (recognition ) Tj ET Q q 0 0 0 rg BT 327.97 412.45 Td (of ) Tj ET Q q 0 0 0 rg BT 337.98 412.45 Td (goodwill.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 395.65 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 99.99 395.65 Td (income ) Tj ET Q q 0 0 0 rg BT 130.97 395.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 154.45 395.65 Td (are ) Tj ET Q q 0 0 0 rg BT 169.43 395.65 Td (measured ) Tj ET Q q 0 0 0 rg BT 211.42 395.65 Td (at ) Tj ET Q q 0 0 0 rg BT 220.90 395.65 Td (the ) Tj ET Q q 0 0 0 rg BT 235.38 395.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 249.36 395.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 271.34 395.65 Td (that ) Tj ET Q q 0 0 0 rg BT 288.32 395.65 Td (are ) Tj ET Q q 0 0 0 rg BT 303.30 395.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 341.79 395.65 Td (to ) Tj ET Q q 0 0 0 rg BT 351.27 395.65 Td (be ) Tj ET Q q 0 0 0 rg BT 363.25 395.65 Td (applied ) Tj ET Q q 0 0 0 rg BT 394.25 395.65 Td (to ) Tj ET Q q 0 0 0 rg BT 403.73 395.65 Td (temporary ) Tj ET Q q 0 0 0 rg BT 446.21 395.65 Td (dif) Tj ET Q q 0 0 0 rg BT 455.55 395.65 Td (ferences ) Tj ET Q q 0 0 0 rg BT 492.04 395.65 Td (when ) Tj ET Q q 0 0 0 rg BT 515.53 395.65 Td (they ) Tj ET Q q 0 0 0 rg BT 534.51 395.65 Td (reverse, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 384.85 Td (based ) Tj ET Q q 0 0 0 rg BT 90.02 384.85 Td (on ) Tj ET Q q 0 0 0 rg BT 102.53 384.85 Td (the ) Tj ET Q q 0 0 0 rg BT 117.54 384.85 Td (laws ) Tj ET Q q 0 0 0 rg BT 138.05 384.85 Td (that ) Tj ET Q q 0 0 0 rg BT 155.56 384.85 Td (have ) Tj ET Q q 0 0 0 rg BT 177.58 384.85 Td (been ) Tj ET Q q 0 0 0 rg BT 200.10 384.85 Td (enacted ) Tj ET Q q 0 0 0 rg BT 234.63 384.85 Td (or ) Tj ET Q q 0 0 0 rg BT 245.13 384.85 Td (substantively ) Tj ET Q q 0 0 0 rg BT 299.66 384.85 Td (enacted ) Tj ET Q q 0 0 0 rg BT 334.19 384.85 Td (by ) Tj ET Q q 0 0 0 rg BT 346.19 384.85 Td (the ) Tj ET Q q 0 0 0 rg BT 361.20 384.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 399.23 384.85 Td (date.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 368.05 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 100.14 368.05 Td (income ) Tj ET Q q 0 0 0 rg BT 131.27 368.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 145.40 368.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 173.54 368.05 Td (and ) Tj ET Q q 0 0 0 rg BT 190.68 368.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 226.81 368.05 Td (are ) Tj ET Q q 0 0 0 rg BT 241.94 368.05 Td (of) Tj ET Q q 0 0 0 rg BT 249.29 368.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 265.92 368.05 Td (if ) Tj ET Q q 0 0 0 rg BT 272.54 368.05 Td (there ) Tj ET Q q 0 0 0 rg BT 295.18 368.05 Td (is ) Tj ET Q q 0 0 0 rg BT 303.80 368.05 Td (a ) Tj ET Q q 0 0 0 rg BT 310.93 368.05 Td (legally ) Tj ET Q q 0 0 0 rg BT 338.57 368.05 Td (enforceable ) Tj ET Q q 0 0 0 rg BT 387.72 368.05 Td (right ) Tj ET Q q 0 0 0 rg BT 407.35 368.05 Td (to ) Tj ET Q q 0 0 0 rg BT 416.98 368.05 Td (of) Tj ET Q q 0 0 0 rg BT 424.33 368.05 Td (fset ) Tj ET Q q 0 0 0 rg BT 440.96 368.05 Td (current ) Tj ET Q q 0 0 0 rg BT 471.09 368.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 485.22 368.05 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 521.35 368.05 Td (and ) Tj ET Q q 0 0 0 rg BT 538.49 368.05 Td (assets, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 357.25 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 357.25 Td (they ) Tj ET Q q 0 0 0 rg BT 100.03 357.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 125.05 357.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.06 357.25 Td (income ) Tj ET Q q 0 0 0 rg BT 166.57 357.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 190.59 357.25 Td (levied ) Tj ET Q q 0 0 0 rg BT 216.61 357.25 Td (by ) Tj ET Q q 0 0 0 rg BT 228.61 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.63 357.25 Td (same ) Tj ET Q q 0 0 0 rg BT 268.14 357.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 282.65 357.25 Td (authority ) Tj ET Q q 0 0 0 rg BT 319.67 357.25 Td (on ) Tj ET Q q 0 0 0 rg BT 332.18 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.20 357.25 Td (same ) Tj ET Q q 0 0 0 rg BT 371.71 357.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 403.23 357.25 Td (entity) Tj ET Q q 0 0 0 rg BT 424.08 357.25 Td (, ) Tj ET Q q 0 0 0 rg BT 429.08 357.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.58 357.25 Td (on ) Tj ET Q q 0 0 0 rg BT 452.10 357.25 Td (dif) Tj ET Q q 0 0 0 rg BT 461.44 357.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 486.96 357.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 501.47 357.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 534.99 357.25 Td (but ) Tj ET Q q 0 0 0 rg BT 550.00 357.25 Td (they ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 346.45 Td (intend ) Tj ET Q q 0 0 0 rg BT 90.02 346.45 Td (to ) Tj ET Q q 0 0 0 rg BT 100.03 346.45 Td (settle ) Tj ET Q q 0 0 0 rg BT 124.04 346.45 Td (current ) Tj ET Q q 0 0 0 rg BT 154.55 346.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 169.06 346.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 205.57 346.45 Td (and ) Tj ET Q q 0 0 0 rg BT 223.09 346.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.60 346.45 Td (on ) Tj ET Q q 0 0 0 rg BT 264.11 346.45 Td (a ) Tj ET Q q 0 0 0 rg BT 271.62 346.45 Td (net ) Tj ET Q q 0 0 0 rg BT 286.63 346.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 310.14 346.45 Td (or ) Tj ET Q q 0 0 0 rg BT 320.64 346.45 Td (their ) Tj ET Q q 0 0 0 rg BT 340.65 346.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 355.16 346.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 383.67 346.45 Td (and ) Tj ET Q q 0 0 0 rg BT 401.19 346.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 437.70 346.45 Td (will ) Tj ET Q q 0 0 0 rg BT 452.70 346.45 Td (be ) Tj ET Q q 0 0 0 rg BT 465.21 346.45 Td (realized ) Tj ET Q q 0 0 0 rg BT 499.23 346.45 Td (simultaneously) Tj ET Q q 0 0 0 rg BT 558.09 346.45 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 329.65 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 329.65 Td ( ) Tj ET Q q 0 0 0 rg BT 70.92 329.65 Td (deferred ) Tj ET Q q 0 0 0 rg BT 106.86 329.65 Td (income ) Tj ET Q q 0 0 0 rg BT 138.29 329.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 152.71 329.65 Td (asset ) Tj ET Q q 0 0 0 rg BT 176.64 329.65 Td (is ) Tj ET Q q 0 0 0 rg BT 185.55 329.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 232.00 329.65 Td (for ) Tj ET Q q 0 0 0 rg BT 244.92 329.65 Td (unused ) Tj ET Q q 0 0 0 rg BT 276.86 329.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 291.28 329.65 Td (losses, ) Tj ET Q q 0 0 0 rg BT 321.71 329.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 336.13 329.65 Td (credits ) Tj ET Q q 0 0 0 rg BT 365.05 329.65 Td (and ) Tj ET Q q 0 0 0 rg BT 382.49 329.65 Td (deductible ) Tj ET Q q 0 0 0 rg BT 425.93 329.65 Td (temporary ) Tj ET Q q 0 0 0 rg BT 468.86 329.65 Td (dif) Tj ET Q q 0 0 0 rg BT 478.21 329.65 Td (ferences, ) Tj ET Q q 0 0 0 rg BT 517.64 329.65 Td (to ) Tj ET Q q 0 0 0 rg BT 527.56 329.65 Td (the ) Tj ET Q q 0 0 0 rg BT 542.49 329.65 Td (extent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 318.85 Td (that ) Tj ET Q q 0 0 0 rg BT 80.60 318.85 Td (it ) Tj ET Q q 0 0 0 rg BT 87.68 318.85 Td (is ) Tj ET Q q 0 0 0 rg BT 96.76 318.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 134.37 318.85 Td (that ) Tj ET Q q 0 0 0 rg BT 151.97 318.85 Td (future ) Tj ET Q q 0 0 0 rg BT 177.57 318.85 Td (taxable ) Tj ET Q q 0 0 0 rg BT 209.17 318.85 Td (profits ) Tj ET Q q 0 0 0 rg BT 236.26 318.85 Td (will ) Tj ET Q q 0 0 0 rg BT 251.35 318.85 Td (be ) Tj ET Q q 0 0 0 rg BT 263.94 318.85 Td (available ) Tj ET Q q 0 0 0 rg BT 302.05 318.85 Td (against ) Tj ET Q q 0 0 0 rg BT 333.65 318.85 Td (which ) Tj ET Q q 0 0 0 rg BT 359.25 318.85 Td (they ) Tj ET Q q 0 0 0 rg BT 378.84 318.85 Td (can ) Tj ET Q q 0 0 0 rg BT 395.94 318.85 Td (be ) Tj ET Q q 0 0 0 rg BT 408.53 318.85 Td (utilized. ) Tj ET Q q 0 0 0 rg BT 441.63 318.85 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 479.23 318.85 Td (income ) Tj ET Q q 0 0 0 rg BT 510.82 318.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 525.41 318.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 554.01 318.85 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 308.05 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 102.07 308.05 Td (at ) Tj ET Q q 0 0 0 rg BT 112.63 308.05 Td (each ) Tj ET Q q 0 0 0 rg BT 135.20 308.05 Td (reporting ) Tj ET Q q 0 0 0 rg BT 173.77 308.05 Td (date ) Tj ET Q q 0 0 0 rg BT 194.34 308.05 Td (and ) Tj ET Q q 0 0 0 rg BT 212.41 308.05 Td (are ) Tj ET Q q 0 0 0 rg BT 228.47 308.05 Td (reduced ) Tj ET Q q 0 0 0 rg BT 264.04 308.05 Td (to ) Tj ET Q q 0 0 0 rg BT 274.60 308.05 Td (the ) Tj ET Q q 0 0 0 rg BT 290.16 308.05 Td (extent ) Tj ET Q q 0 0 0 rg BT 317.73 308.05 Td (that ) Tj ET Q q 0 0 0 rg BT 335.80 308.05 Td (it ) Tj ET Q q 0 0 0 rg BT 343.35 308.05 Td (is ) Tj ET Q q 0 0 0 rg BT 352.90 308.05 Td (no ) Tj ET Q q 0 0 0 rg BT 365.96 308.05 Td (longer ) Tj ET Q q 0 0 0 rg BT 394.04 308.05 Td (probable ) Tj ET Q q 0 0 0 rg BT 432.12 308.05 Td (that ) Tj ET Q q 0 0 0 rg BT 450.18 308.05 Td (the ) Tj ET Q q 0 0 0 rg BT 465.74 308.05 Td (related ) Tj ET Q q 0 0 0 rg BT 496.31 308.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 511.37 308.05 Td (benefit ) Tj ET Q q 0 0 0 rg BT 541.45 308.05 Td (will ) Tj ET Q q 0 0 0 rg BT 557.00 308.05 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 297.25 Td (realized.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 280.45 Td (Net ) Tj ET Q q 0 0 0 rg BT 80.00 280.45 Td (income ) Tj ET Q q 0 0 0 rg BT 114.01 280.45 Td (per ) Tj ET Q q 0 0 0 rg BT 130.52 280.45 Td (share) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 263.65 Td (Basic ) Tj ET Q q 0 0 0 rg BT 87.70 263.65 Td (net ) Tj ET Q q 0 0 0 rg BT 102.89 263.65 Td (income ) Tj ET Q q 0 0 0 rg BT 134.59 263.65 Td (per ) Tj ET Q q 0 0 0 rg BT 150.29 263.65 Td (share ) Tj ET Q q 0 0 0 rg BT 175.49 263.65 Td (is ) Tj ET Q q 0 0 0 rg BT 184.68 263.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 227.89 263.65 Td (by ) Tj ET Q q 0 0 0 rg BT 240.08 263.65 Td (dividing ) Tj ET Q q 0 0 0 rg BT 273.29 263.65 Td (the ) Tj ET Q q 0 0 0 rg BT 288.49 263.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 311.19 263.65 Td (or ) Tj ET Q q 0 0 0 rg BT 321.88 263.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 340.57 263.65 Td (attributable ) Tj ET Q q 0 0 0 rg BT 387.79 263.65 Td (to ) Tj ET Q q 0 0 0 rg BT 397.98 263.65 Td (common ) Tj ET Q q 0 0 0 rg BT 435.18 263.65 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 489.90 263.65 Td (of ) Tj ET Q q 0 0 0 rg BT 500.09 263.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 542.30 263.65 Td (by ) Tj ET Q q 0 0 0 rg BT 554.49 263.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 252.85 Td (weighted ) Tj ET Q q 0 0 0 rg BT 102.45 252.85 Td (average ) Tj ET Q q 0 0 0 rg BT 138.40 252.85 Td (number ) Tj ET Q q 0 0 0 rg BT 172.34 252.85 Td (of ) Tj ET Q q 0 0 0 rg BT 183.27 252.85 Td (common ) Tj ET Q q 0 0 0 rg BT 221.21 252.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 251.64 252.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 301.61 252.85 Td (during ) Tj ET Q q 0 0 0 rg BT 330.05 252.85 Td (the ) Tj ET Q q 0 0 0 rg BT 345.99 252.85 Td (period. ) Tj ET Q q 0 0 0 rg BT 376.93 252.85 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 408.37 252.85 Td (net ) Tj ET Q q 0 0 0 rg BT 424.31 252.85 Td (income ) Tj ET Q q 0 0 0 rg BT 456.74 252.85 Td (per ) Tj ET Q q 0 0 0 rg BT 473.18 252.85 Td (share ) Tj ET Q q 0 0 0 rg BT 499.11 252.85 Td (is ) Tj ET Q q 0 0 0 rg BT 509.04 252.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 557.49 252.85 Td (by ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 242.05 Td (adjusting ) Tj ET Q q 0 0 0 rg BT 100.83 242.05 Td (the ) Tj ET Q q 0 0 0 rg BT 115.15 242.05 Td (profit ) Tj ET Q q 0 0 0 rg BT 136.97 242.05 Td (or ) Tj ET Q q 0 0 0 rg BT 146.78 242.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 164.59 242.05 Td (attributable ) Tj ET Q q 0 0 0 rg BT 210.93 242.05 Td (to ) Tj ET Q q 0 0 0 rg BT 220.24 242.05 Td (common ) Tj ET Q q 0 0 0 rg BT 256.56 242.05 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 310.39 242.05 Td (and ) Tj ET Q q 0 0 0 rg BT 327.22 242.05 Td (the ) Tj ET Q q 0 0 0 rg BT 341.54 242.05 Td (weighted ) Tj ET Q q 0 0 0 rg BT 379.37 242.05 Td (average ) Tj ET Q q 0 0 0 rg BT 413.70 242.05 Td (number ) Tj ET Q q 0 0 0 rg BT 446.02 242.05 Td (of ) Tj ET Q q 0 0 0 rg BT 455.34 242.05 Td (common ) Tj ET Q q 0 0 0 rg BT 491.65 242.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 520.47 242.05 Td (outstanding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 231.25 Td (for ) Tj ET Q q 0 0 0 rg BT 76.00 231.25 Td (the ) Tj ET Q q 0 0 0 rg BT 91.02 231.25 Td (ef) Tj ET Q q 0 0 0 rg BT 98.36 231.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 119.87 231.25 Td (of ) Tj ET Q q 0 0 0 rg BT 129.87 231.25 Td (dilutive ) Tj ET Q q 0 0 0 rg BT 160.39 231.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 209.40 231.25 Td (such ) Tj ET Q q 0 0 0 rg BT 230.92 231.25 Td (as ) Tj ET Q q 0 0 0 rg BT 242.92 231.25 Td (options ) Tj ET Q q 0 0 0 rg BT 274.44 231.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 307.47 231.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.47 231.25 Td (employees.) Tj ET Q endstream endobj 77 0 obj <> endobj 78 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 38) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (3. ) Tj ET Q q 0 0 0 rg BT 63.00 742.45 Td (New ) Tj ET Q q 0 0 0 rg BT 84.01 742.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 134.51 742.45 Td (policies ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 725.65 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 725.65 Td (Changes ) Tj ET Q q 0 0 0 rg BT 103.51 725.65 Td (in ) Tj ET Q q 0 0 0 rg BT 114.01 725.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 164.51 725.65 Td (policies ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 45.00 708.85 Td ( ) Tj ET Q q 0 0 0 rg BT 63.00 708.85 Td (On ) Tj ET Q q 0 0 0 rg BT 77.61 708.85 Td (January ) Tj ET Q q 0 0 0 rg BT 112.24 708.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 122.35 708.85 Td (2015, ) Tj ET Q q 0 0 0 rg BT 147.48 708.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 189.61 708.85 Td (adopted ) Tj ET Q q 0 0 0 rg BT 224.75 708.85 Td (a ) Tj ET Q q 0 0 0 rg BT 232.36 708.85 Td (Performance ) Tj ET Q q 0 0 0 rg BT 286.49 708.85 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 324.60 708.85 Td (A) Tj ET Q q 0 0 0 rg BT 330.44 708.85 Td (ward ) Tj ET Q q 0 0 0 rg BT 352.56 708.85 Td (Plan ) Tj ET Q q 0 0 0 rg BT 373.18 708.85 Td (\("PIAs"\) ) Tj ET Q q 0 0 0 rg BT 407.17 708.85 Td (for ) Tj ET Q q 0 0 0 rg BT 420.28 708.85 Td (directors, ) Tj ET Q q 0 0 0 rg BT 459.90 708.85 Td (of) Tj ET Q q 0 0 0 rg BT 467.25 708.85 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 493.85 708.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 523.48 708.85 Td (employees ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 698.05 Td (and ) Tj ET Q q 0 0 0 rg BT 80.23 698.05 Td (eligible ) 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Tj ET Q q 0 0 0 rg BT 338.02 562.45 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 372.27 562.45 Td (Upon ) Tj ET Q q 0 0 0 rg BT 396.52 562.45 Td (settlement ) Tj ET Q q 0 0 0 rg BT 440.77 562.45 Td (of ) Tj ET Q q 0 0 0 rg BT 451.02 562.45 Td (the ) Tj ET Q q 0 0 0 rg BT 466.26 562.45 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 488.01 562.45 Td (by ) Tj ET Q q 0 0 0 rg BT 500.25 562.45 Td (common ) Tj ET Q q 0 0 0 rg BT 537.50 562.45 Td (shares, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 551.65 Td (on ) Tj ET Q q 0 0 0 rg BT 75.48 551.65 Td (the ) Tj ET Q q 0 0 0 rg BT 90.47 551.65 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 150.97 551.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 187.96 551.65 Td (date, ) Tj ET Q q 0 0 0 rg BT 210.45 551.65 Td (the ) Tj ET Q q 0 0 0 rg BT 225.44 551.65 Td (value ) Tj ET Q q 0 0 0 rg BT 249.42 551.65 Td (in ) Tj ET Q q 0 0 0 rg BT 258.90 551.65 Td (contributed ) Tj ET Q q 0 0 0 rg BT 305.90 551.65 Td (surplus ) Tj ET Q q 0 0 0 rg BT 337.39 551.65 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 379.39 551.65 Td (to ) Tj ET Q q 0 0 0 rg BT 389.37 551.65 Td (the ) Tj ET Q q 0 0 0 rg BT 404.35 551.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 435.84 551.65 Td (will ) Tj ET Q q 0 0 0 rg BT 450.81 551.65 Td (be ) Tj ET Q q 0 0 0 rg BT 463.29 551.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 501.28 551.65 Td (as ) Tj ET Q q 0 0 0 rg BT 513.26 551.65 Td (shareholders' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 540.85 Td (capital.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 47.50 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 50.00 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 52.50 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 55.00 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 57.50 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 60.00 524.05 Td ( ) Tj ET Q q 0 0 0 rg BT 62.50 524.05 Td (Future ) Tj ET Q q 0 0 0 rg BT 93.00 524.05 Td (accounting ) Tj ET Q q 0 0 0 rg BT 143.50 524.05 Td (policies) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 507.25 Td (Below ) Tj ET Q q 0 0 0 rg BT 89.98 507.25 Td (is ) Tj ET Q q 0 0 0 rg BT 98.95 507.25 Td (a ) Tj ET Q q 0 0 0 rg BT 106.43 507.25 Td (brief ) Tj ET Q q 0 0 0 rg BT 126.41 507.25 Td (description ) Tj ET Q q 0 0 0 rg BT 172.40 507.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.38 507.25 Td (new ) Tj ET Q q 0 0 0 rg BT 201.36 507.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 224.33 507.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 266.33 507.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.82 507.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 338.32 507.25 Td (that ) Tj ET Q q 0 0 0 rg BT 355.80 507.25 Td (are ) Tj ET Q q 0 0 0 rg BT 371.28 507.25 Td (not ) Tj ET Q q 0 0 0 rg BT 386.26 507.25 Td (yet ) Tj ET Q q 0 0 0 rg BT 400.74 507.25 Td (ef) Tj ET Q q 0 0 0 rg BT 408.08 507.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 436.56 507.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.05 507.25 Td (have ) Tj ET Q q 0 0 0 rg BT 476.04 507.25 Td (not ) Tj ET Q q 0 0 0 rg BT 491.02 507.25 Td (been ) Tj ET Q q 0 0 0 rg BT 513.51 507.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 545.01 507.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.49 507.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 496.45 Td (preparation ) Tj ET Q q 0 0 0 rg BT 111.28 496.45 Td (of ) Tj ET Q q 0 0 0 rg BT 121.52 496.45 Td (these ) Tj ET Q q 0 0 0 rg BT 146.29 496.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 182.05 496.45 Td (statements. ) Tj ET Q q 0 0 0 rg BT 231.13 496.45 Td (There ) Tj ET Q q 0 0 0 rg BT 257.39 496.45 Td (are ) Tj ET Q q 0 0 0 rg BT 273.14 496.45 Td (no ) Tj ET Q q 0 0 0 rg BT 285.90 496.45 Td (other ) Tj ET Q q 0 0 0 rg BT 309.15 496.45 Td (standards ) Tj ET Q q 0 0 0 rg BT 351.42 496.45 Td (or ) Tj ET Q q 0 0 0 rg BT 362.17 496.45 Td (interpretations ) Tj ET Q q 0 0 0 rg BT 421.94 496.45 Td (issued, ) Tj ET Q q 0 0 0 rg BT 453.20 496.45 Td (but ) Tj ET Q q 0 0 0 rg BT 468.46 496.45 Td (not ) Tj ET Q q 0 0 0 rg BT 483.71 496.45 Td (yet ) Tj ET Q q 0 0 0 rg BT 498.46 496.45 Td (adopted, ) Tj ET Q q 0 0 0 rg BT 536.24 496.45 Td (that ) Tj ET Q q 0 0 0 rg BT 553.99 496.45 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 485.65 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 109.03 485.65 Td (to ) Tj ET Q q 0 0 0 rg BT 119.04 485.65 Td (have ) Tj ET Q q 0 0 0 rg BT 141.06 485.65 Td (a ) Tj ET Q q 0 0 0 rg BT 148.56 485.65 Td (material ) Tj ET Q q 0 0 0 rg BT 183.07 485.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 212.08 485.65 Td (on ) Tj ET Q q 0 0 0 rg BT 224.59 485.65 Td (the ) Tj ET Q q 0 0 0 rg BT 239.60 485.65 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 295.35 485.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.87 485.65 Td (statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 468.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 468.85 Td (On ) Tj ET Q q 0 0 0 rg BT 94.97 468.85 Td (December ) Tj ET Q q 0 0 0 rg BT 138.46 468.85 Td (18, ) Tj ET Q q 0 0 0 rg BT 152.94 468.85 Td (2014, ) Tj ET Q q 0 0 0 rg BT 177.43 468.85 Td (the ) Tj ET Q q 0 0 0 rg BT 191.91 468.85 Td (IASB ) Tj ET Q q 0 0 0 rg BT 214.38 468.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 242.37 468.85 Td (amendments ) Tj ET Q q 0 0 0 rg BT 296.36 468.85 Td (to ) Tj ET Q q 0 0 0 rg BT 305.84 468.85 Td (IAS ) Tj ET Q q 0 0 0 rg BT 322.31 468.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 331.79 468.85 Td ("Presentation ) Tj ET Q q 0 0 0 rg BT 387.48 468.85 Td (of ) Tj ET Q q 0 0 0 rg BT 396.96 468.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 434.94 468.85 Td (Statements". ) Tj ET Q q 0 0 0 rg BT 488.00 468.85 Td (These ) Tj ET Q q 0 0 0 rg BT 514.98 468.85 Td (amendments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 458.05 Td (will ) Tj ET Q q 0 0 0 rg BT 94.77 458.05 Td (not ) Tj ET Q q 0 0 0 rg BT 108.54 458.05 Td (require ) Tj ET Q q 0 0 0 rg BT 137.83 458.05 Td (significant ) Tj ET Q q 0 0 0 rg BT 179.12 458.05 Td (changes ) Tj ET Q q 0 0 0 rg BT 214.41 458.05 Td (to ) Tj ET Q q 0 0 0 rg BT 223.18 458.05 Td (the ) Tj ET Q q 0 0 0 rg BT 236.96 458.05 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 291.47 458.05 Td (current ) Tj ET Q q 0 0 0 rg BT 320.75 458.05 Td (practices ) Tj ET Q q 0 0 0 rg BT 358.03 458.05 Td (but ) Tj ET Q q 0 0 0 rg BT 371.81 458.05 Td (are ) Tj ET Q q 0 0 0 rg BT 386.09 458.05 Td (aimed ) Tj ET Q q 0 0 0 rg BT 411.87 458.05 Td (to ) Tj ET Q q 0 0 0 rg BT 420.64 458.05 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 454.92 458.05 Td (improved ) Tj ET Q q 0 0 0 rg BT 493.21 458.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 527.50 458.05 Td (statement ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 447.25 Td (disclosures. ) Tj ET Q q 0 0 0 rg BT 131.44 447.25 Td (The ) Tj ET Q q 0 0 0 rg BT 150.07 447.25 Td (amendments ) Tj ET Q q 0 0 0 rg BT 205.22 447.25 Td (are ) Tj ET Q q 0 0 0 rg BT 221.35 447.25 Td (ef) Tj ET Q q 0 0 0 rg BT 228.69 447.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 257.83 447.25 Td (for ) Tj ET Q q 0 0 0 rg BT 271.45 447.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 301.60 447.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 334.24 447.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 376.40 447.25 Td (on ) Tj ET Q q 0 0 0 rg BT 389.54 447.25 Td (or ) Tj ET Q q 0 0 0 rg BT 400.66 447.25 Td (after ) Tj ET Q q 0 0 0 rg BT 421.79 447.25 Td (January ) Tj ET Q q 0 0 0 rg BT 456.94 447.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 467.57 447.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 490.71 447.25 Td (with ) Tj ET Q q 0 0 0 rg BT 509.84 447.25 Td (early ) Tj ET Q q 0 0 0 rg BT 532.47 447.25 Td (adoption ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 436.45 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 123.55 436.45 Td (The ) Tj ET Q q 0 0 0 rg BT 141.77 436.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 191.51 436.45 Td (intends ) Tj ET Q q 0 0 0 rg BT 223.24 436.45 Td (to ) Tj ET Q q 0 0 0 rg BT 233.46 436.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 258.69 436.45 Td (these ) Tj ET Q q 0 0 0 rg BT 283.42 436.45 Td (amendments ) Tj ET Q q 0 0 0 rg BT 338.16 436.45 Td (in ) Tj ET Q q 0 0 0 rg BT 347.88 436.45 Td (its ) Tj ET Q q 0 0 0 rg BT 359.59 436.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 395.32 436.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 442.06 436.45 Td (for ) Tj ET Q q 0 0 0 rg BT 455.27 436.45 Td (the ) Tj ET Q q 0 0 0 rg BT 470.49 436.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 500.23 436.45 Td (period ) Tj ET Q q 0 0 0 rg BT 527.96 436.45 Td (beginning ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 425.65 Td (on ) Tj ET Q q 0 0 0 rg BT 92.58 425.65 Td (January ) Tj ET Q q 0 0 0 rg BT 126.17 425.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 135.25 425.65 Td (2016. ) Tj ET Q q 0 0 0 rg BT 159.24 425.65 Td (The ) Tj ET Q q 0 0 0 rg BT 176.31 425.65 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 224.91 425.65 Td (does ) Tj ET Q q 0 0 0 rg BT 246.00 425.65 Td (not ) Tj ET Q q 0 0 0 rg BT 260.08 425.65 Td (expect ) Tj ET Q q 0 0 0 rg BT 288.17 425.65 Td (these ) Tj ET Q q 0 0 0 rg BT 311.75 425.65 Td (amendments ) Tj ET Q q 0 0 0 rg BT 365.35 425.65 Td (to ) Tj ET Q q 0 0 0 rg BT 374.43 425.65 Td (have ) Tj ET Q q 0 0 0 rg BT 395.51 425.65 Td (a ) Tj ET Q q 0 0 0 rg BT 402.09 425.65 Td (material ) Tj ET Q q 0 0 0 rg BT 435.67 425.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 463.75 425.65 Td (on ) Tj ET Q q 0 0 0 rg BT 475.33 425.65 Td (its ) Tj ET Q q 0 0 0 rg BT 485.90 425.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.49 425.65 Td (statements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 408.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 408.85 Td (On ) Tj ET Q q 0 0 0 rg BT 95.37 408.85 Td (May ) Tj ET Q q 0 0 0 rg BT 114.73 408.85 Td (28, ) Tj ET Q q 0 0 0 rg BT 129.60 408.85 Td (2014, ) Tj ET Q q 0 0 0 rg BT 154.49 408.85 Td (the ) Tj ET Q q 0 0 0 rg BT 169.36 408.85 Td (IASB ) Tj ET Q q 0 0 0 rg BT 192.23 408.85 Td (issued ) Tj ET Q q 0 0 0 rg BT 220.61 408.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 243.47 408.85 Td (15, ) Tj ET Q q 0 0 0 rg BT 258.34 408.85 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 299.92 408.85 Td (from ) Tj ET Q q 0 0 0 rg BT 320.29 408.85 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 361.16 408.85 Td (with ) Tj ET Q q 0 0 0 rg BT 379.53 408.85 Td (Customers," ) Tj ET Q q 0 0 0 rg BT 431.09 408.85 Td (which ) Tj ET Q q 0 0 0 rg BT 456.46 408.85 Td (replaces ) Tj ET Q q 0 0 0 rg BT 492.84 408.85 Td (IAS ) Tj ET Q q 0 0 0 rg BT 509.71 408.85 Td (18 ) Tj ET Q q 0 0 0 rg BT 522.08 408.85 Td ("Revenue," ) Tj ET Q q 0 0 0 rg BT 569.50 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 408.85 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 408.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 398.05 Td (IAS ) Tj ET Q q 0 0 0 rg BT 99.12 398.05 Td (1) Tj ET Q q 0 0 0 rg BT 103.45 398.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 112.07 398.05 Td ("Construction ) Tj ET Q q 0 0 0 rg BT 169.40 398.05 Td (Contracts," ) Tj ET Q q 0 0 0 rg BT 217.22 398.05 Td (and ) Tj ET Q q 0 0 0 rg BT 235.84 398.05 Td (related ) Tj ET Q q 0 0 0 rg BT 266.97 398.05 Td (interpretations. ) Tj ET Q q 0 0 0 rg BT 329.88 398.05 Td (The ) Tj ET Q q 0 0 0 rg BT 349.00 398.05 Td (new ) Tj ET Q q 0 0 0 rg BT 369.12 398.05 Td (standard ) Tj ET Q q 0 0 0 rg BT 407.76 398.05 Td (contains ) Tj ET Q q 0 0 0 rg BT 444.89 398.05 Td (a ) Tj ET Q q 0 0 0 rg BT 453.50 398.05 Td (single ) Tj ET Q q 0 0 0 rg BT 480.63 398.05 Td (model ) Tj ET Q q 0 0 0 rg BT 508.75 398.05 Td (that ) Tj ET Q q 0 0 0 rg BT 527.37 398.05 Td (applies ) Tj ET Q q 0 0 0 rg BT 559.50 398.05 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 387.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 120.16 387.25 Td (with ) Tj ET Q q 0 0 0 rg BT 138.81 387.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 182.97 387.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.63 387.25 Td (two ) Tj ET Q q 0 0 0 rg BT 217.29 387.25 Td (approaches ) Tj ET Q q 0 0 0 rg BT 266.97 387.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.12 387.25 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 325.80 387.25 Td (revenue: ) Tj ET Q q 0 0 0 rg BT 363.47 387.25 Td (at ) Tj ET Q q 0 0 0 rg BT 373.62 387.25 Td (a ) Tj ET Q q 0 0 0 rg BT 381.27 387.25 Td (point ) Tj ET Q q 0 0 0 rg BT 403.44 387.25 Td (in ) Tj ET Q q 0 0 0 rg BT 413.09 387.25 Td (time ) Tj ET Q q 0 0 0 rg BT 432.74 387.25 Td (or ) Tj ET Q q 0 0 0 rg BT 443.39 387.25 Td (over ) Tj ET Q q 0 0 0 rg BT 463.54 387.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 485.52 387.25 Td (The ) Tj ET Q q 0 0 0 rg BT 503.67 387.25 Td (new ) Tj ET Q q 0 0 0 rg BT 522.83 387.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 560.50 387.25 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 376.45 Td (ef) Tj ET Q q 0 0 0 rg BT 88.34 376.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 117.12 376.45 Td (for ) Tj ET Q q 0 0 0 rg BT 130.39 376.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 160.19 376.45 Td (periods ) Tj ET Q q 0 0 0 rg BT 192.47 376.45 Td (beginning ) Tj ET Q q 0 0 0 rg BT 234.28 376.45 Td (on ) Tj ET Q q 0 0 0 rg BT 247.06 376.45 Td (or ) Tj ET Q q 0 0 0 rg BT 257.83 376.45 Td (after ) Tj ET Q q 0 0 0 rg BT 278.60 376.45 Td (January ) Tj ET Q q 0 0 0 rg BT 313.39 376.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 323.67 376.45 Td (2018, ) Tj ET Q q 0 0 0 rg BT 348.96 376.45 Td (with ) Tj ET Q q 0 0 0 rg BT 367.73 376.45 Td (early ) Tj ET Q q 0 0 0 rg BT 390.00 376.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 427.30 376.45 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 469.91 376.45 Td (The ) Tj ET Q q 0 0 0 rg BT 488.19 376.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 537.98 376.45 Td (intends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 365.65 Td (to ) Tj ET Q q 0 0 0 rg BT 90.89 365.65 Td (adopt ) Tj ET Q q 0 0 0 rg BT 115.79 365.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 138.67 365.65 Td (15 ) Tj ET Q q 0 0 0 rg BT 151.06 365.65 Td (in ) Tj ET Q q 0 0 0 rg BT 160.45 365.65 Td (its ) Tj ET Q q 0 0 0 rg BT 171.83 365.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.23 365.65 Td (statements ) Tj ET Q q 0 0 0 rg BT 253.63 365.65 Td (for ) Tj ET Q q 0 0 0 rg BT 266.52 365.65 Td (the ) Tj ET Q q 0 0 0 rg BT 281.41 365.65 Td (annual ) Tj ET Q q 0 0 0 rg BT 310.81 365.65 Td (period ) Tj ET Q q 0 0 0 rg BT 338.21 365.65 Td (beginning ) Tj ET Q q 0 0 0 rg BT 379.63 365.65 Td (on ) Tj ET Q q 0 0 0 rg BT 392.02 365.65 Td (January ) Tj ET Q q 0 0 0 rg BT 426.42 365.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 436.31 365.65 Td (2018. ) Tj ET Q q 0 0 0 rg BT 461.06 365.65 Td (The ) Tj ET Q q 0 0 0 rg BT 478.95 365.65 Td (extent ) Tj ET Q q 0 0 0 rg BT 505.84 365.65 Td (of ) Tj ET Q q 0 0 0 rg BT 515.73 365.65 Td (the ) Tj ET Q q 0 0 0 rg BT 530.62 365.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 559.51 365.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 354.85 Td (the ) Tj ET Q q 0 0 0 rg BT 96.01 354.85 Td (adoption ) Tj ET Q q 0 0 0 rg BT 133.04 354.85 Td (of ) Tj ET Q q 0 0 0 rg BT 143.05 354.85 Td (the ) Tj ET Q q 0 0 0 rg BT 158.06 354.85 Td (standard ) Tj ET Q q 0 0 0 rg BT 195.59 354.85 Td (has ) Tj ET Q q 0 0 0 rg BT 212.60 354.85 Td (not ) Tj ET Q q 0 0 0 rg BT 227.61 354.85 Td (yet ) Tj ET Q q 0 0 0 rg BT 242.12 354.85 Td (been ) Tj ET Q q 0 0 0 rg BT 264.64 354.85 Td (determined. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 338.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 338.05 Td (On ) Tj ET Q q 0 0 0 rg BT 95.49 338.05 Td (July ) Tj ET Q q 0 0 0 rg BT 113.98 338.05 Td (24, ) Tj ET Q q 0 0 0 rg BT 128.97 338.05 Td (2014, ) Tj ET Q q 0 0 0 rg BT 153.98 338.05 Td (the ) Tj ET Q q 0 0 0 rg BT 168.97 338.05 Td (IASB ) Tj ET Q q 0 0 0 rg BT 191.96 338.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 220.46 338.05 Td (the ) Tj ET Q q 0 0 0 rg BT 235.46 338.05 Td (complete ) Tj ET Q q 0 0 0 rg BT 274.46 338.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 297.44 338.05 Td (9, ) Tj ET Q q 0 0 0 rg BT 307.43 338.05 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 349.13 338.05 Td (Instruments" ) Tj ET Q q 0 0 0 rg BT 401.82 338.05 Td (to ) Tj ET Q q 0 0 0 rg BT 411.81 338.05 Td (replace ) Tj ET Q q 0 0 0 rg BT 443.82 338.05 Td (IAS ) Tj ET Q q 0 0 0 rg BT 460.81 338.05 Td (39, ) Tj ET Q q 0 0 0 rg BT 475.80 338.05 Td ("Financial ) Tj ET Q q 0 0 0 rg BT 517.50 338.05 Td (Instruments: ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 327.25 Td (Recognition ) Tj ET Q q 0 0 0 rg BT 132.78 327.25 Td (and ) Tj ET Q q 0 0 0 rg BT 152.05 327.25 Td (Measurement". ) Tj ET Q q 0 0 0 rg BT 217.03 327.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 241.78 327.25 Td (9, ) Tj ET Q q 0 0 0 rg BT 253.54 327.25 Td (as ) Tj ET Q q 0 0 0 rg BT 267.30 327.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 311.58 327.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 348.86 327.25 Td (a ) Tj ET Q q 0 0 0 rg BT 358.11 327.25 Td (principle-based ) Tj ET Q q 0 0 0 rg BT 423.40 327.25 Td (approach ) Tj ET Q q 0 0 0 rg BT 465.19 327.25 Td (for ) Tj ET Q q 0 0 0 rg BT 479.94 327.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.71 327.25 Td (classification ) Tj ET Q q 0 0 0 rg BT 551.98 327.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 316.45 Td (measurement ) Tj ET Q q 0 0 0 rg BT 138.92 316.45 Td (of ) Tj ET Q q 0 0 0 rg BT 149.32 316.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.23 316.45 Td (assets, ) Tj ET Q q 0 0 0 rg BT 216.64 316.45 Td (a ) Tj ET Q q 0 0 0 rg BT 224.54 316.45 Td (single ) Tj ET Q q 0 0 0 rg BT 250.94 316.45 Td ('expected ) Tj ET Q q 0 0 0 rg BT 292.08 316.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 316.98 316.45 Td (loss' ) Tj ET Q q 0 0 0 rg BT 337.60 316.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 385.01 316.45 Td (model ) Tj ET Q q 0 0 0 rg BT 412.41 316.45 Td (and ) Tj ET Q q 0 0 0 rg BT 430.32 316.45 Td (a ) Tj ET Q q 0 0 0 rg BT 438.22 316.45 Td (new ) Tj ET Q q 0 0 0 rg BT 457.63 316.45 Td (hedge ) Tj ET Q q 0 0 0 rg BT 485.55 316.45 Td (accounting ) Tj ET Q q 0 0 0 rg BT 531.97 316.45 Td (standard ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 305.65 Td (which ) Tj ET Q q 0 0 0 rg BT 106.90 305.65 Td (aligns ) Tj ET Q q 0 0 0 rg BT 133.31 305.65 Td (hedge ) Tj ET Q q 0 0 0 rg BT 161.24 305.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 207.66 305.65 Td (more ) Tj ET Q q 0 0 0 rg BT 231.06 305.65 Td (closely ) Tj ET Q q 0 0 0 rg BT 261.47 305.65 Td (with ) Tj ET Q q 0 0 0 rg BT 280.37 305.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 297.26 305.65 Td (management. ) Tj ET Q q 0 0 0 rg BT 355.00 305.65 Td (The ) Tj ET Q q 0 0 0 rg BT 373.40 305.65 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 418.82 305.65 Td (ef) Tj ET Q q 0 0 0 rg BT 426.16 305.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 455.07 305.65 Td (date ) Tj ET Q q 0 0 0 rg BT 475.48 305.65 Td (of ) Tj ET Q q 0 0 0 rg BT 485.88 305.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 509.28 305.65 Td (9 ) Tj ET Q q 0 0 0 rg BT 517.18 305.65 Td (is ) Tj ET Q q 0 0 0 rg BT 526.57 305.65 Td (for ) Tj ET Q q 0 0 0 rg BT 539.97 305.65 Td (annual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 294.85 Td (periods ) Tj ET Q q 0 0 0 rg BT 112.86 294.85 Td (beginning ) Tj ET Q q 0 0 0 rg BT 154.25 294.85 Td (on ) Tj ET Q q 0 0 0 rg BT 166.61 294.85 Td (or ) Tj ET Q q 0 0 0 rg BT 176.95 294.85 Td (after ) Tj ET Q q 0 0 0 rg BT 197.31 294.85 Td (January ) Tj ET Q q 0 0 0 rg BT 231.68 294.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 241.53 294.85 Td (2018 ) Tj ET Q q 0 0 0 rg BT 263.90 294.85 Td (and ) Tj ET Q q 0 0 0 rg BT 281.26 294.85 Td (must ) Tj ET Q q 0 0 0 rg BT 303.11 294.85 Td (be ) Tj ET Q q 0 0 0 rg BT 315.47 294.85 Td (applied ) Tj ET Q q 0 0 0 rg BT 346.84 294.85 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 407.21 294.85 Td (with ) Tj ET Q q 0 0 0 rg BT 425.56 294.85 Td (some ) Tj ET Q q 0 0 0 rg BT 449.91 294.85 Td (exemptions. ) Tj ET Q q 0 0 0 rg BT 500.78 294.85 Td (Early ) Tj ET Q q 0 0 0 rg BT 523.63 294.85 Td (adoption ) Tj ET Q q 0 0 0 rg BT 560.51 294.85 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 284.05 Td (permitted ) Tj ET Q q 0 0 0 rg BT 121.14 284.05 Td (if ) Tj ET Q q 0 0 0 rg BT 128.27 284.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 151.40 284.05 Td (9 ) Tj ET Q q 0 0 0 rg BT 159.03 284.05 Td (is ) Tj ET Q q 0 0 0 rg BT 168.16 284.05 Td (adopted ) Tj ET Q q 0 0 0 rg BT 203.32 284.05 Td (in ) Tj ET Q q 0 0 0 rg BT 212.95 284.05 Td (its ) Tj ET Q q 0 0 0 rg BT 224.58 284.05 Td (entirety ) Tj ET Q q 0 0 0 rg BT 256.72 284.05 Td (at ) Tj ET Q q 0 0 0 rg BT 266.85 284.05 Td (the ) Tj ET Q q 0 0 0 rg BT 281.99 284.05 Td (beginning ) Tj ET Q q 0 0 0 rg BT 323.66 284.05 Td (of ) Tj ET Q q 0 0 0 rg BT 333.79 284.05 Td (a ) Tj ET Q q 0 0 0 rg BT 341.42 284.05 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 364.55 284.05 Td (period. ) Tj ET Q q 0 0 0 rg BT 394.53 284.05 Td (The ) Tj ET Q q 0 0 0 rg BT 412.67 284.05 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 462.32 284.05 Td (intends ) Tj ET Q q 0 0 0 rg BT 493.97 284.05 Td (to ) Tj ET Q q 0 0 0 rg BT 504.10 284.05 Td (adopt ) Tj ET Q q 0 0 0 rg BT 529.25 284.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 552.38 284.05 Td (9 ) Tj ET Q q 0 0 0 rg BT 560.01 284.05 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 273.25 Td (its ) Tj ET Q q 0 0 0 rg BT 92.52 273.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 128.06 273.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 174.59 273.25 Td (for ) Tj ET Q q 0 0 0 rg BT 187.61 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.64 273.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 232.19 273.25 Td (period ) Tj ET Q q 0 0 0 rg BT 259.72 273.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 301.28 273.25 Td (on ) Tj ET Q q 0 0 0 rg BT 313.80 273.25 Td (January ) Tj ET Q q 0 0 0 rg BT 348.34 273.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 358.36 273.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 383.24 273.25 Td (The ) Tj ET Q q 0 0 0 rg BT 401.27 273.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 428.30 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.32 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 453.35 273.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 482.38 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.40 273.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.43 273.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 544.48 273.25 Td (of ) Tj ET Q q 0 0 0 rg BT 554.50 273.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 262.45 Td (standard ) Tj ET Q q 0 0 0 rg BT 118.52 262.45 Td (has ) Tj ET Q q 0 0 0 rg BT 135.54 262.45 Td (not ) Tj ET Q q 0 0 0 rg BT 150.55 262.45 Td (yet ) Tj ET Q q 0 0 0 rg BT 165.05 262.45 Td (been ) Tj ET Q q 0 0 0 rg BT 187.58 262.45 Td (determined. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 245.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 245.65 Td (On ) Tj ET Q q 0 0 0 rg BT 95.33 245.65 Td (January ) Tj ET Q q 0 0 0 rg BT 129.67 245.65 Td (13, ) Tj ET Q q 0 0 0 rg BT 144.50 245.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 169.35 245.65 Td (the ) Tj ET Q q 0 0 0 rg BT 184.18 245.65 Td (IASB ) Tj ET Q q 0 0 0 rg BT 207.01 245.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 235.35 245.65 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 258.17 245.65 Td (16, ) Tj ET Q q 0 0 0 rg BT 273.01 245.65 Td ("Leases", ) Tj ET Q q 0 0 0 rg BT 313.24 245.65 Td (which ) Tj ET Q q 0 0 0 rg BT 338.57 245.65 Td (replaces ) Tj ET Q q 0 0 0 rg BT 374.91 245.65 Td (IAS ) Tj ET Q q 0 0 0 rg BT 391.74 245.65 Td (17 ) Tj ET Q q 0 0 0 rg BT 404.07 245.65 Td ("Leases". ) Tj ET Q q 0 0 0 rg BT 444.16 245.65 Td (The ) Tj ET Q q 0 0 0 rg BT 461.99 245.65 Td (new ) Tj ET Q q 0 0 0 rg BT 480.82 245.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 518.17 245.65 Td (introduces ) Tj ET Q q 0 0 0 rg BT 562.01 245.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 234.85 Td (single ) Tj ET Q q 0 0 0 rg BT 106.94 234.85 Td (recognition ) Tj ET Q q 0 0 0 rg BT 153.40 234.85 Td (and ) Tj ET Q q 0 0 0 rg BT 170.84 234.85 Td (measurement ) Tj ET Q q 0 0 0 rg BT 228.29 234.85 Td (model ) Tj ET Q q 0 0 0 rg BT 255.23 234.85 Td (for ) Tj ET Q q 0 0 0 rg BT 268.16 234.85 Td (leases, ) Tj ET Q q 0 0 0 rg BT 299.11 234.85 Td (which ) Tj ET Q q 0 0 0 rg BT 324.54 234.85 Td (would ) Tj ET Q q 0 0 0 rg BT 350.49 234.85 Td (require ) Tj ET Q q 0 0 0 rg BT 380.93 234.85 Td (the ) Tj ET Q q 0 0 0 rg BT 395.87 234.85 Td (recognition ) Tj ET Q q 0 0 0 rg BT 442.32 234.85 Td (of ) Tj ET Q q 0 0 0 rg BT 452.26 234.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 480.69 234.85 Td (and ) Tj ET Q q 0 0 0 rg BT 498.14 234.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 534.58 234.85 Td (for ) Tj ET Q q 0 0 0 rg BT 547.51 234.85 Td (most ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 224.05 Td (leases ) Tj ET Q q 0 0 0 rg BT 108.78 224.05 Td (with ) Tj ET Q q 0 0 0 rg BT 126.55 224.05 Td (a ) Tj ET Q q 0 0 0 rg BT 133.32 224.05 Td (term ) Tj ET Q q 0 0 0 rg BT 153.08 224.05 Td (of ) Tj ET Q q 0 0 0 rg BT 162.35 224.05 Td (more ) Tj ET Q q 0 0 0 rg BT 184.62 224.05 Td (than ) Tj ET Q q 0 0 0 rg BT 203.90 224.05 Td (twelve ) Tj ET Q q 0 0 0 rg BT 231.17 224.05 Td (months. ) Tj ET Q q 0 0 0 rg BT 264.83 224.05 Td (The ) Tj ET Q q 0 0 0 rg BT 282.10 224.05 Td (new ) Tj ET Q q 0 0 0 rg BT 300.38 224.05 Td (standard ) Tj ET Q q 0 0 0 rg BT 337.16 224.05 Td (is ) Tj ET Q q 0 0 0 rg BT 345.43 224.05 Td (ef) Tj ET Q q 0 0 0 rg BT 352.77 224.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 380.54 224.05 Td (for ) Tj ET Q q 0 0 0 rg BT 392.81 224.05 Td (annual ) Tj ET Q q 0 0 0 rg BT 421.60 224.05 Td (periods ) Tj ET Q q 0 0 0 rg BT 452.88 224.05 Td (beginning ) Tj ET Q q 0 0 0 rg BT 493.68 224.05 Td (on ) Tj ET Q q 0 0 0 rg BT 505.46 224.05 Td (or ) Tj ET Q q 0 0 0 rg BT 515.22 224.05 Td (after ) Tj ET Q q 0 0 0 rg BT 534.99 224.05 Td (January ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 213.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 91.21 213.25 Td (2019. ) Tj ET Q q 0 0 0 rg BT 116.44 213.25 Td (Early ) Tj ET Q q 0 0 0 rg BT 139.65 213.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 176.88 213.25 Td (is ) Tj ET Q q 0 0 0 rg BT 186.09 213.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 226.31 213.25 Td (for ) Tj ET Q q 0 0 0 rg BT 239.52 213.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 270.74 213.25 Td (that ) Tj ET Q q 0 0 0 rg BT 288.45 213.25 Td (apply ) Tj ET Q q 0 0 0 rg BT 312.67 213.25 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 335.88 213.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 348.59 213.25 Td ("Revenue ) Tj ET Q q 0 0 0 rg BT 390.52 213.25 Td (from ) Tj ET Q q 0 0 0 rg BT 411.22 213.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 452.44 213.25 Td (with ) Tj ET Q q 0 0 0 rg BT 471.15 213.25 Td (Customers" ) Tj ET Q q 0 0 0 rg BT 520.56 213.25 Td (at ) Tj ET Q q 0 0 0 rg BT 530.77 213.25 Td (or ) Tj ET Q q 0 0 0 rg BT 541.48 213.25 Td (before ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 202.45 Td (the ) Tj ET Q q 0 0 0 rg BT 96.68 202.45 Td (initial ) Tj ET Q q 0 0 0 rg BT 120.36 202.45 Td (adoption ) Tj ET Q q 0 0 0 rg BT 158.07 202.45 Td (date ) Tj ET Q q 0 0 0 rg BT 178.76 202.45 Td (of ) Tj ET Q q 0 0 0 rg BT 189.43 202.45 Td (January ) Tj ET Q q 0 0 0 rg BT 224.63 202.45 Td (1, ) Tj ET Q q 0 0 0 rg BT 235.30 202.45 Td (2018. ) Tj ET Q q 0 0 0 rg BT 260.79 202.45 Td (The ) Tj ET Q q 0 0 0 rg BT 279.47 202.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 329.67 202.45 Td (intends ) Tj ET Q q 0 0 0 rg BT 361.86 202.45 Td (to ) Tj ET Q q 0 0 0 rg BT 372.54 202.45 Td (adopt ) Tj ET Q q 0 0 0 rg BT 398.23 202.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 421.91 202.45 Td (16 ) Tj ET Q q 0 0 0 rg BT 435.09 202.45 Td (in ) Tj ET Q q 0 0 0 rg BT 445.27 202.45 Td (its ) Tj ET Q q 0 0 0 rg BT 457.44 202.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 493.63 202.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 540.82 202.45 Td (for ) Tj ET Q q 0 0 0 rg BT 554.50 202.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 191.65 Td (annual ) Tj ET Q q 0 0 0 rg BT 111.26 191.65 Td (period ) Tj ET Q q 0 0 0 rg BT 139.51 191.65 Td (beginning ) Tj ET Q q 0 0 0 rg BT 181.78 191.65 Td (on ) Tj ET Q q 0 0 0 rg BT 195.02 191.65 Td (January ) Tj ET Q q 0 0 0 rg BT 230.27 191.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 241.01 191.65 Td (2019. ) Tj ET Q q 0 0 0 rg BT 266.56 191.65 Td (The ) Tj ET Q q 0 0 0 rg BT 285.30 191.65 Td (extent ) Tj ET Q q 0 0 0 rg BT 313.05 191.65 Td (of ) Tj ET Q q 0 0 0 rg BT 323.79 191.65 Td (the ) Tj ET Q q 0 0 0 rg BT 339.53 191.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 369.27 191.65 Td (of ) Tj ET Q q 0 0 0 rg BT 380.01 191.65 Td (the ) Tj ET Q q 0 0 0 rg BT 395.76 191.65 Td (adoption ) Tj ET Q q 0 0 0 rg BT 433.52 191.65 Td (of ) Tj ET Q q 0 0 0 rg BT 444.26 191.65 Td (the ) Tj ET Q q 0 0 0 rg BT 460.00 191.65 Td (standard ) Tj ET Q q 0 0 0 rg BT 498.26 191.65 Td (has ) Tj ET Q q 0 0 0 rg BT 516.01 191.65 Td (not ) Tj ET Q q 0 0 0 rg BT 531.75 191.65 Td (yet ) Tj ET Q q 0 0 0 rg BT 546.99 191.65 Td (been ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 180.85 Td (determined. ) Tj ET Q endstream endobj 79 0 obj <> endobj 80 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 39) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 742.45 Td (4. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (Financial risk management) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 725.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.30 725.65 Td (is ) Tj ET Q q 0 0 0 rg BT 112.57 725.65 Td (exposed ) Tj ET Q q 0 0 0 rg BT 148.37 725.65 Td (to ) Tj ET Q q 0 0 0 rg BT 157.64 725.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 186.43 725.65 Td (market ) Tj ET Q q 0 0 0 rg BT 215.70 725.65 Td (risks ) Tj ET Q q 0 0 0 rg BT 235.97 725.65 Td (that ) Tj ET Q q 0 0 0 rg BT 252.76 725.65 Td (are ) Tj ET Q q 0 0 0 rg BT 267.53 725.65 Td (part ) Tj ET Q q 0 0 0 rg BT 284.81 725.65 Td (of ) Tj ET Q q 0 0 0 rg BT 294.09 725.65 Td (its ) Tj ET Q q 0 0 0 rg BT 304.86 725.65 Td (normal ) Tj ET Q q 0 0 0 rg BT 334.14 725.65 Td (course ) Tj ET Q q 0 0 0 rg BT 362.93 725.65 Td (of ) Tj ET Q q 0 0 0 rg BT 372.21 725.65 Td (business. ) Tj ET Q q 0 0 0 rg BT 411.88 725.65 Td (These ) Tj ET Q q 0 0 0 rg BT 438.67 725.65 Td (market ) Tj ET Q q 0 0 0 rg BT 467.95 725.65 Td (risks ) Tj ET Q q 0 0 0 rg BT 488.21 725.65 Td (include ) Tj ET Q q 0 0 0 rg BT 518.51 725.65 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.85 Td (price ) Tj ET Q q 0 0 0 rg BT 85.86 714.85 Td (risk, ) Tj ET Q q 0 0 0 rg BT 105.71 714.85 Td (interest ) Tj ET Q q 0 0 0 rg BT 138.57 714.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 157.43 714.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 174.78 714.85 Td (and ) Tj ET Q q 0 0 0 rg BT 193.15 714.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 224.02 714.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 266.40 714.85 Td (risk. ) Tj ET Q q 0 0 0 rg BT 286.03 714.85 Td (T) Tj ET Q q 0 0 0 rg BT 290.53 714.85 Td (o ) Tj ET Q q 0 0 0 rg BT 298.89 714.85 Td (manage ) Tj ET Q q 0 0 0 rg BT 334.77 714.85 Td (its ) Tj ET Q q 0 0 0 rg BT 347.12 714.85 Td (exposure ) Tj ET Q q 0 0 0 rg BT 387.49 714.85 Td (to ) Tj ET Q q 0 0 0 rg BT 398.35 714.85 Td (these ) Tj ET Q q 0 0 0 rg BT 423.72 714.85 Td (market ) Tj ET Q q 0 0 0 rg BT 454.58 714.85 Td (risks, ) Tj ET Q q 0 0 0 rg BT 478.92 714.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 521.80 714.85 Td (has ) Tj ET Q q 0 0 0 rg BT 539.66 714.85 Td (a ) Tj ET Q q 0 0 0 rg BT 548.02 714.85 Td (risk ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 704.05 Td (management ) Tj ET Q q 0 0 0 rg BT 116.93 704.05 Td (program ) Tj ET Q q 0 0 0 rg BT 151.84 704.05 Td (in ) Tj ET Q q 0 0 0 rg BT 160.24 704.05 Td (place ) Tj ET Q q 0 0 0 rg BT 183.15 704.05 Td (which ) Tj ET Q q 0 0 0 rg BT 207.56 704.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 241.98 704.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 276.40 704.05 Td (instruments ) Tj ET Q q 0 0 0 rg BT 324.31 704.05 Td (as ) Tj ET Q q 0 0 0 rg BT 335.21 704.05 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 374.13 704.05 Td (in ) Tj ET Q q 0 0 0 rg BT 382.53 704.05 Td (the ) Tj ET Q q 0 0 0 rg BT 396.44 704.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 441.35 704.05 Td (price ) Tj ET Q q 0 0 0 rg BT 462.25 704.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 477.64 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 494.06 704.05 Td (foreign ) Tj ET Q q 0 0 0 rg BT 522.97 704.05 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 80.54 693.25 Td (sections ) Tj ET Q q 0 0 0 rg BT 117.10 693.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.15 693.25 Td (this ) Tj ET Q q 0 0 0 rg BT 145.70 693.25 Td (note. ) Tj ET Q q 0 0 0 rg BT 169.03 693.25 Td (The ) Tj ET Q q 0 0 0 rg BT 188.09 693.25 Td (objective ) Tj ET Q q 0 0 0 rg BT 227.15 693.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.20 693.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 287.49 693.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 305.03 693.25 Td (management ) Tj ET Q q 0 0 0 rg BT 361.11 693.25 Td (program ) Tj ET Q q 0 0 0 rg BT 398.16 693.25 Td (is ) Tj ET Q q 0 0 0 rg BT 408.21 693.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.26 693.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 454.31 693.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 494.88 693.25 Td (to ) Tj ET Q q 0 0 0 rg BT 505.93 693.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 555.01 693.25 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 109.01 682.45 Td (prices, ) Tj ET Q q 0 0 0 rg BT 138.02 682.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 170.03 682.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 192.54 682.45 Td (and ) Tj ET Q q 0 0 0 rg BT 210.06 682.45 Td (foreign ) Tj ET Q q 0 0 0 rg BT 240.08 682.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 281.61 682.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 304.12 682.45 Td (to ) Tj ET Q q 0 0 0 rg BT 314.13 682.45 Td (reduce ) Tj ET Q q 0 0 0 rg BT 344.14 682.45 Td (volatility ) Tj ET Q q 0 0 0 rg BT 378.65 682.45 Td (in ) Tj ET Q q 0 0 0 rg BT 388.16 682.45 Td (the ) Tj ET Q q 0 0 0 rg BT 403.17 682.45 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 458.92 682.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 483.43 682.45 Td (from ) Tj ET Q q 0 0 0 rg BT 503.93 682.45 Td (operations.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 662.65 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 115.00 662.65 Td (price ) Tj ET Q q 0 0 0 rg BT 139.01 662.65 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 648.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.71 648.85 Td (is ) Tj ET Q q 0 0 0 rg BT 115.39 648.85 Td (exposed ) Tj ET Q q 0 0 0 rg BT 152.60 648.85 Td (to ) Tj ET Q q 0 0 0 rg BT 163.29 648.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 209.98 648.85 Td (price ) Tj ET Q q 0 0 0 rg BT 232.67 648.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 249.85 648.85 Td (as ) Tj ET Q q 0 0 0 rg BT 262.54 648.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 289.73 648.85 Td (received ) Tj ET Q q 0 0 0 rg BT 326.93 648.85 Td (for ) Tj ET Q q 0 0 0 rg BT 340.62 648.85 Td (its ) Tj ET Q q 0 0 0 rg BT 352.80 648.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 364.99 648.85 Td (and ) Tj ET Q q 0 0 0 rg BT 383.19 648.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 413.89 648.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 431.58 648.85 Td (production ) Tj ET Q q 0 0 0 rg BT 476.80 648.85 Td (fluctuate. ) Tj ET Q q 0 0 0 rg BT 516.50 648.85 Td (Commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 638.05 Td (prices ) Tj ET Q q 0 0 0 rg BT 90.23 638.05 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 127.48 638.05 Td (as ) Tj ET Q q 0 0 0 rg BT 140.20 638.05 Td (a ) Tj ET Q q 0 0 0 rg BT 148.43 638.05 Td (result ) Tj ET Q q 0 0 0 rg BT 173.66 638.05 Td (of ) Tj ET Q q 0 0 0 rg BT 184.39 638.05 Td (a ) Tj ET Q q 0 0 0 rg BT 192.62 638.05 Td (number ) Tj ET Q q 0 0 0 rg BT 226.36 638.05 Td (of ) Tj ET Q q 0 0 0 rg BT 237.09 638.05 Td (local ) Tj ET Q q 0 0 0 rg BT 258.82 638.05 Td (and ) Tj ET Q q 0 0 0 rg BT 277.06 638.05 Td (global ) Tj ET Q q 0 0 0 rg BT 304.31 638.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 334.54 638.05 Td (including, ) Tj ET Q q 0 0 0 rg BT 375.79 638.05 Td (supply ) Tj ET Q q 0 0 0 rg BT 405.02 638.05 Td (and ) Tj ET Q q 0 0 0 rg BT 423.26 638.05 Td (demand, ) Tj ET Q q 0 0 0 rg BT 461.51 638.05 Td (inventory ) Tj ET Q q 0 0 0 rg BT 501.25 638.05 Td (levels, ) Tj ET Q q 0 0 0 rg BT 529.99 638.05 Td (weather ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 627.25 Td (patterns, ) Tj ET Q q 0 0 0 rg BT 102.36 627.25 Td (pipeline ) Tj ET Q q 0 0 0 rg BT 137.73 627.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 197.10 627.25 Td (constraints, ) Tj ET Q q 0 0 0 rg BT 247.46 627.25 Td (political ) Tj ET Q q 0 0 0 rg BT 281.81 627.25 Td (stability ) Tj ET Q q 0 0 0 rg BT 316.16 627.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.52 627.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 378.38 627.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 412.22 627.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 456.09 627.25 Td (mitigates ) Tj ET Q q 0 0 0 rg BT 496.44 627.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.79 627.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 537.65 627.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.49 627.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 616.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 108.65 616.45 Td (price ) Tj ET Q q 0 0 0 rg BT 130.31 616.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 146.45 616.45 Td (through ) Tj ET Q q 0 0 0 rg BT 179.11 616.45 Td (the ) Tj ET Q q 0 0 0 rg BT 193.77 616.45 Td (use ) Tj ET Q q 0 0 0 rg BT 210.42 616.45 Td (of ) Tj ET Q q 0 0 0 rg BT 220.07 616.45 Td (various ) Tj ET Q q 0 0 0 rg BT 251.23 616.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 286.40 616.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 330.56 616.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 376.21 616.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 414.87 616.45 Td (and ) Tj ET Q q 0 0 0 rg BT 432.03 616.45 Td (physical ) Tj ET Q q 0 0 0 rg BT 466.69 616.45 Td (delivery ) Tj ET Q q 0 0 0 rg BT 499.84 616.45 Td (sales ) Tj ET Q q 0 0 0 rg BT 523.00 616.45 Td (contracts. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 605.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.19 605.65 Td (policy ) Tj ET Q q 0 0 0 rg BT 136.65 605.65 Td (is ) Tj ET Q q 0 0 0 rg BT 145.60 605.65 Td (to ) Tj ET Q q 0 0 0 rg BT 155.55 605.65 Td (enter ) Tj ET Q q 0 0 0 rg BT 178.51 605.65 Td (into ) Tj ET Q q 0 0 0 rg BT 195.47 605.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 241.43 605.65 Td (price ) Tj ET Q q 0 0 0 rg BT 263.38 605.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 302.34 605.65 Td (when ) Tj ET Q q 0 0 0 rg BT 326.31 605.65 Td (considered ) Tj ET Q q 0 0 0 rg BT 372.78 605.65 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 420.76 605.65 Td (to ) Tj ET Q q 0 0 0 rg BT 430.72 605.65 Td (a ) Tj ET Q q 0 0 0 rg BT 438.17 605.65 Td (maximum ) Tj ET Q q 0 0 0 rg BT 479.62 605.65 Td (of ) Tj ET Q q 0 0 0 rg BT 489.57 605.65 Td (70% ) Tj ET Q q 0 0 0 rg BT 510.03 605.65 Td (of ) Tj ET Q q 0 0 0 rg BT 519.99 605.65 Td (forecasted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 594.85 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 105.90 594.85 Td (net ) Tj ET Q q 0 0 0 rg BT 121.79 594.85 Td (of ) Tj ET Q q 0 0 0 rg BT 132.68 594.85 Td (royalties ) Tj ET Q q 0 0 0 rg BT 169.57 594.85 Td (for ) Tj ET Q q 0 0 0 rg BT 183.45 594.85 Td (the ) Tj ET Q q 0 0 0 rg BT 199.34 594.85 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 249.26 594.85 Td (twelve ) Tj ET Q q 0 0 0 rg BT 278.15 594.85 Td (month ) Tj ET Q q 0 0 0 rg BT 306.54 594.85 Td (period ) Tj ET Q q 0 0 0 rg BT 334.94 594.85 Td (and ) Tj ET Q q 0 0 0 rg BT 353.34 594.85 Td (60% ) Tj ET Q q 0 0 0 rg BT 374.73 594.85 Td (thereafter) Tj ET Q q 0 0 0 rg BT 412.76 594.85 Td (, ) Tj ET Q q 0 0 0 rg BT 418.64 594.85 Td (provided ) Tj ET Q q 0 0 0 rg BT 456.54 594.85 Td (that ) Tj ET Q q 0 0 0 rg BT 474.93 594.85 Td (no ) Tj ET Q q 0 0 0 rg BT 488.32 594.85 Td (more ) Tj ET Q q 0 0 0 rg BT 512.20 594.85 Td (than ) Tj ET Q q 0 0 0 rg BT 533.10 594.85 Td (80% ) Tj ET Q q 0 0 0 rg BT 554.49 594.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 584.05 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 108.01 584.05 Td (revenues, ) Tj ET Q q 0 0 0 rg BT 150.52 584.05 Td (net ) Tj ET Q q 0 0 0 rg BT 166.02 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 176.51 584.05 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 215.51 584.05 Td (from ) Tj ET Q q 0 0 0 rg BT 236.49 584.05 Td (any ) Tj ET Q q 0 0 0 rg BT 253.99 584.05 Td (one ) Tj ET Q q 0 0 0 rg BT 271.99 584.05 Td (product ) Tj ET Q q 0 0 0 rg BT 304.99 584.05 Td (may ) Tj ET Q q 0 0 0 rg BT 324.98 584.05 Td (be ) Tj ET Q q 0 0 0 rg BT 337.98 584.05 Td (hedged, ) Tj ET Q q 0 0 0 rg BT 373.50 584.05 Td (or ) Tj ET Q q 0 0 0 rg BT 384.48 584.05 Td (in ) Tj ET Q q 0 0 0 rg BT 394.47 584.05 Td (the ) Tj ET Q q 0 0 0 rg BT 409.97 584.05 Td (case ) Tj ET Q q 0 0 0 rg BT 431.97 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 442.46 584.05 Td (electricity) Tj ET Q q 0 0 0 rg BT 479.30 584.05 Td (, ) Tj ET Q q 0 0 0 rg BT 484.78 584.05 Td (60% ) Tj ET Q q 0 0 0 rg BT 505.78 584.05 Td (of ) Tj ET Q q 0 0 0 rg BT 516.27 584.05 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 573.25 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 107.63 573.25 Td (net ) Tj ET Q q 0 0 0 rg BT 122.74 573.25 Td (consumption. ) Tj ET Q q 0 0 0 rg BT 178.70 573.25 Td (The ) Tj ET Q q 0 0 0 rg BT 196.81 573.25 Td (term ) Tj ET Q q 0 0 0 rg BT 217.41 573.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.51 573.25 Td (any ) Tj ET Q q 0 0 0 rg BT 244.63 573.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 290.74 573.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 318.36 573.25 Td (executed ) Tj ET Q q 0 0 0 rg BT 357.49 573.25 Td (will ) Tj ET Q q 0 0 0 rg BT 372.59 573.25 Td (be ) Tj ET Q q 0 0 0 rg BT 385.20 573.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 413.81 573.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.92 573.25 Td (no ) Tj ET Q q 0 0 0 rg BT 436.53 573.25 Td (more ) Tj ET Q q 0 0 0 rg BT 459.63 573.25 Td (than ) Tj ET Q q 0 0 0 rg BT 479.75 573.25 Td (three ) Tj ET Q q 0 0 0 rg BT 502.86 573.25 Td (calendar ) Tj ET Q q 0 0 0 rg BT 539.99 573.25 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 562.45 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 112.63 562.45 Td (to ) Tj ET Q q 0 0 0 rg BT 123.24 562.45 Td (the ) Tj ET Q q 0 0 0 rg BT 138.84 562.45 Td (current ) Tj ET Q q 0 0 0 rg BT 169.95 562.45 Td (calendar ) Tj ET Q q 0 0 0 rg BT 207.57 562.45 Td (year) Tj ET Q q 0 0 0 rg BT 224.58 562.45 Td (. ) Tj ET Q q 0 0 0 rg BT 230.18 562.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 279.02 562.45 Td (management ) Tj ET Q q 0 0 0 rg BT 334.65 562.45 Td (regularly ) Tj ET Q q 0 0 0 rg BT 372.26 562.45 Td (reviews ) Tj ET Q q 0 0 0 rg BT 405.86 562.45 Td (this ) Tj ET Q q 0 0 0 rg BT 422.96 562.45 Td (policy ) Tj ET Q q 0 0 0 rg BT 449.07 562.45 Td (to ) Tj ET Q q 0 0 0 rg BT 459.67 562.45 Td (reflect ) Tj ET Q q 0 0 0 rg BT 487.27 562.45 Td (changes ) Tj ET Q q 0 0 0 rg BT 524.40 562.45 Td (in ) Tj ET Q q 0 0 0 rg BT 534.50 562.45 Td (market ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 551.65 Td (conditions.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 534.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 113.51 534.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 162.51 534.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 213.02 534.85 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 518.05 Td (As ) Tj ET Q q 0 0 0 rg BT 85.00 518.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 518.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 154.04 518.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.06 518.05 Td (, ) Tj ET Q q 0 0 0 rg BT 179.06 518.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 221.08 518.05 Td (entered ) Tj ET Q q 0 0 0 rg BT 254.11 518.05 Td (into ) Tj ET Q q 0 0 0 rg BT 271.12 518.05 Td (the ) Tj ET Q q 0 0 0 rg BT 286.13 518.05 Td (following ) Tj ET Q q 0 0 0 rg BT 323.65 518.05 Td (costless ) Tj ET Q q 0 0 0 rg BT 358.66 518.05 Td (collars ) Tj ET Q q 0 0 0 rg BT 387.17 518.05 Td (to ) Tj ET Q q 0 0 0 rg BT 397.18 518.05 Td (sell ) Tj ET Q q 0 0 0 rg BT 413.18 518.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 443.20 518.05 Td (gas: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 504.55 m 115.5 504.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 490.55 m 115.5 490.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 504.55 m 166.5 504.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 490.55 m 166.5 490.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 504.55 m 362.5 504.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 490.55 m 362.5 490.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 504.55 m 567.5 504.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 490.55 m 567.5 490.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 420.55 m 115.5 420.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 420.55 m 166.5 420.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 420.55 m 362.5 420.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 420.55 m 567.5 420.55 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 494.95 Td (V) Tj ET Q q 0 0 0 rg BT 80.67 494.95 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.00 494.95 Td (A) Tj ET Q q 0 0 0 rg BT 175.33 494.95 Td (verage ) Tj ET Q q 0 0 0 rg BT 206.69 494.95 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 494.95 Td (T) Tj ET Q q 0 0 0 rg BT 369.83 494.95 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 480.95 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 480.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 480.95 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 480.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 480.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 480.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 480.95 Td ($3.75 ) Tj ET Q q 0 0 0 rg BT 216.02 480.95 Td (- ) Tj ET Q q 0 0 0 rg BT 221.52 480.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 243.52 480.95 Td ($4.26 ) Tj ET Q q 0 0 0 rg BT 268.54 480.95 Td (- ) Tj ET Q q 0 0 0 rg BT 273.54 480.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 480.95 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 480.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 480.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 480.95 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 480.95 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 480.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 480.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 466.95 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 466.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 466.95 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 466.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 466.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 466.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 466.95 Td ($3.69 ) Tj ET Q q 0 0 0 rg BT 216.02 466.95 Td (- ) Tj ET Q q 0 0 0 rg BT 221.52 466.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 243.52 466.95 Td ($4.04 ) Tj ET Q q 0 0 0 rg BT 268.54 466.95 Td (- ) Tj ET Q q 0 0 0 rg BT 273.54 466.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 466.95 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 466.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 466.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 466.95 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 466.95 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 466.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 466.95 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 452.95 Td (15,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 452.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 452.95 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 452.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 452.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 452.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 452.95 Td ($3.00 ) Tj ET Q q 0 0 0 rg BT 216.02 452.95 Td (- ) Tj ET Q q 0 0 0 rg BT 221.52 452.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 243.52 452.95 Td ($3.29 ) Tj ET Q q 0 0 0 rg BT 268.54 452.95 Td (- ) Tj ET Q q 0 0 0 rg BT 273.54 452.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 452.95 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 452.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 452.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 452.95 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 452.95 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 452.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 452.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 438.95 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 438.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 438.95 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 438.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 438.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 438.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 438.95 Td ($3.75 ) Tj ET Q q 0 0 0 rg BT 216.02 438.95 Td (- ) Tj ET Q q 0 0 0 rg BT 221.52 438.95 Td (CDN ) Tj ET Q q 0 0 0 rg BT 243.52 438.95 Td ($4.20 ) Tj ET Q q 0 0 0 rg BT 268.54 438.95 Td (- ) Tj ET Q q 0 0 0 rg BT 273.54 438.95 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 438.95 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 438.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 438.95 Td (2017 ) Tj ET Q q 0 0 0 rg BT 432.05 438.95 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 438.95 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 438.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 438.95 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 424.95 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 424.95 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 424.95 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 424.95 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 424.95 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 424.95 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 424.95 Td ($3.90 ) Tj ET Q q 0 0 0 rg BT 209.03 424.95 Td (- ) Tj ET Q q 0 0 0 rg BT 214.52 424.95 Td (US ) Tj ET Q q 0 0 0 rg BT 229.53 424.95 Td ($4.43 ) Tj ET Q q 0 0 0 rg BT 254.55 424.95 Td (- ) Tj ET Q q 0 0 0 rg BT 260.05 424.95 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 424.95 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 424.95 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 424.95 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 424.95 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 424.95 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 424.95 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 424.95 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 404.25 Td (As at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 404.25 Td (December31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.06 404.25 Td (, Bonavista entered into the following contracts to manage its overall commodity exposure: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 390.75 m 115.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 376.75 m 115.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 390.75 m 166.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 376.75 m 166.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 390.75 m 251.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 376.75 m 251.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 390.75 m 362.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 376.75 m 362.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 390.75 m 567.5 390.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 376.75 m 567.5 376.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 96.75 m 115.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 96.75 m 166.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 96.75 m 251.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 96.75 m 362.5 96.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 96.75 m 567.5 96.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 381.15 Td (V) Tj ET Q q 0 0 0 rg BT 80.67 381.15 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.00 381.15 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 381.15 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 381.15 Td (T) Tj ET Q q 0 0 0 rg BT 369.83 381.15 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 367.15 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 367.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 367.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 367.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 367.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 367.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 367.15 Td ($3.32) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 367.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 367.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 367.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 367.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 367.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 367.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 367.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 367.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 367.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 367.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.45 353.15 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 353.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 353.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 353.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 353.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 353.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 353.15 Td ($3.81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 353.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 353.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 353.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 353.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 353.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 353.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 353.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 353.15 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 353.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 353.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 339.15 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 339.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 339.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 339.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 339.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 339.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 339.15 Td ($2.17) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 339.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 339.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 339.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 339.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 339.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 339.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 339.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 339.15 Td (September ) Tj ET Q q 0 0 0 rg BT 484.07 339.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 499.08 339.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 325.15 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 325.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 325.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 325.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 325.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 325.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 325.15 Td ($3.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 325.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 325.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 325.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 325.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 325.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 325.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 325.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 325.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 325.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 325.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 311.15 Td (45,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 311.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 311.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 311.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 311.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 311.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 311.15 Td ($3.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 311.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 311.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 311.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 311.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 311.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 311.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 311.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 311.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 311.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 311.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 297.15 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 297.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 297.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 297.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 297.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 297.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 297.15 Td ($2.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 297.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 297.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 297.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 297.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 297.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 297.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 297.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 297.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 297.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 297.15 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 283.15 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 283.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 283.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 283.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 283.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 283.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 283.15 Td ($2.64) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 283.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 283.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 283.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 283.15 Td (April ) Tj ET Q q 0 0 0 rg BT 385.50 283.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 395.51 283.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 418.03 283.15 Td (- ) Tj ET Q q 0 0 0 rg BT 423.53 283.15 Td (October ) Tj ET Q q 0 0 0 rg BT 458.05 283.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 473.06 283.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.45 269.15 Td (5,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 269.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 269.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 269.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 269.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 269.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 269.15 Td ($3.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 269.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 269.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 269.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 269.15 Td (October ) Tj ET Q q 0 0 0 rg BT 399.51 269.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.52 269.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.04 269.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 269.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 269.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 269.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 255.15 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 255.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 255.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 255.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 255.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 255.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 255.15 Td ($3.27) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 255.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 255.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 255.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 255.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 255.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 255.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 432.05 255.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 255.15 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 255.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 255.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 241.15 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 241.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 241.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 241.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 241.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 241.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 241.15 Td ($3.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 241.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 241.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 241.15 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 241.15 Td (April ) Tj ET Q q 0 0 0 rg BT 385.50 241.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 395.51 241.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 418.03 241.15 Td (- ) Tj ET Q q 0 0 0 rg BT 423.53 241.15 Td (October ) Tj ET Q q 0 0 0 rg BT 458.05 241.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 473.06 241.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 227.15 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 227.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 227.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 227.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 227.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 227.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 227.15 Td ($3.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 227.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 227.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 227.15 Td (NYMEX) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 227.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 227.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 227.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 432.05 227.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 227.15 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 227.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 227.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 213.15 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 213.15 Td ( gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 213.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 213.15 Td ($\(0.47\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 213.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 213.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 213.15 Td (AECO ) Tj ET Q q 0 0 0 rg BT 312.02 213.15 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 213.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 213.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 213.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 213.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 213.15 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 213.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 213.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 199.15 Td (10,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 199.15 Td ( gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 199.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 199.15 Td ($\(0.60\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 199.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 199.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 199.15 Td (AECO ) Tj ET Q q 0 0 0 rg BT 312.02 199.15 Td (Basis) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 199.15 Td (April ) Tj ET Q q 0 0 0 rg BT 385.50 199.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 395.51 199.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 418.03 199.15 Td (- ) Tj ET Q q 0 0 0 rg BT 423.53 199.15 Td (December ) Tj ET Q q 0 0 0 rg BT 467.55 199.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 482.56 199.15 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.45 185.15 Td (2,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 185.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 185.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 185.15 Td (46.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 185.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 185.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 185.15 Td (CNWY) Tj ET Q q 0 0 0 rg BT 311.85 185.15 Td ( ) Tj ET Q q 0 0 0 rg BT 314.35 185.15 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 185.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 185.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 185.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 185.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 185.15 Td (March ) Tj ET Q q 0 0 0 rg BT 465.05 185.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 480.06 185.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 500.08 189.44 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.45 171.15 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 171.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 171.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 171.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 171.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 171.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 171.15 Td (40%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 171.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 171.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 171.15 Td (CNWY) Tj ET Q q 0 0 0 rg BT 311.85 171.15 Td ( ) Tj ET Q q 0 0 0 rg BT 314.35 171.15 Td (PN/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 171.15 Td (April ) Tj ET Q q 0 0 0 rg BT 385.50 171.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 395.51 171.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 418.03 171.15 Td (- ) Tj ET Q q 0 0 0 rg BT 423.53 171.15 Td (March ) Tj ET Q q 0 0 0 rg BT 451.04 171.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 466.05 171.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 486.07 175.44 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.45 157.15 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 157.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 157.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 157.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 157.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 157.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 157.15 Td ($\(3.95\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 157.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 157.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 157.15 Td (WTI-MSW) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 157.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 157.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 157.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 157.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 157.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 157.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 157.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.95 143.15 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 143.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 143.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 143.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 143.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 143.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 143.15 Td ($1.50) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 143.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 143.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 143.15 Td (WTI-CR) Tj ET Q q 0 0 0 rg BT 316.84 143.15 Td (W) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 143.15 Td (February ) Tj ET Q q 0 0 0 rg BT 403.51 143.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 413.52 143.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 436.04 143.15 Td (- ) Tj ET Q q 0 0 0 rg BT 441.54 143.15 Td (March ) Tj ET Q q 0 0 0 rg BT 469.04 143.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.06 143.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 89.45 129.15 Td (1,500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 129.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 129.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 129.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 129.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 129.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 129.15 Td ($78.87) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 129.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 129.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 129.15 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 129.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 129.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 129.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 129.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 129.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 129.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 129.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 516.59 133.44 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.95 115.15 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 115.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 115.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 115.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 115.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 115.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 115.15 Td ($65.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 115.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 115.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 115.15 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 115.15 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 115.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 115.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 115.15 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 115.15 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 115.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 115.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 96.95 101.15 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 101.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 101.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 101.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 101.15 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 101.15 Td (US ) Tj ET Q q 0 0 0 rg BT 184.00 101.15 Td ($65.25) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 101.15 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 101.15 Td (- ) Tj ET Q q 0 0 0 rg BT 284.51 101.15 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 101.15 Td (July ) Tj ET Q q 0 0 0 rg BT 383.51 101.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 393.51 101.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 416.03 101.15 Td (- ) Tj ET Q q 0 0 0 rg BT 421.53 101.15 Td (June ) Tj ET Q q 0 0 0 rg BT 443.55 101.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 458.56 101.15 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 72.00 88.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.00 88.05 Td ( ) Tj ET Q q 0 0 0 rg BT 90.00 88.05 Td (Conway ) Tj ET Q q 0 0 0 rg BT 113.34 88.05 Td (propane ) Tj ET Q q 0 0 0 rg BT 137.03 88.05 Td (price ) Tj ET Q q 0 0 0 rg BT 151.70 88.05 Td (as ) Tj ET Q q 0 0 0 rg BT 159.71 88.05 Td (a ) Tj ET Q q 0 0 0 rg BT 164.71 88.05 Td (percentage ) Tj ET Q q 0 0 0 rg BT 196.40 88.05 Td (of ) Tj ET Q q 0 0 0 rg BT 203.07 88.05 Td (WTI.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 72.00 80.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 90.00 80.85 Td (Includes ) Tj ET Q q 0 0 0 rg BT 114.01 80.85 Td (an ) Tj ET Q q 0 0 0 rg BT 122.36 80.85 Td (extendable ) Tj ET Q q 0 0 0 rg BT 153.38 80.85 Td (feature ) Tj ET Q q 0 0 0 rg BT 173.73 80.85 Td (on ) Tj ET Q q 0 0 0 rg BT 182.07 80.85 Td (500 ) Tj ET Q q 0 0 0 rg BT 193.75 80.85 Td (bbls/d, ) Tj ET Q q 0 0 0 rg BT 213.09 80.85 Td (which ) Tj ET Q q 0 0 0 rg BT 230.10 80.85 Td (at ) Tj ET Q q 0 0 0 rg BT 236.77 80.85 Td (the ) Tj ET Q q 0 0 0 rg BT 246.78 80.85 Td (discretion ) Tj ET Q q 0 0 0 rg BT 274.12 80.85 Td (of ) Tj ET Q q 0 0 0 rg BT 280.79 80.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.80 80.85 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 325.82 80.85 Td (would ) Tj ET Q q 0 0 0 rg BT 343.16 80.85 Td (continue ) Tj ET Q q 0 0 0 rg BT 367.51 80.85 Td (the ) Tj ET Q q 0 0 0 rg BT 377.52 80.85 Td (term ) Tj ET Q q 0 0 0 rg BT 391.19 80.85 Td (of ) Tj ET Q q 0 0 0 rg BT 397.86 80.85 Td (the ) Tj ET Q q 0 0 0 rg BT 407.87 80.85 Td (contract ) Tj ET Q q 0 0 0 rg BT 430.88 80.85 Td (to ) Tj ET Q q 0 0 0 rg BT 437.55 80.85 Td (December ) Tj ET Q q 0 0 0 rg BT 466.89 80.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.90 80.85 Td (2017.) Tj ET Q endstream endobj 81 0 obj <> endobj 82 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 40) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 742.45 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 121.92 742.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 131.31 742.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 189.72 742.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.74 742.45 Td (, ) Tj ET Q q 0 0 0 rg BT 214.12 742.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 255.53 742.45 Td (entered ) Tj ET Q q 0 0 0 rg BT 287.93 742.45 Td (into ) Tj ET Q q 0 0 0 rg BT 304.32 742.45 Td (the ) Tj ET Q q 0 0 0 rg BT 318.72 742.45 Td (following ) Tj ET Q q 0 0 0 rg BT 355.62 742.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 394.01 742.45 Td (to ) Tj ET Q q 0 0 0 rg BT 403.40 742.45 Td (manage ) Tj ET Q q 0 0 0 rg BT 437.81 742.45 Td (its ) Tj ET Q q 0 0 0 rg BT 448.69 742.45 Td (overall ) Tj ET Q q 0 0 0 rg BT 477.08 742.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 522.47 742.45 Td (exposure:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 728.95 m 114.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 714.95 m 114.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 114.5 728.95 m 165.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 114.5 714.95 m 165.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 728.95 m 249.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 714.95 m 249.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 728.95 m 359.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 714.95 m 359.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 728.95 m 562.5 728.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 714.95 m 562.5 714.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 644.95 m 114.5 644.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 114.5 644.95 m 165.5 644.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 165.5 644.95 m 249.5 644.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 249.5 644.95 m 359.5 644.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 359.5 644.95 m 562.5 644.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 719.35 Td (V) Tj ET Q q 0 0 0 rg BT 80.67 719.35 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 168.00 719.35 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 252.00 719.35 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 362.00 719.35 Td (T) Tj ET Q q 0 0 0 rg BT 366.83 719.35 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.45 705.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.00 705.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.50 705.35 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 705.35 Td ( ) Tj ET Q q 0 0 0 rg BT 124.50 705.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.00 705.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 190.00 705.35 Td ($2.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.00 705.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 277.01 705.35 Td (- ) Tj ET Q q 0 0 0 rg BT 282.01 705.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 705.35 Td (April ) Tj ET Q q 0 0 0 rg BT 382.50 705.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.51 705.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 415.03 705.35 Td (- ) Tj ET Q q 0 0 0 rg BT 420.53 705.35 Td (October ) Tj ET Q q 0 0 0 rg BT 455.05 705.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 470.06 705.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.45 691.35 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.00 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.50 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 691.35 Td ( ) Tj ET Q q 0 0 0 rg BT 124.50 691.35 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.00 691.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 190.00 691.35 Td ($2.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.00 691.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 277.01 691.35 Td (- ) Tj ET Q q 0 0 0 rg BT 282.01 691.35 Td (AECO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 691.35 Td (April ) Tj ET Q q 0 0 0 rg BT 382.50 691.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.51 691.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 415.03 691.35 Td (- ) Tj ET Q q 0 0 0 rg BT 420.53 691.35 Td (March ) Tj ET Q q 0 0 0 rg BT 448.04 691.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 463.05 691.35 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.95 677.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.00 677.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.50 677.35 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 677.35 Td ( ) Tj ET Q q 0 0 0 rg BT 124.50 677.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.00 677.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 190.00 677.35 Td ($60.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.00 677.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 277.01 677.35 Td (- ) Tj ET Q q 0 0 0 rg BT 282.51 677.35 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 677.35 Td (February ) Tj ET Q q 0 0 0 rg BT 400.51 677.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 410.52 677.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 433.04 677.35 Td (- ) Tj ET Q q 0 0 0 rg BT 438.54 677.35 Td (December ) Tj ET Q q 0 0 0 rg BT 482.56 677.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 497.57 677.35 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.95 663.35 Td (500) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.00 663.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.50 663.35 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 663.35 Td ( ) Tj ET Q q 0 0 0 rg BT 124.50 663.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.00 663.35 Td (CDN ) Tj ET Q q 0 0 0 rg BT 190.00 663.35 Td ($65.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.00 663.35 Td (Sold ) Tj ET Q q 0 0 0 rg BT 272.51 663.35 Td (Call ) Tj ET Q q 0 0 0 rg BT 290.52 663.35 Td (- ) Tj ET Q q 0 0 0 rg BT 296.02 663.35 Td (WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 663.35 Td (January ) Tj ET Q q 0 0 0 rg BT 396.52 663.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 406.53 663.35 Td (2018 ) Tj ET Q q 0 0 0 rg BT 429.05 663.35 Td (- ) Tj ET Q q 0 0 0 rg BT 434.54 663.35 Td (December ) Tj ET Q q 0 0 0 rg BT 478.56 663.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.57 663.35 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.45 649.35 Td (1,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 117.00 649.35 Td ( ) Tj ET Q q 0 0 0 rg BT 119.50 649.35 Td ( ) Tj ET Q q 0 0 0 rg BT 122.00 649.35 Td ( ) Tj ET Q q 0 0 0 rg BT 124.50 649.35 Td (bbls/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.00 649.35 Td (US ) Tj ET Q q 0 0 0 rg BT 183.00 649.35 Td (55.9%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.00 649.35 Td (Swap ) Tj ET Q q 0 0 0 rg BT 277.01 649.35 Td (- ) Tj ET Q q 0 0 0 rg BT 282.51 649.35 Td (MTB ) Tj ET Q q 0 0 0 rg BT 304.01 649.35 Td (BT/WTI) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.00 649.35 Td (April ) Tj ET Q q 0 0 0 rg BT 382.50 649.35 Td (1, ) Tj ET Q q 0 0 0 rg BT 392.51 649.35 Td (2016 ) Tj ET Q q 0 0 0 rg BT 415.03 649.35 Td (- ) Tj ET Q q 0 0 0 rg BT 420.53 649.35 Td (September ) Tj ET Q q 0 0 0 rg BT 467.06 649.35 Td (30, ) Tj ET Q q 0 0 0 rg BT 482.07 649.35 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 628.65 Td (As ) Tj ET Q q 0 0 0 rg BT 85.00 628.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 628.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 154.04 628.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.06 628.65 Td (, ) Tj ET Q q 0 0 0 rg BT 179.06 628.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 221.08 628.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 254.11 628.65 Td (into ) Tj ET Q q 0 0 0 rg BT 271.12 628.65 Td (the ) Tj ET Q q 0 0 0 rg BT 286.13 628.65 Td (following ) Tj ET Q q 0 0 0 rg BT 323.65 628.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 362.67 628.65 Td (to ) Tj ET Q q 0 0 0 rg BT 372.67 628.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 412.20 628.65 Td (electricity:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 615.15 m 115.5 615.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 601.15 m 115.5 601.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 615.15 m 166.5 615.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 601.15 m 166.5 601.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 615.15 m 251.5 615.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 601.15 m 251.5 601.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 615.15 m 362.5 615.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 601.15 m 362.5 601.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 615.15 m 558.5 615.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 601.15 m 558.5 601.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 573.15 m 115.5 573.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 573.15 m 166.5 573.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 573.15 m 251.5 573.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 573.15 m 362.5 573.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 573.15 m 558.5 573.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 605.55 Td (V) Tj ET Q q 0 0 0 rg BT 80.67 605.55 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.00 605.55 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 605.55 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.00 605.55 Td (T) Tj ET Q q 0 0 0 rg BT 369.83 605.55 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.95 591.55 Td (5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 591.55 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 591.55 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 591.55 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 591.55 Td (mwh) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 591.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 591.55 Td ($51.60) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 591.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 591.55 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 591.55 Td (AESO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 591.55 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 591.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 591.55 Td (2016 ) Tj ET Q q 0 0 0 rg BT 432.05 591.55 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 591.55 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 591.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 591.55 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.95 577.55 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 577.55 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 577.55 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 577.55 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 577.55 Td (mwh) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 577.55 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 577.55 Td ($48.18) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 577.55 Td (Swap ) Tj ET Q q 0 0 0 rg BT 279.01 577.55 Td (- ) Tj ET Q q 0 0 0 rg BT 284.01 577.55 Td (AESO) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.00 577.55 Td (January ) Tj ET Q q 0 0 0 rg BT 399.52 577.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 409.53 577.55 Td (2017 ) Tj ET Q q 0 0 0 rg BT 432.05 577.55 Td (- ) Tj ET Q q 0 0 0 rg BT 437.54 577.55 Td (December ) Tj ET Q q 0 0 0 rg BT 481.56 577.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 496.57 577.55 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 556.85 Td (The ) Tj ET Q q 0 0 0 rg BT 90.11 556.85 Td (change ) Tj ET Q q 0 0 0 rg BT 122.23 556.85 Td (in ) Tj ET Q q 0 0 0 rg BT 131.83 556.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 146.93 556.85 Td (value ) Tj ET Q q 0 0 0 rg BT 171.04 556.85 Td (for ) Tj ET Q q 0 0 0 rg BT 184.14 556.85 Td (those ) Tj ET Q q 0 0 0 rg BT 208.76 556.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 238.87 556.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 255.98 556.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 291.60 556.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 336.21 556.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 382.32 556.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 421.43 556.85 Td (in ) Tj ET Q q 0 0 0 rg BT 431.03 556.85 Td (place ) Tj ET Q q 0 0 0 rg BT 455.15 556.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.25 556.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 524.37 556.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.39 556.85 Td ( ) Tj ET Q q 0 0 0 rg BT 546.99 556.85 Td (due ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 546.05 Td (to ) Tj ET Q q 0 0 0 rg BT 82.34 546.05 Td (a ) Tj ET Q q 0 0 0 rg BT 90.17 546.05 Td ($0.10 ) Tj ET Q q 0 0 0 rg BT 115.53 546.05 Td (change ) Tj ET Q q 0 0 0 rg BT 147.89 546.05 Td (in ) Tj ET Q q 0 0 0 rg BT 157.72 546.05 Td (the ) Tj ET Q q 0 0 0 rg BT 173.07 546.05 Td (price ) Tj ET Q q 0 0 0 rg BT 195.40 546.05 Td (per ) Tj ET Q q 0 0 0 rg BT 211.24 546.05 Td (thousand ) Tj ET Q q 0 0 0 rg BT 251.11 546.05 Td (cubic ) Tj ET Q q 0 0 0 rg BT 274.95 546.05 Td (feet ) Tj ET Q q 0 0 0 rg BT 292.79 546.05 Td (of ) Tj ET Q q 0 0 0 rg BT 303.13 546.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 333.48 546.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 350.82 546.05 Td (- ) Tj ET Q q 0 0 0 rg BT 356.09 546.05 Td (AECO, ) Tj ET Q q 0 0 0 rg BT 386.93 546.05 Td (would ) Tj ET Q q 0 0 0 rg BT 413.27 546.05 Td (have ) Tj ET Q q 0 0 0 rg BT 435.62 546.05 Td (had ) Tj ET Q q 0 0 0 rg BT 453.47 546.05 Td (an ) Tj ET Q q 0 0 0 rg BT 466.31 546.05 Td (impact ) Tj ET Q q 0 0 0 rg BT 495.65 546.05 Td (of ) Tj ET Q q 0 0 0 rg BT 505.99 546.05 Td (approximately ) Tj ET Q q 0 0 0 rg BT 564.51 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 567.01 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 569.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 602.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 604.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 607.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 609.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 612.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 614.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 617.02 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 619.52 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 622.03 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 624.53 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 627.03 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 629.53 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 632.03 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 634.53 546.05 Td ( ) Tj ET Q q 0 0 0 rg BT 637.03 546.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 535.25 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 92.07 535.25 Td (million ) Tj ET Q q 0 0 0 rg BT 120.13 535.25 Td (on ) Tj ET Q q 0 0 0 rg BT 132.69 535.25 Td (net ) Tj ET Q q 0 0 0 rg BT 147.76 535.25 Td (income ) Tj ET Q q 0 0 0 rg BT 179.32 535.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 203.88 535.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.44 535.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 285.03 535.25 Td (income ) Tj ET Q q 0 0 0 rg BT 316.60 535.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 341.15 535.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.14 535.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 403.22 535.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.25 535.25 Td ( ) Tj ET Q q 0 0 0 rg BT 425.80 535.25 Td (- ) Tj ET Q q 0 0 0 rg BT 431.35 535.25 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 456.42 535.25 Td (million\). ) Tj ET Q q 0 0 0 rg BT 489.82 535.25 Td (The ) Tj ET Q q 0 0 0 rg BT 507.88 535.25 Td (change ) Tj ET Q q 0 0 0 rg BT 539.96 535.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.52 535.25 Td (fair ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.45 Td (value ) Tj ET Q q 0 0 0 rg BT 95.55 524.45 Td (for ) Tj ET Q q 0 0 0 rg BT 108.09 524.45 Td (those ) Tj ET Q q 0 0 0 rg BT 132.15 524.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 143.19 524.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 178.24 524.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 222.30 524.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 267.84 524.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 306.39 524.45 Td (in ) Tj ET Q q 0 0 0 rg BT 315.44 524.45 Td (place ) Tj ET Q q 0 0 0 rg BT 338.99 524.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.53 524.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 407.09 524.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.11 524.45 Td ( ) Tj ET Q q 0 0 0 rg BT 429.15 524.45 Td (due ) Tj ET Q q 0 0 0 rg BT 446.20 524.45 Td (to ) Tj ET Q q 0 0 0 rg BT 455.75 524.45 Td (a ) Tj ET Q q 0 0 0 rg BT 462.79 524.45 Td ($1.00 ) Tj ET Q q 0 0 0 rg BT 487.35 524.45 Td (change ) Tj ET Q q 0 0 0 rg BT 518.91 524.45 Td (in ) Tj ET Q q 0 0 0 rg BT 527.95 524.45 Td (the ) Tj ET Q q 0 0 0 rg BT 542.50 524.45 Td (price ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 513.65 Td (per ) Tj ET Q q 0 0 0 rg BT 86.83 513.65 Td (barrel ) Tj ET Q q 0 0 0 rg BT 111.66 513.65 Td (of ) Tj ET Q q 0 0 0 rg BT 120.99 513.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 131.82 513.65 Td (- ) Tj ET Q q 0 0 0 rg BT 136.64 513.65 Td (WTI ) Tj ET Q q 0 0 0 rg BT 154.95 513.65 Td (would ) Tj ET Q q 0 0 0 rg BT 180.29 513.65 Td (have ) Tj ET Q q 0 0 0 rg BT 201.63 513.65 Td (had ) Tj ET Q q 0 0 0 rg BT 218.47 513.65 Td (an ) Tj ET Q q 0 0 0 rg BT 230.30 513.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 258.63 513.65 Td (of ) Tj ET Q q 0 0 0 rg BT 267.96 513.65 Td (approximately ) Tj ET Q q 0 0 0 rg BT 325.81 513.65 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 345.15 513.65 Td (million ) Tj ET Q q 0 0 0 rg BT 372.48 513.65 Td (on ) Tj ET Q q 0 0 0 rg BT 384.31 513.65 Td (net ) Tj ET Q q 0 0 0 rg BT 398.65 513.65 Td (income ) Tj ET Q q 0 0 0 rg BT 429.48 513.65 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 453.30 513.65 Td (and ) Tj ET Q q 0 0 0 rg BT 470.14 513.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 533.00 513.65 Td (income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 502.85 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 96.50 502.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 99.50 502.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 158.52 502.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 178.55 502.85 Td ( ) Tj ET Q q 0 0 0 rg BT 181.05 502.85 Td (- ) Tj ET Q q 0 0 0 rg BT 186.54 502.85 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 206.56 502.85 Td (million\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 486.05 Td (Financial ) Tj ET Q q 0 0 0 rg BT 111.16 486.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 156.32 486.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 202.97 486.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 242.62 486.05 Td (are ) Tj ET Q q 0 0 0 rg BT 258.77 486.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 297.44 486.05 Td (on ) Tj ET Q q 0 0 0 rg BT 310.59 486.05 Td (the ) Tj ET Q q 0 0 0 rg BT 326.24 486.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 379.92 486.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 422.58 486.05 Td (of ) Tj ET Q q 0 0 0 rg BT 433.23 486.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 469.39 486.05 Td (position ) Tj ET Q q 0 0 0 rg BT 503.55 486.05 Td (at ) Tj ET Q q 0 0 0 rg BT 514.20 486.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 529.85 486.05 Td (value ) Tj ET Q q 0 0 0 rg BT 554.50 486.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 475.25 Td (each ) Tj ET Q q 0 0 0 rg BT 95.19 475.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 134.38 475.25 Td (period ) Tj ET Q q 0 0 0 rg BT 163.06 475.25 Td (with ) Tj ET Q q 0 0 0 rg BT 182.74 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.92 475.25 Td (change ) Tj ET Q q 0 0 0 rg BT 232.11 475.25 Td (in ) Tj ET Q q 0 0 0 rg BT 242.79 475.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 258.96 475.25 Td (value ) Tj ET Q q 0 0 0 rg BT 284.14 475.25 Td (being ) Tj ET Q q 0 0 0 rg BT 309.83 475.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 357.53 475.25 Td (as ) Tj ET Q q 0 0 0 rg BT 370.70 475.25 Td (an ) Tj ET Q q 0 0 0 rg BT 384.38 475.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 429.58 475.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 450.27 475.25 Td (or ) Tj ET Q q 0 0 0 rg BT 461.94 475.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 481.61 475.25 Td (on ) Tj ET Q q 0 0 0 rg BT 495.29 475.25 Td (the ) Tj ET Q q 0 0 0 rg BT 511.47 475.25 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 464.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 119.55 464.45 Td (of ) Tj ET Q q 0 0 0 rg BT 130.58 464.45 Td (income ) Tj ET Q q 0 0 0 rg BT 163.12 464.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 188.65 464.45 Td (and ) Tj ET Q q 0 0 0 rg BT 207.20 464.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 271.75 464.45 Td (income ) Tj ET Q q 0 0 0 rg BT 304.30 464.45 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 331.62 464.45 Td (As ) Tj ET Q q 0 0 0 rg BT 345.65 464.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.69 464.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 416.74 464.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 436.77 464.45 Td (, ) Tj ET Q q 0 0 0 rg BT 442.79 464.45 Td (the ) Tj ET Q q 0 0 0 rg BT 458.83 464.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 474.86 464.45 Td (value ) Tj ET Q q 0 0 0 rg BT 499.91 464.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 538.96 464.45 Td (in ) Tj ET Q q 0 0 0 rg BT 549.49 464.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 453.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 125.82 453.65 Td ( ) Tj ET Q q 0 0 0 rg BT 129.10 453.65 Td (statement ) Tj ET Q q 0 0 0 rg BT 171.90 453.65 Td (of ) Tj ET Q q 0 0 0 rg BT 182.68 453.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.98 453.65 Td (position ) Tj ET Q q 0 0 0 rg BT 253.28 453.65 Td (for ) Tj ET Q q 0 0 0 rg BT 267.06 453.65 Td (these ) Tj ET Q q 0 0 0 rg BT 292.36 453.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 328.66 453.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 373.95 453.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 420.74 453.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 460.54 453.65 Td (was ) Tj ET Q q 0 0 0 rg BT 479.82 453.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.11 453.65 Td (net ) Tj ET Q q 0 0 0 rg BT 503.90 453.65 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.41 453.65 Td ( ) Tj ET Q q 0 0 0 rg BT 528.69 453.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.47 453.65 Td ($80.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 561.99 453.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 442.85 Td (million ) Tj ET Q q 0 0 0 rg BT 99.93 442.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.93 442.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 161.88 442.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 181.91 442.85 Td ( ) Tj ET Q q 0 0 0 rg BT 184.33 442.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 189.76 442.85 Td ($153.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 217.28 442.85 Td ( ) Tj ET Q q 0 0 0 rg BT 219.71 442.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 250.64 442.85 Td (of ) Tj ET Q q 0 0 0 rg BT 260.58 442.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 286.01 442.85 Td ($63.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.53 442.85 Td ( ) Tj ET Q q 0 0 0 rg BT 310.96 442.85 Td (million ) Tj ET Q q 0 0 0 rg BT 338.89 442.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.89 442.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 400.85 442.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.87 442.85 Td ( ) Tj ET Q q 0 0 0 rg BT 423.29 442.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.72 442.85 Td ($138.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.25 442.85 Td ( ) Tj ET Q q 0 0 0 rg BT 458.67 442.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 489.60 442.85 Td (relates ) Tj ET Q q 0 0 0 rg BT 519.04 442.85 Td (to ) Tj ET Q q 0 0 0 rg BT 528.98 442.85 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 432.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 115.95 432.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 161.38 432.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 199.83 432.05 Td (with ) Tj ET Q q 0 0 0 rg BT 217.76 432.05 Td (term ) Tj ET Q q 0 0 0 rg BT 237.69 432.05 Td (dates ) Tj ET Q q 0 0 0 rg BT 261.64 432.05 Td (within ) Tj ET Q q 0 0 0 rg BT 286.58 432.05 Td (one ) Tj ET Q q 0 0 0 rg BT 303.52 432.05 Td (year ) Tj ET Q q 0 0 0 rg BT 322.96 432.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.90 432.05 Td ($17.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.43 432.05 Td ( ) Tj ET Q q 0 0 0 rg BT 364.35 432.05 Td (million ) Tj ET Q q 0 0 0 rg BT 391.79 432.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 394.79 432.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 453.24 432.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.26 432.05 Td ( ) Tj ET Q q 0 0 0 rg BT 475.19 432.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.12 432.05 Td ($15.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.64 432.05 Td ( ) Tj ET Q q 0 0 0 rg BT 504.57 432.05 Td (million\) ) Tj ET Q q 0 0 0 rg BT 535.00 432.05 Td (relates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 421.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.96 421.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 117.44 421.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 161.91 421.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 207.87 421.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 246.84 421.25 Td (with ) Tj ET Q q 0 0 0 rg BT 265.30 421.25 Td (term ) Tj ET Q q 0 0 0 rg BT 285.76 421.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 310.23 421.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 342.21 421.25 Td (one ) Tj ET Q q 0 0 0 rg BT 359.68 421.25 Td (year) Tj ET Q q 0 0 0 rg BT 376.69 421.25 Td (. ) Tj ET Q q 0 0 0 rg BT 381.65 421.25 Td (During ) Tj ET Q q 0 0 0 rg BT 410.62 421.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.58 421.25 Td (year ) Tj ET Q q 0 0 0 rg BT 445.55 421.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.03 421.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 532.01 421.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 552.03 421.25 Td (, ) Tj ET Q q 0 0 0 rg BT 556.99 421.25 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 410.45 Td (net ) Tj ET Q q 0 0 0 rg BT 87.11 410.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.12 410.45 Td ( ) Tj ET Q q 0 0 0 rg BT 106.72 410.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 116.82 410.45 Td ($75.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 139.35 410.45 Td ( ) Tj ET Q q 0 0 0 rg BT 141.94 410.45 Td (million ) Tj ET Q q 0 0 0 rg BT 170.05 410.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.04 410.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 232.17 410.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.19 410.45 Td ( ) Tj ET Q q 0 0 0 rg BT 254.79 410.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 260.38 410.45 Td ($123.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.91 410.45 Td ( ) Tj ET Q q 0 0 0 rg BT 290.50 410.45 Td (million\) ) Tj ET Q q 0 0 0 rg BT 321.60 410.45 Td (was ) Tj ET Q q 0 0 0 rg BT 340.21 410.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 378.33 410.45 Td (in ) Tj ET Q q 0 0 0 rg BT 387.93 410.45 Td (the ) Tj ET Q q 0 0 0 rg BT 403.04 410.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 456.17 410.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 498.29 410.45 Td (of ) Tj ET Q q 0 0 0 rg BT 508.39 410.45 Td (income ) Tj ET Q q 0 0 0 rg BT 540.00 410.45 Td (\(loss\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 89.18 399.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 152.37 399.65 Td (income ) Tj ET Q q 0 0 0 rg BT 183.55 399.65 Td (\(loss\), ) Tj ET Q q 0 0 0 rg BT 210.21 399.65 Td (consisting ) Tj ET Q q 0 0 0 rg BT 252.39 399.65 Td (of ) Tj ET Q q 0 0 0 rg BT 262.06 399.65 Td (a ) Tj ET Q q 0 0 0 rg BT 269.23 399.65 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.91 399.65 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.92 399.65 Td ( ) Tj ET Q q 0 0 0 rg BT 322.08 399.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.75 399.65 Td ($149.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.28 399.65 Td ( ) Tj ET Q q 0 0 0 rg BT 361.44 399.65 Td (million ) Tj ET Q q 0 0 0 rg BT 389.11 399.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.11 399.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 450.80 399.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.82 399.65 Td ( ) Tj ET Q q 0 0 0 rg BT 472.98 399.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.14 399.65 Td ($65.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 500.66 399.65 Td ( ) Tj ET Q q 0 0 0 rg BT 502.82 399.65 Td (million ) Tj ET Q q 0 0 0 rg BT 530.49 399.65 Td (realized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 388.85 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 88.00 388.85 Td (\) ) Tj ET Q q 0 0 0 rg BT 93.50 388.85 Td (and ) Tj ET Q q 0 0 0 rg BT 111.02 388.85 Td (an ) Tj ET Q q 0 0 0 rg BT 123.53 388.85 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.56 388.85 Td (loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.56 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 186.06 388.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.07 388.85 Td ($73.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 218.59 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 221.09 388.85 Td (million ) Tj ET Q q 0 0 0 rg BT 249.10 388.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.10 388.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 311.12 388.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.15 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 333.65 388.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.14 388.85 Td ($188.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.67 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 369.17 388.85 Td (million ) Tj ET Q q 0 0 0 rg BT 397.18 388.85 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 441.21 388.85 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 458.22 388.85 Td (\). ) Tj ET Q q 0 0 0 rg BT 466.22 388.85 Td ( ) Tj ET Q q 0 0 0 rg BT 468.72 388.85 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 72.00 372.05 Td (Physical ) Tj ET Q q 0 0 0 rg BT 111.02 372.05 Td (purchase ) Tj ET Q q 0 0 0 rg BT 153.54 372.05 Td (and ) Tj ET Q q 0 0 0 rg BT 172.04 372.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 192.06 372.05 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 355.25 Td (As ) Tj ET Q q 0 0 0 rg BT 85.00 355.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 95.01 355.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 154.04 355.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.06 355.25 Td (, ) Tj ET Q q 0 0 0 rg BT 179.06 355.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 221.08 355.25 Td (entered ) Tj ET Q q 0 0 0 rg BT 254.11 355.25 Td (into ) Tj ET Q q 0 0 0 rg BT 271.12 355.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.13 355.25 Td (following ) Tj ET Q q 0 0 0 rg BT 323.65 355.25 Td (physical ) Tj ET Q q 0 0 0 rg BT 358.67 355.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 397.68 355.25 Td (to ) Tj ET Q q 0 0 0 rg BT 407.69 355.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 423.69 355.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 453.71 355.25 Td (gas:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 341.75 m 115.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 327.75 m 115.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 341.75 m 166.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 327.75 m 166.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 341.75 m 251.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 327.75 m 251.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 341.75 m 558.5 341.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 327.75 m 558.5 327.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 72.5 271.75 m 115.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 115.5 271.75 m 166.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 166.5 271.75 m 251.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 251.5 271.75 m 558.5 271.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 75.00 332.15 Td (V) Tj ET Q q 0 0 0 rg BT 80.67 332.15 Td (olume) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 169.00 332.15 Td (Price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 254.00 332.15 Td (T) Tj ET Q q 0 0 0 rg BT 258.83 332.15 Td (erm) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 318.15 Td (50,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 318.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 318.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 318.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 318.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 318.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 318.15 Td ($3.42) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 318.15 Td (January ) Tj ET Q q 0 0 0 rg BT 288.52 318.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 298.53 318.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 321.05 318.15 Td (- ) Tj ET Q q 0 0 0 rg BT 326.54 318.15 Td (December ) Tj ET Q q 0 0 0 rg BT 370.56 318.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 385.57 318.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 405.59 322.44 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 304.15 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 304.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 304.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 304.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 304.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 304.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 304.15 Td ($2.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 304.15 Td (April ) Tj ET Q q 0 0 0 rg BT 274.50 304.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 284.51 304.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 307.03 304.15 Td (- ) Tj ET Q q 0 0 0 rg BT 312.53 304.15 Td (June ) Tj ET Q q 0 0 0 rg BT 334.55 304.15 Td (30, ) Tj ET Q q 0 0 0 rg BT 349.56 304.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 369.58 308.44 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 290.15 Td (10,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 290.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 290.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 290.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 290.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 290.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 290.15 Td ($2.96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 290.15 Td (April ) Tj ET Q q 0 0 0 rg BT 274.50 290.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 284.51 290.15 Td (2016 ) Tj ET Q q 0 0 0 rg BT 307.03 290.15 Td (- ) Tj ET Q q 0 0 0 rg BT 312.53 290.15 Td (October ) Tj ET Q q 0 0 0 rg BT 347.05 290.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 362.06 290.15 Td (2016) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 382.08 294.44 Td (\(2\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 84.45 276.15 Td (20,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 118.00 276.15 Td ( ) Tj ET Q q 0 0 0 rg BT 120.50 276.15 Td ( ) Tj ET Q q 0 0 0 rg BT 123.00 276.15 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 276.15 Td (gjs/d) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 169.00 276.15 Td (CDN ) Tj ET Q q 0 0 0 rg BT 191.00 276.15 Td ($3.23) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 254.00 276.15 Td (January ) Tj ET Q q 0 0 0 rg BT 288.52 276.15 Td (1, ) Tj ET Q q 0 0 0 rg BT 298.53 276.15 Td (2017 ) Tj ET Q q 0 0 0 rg BT 321.05 276.15 Td (- ) Tj ET Q q 0 0 0 rg BT 326.54 276.15 Td (December ) Tj ET Q q 0 0 0 rg BT 370.56 276.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 385.57 276.15 Td (2017) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 405.59 280.44 Td (\(2\)\(3\)) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 72.00 265.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.00 265.05 Td ( ) Tj ET Q q 0 0 0 rg BT 82.67 265.05 Td ( ) Tj ET Q q 0 0 0 rg BT 84.33 265.05 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 265.05 Td ( ) Tj ET Q q 0 0 0 rg BT 87.67 265.05 Td ( ) Tj ET Q q 0 0 0 rg BT 89.33 265.05 Td ( ) Tj ET Q q 0 0 0 rg BT 91.00 265.05 Td (Includes ) Tj ET Q q 0 0 0 rg BT 115.02 265.05 Td (an ) Tj ET Q q 0 0 0 rg BT 123.36 265.05 Td (extendable ) Tj ET Q q 0 0 0 rg BT 154.38 265.05 Td (feature ) Tj ET Q q 0 0 0 rg BT 174.73 265.05 Td (which ) Tj ET Q q 0 0 0 rg BT 191.74 265.05 Td (at ) Tj ET Q q 0 0 0 rg BT 198.41 265.05 Td (the ) Tj ET Q q 0 0 0 rg BT 208.42 265.05 Td (discretion ) Tj ET Q q 0 0 0 rg BT 235.76 265.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.43 265.05 Td (the ) Tj ET Q q 0 0 0 rg BT 252.44 265.05 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 287.46 265.05 Td (would ) Tj ET Q q 0 0 0 rg BT 304.80 265.05 Td (continue ) Tj ET Q q 0 0 0 rg BT 329.15 265.05 Td (the ) Tj ET Q q 0 0 0 rg BT 339.16 265.05 Td (term ) Tj ET Q q 0 0 0 rg BT 352.83 265.05 Td (of ) Tj ET Q q 0 0 0 rg BT 359.50 265.05 Td (the ) Tj ET Q q 0 0 0 rg BT 369.51 265.05 Td (contract ) Tj ET Q q 0 0 0 rg BT 392.52 265.05 Td (to ) Tj ET Q q 0 0 0 rg BT 399.19 265.05 Td (December ) Tj ET Q q 0 0 0 rg BT 428.53 265.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 438.54 265.05 Td (2017.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 72.00 257.85 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 80.94 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 82.55 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 84.15 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 85.76 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 87.37 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 88.97 257.85 Td ( ) Tj ET Q q 0 0 0 rg BT 90.58 257.85 Td (Includes ) Tj ET Q q 0 0 0 rg BT 114.54 257.85 Td (a ) Tj ET Q q 0 0 0 rg BT 119.48 257.85 Td (feature ) Tj ET Q q 0 0 0 rg BT 139.77 257.85 Td (which ) Tj ET Q q 0 0 0 rg BT 156.71 257.85 Td (at ) Tj ET Q q 0 0 0 rg BT 163.32 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 173.27 257.85 Td (discretion ) Tj ET Q q 0 0 0 rg BT 200.56 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 207.17 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 217.12 257.85 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 252.07 257.85 Td (allows ) Tj ET Q q 0 0 0 rg BT 270.35 257.85 Td (for ) Tj ET Q q 0 0 0 rg BT 278.96 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 288.91 257.85 Td (additional ) Tj ET Q q 0 0 0 rg BT 316.21 257.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 342.50 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 349.11 257.85 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 369.06 257.85 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 383.35 257.85 Td (on ) Tj ET Q q 0 0 0 rg BT 391.63 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 401.57 257.85 Td (last ) Tj ET Q q 0 0 0 rg BT 412.52 257.85 Td (trade ) Tj ET Q q 0 0 0 rg BT 427.80 257.85 Td (date ) Tj ET Q q 0 0 0 rg BT 441.08 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 447.70 257.85 Td (each ) Tj ET Q q 0 0 0 rg BT 462.31 257.85 Td (month ) Tj ET Q q 0 0 0 rg BT 480.60 257.85 Td (for ) Tj ET Q q 0 0 0 rg BT 489.21 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 499.15 257.85 Td (duration ) Tj ET Q q 0 0 0 rg BT 522.44 257.85 Td (of ) Tj ET Q q 0 0 0 rg BT 529.05 257.85 Td (the ) Tj ET Q q 0 0 0 rg BT 539.00 257.85 Td (contract.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 72.00 250.65 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 81.00 250.65 Td ( ) Tj ET Q q 0 0 0 rg BT 82.67 250.65 Td ( ) Tj ET Q q 0 0 0 rg BT 84.33 250.65 Td ( ) Tj ET Q q 0 0 0 rg BT 86.00 250.65 Td ( ) Tj ET Q q 0 0 0 rg BT 87.67 250.65 Td ( ) Tj ET Q q 0 0 0 rg BT 89.33 250.65 Td ( ) Tj ET Q q 0 0 0 rg BT 91.00 250.65 Td (Includes ) Tj ET Q q 0 0 0 rg BT 115.02 250.65 Td (an ) Tj ET Q q 0 0 0 rg BT 123.36 250.65 Td (extendable ) Tj ET Q q 0 0 0 rg BT 154.38 250.65 Td (feature ) Tj ET Q q 0 0 0 rg BT 174.73 250.65 Td (which ) Tj ET Q q 0 0 0 rg BT 191.74 250.65 Td (at ) Tj ET Q q 0 0 0 rg BT 198.41 250.65 Td (the ) Tj ET Q q 0 0 0 rg BT 208.42 250.65 Td (discretion ) Tj ET Q q 0 0 0 rg BT 235.76 250.65 Td (of ) Tj ET Q q 0 0 0 rg BT 242.43 250.65 Td (the ) Tj ET Q q 0 0 0 rg BT 252.44 250.65 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 287.46 250.65 Td (would ) Tj ET Q q 0 0 0 rg BT 304.80 250.65 Td (continue ) Tj ET Q q 0 0 0 rg BT 329.15 250.65 Td (the ) Tj ET Q q 0 0 0 rg BT 339.16 250.65 Td (term ) Tj ET Q q 0 0 0 rg BT 352.83 250.65 Td (of ) Tj ET Q q 0 0 0 rg BT 359.50 250.65 Td (the ) Tj ET Q q 0 0 0 rg BT 369.51 250.65 Td (contract ) Tj ET Q q 0 0 0 rg BT 392.52 250.65 Td (on ) Tj ET Q q 0 0 0 rg BT 400.86 250.65 Td (10,000 ) Tj ET Q q 0 0 0 rg BT 420.88 250.65 Td (gjs/d ) Tj ET Q q 0 0 0 rg BT 435.22 250.65 Td (to ) Tj ET Q q 0 0 0 rg BT 441.89 250.65 Td (December ) Tj ET Q q 0 0 0 rg BT 471.23 250.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 481.24 250.65 Td (2018.) Tj ET Q endstream endobj 83 0 obj <> endobj 84 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 41) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (Foreign ) Tj ET Q q 0 0 0 rg BT 98.50 742.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 142.52 742.45 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 725.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.54 725.65 Td (is ) Tj ET Q q 0 0 0 rg BT 115.05 725.65 Td (exposed ) Tj ET Q q 0 0 0 rg BT 152.09 725.65 Td (to ) Tj ET Q q 0 0 0 rg BT 162.61 725.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 193.14 725.65 Td (currency ) Tj ET Q q 0 0 0 rg BT 230.66 725.65 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 279.21 725.65 Td (as ) Tj ET Q q 0 0 0 rg BT 291.72 725.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 303.74 725.65 Td (and ) Tj ET Q q 0 0 0 rg BT 321.77 725.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 352.30 725.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 369.83 725.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 396.85 725.65 Td (are ) Tj ET Q q 0 0 0 rg BT 412.87 725.65 Td (referenced ) Tj ET Q q 0 0 0 rg BT 458.91 725.65 Td (to ) Tj ET Q q 0 0 0 rg BT 469.43 725.65 Td (US ) Tj ET Q q 0 0 0 rg BT 484.94 725.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 509.97 725.65 Td (denominated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.85 Td (prices. ) Tj ET Q q 0 0 0 rg BT 91.97 714.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 133.96 714.85 Td (has ) Tj ET Q q 0 0 0 rg BT 150.93 714.85 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 189.91 714.85 Td (some ) Tj ET Q q 0 0 0 rg BT 214.38 714.85 Td (of ) Tj ET Q q 0 0 0 rg BT 224.35 714.85 Td (this ) Tj ET Q q 0 0 0 rg BT 240.82 714.85 Td (foreign ) Tj ET Q q 0 0 0 rg BT 270.80 714.85 Td (exchange ) Tj ET Q q 0 0 0 rg BT 312.29 714.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 328.75 714.85 Td (by ) Tj ET Q q 0 0 0 rg BT 340.72 714.85 Td (entering ) Tj ET Q q 0 0 0 rg BT 375.71 714.85 Td (into ) Tj ET Q q 0 0 0 rg BT 392.68 714.85 Td (fixed ) Tj ET Q q 0 0 0 rg BT 414.15 714.85 Td (CDN ) Tj ET Q q 0 0 0 rg BT 436.11 714.85 Td (dollar ) Tj ET Q q 0 0 0 rg BT 460.59 714.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 472.05 714.85 Td (and ) Tj ET Q q 0 0 0 rg BT 489.53 714.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 519.51 714.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 536.49 714.85 Td (swaps ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 81.25 704.05 Td (collars ) Tj ET Q q 0 0 0 rg BT 110.49 704.05 Td (as ) Tj ET Q q 0 0 0 rg BT 123.23 704.05 Td (outlined ) Tj ET Q q 0 0 0 rg BT 158.00 704.05 Td (in ) Tj ET Q q 0 0 0 rg BT 168.24 704.05 Td (the ) Tj ET Q q 0 0 0 rg BT 183.98 704.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 230.73 704.05 Td (price ) Tj ET Q q 0 0 0 rg BT 253.47 704.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 270.70 704.05 Td (section ) Tj ET Q q 0 0 0 rg BT 302.45 704.05 Td (above. ) Tj ET Q q 0 0 0 rg BT 332.71 704.05 Td (In ) Tj ET Q q 0 0 0 rg BT 343.45 704.05 Td (addition, ) Tj ET Q q 0 0 0 rg BT 380.72 704.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 423.48 704.05 Td (has ) Tj ET Q q 0 0 0 rg BT 441.22 704.05 Td (US ) Tj ET Q q 0 0 0 rg BT 456.96 704.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 482.21 704.05 Td (denominated ) Tj ET Q q 0 0 0 rg BT 537.48 704.05 Td (senior ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 107.86 693.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 132.70 693.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.55 693.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 182.89 693.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 228.75 693.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.09 693.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.93 693.25 Td (future ) Tj ET Q q 0 0 0 rg BT 290.77 693.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 312.61 693.25 Td (repayments ) Tj ET Q q 0 0 0 rg BT 362.46 693.25 Td (are ) Tj ET Q q 0 0 0 rg BT 378.30 693.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 409.63 693.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 448.98 693.25 Td (by ) Tj ET Q q 0 0 0 rg BT 461.32 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 476.66 693.25 Td (CDN ) Tj ET Q q 0 0 0 rg BT 498.98 693.25 Td (dollar ) Tj ET Q q 0 0 0 rg BT 523.82 693.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.16 693.25 Td (the ) Tj ET Q q 0 0 0 rg BT 549.50 693.25 Td (US ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.45 Td (dollar ) Tj ET Q q 0 0 0 rg BT 87.51 682.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 129.05 682.45 Td (rate.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.65 Td (T) Tj ET Q q 0 0 0 rg BT 67.50 665.65 Td (o ) Tj ET Q q 0 0 0 rg BT 74.84 665.65 Td (fix ) Tj ET Q q 0 0 0 rg BT 86.17 665.65 Td (the ) Tj ET Q q 0 0 0 rg BT 101.02 665.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 130.87 665.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 172.24 665.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.08 665.65 Td (on ) Tj ET Q q 0 0 0 rg BT 202.43 665.65 Td (a ) Tj ET Q q 0 0 0 rg BT 209.77 665.65 Td (portion ) Tj ET Q q 0 0 0 rg BT 239.62 665.65 Td (of ) Tj ET Q q 0 0 0 rg BT 249.46 665.65 Td (the ) Tj ET Q q 0 0 0 rg BT 264.31 665.65 Td (US ) Tj ET Q q 0 0 0 rg BT 279.14 665.65 Td (dollar ) Tj ET Q q 0 0 0 rg BT 303.49 665.65 Td (denominated ) Tj ET Q q 0 0 0 rg BT 357.86 665.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 384.71 665.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 429.08 665.65 Td (notes, ) Tj ET Q q 0 0 0 rg BT 455.93 665.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 497.79 665.65 Td (has ) Tj ET Q q 0 0 0 rg BT 514.63 665.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 547.49 665.65 Td (into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.85 Td (the ) Tj ET Q q 0 0 0 rg BT 78.46 654.85 Td (following ) Tj ET Q q 0 0 0 rg BT 116.42 654.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 155.88 654.85 Td (to ) Tj ET Q q 0 0 0 rg BT 166.33 654.85 Td (purchase ) Tj ET Q q 0 0 0 rg BT 206.29 654.85 Td (US ) Tj ET Q q 0 0 0 rg BT 221.74 654.85 Td (dollars ) Tj ET Q q 0 0 0 rg BT 251.20 654.85 Td (at ) Tj ET Q q 0 0 0 rg BT 261.65 654.85 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 322.62 654.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 345.58 654.85 Td (on ) Tj ET Q q 0 0 0 rg BT 358.53 654.85 Td (settlement ) Tj ET Q q 0 0 0 rg BT 402.99 654.85 Td (dates ) Tj ET Q q 0 0 0 rg BT 427.96 654.85 Td (that ) Tj ET Q q 0 0 0 rg BT 445.91 654.85 Td (coincide ) Tj ET Q q 0 0 0 rg BT 481.88 654.85 Td (with ) Tj ET Q q 0 0 0 rg BT 500.82 654.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 549.51 654.85 Td (US ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 644.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 87.51 644.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 107.53 644.05 Td (repayment ) Tj ET Q q 0 0 0 rg BT 152.55 644.05 Td (commitments.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 630.55 m 189 630.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 616.55 m 189 616.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 630.55 m 315 630.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 616.55 m 315 616.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 630.55 m 441 630.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 616.55 m 441 616.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 630.55 m 567 630.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 616.55 m 567 616.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 616.55 m 441 616.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 532.55 m 189 532.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 189 532.55 m 315 532.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 315 532.55 m 441 532.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 532.55 m 567 532.55 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.50 620.95 Td (Settlement date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 191.50 620.95 Td (Contract) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.50 620.95 Td (Notional US$) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.50 620.95 Td (CDN$/US$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 606.95 Td (June 6, 2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 606.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.50 606.95 Td ($12,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 606.95 Td (1.2220) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 592.95 Td (June 5, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 592.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.50 592.95 Td ($12,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 592.95 Td (1.2234) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 578.95 Td (November 2, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 578.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.50 578.95 Td ($ 60,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 578.95 Td (1.1089) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 564.95 Td (November 2, 2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 564.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.50 564.95 Td ($160,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 564.95 Td (1.1494) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 550.95 Td (October 25, 2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 550.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.50 550.95 Td ($150,000,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 550.95 Td (1.2297) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 536.95 Td (November 2, 2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.50 536.95 Td (US$ purchased forward) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.50 536.95 Td ($16,500,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.50 536.95 Td (0.9950) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 516.25 Td (Holding ) Tj ET Q q 0 0 0 rg BT 96.23 516.25 Td (all ) Tj ET Q q 0 0 0 rg BT 107.94 516.25 Td (other ) Tj ET Q q 0 0 0 rg BT 131.15 516.25 Td (variables ) Tj ET Q q 0 0 0 rg BT 169.88 516.25 Td (constant, ) Tj ET Q q 0 0 0 rg BT 209.11 516.25 Td (a ) Tj ET Q q 0 0 0 rg BT 216.82 516.25 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 242.04 516.25 Td (change ) Tj ET Q q 0 0 0 rg BT 274.28 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 283.99 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.20 516.25 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 346.42 516.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 388.16 516.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 406.37 516.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.59 516.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 475.82 516.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 495.84 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 498.54 516.25 Td (would ) Tj ET Q q 0 0 0 rg BT 524.77 516.25 Td (have ) Tj ET Q q 0 0 0 rg BT 546.99 516.25 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 505.45 Td (an ) Tj ET Q q 0 0 0 rg BT 76.26 505.45 Td (impact ) Tj ET Q q 0 0 0 rg BT 106.02 505.45 Td (of ) Tj ET Q q 0 0 0 rg BT 116.78 505.45 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 176.06 505.45 Td ($0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 193.57 505.45 Td ( ) Tj ET Q q 0 0 0 rg BT 196.82 505.45 Td (million ) Tj ET Q q 0 0 0 rg BT 225.58 505.45 Td (on ) Tj ET Q q 0 0 0 rg BT 238.84 505.45 Td (net ) Tj ET Q q 0 0 0 rg BT 254.61 505.45 Td (income ) Tj ET Q q 0 0 0 rg BT 286.87 505.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 312.12 505.45 Td (and ) Tj ET Q q 0 0 0 rg BT 330.39 505.45 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 394.67 505.45 Td (income ) Tj ET Q q 0 0 0 rg BT 426.94 505.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 452.19 505.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.18 505.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 514.96 505.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.98 505.45 Td ( ) Tj ET Q q 0 0 0 rg BT 538.23 505.45 Td (- ) Tj ET Q q 0 0 0 rg BT 544.48 505.45 Td ($0.9 ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 494.65 Td (million\). ) Tj ET Q q 0 0 0 rg BT 96.13 494.65 Td (The ) Tj ET Q q 0 0 0 rg BT 113.91 494.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 128.68 494.65 Td (value ) Tj ET Q q 0 0 0 rg BT 152.47 494.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 190.26 494.65 Td (in ) Tj ET Q q 0 0 0 rg BT 199.54 494.65 Td (the ) Tj ET Q q 0 0 0 rg BT 214.32 494.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 267.13 494.65 Td (statement ) Tj ET Q q 0 0 0 rg BT 308.92 494.65 Td (of ) Tj ET Q q 0 0 0 rg BT 318.70 494.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.99 494.65 Td (position ) Tj ET Q q 0 0 0 rg BT 387.29 494.65 Td (for ) Tj ET Q q 0 0 0 rg BT 400.06 494.65 Td (these ) Tj ET Q q 0 0 0 rg BT 424.35 494.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 459.64 494.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 503.93 494.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.72 494.65 Td (as ) Tj ET Q q 0 0 0 rg BT 554.50 494.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 483.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.69 483.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.71 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 151.88 483.85 Td (was ) Tj ET Q q 0 0 0 rg BT 174.04 483.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.21 483.85 Td (net ) Tj ET Q q 0 0 0 rg BT 203.89 483.85 Td (asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 225.40 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 231.56 483.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.23 483.85 Td ($70.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.75 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 273.92 483.85 Td (million ) Tj ET Q q 0 0 0 rg BT 305.59 483.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.58 483.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 371.27 483.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.30 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 397.46 483.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.62 483.85 Td ($16.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.14 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 435.31 483.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 469.97 483.85 Td (of ) Tj ET Q q 0 0 0 rg BT 483.64 483.85 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 512.81 483.85 Td ($2.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.33 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 536.50 483.85 Td (million ) Tj ET Q q 0 0 0 rg BT 564.50 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 567.00 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 569.50 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 634.52 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 637.02 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 639.52 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 642.02 483.85 Td ( ) Tj ET Q q 0 0 0 rg BT 644.52 483.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 473.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 473.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 126.88 473.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 146.90 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 151.26 473.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.61 473.05 Td (nil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 167.62 473.05 Td (\) ) Tj ET Q q 0 0 0 rg BT 174.97 473.05 Td (relates ) Tj ET Q q 0 0 0 rg BT 206.34 473.05 Td (to ) Tj ET Q q 0 0 0 rg BT 218.20 473.05 Td (a ) Tj ET Q q 0 0 0 rg BT 227.56 473.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.94 473.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 311.31 473.05 Td (contract ) Tj ET Q q 0 0 0 rg BT 347.68 473.05 Td (with ) Tj ET Q q 0 0 0 rg BT 368.04 473.05 Td (a ) Tj ET Q q 0 0 0 rg BT 377.41 473.05 Td (term ) Tj ET Q q 0 0 0 rg BT 399.76 473.05 Td (date ) Tj ET Q q 0 0 0 rg BT 421.64 473.05 Td (within ) Tj ET Q q 0 0 0 rg BT 449.00 473.05 Td (one ) Tj ET Q q 0 0 0 rg BT 468.38 473.05 Td (year ) Tj ET Q q 0 0 0 rg BT 490.24 473.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 509.61 473.05 Td ($68.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.13 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 536.49 473.05 Td (million ) Tj ET Q q 0 0 0 rg BT 564.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 567.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 569.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 602.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 604.50 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 607.00 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 634.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 637.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 639.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 642.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 644.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 647.01 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 649.51 473.05 Td ( ) Tj ET Q q 0 0 0 rg BT 652.01 473.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 462.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 462.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 125.62 462.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 145.64 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.74 462.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 154.84 462.25 Td ($16.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.36 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.46 462.25 Td (million\) ) Tj ET Q q 0 0 0 rg BT 212.06 462.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 242.17 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.78 462.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.90 462.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 334.01 462.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 373.62 462.25 Td (with ) Tj ET Q q 0 0 0 rg BT 392.73 462.25 Td (term ) Tj ET Q q 0 0 0 rg BT 413.83 462.25 Td (dates ) Tj ET Q q 0 0 0 rg BT 438.94 462.25 Td (beyond ) Tj ET Q q 0 0 0 rg BT 471.57 462.25 Td (one ) Tj ET Q q 0 0 0 rg BT 489.68 462.25 Td (year) Tj ET Q q 0 0 0 rg BT 506.69 462.25 Td (. ) Tj ET Q q 0 0 0 rg BT 512.29 462.25 Td (For ) Tj ET Q q 0 0 0 rg BT 528.89 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 544.50 462.25 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 451.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.86 451.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 150.23 451.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.25 451.45 Td (, ) Tj ET Q q 0 0 0 rg BT 175.58 451.45 Td (an ) Tj ET Q q 0 0 0 rg BT 188.43 451.45 Td (unrealized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 232.80 451.45 Td (gain) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.81 451.45 Td ( ) Tj ET Q q 0 0 0 rg BT 252.65 451.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.99 451.45 Td ($54.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 285.51 451.45 Td ( ) Tj ET Q q 0 0 0 rg BT 288.35 451.45 Td (million ) Tj ET Q q 0 0 0 rg BT 316.69 451.45 Td (was ) Tj ET Q q 0 0 0 rg BT 335.53 451.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 373.89 451.45 Td (on ) Tj ET Q q 0 0 0 rg BT 386.74 451.45 Td (the ) Tj ET Q q 0 0 0 rg BT 402.09 451.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 455.46 451.45 Td (statement ) Tj ET Q q 0 0 0 rg BT 497.82 451.45 Td (of ) Tj ET Q q 0 0 0 rg BT 508.16 451.45 Td (income ) Tj ET Q q 0 0 0 rg BT 540.01 451.45 Td (\(loss\) ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 440.65 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 440.65 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 144.05 440.65 Td (income ) Tj ET Q q 0 0 0 rg BT 175.56 440.65 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 200.06 440.65 Td (within ) Tj ET Q q 0 0 0 rg BT 225.57 440.65 Td (finance ) Tj ET Q q 0 0 0 rg BT 257.09 440.65 Td (income ) Tj ET Q q 0 0 0 rg BT 288.61 440.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.60 440.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 350.63 440.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.65 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 373.15 440.65 Td (- ) Tj ET Q q 0 0 0 rg BT 378.65 440.65 Td ($8.0 ) Tj ET Q q 0 0 0 rg BT 398.67 440.65 Td (million ) Tj ET Q q 0 0 0 rg BT 426.67 440.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 470.70 440.65 Td (gain\). ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 423.85 Td (Interest ) Tj ET Q q 0 0 0 rg BT 98.01 423.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 117.02 423.85 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 407.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.24 407.05 Td (is ) Tj ET Q q 0 0 0 rg BT 114.46 407.05 Td (exposed ) Tj ET Q q 0 0 0 rg BT 151.20 407.05 Td (to ) Tj ET Q q 0 0 0 rg BT 161.42 407.05 Td (interest ) Tj ET Q q 0 0 0 rg BT 193.65 407.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 211.88 407.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 228.59 407.05 Td (on ) Tj ET Q q 0 0 0 rg BT 241.32 407.05 Td (any ) Tj ET Q q 0 0 0 rg BT 258.55 407.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 291.28 407.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 340.54 407.05 Td (on ) Tj ET Q q 0 0 0 rg BT 353.27 407.05 Td (its ) Tj ET Q q 0 0 0 rg BT 364.98 407.05 Td (Canadian ) Tj ET Q q 0 0 0 rg BT 406.23 407.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 428.46 407.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 453.19 407.05 Td (facility) Tj ET Q q 0 0 0 rg BT 477.53 407.05 Td (. ) Tj ET Q q 0 0 0 rg BT 482.74 407.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 524.98 407.05 Td (manages ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 396.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.13 396.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 113.26 396.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 129.87 396.25 Td (by ) Tj ET Q q 0 0 0 rg BT 141.99 396.25 Td (having ) Tj ET Q q 0 0 0 rg BT 171.13 396.25 Td (both ) Tj ET Q q 0 0 0 rg BT 191.26 396.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 212.89 396.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 245.02 396.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 267.64 396.25 Td (on ) Tj ET Q q 0 0 0 rg BT 280.27 396.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 307.40 396.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 352.05 396.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 376.68 396.25 Td (and ) Tj ET Q q 0 0 0 rg BT 394.31 396.25 Td (floating ) Tj ET Q q 0 0 0 rg BT 425.95 396.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 458.08 396.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 480.71 396.25 Td (on ) Tj ET Q q 0 0 0 rg BT 493.33 396.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 542.49 396.25 Td (bank ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 385.45 Td (debt. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 368.65 Td (Credit ) Tj ET Q q 0 0 0 rg BT 91.50 368.65 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 351.85 Td (Credit ) Tj ET Q q 0 0 0 rg BT 88.56 351.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 104.12 351.85 Td (is ) Tj ET Q q 0 0 0 rg BT 112.17 351.85 Td (the ) Tj ET Q q 0 0 0 rg BT 126.24 351.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 141.79 351.85 Td (of ) Tj ET Q q 0 0 0 rg BT 150.86 351.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 185.43 351.85 Td (loss ) Tj ET Q q 0 0 0 rg BT 203.00 351.85 Td (to ) Tj ET Q q 0 0 0 rg BT 212.06 351.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 253.14 351.85 Td (if ) Tj ET Q q 0 0 0 rg BT 259.20 351.85 Td (a ) Tj ET Q q 0 0 0 rg BT 265.76 351.85 Td (customer ) Tj ET Q q 0 0 0 rg BT 304.33 351.85 Td (or ) Tj ET Q q 0 0 0 rg BT 313.88 351.85 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 365.47 351.85 Td (to ) Tj ET Q q 0 0 0 rg BT 374.53 351.85 Td (a ) Tj ET Q q 0 0 0 rg BT 381.09 351.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.67 351.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 459.24 351.85 Td (fails ) Tj ET Q q 0 0 0 rg BT 476.80 351.85 Td (to ) Tj ET Q q 0 0 0 rg BT 485.87 351.85 Td (meet ) Tj ET Q q 0 0 0 rg BT 507.43 351.85 Td (its ) Tj ET Q q 0 0 0 rg BT 517.99 351.85 Td (contractual ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 341.05 Td (obligation ) Tj ET Q q 0 0 0 rg BT 104.03 341.05 Td (and ) Tj ET Q q 0 0 0 rg BT 121.55 341.05 Td (arises, ) Tj ET Q q 0 0 0 rg BT 150.56 341.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 187.06 341.05 Td (from ) Tj ET Q q 0 0 0 rg BT 207.56 341.05 Td (joint ) Tj ET Q q 0 0 0 rg BT 226.57 341.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 271.10 341.05 Td (partners, ) Tj ET Q q 0 0 0 rg BT 309.12 341.05 Td (marketers ) Tj ET Q q 0 0 0 rg BT 351.62 341.05 Td (and ) Tj ET Q q 0 0 0 rg BT 369.14 341.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 404.66 341.05 Td (intermediaries.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 324.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.52 324.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 150.32 324.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 194.12 324.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.91 324.25 Td (with ) Tj ET Q q 0 0 0 rg BT 228.69 324.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 272.98 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 290.78 324.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 310.07 324.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 354.88 324.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 390.67 324.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.45 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.74 324.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 427.53 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 445.32 324.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 475.62 324.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 492.91 324.25 Td (business ) Tj ET Q q 0 0 0 rg BT 531.21 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 549.00 324.25 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 313.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 94.09 313.45 Td (to ) Tj ET Q q 0 0 0 rg BT 104.17 313.45 Td (normal ) Tj ET Q q 0 0 0 rg BT 134.26 313.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 158.84 313.45 Td (risks. ) Tj ET Q q 0 0 0 rg BT 182.42 313.45 Td (Concentration ) Tj ET Q q 0 0 0 rg BT 241.03 313.45 Td (of ) Tj ET Q q 0 0 0 rg BT 251.11 313.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 275.69 313.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 292.27 313.45 Td (is ) Tj ET Q q 0 0 0 rg BT 301.34 313.45 Td (mitigated ) Tj ET Q q 0 0 0 rg BT 340.44 313.45 Td (by ) Tj ET Q q 0 0 0 rg BT 352.52 313.45 Td (marketing ) Tj ET Q q 0 0 0 rg BT 394.61 313.45 Td (production ) Tj ET Q q 0 0 0 rg BT 439.22 313.45 Td (to ) Tj ET Q q 0 0 0 rg BT 449.30 313.45 Td (numerous ) Tj ET Q q 0 0 0 rg BT 491.90 313.45 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 538.99 313.45 Td (under ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 302.65 Td (normal ) Tj ET Q q 0 0 0 rg BT 93.18 302.65 Td (industry ) Tj ET Q q 0 0 0 rg BT 127.37 302.65 Td (sale ) Tj ET Q q 0 0 0 rg BT 146.55 302.65 Td (and ) Tj ET Q q 0 0 0 rg BT 164.24 302.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 201.44 302.65 Td (terms. ) Tj ET Q q 0 0 0 rg BT 229.11 302.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 271.31 302.65 Td (routinely ) Tj ET Q q 0 0 0 rg BT 308.00 302.65 Td (assesses ) Tj ET Q q 0 0 0 rg BT 348.19 302.65 Td (the ) Tj ET Q q 0 0 0 rg BT 363.38 302.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.07 302.65 Td (strength ) Tj ET Q q 0 0 0 rg BT 434.26 302.65 Td (of ) Tj ET Q q 0 0 0 rg BT 444.44 302.65 Td (its ) Tj ET Q q 0 0 0 rg BT 456.12 302.65 Td (customers. ) Tj ET Q q 0 0 0 rg BT 502.80 302.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 545.00 302.65 Td (may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 291.85 Td (be ) Tj ET Q q 0 0 0 rg BT 76.12 291.85 Td (exposed ) Tj ET Q q 0 0 0 rg BT 113.25 291.85 Td (to ) Tj ET Q q 0 0 0 rg BT 123.87 291.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.99 291.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 182.61 291.85 Td (in ) Tj ET Q q 0 0 0 rg BT 192.72 291.85 Td (the ) Tj ET Q q 0 0 0 rg BT 208.34 291.85 Td (event ) Tj ET Q q 0 0 0 rg BT 233.47 291.85 Td (of ) Tj ET Q q 0 0 0 rg BT 244.08 291.85 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 315.73 291.85 Td (by ) Tj ET Q q 0 0 0 rg BT 328.34 291.85 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 388.48 291.85 Td (to ) Tj ET Q q 0 0 0 rg BT 399.10 291.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 435.22 291.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 480.35 291.85 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 522.47 291.85 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 281.05 Td (mitigates ) Tj ET Q q 0 0 0 rg BT 101.51 281.05 Td (this ) Tj ET Q q 0 0 0 rg BT 118.02 281.05 Td (risk ) Tj ET Q q 0 0 0 rg BT 134.52 281.05 Td (by ) Tj ET Q q 0 0 0 rg BT 146.52 281.05 Td (entering ) Tj ET Q q 0 0 0 rg BT 181.55 281.05 Td (into ) Tj ET Q q 0 0 0 rg BT 198.56 281.05 Td (transactions ) Tj ET Q q 0 0 0 rg BT 249.58 281.05 Td (with ) Tj ET Q q 0 0 0 rg BT 268.09 281.05 Td (highly ) Tj ET Q q 0 0 0 rg BT 294.10 281.05 Td (rated ) Tj ET Q q 0 0 0 rg BT 317.12 281.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 352.64 281.05 Td (institutions.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 264.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.27 264.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 116.05 264.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 148.83 264.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.11 264.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 197.89 264.25 Td (receivable ) Tj ET Q q 0 0 0 rg BT 241.68 264.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 286.97 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.25 264.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 344.01 264.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 368.79 264.25 Td (exposure. ) Tj ET Q q 0 0 0 rg BT 410.53 264.25 Td (As ) Tj ET Q q 0 0 0 rg BT 423.80 264.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.07 264.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 493.36 264.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.38 264.25 Td ( ) Tj ET Q q 0 0 0 rg BT 516.15 264.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 557.51 264.25 Td (s ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 253.45 Td (receivables ) Tj ET Q q 0 0 0 rg BT 111.81 253.45 Td (consisted ) Tj ET Q q 0 0 0 rg BT 153.13 253.45 Td (of ) Tj ET Q q 0 0 0 rg BT 163.92 253.45 Td ($54.3 ) Tj ET Q q 0 0 0 rg BT 189.74 253.45 Td (million ) Tj ET Q q 0 0 0 rg BT 218.54 253.45 Td (of ) Tj ET Q q 0 0 0 rg BT 229.33 253.45 Td (receivables ) Tj ET Q q 0 0 0 rg BT 278.15 253.45 Td (from ) Tj ET Q q 0 0 0 rg BT 299.44 253.45 Td (oil ) Tj ET Q q 0 0 0 rg BT 311.73 253.45 Td (and ) Tj ET Q q 0 0 0 rg BT 330.04 253.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 360.85 253.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 378.65 253.45 Td (marketers ) Tj ET Q q 0 0 0 rg BT 421.95 253.45 Td (of ) Tj ET Q q 0 0 0 rg BT 432.75 253.45 Td (which ) Tj ET Q q 0 0 0 rg BT 459.05 253.45 Td (substantially ) Tj ET Q q 0 0 0 rg BT 511.87 253.45 Td (all ) Tj ET Q q 0 0 0 rg BT 524.17 253.45 Td (has ) Tj ET Q q 0 0 0 rg BT 541.97 253.45 Td (been ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 242.65 Td (collected ) Tj ET Q q 0 0 0 rg BT 101.59 242.65 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 151.20 242.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.78 242.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 221.38 242.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.40 242.65 Td ( ) Tj ET Q q 0 0 0 rg BT 244.47 242.65 Td (and ) Tj ET Q q 0 0 0 rg BT 262.56 242.65 Td ($16.0 ) Tj ET Q q 0 0 0 rg BT 288.15 242.65 Td (million ) Tj ET Q q 0 0 0 rg BT 316.73 242.65 Td (from ) Tj ET Q q 0 0 0 rg BT 337.80 242.65 Td (joint ) Tj ET Q q 0 0 0 rg BT 357.39 242.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 402.49 242.65 Td (partners ) Tj ET Q q 0 0 0 rg BT 438.57 242.65 Td (of ) Tj ET Q q 0 0 0 rg BT 449.15 242.65 Td (which ) Tj ET Q q 0 0 0 rg BT 475.23 242.65 Td ($4.1 ) Tj ET Q q 0 0 0 rg BT 495.82 242.65 Td (million ) Tj ET Q q 0 0 0 rg BT 524.40 242.65 Td (has ) Tj ET Q q 0 0 0 rg BT 541.98 242.65 Td (been ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 231.85 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 118.99 231.85 Td (collected. ) Tj ET Q q 0 0 0 rg BT 159.39 231.85 Td (As ) Tj ET Q q 0 0 0 rg BT 172.85 231.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 183.31 231.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 242.79 231.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.81 231.85 Td ( ) Tj ET Q q 0 0 0 rg BT 265.77 231.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 308.25 231.85 Td (has ) Tj ET Q q 0 0 0 rg BT 325.72 231.85 Td ($3.1million ) Tj ET Q q 0 0 0 rg BT 374.20 231.85 Td (in ) Tj ET Q q 0 0 0 rg BT 384.16 231.85 Td (accounts ) Tj ET Q q 0 0 0 rg BT 423.14 231.85 Td (receivable ) Tj ET Q q 0 0 0 rg BT 467.12 231.85 Td (that ) Tj ET Q q 0 0 0 rg BT 485.09 231.85 Td (is ) Tj ET Q q 0 0 0 rg BT 494.55 231.85 Td (considered ) Tj ET Q q 0 0 0 rg BT 541.53 231.85 Td (to ) Tj ET Q q 0 0 0 rg BT 552.00 231.85 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 221.05 Td (past ) Tj ET Q q 0 0 0 rg BT 82.70 221.05 Td (due. ) Tj ET Q q 0 0 0 rg BT 102.37 221.05 Td (Although ) Tj ET Q q 0 0 0 rg BT 140.59 221.05 Td (these ) Tj ET Q q 0 0 0 rg BT 165.29 221.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 202.50 221.05 Td (have ) Tj ET Q q 0 0 0 rg BT 224.71 221.05 Td (been ) Tj ET Q q 0 0 0 rg BT 247.42 221.05 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 296.64 221.05 Td (for ) Tj ET Q q 0 0 0 rg BT 309.83 221.05 Td (greater ) Tj ET Q q 0 0 0 rg BT 341.04 221.05 Td (than ) Tj ET Q q 0 0 0 rg BT 361.24 221.05 Td (90 ) Tj ET Q q 0 0 0 rg BT 373.94 221.05 Td (days, ) Tj ET Q q 0 0 0 rg BT 398.14 221.05 Td (they ) Tj ET Q q 0 0 0 rg BT 417.84 221.05 Td (are ) Tj ET Q q 0 0 0 rg BT 433.54 221.05 Td (still ) Tj ET Q q 0 0 0 rg BT 449.23 221.05 Td (deemed ) Tj ET Q q 0 0 0 rg BT 484.44 221.05 Td (to ) Tj ET Q q 0 0 0 rg BT 494.63 221.05 Td (be ) Tj ET Q q 0 0 0 rg BT 507.33 221.05 Td (collectible. ) Tj ET Q q 0 0 0 rg BT 551.51 221.05 Td (As ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.02 210.25 Td (operator ) Tj ET Q q 0 0 0 rg BT 114.06 210.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.07 210.25 Td (properties, ) Tj ET Q q 0 0 0 rg BT 169.11 210.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 211.14 210.25 Td (has ) Tj ET Q q 0 0 0 rg BT 228.17 210.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.19 210.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 268.71 210.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.73 210.25 Td (withhold ) Tj ET Q q 0 0 0 rg BT 314.26 210.25 Td (production ) Tj ET Q q 0 0 0 rg BT 358.80 210.25 Td (from ) Tj ET Q q 0 0 0 rg BT 379.31 210.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 398.33 210.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 442.88 210.25 Td (partners, ) Tj ET Q q 0 0 0 rg BT 480.90 210.25 Td (who ) Tj ET Q q 0 0 0 rg BT 499.93 210.25 Td (are ) Tj ET Q q 0 0 0 rg BT 515.45 210.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.96 210.25 Td (default ) Tj ET Q q 0 0 0 rg BT 554.50 210.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 199.45 Td (amounts ) Tj ET Q q 0 0 0 rg BT 99.92 199.45 Td (owing. ) Tj ET Q q 0 0 0 rg BT 128.35 199.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 170.27 199.45 Td (does ) Tj ET Q q 0 0 0 rg BT 192.20 199.45 Td (not ) Tj ET Q q 0 0 0 rg BT 207.11 199.45 Td (have ) Tj ET Q q 0 0 0 rg BT 229.03 199.45 Td (an ) Tj ET Q q 0 0 0 rg BT 241.45 199.45 Td (allowance ) Tj ET Q q 0 0 0 rg BT 283.88 199.45 Td (for ) Tj ET Q q 0 0 0 rg BT 296.79 199.45 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 331.22 199.45 Td (accounts ) Tj ET Q q 0 0 0 rg BT 369.65 199.45 Td (as ) Tj ET Q q 0 0 0 rg BT 381.56 199.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 391.47 199.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 450.40 199.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 470.42 199.45 Td ( ) Tj ET Q q 0 0 0 rg BT 472.83 199.45 Td (and ) Tj ET Q q 0 0 0 rg BT 490.25 199.45 Td (did ) Tj ET Q q 0 0 0 rg BT 504.67 199.45 Td (not ) Tj ET Q q 0 0 0 rg BT 519.58 199.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 551.51 199.45 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 188.65 Td (any ) Tj ET Q q 0 0 0 rg BT 80.01 188.65 Td (doubtful ) Tj ET Q q 0 0 0 rg BT 114.54 188.65 Td (accounts ) Tj ET Q q 0 0 0 rg BT 153.06 188.65 Td (during ) Tj ET Q q 0 0 0 rg BT 180.58 188.65 Td (the ) Tj ET Q q 0 0 0 rg BT 195.59 188.65 Td (year ) Tj ET Q q 0 0 0 rg BT 215.60 188.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.13 188.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 302.15 188.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 322.18 188.65 Td (.) Tj ET Q endstream endobj 85 0 obj <> endobj 86 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 42) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 102.99 742.45 Td (risk) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 725.65 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 99.34 725.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 116.66 725.65 Td (is ) Tj ET Q q 0 0 0 rg BT 126.48 725.65 Td (the ) Tj ET Q q 0 0 0 rg BT 142.31 725.65 Td (risk ) Tj ET Q q 0 0 0 rg BT 159.62 725.65 Td (that ) Tj ET Q q 0 0 0 rg BT 177.96 725.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 220.80 725.65 Td (will ) Tj ET Q q 0 0 0 rg BT 236.62 725.65 Td (encounter ) Tj ET Q q 0 0 0 rg BT 279.97 725.65 Td (dif) Tj ET Q q 0 0 0 rg BT 289.31 725.65 Td (ficulty ) Tj ET Q q 0 0 0 rg BT 315.63 725.65 Td (in ) Tj ET Q q 0 0 0 rg BT 325.96 725.65 Td (meeting ) Tj ET Q q 0 0 0 rg BT 361.30 725.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 407.65 725.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 454.00 725.65 Td (with ) Tj ET Q q 0 0 0 rg BT 473.32 725.65 Td (the ) Tj ET Q q 0 0 0 rg BT 489.15 725.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.49 725.65 Td (liabilities. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 112.44 714.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 149.15 714.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 186.86 714.85 Td (consist ) Tj ET Q q 0 0 0 rg BT 218.56 714.85 Td (of ) Tj ET Q q 0 0 0 rg BT 229.76 714.85 Td (accounts ) Tj ET Q q 0 0 0 rg BT 269.48 714.85 Td (payable ) Tj ET Q q 0 0 0 rg BT 304.70 714.85 Td (and ) Tj ET Q q 0 0 0 rg BT 323.40 714.85 Td (accrued ) Tj ET Q q 0 0 0 rg BT 359.12 714.85 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 399.32 714.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 441.04 714.85 Td (payable, ) Tj ET Q q 0 0 0 rg BT 478.76 714.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.48 714.85 Td (instruments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 704.05 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 104.60 704.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 126.70 704.05 Td (debt, ) Tj ET Q q 0 0 0 rg BT 149.30 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 166.89 704.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 193.99 704.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 238.60 704.05 Td (notes. ) Tj ET Q q 0 0 0 rg BT 265.19 704.05 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 304.79 704.05 Td (payable ) Tj ET Q q 0 0 0 rg BT 338.90 704.05 Td (consists ) Tj ET Q q 0 0 0 rg BT 373.99 704.05 Td (of ) Tj ET Q q 0 0 0 rg BT 384.08 704.05 Td (invoices ) Tj ET Q q 0 0 0 rg BT 419.18 704.05 Td (payable ) Tj ET Q q 0 0 0 rg BT 453.29 704.05 Td (to ) Tj ET Q q 0 0 0 rg BT 463.38 704.05 Td (trade ) Tj ET Q q 0 0 0 rg BT 486.47 704.05 Td (suppliers ) Tj ET Q q 0 0 0 rg BT 525.07 704.05 Td (for ) Tj ET Q q 0 0 0 rg BT 538.16 704.05 Td (of) Tj ET Q q 0 0 0 rg BT 545.50 704.05 Td (fice, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.25 Td (field ) Tj ET Q q 0 0 0 rg BT 82.01 693.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 122.04 693.25 Td (activities, ) Tj ET Q q 0 0 0 rg BT 161.55 693.25 Td (and ) Tj ET Q q 0 0 0 rg BT 179.07 693.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 207.58 693.25 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 264.12 693.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 306.15 693.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 349.66 693.25 Td (invoices ) Tj ET Q q 0 0 0 rg BT 384.68 693.25 Td (within ) Tj ET Q q 0 0 0 rg BT 410.19 693.25 Td (a ) Tj ET Q q 0 0 0 rg BT 417.70 693.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 447.71 693.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 484.73 693.25 Td (period. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 676.45 Td (Accounts ) Tj ET Q q 0 0 0 rg BT 102.53 676.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 136.57 676.45 Td (and ) Tj ET Q q 0 0 0 rg BT 154.10 676.45 Td (accrued ) Tj ET Q q 0 0 0 rg BT 188.63 676.45 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 225.16 676.45 Td (have ) Tj ET Q q 0 0 0 rg BT 247.19 676.45 Td (contractual ) Tj ET Q q 0 0 0 rg BT 293.72 676.45 Td (maturities ) Tj ET Q q 0 0 0 rg BT 335.25 676.45 Td (of ) Tj ET Q q 0 0 0 rg BT 345.27 676.45 Td (less ) Tj ET Q q 0 0 0 rg BT 363.78 676.45 Td (than ) Tj ET Q q 0 0 0 rg BT 383.81 676.45 Td (one ) Tj ET Q q 0 0 0 rg BT 401.34 676.45 Td (year) Tj ET Q q 0 0 0 rg BT 418.35 676.45 Td (. ) Tj ET Q q 0 0 0 rg BT 423.37 676.45 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 465.40 676.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 499.44 676.45 Td (are ) Tj ET Q q 0 0 0 rg BT 514.96 676.45 Td (declared ) Tj ET Q q 0 0 0 rg BT 551.99 676.45 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.65 Td (a ) Tj ET Q q 0 0 0 rg BT 70.38 665.65 Td (monthly ) Tj ET Q q 0 0 0 rg BT 104.27 665.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 127.65 665.65 Td (and ) Tj ET Q q 0 0 0 rg BT 145.04 665.65 Td (are ) Tj ET Q q 0 0 0 rg BT 160.42 665.65 Td (dependent ) Tj ET Q q 0 0 0 rg BT 205.34 665.65 Td (upon ) Tj ET Q q 0 0 0 rg BT 227.73 665.65 Td (a ) Tj ET Q q 0 0 0 rg BT 235.11 665.65 Td (number ) Tj ET Q q 0 0 0 rg BT 268.00 665.65 Td (of ) Tj ET Q q 0 0 0 rg BT 277.88 665.65 Td (factors ) Tj ET Q q 0 0 0 rg BT 307.26 665.65 Td (including ) Tj ET Q q 0 0 0 rg BT 345.16 665.65 Td (current ) Tj ET Q q 0 0 0 rg BT 375.55 665.65 Td (and ) Tj ET Q q 0 0 0 rg BT 392.94 665.65 Td (future ) Tj ET Q q 0 0 0 rg BT 418.32 665.65 Td (commodity ) Tj ET Q q 0 0 0 rg BT 464.21 665.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 493.09 665.65 Td (foreign ) Tj ET Q q 0 0 0 rg BT 522.98 665.65 Td (exchange ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.85 Td (rates, ) Tj ET Q q 0 0 0 rg BT 88.46 654.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 129.82 654.85 Td (s ) Tj ET Q q 0 0 0 rg BT 137.27 654.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 183.73 654.85 Td (hedging ) Tj ET Q q 0 0 0 rg BT 218.72 654.85 Td (program, ) Tj ET Q q 0 0 0 rg BT 257.68 654.85 Td (current ) Tj ET Q q 0 0 0 rg BT 288.64 654.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 333.62 654.85 Td (and ) Tj ET Q q 0 0 0 rg BT 351.59 654.85 Td (future ) Tj ET Q q 0 0 0 rg BT 377.56 654.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 424.03 654.85 Td (opportunities. ) Tj ET Q q 0 0 0 rg BT 481.01 654.85 Td (Financial ) Tj ET Q q 0 0 0 rg BT 519.98 654.85 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 644.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 102.11 644.05 Td (have ) Tj ET Q q 0 0 0 rg BT 124.22 644.05 Td (contractual ) Tj ET Q q 0 0 0 rg BT 170.83 644.05 Td (maturities ) Tj ET Q q 0 0 0 rg BT 212.44 644.05 Td (of ) Tj ET Q q 0 0 0 rg BT 222.54 644.05 Td (less ) Tj ET Q q 0 0 0 rg BT 241.14 644.05 Td (than ) Tj ET Q q 0 0 0 rg BT 261.25 644.05 Td (three ) Tj ET Q q 0 0 0 rg BT 284.35 644.05 Td (years ) Tj ET Q q 0 0 0 rg BT 308.95 644.05 Td (on ) Tj ET Q q 0 0 0 rg BT 321.56 644.05 Td (all ) Tj ET Q q 0 0 0 rg BT 333.15 644.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 379.26 644.05 Td (contracts ) Tj ET Q q 0 0 0 rg BT 418.37 644.05 Td (and ) Tj ET Q q 0 0 0 rg BT 435.98 644.05 Td (range ) Tj ET Q q 0 0 0 rg BT 461.59 644.05 Td (from ) Tj ET Q q 0 0 0 rg BT 482.18 644.05 Td (six ) Tj ET Q q 0 0 0 rg BT 495.77 644.05 Td (months ) Tj ET Q q 0 0 0 rg BT 527.88 644.05 Td (to ) Tj ET Q q 0 0 0 rg BT 537.98 644.05 Td (seven ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 633.25 Td (years ) Tj ET Q q 0 0 0 rg BT 87.29 633.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.59 633.25 Td (foreign ) Tj ET Q q 0 0 0 rg BT 129.40 633.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 170.72 633.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 212.02 633.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 253.38 633.25 Td (s ) Tj ET Q q 0 0 0 rg BT 260.17 633.25 Td (four ) Tj ET Q q 0 0 0 rg BT 277.96 633.25 Td (year ) Tj ET Q q 0 0 0 rg BT 297.75 633.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 336.06 633.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 360.35 633.25 Td (facility) Tj ET Q q 0 0 0 rg BT 384.69 633.25 Td (, ) Tj ET Q q 0 0 0 rg BT 389.48 633.25 Td (as ) Tj ET Q q 0 0 0 rg BT 401.27 633.25 Td (outlined ) Tj ET Q q 0 0 0 rg BT 435.08 633.25 Td (in ) Tj ET Q q 0 0 0 rg BT 444.37 633.25 Td (note ) Tj ET Q q 0 0 0 rg BT 464.18 633.25 Td (1) Tj ET Q q 0 0 0 rg BT 468.51 633.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 478.31 633.25 Td (may ) Tj ET Q q 0 0 0 rg BT 497.60 633.25 Td (at ) Tj ET Q q 0 0 0 rg BT 507.39 633.25 Td (the ) Tj ET Q q 0 0 0 rg BT 522.19 633.25 Td (request ) Tj ET Q q 0 0 0 rg BT 554.49 633.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 622.45 Td (the ) Tj ET Q q 0 0 0 rg BT 77.95 622.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 127.41 622.45 Td (with ) Tj ET Q q 0 0 0 rg BT 145.85 622.45 Td (the ) Tj ET Q q 0 0 0 rg BT 160.79 622.45 Td (consent ) Tj ET Q q 0 0 0 rg BT 194.75 622.45 Td (of ) Tj ET Q q 0 0 0 rg BT 204.69 622.45 Td (the ) Tj ET Q q 0 0 0 rg BT 219.63 622.45 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 254.09 622.45 Td (be ) Tj ET Q q 0 0 0 rg BT 266.53 622.45 Td (extended ) Tj ET Q q 0 0 0 rg BT 306.00 622.45 Td (on ) Tj ET Q q 0 0 0 rg BT 318.45 622.45 Td (an ) Tj ET Q q 0 0 0 rg BT 330.89 622.45 Td (annual ) Tj ET Q q 0 0 0 rg BT 360.35 622.45 Td (basis ) Tj ET Q q 0 0 0 rg BT 383.80 622.45 Td (beyond ) Tj ET Q q 0 0 0 rg BT 415.76 622.45 Td (the ) Tj ET Q q 0 0 0 rg BT 430.70 622.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 463.65 622.45 Td (term. ) Tj ET Q q 0 0 0 rg BT 486.59 622.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 528.55 622.45 Td (also ) Tj ET Q q 0 0 0 rg BT 547.49 622.45 Td (has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 611.65 Td (a ) Tj ET Q q 0 0 0 rg BT 70.65 611.65 Td (series ) Tj ET Q q 0 0 0 rg BT 97.30 611.65 Td (of ) Tj ET Q q 0 0 0 rg BT 107.46 611.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 134.62 611.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 179.29 611.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 203.95 611.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 253.14 611.65 Td (with ) Tj ET Q q 0 0 0 rg BT 271.79 611.65 Td (fixed ) Tj ET Q q 0 0 0 rg BT 293.44 611.65 Td (interest ) Tj ET Q q 0 0 0 rg BT 325.60 611.65 Td (rates, ) Tj ET Q q 0 0 0 rg BT 350.76 611.65 Td (as ) Tj ET Q q 0 0 0 rg BT 362.91 611.65 Td (outlined ) Tj ET Q q 0 0 0 rg BT 397.08 611.65 Td (in ) Tj ET Q q 0 0 0 rg BT 406.73 611.65 Td (note ) Tj ET Q q 0 0 0 rg BT 426.90 611.65 Td (1) Tj ET Q q 0 0 0 rg BT 431.23 611.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 441.39 611.65 Td (which ) Tj ET Q q 0 0 0 rg BT 467.04 611.65 Td (range ) Tj ET Q q 0 0 0 rg BT 492.71 611.65 Td (in ) Tj ET Q q 0 0 0 rg BT 502.36 611.65 Td (maturities ) Tj ET Q q 0 0 0 rg BT 544.01 611.65 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 600.85 Td (June ) Tj ET Q q 0 0 0 rg BT 85.50 600.85 Td (4, ) Tj ET Q q 0 0 0 rg BT 96.00 600.85 Td (2016 ) Tj ET Q q 0 0 0 rg BT 119.01 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 129.50 600.85 Td (May ) Tj ET Q q 0 0 0 rg BT 149.50 600.85 Td (23, ) Tj ET Q q 0 0 0 rg BT 165.00 600.85 Td (2025. ) Tj ET Q q 0 0 0 rg BT 190.51 600.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 233.02 600.85 Td (also ) Tj ET Q q 0 0 0 rg BT 252.52 600.85 Td (maintains ) Tj ET Q q 0 0 0 rg BT 294.03 600.85 Td (and ) Tj ET Q q 0 0 0 rg BT 312.03 600.85 Td (monitors ) Tj ET Q q 0 0 0 rg BT 349.53 600.85 Td (a ) Tj ET Q q 0 0 0 rg BT 357.52 600.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 387.53 600.85 Td (level ) Tj ET Q q 0 0 0 rg BT 409.02 600.85 Td (of ) Tj ET Q q 0 0 0 rg BT 419.52 600.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 441.52 600.85 Td (flow) Tj ET Q q 0 0 0 rg BT 457.03 600.85 Td (, ) Tj ET Q q 0 0 0 rg BT 462.52 600.85 Td (which ) Tj ET Q q 0 0 0 rg BT 488.51 600.85 Td (is ) Tj ET Q q 0 0 0 rg BT 498.00 600.85 Td (used ) Tj ET Q q 0 0 0 rg BT 520.51 600.85 Td (to ) Tj ET Q q 0 0 0 rg BT 531.00 600.85 Td (partially ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 590.05 Td (finance ) Tj ET Q q 0 0 0 rg BT 94.52 590.05 Td (all ) Tj ET Q q 0 0 0 rg BT 106.03 590.05 Td (operating, ) Tj ET Q q 0 0 0 rg BT 148.56 590.05 Td (investing ) Tj ET Q q 0 0 0 rg BT 186.58 590.05 Td (and ) Tj ET Q q 0 0 0 rg BT 204.10 590.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 232.61 590.05 Td (expenditures.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 570.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 104.51 570.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 153.51 570.25 Td (classification ) Tj ET Q q 0 0 0 rg BT 213.04 570.25 Td (and ) Tj ET Q q 0 0 0 rg BT 231.54 570.25 Td (measurement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 553.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 110.84 553.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 145.96 553.45 Td (instruments ) Tj ET Q q 0 0 0 rg BT 194.57 553.45 Td (include ) Tj ET Q q 0 0 0 rg BT 225.18 553.45 Td (marketable ) Tj ET Q q 0 0 0 rg BT 271.80 553.45 Td (securities, ) Tj ET Q q 0 0 0 rg BT 314.41 553.45 Td (accounts ) Tj ET Q q 0 0 0 rg BT 352.53 553.45 Td (receivable, ) Tj ET Q q 0 0 0 rg BT 398.15 553.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 433.27 553.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 477.38 553.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 522.98 553.45 Td (contracts, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 542.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 100.00 542.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 145.99 542.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 188.99 542.65 Td (accounts ) Tj ET Q q 0 0 0 rg BT 228.99 542.65 Td (payable ) Tj ET Q q 0 0 0 rg BT 264.49 542.65 Td (and ) Tj ET Q q 0 0 0 rg BT 283.49 542.65 Td (accrued ) Tj ET Q q 0 0 0 rg BT 319.49 542.65 Td (liabilities, ) Tj ET Q q 0 0 0 rg BT 359.98 542.65 Td (dividends ) Tj ET Q q 0 0 0 rg BT 401.99 542.65 Td (payable ) Tj ET Q q 0 0 0 rg BT 437.49 542.65 Td (and ) Tj ET Q q 0 0 0 rg BT 456.49 542.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 498.48 542.65 Td (debt. ) Tj ET Q q 0 0 0 rg BT 522.47 542.65 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 531.85 Td (classifies ) Tj ET Q q 0 0 0 rg BT 102.13 531.85 Td (the ) Tj ET Q q 0 0 0 rg BT 117.27 531.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 132.40 531.85 Td (value ) Tj ET Q q 0 0 0 rg BT 156.54 531.85 Td (of ) Tj ET Q q 0 0 0 rg BT 166.67 531.85 Td (these ) Tj ET Q q 0 0 0 rg BT 191.31 531.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 226.95 531.85 Td (instruments ) Tj ET Q q 0 0 0 rg BT 276.09 531.85 Td (according ) Tj ET Q q 0 0 0 rg BT 317.74 531.85 Td (to ) Tj ET Q q 0 0 0 rg BT 327.87 531.85 Td (the ) Tj ET Q q 0 0 0 rg BT 343.00 531.85 Td (following ) Tj ET Q q 0 0 0 rg BT 380.65 531.85 Td (hierarchy ) Tj ET Q q 0 0 0 rg BT 420.29 531.85 Td (based ) Tj ET Q q 0 0 0 rg BT 447.43 531.85 Td (on ) Tj ET Q q 0 0 0 rg BT 460.07 531.85 Td (the ) Tj ET Q q 0 0 0 rg BT 475.20 531.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 507.84 531.85 Td (of ) Tj ET Q q 0 0 0 rg BT 517.97 531.85 Td (observable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 521.05 Td (inputs ) Tj ET Q q 0 0 0 rg BT 89.52 521.05 Td (used ) Tj ET Q q 0 0 0 rg BT 111.53 521.05 Td (to ) Tj ET Q q 0 0 0 rg BT 121.54 521.05 Td (value ) Tj ET Q q 0 0 0 rg BT 145.56 521.05 Td (the ) Tj ET Q q 0 0 0 rg BT 160.57 521.05 Td (instrument.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 504.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 95.48 504.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 102.44 504.25 Td ( ) Tj ET Q q 0 0 0 rg BT 109.40 504.25 Td (Quoted ) Tj ET Q q 0 0 0 rg BT 140.89 504.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 166.85 504.25 Td (are ) Tj ET Q q 0 0 0 rg BT 181.82 504.25 Td (available ) Tj ET Q q 0 0 0 rg BT 219.31 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 228.27 504.25 Td (active ) Tj ET Q q 0 0 0 rg BT 253.74 504.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 287.71 504.25 Td (for ) Tj ET Q q 0 0 0 rg BT 300.17 504.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 335.15 504.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 363.12 504.25 Td (or ) Tj ET Q q 0 0 0 rg BT 373.08 504.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 409.05 504.25 Td (as ) Tj ET Q q 0 0 0 rg BT 420.52 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.98 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.45 504.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 481.93 504.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 503.52 504.25 Td (Active ) Tj ET Q q 0 0 0 rg BT 529.99 504.25 Td (markets ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 493.45 Td (are ) Tj ET Q q 0 0 0 rg BT 87.50 493.45 Td (those ) Tj ET Q q 0 0 0 rg BT 112.01 493.45 Td (in ) Tj ET Q q 0 0 0 rg BT 121.51 493.45 Td (which ) Tj ET Q q 0 0 0 rg BT 147.02 493.45 Td (transactions ) Tj ET Q q 0 0 0 rg BT 198.03 493.45 Td (occur ) Tj ET Q q 0 0 0 rg BT 222.54 493.45 Td (in ) Tj ET Q q 0 0 0 rg BT 232.04 493.45 Td (suf) Tj ET Q q 0 0 0 rg BT 243.88 493.45 Td (ficient ) Tj ET Q q 0 0 0 rg BT 269.88 493.45 Td (frequency ) Tj ET Q q 0 0 0 rg BT 311.90 493.45 Td (and ) Tj ET Q q 0 0 0 rg BT 329.41 493.45 Td (volume ) Tj ET Q q 0 0 0 rg BT 360.92 493.45 Td (to ) Tj ET Q q 0 0 0 rg BT 370.92 493.45 Td (provide ) Tj ET Q q 0 0 0 rg BT 402.93 493.45 Td (pricing ) Tj ET Q q 0 0 0 rg BT 431.94 493.45 Td (information ) Tj ET Q q 0 0 0 rg BT 478.95 493.45 Td (on ) Tj ET Q q 0 0 0 rg BT 491.46 493.45 Td (an ) Tj ET Q q 0 0 0 rg BT 503.96 493.45 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 538.49 493.45 Td (basis. ) Tj ET Q q 0 0 0 rg BT 564.50 493.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 476.65 Td (Level ) Tj ET Q q 0 0 0 rg BT 95.68 476.65 Td (2 ) Tj ET Q q 0 0 0 rg BT 102.85 476.65 Td ( ) Tj ET Q q 0 0 0 rg BT 110.02 476.65 Td (Pricing ) Tj ET Q q 0 0 0 rg BT 139.69 476.65 Td (inputs ) Tj ET Q q 0 0 0 rg BT 165.87 476.65 Td (are ) Tj ET Q q 0 0 0 rg BT 181.04 476.65 Td (other ) Tj ET Q q 0 0 0 rg BT 203.72 476.65 Td (than ) Tj ET Q q 0 0 0 rg BT 223.40 476.65 Td (quoted ) Tj ET Q q 0 0 0 rg BT 253.09 476.65 Td (prices ) Tj ET Q q 0 0 0 rg BT 279.26 476.65 Td (in ) Tj ET Q q 0 0 0 rg BT 288.43 476.65 Td (active ) Tj ET Q q 0 0 0 rg BT 314.10 476.65 Td (markets ) Tj ET Q q 0 0 0 rg BT 348.27 476.65 Td (included ) Tj ET Q q 0 0 0 rg BT 383.96 476.65 Td (in ) Tj ET Q q 0 0 0 rg BT 393.13 476.65 Td (Level ) Tj ET Q q 0 0 0 rg BT 416.81 476.65 Td (1. ) Tj ET Q q 0 0 0 rg BT 426.48 476.65 Td (Prices ) Tj ET Q q 0 0 0 rg BT 453.65 476.65 Td (in ) Tj ET Q q 0 0 0 rg BT 462.82 476.65 Td (Level ) Tj ET Q q 0 0 0 rg BT 486.50 476.65 Td (2 ) Tj ET Q q 0 0 0 rg BT 493.66 476.65 Td (are ) Tj ET Q q 0 0 0 rg BT 508.84 476.65 Td (either ) Tj ET Q q 0 0 0 rg BT 533.51 476.65 Td (directly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 465.85 Td (or ) Tj ET Q q 0 0 0 rg BT 82.57 465.85 Td (indirectly ) Tj ET Q q 0 0 0 rg BT 120.64 465.85 Td (observable ) Tj ET Q q 0 0 0 rg BT 167.24 465.85 Td (as ) Tj ET Q q 0 0 0 rg BT 179.30 465.85 Td (of ) Tj ET Q q 0 0 0 rg BT 189.37 465.85 Td (the ) Tj ET Q q 0 0 0 rg BT 204.45 465.85 Td (reporting ) Tj ET Q q 0 0 0 rg BT 242.53 465.85 Td (date. ) Tj ET Q q 0 0 0 rg BT 265.12 465.85 Td (Level ) Tj ET Q q 0 0 0 rg BT 289.20 465.85 Td (2 ) Tj ET Q q 0 0 0 rg BT 296.76 465.85 Td (valuations ) Tj ET Q q 0 0 0 rg BT 339.85 465.85 Td (are ) Tj ET Q q 0 0 0 rg BT 355.43 465.85 Td (based ) Tj ET Q q 0 0 0 rg BT 382.51 465.85 Td (on ) Tj ET Q q 0 0 0 rg BT 395.09 465.85 Td (inputs, ) Tj ET Q q 0 0 0 rg BT 424.17 465.85 Td (including ) Tj ET Q q 0 0 0 rg BT 462.26 465.85 Td (quoted ) Tj ET Q q 0 0 0 rg BT 492.35 465.85 Td (forward ) Tj ET Q q 0 0 0 rg BT 524.92 465.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 551.49 465.85 Td (for ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 455.05 Td (commodities, ) Tj ET Q q 0 0 0 rg BT 127.52 455.05 Td (time ) Tj ET Q q 0 0 0 rg BT 147.02 455.05 Td (value ) Tj ET Q q 0 0 0 rg BT 171.04 455.05 Td (and ) Tj ET Q q 0 0 0 rg BT 188.55 455.05 Td (volatility ) Tj ET Q q 0 0 0 rg BT 223.06 455.05 Td (factors, ) Tj ET Q q 0 0 0 rg BT 255.07 455.05 Td (which ) Tj ET Q q 0 0 0 rg BT 280.58 455.05 Td (can ) Tj ET Q q 0 0 0 rg BT 297.59 455.05 Td (be ) Tj ET Q q 0 0 0 rg BT 310.10 455.05 Td (substantially ) Tj ET Q q 0 0 0 rg BT 362.13 455.05 Td (observed ) Tj ET Q q 0 0 0 rg BT 401.66 455.05 Td (or ) Tj ET Q q 0 0 0 rg BT 412.16 455.05 Td (corroborated ) Tj ET Q q 0 0 0 rg BT 465.69 455.05 Td (in ) Tj ET Q q 0 0 0 rg BT 475.19 455.05 Td (the ) Tj ET Q q 0 0 0 rg BT 490.21 455.05 Td (marketplace.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 438.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 95.86 438.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 103.21 438.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.55 438.25 Td (V) Tj ET Q q 0 0 0 rg BT 115.89 438.25 Td (aluation ) Tj ET Q q 0 0 0 rg BT 149.76 438.25 Td (in ) Tj ET Q q 0 0 0 rg BT 159.11 438.25 Td (this ) Tj ET Q q 0 0 0 rg BT 175.45 438.25 Td (level ) Tj ET Q q 0 0 0 rg BT 196.31 438.25 Td (are ) Tj ET Q q 0 0 0 rg BT 211.66 438.25 Td (those ) Tj ET Q q 0 0 0 rg BT 236.02 438.25 Td (with ) Tj ET Q q 0 0 0 rg BT 254.36 438.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 280.72 438.25 Td (for ) Tj ET Q q 0 0 0 rg BT 293.57 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.42 438.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 332.28 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 342.62 438.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 378.98 438.25 Td (that ) Tj ET Q q 0 0 0 rg BT 396.33 438.25 Td (are ) Tj ET Q q 0 0 0 rg BT 411.68 438.25 Td (not ) Tj ET Q q 0 0 0 rg BT 426.54 438.25 Td (based ) Tj ET Q q 0 0 0 rg BT 453.40 438.25 Td (on ) Tj ET Q q 0 0 0 rg BT 465.76 438.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 512.13 438.25 Td (market ) Tj ET Q q 0 0 0 rg BT 541.98 438.25 Td (data.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 421.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 112.75 421.45 Td (marketable ) Tj ET Q q 0 0 0 rg BT 161.27 421.45 Td (securities ) Tj ET Q q 0 0 0 rg BT 203.29 421.45 Td (have ) Tj ET Q q 0 0 0 rg BT 226.81 421.45 Td (been ) Tj ET Q q 0 0 0 rg BT 250.83 421.45 Td (classified ) Tj ET Q q 0 0 0 rg BT 291.85 421.45 Td (as ) Tj ET Q q 0 0 0 rg BT 305.36 421.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 330.88 421.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 339.89 421.45 Td (measurements ) Tj ET Q q 0 0 0 rg BT 403.42 421.45 Td (and ) Tj ET Q q 0 0 0 rg BT 422.44 421.45 Td (its ) Tj ET Q q 0 0 0 rg BT 435.44 421.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 472.47 421.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 518.49 421.45 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 410.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 105.01 410.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 141.03 410.65 Td (instrument ) Tj ET Q q 0 0 0 rg BT 186.04 410.65 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 228.05 410.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 250.56 410.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 271.08 410.65 Td (and ) Tj ET Q q 0 0 0 rg BT 289.09 410.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 316.60 410.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 361.62 410.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 386.63 410.65 Td (are ) Tj ET Q q 0 0 0 rg BT 402.64 410.65 Td (classified ) Tj ET Q q 0 0 0 rg BT 442.65 410.65 Td (as ) Tj ET Q q 0 0 0 rg BT 455.15 410.65 Td (Level ) Tj ET Q q 0 0 0 rg BT 479.66 410.65 Td (2 ) Tj ET Q q 0 0 0 rg BT 487.66 410.65 Td (measurements. ) Tj ET Q q 0 0 0 rg BT 552.49 410.65 Td (T) Tj ET Q q 0 0 0 rg BT 556.99 410.65 Td (o ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 399.85 Td (estimate ) Tj ET Q q 0 0 0 rg BT 98.85 399.85 Td (the ) Tj ET Q q 0 0 0 rg BT 113.20 399.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 127.54 399.85 Td (value ) Tj ET Q q 0 0 0 rg BT 150.90 399.85 Td (of ) Tj ET Q q 0 0 0 rg BT 160.24 399.85 Td (these ) Tj ET Q q 0 0 0 rg BT 184.10 399.85 Td (financial ) Tj ET Q q 0 0 0 rg BT 218.96 399.85 Td (instruments ) Tj ET Q q 0 0 0 rg BT 267.31 399.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 308.68 399.85 Td (uses ) Tj ET Q q 0 0 0 rg BT 329.53 399.85 Td (quoted ) Tj ET Q q 0 0 0 rg BT 358.89 399.85 Td (market ) Tj ET Q q 0 0 0 rg BT 388.24 399.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 414.08 399.85 Td (when ) Tj ET Q q 0 0 0 rg BT 437.44 399.85 Td (available ) Tj ET Q q 0 0 0 rg BT 474.80 399.85 Td (or ) Tj ET Q q 0 0 0 rg BT 484.64 399.85 Td (fair-value ) Tj ET Q q 0 0 0 rg BT 523.50 399.85 Td (estimates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 389.05 Td (from ) Tj ET Q q 0 0 0 rg BT 84.45 389.05 Td (third-party ) Tj ET Q q 0 0 0 rg BT 128.42 389.05 Td (valuation ) Tj ET Q q 0 0 0 rg BT 167.90 389.05 Td (models ) Tj ET Q q 0 0 0 rg BT 200.37 389.05 Td (that ) Tj ET Q q 0 0 0 rg BT 218.83 389.05 Td (use ) Tj ET Q q 0 0 0 rg BT 236.80 389.05 Td (observable ) Tj ET Q q 0 0 0 rg BT 284.28 389.05 Td (market ) Tj ET Q q 0 0 0 rg BT 315.24 389.05 Td (data. ) Tj ET Q q 0 0 0 rg BT 338.71 389.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 381.69 389.05 Td (does ) Tj ET Q q 0 0 0 rg BT 404.66 389.05 Td (not ) Tj ET Q q 0 0 0 rg BT 420.63 389.05 Td (have ) Tj ET Q q 0 0 0 rg BT 443.60 389.05 Td (any ) Tj ET Q q 0 0 0 rg BT 461.56 389.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 477.52 389.05 Td (value ) Tj ET Q q 0 0 0 rg BT 502.49 389.05 Td (measurements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 378.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 101.35 378.25 Td (as ) Tj ET Q q 0 0 0 rg BT 112.19 378.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 135.04 378.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 143.89 378.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 184.75 378.25 Td (does ) Tj ET Q q 0 0 0 rg BT 205.60 378.25 Td (not ) Tj ET Q q 0 0 0 rg BT 219.45 378.25 Td (have ) Tj ET Q q 0 0 0 rg BT 240.30 378.25 Td (any ) Tj ET Q q 0 0 0 rg BT 256.14 378.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 290.50 378.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 317.85 378.25 Td (or ) Tj ET Q q 0 0 0 rg BT 327.19 378.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 361.54 378.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 396.89 378.25 Td (that ) Tj ET Q q 0 0 0 rg BT 413.24 378.25 Td (are ) Tj ET Q q 0 0 0 rg BT 427.58 378.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 457.44 378.25 Td (to ) Tj ET Q q 0 0 0 rg BT 466.28 378.25 Td (of) Tj ET Q q 0 0 0 rg BT 473.62 378.25 Td (fsetting ) Tj ET Q q 0 0 0 rg BT 503.97 378.25 Td (arrangements.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 361.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.52 361.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.04 361.45 Td (market ) Tj ET Q q 0 0 0 rg BT 124.56 361.45 Td (value ) Tj ET Q q 0 0 0 rg BT 148.09 361.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 185.63 361.45 Td (on ) Tj ET Q q 0 0 0 rg BT 197.65 361.45 Td (the ) Tj ET Q q 0 0 0 rg BT 212.18 361.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 264.73 361.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 310.76 361.45 Td (of ) Tj ET Q q 0 0 0 rg BT 320.28 361.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 355.32 361.45 Td (position ) Tj ET Q q 0 0 0 rg BT 388.35 361.45 Td (for ) Tj ET Q q 0 0 0 rg BT 400.87 361.45 Td (these ) Tj ET Q q 0 0 0 rg BT 424.90 361.45 Td (financial ) Tj ET Q q 0 0 0 rg BT 459.94 361.45 Td (instrument ) Tj ET Q q 0 0 0 rg BT 503.97 361.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 542.50 361.45 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 350.65 Td (as ) Tj ET Q q 0 0 0 rg BT 75.01 350.65 Td (follows:) Tj ET Q 1 1 1 rg /GS0 gs 60.00 337.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 337.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 364.00 337.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 337.15 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 466.00 337.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 60.00 312.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 312.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 364.00 312.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 312.15 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 466.00 312.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 60.00 284.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 284.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 284.15 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 466.00 284.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 60.00 256.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 256.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 364.00 256.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 256.15 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 466.00 256.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 60.00 228.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 228.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 364.00 228.15 98.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 228.15 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 60.00 200.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 200.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 200.15 4.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 60.00 172.15 219.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 279.00 172.15 85.00 -14.00 re f /GS0 gs 1 1 1 rg /GS0 gs 462.00 172.15 4.00 -14.00 re f /GS0 gs 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 60 337.15 m 279 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 60 323.15 m 279 323.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 337.15 m 364 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 323.15 m 364 323.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 337.15 m 462 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 323.15 m 462 323.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 337.15 m 466 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 323.15 m 466 323.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 337.15 m 564 337.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 323.15 m 564 323.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 60 158.14999999999998 m 279 158.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 279 158.14999999999998 m 364 158.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 364 158.14999999999998 m 462 158.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 158.14999999999998 m 466 158.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 158.14999999999998 m 564 158.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 60 144.14999999999998 m 279 144.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 279 144.14999999999998 m 364 144.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 364 144.14999999999998 m 462 144.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 462 144.14999999999998 m 466 144.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466 144.14999999999998 m 564 144.14999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 377.40 327.55 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.45 327.55 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 62.50 315.55 Td (\($ ) Tj ET Q q 0 0 0 rg BT 70.67 315.55 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.50 302.55 Td (Current ) Tj ET Q q 0 0 0 rg BT 95.01 302.55 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 288.55 Td (Marketable securities) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 153.53 292.84 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 288.55 Td (102) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 288.55 Td (814) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 274.55 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 234.06 278.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 274.55 Td (66,213) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.95 274.55 Td (140,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 260.55 Td (Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 188.05 264.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.95 260.55 Td (2,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 549.50 260.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.50 246.55 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 106.02 246.55 Td (assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 232.55 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 234.06 236.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 232.55 Td (19,390) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 232.55 Td (17,680) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 218.55 Td (Financial instrument contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 188.05 222.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 218.55 Td (68,754) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 218.55 Td (16,025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.50 204.55 Td (Current ) Tj ET Q q 0 0 0 rg BT 95.01 204.55 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 190.55 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 234.06 194.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.95 190.55 Td (\(2,811) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.50 190.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 190.55 Td (\(1,693) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 190.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.50 176.55 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 106.02 176.55 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 68.50 162.55 Td (Financial instrument commodity contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 234.06 166.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.95 162.55 Td (\(2,289) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.50 162.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 162.55 Td (\(2,385) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 162.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 62.50 148.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 79.01 148.55 Td (asset) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 425.95 148.55 Td (151,372) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 148.55 Td (170,712) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 134.45 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.00 134.45 Td (Level ) Tj ET Q q 0 0 0 rg BT 97.01 134.45 Td (1) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 127.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 72.00 127.25 Td ( ) Tj ET Q q 0 0 0 rg BT 81.00 127.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 97.01 127.25 Td (2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 113.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.33 113.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 133.43 113.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 153.53 113.45 Td (bears ) Tj ET Q q 0 0 0 rg BT 178.63 113.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 210.73 113.45 Td (at ) Tj ET Q q 0 0 0 rg BT 220.82 113.45 Td (a ) Tj ET Q q 0 0 0 rg BT 228.41 113.45 Td (floating ) Tj ET Q q 0 0 0 rg BT 260.01 113.45 Td (market ) Tj ET Q q 0 0 0 rg BT 290.10 113.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 308.20 113.45 Td (and ) Tj ET Q q 0 0 0 rg BT 325.80 113.45 Td (accordingly ) Tj ET Q q 0 0 0 rg BT 373.91 113.45 Td (the ) Tj ET Q q 0 0 0 rg BT 389.00 113.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 404.09 113.45 Td (market ) Tj ET Q q 0 0 0 rg BT 434.18 113.45 Td (value ) Tj ET Q q 0 0 0 rg BT 458.28 113.45 Td (approximates ) Tj ET Q q 0 0 0 rg BT 514.89 113.45 Td (the ) Tj ET Q q 0 0 0 rg BT 529.99 113.45 Td (carrying ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 102.65 Td (value. ) Tj ET Q q 0 0 0 rg BT 90.30 102.65 Td (The ) Tj ET Q q 0 0 0 rg BT 109.33 102.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 125.34 102.65 Td (market ) Tj ET Q q 0 0 0 rg BT 156.36 102.65 Td (value ) Tj ET Q q 0 0 0 rg BT 181.40 102.65 Td (of ) Tj ET Q q 0 0 0 rg BT 192.42 102.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 241.67 102.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 269.70 102.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 315.25 102.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 340.78 102.65 Td (as ) Tj ET Q q 0 0 0 rg BT 353.80 102.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.82 102.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 424.86 102.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.88 102.65 Td ( ) Tj ET Q q 0 0 0 rg BT 448.40 102.65 Td (is ) Tj ET Q q 0 0 0 rg BT 458.41 102.65 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.95 102.65 Td ($1.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.47 102.65 Td ( ) Tj ET Q q 0 0 0 rg BT 538.99 102.65 Td (billion ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 91.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 91.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.97 91.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.99 91.85 Td (-$) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.00 91.85 Td (924.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 180.52 91.85 Td (million\), ) Tj ET Q q 0 0 0 rg BT 216.47 91.85 Td (compared ) Tj ET Q q 0 0 0 rg BT 258.94 91.85 Td (to ) Tj ET Q q 0 0 0 rg BT 268.89 91.85 Td (a ) Tj ET Q q 0 0 0 rg BT 276.34 91.85 Td (carrying ) Tj ET Q q 0 0 0 rg BT 310.80 91.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 343.26 91.85 Td (of ) Tj ET Q q 0 0 0 rg BT 353.22 91.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.22 91.85 Td (995.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.74 91.85 Td ( ) Tj ET Q q 0 0 0 rg BT 383.19 91.85 Td (million ) Tj ET Q q 0 0 0 rg BT 411.14 91.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.14 91.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 473.11 91.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 493.13 91.85 Td ( ) Tj ET Q q 0 0 0 rg BT 495.58 91.85 Td (- ) Tj ET Q q 0 0 0 rg BT 501.03 91.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.03 91.85 Td (887.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.55 91.85 Td ( ) Tj ET Q q 0 0 0 rg BT 531.00 91.85 Td (million\).) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 43) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 49.50 742.45 Td (5. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 742.45 Td (Capital Management) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 725.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 115.42 725.65 Td (objective ) Tj ET Q q 0 0 0 rg BT 153.12 725.65 Td (when ) Tj ET Q q 0 0 0 rg BT 176.81 725.65 Td (managing ) Tj ET Q q 0 0 0 rg BT 218.52 725.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 246.71 725.65 Td (is ) Tj ET Q q 0 0 0 rg BT 255.38 725.65 Td (to ) Tj ET Q q 0 0 0 rg BT 265.07 725.65 Td (create ) Tj ET Q q 0 0 0 rg BT 292.26 725.65 Td (value ) Tj ET Q q 0 0 0 rg BT 315.95 725.65 Td (for ) Tj ET Q q 0 0 0 rg BT 328.63 725.65 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 382.84 725.65 Td (by ) Tj ET Q q 0 0 0 rg BT 394.52 725.65 Td (consistently ) Tj ET Q q 0 0 0 rg BT 443.72 725.65 Td (aligning ) Tj ET Q q 0 0 0 rg BT 476.92 725.65 Td (its ) Tj ET Q q 0 0 0 rg BT 488.10 725.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 516.29 725.65 Td (program ) Tj ET Q q 0 0 0 rg BT 551.98 725.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 714.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 107.45 714.85 Td (with ) Tj ET Q q 0 0 0 rg BT 125.38 714.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 149.33 714.85 Td (from ) Tj ET Q q 0 0 0 rg BT 169.25 714.85 Td (operations. ) Tj ET Q q 0 0 0 rg BT 215.71 714.85 Td (While ) Tj ET Q q 0 0 0 rg BT 240.14 714.85 Td (world ) Tj ET Q q 0 0 0 rg BT 263.58 714.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 309.01 714.85 Td (prices ) Tj ET Q q 0 0 0 rg BT 334.95 714.85 Td (continue ) Tj ET Q q 0 0 0 rg BT 370.90 714.85 Td (to ) Tj ET Q q 0 0 0 rg BT 380.33 714.85 Td (present ) Tj ET Q q 0 0 0 rg BT 412.28 714.85 Td (a ) Tj ET Q q 0 0 0 rg BT 419.21 714.85 Td (challenging ) Tj ET Q q 0 0 0 rg BT 466.67 714.85 Td (environment ) Tj ET Q q 0 0 0 rg BT 518.13 714.85 Td (for ) Tj ET Q q 0 0 0 rg BT 530.56 714.85 Td (the ) Tj ET Q q 0 0 0 rg BT 544.99 714.85 Td (North ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 704.05 Td (American ) Tj ET Q q 0 0 0 rg BT 107.85 704.05 Td (energy ) Tj ET Q q 0 0 0 rg BT 137.71 704.05 Td (sector) Tj ET Q q 0 0 0 rg BT 161.72 704.05 Td (, ) Tj ET Q q 0 0 0 rg BT 166.56 704.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 208.43 704.05 Td (remains ) Tj ET Q q 0 0 0 rg BT 242.77 704.05 Td (committed ) Tj ET Q q 0 0 0 rg BT 286.62 704.05 Td (to ) Tj ET Q q 0 0 0 rg BT 296.47 704.05 Td (preserving ) Tj ET Q q 0 0 0 rg BT 340.83 704.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 376.19 704.05 Td (flexibility) Tj ET Q q 0 0 0 rg BT 409.53 704.05 Td (, ) Tj ET Q q 0 0 0 rg BT 414.37 704.05 Td (future ) Tj ET Q q 0 0 0 rg BT 439.72 704.05 Td (asset ) Tj ET Q q 0 0 0 rg BT 463.57 704.05 Td (value ) Tj ET Q q 0 0 0 rg BT 487.43 704.05 Td (and ) Tj ET Q q 0 0 0 rg BT 504.79 704.05 Td (the ) Tj ET Q q 0 0 0 rg BT 519.64 704.05 Td (prudent ) Tj ET Q q 0 0 0 rg BT 552.50 704.05 Td (use ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 693.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.14 693.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 99.15 693.25 Td (This ) Tj ET Q q 0 0 0 rg BT 118.29 693.25 Td (has ) Tj ET Q q 0 0 0 rg BT 134.93 693.25 Td (been ) Tj ET Q q 0 0 0 rg BT 157.08 693.25 Td (accomplished ) Tj ET Q q 0 0 0 rg BT 214.24 693.25 Td (by ) Tj ET Q q 0 0 0 rg BT 225.88 693.25 Td (way ) Tj ET Q q 0 0 0 rg BT 244.02 693.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.66 693.25 Td (reductions ) Tj ET Q q 0 0 0 rg BT 297.32 693.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.95 693.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 354.83 693.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 382.98 693.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.13 693.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 435.79 693.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 475.93 693.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.57 693.25 Td (align ) Tj ET Q q 0 0 0 rg BT 506.72 693.25 Td (with ) Tj ET Q q 0 0 0 rg BT 524.86 693.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.00 693.25 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 682.45 Td (operations. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 665.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 110.24 665.65 Td (considers ) Tj ET Q q 0 0 0 rg BT 151.98 665.65 Td (its ) Tj ET Q q 0 0 0 rg BT 164.20 665.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 193.43 665.65 Td (structure ) Tj ET Q q 0 0 0 rg BT 231.66 665.65 Td (to ) Tj ET Q q 0 0 0 rg BT 242.38 665.65 Td (include ) Tj ET Q q 0 0 0 rg BT 274.12 665.65 Td (working ) Tj ET Q q 0 0 0 rg BT 308.35 665.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 337.59 665.65 Td (\(excluding ) Tj ET Q q 0 0 0 rg BT 381.83 665.65 Td (associated ) Tj ET Q q 0 0 0 rg BT 428.07 665.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 457.30 665.65 Td (and ) Tj ET Q q 0 0 0 rg BT 475.54 665.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 512.77 665.65 Td (from ) Tj ET Q q 0 0 0 rg BT 533.99 665.65 Td (financial ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 654.85 Td (instrument ) Tj ET Q q 0 0 0 rg BT 111.65 654.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 157.29 654.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 195.94 654.85 Td (and ) Tj ET Q q 0 0 0 rg BT 213.09 654.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 284.75 654.85 Td (liabilities\), ) Tj ET Q q 0 0 0 rg BT 326.40 654.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 348.04 654.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 372.18 654.85 Td (facility) Tj ET Q q 0 0 0 rg BT 396.52 654.85 Td (, ) Tj ET Q q 0 0 0 rg BT 401.15 654.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 427.80 654.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 471.96 654.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 496.11 654.85 Td (and ) Tj ET Q q 0 0 0 rg BT 513.26 654.85 Td (shareholders' ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 644.05 Td (equity) Tj ET Q q 0 0 0 rg BT 90.85 644.05 Td (. ) Tj ET Q q 0 0 0 rg BT 95.88 644.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 137.93 644.05 Td (monitors ) Tj ET Q q 0 0 0 rg BT 174.97 644.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 203.51 644.05 Td (based ) Tj ET Q q 0 0 0 rg BT 230.56 644.05 Td (on ) Tj ET Q q 0 0 0 rg BT 243.10 644.05 Td (the ) Tj ET Q q 0 0 0 rg BT 258.14 644.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 278.18 644.05 Td (of ) Tj ET Q q 0 0 0 rg BT 288.22 644.05 Td (net ) Tj ET Q q 0 0 0 rg BT 303.26 644.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 323.30 644.05 Td (to ) Tj ET Q q 0 0 0 rg BT 333.34 644.05 Td (annualized ) Tj ET Q q 0 0 0 rg BT 379.40 644.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 403.95 644.05 Td (from ) Tj ET Q q 0 0 0 rg BT 424.48 644.05 Td (operations. ) Tj ET Q q 0 0 0 rg BT 471.37 644.05 Td (The ) Tj ET Q q 0 0 0 rg BT 489.41 644.05 Td (ratio ) Tj ET Q q 0 0 0 rg BT 509.44 644.05 Td (represents ) Tj ET Q q 0 0 0 rg BT 554.49 644.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 633.25 Td (time ) Tj ET Q q 0 0 0 rg BT 86.38 633.25 Td (period ) Tj ET Q q 0 0 0 rg BT 113.28 633.25 Td (it ) Tj ET Q q 0 0 0 rg BT 119.66 633.25 Td (would ) Tj ET Q q 0 0 0 rg BT 145.06 633.25 Td (take ) Tj ET Q q 0 0 0 rg BT 163.95 633.25 Td (to ) Tj ET Q q 0 0 0 rg BT 173.34 633.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 189.73 633.25 Td (of) Tj ET Q q 0 0 0 rg BT 197.08 633.25 Td (f ) Tj ET Q q 0 0 0 rg BT 201.46 633.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.85 633.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 235.25 633.25 Td (if ) Tj ET Q q 0 0 0 rg BT 241.63 633.25 Td (no ) Tj ET Q q 0 0 0 rg BT 253.52 633.25 Td (further ) Tj ET Q q 0 0 0 rg BT 281.41 633.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 309.31 633.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 362.73 633.25 Td (were ) Tj ET Q q 0 0 0 rg BT 384.12 633.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 418.51 633.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.41 633.25 Td (if ) Tj ET Q q 0 0 0 rg BT 441.79 633.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 465.69 633.25 Td (from ) Tj ET Q q 0 0 0 rg BT 485.57 633.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 529.48 633.25 Td (remained ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 622.45 Td (constant. ) Tj ET Q q 0 0 0 rg BT 106.41 622.45 Td (This ) Tj ET Q q 0 0 0 rg BT 125.96 622.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 146.01 622.45 Td (is ) Tj ET Q q 0 0 0 rg BT 155.06 622.45 Td (calculated ) Tj ET Q q 0 0 0 rg BT 198.13 622.45 Td (as ) Tj ET Q q 0 0 0 rg BT 210.19 622.45 Td (net ) Tj ET Q q 0 0 0 rg BT 225.25 622.45 Td (debt, ) Tj ET Q q 0 0 0 rg BT 247.81 622.45 Td (defined ) Tj ET Q q 0 0 0 rg BT 279.89 622.45 Td (as ) Tj ET Q q 0 0 0 rg BT 291.94 622.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 341.03 622.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 363.09 622.45 Td (debt, ) Tj ET Q q 0 0 0 rg BT 385.66 622.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 412.72 622.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 457.30 622.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 481.86 622.45 Td (and ) Tj ET Q q 0 0 0 rg BT 499.43 622.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 536.00 622.45 Td (working ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 611.65 Td (capital, ) Tj ET Q q 0 0 0 rg BT 98.90 611.65 Td (divided ) Tj ET Q q 0 0 0 rg BT 130.31 611.65 Td (by ) Tj ET Q q 0 0 0 rg BT 142.70 611.65 Td (funds ) Tj ET Q q 0 0 0 rg BT 167.60 611.65 Td (from ) Tj ET Q q 0 0 0 rg BT 188.49 611.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 233.41 611.65 Td (for ) Tj ET Q q 0 0 0 rg BT 246.79 611.65 Td (the ) Tj ET Q q 0 0 0 rg BT 262.19 611.65 Td (most ) Tj ET Q q 0 0 0 rg BT 284.58 611.65 Td (recent ) Tj ET Q q 0 0 0 rg BT 312.48 611.65 Td (calendar ) Tj ET Q q 0 0 0 rg BT 349.89 611.65 Td (quarter) Tj ET Q q 0 0 0 rg BT 377.91 611.65 Td (, ) Tj ET Q q 0 0 0 rg BT 383.30 611.65 Td (annualized ) Tj ET Q q 0 0 0 rg BT 429.72 611.65 Td (\(multiplied ) Tj ET Q q 0 0 0 rg BT 473.62 611.65 Td (by ) Tj ET Q q 0 0 0 rg BT 486.01 611.65 Td (four\). ) Tj ET Q q 0 0 0 rg BT 509.72 611.65 Td (This ) Tj ET Q q 0 0 0 rg BT 529.60 611.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 550.00 611.65 Td (may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 600.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 103.86 600.85 Td (at ) Tj ET Q q 0 0 0 rg BT 113.71 600.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 143.07 600.85 Td (times ) Tj ET Q q 0 0 0 rg BT 166.92 600.85 Td (as ) Tj ET Q q 0 0 0 rg BT 178.77 600.85 Td (a ) Tj ET Q q 0 0 0 rg BT 186.12 600.85 Td (result ) Tj ET Q q 0 0 0 rg BT 210.47 600.85 Td (of ) Tj ET Q q 0 0 0 rg BT 220.33 600.85 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 269.70 600.85 Td (or ) Tj ET Q q 0 0 0 rg BT 280.04 600.85 Td (low ) Tj ET Q q 0 0 0 rg BT 295.89 600.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 341.75 600.85 Td (prices. ) Tj ET Q q 0 0 0 rg BT 370.14 600.85 Td (As ) Tj ET Q q 0 0 0 rg BT 382.99 600.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.84 600.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 451.71 600.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.73 600.85 Td (, ) Tj ET Q q 0 0 0 rg BT 476.58 600.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 517.94 600.85 Td (s ) Tj ET Q q 0 0 0 rg BT 524.78 600.85 Td (ratio ) Tj ET Q q 0 0 0 rg BT 544.64 600.85 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 600.85 Td (net ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 590.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 87.52 590.05 Td (to ) Tj ET Q q 0 0 0 rg BT 97.52 590.05 Td (fourth ) Tj ET Q q 0 0 0 rg BT 123.04 590.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 154.05 590.05 Td (annualized ) Tj ET Q q 0 0 0 rg BT 200.09 590.05 Td (funds ) Tj ET Q q 0 0 0 rg BT 224.61 590.05 Td (from ) Tj ET Q q 0 0 0 rg BT 245.11 590.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 289.64 590.05 Td (was ) Tj ET Q q 0 0 0 rg BT 308.14 590.05 Td (3.4 ) Tj ET Q q 0 0 0 rg BT 323.16 590.05 Td (to ) Tj ET Q q 0 0 0 rg BT 333.16 590.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 340.67 590.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 343.67 590.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 402.69 590.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 422.71 590.05 Td (-2.1to1\). ) Tj ET Q q 0 0 0 rg BT 468.73 590.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 573.25 Td (T) Tj ET Q q 0 0 0 rg BT 72.00 573.25 Td (o ) Tj ET Q q 0 0 0 rg BT 79.74 573.25 Td (facilitate ) Tj ET Q q 0 0 0 rg BT 115.48 573.25 Td (the ) Tj ET Q q 0 0 0 rg BT 130.73 573.25 Td (management ) Tj ET Q q 0 0 0 rg BT 185.99 573.25 Td (of ) Tj ET Q q 0 0 0 rg BT 196.23 573.25 Td (this ) Tj ET Q q 0 0 0 rg BT 212.96 573.25 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 235.70 573.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 277.96 573.25 Td (prepares ) Tj ET Q q 0 0 0 rg BT 316.21 573.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 345.97 573.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 370.72 573.25 Td (from ) Tj ET Q q 0 0 0 rg BT 391.45 573.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 436.21 573.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.96 573.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 482.71 573.25 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 532.47 573.25 Td (budgets, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 562.45 Td (which ) Tj ET Q q 0 0 0 rg BT 92.23 562.45 Td (are ) Tj ET Q q 0 0 0 rg BT 106.95 562.45 Td (updated ) Tj ET Q q 0 0 0 rg BT 141.20 562.45 Td (as ) Tj ET Q q 0 0 0 rg BT 152.42 562.45 Td (necessary) Tj ET Q q 0 0 0 rg BT 192.77 562.45 Td (, ) Tj ET Q q 0 0 0 rg BT 196.99 562.45 Td (and ) Tj ET Q q 0 0 0 rg BT 213.72 562.45 Td (are ) Tj ET Q q 0 0 0 rg BT 228.45 562.45 Td (reviewed ) Tj ET Q q 0 0 0 rg BT 266.18 562.45 Td (and ) Tj ET Q q 0 0 0 rg BT 282.92 562.45 Td (periodically ) Tj ET Q q 0 0 0 rg BT 329.65 562.45 Td (approved ) Tj ET Q q 0 0 0 rg BT 368.90 562.45 Td (by ) Tj ET Q q 0 0 0 rg BT 380.12 562.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 421.48 562.45 Td (s ) Tj ET Q q 0 0 0 rg BT 427.70 562.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 453.43 562.45 Td (of ) Tj ET Q q 0 0 0 rg BT 462.66 562.45 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 502.77 562.45 Td (The ) Tj ET Q q 0 0 0 rg BT 519.99 562.45 Td (Corporation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 551.65 Td (manages ) Tj ET Q q 0 0 0 rg BT 107.34 551.65 Td (its ) Tj ET Q q 0 0 0 rg BT 119.16 551.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 147.99 551.65 Td (structure ) Tj ET Q q 0 0 0 rg BT 185.82 551.65 Td (and ) Tj ET Q q 0 0 0 rg BT 203.65 551.65 Td (makes ) Tj ET Q q 0 0 0 rg BT 232.98 551.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 284.32 551.65 Td (by ) Tj ET Q q 0 0 0 rg BT 296.64 551.65 Td (continually ) Tj ET Q q 0 0 0 rg BT 341.98 551.65 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 386.82 551.65 Td (its ) Tj ET Q q 0 0 0 rg BT 398.64 551.65 Td (business ) Tj ET Q q 0 0 0 rg BT 436.97 551.65 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 482.82 551.65 Td (including: ) Tj ET Q q 0 0 0 rg BT 523.66 551.65 Td (the ) Tj ET Q q 0 0 0 rg BT 538.99 551.65 Td (current ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 540.85 Td (economic ) Tj ET Q q 0 0 0 rg BT 108.19 540.85 Td (conditions; ) Tj ET Q q 0 0 0 rg BT 153.39 540.85 Td (the ) Tj ET Q q 0 0 0 rg BT 168.07 540.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 184.24 540.85 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 243.93 540.85 Td (of ) Tj ET Q q 0 0 0 rg BT 253.61 540.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 294.97 540.85 Td (s ) Tj ET Q q 0 0 0 rg BT 301.64 540.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 312.81 540.85 Td (and ) Tj ET Q q 0 0 0 rg BT 330.00 540.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 359.69 540.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 376.38 540.85 Td (assets; ) Tj ET Q q 0 0 0 rg BT 407.06 540.85 Td (the ) Tj ET Q q 0 0 0 rg BT 421.74 540.85 Td (depth ) Tj ET Q q 0 0 0 rg BT 446.44 540.85 Td (of ) Tj ET Q q 0 0 0 rg BT 456.11 540.85 Td (its ) Tj ET Q q 0 0 0 rg BT 467.29 540.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 512.98 540.85 Td (opportunities; ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 530.05 Td (current ) Tj ET Q q 0 0 0 rg BT 98.43 530.05 Td (and ) Tj ET Q q 0 0 0 rg BT 116.37 530.05 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 161.32 530.05 Td (net ) Tj ET Q q 0 0 0 rg BT 176.75 530.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 197.19 530.05 Td (levels; ) Tj ET Q q 0 0 0 rg BT 225.62 530.05 Td (current ) Tj ET Q q 0 0 0 rg BT 256.55 530.05 Td (and ) Tj ET Q q 0 0 0 rg BT 274.49 530.05 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 319.44 530.05 Td (commodity ) Tj ET Q q 0 0 0 rg BT 365.87 530.05 Td (prices; ) Tj ET Q q 0 0 0 rg BT 395.30 530.05 Td (and ) Tj ET Q q 0 0 0 rg BT 413.24 530.05 Td (other ) Tj ET Q q 0 0 0 rg BT 436.67 530.05 Td (factors ) Tj ET Q q 0 0 0 rg BT 466.60 530.05 Td (that ) Tj ET Q q 0 0 0 rg BT 484.54 530.05 Td (influence ) Tj ET Q q 0 0 0 rg BT 523.49 530.05 Td (commodity ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 519.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 94.01 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 111.52 519.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 136.04 519.25 Td (from ) Tj ET Q q 0 0 0 rg BT 156.54 519.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 203.57 519.25 Td (such ) Tj ET Q q 0 0 0 rg BT 225.08 519.25 Td (as ) Tj ET Q q 0 0 0 rg BT 237.09 519.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 265.61 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.12 519.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 306.63 519.25 Td (dif) Tj ET Q q 0 0 0 rg BT 315.98 519.25 Td (ferentials, ) Tj ET Q q 0 0 0 rg BT 357.50 519.25 Td (royalties, ) Tj ET Q q 0 0 0 rg BT 396.01 519.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 436.04 519.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 459.54 519.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.06 519.25 Td (transportation ) Tj ET Q q 0 0 0 rg BT 534.59 519.25 Td (costs.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 502.45 Td (T) Tj ET Q q 0 0 0 rg BT 72.00 502.45 Td (o ) Tj ET Q q 0 0 0 rg BT 80.36 502.45 Td (maintain ) Tj ET Q q 0 0 0 rg BT 117.74 502.45 Td (or ) Tj ET Q q 0 0 0 rg BT 129.10 502.45 Td (adjust ) Tj ET Q q 0 0 0 rg BT 156.47 502.45 Td (the ) Tj ET Q q 0 0 0 rg BT 172.34 502.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 201.71 502.45 Td (structure, ) Tj ET Q q 0 0 0 rg BT 242.58 502.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 285.46 502.45 Td (will ) Tj ET Q q 0 0 0 rg BT 301.31 502.45 Td (consider: ) Tj ET Q q 0 0 0 rg BT 341.19 502.45 Td (its ) Tj ET Q q 0 0 0 rg BT 353.54 502.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 398.92 502.45 Td (ratio ) Tj ET Q q 0 0 0 rg BT 419.79 502.45 Td (of ) Tj ET Q q 0 0 0 rg BT 430.65 502.45 Td (net ) Tj ET Q q 0 0 0 rg BT 446.52 502.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 467.39 502.45 Td (to ) Tj ET Q q 0 0 0 rg BT 478.25 502.45 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 523.63 502.45 Td (funds ) Tj ET Q q 0 0 0 rg BT 549.01 502.45 Td (from ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 491.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 111.37 491.65 Td (while ) Tj ET Q q 0 0 0 rg BT 133.71 491.65 Td (attempting ) Tj ET Q q 0 0 0 rg BT 177.57 491.65 Td (to ) Tj ET Q q 0 0 0 rg BT 186.92 491.65 Td (finance ) Tj ET Q q 0 0 0 rg BT 217.77 491.65 Td (an ) Tj ET Q q 0 0 0 rg BT 229.62 491.65 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 274.99 491.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 302.84 491.65 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 351.71 491.65 Td (program ) Tj ET Q q 0 0 0 rg BT 387.06 491.65 Td (including ) Tj ET Q q 0 0 0 rg BT 424.42 491.65 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 468.79 491.65 Td (opportunities; ) Tj ET Q q 0 0 0 rg BT 524.66 491.65 Td (the ) Tj ET Q q 0 0 0 rg BT 539.00 491.65 Td (current ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 480.85 Td (level ) Tj ET Q q 0 0 0 rg BT 88.02 480.85 Td (of ) Tj ET Q q 0 0 0 rg BT 97.54 480.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 119.06 480.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 143.08 480.85 Td (available ) Tj ET Q q 0 0 0 rg BT 180.62 480.85 Td (from ) Tj ET Q q 0 0 0 rg BT 200.63 480.85 Td (the ) Tj ET Q q 0 0 0 rg BT 215.15 480.85 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 270.41 480.85 Td (lenders; ) Tj ET Q q 0 0 0 rg BT 304.44 480.85 Td (the ) Tj ET Q q 0 0 0 rg BT 318.96 480.85 Td (availability ) Tj ET Q q 0 0 0 rg BT 362.49 480.85 Td (of ) Tj ET Q q 0 0 0 rg BT 372.00 480.85 Td (other ) Tj ET Q q 0 0 0 rg BT 394.53 480.85 Td (sources ) Tj ET Q q 0 0 0 rg BT 428.05 480.85 Td (of ) Tj ET Q q 0 0 0 rg BT 437.57 480.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 457.10 480.85 Td (with ) Tj ET Q q 0 0 0 rg BT 475.11 480.85 Td (dif) Tj ET Q q 0 0 0 rg BT 484.46 480.85 Td (ferent ) Tj ET Q q 0 0 0 rg BT 509.48 480.85 Td (characteristics ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 470.05 Td (than ) Tj ET Q q 0 0 0 rg BT 87.35 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 102.20 470.05 Td (existing ) Tj ET Q q 0 0 0 rg BT 135.05 470.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 156.91 470.05 Td (debt; ) Tj ET Q q 0 0 0 rg BT 179.26 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 194.11 470.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 212.96 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 222.80 470.05 Td (assets; ) Tj ET Q q 0 0 0 rg BT 253.65 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 268.50 470.05 Td (monetization ) Tj ET Q q 0 0 0 rg BT 321.86 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 331.71 470.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.06 470.05 Td (instrument ) Tj ET Q q 0 0 0 rg BT 411.42 470.05 Td (contracts; ) Tj ET Q q 0 0 0 rg BT 452.77 470.05 Td (limiting ) Tj ET Q q 0 0 0 rg BT 483.11 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 497.96 470.05 Td (size ) Tj ET Q q 0 0 0 rg BT 516.30 470.05 Td (of ) Tj ET Q q 0 0 0 rg BT 526.14 470.05 Td (the ) Tj ET Q q 0 0 0 rg BT 540.99 470.05 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 459.25 Td (expenditure ) Tj ET Q q 0 0 0 rg BT 115.86 459.25 Td (program; ) Tj ET Q q 0 0 0 rg BT 153.20 459.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 190.05 459.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.88 459.25 Td (new ) Tj ET Q q 0 0 0 rg BT 216.72 459.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 242.06 459.25 Td (if ) Tj ET Q q 0 0 0 rg BT 247.89 459.25 Td (available ) Tj ET Q q 0 0 0 rg BT 284.74 459.25 Td (on ) Tj ET Q q 0 0 0 rg BT 296.08 459.25 Td (favourable ) Tj ET Q q 0 0 0 rg BT 339.44 459.25 Td (terms; ) Tj ET Q q 0 0 0 rg BT 365.77 459.25 Td (and ) Tj ET Q q 0 0 0 rg BT 382.11 459.25 Td (its ) Tj ET Q q 0 0 0 rg BT 392.44 459.25 Td (level ) Tj ET Q q 0 0 0 rg BT 412.27 459.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.11 459.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 460.46 459.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 493.31 459.25 Td (to ) Tj ET Q q 0 0 0 rg BT 502.15 459.25 Td (its ) Tj ET Q q 0 0 0 rg BT 512.47 459.25 Td (shareholders. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 448.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 109.48 448.45 Td (shareholders' ) Tj ET Q q 0 0 0 rg BT 165.69 448.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 194.16 448.45 Td (is ) Tj ET Q q 0 0 0 rg BT 203.12 448.45 Td (not ) Tj ET Q q 0 0 0 rg BT 218.09 448.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 249.06 448.45 Td (to ) Tj ET Q q 0 0 0 rg BT 259.02 448.45 Td (external ) Tj ET Q q 0 0 0 rg BT 293.50 448.45 Td (restrictions, ) Tj ET Q q 0 0 0 rg BT 341.97 448.45 Td (however) Tj ET Q q 0 0 0 rg BT 375.49 448.45 Td (, ) Tj ET Q q 0 0 0 rg BT 380.45 448.45 Td (the ) Tj ET Q q 0 0 0 rg BT 395.42 448.45 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 451.12 448.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 473.09 448.45 Td (credit ) Tj ET Q q 0 0 0 rg BT 497.56 448.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 525.02 448.45 Td (and ) Tj ET Q q 0 0 0 rg BT 542.49 448.45 Td (senior ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 437.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 112.03 437.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 136.55 437.65 Td (do ) Tj ET Q q 0 0 0 rg BT 149.06 437.65 Td (contain ) Tj ET Q q 0 0 0 rg BT 180.58 437.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 216.10 437.65 Td (covenants ) Tj ET Q q 0 0 0 rg BT 259.63 437.65 Td (that ) Tj ET Q q 0 0 0 rg BT 277.14 437.65 Td (are ) Tj ET Q q 0 0 0 rg BT 292.65 437.65 Td (outlined ) Tj ET Q q 0 0 0 rg BT 326.68 437.65 Td (in ) Tj ET Q q 0 0 0 rg BT 336.18 437.65 Td (note ) Tj ET Q q 0 0 0 rg BT 356.20 437.65 Td (1) Tj ET Q q 0 0 0 rg BT 360.54 437.65 Td (1 ) Tj ET Q q 0 0 0 rg BT 368.04 437.65 Td (of ) Tj ET Q q 0 0 0 rg BT 378.05 437.65 Td (the ) Tj ET Q q 0 0 0 rg BT 393.06 437.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 446.10 437.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 481.62 437.65 Td (statements. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 420.85 Td (The ) Tj ET Q q 0 0 0 rg BT 86.55 420.85 Td (following ) Tj ET Q q 0 0 0 rg BT 125.12 420.85 Td (table ) Tj ET Q q 0 0 0 rg BT 148.18 420.85 Td (reconciles ) Tj ET Q q 0 0 0 rg BT 192.24 420.85 Td (funds ) Tj ET Q q 0 0 0 rg BT 217.81 420.85 Td (from ) Tj ET Q q 0 0 0 rg BT 239.35 420.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 284.93 420.85 Td (to ) Tj ET Q q 0 0 0 rg BT 295.98 420.85 Td (its ) Tj ET Q q 0 0 0 rg BT 308.52 420.85 Td (nearest ) Tj ET Q q 0 0 0 rg BT 342.09 420.85 Td (measure ) Tj ET Q q 0 0 0 rg BT 380.65 420.85 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 426.21 420.85 Td (by ) Tj ET Q q 0 0 0 rg BT 439.26 420.85 Td (IFRS, ) Tj ET Q q 0 0 0 rg BT 465.81 420.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 488.37 420.85 Td (flow ) Tj ET Q q 0 0 0 rg BT 507.92 420.85 Td (from ) Tj ET Q q 0 0 0 rg BT 529.46 420.85 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 410.05 Td (activities.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 396.55 m 264 396.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 396.55 m 340 396.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 396.55 m 416 396.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 396.55 m 492 396.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 396.55 m 568 396.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 368.55 m 264 368.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 368.55 m 340 368.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 368.55 m 416 368.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 368.55 m 492 368.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 368.55 m 568 368.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 301.55 m 264 301.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264 301.55 m 340 301.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 340 301.55 m 416 301.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 301.55 m 492 301.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 301.55 m 568 301.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 287.55 m 264 287.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 264 287.55 m 340 287.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 340 287.55 m 416 287.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 416 301.55 m 492 301.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 416 287.55 m 492 287.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 492 301.55 m 568 301.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 492 287.55 m 568 287.55 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.90 386.95 Td (Three months ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 457.75 386.95 Td (Years ended December 31) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 372.95 Td (Calculation of Funds from Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 316.45 372.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 392.45 372.95 Td (2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.45 372.95 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 372.95 Td (2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 70.50 360.95 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 347.95 Td (Cash flow from operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 303.95 347.95 Td (126,735) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 347.95 Td (139,349) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.95 347.95 Td (406,290) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 347.95 Td (593,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 333.95 Td (Interest expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.95 333.95 Td (\(12,860) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.50 333.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.95 333.95 Td (\(11,060) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.50 333.95 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 333.95 Td (\(49,716) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 488.50 333.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 333.95 Td (\(43,921) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.50 333.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 319.95 Td (Decommissioning expenditures) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 313.95 319.95 Td (3,281) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 389.95 319.95 Td (9,944) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 460.95 319.95 Td (18,925) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.95 319.95 Td (32,026) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 305.95 Td (Changes in non-cash working capital) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.95 305.95 Td (\(21,364) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 336.50 305.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 386.95 305.95 Td (\(2,388) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.50 305.95 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 465.95 305.95 Td (9,852) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.95 305.95 Td (\(20,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.50 305.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 291.95 Td (Funds from operations) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 160.54 296.24 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 308.95 291.95 Td (95,792) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.95 291.95 Td (135,845) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.95 291.95 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 291.95 Td (561,105) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 67.50 277.85 Td (\(1\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 85.50 277.85 Td (Funds ) Tj ET Q q 0 0 0 rg BT 103.83 277.85 Td (from ) Tj ET Q q 0 0 0 rg BT 117.48 277.85 Td (operations ) Tj ET Q q 0 0 0 rg BT 147.15 277.85 Td (as ) Tj ET Q q 0 0 0 rg BT 155.14 277.85 Td (presented ) Tj ET Q q 0 0 0 rg BT 183.48 277.85 Td (does ) Tj ET Q q 0 0 0 rg BT 198.14 277.85 Td (not ) Tj ET Q q 0 0 0 rg BT 208.13 277.85 Td (have ) Tj ET Q q 0 0 0 rg BT 222.79 277.85 Td (any ) Tj ET Q q 0 0 0 rg BT 234.12 277.85 Td (standardized ) Tj ET Q q 0 0 0 rg BT 270.13 277.85 Td (meaning ) Tj ET Q q 0 0 0 rg BT 294.79 277.85 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 324.46 277.85 Td (by ) Tj ET Q q 0 0 0 rg BT 332.45 277.85 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 347.76 277.85 Td (and ) Tj ET Q q 0 0 0 rg BT 359.43 277.85 Td (therefore ) Tj ET Q q 0 0 0 rg BT 385.09 277.85 Td (it ) Tj ET Q q 0 0 0 rg BT 389.74 277.85 Td (may ) Tj ET Q q 0 0 0 rg BT 402.73 277.85 Td (not ) Tj ET Q q 0 0 0 rg BT 412.72 277.85 Td (be ) Tj ET Q q 0 0 0 rg BT 421.05 277.85 Td (comparable ) Tj ET Q q 0 0 0 rg BT 454.05 277.85 Td (with ) Tj ET Q q 0 0 0 rg BT 466.37 277.85 Td (the ) Tj ET Q q 0 0 0 rg BT 476.36 277.85 Td (calculation ) Tj ET Q q 0 0 0 rg BT 506.36 277.85 Td (of ) Tj ET Q q 0 0 0 rg BT 513.02 277.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 532.00 277.85 Td (measures ) Tj ET Q q 0 0 0 rg BT 560.00 277.85 Td (for ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 85.50 270.65 Td (other ) Tj ET Q q 0 0 0 rg BT 100.84 270.65 Td (entities.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 252.65 Td (The following table represents Bonavista's ratio of net debt to funds from operations as follows:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.92 252.65 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 242.14999999999998 m 384 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 220.14999999999998 m 384 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 242.14999999999998 m 476 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 220.14999999999998 m 476 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 242.14999999999998 m 568 242.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 220.14999999999998 m 568 220.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 181.14999999999998 m 384 181.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 181.14999999999998 m 476 181.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 476 181.14999999999998 m 568 181.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 111.14999999999998 m 384 111.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384 111.14999999999998 m 476 111.14999999999998 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 476 111.14999999999998 m 568 111.14999999999998 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 224.55 Td (Net Debt to Funds from Operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.45 233.10 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 391.40 224.10 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.75 233.10 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 485.45 224.10 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 70.50 212.55 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 199.55 Td (Long Term Debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 199.55 Td (1,231,031) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 199.55 Td (989,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 185.55 Td (Adjusted working capital deficiency) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 210.07 189.84 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.95 185.55 Td (79,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 185.55 Td (165,751) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 171.55 Td (T) Tj ET Q q 0 0 0 rg BT 75.00 171.55 Td (otal net debt) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 124.54 175.84 Td (\(2\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 171.55 Td (1,310,663) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.45 171.55 Td (1,155,422) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 157.55 Td (Funds from operations fourth quarter annualized) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.95 157.55 Td (383,168) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 157.55 Td (543,380) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 143.55 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.95 143.55 Td (3.4:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 143.55 Td (2.1:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 129.55 Td (Funds from operations for the year ended December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.95 129.55 Td (385,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 129.55 Td (561,105) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 115.55 Td (Total net debt to funds from operations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 451.95 115.55 Td (3.4:1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.45 115.55 Td (2.1:1) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 67.50 101.45 Td (\(1\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 85.50 101.45 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 110.83 101.45 Td (working ) Tj ET Q q 0 0 0 rg BT 133.49 101.45 Td (capital ) Tj ET Q q 0 0 0 rg BT 152.82 101.45 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 181.48 101.45 Td (as ) Tj ET Q q 0 0 0 rg BT 189.80 101.45 Td (presented ) Tj ET Q q 0 0 0 rg BT 218.47 101.45 Td (does ) Tj ET Q q 0 0 0 rg BT 233.47 101.45 Td (not ) Tj ET Q q 0 0 0 rg BT 243.79 101.45 Td (have ) Tj ET Q q 0 0 0 rg BT 258.79 101.45 Td (any ) Tj ET Q q 0 0 0 rg BT 270.44 101.45 Td (standardized ) Tj ET Q q 0 0 0 rg BT 306.78 101.45 Td (meaning ) Tj ET Q q 0 0 0 rg BT 331.78 101.45 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 361.78 101.45 Td (by ) Tj ET Q q 0 0 0 rg BT 370.10 101.45 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 385.75 101.45 Td (and ) Tj ET Q q 0 0 0 rg BT 397.74 101.45 Td (therefore ) Tj ET Q q 0 0 0 rg BT 423.74 101.45 Td (may ) Tj ET Q q 0 0 0 rg BT 437.06 101.45 Td (not ) Tj ET Q q 0 0 0 rg BT 447.38 101.45 Td (be ) Tj ET Q q 0 0 0 rg BT 456.04 101.45 Td (comparable ) Tj ET Q q 0 0 0 rg BT 489.38 101.45 Td (with ) Tj ET Q q 0 0 0 rg BT 502.03 101.45 Td (the ) Tj ET Q q 0 0 0 rg BT 512.35 101.45 Td (calculation ) Tj ET Q q 0 0 0 rg BT 542.69 101.45 Td (of ) Tj ET Q q 0 0 0 rg BT 549.67 101.45 Td (similar ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 85.50 94.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 110.51 94.25 Td (for ) Tj ET Q q 0 0 0 rg BT 119.18 94.25 Td (other ) Tj ET Q q 0 0 0 rg BT 134.52 94.25 Td (entities. ) Tj ET Q q 0 0 0 rg BT 156.87 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 158.20 94.25 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 183.22 94.25 Td (working ) Tj ET Q q 0 0 0 rg BT 205.56 94.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 224.57 94.25 Td (deficiency ) Tj ET Q q 0 0 0 rg BT 252.92 94.25 Td (excludes ) Tj ET Q q 0 0 0 rg BT 278.27 94.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 308.62 94.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 327.63 94.25 Td (or ) Tj ET Q q 0 0 0 rg BT 334.63 94.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 358.97 94.25 Td (for ) Tj ET Q q 0 0 0 rg BT 367.64 94.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.32 94.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 421.00 94.25 Td (commodity ) Tj ET Q q 0 0 0 rg BT 451.67 94.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 477.68 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.36 94.25 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 537.38 94.25 Td (liabilities.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 67.50 86.05 Td (\(2\) ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 85.50 86.05 Td (T) Tj ET Q q 0 0 0 rg BT 88.50 86.05 Td (otal ) Tj ET Q q 0 0 0 rg BT 99.48 86.05 Td (net ) Tj ET Q q 0 0 0 rg BT 109.13 86.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 122.11 86.05 Td (as ) Tj ET Q q 0 0 0 rg BT 129.76 86.05 Td (presented ) Tj ET Q q 0 0 0 rg BT 157.75 86.05 Td (does ) Tj ET Q q 0 0 0 rg BT 172.07 86.05 Td (not ) Tj ET Q q 0 0 0 rg BT 181.71 86.05 Td (have ) Tj ET Q q 0 0 0 rg BT 196.03 86.05 Td (any ) Tj ET Q q 0 0 0 rg BT 207.01 86.05 Td (standardized ) Tj ET Q q 0 0 0 rg BT 242.67 86.05 Td (meaning ) Tj ET Q q 0 0 0 rg BT 267.00 86.05 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 296.32 86.05 Td (by ) Tj ET Q q 0 0 0 rg BT 303.96 86.05 Td (IFRS ) Tj ET Q q 0 0 0 rg BT 318.93 86.05 Td (and ) Tj ET Q q 0 0 0 rg BT 330.25 86.05 Td (therefore ) Tj ET Q q 0 0 0 rg BT 355.57 86.05 Td (may ) Tj ET Q q 0 0 0 rg BT 368.21 86.05 Td (not ) Tj ET Q q 0 0 0 rg BT 377.86 86.05 Td (be ) Tj ET Q q 0 0 0 rg BT 385.84 86.05 Td (comparable ) Tj ET Q q 0 0 0 rg BT 418.50 86.05 Td (with ) Tj ET Q q 0 0 0 rg BT 430.48 86.05 Td (the ) Tj ET Q q 0 0 0 rg BT 440.12 86.05 Td (calculation ) Tj ET Q q 0 0 0 rg BT 469.78 86.05 Td (of ) Tj ET Q q 0 0 0 rg BT 476.09 86.05 Td (similar ) Tj ET Q q 0 0 0 rg BT 494.73 86.05 Td (measure ) Tj ET Q q 0 0 0 rg BT 519.38 86.05 Td (with ) Tj ET Q q 0 0 0 rg BT 531.36 86.05 Td (other ) Tj ET Q q 0 0 0 rg BT 546.34 86.05 Td (entities.) Tj ET Q endstream endobj 89 0 obj <> endobj 90 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 40 m 198.5 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 40 m 369.5 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 40 m 582.5 40 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 29.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 29.23 Td (Page 44) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 740.45 Td (6. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 740.45 Td ( Finance costs and income) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 726.95 m 374.5 726.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 705.95 m 374.5 705.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 726.95 m 466.5 726.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 705.95 m 466.5 705.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 726.95 m 470.5 726.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 705.95 m 470.5 705.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 726.95 m 562.5 726.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 705.95 m 562.5 705.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 596.95 m 374.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 596.95 m 466.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 596.95 m 470.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 596.95 m 562.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 582.95 m 374.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 582.95 m 466.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 582.95 m 470.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 582.95 m 562.5 582.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 554.95 m 466.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 554.95 m 470.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 554.95 m 374.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 554.95 m 466.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 554.95 m 470.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 554.95 m 562.5 554.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 540.95 m 374.5 540.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 526.95 m 374.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 540.95 m 466.5 540.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 374.5 526.95 m 466.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 540.95 m 470.5 540.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 466.5 526.95 m 470.5 526.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 540.95 m 562.5 540.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 526.95 m 562.5 526.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.95 717.90 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.90 708.90 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.25 717.90 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 479.95 708.90 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 698.35 Td (\($ ) Tj ET Q q 0 0 0 rg BT 74.17 698.35 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 685.35 Td (Finance ) Tj ET Q q 0 0 0 rg BT 100.52 685.35 Td (costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 671.35 Td (Accretion of decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 671.35 Td (10,107) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 671.35 Td (10,938) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 657.35 Td (Accretion of other liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 657.35 Td (1,425) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 657.35 Td (1,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 643.35 Td (Interest on bank debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 643.35 Td (10,503) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 643.35 Td (9,196) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 629.35 Td (Interest on notes payable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 629.35 Td (40,745) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 629.35 Td (36,013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 615.35 Td (Unrealized loss on foreign exchange) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.45 615.35 Td (157,850) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 615.35 Td (68,033) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 601.35 Td (Unrealized loss on marketable securities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 447.95 601.35 Td (712) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 601.35 Td (1,831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 587.35 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 587.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 87.51 587.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 119.03 587.35 Td (costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.45 587.35 Td (221,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 587.35 Td (127,579) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 573.35 Td (Finance ) Tj ET Q q 0 0 0 rg BT 100.52 573.35 Td (income) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 559.35 Td (Unrealized gain on financial instrument contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 559.35 Td (\(54,742) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.00 559.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 559.35 Td (\(8,002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 559.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 545.35 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 545.35 Td (otal ) Tj ET Q q 0 0 0 rg BT 87.51 545.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 119.03 545.35 Td (income) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.45 545.35 Td (\(54,742) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 463.00 545.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 545.35 Td (\(8,002) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 559.00 545.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 531.35 Td (Net ) Tj ET Q q 0 0 0 rg BT 82.51 531.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 114.03 531.35 Td (costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 430.45 531.35 Td (166,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 526.45 531.35 Td (119,577) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 504.65 Td (7. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 504.65 Td (Supplemented cash flow information) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 491.15 m 379.5 491.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 470.15 m 379.5 470.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 491.15 m 471.5 491.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 470.15 m 471.5 470.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 491.15 m 475.5 491.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 470.15 m 475.5 470.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 491.15 m 567.5 491.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 470.15 m 567.5 470.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 379.15 m 379.5 379.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 379.15 m 471.5 379.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 379.15 m 475.5 379.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 379.15 m 567.5 379.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 365.15 m 379.5 365.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 365.15 m 471.5 365.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 365.15 m 475.5 365.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 365.15 m 567.5 365.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 321.15 m 379.5 321.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 321.15 m 471.5 321.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 321.15 m 475.5 321.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 321.15 m 567.5 321.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 307.15 m 379.5 307.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 307.15 m 471.5 307.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 307.15 m 475.5 307.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 307.15 m 567.5 307.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 482.10 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.90 473.10 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.25 482.10 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 473.10 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 462.55 Td (\($ ) Tj ET Q q 0 0 0 rg BT 74.17 462.55 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 449.55 Td (Cash ) Tj ET Q q 0 0 0 rg BT 89.51 449.55 Td (provided ) Tj ET Q q 0 0 0 rg BT 126.53 449.55 Td (by ) Tj ET Q q 0 0 0 rg BT 138.54 449.55 Td (\(used ) Tj ET Q q 0 0 0 rg BT 163.55 449.55 Td (for\):) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 435.55 Td (Accounts receivable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.10 435.55 Td (32,562) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.10 435.55 Td (18,954) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 421.55 Td (Prepaid expenses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.10 421.55 Td (1,192) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.10 421.55 Td (\(2,203) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.65 421.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 407.55 Td (Other assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.10 407.55 Td (6,081) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.10 407.55 Td (\(7,231) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.65 407.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 394.10 Td (Accounts payable and accrued liabilities, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 383.30 Td (net of interest accrual) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 432.10 383.55 Td (\(100,168) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.65 383.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.10 383.55 Td (17,527) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.10 369.55 Td (\(60,333) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.65 369.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.10 369.55 Td (27,047) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 353.55 Td (Related ) Tj ET Q q 0 0 0 rg BT 99.52 353.55 Td (to:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 339.55 Td (Operating activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.10 339.55 Td (\(9,852) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.65 339.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.10 339.55 Td (20,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 325.55 Td (Investing activities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.10 325.55 Td (\(50,481) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.65 325.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.10 325.55 Td (6,223) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.10 311.55 Td (\(60,333) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.65 311.55 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.10 311.55 Td (27,047) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 91 0 obj <> endobj 92 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 45) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (8. Property) Tj ET Q q 0 0 0 rg BT 98.85 731.45 Td (, plant and equipment) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 720.95 m 297.5 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 698.95 m 297.5 698.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 720.95 m 384.5 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 698.95 m 384.5 698.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 720.95 m 445.5 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 698.95 m 445.5 698.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 720.95 m 506.5 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 698.95 m 506.5 698.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 720.95 m 567.5 720.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 698.95 m 567.5 698.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 589.95 m 297.5 589.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 589.95 m 384.5 589.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 589.95 m 445.5 589.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 589.95 m 506.5 589.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 589.95 m 567.5 589.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 505.95 m 297.5 505.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 505.95 m 384.5 505.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 505.95 m 445.5 505.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 505.95 m 506.5 505.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 505.95 m 567.5 505.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 491.95 m 297.5 491.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 491.95 m 384.5 491.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 491.95 m 445.5 491.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 491.95 m 506.5 491.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 491.95 m 567.5 491.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 463.95 m 297.5 463.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 463.95 m 567.5 463.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 463.95 m 384.5 463.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 463.95 m 445.5 463.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 463.95 m 506.5 463.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 421.95 m 297.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 421.95 m 384.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 421.95 m 445.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 421.95 m 506.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 421.95 m 567.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 421.95 m 567.5 421.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 379.95 m 297.5 379.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 379.95 m 384.5 379.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 379.95 m 445.5 379.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 379.95 m 506.5 379.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 379.95 m 567.5 379.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 365.95 m 297.5 365.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 365.95 m 384.5 365.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 365.95 m 445.5 365.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 365.95 m 506.5 365.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 365.95 m 567.5 365.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 353.95 m 297.5 353.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 353.95 m 384.5 353.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 353.95 m 445.5 353.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 353.95 m 506.5 353.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 353.95 m 567.5 353.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 325.95 m 297.5 325.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 297.5 325.95 m 384.5 325.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 384.5 325.95 m 445.5 325.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 325.95 m 506.5 325.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 506.5 325.95 m 567.5 325.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 317.95 711.90 Td (Oil and natural) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 318.95 702.90 Td (gas properties) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 395.95 703.35 Td ( Facilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 471.45 711.90 Td ( Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 473.45 702.90 Td (Assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.65 703.35 Td ( Total) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 691.35 Td (\($ thousands\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 678.35 Td (Cost) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 664.35 Td (Balance as at December 31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.95 664.35 Td (4,471,963) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 664.35 Td (538,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 664.35 Td (24,558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 664.35 Td (5,035,099) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 650.35 Td (Additions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 650.35 Td (581,261) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.45 650.35 Td (38,683) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 650.35 Td (3,018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 650.35 Td (622,962) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 636.35 Td (Acquisitions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 636.35 Td (136,138) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.45 636.35 Td (31,988) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 636.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 636.35 Td (168,126) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 622.35 Td (Transfers from exploration and evaluation assets) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 353.45 622.35 Td (64,558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.00 622.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 622.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 622.35 Td (64,558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 608.35 Td (Changes in decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 608.35 Td (179,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.00 608.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 608.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 608.35 Td (179,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 594.35 Td (Dispositions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.45 594.35 Td (\(398,557) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 594.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 594.35 Td (\(45,885) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 594.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 594.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 594.35 Td (\(444,442) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 594.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 580.35 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.95 580.35 Td (5,034,363) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 580.35 Td (563,364) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 580.35 Td (27,576) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 580.35 Td (5,625,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 566.35 Td (Additions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 348.45 566.35 Td (298,880) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 414.45 566.35 Td (14,970) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.45 566.35 Td (1,203) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 566.35 Td (315,053) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 552.35 Td (Acquisitions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.45 552.35 Td (9,052) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 552.35 Td (3,235) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 552.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 552.35 Td (12,287) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 538.35 Td (Transfers from exploration and evaluation assets) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 538.35 Td (22,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 538.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 538.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 538.35 Td (22,930) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 524.35 Td (Changes in decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 524.35 Td (32,304) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 433.00 524.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 524.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 524.35 Td (32,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 510.35 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 345.45 510.35 Td (\(142,507) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 510.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.45 510.35 Td (\(22,895) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 510.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 510.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 510.35 Td (\(165,402) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 510.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 496.35 Td (Balance as at December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.95 496.35 Td (5,255,022) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.45 496.35 Td (558,674) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.45 496.35 Td (28,779) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 496.35 Td (5,842,475) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 468.35 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 454.35 Td (Balance as at December 31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 454.35 Td (\(1,094,558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 454.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 454.35 Td (\(86,009) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 454.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 454.35 Td (\(9,188) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 454.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 454.35 Td (\(1,189,755) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 454.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 440.35 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.45 440.35 Td (\(629,341) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 440.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 411.45 440.35 Td (\(26,554) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 440.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 477.45 440.35 Td (\(3,390) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 440.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 440.35 Td (\(659,285) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 440.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 426.35 Td (Dispositions) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 426.35 Td (145,302) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 414.45 426.35 Td (11,831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 426.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 426.35 Td (157,133) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 412.35 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.95 412.35 Td (\(1,578,597) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.00 412.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.45 412.35 Td (\(100,732) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.00 412.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 472.45 412.35 Td (\(12,578) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.00 412.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 412.35 Td (\(1,691,907) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 412.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 398.35 Td (Depletion, depreciation, amortization and impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.95 398.35 Td (\(1,135,273) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 398.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 411.45 398.35 Td (\(26,420) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 398.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 477.45 398.35 Td (\(2,979) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 398.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.95 398.35 Td (\(1,164,672) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 398.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 384.35 Td (Dispositions) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 384.35 Td (71,119) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.45 384.35 Td (7,320) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.00 384.35 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 384.35 Td (78,439) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 370.35 Td (Balance as at December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.95 370.35 Td (\(2,642,751) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 381.00 370.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.45 370.35 Td (\(119,832) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.00 370.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 472.45 370.35 Td (\(15,557) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 503.00 370.35 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.95 370.35 Td (\(2,778,140) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 370.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 344.35 Td (Net book value as at December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 340.95 344.35 Td (2,612,271) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 409.45 344.35 Td (438,842) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 475.45 344.35 Td (13,222) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 344.35 Td (3,064,335) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 330.35 Td (Net book value as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 340.95 330.35 Td (3,455,766) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 409.45 330.35 Td (462,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.45 330.35 Td (14,998) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 330.35 Td (3,933,396) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 309.65 Td (For ) Tj ET Q q 0 0 0 rg BT 79.04 309.65 Td (the ) Tj ET Q q 0 0 0 rg BT 94.10 309.65 Td (year ) Tj ET Q q 0 0 0 rg BT 114.15 309.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.72 309.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 200.79 309.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.81 309.65 Td (, ) Tj ET Q q 0 0 0 rg BT 225.86 309.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 267.92 309.65 Td (capitalized ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.99 309.65 Td ($7.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 330.51 309.65 Td ( ) Tj ET Q q 0 0 0 rg BT 333.05 309.65 Td (million ) Tj ET Q q 0 0 0 rg BT 361.10 309.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.10 309.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 423.17 309.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 443.19 309.65 Td ( ) Tj ET Q q 0 0 0 rg BT 445.73 309.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 451.27 309.65 Td ($8.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.79 309.65 Td ( ) Tj ET Q q 0 0 0 rg BT 471.33 309.65 Td (million\) ) Tj ET Q q 0 0 0 rg BT 502.38 309.65 Td (of ) Tj ET Q q 0 0 0 rg BT 512.43 309.65 Td (direct ) Tj ET Q q 0 0 0 rg BT 536.98 309.65 Td (general ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 298.85 Td (and ) Tj ET Q q 0 0 0 rg BT 80.52 298.85 Td (administrative ) Tj ET Q q 0 0 0 rg BT 138.54 298.85 Td (expenses.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 282.05 Td (During ) Tj ET Q q 0 0 0 rg BT 91.29 282.05 Td (the ) Tj ET Q q 0 0 0 rg BT 105.58 282.05 Td (year ) Tj ET Q q 0 0 0 rg BT 124.86 282.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 151.67 282.05 Td (December ) Tj ET Q q 0 0 0 rg BT 194.96 282.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 209.25 282.05 Td (2015, ) Tj ET Q q 0 0 0 rg BT 233.55 282.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 274.85 282.05 Td (successfully ) Tj ET Q q 0 0 0 rg BT 325.15 282.05 Td (disposed ) Tj ET Q q 0 0 0 rg BT 362.95 282.05 Td (of ) Tj ET Q q 0 0 0 rg BT 372.23 282.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.03 282.05 Td (non-core ) Tj ET Q q 0 0 0 rg BT 438.32 282.05 Td (petroleum ) Tj ET Q q 0 0 0 rg BT 480.12 282.05 Td (and ) Tj ET Q q 0 0 0 rg BT 496.92 282.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 526.21 282.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 542.50 282.05 Td (rights, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 271.25 Td (through ) Tj ET Q q 0 0 0 rg BT 95.56 271.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 119.11 271.25 Td (exchanges ) Tj ET Q q 0 0 0 rg BT 164.67 271.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.72 271.25 Td (other ) Tj ET Q q 0 0 0 rg BT 204.27 271.25 Td (property ) Tj ET Q q 0 0 0 rg BT 239.32 271.25 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 288.39 271.25 Td (for ) Tj ET Q q 0 0 0 rg BT 300.92 271.25 Td (total ) Tj ET Q q 0 0 0 rg BT 319.97 271.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 359.03 271.25 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 368.57 271.25 Td ($100.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.10 271.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.13 271.25 Td (million ) Tj ET Q q 0 0 0 rg BT 425.67 271.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 461.73 271.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.77 271.25 Td (a ) Tj ET Q q 0 0 0 rg BT 477.81 271.25 Td (before ) Tj ET Q q 0 0 0 rg BT 505.36 271.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 519.40 271.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 538.45 271.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.50 271.25 Td (sale ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 260.45 Td (of ) Tj ET Q q 0 0 0 rg BT 72.62 260.45 Td (property) Tj ET Q q 0 0 0 rg BT 104.97 260.45 Td (, ) Tj ET Q q 0 0 0 rg BT 109.58 260.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 131.21 260.45 Td (and ) Tj ET Q q 0 0 0 rg BT 148.34 260.45 Td (equipment ) Tj ET Q q 0 0 0 rg BT 192.48 260.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 202.10 260.45 Td ($19.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.62 260.45 Td ( ) Tj ET Q q 0 0 0 rg BT 226.73 260.45 Td (million ) Tj ET Q q 0 0 0 rg BT 254.35 260.45 Td (and ) Tj ET Q q 0 0 0 rg BT 271.48 260.45 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 278.59 260.45 Td ($14.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 301.12 260.45 Td ( ) Tj ET Q q 0 0 0 rg BT 303.23 260.45 Td (million ) Tj ET Q q 0 0 0 rg BT 330.85 260.45 Td (before ) Tj ET Q q 0 0 0 rg BT 358.48 260.45 Td (tax ) Tj ET Q q 0 0 0 rg BT 372.60 260.45 Td (gain ) Tj ET Q q 0 0 0 rg BT 391.72 260.45 Td (on ) Tj ET Q q 0 0 0 rg BT 403.85 260.45 Td (sale ) Tj ET Q q 0 0 0 rg BT 422.47 260.45 Td (of ) Tj ET Q q 0 0 0 rg BT 432.09 260.45 Td (exploration ) Tj ET Q q 0 0 0 rg BT 478.23 260.45 Td (and ) Tj ET Q q 0 0 0 rg BT 495.36 260.45 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 538.50 260.45 Td (assets. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 249.65 Td (During ) Tj ET Q q 0 0 0 rg BT 92.12 249.65 Td (the ) Tj ET Q q 0 0 0 rg BT 107.23 249.65 Td (comparative ) Tj ET Q q 0 0 0 rg BT 158.85 249.65 Td (year ) Tj ET Q q 0 0 0 rg BT 178.96 249.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 206.59 249.65 Td (December ) Tj ET Q q 0 0 0 rg BT 250.71 249.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 265.83 249.65 Td (2014, ) Tj ET Q q 0 0 0 rg BT 290.95 249.65 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 330.58 249.65 Td (of ) Tj ET Q q 0 0 0 rg BT 340.69 249.65 Td ($289.4 ) Tj ET Q q 0 0 0 rg BT 370.82 249.65 Td (million ) Tj ET Q q 0 0 0 rg BT 398.93 249.65 Td (were ) Tj ET Q q 0 0 0 rg BT 421.04 249.65 Td (received ) Tj ET Q q 0 0 0 rg BT 457.66 249.65 Td (from ) Tj ET Q q 0 0 0 rg BT 478.26 249.65 Td (dispositions ) Tj ET Q q 0 0 0 rg BT 527.89 249.65 Td (of ) Tj ET Q q 0 0 0 rg BT 538.00 249.65 Td (several ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 238.85 Td (non-core ) Tj ET Q q 0 0 0 rg BT 101.11 238.85 Td (properties ) Tj ET Q q 0 0 0 rg BT 143.73 238.85 Td (including, ) Tj ET Q q 0 0 0 rg BT 184.34 238.85 Td (mature ) Tj ET Q q 0 0 0 rg BT 214.95 238.85 Td (heavy ) Tj ET Q q 0 0 0 rg BT 241.56 238.85 Td (oil ) Tj ET Q q 0 0 0 rg BT 253.15 238.85 Td (properties ) Tj ET Q q 0 0 0 rg BT 295.77 238.85 Td (in ) Tj ET Q q 0 0 0 rg BT 305.36 238.85 Td (Northern ) Tj ET Q q 0 0 0 rg BT 342.46 238.85 Td (Alberta, ) Tj ET Q q 0 0 0 rg BT 376.06 238.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 412.68 238.85 Td (in ) Tj ET Q q 0 0 0 rg BT 422.27 238.85 Td (a ) Tj ET Q q 0 0 0 rg BT 429.87 238.85 Td (before ) Tj ET Q q 0 0 0 rg BT 457.98 238.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 472.58 238.85 Td (gain ) Tj ET Q q 0 0 0 rg BT 492.19 238.85 Td (on ) Tj ET Q q 0 0 0 rg BT 504.79 238.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 523.89 238.85 Td (of ) Tj ET Q q 0 0 0 rg BT 533.99 238.85 Td (property ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 228.05 Td (plant ) Tj ET Q q 0 0 0 rg BT 85.02 228.05 Td (and ) Tj ET Q q 0 0 0 rg BT 102.53 228.05 Td (equipment ) Tj ET Q q 0 0 0 rg BT 147.06 228.05 Td (of ) Tj ET Q q 0 0 0 rg BT 157.07 228.05 Td ($61.8 ) Tj ET Q q 0 0 0 rg BT 182.09 228.05 Td (million ) Tj ET Q q 0 0 0 rg BT 210.10 228.05 Td (and ) Tj ET Q q 0 0 0 rg BT 227.61 228.05 Td (a ) Tj ET Q q 0 0 0 rg BT 235.12 228.05 Td (before ) Tj ET Q q 0 0 0 rg BT 263.14 228.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 277.65 228.05 Td (loss ) Tj ET Q q 0 0 0 rg BT 296.15 228.05 Td (on ) Tj ET Q q 0 0 0 rg BT 308.66 228.05 Td (exploration ) Tj ET Q q 0 0 0 rg BT 355.19 228.05 Td (and ) Tj ET Q q 0 0 0 rg BT 372.71 228.05 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 416.24 228.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 444.75 228.05 Td (of ) Tj ET Q q 0 0 0 rg BT 454.76 228.05 Td ($5.9 ) Tj ET Q q 0 0 0 rg BT 474.78 228.05 Td (million. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 211.25 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 114.01 211.25 Td (T) Tj ET Q q 0 0 0 rg BT 118.84 211.25 Td (esting) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 194.45 Td (As ) Tj ET Q q 0 0 0 rg BT 76.59 194.45 Td (a ) Tj ET Q q 0 0 0 rg BT 84.68 194.45 Td (result ) Tj ET Q q 0 0 0 rg BT 109.78 194.45 Td (of ) Tj ET Q q 0 0 0 rg BT 120.37 194.45 Td (a ) Tj ET Q q 0 0 0 rg BT 128.47 194.45 Td (significant ) Tj ET Q q 0 0 0 rg BT 171.58 194.45 Td (and ) Tj ET Q q 0 0 0 rg BT 189.68 194.45 Td (sustained ) Tj ET Q q 0 0 0 rg BT 231.29 194.45 Td (decline ) Tj ET Q q 0 0 0 rg BT 262.90 194.45 Td (in ) Tj ET Q q 0 0 0 rg BT 273.00 194.45 Td (forward ) Tj ET Q q 0 0 0 rg BT 306.09 194.45 Td (commodity ) Tj ET Q q 0 0 0 rg BT 352.69 194.45 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 400.30 194.45 Td (prices ) Tj ET Q q 0 0 0 rg BT 427.40 194.45 Td (for ) Tj ET Q q 0 0 0 rg BT 440.99 194.45 Td (oil, ) Tj ET Q q 0 0 0 rg BT 455.58 194.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 486.19 194.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 503.78 194.45 Td (and ) Tj ET Q q 0 0 0 rg BT 521.89 194.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.50 194.45 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 183.65 Td (liquids ) Tj ET Q q 0 0 0 rg BT 90.62 183.65 Td (during ) Tj ET Q q 0 0 0 rg BT 117.74 183.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 139.87 183.65 Td (as ) Tj ET Q q 0 0 0 rg BT 151.48 183.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 193.61 183.65 Td (to ) Tj ET Q q 0 0 0 rg BT 203.22 183.65 Td (January ) Tj ET Q q 0 0 0 rg BT 237.35 183.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 246.96 183.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 269.09 183.65 Td (benchmark ) Tj ET Q q 0 0 0 rg BT 315.71 183.65 Td (prices, ) Tj ET Q q 0 0 0 rg BT 344.33 183.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 390.94 183.65 Td (tests ) Tj ET Q q 0 0 0 rg BT 412.06 183.65 Td (were ) Tj ET Q q 0 0 0 rg BT 433.67 183.65 Td (carried ) Tj ET Q q 0 0 0 rg BT 463.29 183.65 Td (out ) Tj ET Q q 0 0 0 rg BT 477.90 183.65 Td (on ) Tj ET Q q 0 0 0 rg BT 490.02 183.65 Td (each ) Tj ET Q q 0 0 0 rg BT 511.64 183.65 Td (of ) Tj ET Q q 0 0 0 rg BT 521.25 183.65 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 172.85 Td (CGUs, ) Tj ET Q q 0 0 0 rg BT 93.00 172.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 130.02 172.85 Td (in ) Tj ET Q q 0 0 0 rg BT 140.03 172.85 Td (a ) Tj ET Q q 0 0 0 rg BT 148.04 172.85 Td (total ) Tj ET Q q 0 0 0 rg BT 168.05 172.85 Td (property) Tj ET Q q 0 0 0 rg BT 200.40 172.85 Td (, ) Tj ET Q q 0 0 0 rg BT 205.90 172.85 Td (plant ) Tj ET Q q 0 0 0 rg BT 228.42 172.85 Td (and ) Tj ET Q q 0 0 0 rg BT 246.44 172.85 Td (equipment ) Tj ET Q q 0 0 0 rg BT 291.47 172.85 Td (\("PP&E"\) ) Tj ET Q q 0 0 0 rg BT 330.87 172.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 378.38 172.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.89 172.85 Td ($809.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.42 172.85 Td ( ) Tj ET Q q 0 0 0 rg BT 419.42 172.85 Td (million ) Tj ET Q q 0 0 0 rg BT 447.93 172.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.93 172.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 510.46 172.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.48 172.85 Td ( ) Tj ET Q q 0 0 0 rg BT 533.48 172.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.48 172.85 Td ($300.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 172.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 162.05 Td (million\). ) Tj ET Q q 0 0 0 rg BT 96.36 162.05 Td (The ) Tj ET Q q 0 0 0 rg BT 114.40 162.05 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 163.94 162.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 196.49 162.05 Td (of ) Tj ET Q q 0 0 0 rg BT 206.52 162.05 Td (each ) Tj ET Q q 0 0 0 rg BT 228.56 162.05 Td (CGU ) Tj ET Q q 0 0 0 rg BT 251.08 162.05 Td (as ) Tj ET Q q 0 0 0 rg BT 263.11 162.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.14 162.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 332.19 162.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 352.21 162.05 Td ( ) Tj ET Q q 0 0 0 rg BT 354.74 162.05 Td (was ) Tj ET Q q 0 0 0 rg BT 373.27 162.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 420.82 162.05 Td (using ) Tj ET Q q 0 0 0 rg BT 444.85 162.05 Td (value ) Tj ET Q q 0 0 0 rg BT 468.89 162.05 Td (in ) Tj ET Q q 0 0 0 rg BT 478.42 162.05 Td (use, ) Tj ET Q q 0 0 0 rg BT 497.96 162.05 Td (with ) Tj ET Q q 0 0 0 rg BT 516.49 162.05 Td (assumptions ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 151.25 Td (noted ) Tj ET Q q 0 0 0 rg BT 88.02 151.25 Td (below) Tj ET Q q 0 0 0 rg BT 111.04 151.25 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 134.45 Td (Impairments ) Tj ET Q q 0 0 0 rg BT 115.01 134.45 Td (were ) Tj ET Q q 0 0 0 rg BT 137.02 134.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 175.04 134.45 Td (in ) Tj ET Q q 0 0 0 rg BT 184.55 134.45 Td (the ) Tj ET Q q 0 0 0 rg BT 199.56 134.45 Td (following ) Tj ET Q q 0 0 0 rg BT 237.08 134.45 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 264.08 134.45 Td (for ) Tj ET Q q 0 0 0 rg BT 277.08 134.45 Td (the ) Tj ET Q q 0 0 0 rg BT 292.10 134.45 Td (year ) Tj ET Q q 0 0 0 rg BT 312.10 134.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.63 134.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 398.66 134.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 418.68 134.45 Td (:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 117.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 117.65 Td (British ) Tj ET Q q 0 0 0 rg BT 108.70 117.65 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 149.41 117.65 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 174.61 117.65 Td (located ) Tj ET Q q 0 0 0 rg BT 206.32 117.65 Td (mainly ) Tj ET Q q 0 0 0 rg BT 235.02 117.65 Td (in ) Tj ET Q q 0 0 0 rg BT 244.72 117.65 Td (northeast ) Tj ET Q q 0 0 0 rg BT 284.94 117.65 Td (British ) Tj ET Q q 0 0 0 rg BT 312.64 117.65 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 353.36 117.65 Td (near ) Tj ET Q q 0 0 0 rg BT 374.06 117.65 Td (Fort ) Tj ET Q q 0 0 0 rg BT 392.76 117.65 Td (St. ) Tj ET Q q 0 0 0 rg BT 406.46 117.65 Td (John, ) Tj ET Q q 0 0 0 rg BT 431.17 117.65 Td (composed ) Tj ET Q q 0 0 0 rg BT 475.39 117.65 Td (of ) Tj ET Q q 0 0 0 rg BT 485.59 117.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 522.28 117.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 552.50 117.65 Td (gas ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 106.85 Td (and ) Tj ET Q q 0 0 0 rg BT 98.65 106.85 Td (natural ) Tj ET Q q 0 0 0 rg BT 128.80 106.85 Td (gas ) Tj ET Q q 0 0 0 rg BT 145.94 106.85 Td (liquids ) Tj ET Q q 0 0 0 rg BT 174.09 106.85 Td (producing ) Tj ET Q q 0 0 0 rg BT 216.25 106.85 Td (assets, ) Tj ET Q q 0 0 0 rg BT 247.39 106.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 285.55 106.85 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 293.19 106.85 Td ($83.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.71 106.85 Td ( ) Tj ET Q q 0 0 0 rg BT 318.34 106.85 Td (million ) Tj ET Q q 0 0 0 rg BT 346.48 106.85 Td (\(December ) Tj ET Q q 0 0 0 rg BT 393.62 106.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 408.77 106.85 Td (2014 ) Tj ET Q q 0 0 0 rg BT 431.42 106.85 Td (- ) Tj ET Q q 0 0 0 rg BT 437.05 106.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 442.05 106.85 Td (85.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.57 106.85 Td ( ) Tj ET Q q 0 0 0 rg BT 462.20 106.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 493.34 106.85 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 519.98 106.85 Td (impairment. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 96.05 Td (The ) Tj ET Q q 0 0 0 rg BT 99.01 96.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 140.53 96.05 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 190.05 96.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 222.57 96.05 Td (of ) Tj ET Q q 0 0 0 rg BT 232.58 96.05 Td (the ) Tj ET Q q 0 0 0 rg BT 247.59 96.05 Td (British ) Tj ET Q q 0 0 0 rg BT 275.10 96.05 Td (Columbia ) Tj ET Q q 0 0 0 rg BT 315.62 96.05 Td (CGU ) Tj ET Q q 0 0 0 rg BT 338.12 96.05 Td (as ) Tj ET Q q 0 0 0 rg BT 350.12 96.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.13 96.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 419.15 96.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 439.18 96.05 Td ( ) Tj ET Q q 0 0 0 rg BT 441.68 96.05 Td (was ) Tj ET Q q 0 0 0 rg BT 460.18 96.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.19 96.05 Td (109.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 487.71 96.05 Td ( ) Tj ET Q q 0 0 0 rg BT 490.21 96.05 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 79.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 79.25 Td (Central ) Tj ET Q q 0 0 0 rg BT 111.77 79.25 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 142.47 79.25 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 167.16 79.25 Td (composed ) Tj ET Q q 0 0 0 rg BT 210.87 79.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.56 79.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 256.75 79.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 286.46 79.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 303.16 79.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.36 79.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 350.07 79.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 366.77 79.25 Td (liquids ) Tj ET Q q 0 0 0 rg BT 394.47 79.25 Td (producing ) Tj ET Q q 0 0 0 rg BT 436.19 79.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 466.89 79.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 504.60 79.25 Td (a ) Tj ET Q q 0 0 0 rg BT 511.79 79.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.79 79.25 Td (364.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.32 79.25 Td ( ) Tj ET Q q 0 0 0 rg BT 541.50 79.25 Td (million ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 68.45 Td (\(December ) Tj ET Q q 0 0 0 rg BT 127.92 68.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 142.84 68.45 Td (2014 ) Tj ET Q q 0 0 0 rg BT 165.26 68.45 Td (- ) Tj ET Q q 0 0 0 rg BT 170.67 68.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 175.67 68.45 Td (105.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.19 68.45 Td ( ) Tj ET Q q 0 0 0 rg BT 200.60 68.45 Td (million\) ) Tj ET Q q 0 0 0 rg BT 231.51 68.45 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 257.93 68.45 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 307.19 68.45 Td (The ) Tj ET Q q 0 0 0 rg BT 325.10 68.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 366.53 68.45 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 415.96 68.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 448.39 68.45 Td (of ) Tj ET Q q 0 0 0 rg BT 458.30 68.45 Td (the ) Tj ET Q q 0 0 0 rg BT 473.22 68.45 Td (Central ) Tj ET Q q 0 0 0 rg BT 504.16 68.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 535.08 68.45 Td (CGU ) Tj ET Q q 0 0 0 rg BT 557.49 68.45 Td (as ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 57.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.01 57.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 150.03 57.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 170.06 57.65 Td ( ) Tj ET Q q 0 0 0 rg BT 172.56 57.65 Td (was ) Tj ET Q q 0 0 0 rg BT 191.06 57.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 196.07 57.65 Td (1,289.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.09 57.65 Td ( ) Tj ET Q q 0 0 0 rg BT 228.59 57.65 Td (million.) Tj ET Q endstream endobj 93 0 obj <> endobj 94 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 46) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 731.45 Td (North ) Tj ET Q q 0 0 0 rg BT 104.79 731.45 Td (Central ) Tj ET Q q 0 0 0 rg BT 135.23 731.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 165.52 731.45 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 189.80 731.45 Td (located ) Tj ET Q q 0 0 0 rg BT 220.60 731.45 Td (between ) Tj ET Q q 0 0 0 rg BT 256.40 731.45 Td (Edmonton ) Tj ET Q q 0 0 0 rg BT 299.21 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 316.01 731.45 Td (Fox ) Tj ET Q q 0 0 0 rg BT 332.79 731.45 Td (Creek, ) Tj ET Q q 0 0 0 rg BT 360.72 731.45 Td (Alberta, ) Tj ET Q q 0 0 0 rg BT 393.52 731.45 Td (composed ) Tj ET Q q 0 0 0 rg BT 436.82 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 446.10 731.45 Td (primarily ) Tj ET Q q 0 0 0 rg BT 481.88 731.45 Td (natural ) Tj ET Q q 0 0 0 rg BT 511.18 731.45 Td (gas ) Tj ET Q q 0 0 0 rg BT 527.47 731.45 Td (producing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 720.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 112.26 720.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 150.53 720.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 158.28 720.65 Td ($194.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.81 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 188.55 720.65 Td (million ) Tj ET Q q 0 0 0 rg BT 216.81 720.65 Td (\(December ) Tj ET Q q 0 0 0 rg BT 264.07 720.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 279.32 720.65 Td (2014 ) Tj ET Q q 0 0 0 rg BT 302.09 720.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.84 720.65 Td (nil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.84 720.65 Td (\) ) Tj ET Q q 0 0 0 rg BT 322.59 720.65 Td ( ) Tj ET Q q 0 0 0 rg BT 325.33 720.65 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 352.09 720.65 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 401.67 720.65 Td (The ) Tj ET Q q 0 0 0 rg BT 419.93 720.65 Td (estimated ) Tj ET Q q 0 0 0 rg BT 461.69 720.65 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 511.47 720.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 544.23 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 720.65 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 709.85 Td (North ) Tj ET Q q 0 0 0 rg BT 105.51 709.85 Td (Central ) Tj ET Q q 0 0 0 rg BT 136.52 709.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 167.54 709.85 Td (CGU ) Tj ET Q q 0 0 0 rg BT 190.04 709.85 Td (as ) Tj ET Q q 0 0 0 rg BT 202.05 709.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 212.05 709.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 271.08 709.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 291.10 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 293.60 709.85 Td (was ) Tj ET Q q 0 0 0 rg BT 312.11 709.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 317.11 709.85 Td (662.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 339.64 709.85 Td ( ) Tj ET Q q 0 0 0 rg BT 342.14 709.85 Td (million. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 693.05 Td (South ) Tj ET Q q 0 0 0 rg BT 106.83 693.05 Td (Central ) Tj ET Q q 0 0 0 rg BT 137.69 693.05 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 168.51 693.05 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 193.31 693.05 Td (composed ) Tj ET Q q 0 0 0 rg BT 237.15 693.05 Td (of ) Tj ET Q q 0 0 0 rg BT 246.96 693.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 283.26 693.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 313.09 693.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 329.91 693.05 Td (and ) Tj ET Q q 0 0 0 rg BT 347.23 693.05 Td (natural ) Tj ET Q q 0 0 0 rg BT 377.05 693.05 Td (gas ) Tj ET Q q 0 0 0 rg BT 393.87 693.05 Td (liquids ) Tj ET Q q 0 0 0 rg BT 421.69 693.05 Td (producing ) Tj ET Q q 0 0 0 rg BT 463.52 693.05 Td (assets, ) Tj ET Q q 0 0 0 rg BT 494.34 693.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 532.17 693.05 Td (a ) Tj ET Q q 0 0 0 rg BT 539.48 693.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 544.49 693.05 Td (105.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 693.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 682.25 Td (million ) Tj ET Q q 0 0 0 rg BT 109.18 682.25 Td (\(December ) Tj ET Q q 0 0 0 rg BT 156.37 682.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.56 682.25 Td (2014 ) Tj ET Q q 0 0 0 rg BT 194.26 682.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 199.93 682.25 Td (nil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.93 682.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 214.61 682.25 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 241.29 682.25 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 290.81 682.25 Td (The ) Tj ET Q q 0 0 0 rg BT 308.99 682.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 350.69 682.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 400.39 682.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 433.09 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 443.27 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.46 682.25 Td (South ) Tj ET Q q 0 0 0 rg BT 484.65 682.25 Td (Central ) Tj ET Q q 0 0 0 rg BT 515.81 682.25 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 547.00 682.25 Td (CGU ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 671.45 Td (as ) Tj ET Q q 0 0 0 rg BT 93.01 671.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.01 671.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 162.04 671.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 182.06 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 184.56 671.45 Td (was ) Tj ET Q q 0 0 0 rg BT 203.07 671.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.07 671.45 Td (373.5) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 230.59 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 233.09 671.45 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 654.65 Td (Southern ) Tj ET Q q 0 0 0 rg BT 120.07 654.65 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 151.76 654.65 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 177.43 654.65 Td (composed ) Tj ET Q q 0 0 0 rg BT 222.12 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 232.80 654.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 269.97 654.65 Td (light ) Tj ET Q q 0 0 0 rg BT 289.65 654.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 301.83 654.65 Td (producing ) Tj ET Q q 0 0 0 rg BT 344.53 654.65 Td (assets, ) Tj ET Q q 0 0 0 rg BT 376.21 654.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 414.90 654.65 Td (a ) Tj ET Q q 0 0 0 rg BT 423.08 654.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.08 654.65 Td (15.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.60 654.65 Td ( ) Tj ET Q q 0 0 0 rg BT 448.77 654.65 Td (million ) Tj ET Q q 0 0 0 rg BT 477.45 654.65 Td (\(December ) Tj ET Q q 0 0 0 rg BT 525.13 654.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.81 654.65 Td (2014 ) Tj ET Q q 0 0 0 rg BT 564.00 654.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 643.85 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.01 643.85 Td (60.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.52 643.85 Td ( ) Tj ET Q q 0 0 0 rg BT 105.67 643.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 136.31 643.85 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 162.47 643.85 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 211.49 643.85 Td (The ) Tj ET Q q 0 0 0 rg BT 229.14 643.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 270.31 643.85 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 319.48 643.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 351.64 643.85 Td (of ) Tj ET Q q 0 0 0 rg BT 361.29 643.85 Td (the ) Tj ET Q q 0 0 0 rg BT 375.95 643.85 Td (Southern ) Tj ET Q q 0 0 0 rg BT 414.20 643.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 444.86 643.85 Td (CGU ) Tj ET Q q 0 0 0 rg BT 467.00 643.85 Td (as ) Tj ET Q q 0 0 0 rg BT 478.65 643.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 488.30 643.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 546.98 643.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.00 643.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 633.05 Td (was ) Tj ET Q q 0 0 0 rg BT 99.51 633.05 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 104.51 633.05 Td (1) Tj ET Q q 0 0 0 rg BT 108.85 633.05 Td (19.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 126.36 633.05 Td ( ) Tj ET Q q 0 0 0 rg BT 128.87 633.05 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 616.25 Td (Eastern ) Tj ET Q q 0 0 0 rg BT 113.79 616.25 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 144.53 616.25 Td (CGU, ) Tj ET Q q 0 0 0 rg BT 169.25 616.25 Td (composed ) Tj ET Q q 0 0 0 rg BT 212.99 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.71 616.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 258.93 616.25 Td (light ) Tj ET Q q 0 0 0 rg BT 277.66 616.25 Td (oil ) Tj ET Q q 0 0 0 rg BT 288.88 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.12 616.25 Td (natural ) Tj ET Q q 0 0 0 rg BT 335.85 616.25 Td (gas ) Tj ET Q q 0 0 0 rg BT 352.58 616.25 Td (producing ) Tj ET Q q 0 0 0 rg BT 394.33 616.25 Td (assets, ) Tj ET Q q 0 0 0 rg BT 425.06 616.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 462.80 616.25 Td (a ) Tj ET Q q 0 0 0 rg BT 470.02 616.25 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.03 616.25 Td (48.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.55 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.76 616.25 Td (million ) Tj ET Q q 0 0 0 rg BT 522.49 616.25 Td (\(December ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 605.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 94.85 605.45 Td (2014 ) Tj ET Q q 0 0 0 rg BT 116.21 605.45 Td (- ) Tj ET Q q 0 0 0 rg BT 120.55 605.45 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 125.56 605.45 Td (50.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 143.07 605.45 Td ( ) Tj ET Q q 0 0 0 rg BT 144.42 605.45 Td (million\) ) Tj ET Q q 0 0 0 rg BT 174.26 605.45 Td (PP&E ) Tj ET Q q 0 0 0 rg BT 199.61 605.45 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 247.88 605.45 Td (The ) Tj ET Q q 0 0 0 rg BT 264.73 605.45 Td (estimated ) Tj ET Q q 0 0 0 rg BT 305.09 605.45 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 353.45 605.45 Td (amount ) Tj ET Q q 0 0 0 rg BT 384.81 605.45 Td (of ) Tj ET Q q 0 0 0 rg BT 393.66 605.45 Td (the ) Tj ET Q q 0 0 0 rg BT 407.51 605.45 Td (Eastern ) Tj ET Q q 0 0 0 rg BT 439.60 605.45 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 469.46 605.45 Td (CGU ) Tj ET Q q 0 0 0 rg BT 490.80 605.45 Td (as ) Tj ET Q q 0 0 0 rg BT 501.65 605.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.49 605.45 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 81.00 594.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 101.02 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 103.52 594.65 Td (was ) Tj ET Q q 0 0 0 rg BT 122.03 594.65 Td ($) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 127.03 594.65 Td (10.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.55 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 147.05 594.65 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 577.85 Td (The ) Tj ET Q q 0 0 0 rg BT 82.01 577.85 Td (proved ) Tj ET Q q 0 0 0 rg BT 113.03 577.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 133.04 577.85 Td (probable ) Tj ET Q q 0 0 0 rg BT 171.57 577.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 205.08 577.85 Td (values ) Tj ET Q q 0 0 0 rg BT 234.60 577.85 Td (were ) Tj ET Q q 0 0 0 rg BT 257.61 577.85 Td (based ) Tj ET Q q 0 0 0 rg BT 285.63 577.85 Td (on ) Tj ET Q q 0 0 0 rg BT 299.14 577.85 Td (Bonavista's ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.39 577.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 408.42 577.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.44 577.85 Td ( ) Tj ET Q q 0 0 0 rg BT 431.94 577.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 465.45 577.85 Td (report ) Tj ET Q q 0 0 0 rg BT 492.46 577.85 Td (as ) Tj ET Q q 0 0 0 rg BT 505.47 577.85 Td (prepared ) Tj ET Q q 0 0 0 rg BT 545.00 577.85 Td (by ) Tj ET Q q 0 0 0 rg BT 558.01 577.85 Td (its ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 567.05 Td (independent ) Tj ET Q q 0 0 0 rg BT 114.16 567.05 Td (reserve ) Tj ET Q q 0 0 0 rg BT 145.79 567.05 Td (engineer ) Tj ET Q q 0 0 0 rg BT 182.43 567.05 Td (GLJ ) Tj ET Q q 0 0 0 rg BT 200.55 567.05 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 243.19 567.05 Td (Consultants.The ) Tj ET Q q 0 0 0 rg BT 310.34 567.05 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 358.98 567.05 Td (amount ) Tj ET Q q 0 0 0 rg BT 390.61 567.05 Td (of ) Tj ET Q q 0 0 0 rg BT 399.74 567.05 Td (the ) Tj ET Q q 0 0 0 rg BT 413.86 567.05 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 439.98 567.05 Td (were ) Tj ET Q q 0 0 0 rg BT 461.10 567.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 501.73 567.05 Td (based ) Tj ET Q q 0 0 0 rg BT 527.87 567.05 Td (on ) Tj ET Q q 0 0 0 rg BT 539.50 567.05 Td (proved ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 556.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 82.46 556.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 120.44 556.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 153.41 556.25 Td (values ) Tj ET Q q 0 0 0 rg BT 182.37 556.25 Td (using ) Tj ET Q q 0 0 0 rg BT 206.84 556.25 Td (before-tax ) Tj ET Q q 0 0 0 rg BT 250.32 556.25 Td (discount ) Tj ET Q q 0 0 0 rg BT 286.79 556.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 309.75 556.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 342.71 556.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.17 556.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.63 556.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 413.11 556.25 Td (composition ) Tj ET Q q 0 0 0 rg BT 464.09 556.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.55 556.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 507.51 556.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 551.99 556.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 545.45 Td (risk ) Tj ET Q q 0 0 0 rg BT 80.71 545.45 Td (profile ) Tj ET Q q 0 0 0 rg BT 108.94 545.45 Td (residing ) Tj ET Q q 0 0 0 rg BT 144.17 545.45 Td (in ) Tj ET Q q 0 0 0 rg BT 154.89 545.45 Td (each ) Tj ET Q q 0 0 0 rg BT 178.12 545.45 Td (CGU. ) Tj ET Q q 0 0 0 rg BT 204.09 545.45 Td (The ) Tj ET Q q 0 0 0 rg BT 223.31 545.45 Td (discount ) Tj ET Q q 0 0 0 rg BT 260.55 545.45 Td (rates ) Tj ET Q q 0 0 0 rg BT 284.27 545.45 Td (used ) Tj ET Q q 0 0 0 rg BT 307.50 545.45 Td (ranged ) Tj ET Q q 0 0 0 rg BT 339.24 545.45 Td (from ) Tj ET Q q 0 0 0 rg BT 360.95 545.45 Td (10 ) Tj ET Q q 0 0 0 rg BT 374.68 545.45 Td (to ) Tj ET Q q 0 0 0 rg BT 385.90 545.45 Td (12 ) Tj ET Q q 0 0 0 rg BT 399.62 545.45 Td (percent. ) Tj ET Q q 0 0 0 rg BT 435.85 545.45 Td (Key ) Tj ET Q q 0 0 0 rg BT 455.08 545.45 Td (input ) Tj ET Q q 0 0 0 rg BT 478.31 545.45 Td (estimates ) Tj ET Q q 0 0 0 rg BT 520.53 545.45 Td (used ) Tj ET Q q 0 0 0 rg BT 543.76 545.45 Td (in ) Tj ET Q q 0 0 0 rg BT 554.48 545.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 534.65 Td (determination ) Tj ET Q q 0 0 0 rg BT 119.68 534.65 Td (of ) Tj ET Q q 0 0 0 rg BT 129.34 534.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 150.50 534.65 Td (flows ) Tj ET Q q 0 0 0 rg BT 173.15 534.65 Td (from ) Tj ET Q q 0 0 0 rg BT 193.30 534.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 241.19 534.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 252.34 534.65 Td (and ) Tj ET Q q 0 0 0 rg BT 269.51 534.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 286.17 534.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 322.83 534.65 Td (included: ) Tj ET Q q 0 0 0 rg BT 361.00 534.65 Td (quantities ) Tj ET Q q 0 0 0 rg BT 401.68 534.65 Td (of ) Tj ET Q q 0 0 0 rg BT 411.33 534.65 Td (reserves ) Tj ET Q q 0 0 0 rg BT 447.99 534.65 Td (and ) Tj ET Q q 0 0 0 rg BT 465.16 534.65 Td (future ) Tj ET Q q 0 0 0 rg BT 490.32 534.65 Td (production; ) Tj ET Q q 0 0 0 rg BT 537.00 534.65 Td (forward ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 523.85 Td (commodity ) Tj ET Q q 0 0 0 rg BT 109.16 523.85 Td (pricing ) Tj ET Q q 0 0 0 rg BT 138.32 523.85 Td (as ) Tj ET Q q 0 0 0 rg BT 150.47 523.85 Td (prepared ) Tj ET Q q 0 0 0 rg BT 189.14 523.85 Td (by ) Tj ET Q q 0 0 0 rg BT 201.29 523.85 Td (the ) Tj ET Q q 0 0 0 rg BT 216.45 523.85 Td (average ) Tj ET Q q 0 0 0 rg BT 251.62 523.85 Td (of ) Tj ET Q q 0 0 0 rg BT 261.78 523.85 Td (four ) Tj ET Q q 0 0 0 rg BT 279.93 523.85 Td (independent ) Tj ET Q q 0 0 0 rg BT 332.13 523.85 Td (reserve ) Tj ET Q q 0 0 0 rg BT 364.78 523.85 Td (engineer ) Tj ET Q q 0 0 0 rg BT 402.46 523.85 Td (evaluators; ) Tj ET Q q 0 0 0 rg BT 449.13 523.85 Td (development ) Tj ET Q q 0 0 0 rg BT 503.31 523.85 Td (costs; ) Tj ET Q q 0 0 0 rg BT 529.47 523.85 Td (operating ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 513.05 Td (costs; ) Tj ET Q q 0 0 0 rg BT 89.01 513.05 Td (royalty ) Tj ET Q q 0 0 0 rg BT 118.02 513.05 Td (obligations; ) Tj ET Q q 0 0 0 rg BT 166.05 513.05 Td (abandonment ) Tj ET Q q 0 0 0 rg BT 223.59 513.05 Td (costs; ) Tj ET Q q 0 0 0 rg BT 249.60 513.05 Td (and ) Tj ET Q q 0 0 0 rg BT 267.12 513.05 Td (discount ) Tj ET Q q 0 0 0 rg BT 303.14 513.05 Td (rates. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 496.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.44 496.25 Td (results ) Tj ET Q q 0 0 0 rg BT 108.87 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.30 496.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 165.97 496.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 212.41 496.25 Td (tests ) Tj ET Q q 0 0 0 rg BT 233.34 496.25 Td (are ) Tj ET Q q 0 0 0 rg BT 248.28 496.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 285.22 496.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.65 496.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 330.61 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 339.54 496.25 Td (any ) Tj ET Q q 0 0 0 rg BT 355.98 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.41 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 379.85 496.25 Td (key ) Tj ET Q q 0 0 0 rg BT 395.78 496.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 436.22 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.65 496.25 Td (which ) Tj ET Q q 0 0 0 rg BT 470.59 496.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 506.54 496.25 Td (could ) Tj ET Q q 0 0 0 rg BT 529.98 496.25 Td (decrease ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 485.45 Td (or ) Tj ET Q q 0 0 0 rg BT 73.30 485.45 Td (increase ) Tj ET Q q 0 0 0 rg BT 109.61 485.45 Td (the ) Tj ET Q q 0 0 0 rg BT 124.41 485.45 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 173.73 485.45 Td (amounts ) Tj ET Q q 0 0 0 rg BT 210.54 485.45 Td (of ) Tj ET Q q 0 0 0 rg BT 220.34 485.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 248.64 485.45 Td (and ) Tj ET Q q 0 0 0 rg BT 265.95 485.45 Td (result ) Tj ET Q q 0 0 0 rg BT 290.25 485.45 Td (in ) Tj ET Q q 0 0 0 rg BT 299.55 485.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 340.38 485.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 387.18 485.45 Td (charges ) Tj ET Q q 0 0 0 rg BT 421.49 485.45 Td (or ) Tj ET Q q 0 0 0 rg BT 431.79 485.45 Td (recovery ) Tj ET Q q 0 0 0 rg BT 468.59 485.45 Td (of ) Tj ET Q q 0 0 0 rg BT 478.39 485.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 525.20 485.45 Td (charges. ) Tj ET Q q 0 0 0 rg BT 562.01 485.45 Td (If ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 474.65 Td (a ) Tj ET Q q 0 0 0 rg BT 70.22 474.65 Td (before-tax ) Tj ET Q q 0 0 0 rg BT 112.96 474.65 Td (discount ) Tj ET Q q 0 0 0 rg BT 148.69 474.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 166.42 474.65 Td (of ) Tj ET Q q 0 0 0 rg BT 176.14 474.65 Td (8 ) Tj ET Q q 0 0 0 rg BT 183.36 474.65 Td (percent ) Tj ET Q q 0 0 0 rg BT 215.59 474.65 Td (had ) Tj ET Q q 0 0 0 rg BT 232.82 474.65 Td (been ) Tj ET Q q 0 0 0 rg BT 255.06 474.65 Td (used ) Tj ET Q q 0 0 0 rg BT 276.79 474.65 Td (in ) Tj ET Q q 0 0 0 rg BT 286.01 474.65 Td (all ) Tj ET Q q 0 0 0 rg BT 297.23 474.65 Td (reserve ) Tj ET Q q 0 0 0 rg BT 329.45 474.65 Td (categories ) Tj ET Q q 0 0 0 rg BT 373.19 474.65 Td (in ) Tj ET Q q 0 0 0 rg BT 382.41 474.65 Td (each ) Tj ET Q q 0 0 0 rg BT 404.14 474.65 Td (of ) Tj ET Q q 0 0 0 rg BT 413.86 474.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 461.82 474.65 Td (CGUs ) Tj ET Q q 0 0 0 rg BT 488.54 474.65 Td (in ) Tj ET Q q 0 0 0 rg BT 497.76 474.65 Td (the ) Tj ET Q q 0 0 0 rg BT 512.48 474.65 Td (determination ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 463.85 Td (of ) Tj ET Q q 0 0 0 rg BT 74.37 463.85 Td (the ) Tj ET Q q 0 0 0 rg BT 90.75 463.85 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 141.64 463.85 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 182.53 463.85 Td (the ) Tj ET Q q 0 0 0 rg BT 198.90 463.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 247.28 463.85 Td (charge ) Tj ET Q q 0 0 0 rg BT 278.66 463.85 Td (for ) Tj ET Q q 0 0 0 rg BT 293.03 463.85 Td (the ) Tj ET Q q 0 0 0 rg BT 309.41 463.85 Td (year ) Tj ET Q q 0 0 0 rg BT 330.78 463.85 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.68 463.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 420.07 463.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 440.09 463.85 Td (, ) Tj ET Q q 0 0 0 rg BT 446.46 463.85 Td (would ) Tj ET Q q 0 0 0 rg BT 473.84 463.85 Td (have ) Tj ET Q q 0 0 0 rg BT 497.22 463.85 Td (been ) Tj ET Q q 0 0 0 rg BT 521.11 463.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 557.50 463.85 Td (by ) Tj ET Q q 0 0 0 rg BT 569.50 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 463.85 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 463.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 453.05 Td ($535.0 ) Tj ET Q q 0 0 0 rg BT 93.33 453.05 Td (million ) Tj ET Q q 0 0 0 rg BT 121.64 453.05 Td (to ) Tj ET Q q 0 0 0 rg BT 131.95 453.05 Td ($274.0 ) Tj ET Q q 0 0 0 rg BT 162.29 453.05 Td (million. ) Tj ET Q q 0 0 0 rg BT 193.10 453.05 Td (If ) Tj ET Q q 0 0 0 rg BT 200.90 453.05 Td (a ) Tj ET Q q 0 0 0 rg BT 208.71 453.05 Td (before-tax ) Tj ET Q q 0 0 0 rg BT 252.04 453.05 Td (discount ) Tj ET Q q 0 0 0 rg BT 288.36 453.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 306.68 453.05 Td (of ) Tj ET Q q 0 0 0 rg BT 316.99 453.05 Td (12 ) Tj ET Q q 0 0 0 rg BT 329.80 453.05 Td (percent ) Tj ET Q q 0 0 0 rg BT 362.63 453.05 Td (had ) Tj ET Q q 0 0 0 rg BT 380.45 453.05 Td (been ) Tj ET Q q 0 0 0 rg BT 403.27 453.05 Td (used ) Tj ET Q q 0 0 0 rg BT 425.60 453.05 Td (on ) Tj ET Q q 0 0 0 rg BT 438.41 453.05 Td (all ) Tj ET Q q 0 0 0 rg BT 450.22 453.05 Td (reserve ) Tj ET Q q 0 0 0 rg BT 483.03 453.05 Td (categories ) Tj ET Q q 0 0 0 rg BT 527.36 453.05 Td (in ) Tj ET Q q 0 0 0 rg BT 537.17 453.05 Td (each ) Tj ET Q q 0 0 0 rg BT 559.49 453.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 442.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 111.54 442.25 Td (CGUs, ) Tj ET Q q 0 0 0 rg BT 141.34 442.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.15 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.46 442.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 223.79 442.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.10 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.41 442.25 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 299.24 442.25 Td (amounts, ) Tj ET Q q 0 0 0 rg BT 339.06 442.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 381.39 442.25 Td (would ) Tj ET Q q 0 0 0 rg BT 407.70 442.25 Td (have ) Tj ET Q q 0 0 0 rg BT 430.02 442.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 468.34 442.25 Td (an ) Tj ET Q q 0 0 0 rg BT 481.15 442.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 522.48 442.25 Td (impairment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 431.45 Td (charge ) Tj ET Q q 0 0 0 rg BT 93.44 431.45 Td (of ) Tj ET Q q 0 0 0 rg BT 103.87 431.45 Td ($21) Tj ET Q q 0 0 0 rg BT 118.22 431.45 Td (1.0 ) Tj ET Q q 0 0 0 rg BT 133.65 431.45 Td (million ) Tj ET Q q 0 0 0 rg BT 162.08 431.45 Td (for ) Tj ET Q q 0 0 0 rg BT 175.50 431.45 Td (the ) Tj ET Q q 0 0 0 rg BT 190.94 431.45 Td (year ) Tj ET Q q 0 0 0 rg BT 211.36 431.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 239.31 431.45 Td (December ) Tj ET Q q 0 0 0 rg BT 283.75 431.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 299.18 431.45 Td (2015. ) Tj ET Q q 0 0 0 rg BT 324.44 431.45 Td (The ) Tj ET Q q 0 0 0 rg BT 342.87 431.45 Td (impairments ) Tj ET Q q 0 0 0 rg BT 394.80 431.45 Td (recorded ) Tj ET Q q 0 0 0 rg BT 433.24 431.45 Td (for ) Tj ET Q q 0 0 0 rg BT 446.67 431.45 Td (the ) Tj ET Q q 0 0 0 rg BT 462.10 431.45 Td (year ) Tj ET Q q 0 0 0 rg BT 482.53 431.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.48 431.45 Td (December31, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 420.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 83.02 420.65 Td ( ) Tj ET Q q 0 0 0 rg BT 85.52 420.65 Td (may ) Tj ET Q q 0 0 0 rg BT 105.02 420.65 Td (be ) Tj ET Q q 0 0 0 rg BT 117.54 420.65 Td (reversed ) Tj ET Q q 0 0 0 rg BT 155.05 420.65 Td (at ) Tj ET Q q 0 0 0 rg BT 165.06 420.65 Td (such ) Tj ET Q q 0 0 0 rg BT 186.57 420.65 Td (time ) Tj ET Q q 0 0 0 rg BT 206.07 420.65 Td (that ) Tj ET Q q 0 0 0 rg BT 223.58 420.65 Td (the ) Tj ET Q q 0 0 0 rg BT 238.60 420.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 253.60 420.65 Td (value ) Tj ET Q q 0 0 0 rg BT 277.62 420.65 Td (of ) Tj ET Q q 0 0 0 rg BT 287.62 420.65 Td (the ) Tj ET Q q 0 0 0 rg BT 302.63 420.65 Td (impaired ) Tj ET Q q 0 0 0 rg BT 339.65 420.65 Td (CGU ) Tj ET Q q 0 0 0 rg BT 362.15 420.65 Td (increases.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 403.85 Td (Forward ) Tj ET Q q 0 0 0 rg BT 101.00 403.85 Td (Commodity ) Tj ET Q q 0 0 0 rg BT 153.00 403.85 Td (Prices ) Tj ET Q q 0 0 0 rg BT 182.53 403.85 Td (used ) Tj ET Q q 0 0 0 rg BT 206.03 403.85 Td (in ) Tj ET Q q 0 0 0 rg BT 216.53 403.85 Td (the ) Tj ET Q q 0 0 0 rg BT 232.53 403.85 Td (December ) Tj ET Q q 0 0 0 rg BT 278.56 403.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 293.57 403.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 316.09 403.85 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 367.10 403.85 Td (T) Tj ET Q q 0 0 0 rg BT 371.93 403.85 Td (est) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 384.94 408.14 Td (\(1\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 390.35 m 147.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 376.35 m 147.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 390.35 m 272.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 376.35 m 272.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 390.35 m 362.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 376.35 m 362.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 390.35 m 452.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 376.35 m 452.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 390.35 m 566.5 390.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 376.35 m 566.5 376.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 236.35000000000002 m 147.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 236.35000000000002 m 272.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 236.35000000000002 m 362.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 236.35000000000002 m 452.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 236.35000000000002 m 566.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 223.35000000000002 m 147.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 236.35000000000002 m 272.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 223.35000000000002 m 272.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 236.35000000000002 m 362.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 223.35000000000002 m 362.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 236.35000000000002 m 452.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 223.35000000000002 m 452.5 223.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 236.35000000000002 m 566.5 236.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 223.35000000000002 m 566.5 223.35000000000002 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 380.75 Td (Year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.40 380.75 Td (Edmonton Light Crude Oil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 329.00 380.75 Td (WTI Oil) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 404.45 380.75 Td (AECO Gas) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.40 380.75 Td (Foreign Exchange Rate) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 233.95 368.75 Td (\(CDN$/bbl\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 329.40 368.75 Td (\(US$/bbl\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 401.15 368.75 Td (\(CDN$/MMBtu\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.70 368.75 Td (\(US$/CDN$\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 357.30 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 357.30 Td (54.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 357.30 Td (44.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 357.30 Td (2.54) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 357.30 Td (0.736) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 344.30 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 344.30 Td (64.26) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 344.30 Td (53.51) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 344.30 Td (3.07) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 344.30 Td (0.768) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 331.30 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 331.30 Td (71.49) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 331.30 Td (61.90) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 331.30 Td (3.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 331.30 Td (0.801) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 318.30 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 318.30 Td (80.43) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 318.30 Td (69.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 318.30 Td (3.71) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 318.30 Td (0.813) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 305.30 Td (2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 305.30 Td (85.75) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 305.30 Td (75.01) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 305.30 Td (3.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 305.30 Td (0.825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 292.30 Td (2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 292.30 Td (90.41) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 292.30 Td (79.38) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 292.30 Td (4.13) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 292.30 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 279.30 Td (2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 279.30 Td (95.76) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 279.30 Td (83.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 279.30 Td (4.33) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 279.30 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 266.30 Td (2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.45 266.30 Td (99.47) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 266.30 Td (87.00) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 266.30 Td (4.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 266.30 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 253.30 Td (2024) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.45 253.30 Td (101.45) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 253.30 Td (88.93) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 253.30 Td (4.70) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 253.30 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 240.30 Td (2025) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.45 240.30 Td (103.34) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 336.45 240.30 Td (90.58) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 431.45 240.30 Td (4.81) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 240.30 Td (0.831) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 227.30 Td (Thereafter) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 228.45 227.30 Td (1.9%/year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.45 227.30 Td (1.9%/year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 408.45 227.30 Td (1.9%/year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 227.30 Td (0.831) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 213.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 82.00 213.65 Td ( ) Tj ET Q q 0 0 0 rg BT 83.56 213.65 Td (The ) Tj ET Q q 0 0 0 rg BT 95.57 213.65 Td (average ) Tj ET Q q 0 0 0 rg BT 118.92 213.65 Td (of ) Tj ET Q q 0 0 0 rg BT 125.59 213.65 Td (GLJ ) Tj ET Q q 0 0 0 rg BT 138.26 213.65 Td (Petroleum ) Tj ET Q q 0 0 0 rg BT 167.27 213.65 Td (Consultants, ) Tj ET Q q 0 0 0 rg BT 202.29 213.65 Td (McDaniel ) Tj ET Q q 0 0 0 rg BT 228.96 213.65 Td (& ) Tj ET Q q 0 0 0 rg BT 234.30 213.65 Td (Associates ) Tj ET Q q 0 0 0 rg BT 264.98 213.65 Td (Consultants, ) Tj ET Q q 0 0 0 rg BT 300.00 213.65 Td (Sproule ) Tj ET Q q 0 0 0 rg BT 322.35 213.65 Td (and ) Tj ET Q q 0 0 0 rg BT 334.03 213.65 Td (Deloitte ) Tj ET Q q 0 0 0 rg BT 356.04 213.65 Td (Research ) Tj ET Q q 0 0 0 rg BT 383.38 213.65 Td (Evaluation ) Tj ET Q q 0 0 0 rg BT 413.07 213.65 Td (& ) Tj ET Q q 0 0 0 rg BT 418.41 213.65 Td (Advisory ) Tj ET Q q 0 0 0 rg BT 443.08 213.65 Td (price ) Tj ET Q q 0 0 0 rg BT 457.75 213.65 Td (forecasts, ) Tj ET Q q 0 0 0 rg BT 485.43 213.65 Td (ef) Tj ET Q q 0 0 0 rg BT 490.32 213.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 509.33 213.65 Td (January ) Tj ET Q q 0 0 0 rg BT 532.34 213.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 539.02 213.65 Td (2016.) 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rg BT 371.93 714.65 Td (est) Tj ET Q BT /F2 9.00 Tf ET BT /F2 5.85 Tf ET q 0 0 0 rg BT 384.94 718.94 Td (\(1\)) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 701.15 m 147.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 687.15 m 147.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 701.15 m 272.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 147.5 687.15 m 272.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 701.15 m 362.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272.5 687.15 m 362.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 701.15 m 452.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 362.5 687.15 m 452.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 701.15 m 566.5 701.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 452.5 687.15 m 566.5 687.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 547.15 m 147.5 547.15 l s 0 0 0 RG /GS0 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BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 319.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 305.75 Td (Transfers to property, plant and equipment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 305.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 305.75 Td (\(22,930) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 305.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 291.75 Td ( Impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 291.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 537.45 291.75 Td (\(3,344) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 291.75 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 277.75 Td (Balance as at December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.00 277.75 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 277.75 Td (210,194) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 257.05 Td (Exploration ) Tj ET Q q 0 0 0 rg BT 110.57 257.05 Td (and ) Tj ET Q q 0 0 0 rg BT 128.13 257.05 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 171.70 257.05 Td (\("E&E"\) ) Tj ET Q q 0 0 0 rg BT 204.63 257.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 233.19 257.05 Td (consist ) Tj ET Q q 0 0 0 rg BT 263.74 257.05 Td (of ) Tj ET Q q 0 0 0 rg BT 273.79 257.05 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 322.07 257.05 Td (exploration ) Tj ET Q q 0 0 0 rg BT 368.64 257.05 Td (projects ) Tj ET Q q 0 0 0 rg BT 402.70 257.05 Td (which ) Tj ET Q q 0 0 0 rg BT 428.25 257.05 Td (are ) Tj ET Q q 0 0 0 rg BT 443.80 257.05 Td (pending ) Tj ET Q q 0 0 0 rg BT 478.37 257.05 Td (the ) Tj ET Q q 0 0 0 rg BT 493.43 257.05 Td (determination ) Tj ET Q q 0 0 0 rg BT 550.50 257.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 246.25 Td (proved ) Tj ET Q q 0 0 0 rg BT 92.57 246.25 Td (or ) Tj ET Q q 0 0 0 rg BT 102.63 246.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 139.71 246.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 176.27 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.34 246.25 Td (production. ) Tj ET Q q 0 0 0 rg BT 239.52 246.25 Td (Additions ) Tj ET Q q 0 0 0 rg BT 278.60 246.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 318.67 246.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 366.47 246.25 Td (share ) Tj ET Q q 0 0 0 rg BT 391.04 246.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.60 246.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 423.66 246.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 458.22 246.25 Td (on ) Tj ET Q q 0 0 0 rg BT 470.29 246.25 Td (E&E ) Tj ET Q q 0 0 0 rg BT 490.35 246.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 518.42 246.25 Td (during ) Tj ET Q q 0 0 0 rg BT 545.49 246.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 235.45 Td (year) Tj ET Q q 0 0 0 rg BT 80.01 235.45 Td (. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 218.65 Td (Impairment ) Tj ET Q q 0 0 0 rg BT 114.01 218.65 Td (T) Tj ET Q q 0 0 0 rg BT 118.84 218.65 Td (esting) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 201.85 Td (As ) Tj ET Q q 0 0 0 rg BT 76.18 201.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.37 201.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 145.58 201.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.60 201.85 Td (, ) Tj ET Q q 0 0 0 rg BT 170.78 201.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 212.99 201.85 Td (determined ) Tj ET Q q 0 0 0 rg BT 260.70 201.85 Td (that ) Tj ET Q q 0 0 0 rg BT 278.39 201.85 Td (indicators ) Tj ET Q q 0 0 0 rg BT 319.59 201.85 Td (of ) Tj ET Q q 0 0 0 rg BT 329.77 201.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 376.97 201.85 Td (existed ) Tj ET Q q 0 0 0 rg BT 408.17 201.85 Td (with ) Tj ET Q q 0 0 0 rg BT 426.85 201.85 Td (respect ) Tj ET Q q 0 0 0 rg BT 459.05 201.85 Td (to ) Tj ET Q q 0 0 0 rg BT 469.23 201.85 Td (its ) Tj ET Q q 0 0 0 rg BT 480.91 201.85 Td (E&E ) Tj ET Q q 0 0 0 rg BT 501.60 201.85 Td (assets ) Tj ET Q q 0 0 0 rg BT 530.30 201.85 Td (and ) Tj ET Q q 0 0 0 rg BT 547.99 201.85 Td (an ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 191.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.87 191.05 Td (analysis ) Tj ET Q q 0 0 0 rg BT 146.75 191.05 Td (was ) Tj ET Q q 0 0 0 rg BT 166.12 191.05 Td (performed. ) Tj ET Q q 0 0 0 rg BT 213.00 191.05 Td (For ) Tj ET Q q 0 0 0 rg BT 229.86 191.05 Td (the ) Tj ET Q q 0 0 0 rg BT 245.74 191.05 Td (purpose ) Tj ET Q q 0 0 0 rg BT 281.62 191.05 Td (of ) Tj ET Q q 0 0 0 rg BT 292.49 191.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 340.37 191.05 Td (testing, ) Tj ET Q q 0 0 0 rg BT 372.74 191.05 Td (the ) Tj ET Q q 0 0 0 rg BT 388.62 191.05 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 439.01 191.05 Td (amounts ) Tj ET Q q 0 0 0 rg BT 476.89 191.05 Td (of ) Tj ET Q q 0 0 0 rg BT 487.76 191.05 Td (E&E ) Tj ET Q q 0 0 0 rg BT 509.13 191.05 Td (assets ) Tj ET Q q 0 0 0 rg BT 538.50 191.05 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 180.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 110.51 180.25 Td (using ) Tj ET Q q 0 0 0 rg BT 134.51 180.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 166.51 180.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 207.51 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.50 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.50 180.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 247.48 180.25 Td (value ) Tj ET Q q 0 0 0 rg BT 271.48 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.47 180.25 Td (undeveloped ) Tj ET Q q 0 0 0 rg BT 335.51 180.25 Td (land ) Tj ET Q q 0 0 0 rg BT 355.01 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.51 180.25 Td (seismic ) Tj ET Q q 0 0 0 rg BT 404.99 180.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 433.49 180.25 Td (based ) Tj ET Q q 0 0 0 rg BT 460.49 180.25 Td (principally ) Tj ET Q q 0 0 0 rg BT 503.00 180.25 Td (on ) Tj ET Q q 0 0 0 rg BT 515.49 180.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 542.99 180.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 169.45 Td (relevant ) Tj ET Q q 0 0 0 rg BT 101.60 169.45 Td (land ) Tj ET Q q 0 0 0 rg BT 125.20 169.45 Td (sales. ) Tj ET Q q 0 0 0 rg BT 155.30 169.45 Td (For ) Tj ET Q q 0 0 0 rg BT 175.38 169.45 Td (the ) Tj ET Q q 0 0 0 rg BT 194.48 169.45 Td (year ) Tj ET Q q 0 0 0 rg BT 218.57 169.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 250.18 169.45 Td (December ) Tj ET Q q 0 0 0 rg BT 298.28 169.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 317.38 169.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 346.48 169.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 392.59 169.45 Td (recognized ) Tj ET Q q 0 0 0 rg BT 443.21 169.45 Td (impairment ) Tj ET Q q 0 0 0 rg BT 494.30 169.45 Td (of ) Tj ET Q q 0 0 0 rg BT 508.39 169.45 Td ($3.3 ) Tj ET Q q 0 0 0 rg BT 532.49 169.45 Td (million ) Tj ET Q q 0 0 0 rg BT 560.50 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 563.00 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 565.50 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 568.00 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 570.50 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 573.00 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 575.50 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 578.00 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 580.50 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 583.00 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 585.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 588.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 590.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 593.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 595.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 598.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 600.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 603.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 605.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 608.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 610.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 613.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 615.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 618.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 620.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 623.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 625.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 628.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 630.51 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 633.01 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 635.52 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 638.02 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 640.52 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 643.02 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 645.52 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 648.02 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 650.52 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 653.02 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 655.52 169.45 Td ( ) Tj ET Q q 0 0 0 rg BT 658.02 169.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 158.65 Td (\(December ) Tj ET Q q 0 0 0 rg BT 109.07 158.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.13 158.65 Td (2014 ) Tj ET Q q 0 0 0 rg BT 144.70 158.65 Td (- ) Tj ET Q q 0 0 0 rg BT 149.25 158.65 Td (nil\) ) Tj ET Q q 0 0 0 rg BT 162.81 158.65 Td (on ) Tj ET Q q 0 0 0 rg BT 174.37 158.65 Td (E&E ) Tj ET Q q 0 0 0 rg BT 193.94 158.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 221.50 158.65 Td (related ) Tj ET Q q 0 0 0 rg BT 250.57 158.65 Td (to ) Tj ET Q q 0 0 0 rg BT 259.63 158.65 Td (its ) Tj ET Q q 0 0 0 rg BT 270.18 158.65 Td (Southern ) Tj ET Q q 0 0 0 rg BT 307.96 158.65 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 338.03 158.65 Td (CGU ) Tj ET Q q 0 0 0 rg BT 359.58 158.65 Td (where ) Tj ET Q q 0 0 0 rg BT 385.64 158.65 Td (the ) Tj ET Q q 0 0 0 rg BT 399.71 158.65 Td (carrying ) Tj ET Q q 0 0 0 rg BT 433.27 158.65 Td (value ) Tj ET Q q 0 0 0 rg BT 456.34 158.65 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 496.93 158.65 Td (the ) Tj ET Q q 0 0 0 rg BT 510.99 158.65 Td (recoverable ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 147.85 Td (amount. ) Tj ET Q q 0 0 0 rg BT 98.52 147.85 Td (The ) Tj ET Q q 0 0 0 rg BT 117.24 147.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 164.96 147.85 Td (was ) Tj ET Q q 0 0 0 rg BT 184.18 147.85 Td (recorded ) Tj ET Q q 0 0 0 rg BT 222.91 147.85 Td (in ) Tj ET Q q 0 0 0 rg BT 233.13 147.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 275.37 147.85 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 330.12 147.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 382.35 147.85 Td (and ) Tj ET Q q 0 0 0 rg BT 400.58 147.85 Td (impairment ) Tj ET Q q 0 0 0 rg BT 448.30 147.85 Td (in ) Tj ET Q q 0 0 0 rg BT 458.51 147.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 507.47 147.85 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 137.05 Td (statement ) Tj ET Q q 0 0 0 rg BT 105.49 137.05 Td (of ) Tj ET Q q 0 0 0 rg BT 115.96 137.05 Td (income ) Tj ET Q q 0 0 0 rg BT 147.94 137.05 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 172.91 137.05 Td (and ) Tj ET Q q 0 0 0 rg BT 190.90 137.05 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 254.89 137.05 Td (\(loss\). ) Tj ET Q q 0 0 0 rg BT 282.17 137.05 Td (The ) Tj ET Q q 0 0 0 rg BT 300.65 137.05 Td (impairment ) Tj ET Q q 0 0 0 rg BT 348.13 137.05 Td (recorded ) Tj ET Q q 0 0 0 rg BT 386.62 137.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.09 137.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 456.58 137.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 476.61 137.05 Td ( ) Tj ET Q q 0 0 0 rg BT 479.57 137.05 Td (may ) Tj ET Q q 0 0 0 rg BT 499.54 137.05 Td (be ) Tj ET Q q 0 0 0 rg BT 512.52 137.05 Td (reversed ) Tj ET Q q 0 0 0 rg BT 550.51 137.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 126.25 Td (such ) Tj ET Q q 0 0 0 rg BT 84.51 126.25 Td (time ) Tj ET Q q 0 0 0 rg BT 104.01 126.25 Td (that ) Tj ET Q q 0 0 0 rg BT 121.53 126.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.54 126.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 151.54 126.25 Td (value ) Tj ET Q q 0 0 0 rg BT 175.56 126.25 Td (of ) Tj ET Q q 0 0 0 rg BT 185.56 126.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.58 126.25 Td (impaired ) Tj ET Q q 0 0 0 rg BT 237.59 126.25 Td (E&E ) Tj ET Q q 0 0 0 rg BT 258.10 126.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 286.61 126.25 Td (increases.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 109.45 Td (As ) Tj ET Q q 0 0 0 rg BT 76.54 109.45 Td (at ) Tj ET Q q 0 0 0 rg BT 87.09 109.45 Td (December ) Tj ET Q q 0 0 0 rg BT 131.64 109.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.20 109.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 172.76 109.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 215.32 109.45 Td (had ) Tj ET Q q 0 0 0 rg BT 233.38 109.45 Td (no ) Tj ET Q q 0 0 0 rg BT 246.43 109.45 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 281.99 109.45 Td (assets ) Tj ET Q q 0 0 0 rg BT 311.04 109.45 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 352.10 109.45 Td (For ) Tj ET Q q 0 0 0 rg BT 368.64 109.45 Td (the ) Tj ET Q q 0 0 0 rg BT 384.19 109.45 Td (year ) Tj ET Q q 0 0 0 rg BT 404.74 109.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 432.81 109.45 Td (December ) Tj ET Q q 0 0 0 rg BT 477.36 109.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 492.91 109.45 Td (2014, ) Tj ET Q q 0 0 0 rg BT 518.48 109.45 Td (Bonavista ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 98.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 100.95 98.65 Td (a ) Tj ET Q q 0 0 0 rg BT 108.38 98.65 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 143.33 98.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 190.27 98.65 Td (charge ) Tj ET Q q 0 0 0 rg BT 220.22 98.65 Td (of ) Tj ET Q q 0 0 0 rg BT 230.15 98.65 Td ($1) Tj ET Q q 0 0 0 rg BT 239.49 98.65 Td (1.2 ) Tj ET Q q 0 0 0 rg BT 254.43 98.65 Td (million. ) Tj ET Q q 0 0 0 rg BT 284.71 98.65 Td (The ) Tj ET Q q 0 0 0 rg BT 302.65 98.65 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 337.60 98.65 Td (impairment ) Tj ET Q q 0 0 0 rg BT 384.54 98.65 Td (was ) Tj ET Q q 0 0 0 rg BT 402.97 98.65 Td (recorded ) Tj ET Q q 0 0 0 rg BT 440.92 98.65 Td (in ) Tj ET Q q 0 0 0 rg BT 450.35 98.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 498.52 98.65 Td (Central ) Tj ET Q q 0 0 0 rg BT 529.48 98.65 Td (Alberta ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 87.85 Td (CGU.) Tj ET Q endstream endobj 97 0 obj <> endobj 98 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 48) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (10. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td (Shareholders' equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.30 714.65 Td (is ) Tj ET Q q 0 0 0 rg BT 114.58 714.65 Td (authorized ) Tj ET Q q 0 0 0 rg BT 159.38 714.65 Td (to ) Tj ET Q q 0 0 0 rg BT 169.66 714.65 Td (issue ) Tj ET Q q 0 0 0 rg BT 193.45 714.65 Td (an ) Tj ET Q q 0 0 0 rg BT 206.24 714.65 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 245.03 714.65 Td (number ) Tj ET Q q 0 0 0 rg BT 278.32 714.65 Td (of ) Tj ET Q q 0 0 0 rg BT 288.61 714.65 Td (common ) Tj ET Q q 0 0 0 rg BT 325.89 714.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 355.68 714.65 Td (without ) Tj ET Q q 0 0 0 rg BT 386.98 714.65 Td (nominal ) Tj ET Q q 0 0 0 rg BT 421.27 714.65 Td (or ) Tj ET Q q 0 0 0 rg BT 432.05 714.65 Td (par ) Tj ET Q q 0 0 0 rg BT 447.83 714.65 Td (value, ) Tj ET Q q 0 0 0 rg BT 474.62 714.65 Td (an ) Tj ET Q q 0 0 0 rg BT 487.41 714.65 Td (unlimited ) Tj ET Q q 0 0 0 rg BT 526.21 714.65 Td (number ) Tj ET Q q 0 0 0 rg BT 559.50 714.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 703.85 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 121.55 703.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 151.06 703.85 Td (without ) Tj ET Q q 0 0 0 rg BT 182.08 703.85 Td (nominal ) Tj ET Q q 0 0 0 rg BT 216.10 703.85 Td (or ) Tj ET Q q 0 0 0 rg BT 226.60 703.85 Td (par ) Tj ET Q q 0 0 0 rg BT 242.11 703.85 Td (value ) Tj ET Q q 0 0 0 rg BT 266.12 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 283.64 703.85 Td (10,000,000 ) Tj ET Q q 0 0 0 rg BT 331.19 703.85 Td (preferred ) Tj ET Q q 0 0 0 rg BT 370.20 703.85 Td (shares, ) Tj ET Q q 0 0 0 rg BT 402.22 703.85 Td (issuable ) Tj ET Q q 0 0 0 rg BT 437.74 703.85 Td (in ) Tj ET Q q 0 0 0 rg BT 447.24 703.85 Td (series.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 687.05 Td (The ) Tj ET Q q 0 0 0 rg BT 80.69 687.05 Td (holders ) Tj ET Q q 0 0 0 rg BT 112.38 687.05 Td (of ) Tj ET Q q 0 0 0 rg BT 122.06 687.05 Td (common ) Tj ET Q q 0 0 0 rg BT 158.75 687.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 187.94 687.05 Td (are ) Tj ET Q q 0 0 0 rg BT 203.12 687.05 Td (entitled ) Tj ET Q q 0 0 0 rg BT 234.32 687.05 Td (to ) Tj ET Q q 0 0 0 rg BT 244.00 687.05 Td (receive ) Tj ET Q q 0 0 0 rg BT 275.19 687.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 315.40 687.05 Td (as ) Tj ET Q q 0 0 0 rg BT 327.08 687.05 Td (declared ) Tj ET Q q 0 0 0 rg BT 363.78 687.05 Td (by ) Tj ET Q q 0 0 0 rg BT 375.46 687.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 417.16 687.05 Td (and ) Tj ET Q q 0 0 0 rg BT 434.36 687.05 Td (are ) Tj ET Q q 0 0 0 rg BT 449.54 687.05 Td (entitled ) Tj ET Q q 0 0 0 rg BT 480.74 687.05 Td (to ) Tj ET Q q 0 0 0 rg BT 490.42 687.05 Td (one ) Tj ET Q q 0 0 0 rg BT 507.61 687.05 Td (vote ) Tj ET Q q 0 0 0 rg BT 526.80 687.05 Td (per ) Tj ET Q q 0 0 0 rg BT 541.99 687.05 Td (share. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 676.25 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 105.50 676.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 143.01 676.25 Td (for ) Tj ET Q q 0 0 0 rg BT 156.49 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.98 676.25 Td (year ) Tj ET Q q 0 0 0 rg BT 192.47 676.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 220.48 676.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 279.99 676.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 300.01 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 302.99 676.25 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 325.48 676.25 Td ($0.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.00 676.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.98 676.25 Td (per ) Tj ET Q q 0 0 0 rg BT 366.97 676.25 Td (share ) Tj ET Q q 0 0 0 rg BT 392.47 676.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 395.47 676.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 454.97 676.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 475.00 676.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.47 676.25 Td ($0.84) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 506.00 676.25 Td (pershare\). ) Tj ET Q q 0 0 0 rg BT 555.00 676.25 Td (On ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.45 Td (February17, ) Tj ET Q q 0 0 0 rg BT 116.67 665.45 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 136.69 665.45 Td (, ) Tj ET Q q 0 0 0 rg BT 141.83 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 156.99 665.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 183.65 665.45 Td (of ) Tj ET Q q 0 0 0 rg BT 193.80 665.45 Td (Directors ) Tj ET Q q 0 0 0 rg BT 232.45 665.45 Td (declared ) Tj ET Q q 0 0 0 rg BT 269.61 665.45 Td (a ) Tj ET Q q 0 0 0 rg BT 277.26 665.45 Td (dividend ) Tj ET Q q 0 0 0 rg BT 313.43 665.45 Td (of ) Tj ET Q q 0 0 0 rg BT 323.58 665.45 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 348.75 665.45 Td (per ) Tj ET Q q 0 0 0 rg BT 364.40 665.45 Td (common ) Tj ET Q q 0 0 0 rg BT 401.55 665.45 Td (share, ) Tj ET Q q 0 0 0 rg BT 429.21 665.45 Td (payable ) Tj ET Q q 0 0 0 rg BT 463.38 665.45 Td (in ) Tj ET Q q 0 0 0 rg BT 473.03 665.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 494.68 665.45 Td (to ) Tj ET Q q 0 0 0 rg BT 504.83 665.45 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 559.51 665.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (record ) Tj ET Q q 0 0 0 rg BT 91.04 654.65 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 103.58 654.65 Td (February29, ) Tj ET Q q 0 0 0 rg BT 157.14 654.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 177.16 654.65 Td (. ) Tj ET Q q 0 0 0 rg BT 182.02 654.65 Td (The ) Tj ET Q q 0 0 0 rg BT 200.06 654.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 236.12 654.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 273.17 654.65 Td (date ) Tj ET Q q 0 0 0 rg BT 293.21 654.65 Td (is ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 302.24 654.65 Td (March15, ) Tj ET Q q 0 0 0 rg BT 344.79 654.65 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 364.81 654.65 Td (. ) Tj ET Q q 0 0 0 rg BT 369.84 654.65 Td (Ef) Tj ET Q q 0 0 0 rg BT 378.18 654.65 Td (fective ) Tj ET Q q 0 0 0 rg BT 406.22 654.65 Td (April ) Tj ET Q q 0 0 0 rg BT 426.75 654.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 436.79 654.65 Td (2016, ) Tj ET Q q 0 0 0 rg BT 461.84 654.65 Td (our ) Tj ET Q q 0 0 0 rg BT 477.38 654.65 Td (Board ) Tj ET Q q 0 0 0 rg BT 503.92 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 513.96 654.65 Td (Directors ) Tj ET Q q 0 0 0 rg BT 552.49 654.65 Td (has ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 643.85 Td (approved ) Tj ET Q q 0 0 0 rg BT 103.03 643.85 Td (a ) Tj ET Q q 0 0 0 rg BT 110.54 643.85 Td (67% ) Tj ET Q q 0 0 0 rg BT 131.05 643.85 Td (reduction ) Tj ET Q q 0 0 0 rg BT 170.57 643.85 Td (in ) Tj ET Q q 0 0 0 rg BT 180.08 643.85 Td (the ) Tj ET Q q 0 0 0 rg BT 195.09 643.85 Td (dividend ) Tj ET Q q 0 0 0 rg BT 231.12 643.85 Td (to ) Tj ET Q q 0 0 0 rg BT 241.12 643.85 Td ($0.01 ) Tj ET Q q 0 0 0 rg BT 266.15 643.85 Td (per ) Tj ET Q q 0 0 0 rg BT 281.65 643.85 Td (share ) Tj ET Q q 0 0 0 rg BT 306.67 643.85 Td (per ) Tj ET Q q 0 0 0 rg BT 322.18 643.85 Td (quarter) Tj ET Q q 0 0 0 rg BT 350.20 643.85 Td (.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 627.05 Td (On ) Tj ET Q q 0 0 0 rg BT 78.17 627.05 Td (December ) Tj ET Q q 0 0 0 rg BT 122.85 627.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 138.53 627.05 Td (201) Tj ET Q q 0 0 0 rg BT 152.88 627.05 Td (1 ) Tj ET Q q 0 0 0 rg BT 161.05 627.05 Td (and ) Tj ET Q q 0 0 0 rg BT 179.23 627.05 Td (May ) Tj ET Q q 0 0 0 rg BT 199.40 627.05 Td (3, ) Tj ET Q q 0 0 0 rg BT 210.07 627.05 Td (2012, ) Tj ET Q q 0 0 0 rg BT 235.76 627.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 278.45 627.05 Td (adopted ) Tj ET Q q 0 0 0 rg BT 314.15 627.05 Td (a ) Tj ET Q q 0 0 0 rg BT 322.32 627.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 359.01 627.05 Td (reinvestment ) Tj ET Q q 0 0 0 rg BT 413.70 627.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 433.88 627.05 Td (\("DRIP"\) ) Tj ET Q q 0 0 0 rg BT 470.93 627.05 Td (and ) Tj ET Q q 0 0 0 rg BT 489.12 627.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 513.29 627.05 Td (dividend ) Tj ET Q q 0 0 0 rg BT 549.98 627.05 Td (plan ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (\(SDP\), ) Tj ET Q q 0 0 0 rg BT 98.66 616.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 145.51 616.25 Td (. ) Tj ET Q q 0 0 0 rg BT 150.50 616.25 Td (The ) Tj ET Q q 0 0 0 rg BT 168.67 616.25 Td (DRIP) Tj ET Q q 0 0 0 rg BT 190.01 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 192.67 616.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.35 616.25 Td (SDP) Tj ET Q q 0 0 0 rg BT 228.69 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 231.36 616.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 263.54 616.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 294.22 616.25 Td (holders ) Tj ET Q q 0 0 0 rg BT 326.40 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.57 616.25 Td (common ) Tj ET Q q 0 0 0 rg BT 373.74 616.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 403.42 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.59 616.25 Td (option ) Tj ET Q q 0 0 0 rg BT 445.78 616.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.95 616.25 Td (reinvest ) Tj ET Q q 0 0 0 rg BT 490.12 616.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 511.80 616.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 552.49 616.25 Td (into ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 605.45 Td (common ) Tj ET Q q 0 0 0 rg BT 99.62 605.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 128.75 605.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 156.88 605.45 Td (either ) Tj ET Q q 0 0 0 rg BT 181.51 605.45 Td (from ) Tj ET Q q 0 0 0 rg BT 201.62 605.45 Td (treasury ) Tj ET Q q 0 0 0 rg BT 236.24 605.45 Td (at ) Tj ET Q q 0 0 0 rg BT 245.86 605.45 Td (a ) Tj ET Q q 0 0 0 rg BT 252.98 605.45 Td (five ) Tj ET Q q 0 0 0 rg BT 269.10 605.45 Td (per ) Tj ET Q q 0 0 0 rg BT 284.22 605.45 Td (cent ) Tj ET Q q 0 0 0 rg BT 303.34 605.45 Td (discount ) Tj ET Q q 0 0 0 rg BT 338.98 605.45 Td (to ) Tj ET Q q 0 0 0 rg BT 348.60 605.45 Td (the ) Tj ET Q q 0 0 0 rg BT 363.22 605.45 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 403.86 605.45 Td (average ) Tj ET Q q 0 0 0 rg BT 438.50 605.45 Td (market ) Tj ET Q q 0 0 0 rg BT 468.11 605.45 Td (price ) Tj ET Q q 0 0 0 rg BT 489.74 605.45 Td (or ) Tj ET Q q 0 0 0 rg BT 499.85 605.45 Td (acquired ) Tj ET Q q 0 0 0 rg BT 536.49 605.45 Td (through ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 594.65 Td (the ) Tj ET Q q 0 0 0 rg BT 78.01 594.65 Td (facilities ) Tj ET Q q 0 0 0 rg BT 112.51 594.65 Td (of ) Tj ET Q q 0 0 0 rg BT 122.51 594.65 Td (the ) Tj ET Q q 0 0 0 rg BT 137.36 594.65 Td (T) Tj ET Q q 0 0 0 rg BT 141.86 594.65 Td (oronto ) Tj ET Q q 0 0 0 rg BT 169.87 594.65 Td (Stock ) Tj ET Q q 0 0 0 rg BT 194.88 594.65 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 237.40 594.65 Td (at ) Tj ET Q q 0 0 0 rg BT 247.40 594.65 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 288.42 594.65 Td (market ) Tj ET Q q 0 0 0 rg BT 318.42 594.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 340.93 594.65 Td (with ) Tj ET Q q 0 0 0 rg BT 359.43 594.65 Td (no ) Tj ET Q q 0 0 0 rg BT 371.93 594.65 Td (discount. ) Tj ET Q q 0 0 0 rg BT 410.45 594.65 Td (On ) Tj ET Q q 0 0 0 rg BT 424.95 594.65 Td (May ) Tj ET Q q 0 0 0 rg BT 444.45 594.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 454.45 594.65 Td (2014, ) Tj ET Q q 0 0 0 rg BT 479.47 594.65 Td (the ) Tj ET Q q 0 0 0 rg BT 494.48 594.65 Td (Board ) Tj ET Q q 0 0 0 rg BT 520.99 594.65 Td (of ) Tj ET Q q 0 0 0 rg BT 530.99 594.65 Td (Directors ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 583.85 Td (suspended ) Tj ET Q q 0 0 0 rg BT 110.30 583.85 Td (the ) Tj ET Q q 0 0 0 rg BT 126.08 583.85 Td (DRIP) Tj ET Q q 0 0 0 rg BT 147.42 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 150.68 583.85 Td (and ) Tj ET Q q 0 0 0 rg BT 168.96 583.85 Td (SDP) Tj ET Q q 0 0 0 rg BT 187.31 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 190.57 583.85 Td (for ) Tj ET Q q 0 0 0 rg BT 204.34 583.85 Td (the ) Tj ET Q q 0 0 0 rg BT 220.11 583.85 Td (remainder ) Tj ET Q q 0 0 0 rg BT 263.90 583.85 Td (of ) Tj ET Q q 0 0 0 rg BT 274.67 583.85 Td (2014. ) Tj ET Q q 0 0 0 rg BT 300.24 583.85 Td (The ) Tj ET Q q 0 0 0 rg BT 319.01 583.85 Td (reinstatement ) Tj ET Q q 0 0 0 rg BT 376.81 583.85 Td (of ) Tj ET Q q 0 0 0 rg BT 387.58 583.85 Td (the ) Tj ET Q q 0 0 0 rg BT 403.35 583.85 Td (DRIP) Tj ET Q q 0 0 0 rg BT 424.69 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 427.96 583.85 Td (and ) Tj ET Q q 0 0 0 rg BT 446.24 583.85 Td (SDP) Tj ET Q q 0 0 0 rg BT 464.58 583.85 Td ( ) Tj ET Q q 0 0 0 rg BT 467.85 583.85 Td (at ) Tj ET Q q 0 0 0 rg BT 478.62 583.85 Td (a ) Tj ET Q q 0 0 0 rg BT 486.89 583.85 Td (future ) Tj ET Q q 0 0 0 rg BT 513.17 583.85 Td (date ) Tj ET Q q 0 0 0 rg BT 533.95 583.85 Td (is ) Tj ET Q q 0 0 0 rg BT 543.71 583.85 Td (at ) Tj ET Q q 0 0 0 rg BT 554.48 583.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 573.05 Td (discretion ) Tj ET Q q 0 0 0 rg BT 104.02 573.05 Td (of ) Tj ET Q q 0 0 0 rg BT 114.02 573.05 Td (the ) Tj ET Q q 0 0 0 rg BT 129.04 573.05 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 184.78 573.05 Td (Board ) Tj ET Q q 0 0 0 rg BT 211.30 573.05 Td (of ) Tj ET Q q 0 0 0 rg BT 221.30 573.05 Td (Directors.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 556.25 Td (The ) Tj ET Q q 0 0 0 rg BT 81.08 556.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 139.70 556.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 169.28 556.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.36 556.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 221.45 556.25 Td (are ) Tj ET Q q 0 0 0 rg BT 237.03 556.25 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 295.65 556.25 Td (into ) Tj ET Q q 0 0 0 rg BT 312.73 556.25 Td (common ) Tj ET Q q 0 0 0 rg BT 349.81 556.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 379.39 556.25 Td (based ) Tj ET Q q 0 0 0 rg BT 406.48 556.25 Td (on ) Tj ET Q q 0 0 0 rg BT 419.07 556.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.15 556.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 475.75 556.25 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 498.33 556.25 Td (which ) Tj ET Q q 0 0 0 rg BT 523.91 556.25 Td (is ) Tj ET Q q 0 0 0 rg BT 532.98 556.25 Td (adjusted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 545.45 Td (monthly) Tj ET Q q 0 0 0 rg BT 93.85 545.45 Td (, ) Tj ET Q q 0 0 0 rg BT 99.49 545.45 Td (to ) Tj ET Q q 0 0 0 rg BT 110.14 545.45 Td (reflect ) Tj ET Q q 0 0 0 rg BT 137.79 545.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 178.96 545.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 199.12 545.45 Td (on ) Tj ET Q q 0 0 0 rg BT 212.28 545.45 Td (common ) Tj ET Q q 0 0 0 rg BT 249.93 545.45 Td (shares. ) Tj ET Q q 0 0 0 rg BT 281.96 545.45 Td (As ) Tj ET Q q 0 0 0 rg BT 295.61 545.45 Td (a ) Tj ET Q q 0 0 0 rg BT 303.76 545.45 Td (result, ) Tj ET Q q 0 0 0 rg BT 331.41 545.45 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.57 545.45 Td (dividends ) Tj ET Q q 0 0 0 rg BT 394.74 545.45 Td (are ) Tj ET Q q 0 0 0 rg BT 410.89 545.45 Td (not ) Tj ET Q q 0 0 0 rg BT 426.54 545.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 446.70 545.45 Td (on ) Tj ET Q q 0 0 0 rg BT 459.86 545.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 519.05 545.45 Td (shares. ) Tj ET Q q 0 0 0 rg BT 551.50 545.45 Td (The ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 534.65 Td (holders ) Tj ET Q q 0 0 0 rg BT 95.02 534.65 Td (of ) Tj ET Q q 0 0 0 rg BT 105.02 534.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 163.57 534.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.09 534.65 Td (are ) Tj ET Q q 0 0 0 rg BT 208.60 534.65 Td (entitled ) Tj ET Q q 0 0 0 rg BT 240.12 534.65 Td (to ) Tj ET Q q 0 0 0 rg BT 250.12 534.65 Td (one ) Tj ET Q q 0 0 0 rg BT 267.64 534.65 Td (vote ) Tj ET Q q 0 0 0 rg BT 287.15 534.65 Td (times ) Tj ET Q q 0 0 0 rg BT 311.15 534.65 Td (the ) Tj ET Q q 0 0 0 rg BT 326.17 534.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 367.70 534.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 387.71 534.65 Td (for ) Tj ET Q q 0 0 0 rg BT 400.71 534.65 Td (each ) Tj ET Q q 0 0 0 rg BT 422.73 534.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 481.28 534.65 Td (share.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 517.85 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 517.85 Td (Issued and outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 501.05 Td (Common shares) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 487.54999999999995 m 399.5 487.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 471.54999999999995 m 399.5 471.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 487.54999999999995 m 481.5 487.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 471.54999999999995 m 481.5 471.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 487.54999999999995 m 485.5 487.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 471.54999999999995 m 485.5 471.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 487.54999999999995 m 567.5 487.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 471.54999999999995 m 567.5 471.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 346.54999999999995 m 399.5 346.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 346.54999999999995 m 481.5 346.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 346.54999999999995 m 485.5 346.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 346.54999999999995 m 567.5 346.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 288.54999999999995 m 399.5 288.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 274.54999999999995 m 399.5 274.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 288.54999999999995 m 481.5 288.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 399.5 274.54999999999995 m 481.5 274.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 288.54999999999995 m 485.5 288.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 481.5 274.54999999999995 m 485.5 274.54999999999995 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 288.54999999999995 m 567.5 288.54999999999995 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 485.5 274.54999999999995 m 567.5 274.54999999999995 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 406.45 475.95 Td (Common Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.00 475.95 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 441.00 463.95 Td (\(thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 521.15 463.95 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 448.95 Td (Balance as at December 31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.45 448.95 Td (186,962) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 448.95 Td (2,228,210) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 434.95 Td (Issued for cash) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 450.45 434.95 Td (12,100) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 434.95 Td (200,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 420.95 Td (Issue costs, net of future tax benefit) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.00 420.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 420.95 Td (\(6,280) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 420.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 406.95 Td (Issued on conversion of exchangeable shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.45 406.95 Td (1,499) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 406.95 Td (34,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 392.95 Td (Issued pursuant to the dividend reinvestment and stock dividend plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.45 392.95 Td (1,748) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 392.95 Td (26,075) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 378.95 Td (Issued upon exercise of stock options and common shares incentive rights) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 462.95 378.95 Td (387) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 378.95 Td (4,154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 364.95 Td (Conversion of incentive and restricted share awards, net of future tax) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 455.45 364.95 Td (1,064) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 548.95 364.95 Td (148) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 350.95 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 469.00 350.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 350.95 Td (26,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 334.95 Td (Balance as at December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 445.45 334.95 Td (203,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 334.95 Td (2,514,006) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 320.95 Td (Issued on conversion of exchangeable shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.45 320.95 Td (8,342) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 320.95 Td (178,350) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 306.95 Td (Conversion of incentive and restricted share awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 455.45 306.95 Td (1,877) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 555.00 306.95 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 292.95 Td (Share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 469.00 292.95 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 536.45 292.95 Td (23,655) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 278.95 Td (Balance as at December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 278.95 Td (213,979) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 278.95 Td (2,716,011) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 258.25 Td (Exchangeable ) Tj ET Q q 0 0 0 rg BT 126.03 258.25 Td (shares) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 244.75 m 222.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 244.75 m 323.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 244.75 m 392.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 244.75 m 396.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 244.75 m 497.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 244.75 m 566.5 244.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 216.75 m 222.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 216.75 m 323.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 216.75 m 392.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 216.75 m 396.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 216.75 m 497.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 216.75 m 566.5 216.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 176.75 m 222.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 176.75 m 323.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 176.75 m 392.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 176.75 m 396.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 176.75 m 497.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 176.75 m 566.5 176.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 162.75 m 222.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 162.75 m 323.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 162.75 m 392.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 162.75 m 396.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 162.75 m 497.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 162.75 m 566.5 162.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 148.75 m 222.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 148.75 m 323.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 148.75 m 392.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 148.75 m 396.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 148.75 m 497.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 148.75 m 566.5 148.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 134.75 m 222.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 222.5 134.75 m 323.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 323.5 134.75 m 392.5 134.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 392.5 134.75 m 396.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 148.75 m 497.5 148.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 396.5 134.75 m 497.5 134.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 148.75 m 566.5 148.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 134.75 m 566.5 134.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 257.40 235.15 Td (Year ended December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.70 235.15 Td (Year ended December 31, 2014) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 226.95 221.15 Td (Exchangeable Shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 355.00 221.15 Td (Amount) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 405.90 221.15 Td (Exchangeable Shares) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 221.15 Td (Amount) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 283.00 208.75 Td (\(thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 346.15 208.75 Td (\($ thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 457.00 208.75 Td (\(thousands\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 520.15 208.75 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 195.15 Td (Balance, ) Tj ET Q q 0 0 0 rg BT 102.52 195.15 Td (beginning ) Tj ET Q q 0 0 0 rg BT 144.06 195.15 Td (of ) Tj ET Q q 0 0 0 rg BT 154.07 195.15 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 297.45 195.15 Td (9,476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 356.45 195.15 Td (272,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 195.15 Td (10,676) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 195.15 Td (307,468) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 181.15 Td (Exchanged for common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 294.45 181.15 Td (\(6,193) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 320.00 181.15 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 353.45 181.15 Td (\(178,350) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 389.00 181.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.45 181.15 Td (\(1,200) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.00 181.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.45 181.15 Td (\(34,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.00 181.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 167.15 Td (Balance, ) Tj ET Q q 0 0 0 rg BT 102.52 167.15 Td (end ) Tj ET Q q 0 0 0 rg BT 120.04 167.15 Td (of ) Tj ET Q q 0 0 0 rg BT 130.05 167.15 Td (year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.45 167.15 Td (3,283) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.45 167.15 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 471.45 167.15 Td (9,476) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 167.15 Td (272,900) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 153.15 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 107.53 153.15 Td (ratio, ) Tj ET Q q 0 0 0 rg BT 130.04 153.15 Td (end ) Tj ET Q q 0 0 0 rg BT 147.56 153.15 Td (of ) Tj ET Q q 0 0 0 rg BT 157.56 153.15 Td (year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 287.45 153.15 Td (1.39313) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.00 153.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 461.45 153.15 Td (1.28262) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.00 153.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 139.15 Td (Common ) Tj ET Q q 0 0 0 rg BT 103.61 139.15 Td (shares ) Tj ET Q q 0 0 0 rg BT 132.73 139.15 Td (issuable ) Tj ET Q q 0 0 0 rg BT 167.85 139.15 Td (on ) Tj ET Q q 0 0 0 rg BT 179.97 139.15 Td (exchange) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 297.45 139.15 Td (4,573) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 361.45 139.15 Td (94,550) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.45 139.15 Td (12,154) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.45 139.15 Td (272,900) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 118.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.98 118.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 112.98 118.45 Td (of ) Tj ET Q q 0 0 0 rg BT 122.96 118.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 171.18 118.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 229.70 118.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 259.19 118.45 Td (shall ) Tj ET Q q 0 0 0 rg BT 280.18 118.45 Td (be ) Tj ET Q q 0 0 0 rg BT 292.67 118.45 Td (entitled ) Tj ET Q q 0 0 0 rg BT 324.16 118.45 Td (to ) Tj ET Q q 0 0 0 rg BT 334.14 118.45 Td (notice ) Tj ET Q q 0 0 0 rg BT 360.64 118.45 Td (of, ) Tj ET Q q 0 0 0 rg BT 373.12 118.45 Td (to ) Tj ET Q q 0 0 0 rg BT 383.10 118.45 Td (attend ) Tj ET Q q 0 0 0 rg BT 410.60 118.45 Td (at, ) Tj ET Q q 0 0 0 rg BT 423.08 118.45 Td (and ) Tj ET Q q 0 0 0 rg BT 440.57 118.45 Td (to ) Tj ET Q q 0 0 0 rg BT 450.56 118.45 Td (that ) Tj ET Q q 0 0 0 rg BT 468.04 118.45 Td (number ) Tj ET Q q 0 0 0 rg BT 501.04 118.45 Td (of ) Tj ET Q q 0 0 0 rg BT 511.02 118.45 Td (votes ) Tj ET Q q 0 0 0 rg BT 535.00 118.45 Td (equal ) Tj ET Q q 0 0 0 rg BT 559.50 118.45 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 107.65 Td (the ) Tj ET Q q 0 0 0 rg BT 77.96 107.65 Td (number ) Tj ET Q q 0 0 0 rg BT 110.92 107.65 Td (of ) Tj ET Q q 0 0 0 rg BT 120.87 107.65 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 179.36 107.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 208.82 107.65 Td (held ) Tj ET Q q 0 0 0 rg BT 228.28 107.65 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 268.74 107.65 Td (by ) Tj ET Q q 0 0 0 rg BT 280.69 107.65 Td (the ) Tj ET Q q 0 0 0 rg BT 295.65 107.65 Td (exchange ) Tj ET Q q 0 0 0 rg BT 337.13 107.65 Td (ratio ) Tj ET Q q 0 0 0 rg BT 357.08 107.65 Td (in ) Tj ET Q q 0 0 0 rg BT 366.53 107.65 Td (ef) Tj ET Q q 0 0 0 rg BT 373.88 107.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 390.83 107.65 Td (at ) Tj ET Q q 0 0 0 rg BT 400.78 107.65 Td (the ) Tj ET Q q 0 0 0 rg BT 415.73 107.65 Td (meeting ) Tj ET Q q 0 0 0 rg BT 450.20 107.65 Td (record ) Tj ET Q q 0 0 0 rg BT 478.15 107.65 Td (date ) Tj ET Q q 0 0 0 rg BT 498.12 107.65 Td (at ) Tj ET Q q 0 0 0 rg BT 508.07 107.65 Td (any ) Tj ET Q q 0 0 0 rg BT 525.02 107.65 Td (meeting ) Tj ET Q q 0 0 0 rg BT 559.49 107.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 96.85 Td (the ) Tj ET Q q 0 0 0 rg BT 78.94 96.85 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 134.39 96.85 Td (of ) Tj ET Q q 0 0 0 rg BT 145.33 96.85 Td (Bonavista. ) Tj ET Q q 0 0 0 rg BT 190.78 96.85 Td (In ) Tj ET Q q 0 0 0 rg BT 201.71 96.85 Td (accordance ) Tj ET Q q 0 0 0 rg BT 251.66 96.85 Td (with ) Tj ET Q q 0 0 0 rg BT 271.09 96.85 Td (the ) Tj ET Q q 0 0 0 rg BT 287.03 96.85 Td (provisions ) Tj ET Q q 0 0 0 rg BT 330.97 96.85 Td (of ) Tj ET Q q 0 0 0 rg BT 341.91 96.85 Td (the ) Tj ET Q q 0 0 0 rg BT 357.84 96.85 Td (Corporation) Tj ET Q q 0 0 0 rg BT 406.71 96.85 Td (s ) Tj ET Q q 0 0 0 rg BT 414.63 96.85 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 474.10 96.85 Td (shares, ) Tj ET Q q 0 0 0 rg BT 507.04 96.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 549.99 96.85 Td (may ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 86.05 Td (require, ) Tj ET Q q 0 0 0 rg BT 96.83 86.05 Td (at ) Tj ET Q q 0 0 0 rg BT 107.64 86.05 Td (any ) Tj ET Q q 0 0 0 rg BT 125.46 86.05 Td (time, ) Tj ET Q q 0 0 0 rg BT 148.28 86.05 Td (the ) Tj ET Q q 0 0 0 rg BT 164.10 86.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 206.44 86.05 Td (of ) Tj ET Q q 0 0 0 rg BT 217.25 86.05 Td (that ) Tj ET Q q 0 0 0 rg BT 235.58 86.05 Td (number ) Tj ET Q q 0 0 0 rg BT 269.40 86.05 Td (of ) Tj ET Q q 0 0 0 rg BT 280.22 86.05 Td (the ) Tj ET Q q 0 0 0 rg BT 296.04 86.05 Td (Corporation) Tj ET Q q 0 0 0 rg BT 344.90 86.05 Td (s ) Tj ET Q q 0 0 0 rg BT 352.71 86.05 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 412.07 86.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 442.39 86.05 Td (as ) Tj ET Q q 0 0 0 rg BT 455.21 86.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 503.55 86.05 Td (by ) Tj ET Q q 0 0 0 rg BT 516.36 86.05 Td (the ) Tj ET Q q 0 0 0 rg BT 532.18 86.05 Td (Board ) Tj ET Q q 0 0 0 rg BT 559.51 86.05 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 75.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 101.71 75.25 Td (on ) Tj ET Q q 0 0 0 rg BT 114.43 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.65 75.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 153.37 75.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.59 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 178.81 75.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 220.55 75.25 Td (ratio ) Tj ET Q q 0 0 0 rg BT 240.77 75.25 Td (in ) Tj ET Q q 0 0 0 rg BT 250.48 75.25 Td (ef) Tj ET Q q 0 0 0 rg BT 257.83 75.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 275.04 75.25 Td (on ) Tj ET Q q 0 0 0 rg BT 287.76 75.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.98 75.25 Td (date ) Tj ET Q q 0 0 0 rg BT 323.21 75.25 Td (set ) Tj ET Q q 0 0 0 rg BT 337.93 75.25 Td (by ) Tj ET Q q 0 0 0 rg BT 350.14 75.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 392.37 75.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 410.59 75.25 Td (Compulsory ) Tj ET Q q 0 0 0 rg BT 464.31 75.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 507.05 75.25 Td (Date\). ) Tj ET Q q 0 0 0 rg BT 537.27 75.25 Td (On ) Tj ET Q q 0 0 0 rg BT 551.98 75.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 64.45 Td (after ) Tj ET Q q 0 0 0 rg BT 82.85 64.45 Td (the ) Tj ET Q q 0 0 0 rg BT 97.20 64.45 Td (applicable ) Tj ET Q q 0 0 0 rg BT 139.58 64.45 Td (Compulsory ) Tj ET Q q 0 0 0 rg BT 189.43 64.45 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 231.31 64.45 Td (Date, ) Tj ET Q q 0 0 0 rg BT 254.66 64.45 Td (the ) Tj ET Q q 0 0 0 rg BT 269.01 64.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 300.37 64.45 Td (of ) Tj ET Q q 0 0 0 rg BT 309.72 64.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 357.31 64.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 415.20 64.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 444.05 64.45 Td (called ) Tj ET Q q 0 0 0 rg BT 469.41 64.45 Td (for ) Tj ET Q q 0 0 0 rg BT 481.76 64.45 Td (exchange ) Tj ET Q q 0 0 0 rg BT 522.63 64.45 Td (shall ) Tj ET Q q 0 0 0 rg BT 542.98 64.45 Td (cease ) Tj ET Q endstream endobj 99 0 obj <> endobj 100 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 49) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 73.71 731.45 Td (be ) Tj ET Q q 0 0 0 rg BT 86.93 731.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 119.66 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 130.37 731.45 Td (such ) Tj ET Q q 0 0 0 rg BT 152.59 731.45 Td (Corporation) Tj ET Q q 0 0 0 rg BT 201.46 731.45 Td (s ) Tj ET Q q 0 0 0 rg BT 209.17 731.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 268.42 731.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 298.64 731.45 Td (and ) Tj ET Q q 0 0 0 rg BT 316.87 731.45 Td (shall ) Tj ET Q q 0 0 0 rg BT 338.59 731.45 Td (not ) Tj ET Q q 0 0 0 rg BT 354.31 731.45 Td (be ) Tj ET Q q 0 0 0 rg BT 367.52 731.45 Td (entitled ) Tj ET Q q 0 0 0 rg BT 399.75 731.45 Td (to ) Tj ET Q q 0 0 0 rg BT 410.47 731.45 Td (exercise ) Tj ET Q q 0 0 0 rg BT 447.19 731.45 Td (any ) Tj ET Q q 0 0 0 rg BT 464.91 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 475.62 731.45 Td (the ) Tj ET Q q 0 0 0 rg BT 491.34 731.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 516.56 731.45 Td (of ) Tj ET Q q 0 0 0 rg BT 527.27 731.45 Td (holders ) Tj ET Q q 0 0 0 rg BT 560.00 731.45 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 720.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 94.91 720.65 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 127.82 720.65 Td (other ) Tj ET Q q 0 0 0 rg BT 150.73 720.65 Td (than; ) Tj ET Q q 0 0 0 rg BT 173.14 720.65 Td (\(i\)the ) Tj ET Q q 0 0 0 rg BT 198.54 720.65 Td (right ) Tj ET Q q 0 0 0 rg BT 218.44 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 228.33 720.65 Td (receive ) Tj ET Q q 0 0 0 rg BT 259.74 720.65 Td (their ) Tj ET Q q 0 0 0 rg BT 279.64 720.65 Td (proportionate ) Tj ET Q q 0 0 0 rg BT 335.07 720.65 Td (part ) Tj ET Q q 0 0 0 rg BT 352.97 720.65 Td (of ) Tj ET Q q 0 0 0 rg BT 362.87 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 377.78 720.65 Td (common ) Tj ET Q q 0 0 0 rg BT 414.68 720.65 Td (shares; ) Tj ET Q q 0 0 0 rg BT 446.59 720.65 Td (and ) Tj ET Q q 0 0 0 rg BT 464.00 720.65 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 476.38 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 491.29 720.65 Td (right ) Tj ET Q q 0 0 0 rg BT 511.19 720.65 Td (to ) Tj ET Q q 0 0 0 rg BT 521.09 720.65 Td (receive ) Tj ET Q q 0 0 0 rg BT 552.49 720.65 Td (any ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 709.85 Td (declared ) Tj ET Q q 0 0 0 rg BT 100.02 709.85 Td (and ) Tj ET Q q 0 0 0 rg BT 117.54 709.85 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 147.07 709.85 Td (dividends ) Tj ET Q q 0 0 0 rg BT 187.59 709.85 Td (on ) Tj ET Q q 0 0 0 rg BT 200.10 709.85 Td (such ) Tj ET Q q 0 0 0 rg BT 221.62 709.85 Td (common ) Tj ET Q q 0 0 0 rg BT 258.63 709.85 Td (shares.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 693.05 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 137.52 693.05 Td (compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 676.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.19 676.25 Td (has ) Tj ET Q q 0 0 0 rg BT 122.36 676.25 Td (option, ) Tj ET Q q 0 0 0 rg BT 152.04 676.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 190.22 676.25 Td (award ) Tj ET Q q 0 0 0 rg BT 217.40 676.25 Td (and ) Tj ET Q q 0 0 0 rg BT 235.08 676.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 288.26 676.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 326.44 676.25 Td (award ) Tj ET Q q 0 0 0 rg BT 353.62 676.25 Td (programs, ) Tj ET Q q 0 0 0 rg BT 396.79 676.25 Td (collectively ) Tj ET Q q 0 0 0 rg BT 442.97 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.14 676.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 501.81 676.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 540.00 676.25 Td (plans, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 665.45 Td (that ) Tj ET Q q 0 0 0 rg BT 80.07 665.45 Td (entitle ) Tj ET Q q 0 0 0 rg BT 106.15 665.45 Td (of) Tj ET Q q 0 0 0 rg BT 113.49 665.45 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 139.56 665.45 Td (directors, ) Tj ET Q q 0 0 0 rg BT 178.63 665.45 Td (employees ) Tj ET Q q 0 0 0 rg BT 224.21 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 241.29 665.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 270.36 665.45 Td (consultants ) Tj ET Q q 0 0 0 rg BT 317.95 665.45 Td (to ) Tj ET Q q 0 0 0 rg BT 327.52 665.45 Td (purchase ) Tj ET Q q 0 0 0 rg BT 366.60 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 383.68 665.45 Td (receive ) Tj ET Q q 0 0 0 rg BT 414.76 665.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 443.83 665.45 Td (in ) Tj ET Q q 0 0 0 rg BT 452.90 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 467.47 665.45 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 518.92 665.45 Td (The ) Tj ET Q q 0 0 0 rg BT 536.49 665.45 Td (number ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 72.78 654.65 Td (common ) Tj ET Q q 0 0 0 rg BT 109.56 654.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 138.85 654.65 Td (awarded ) Tj ET Q q 0 0 0 rg BT 175.65 654.65 Td (under ) Tj ET Q q 0 0 0 rg BT 200.94 654.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 241.23 654.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 279.03 654.65 Td (plans ) Tj ET Q q 0 0 0 rg BT 302.82 654.65 Td (is ) Tj ET Q q 0 0 0 rg BT 311.59 654.65 Td (limited ) Tj ET Q q 0 0 0 rg BT 339.87 654.65 Td (to ) Tj ET Q q 0 0 0 rg BT 349.65 654.65 Td (8% ) Tj ET Q q 0 0 0 rg BT 364.93 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 374.71 654.65 Td (the ) Tj ET Q q 0 0 0 rg BT 389.50 654.65 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 432.31 654.65 Td (number ) Tj ET Q q 0 0 0 rg BT 465.10 654.65 Td (of ) Tj ET Q q 0 0 0 rg BT 474.88 654.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 503.17 654.65 Td (and ) Tj ET Q q 0 0 0 rg BT 520.46 654.65 Td (outstanding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 643.85 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 106.53 643.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 136.05 643.85 Td (of ) Tj ET Q q 0 0 0 rg BT 146.05 643.85 Td (the ) Tj ET Q q 0 0 0 rg BT 161.06 643.85 Td (Corporation. ) Tj ET Q q 0 0 0 rg BT 213.09 643.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 627.05 Td (Share-based ) Tj ET Q q 0 0 0 rg BT 122.68 627.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 186.86 627.05 Td (expense ) Tj ET Q q 0 0 0 rg BT 229.03 627.05 Td (recognized ) Tj ET Q q 0 0 0 rg BT 281.20 627.05 Td (during ) Tj ET Q q 0 0 0 rg BT 314.36 627.05 Td (the ) Tj ET Q q 0 0 0 rg BT 335.02 627.05 Td (year ) Tj ET Q q 0 0 0 rg BT 360.67 627.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 393.84 627.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 458.51 627.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.53 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 486.68 627.05 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 510.83 627.05 Td ($17.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.35 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 541.49 627.05 Td (million ) Tj ET Q q 0 0 0 rg BT 569.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.00 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.50 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 634.51 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 637.01 627.05 Td ( ) Tj ET Q q 0 0 0 rg BT 639.51 627.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 616.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 616.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 124.38 616.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 144.40 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.26 616.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.12 616.25 Td ($20.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 173.64 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.50 616.25 Td (million\). ) Tj ET Q q 0 0 0 rg BT 208.36 616.25 Td (For ) Tj ET Q q 0 0 0 rg BT 223.72 616.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.09 616.25 Td (year ) Tj ET Q q 0 0 0 rg BT 257.45 616.25 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 284.34 616.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 342.72 616.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 362.75 616.25 Td (, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 367.10 616.25 Td ($1.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.62 616.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.48 616.25 Td (million ) Tj ET Q q 0 0 0 rg BT 413.84 616.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.21 616.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 475.10 616.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 532.99 616.25 Td (expense ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 605.45 Td (was ) Tj ET Q q 0 0 0 rg BT 81.64 605.45 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 126.80 605.45 Td (to ) Tj ET Q q 0 0 0 rg BT 136.94 605.45 Td (property) Tj ET Q q 0 0 0 rg BT 169.29 605.45 Td (, ) Tj ET Q q 0 0 0 rg BT 174.42 605.45 Td (plant ) Tj ET Q q 0 0 0 rg BT 196.58 605.45 Td (and ) Tj ET Q q 0 0 0 rg BT 214.23 605.45 Td (equipment ) Tj ET Q q 0 0 0 rg BT 258.89 605.45 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 261.89 605.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 321.05 605.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.07 605.45 Td ( ) Tj ET Q q 0 0 0 rg BT 343.71 605.45 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.34 605.45 Td ($2.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 366.85 605.45 Td ( ) Tj ET Q q 0 0 0 rg BT 369.49 605.45 Td (million\). ) Tj ET Q q 0 0 0 rg BT 402.60 605.45 Td (As ) Tj ET Q q 0 0 0 rg BT 415.74 605.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 425.88 605.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 485.04 605.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 505.06 605.45 Td (, ) Tj ET Q q 0 0 0 rg BT 510.20 605.45 Td (the ) Tj ET Q q 0 0 0 rg BT 525.35 605.45 Td (balance ) Tj ET Q q 0 0 0 rg BT 559.51 605.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 594.65 Td (contributed ) Tj ET Q q 0 0 0 rg BT 110.03 594.65 Td (surplus ) Tj ET Q q 0 0 0 rg BT 141.54 594.65 Td (attributable ) Tj ET Q q 0 0 0 rg BT 188.57 594.65 Td (to ) Tj ET Q q 0 0 0 rg BT 198.58 594.65 Td (share-based ) Tj ET Q q 0 0 0 rg BT 251.11 594.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 309.65 594.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 341.16 594.65 Td (was ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 359.67 594.65 Td ($52.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 382.19 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 384.69 594.65 Td (million ) Tj ET Q q 0 0 0 rg BT 412.69 594.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 415.69 594.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 474.72 594.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 494.74 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 497.24 594.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 502.74 594.65 Td ($57.6) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.26 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 527.76 594.65 Td (million\). ) Tj ET Q q 0 0 0 rg BT 561.27 594.65 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 577.85 Td (Stock ) Tj ET Q q 0 0 0 rg BT 90.01 577.85 Td (option ) Tj ET Q q 0 0 0 rg BT 120.00 577.85 Td (and ) Tj ET Q q 0 0 0 rg BT 138.50 577.85 Td (common ) Tj ET Q q 0 0 0 rg BT 178.50 577.85 Td (share ) Tj ET Q q 0 0 0 rg BT 205.02 577.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 246.53 577.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 274.03 577.85 Td (plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 561.05 Td (Upon ) Tj ET Q q 0 0 0 rg BT 87.47 561.05 Td (conversion ) Tj ET Q q 0 0 0 rg BT 133.95 561.05 Td (to ) Tj ET Q q 0 0 0 rg BT 144.42 561.05 Td (a ) Tj ET Q q 0 0 0 rg BT 152.38 561.05 Td (corporation, ) Tj ET Q q 0 0 0 rg BT 202.86 561.05 Td (the ) Tj ET Q q 0 0 0 rg BT 218.33 561.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 242.29 561.05 Td (option ) Tj ET Q q 0 0 0 rg BT 269.77 561.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 289.74 561.05 Td (of ) Tj ET Q q 0 0 0 rg BT 300.21 561.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 342.69 561.05 Td (was ) Tj ET Q q 0 0 0 rg BT 361.65 561.05 Td (established ) Tj ET Q q 0 0 0 rg BT 410.14 561.05 Td (and ) Tj ET Q q 0 0 0 rg BT 428.11 561.05 Td (the ) Tj ET Q q 0 0 0 rg BT 443.58 561.05 Td (common ) Tj ET Q q 0 0 0 rg BT 481.05 561.05 Td (share ) Tj ET Q q 0 0 0 rg BT 506.52 561.05 Td (rights ) Tj ET Q q 0 0 0 rg BT 531.48 561.05 Td (incentive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 550.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 82.20 550.25 Td (\(formerly ) Tj ET Q q 0 0 0 rg BT 119.88 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.58 550.25 Td (trust ) Tj ET Q q 0 0 0 rg BT 154.27 550.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 170.96 550.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 195.15 550.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 232.86 550.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 252.06 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.75 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.30 550.25 Td (T) Tj ET Q q 0 0 0 rg BT 281.46 550.25 Td (rust\) ) Tj ET Q q 0 0 0 rg BT 301.65 550.25 Td (was ) Tj ET Q q 0 0 0 rg BT 319.84 550.25 Td (amended. ) Tj ET Q q 0 0 0 rg BT 361.91 550.25 Td (The ) Tj ET Q q 0 0 0 rg BT 379.60 550.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 419.31 550.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 438.51 550.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 475.22 550.25 Td (that ) Tj ET Q q 0 0 0 rg BT 492.42 550.25 Td (all ) Tj ET Q q 0 0 0 rg BT 503.61 550.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 527.80 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 537.49 550.25 Td (acquire ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 539.45 Td (trust ) Tj ET Q q 0 0 0 rg BT 83.47 539.45 Td (units ) Tj ET Q q 0 0 0 rg BT 105.45 539.45 Td (became ) Tj ET Q q 0 0 0 rg BT 140.43 539.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 165.40 539.45 Td (to ) Tj ET Q q 0 0 0 rg BT 175.88 539.45 Td (acquire ) Tj ET Q q 0 0 0 rg BT 208.36 539.45 Td (common ) Tj ET Q q 0 0 0 rg BT 245.84 539.45 Td (shares. ) Tj ET Q q 0 0 0 rg BT 277.73 539.45 Td (All ) Tj ET Q q 0 0 0 rg BT 290.69 539.45 Td (new ) Tj ET Q q 0 0 0 rg BT 310.17 539.45 Td (rights ) Tj ET Q q 0 0 0 rg BT 335.14 539.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 368.63 539.45 Td (after ) Tj ET Q q 0 0 0 rg BT 389.61 539.45 Td (December ) Tj ET Q q 0 0 0 rg BT 434.09 539.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 449.57 539.45 Td (2010 ) Tj ET Q q 0 0 0 rg BT 472.55 539.45 Td (were ) Tj ET Q q 0 0 0 rg BT 495.03 539.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 528.52 539.45 Td (under ) Tj ET Q q 0 0 0 rg BT 554.50 539.45 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 528.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 86.51 528.65 Td (option ) Tj ET Q q 0 0 0 rg BT 113.53 528.65 Td (plan. ) Tj ET Q q 0 0 0 rg BT 135.54 528.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 511.85 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 104.38 511.85 Td (of) Tj ET Q q 0 0 0 rg BT 111.72 511.85 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 138.60 511.85 Td (employees ) Tj ET Q q 0 0 0 rg BT 185.00 511.85 Td (and ) Tj ET Q q 0 0 0 rg BT 202.90 511.85 Td (certain ) Tj ET Q q 0 0 0 rg BT 232.79 511.85 Td (consultants ) Tj ET Q q 0 0 0 rg BT 281.19 511.85 Td (of ) Tj ET Q q 0 0 0 rg BT 291.57 511.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 333.97 511.85 Td (are ) Tj ET Q q 0 0 0 rg BT 349.86 511.85 Td (eligible ) Tj ET Q q 0 0 0 rg BT 380.75 511.85 Td (to ) Tj ET Q q 0 0 0 rg BT 391.14 511.85 Td (receive ) Tj ET Q q 0 0 0 rg BT 423.02 511.85 Td (options ) Tj ET Q q 0 0 0 rg BT 454.92 511.85 Td (under ) Tj ET Q q 0 0 0 rg BT 480.82 511.85 Td (the ) Tj ET Q q 0 0 0 rg BT 496.21 511.85 Td (stock ) Tj ET Q q 0 0 0 rg BT 520.09 511.85 Td (option ) Tj ET Q q 0 0 0 rg BT 547.49 511.85 Td (plan. ) Tj ET Q q 0 0 0 rg BT 569.50 511.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 501.05 Td (Grants ) Tj ET Q q 0 0 0 rg BT 92.88 501.05 Td (made ) Tj ET Q q 0 0 0 rg BT 118.26 501.05 Td (under ) Tj ET Q q 0 0 0 rg BT 144.15 501.05 Td (the ) Tj ET Q q 0 0 0 rg BT 159.52 501.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 183.40 501.05 Td (option ) Tj ET Q q 0 0 0 rg BT 210.79 501.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 230.67 501.05 Td (vest ) Tj ET Q q 0 0 0 rg BT 250.05 501.05 Td (evenly ) Tj ET Q q 0 0 0 rg BT 278.93 501.05 Td (over ) Tj ET Q q 0 0 0 rg BT 299.31 501.05 Td (a ) Tj ET Q q 0 0 0 rg BT 307.18 501.05 Td (three ) Tj ET Q q 0 0 0 rg BT 330.56 501.05 Td (year ) Tj ET Q q 0 0 0 rg BT 350.94 501.05 Td (period ) Tj ET Q q 0 0 0 rg BT 378.82 501.05 Td (and ) Tj ET Q q 0 0 0 rg BT 396.71 501.05 Td (expire ) Tj ET Q q 0 0 0 rg BT 424.09 501.05 Td (three ) Tj ET Q q 0 0 0 rg BT 447.47 501.05 Td (years ) Tj ET Q q 0 0 0 rg BT 472.35 501.05 Td (after ) Tj ET Q q 0 0 0 rg BT 493.22 501.05 Td (each ) Tj ET Q q 0 0 0 rg BT 515.61 501.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 546.99 501.05 Td (date, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 490.25 Td (whereas ) Tj ET Q q 0 0 0 rg BT 99.28 490.25 Td (grants ) Tj ET Q q 0 0 0 rg BT 126.56 490.25 Td (made ) Tj ET Q q 0 0 0 rg BT 151.33 490.25 Td (under ) Tj ET Q q 0 0 0 rg BT 176.61 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.39 490.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 231.18 490.25 Td (common ) Tj ET Q q 0 0 0 rg BT 267.95 490.25 Td (share ) Tj ET Q q 0 0 0 rg BT 292.73 490.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 317.00 490.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 354.78 490.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 374.06 490.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 392.82 490.25 Td (over ) Tj ET Q q 0 0 0 rg BT 412.59 490.25 Td (a ) Tj ET Q q 0 0 0 rg BT 419.86 490.25 Td (four ) Tj ET Q q 0 0 0 rg BT 437.63 490.25 Td (year ) Tj ET Q q 0 0 0 rg BT 457.40 490.25 Td (period ) Tj ET Q q 0 0 0 rg BT 484.68 490.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.96 490.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 528.74 490.25 Td (two ) Tj ET Q q 0 0 0 rg BT 545.00 490.25 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 479.45 Td (after ) Tj ET Q q 0 0 0 rg BT 83.51 479.45 Td (each ) Tj ET Q q 0 0 0 rg BT 105.53 479.45 Td (vesting ) Tj ET Q q 0 0 0 rg BT 136.54 479.45 Td (date. ) Tj ET Q q 0 0 0 rg BT 159.06 479.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 462.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.05 462.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 146.08 462.65 Td (the ) Tj ET Q q 0 0 0 rg BT 161.12 462.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 176.14 462.65 Td (value ) Tj ET Q q 0 0 0 rg BT 200.18 462.65 Td (of ) Tj ET Q q 0 0 0 rg BT 210.21 462.65 Td (share ) Tj ET Q q 0 0 0 rg BT 235.24 462.65 Td (options ) Tj ET Q q 0 0 0 rg BT 266.79 462.65 Td (granted ) Tj ET Q q 0 0 0 rg BT 299.83 462.65 Td (using ) Tj ET Q q 0 0 0 rg BT 323.87 462.65 Td (a ) Tj ET Q q 0 0 0 rg BT 331.40 462.65 Td (Black-Scholes ) Tj ET Q q 0 0 0 rg BT 390.95 462.65 Td (option ) Tj ET Q q 0 0 0 rg BT 417.99 462.65 Td (pricing ) Tj ET Q q 0 0 0 rg BT 447.02 462.65 Td (model. ) Tj ET Q q 0 0 0 rg BT 476.56 462.65 Td ( ) Tj ET Q q 0 0 0 rg BT 478.92 462.65 Td (The ) Tj ET Q q 0 0 0 rg BT 496.95 462.65 Td (following ) Tj ET Q q 0 0 0 rg BT 534.49 462.65 Td (average ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 451.85 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 115.66 451.85 Td (were ) Tj ET Q q 0 0 0 rg BT 137.30 451.85 Td (used ) Tj ET Q q 0 0 0 rg BT 158.95 451.85 Td (to ) Tj ET Q q 0 0 0 rg BT 168.59 451.85 Td (arrive ) Tj ET Q q 0 0 0 rg BT 193.23 451.85 Td (at ) Tj ET Q q 0 0 0 rg BT 202.88 451.85 Td (the ) Tj ET Q q 0 0 0 rg BT 217.52 451.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 258.68 451.85 Td (fair ) Tj ET Q q 0 0 0 rg BT 273.31 451.85 Td (value ) Tj ET Q q 0 0 0 rg BT 296.96 451.85 Td (for ) Tj ET Q q 0 0 0 rg BT 309.60 451.85 Td (those ) Tj ET Q q 0 0 0 rg BT 333.75 451.85 Td (options ) Tj ET Q q 0 0 0 rg BT 364.91 451.85 Td (granted ) Tj ET Q q 0 0 0 rg BT 397.57 451.85 Td (during ) Tj ET Q q 0 0 0 rg BT 424.72 451.85 Td (the ) Tj ET Q q 0 0 0 rg BT 439.37 451.85 Td (year ) Tj ET Q q 0 0 0 rg BT 459.01 451.85 Td (ended ) Tj ET Q q 0 0 0 rg BT 486.18 451.85 Td (December ) Tj ET Q q 0 0 0 rg BT 529.83 451.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 544.47 451.85 Td (2014. ) Tj ET Q q 0 0 0 rg BT 569.50 451.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 441.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.02 441.05 Td (did ) Tj ET Q q 0 0 0 rg BT 119.54 441.05 Td (not ) Tj ET Q q 0 0 0 rg BT 134.55 441.05 Td (grant ) Tj ET Q q 0 0 0 rg BT 157.56 441.05 Td (any ) Tj ET Q q 0 0 0 rg BT 174.57 441.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 206.09 441.05 Td (under ) Tj ET Q q 0 0 0 rg BT 231.60 441.05 Td (the ) Tj ET Q q 0 0 0 rg BT 246.62 441.05 Td (stock ) Tj ET Q q 0 0 0 rg BT 270.12 441.05 Td (option ) Tj ET Q q 0 0 0 rg BT 297.15 441.05 Td (plan ) Tj ET Q q 0 0 0 rg BT 316.66 441.05 Td (during ) Tj ET Q q 0 0 0 rg BT 344.18 441.05 Td (the ) Tj ET Q q 0 0 0 rg BT 359.19 441.05 Td (year ) Tj ET Q q 0 0 0 rg BT 379.20 441.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 406.73 441.05 Td (December ) Tj ET Q q 0 0 0 rg BT 450.74 441.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 465.75 441.05 Td (2015.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 427.55 m 470.5 427.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 413.55 m 470.5 413.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 427.55 m 474.5 427.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 413.55 m 474.5 413.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 427.55 m 566.5 427.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 413.55 m 566.5 413.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 413.55 m 566.5 413.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 343.55 m 470.5 343.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 343.55 m 474.5 343.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 343.55 m 566.5 343.55 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 417.95 Td (Weighted average for the year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 417.95 Td (December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 403.95 Td (Dividend yield) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.40 403.95 Td (5.83) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 403.95 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 389.95 Td (Volatility) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.40 389.95 Td (28.30) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 389.95 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 375.95 Td (Risk-free interest rate) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.40 375.95 Td (1.40) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 375.95 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 361.95 Td (Forfeiture rate) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 121.52 366.24 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.40 361.95 Td (9.55) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 361.95 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 347.95 Td (Expected life) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 545.40 347.95 Td (3.8) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 333.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.00 333.85 Td (The estimated forfeiture rate is adjusted for actual forfeitures throughout the vesting period.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 320.05 Td (The following table summarizes the stock option and common share incentive rights outstanding and exercisable under the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 309.25 Td (plans at December 31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 295.75 m 319.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 271.75 m 319.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 295.75 m 353.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 271.75 m 353.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 295.75 m 471.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 271.75 m 471.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 295.75 m 475.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 271.75 m 475.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 295.75 m 567.5 295.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 271.75 m 567.5 271.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 190.75 m 319.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 190.75 m 353.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 190.75 m 471.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 190.75 m 475.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 190.75 m 567.5 190.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 148.75 m 319.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 148.75 m 353.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 148.75 m 471.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 148.75 m 475.5 148.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 148.75 m 567.5 148.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 120.75 m 319.5 120.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 319.5 120.75 m 353.5 120.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 353.5 120.75 m 471.5 120.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 120.75 m 475.5 120.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 120.75 m 567.5 120.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 365.45 285.15 Td (Stock Options/Common) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 370.95 276.15 Td (Share Incentive Rights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 486.30 285.15 Td (Weighted Average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.45 276.15 Td (Exercise Price) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 523.90 264.15 Td (\($ per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 251.15 Td (Balance as at December 31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 251.15 Td (6,798,478) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 251.15 Td (19.52) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 237.15 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 237.15 Td (2,964,210) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 237.15 Td (14.74) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 223.15 Td (Exercised) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 432.45 223.15 Td (\(387,010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.00 223.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 223.15 Td (\(10.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 223.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 209.15 Td (Expired and forfeited) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.95 209.15 Td (\(1,335,896) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.00 209.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 538.45 209.15 Td (\(19.36) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 209.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 195.15 Td (Reduction in exercise price) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.00 195.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 543.45 195.15 Td (\(0.14) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 195.15 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 181.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 181.15 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 181.15 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 181.15 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 181.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 181.15 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.95 181.15 Td (8,039,782) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 181.45 Td (18.08) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 167.15 Td (Expired, forfeited and cancelled) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.95 167.45 Td (\(7,642,493) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.00 167.45 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.45 167.45 Td (\(18.05) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 167.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 153.15 Td (Reduction in exercise price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.00 153.45 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.45 153.45 Td (\(0.57) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 153.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 139.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 139.15 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 139.15 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 139.15 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 139.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 139.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 139.45 Td (397,289) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 139.45 Td (18.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 125.15 Td (Exercisable ) Tj ET Q q 0 0 0 rg BT 115.02 125.15 Td (as ) Tj ET Q q 0 0 0 rg BT 127.03 125.15 Td (at ) Tj ET Q q 0 0 0 rg BT 137.03 125.15 Td (December ) Tj ET Q q 0 0 0 rg BT 181.05 125.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 196.06 125.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 125.45 Td (331,558) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 541.45 125.45 Td (18.60) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 104.45 Td (During ) Tj ET Q q 0 0 0 rg BT 94.92 104.45 Td (the ) Tj ET Q q 0 0 0 rg BT 112.84 104.45 Td (year ) Tj ET Q q 0 0 0 rg BT 135.75 104.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 166.19 104.45 Td (December ) Tj ET Q q 0 0 0 rg BT 213.11 104.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 231.03 104.45 Td (2015, ) Tj ET Q q 0 0 0 rg BT 258.96 104.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 310.11 104.45 Td (employees ) Tj ET Q q 0 0 0 rg BT 359.04 104.45 Td (voluntarily ) Tj ET Q q 0 0 0 rg BT 404.96 104.45 Td (surrendered ) Tj ET Q q 0 0 0 rg BT 458.90 104.45 Td (6.5 ) Tj ET Q q 0 0 0 rg BT 476.82 104.45 Td (million ) Tj ET Q q 0 0 0 rg BT 507.73 104.45 Td (options. ) Tj ET Q q 0 0 0 rg BT 543.58 104.45 Td (As ) Tj ET Q q 0 0 0 rg BT 559.50 104.45 Td (at ) Tj ET Q q 0 0 0 rg BT 569.50 104.45 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 104.45 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 104.45 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 104.45 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 104.45 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 93.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.82 93.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.84 93.65 Td ( ) Tj ET Q q 0 0 0 rg BT 144.13 93.65 Td (there ) Tj ET Q q 0 0 0 rg BT 166.94 93.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 188.74 93.65 Td (0.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 201.25 93.65 Td ( ) Tj ET Q q 0 0 0 rg BT 203.54 93.65 Td (million ) Tj ET Q q 0 0 0 rg BT 231.34 93.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 254.63 93.65 Td (options ) Tj ET Q q 0 0 0 rg BT 285.95 93.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 334.78 93.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 337.77 93.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 396.59 93.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 416.61 93.65 Td ( ) Tj ET Q q 0 0 0 rg BT 418.90 93.65 Td (- ) Tj ET Q q 0 0 0 rg BT 424.19 93.65 Td (7.5 ) Tj ET Q q 0 0 0 rg BT 439.00 93.65 Td (million\) ) Tj ET Q q 0 0 0 rg BT 469.79 93.65 Td (of ) Tj ET Q q 0 0 0 rg BT 479.59 93.65 Td (which ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 504.89 93.65 Td (0.2) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.40 93.65 Td ( ) Tj ET Q q 0 0 0 rg BT 519.69 93.65 Td (million ) Tj ET Q q 0 0 0 rg BT 547.49 93.65 Td (were ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 82.85 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 110.91 82.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 113.91 82.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 172.83 82.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 192.85 82.85 Td ( ) Tj ET Q q 0 0 0 rg BT 195.24 82.85 Td (- ) Tj ET Q q 0 0 0 rg BT 200.63 82.85 Td (3.3 ) Tj ET Q q 0 0 0 rg BT 215.53 82.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 246.43 82.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 263.84 82.85 Td (0.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.35 82.85 Td ( ) Tj ET Q q 0 0 0 rg BT 278.74 82.85 Td (million ) Tj ET Q q 0 0 0 rg BT 306.64 82.85 Td (common ) Tj ET Q q 0 0 0 rg BT 343.54 82.85 Td (share ) Tj ET Q q 0 0 0 rg BT 368.44 82.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 406.36 82.85 Td (rights ) Tj ET Q q 0 0 0 rg BT 430.76 82.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 479.69 82.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 482.68 82.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 541.60 82.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 561.62 82.85 Td ( ) Tj ET Q q 0 0 0 rg BT 564.01 82.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 70.85 Td (0.5 ) Tj ET Q q 0 0 0 rg BT 78.01 70.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 109.02 70.85 Td (of ) Tj ET Q q 0 0 0 rg BT 119.02 70.85 Td (which ) Tj ET Q q 0 0 0 rg BT 144.53 70.85 Td (all ) Tj ET Q q 0 0 0 rg BT 156.04 70.85 Td (were ) Tj ET Q q 0 0 0 rg BT 178.04 70.85 Td (exercisable ) Tj ET Q q 0 0 0 rg BT 226.07 70.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.06 70.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 288.09 70.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 308.11 70.85 Td ( ) Tj ET Q q 0 0 0 rg BT 310.61 70.85 Td (- ) Tj ET Q q 0 0 0 rg BT 316.11 70.85 Td (0.5) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 328.62 70.85 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.40 70.85 Td (million\).) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 50) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td (The range of exercise prices of the outstanding stock option and common share incentive rights plans is as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 717.95 m 143.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 702.95 m 143.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 717.95 m 226.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 702.95 m 226.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 717.95 m 330.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 702.95 m 330.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 717.95 m 422.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 702.95 m 422.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 717.95 m 426.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 702.95 m 426.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 717.95 m 496.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 702.95 m 496.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 717.95 m 566.5 717.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 702.95 m 566.5 702.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 667.95 m 143.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 667.95 m 226.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 667.95 m 330.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 667.95 m 422.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 667.95 m 426.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 667.95 m 496.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 667.95 m 566.5 667.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 611.95 m 143.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 611.95 m 226.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 611.95 m 330.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 611.95 m 422.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 611.95 m 426.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 611.95 m 496.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 611.95 m 566.5 611.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 596.95 m 143.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 143.5 596.95 m 226.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 226.5 596.95 m 330.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 330.5 596.95 m 422.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 422.5 596.95 m 426.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 426.5 596.95 m 496.5 596.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496.5 596.95 m 566.5 596.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 256.00 707.35 Td (Outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 470.95 707.35 Td (Exercisable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 101.45 681.35 Td (Range of) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 74.90 672.35 Td (exercise prices) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 188.95 681.35 Td (Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 171.50 672.35 Td (outstanding) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 250.10 690.35 Td (Weighted average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 232.95 681.35 Td (remaining contractual) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 281.95 672.35 Td (life \(years\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 342.10 681.35 Td (Weighted average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 358.95 672.35 Td (exercise price) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 458.95 681.35 Td (Number) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 443.95 672.35 Td (exercisable) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.65 690.35 Td (Weighted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.95 681.35 Td (average) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 502.95 672.35 Td (exercise price) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 99.90 660.35 Td (\($ per share\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 378.90 660.35 Td (\($ per share\)) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 522.90 660.35 Td (\($ per share\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.95 646.35 Td (9.79 - 15.98) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.45 646.35 Td (144,616) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 646.35 Td (2.06) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 646.35 Td (14.65) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 646.35 Td (114,835) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 646.35 Td (14.86) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.95 631.35 Td (15.99 - 17.73) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.45 631.35 Td (163,945) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 631.35 Td (1.48) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 631.35 Td (17.16) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 631.35 Td (127,995) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 631.35 Td (17.37) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.95 616.35 Td (17.74 - 28.96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 195.45 616.35 Td (88,728) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 616.35 Td (0.89) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 616.35 Td (25.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.45 616.35 Td (88,728) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 616.35 Td (25.22) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.95 601.35 Td (9.79 - 28.96) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.45 601.35 Td (397,289) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 309.45 601.35 Td (1.56) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 396.45 601.35 Td (18.05) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 460.45 601.35 Td (331,558) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.45 601.35 Td (18.60) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 580.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 104.52 580.65 Td (and ) Tj ET Q q 0 0 0 rg BT 123.02 580.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 166.54 580.65 Td (share ) Tj ET Q q 0 0 0 rg BT 193.05 580.65 Td (award ) Tj ET Q q 0 0 0 rg BT 221.56 580.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 263.08 580.65 Td (plans) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 563.85 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 104.36 563.85 Td (s ) Tj ET Q q 0 0 0 rg BT 112.76 563.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 152.18 563.85 Td (and ) Tj ET Q q 0 0 0 rg BT 171.10 563.85 Td (restricted ) Tj ET Q q 0 0 0 rg BT 212.01 563.85 Td (share ) Tj ET Q q 0 0 0 rg BT 238.42 563.85 Td (award ) Tj ET Q q 0 0 0 rg BT 266.83 563.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 306.25 563.85 Td (plans ) Tj ET Q q 0 0 0 rg BT 331.67 563.85 Td (provide ) Tj ET Q q 0 0 0 rg BT 365.08 563.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 425.02 563.85 Td (in ) Tj ET Q q 0 0 0 rg BT 435.92 563.85 Td (relation ) Tj ET Q q 0 0 0 rg BT 469.34 563.85 Td (to ) Tj ET Q q 0 0 0 rg BT 480.75 563.85 Td (a ) Tj ET Q q 0 0 0 rg BT 489.65 563.85 Td (notional ) Tj ET Q q 0 0 0 rg BT 525.08 563.85 Td (number ) Tj ET Q q 0 0 0 rg BT 559.49 563.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 553.05 Td (underlying ) Tj ET Q q 0 0 0 rg BT 112.76 553.05 Td (common ) Tj ET Q q 0 0 0 rg BT 155.50 553.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 190.74 553.05 Td (to ) Tj ET Q q 0 0 0 rg BT 206.47 553.05 Td (directors, ) Tj ET Q q 0 0 0 rg BT 251.71 553.05 Td (of) Tj ET Q q 0 0 0 rg BT 259.05 553.05 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 291.29 553.05 Td (employees ) Tj ET Q q 0 0 0 rg BT 343.04 553.05 Td (and ) Tj ET Q q 0 0 0 rg BT 366.28 553.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 401.52 553.05 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 456.15 553.05 Td (A) Tj ET Q q 0 0 0 rg BT 461.99 553.05 Td (wards ) Tj ET Q q 0 0 0 rg BT 494.22 553.05 Td (granted ) Tj ET Q q 0 0 0 rg BT 532.98 553.05 Td (between ) Tj ET Q q 0 0 0 rg BT 569.50 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 584.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 587.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 589.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 592.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 634.52 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 637.02 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 639.52 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 642.02 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 644.52 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 647.02 553.05 Td ( ) Tj ET Q q 0 0 0 rg BT 649.52 553.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 542.25 Td (December ) Tj ET Q q 0 0 0 rg BT 106.41 542.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.81 542.25 Td (2010 ) Tj ET Q q 0 0 0 rg BT 142.72 542.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.63 542.25 Td (May ) Tj ET Q q 0 0 0 rg BT 178.52 542.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 187.92 542.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 209.83 542.25 Td (were ) Tj ET Q q 0 0 0 rg BT 231.23 542.25 Td (granted ) Tj ET Q q 0 0 0 rg BT 263.65 542.25 Td (under ) Tj ET Q q 0 0 0 rg BT 288.56 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 302.96 542.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 341.86 542.25 Td (share ) Tj ET Q q 0 0 0 rg BT 366.26 542.25 Td (award ) Tj ET Q q 0 0 0 rg BT 392.67 542.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 430.08 542.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 451.49 542.25 Td (On ) Tj ET Q q 0 0 0 rg BT 465.38 542.25 Td (May ) Tj ET Q q 0 0 0 rg BT 484.28 542.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 493.67 542.25 Td (2013 ) Tj ET Q q 0 0 0 rg BT 515.59 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.99 542.25 Td (restricted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 531.45 Td (share ) Tj ET Q q 0 0 0 rg BT 88.01 531.45 Td (award ) Tj ET Q q 0 0 0 rg BT 115.03 531.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 153.05 531.45 Td (plan ) Tj ET Q q 0 0 0 rg BT 172.56 531.45 Td (was ) Tj ET Q q 0 0 0 rg BT 191.07 531.45 Td (replaced ) Tj ET Q q 0 0 0 rg BT 228.09 531.45 Td (by ) Tj ET Q q 0 0 0 rg BT 240.10 531.45 Td (the ) Tj ET Q q 0 0 0 rg BT 255.11 531.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 293.13 531.45 Td (award ) Tj ET Q q 0 0 0 rg BT 320.15 531.45 Td (plan.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 514.65 Td (V) Tj ET Q q 0 0 0 rg BT 68.51 514.65 Td (esting ) Tj ET Q q 0 0 0 rg BT 94.52 514.65 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 152.04 514.65 Td (are ) Tj ET Q q 0 0 0 rg BT 167.05 514.65 Td (within ) Tj ET Q q 0 0 0 rg BT 192.05 514.65 Td (the ) Tj ET Q q 0 0 0 rg BT 206.56 514.65 Td (discretion ) Tj ET Q q 0 0 0 rg BT 247.08 514.65 Td (of ) Tj ET Q q 0 0 0 rg BT 256.58 514.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 297.94 514.65 Td (s ) Tj ET Q q 0 0 0 rg BT 304.43 514.65 Td (Board ) Tj ET Q q 0 0 0 rg BT 330.45 514.65 Td (of ) Tj ET Q q 0 0 0 rg BT 339.95 514.65 Td (Directors, ) Tj ET Q q 0 0 0 rg BT 380.45 514.65 Td (but ) Tj ET Q q 0 0 0 rg BT 394.96 514.65 Td (all ) Tj ET Q q 0 0 0 rg BT 405.96 514.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 436.97 514.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 455.47 514.65 Td (evenly ) Tj ET Q q 0 0 0 rg BT 483.48 514.65 Td (over ) Tj ET Q q 0 0 0 rg BT 502.98 514.65 Td (a ) Tj ET Q q 0 0 0 rg BT 509.99 514.65 Td (period ) Tj ET Q q 0 0 0 rg BT 537.00 514.65 Td (of ) Tj ET Q q 0 0 0 rg BT 546.50 514.65 Td (three ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 503.85 Td (years ) Tj ET Q q 0 0 0 rg BT 88.09 503.85 Td (from ) Tj ET Q q 0 0 0 rg BT 109.17 503.85 Td (the ) Tj ET Q q 0 0 0 rg BT 124.76 503.85 Td (date ) Tj ET Q q 0 0 0 rg BT 145.35 503.85 Td (of ) Tj ET Q q 0 0 0 rg BT 155.94 503.85 Td (grant. ) Tj ET Q q 0 0 0 rg BT 182.03 503.85 Td (On ) Tj ET Q q 0 0 0 rg BT 197.12 503.85 Td (the ) Tj ET Q q 0 0 0 rg BT 212.71 503.85 Td (vesting ) Tj ET Q q 0 0 0 rg BT 244.30 503.85 Td (date, ) Tj ET Q q 0 0 0 rg BT 267.40 503.85 Td (the ) Tj ET Q q 0 0 0 rg BT 282.99 503.85 Td (holder ) Tj ET Q q 0 0 0 rg BT 311.08 503.85 Td (will ) Tj ET Q q 0 0 0 rg BT 326.66 503.85 Td (receive, ) Tj ET Q q 0 0 0 rg BT 361.25 503.85 Td (in ) Tj ET Q q 0 0 0 rg BT 371.34 503.85 Td (the ) Tj ET Q q 0 0 0 rg BT 386.93 503.85 Td (case ) Tj ET Q q 0 0 0 rg BT 409.02 503.85 Td (of ) Tj ET Q q 0 0 0 rg BT 419.60 503.85 Td (incentive ) Tj ET Q q 0 0 0 rg BT 458.20 503.85 Td (awards, ) Tj ET Q q 0 0 0 rg BT 492.80 503.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 514.89 503.85 Td (or ) Tj ET Q q 0 0 0 rg BT 525.97 503.85 Td (equivalent ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 493.05 Td (common ) Tj ET Q q 0 0 0 rg BT 100.31 493.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 130.12 493.05 Td (for ) Tj ET Q q 0 0 0 rg BT 143.42 493.05 Td (each ) Tj ET Q q 0 0 0 rg BT 165.73 493.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 204.05 493.05 Td (award ) Tj ET Q q 0 0 0 rg BT 231.36 493.05 Td (and ) Tj ET Q q 0 0 0 rg BT 249.17 493.05 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 293.00 493.05 Td (common ) Tj ET Q q 0 0 0 rg BT 330.31 493.05 Td (shares ) Tj ET Q q 0 0 0 rg BT 360.12 493.05 Td (for ) Tj ET Q q 0 0 0 rg BT 373.42 493.05 Td (each ) Tj ET Q q 0 0 0 rg BT 395.73 493.05 Td (restricted ) Tj ET Q q 0 0 0 rg BT 435.54 493.05 Td (share ) Tj ET Q q 0 0 0 rg BT 460.85 493.05 Td (award, ) Tj ET Q q 0 0 0 rg BT 490.66 493.05 Td (including ) Tj ET Q q 0 0 0 rg BT 528.99 493.05 Td (dividends ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 482.25 Td (made ) Tj ET Q q 0 0 0 rg BT 88.01 482.25 Td (on ) Tj ET Q q 0 0 0 rg BT 100.52 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 115.54 482.25 Td (common ) Tj ET Q q 0 0 0 rg BT 152.55 482.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 182.06 482.25 Td (from ) Tj ET Q q 0 0 0 rg BT 202.56 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.57 482.25 Td (date ) Tj ET Q q 0 0 0 rg BT 237.59 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.60 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.61 482.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 285.62 482.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.63 482.25 Td (and ) Tj ET Q q 0 0 0 rg BT 313.15 482.25 Td (including ) Tj ET Q q 0 0 0 rg BT 351.17 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 366.18 482.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 397.20 482.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 419.72 482.25 Td (net ) Tj ET Q q 0 0 0 rg BT 434.73 482.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.74 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.75 482.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 496.76 482.25 Td (withholding ) Tj ET Q q 0 0 0 rg BT 544.29 482.25 Td (tax. ) Tj ET Q q 0 0 0 rg BT 561.30 482.25 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 465.45 Td (The ) Tj ET Q q 0 0 0 rg BT 81.14 465.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 96.28 465.45 Td (value ) Tj ET Q q 0 0 0 rg BT 120.44 465.45 Td (of ) Tj ET Q q 0 0 0 rg BT 130.58 465.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 168.73 465.45 Td (and ) Tj ET Q q 0 0 0 rg BT 186.39 465.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 226.03 465.45 Td (share ) Tj ET Q q 0 0 0 rg BT 251.18 465.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 282.83 465.45 Td (is ) Tj ET Q q 0 0 0 rg BT 291.97 465.45 Td (assessed ) Tj ET Q q 0 0 0 rg BT 332.63 465.45 Td (on ) Tj ET Q q 0 0 0 rg BT 345.27 465.45 Td (the ) Tj ET Q q 0 0 0 rg BT 360.42 465.45 Td (grant ) Tj ET Q q 0 0 0 rg BT 383.57 465.45 Td (date ) Tj ET Q q 0 0 0 rg BT 403.72 465.45 Td (factoring ) Tj ET Q q 0 0 0 rg BT 440.88 465.45 Td (in ) Tj ET Q q 0 0 0 rg BT 450.52 465.45 Td (the ) Tj ET Q q 0 0 0 rg BT 465.67 465.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 504.33 465.45 Td (average ) Tj ET Q q 0 0 0 rg BT 539.49 465.45 Td (trading ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 454.65 Td (price ) Tj ET Q q 0 0 0 rg BT 84.21 454.65 Td (of ) Tj ET Q q 0 0 0 rg BT 93.41 454.65 Td (the ) Tj ET Q q 0 0 0 rg BT 107.63 454.65 Td (five ) Tj ET Q q 0 0 0 rg BT 123.33 454.65 Td (days ) Tj ET Q q 0 0 0 rg BT 144.04 454.65 Td (preceding ) Tj ET Q q 0 0 0 rg BT 185.27 454.65 Td (the ) Tj ET Q q 0 0 0 rg BT 199.49 454.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 221.70 454.65 Td (date ) Tj ET Q q 0 0 0 rg BT 240.92 454.65 Td (and ) Tj ET Q q 0 0 0 rg BT 257.63 454.65 Td (expected ) Tj ET Q q 0 0 0 rg BT 295.86 454.65 Td (dividends. ) Tj ET Q q 0 0 0 rg BT 337.98 454.65 Td (This ) Tj ET Q q 0 0 0 rg BT 356.68 454.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 370.88 454.65 Td (value ) Tj ET Q q 0 0 0 rg BT 394.10 454.65 Td (is ) Tj ET Q q 0 0 0 rg BT 402.30 454.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 448.03 454.65 Td (as ) Tj ET Q q 0 0 0 rg BT 459.24 454.65 Td (share-based ) Tj ET Q q 0 0 0 rg BT 510.97 454.65 Td (compensation ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 443.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 98.90 443.85 Td (over ) Tj ET Q q 0 0 0 rg BT 118.28 443.85 Td (the ) Tj ET Q q 0 0 0 rg BT 132.67 443.85 Td (vesting ) Tj ET Q q 0 0 0 rg BT 163.05 443.85 Td (period ) Tj ET Q q 0 0 0 rg BT 189.95 443.85 Td (with ) Tj ET Q q 0 0 0 rg BT 207.82 443.85 Td (a ) Tj ET Q q 0 0 0 rg BT 214.70 443.85 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 273.61 443.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 309.50 443.85 Td (to ) Tj ET Q q 0 0 0 rg BT 318.88 443.85 Td (contributed ) Tj ET Q q 0 0 0 rg BT 365.28 443.85 Td (surplus. ) Tj ET Q q 0 0 0 rg BT 398.67 443.85 Td (Upon ) Tj ET Q q 0 0 0 rg BT 422.06 443.85 Td (the ) Tj ET Q q 0 0 0 rg BT 436.44 443.85 Td (conversion ) Tj ET Q q 0 0 0 rg BT 481.84 443.85 Td (of ) Tj ET Q q 0 0 0 rg BT 491.22 443.85 Td (the ) Tj ET Q q 0 0 0 rg BT 505.60 443.85 Td (restricted ) Tj ET Q q 0 0 0 rg BT 544.49 443.85 Td (share ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 433.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 93.89 433.05 Td (or ) Tj ET Q q 0 0 0 rg BT 103.78 433.05 Td (the ) Tj ET Q q 0 0 0 rg BT 118.17 433.05 Td (settlement ) Tj ET Q q 0 0 0 rg BT 161.57 433.05 Td (of ) Tj ET Q q 0 0 0 rg BT 170.95 433.05 Td (the ) Tj ET Q q 0 0 0 rg BT 185.35 433.05 Td (incentive ) Tj ET Q q 0 0 0 rg BT 222.75 433.05 Td (awards ) Tj ET Q q 0 0 0 rg BT 253.64 433.05 Td (by ) Tj ET Q q 0 0 0 rg BT 265.03 433.05 Td (common ) Tj ET Q q 0 0 0 rg BT 301.42 433.05 Td (shares, ) Tj ET Q q 0 0 0 rg BT 332.81 433.05 Td (on ) Tj ET Q q 0 0 0 rg BT 344.70 433.05 Td (the ) Tj ET Q q 0 0 0 rg BT 359.09 433.05 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 419.01 433.05 Td (vesting ) Tj ET Q q 0 0 0 rg BT 449.40 433.05 Td (dates, ) Tj ET Q q 0 0 0 rg BT 475.80 433.05 Td (the ) Tj ET Q q 0 0 0 rg BT 490.19 433.05 Td (value ) Tj ET Q q 0 0 0 rg BT 513.59 433.05 Td (in ) Tj ET Q q 0 0 0 rg BT 522.47 433.05 Td (contributed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 422.25 Td (surplus ) Tj ET Q q 0 0 0 rg BT 94.51 422.25 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 136.54 422.25 Td (to ) Tj ET Q q 0 0 0 rg BT 146.55 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.56 422.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 193.07 422.25 Td (is ) Tj ET Q q 0 0 0 rg BT 202.07 422.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 240.10 422.25 Td (as ) Tj ET Q q 0 0 0 rg BT 252.10 422.25 Td (shareholders) Tj ET Q q 0 0 0 rg BT 305.80 422.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.30 422.25 Td (capital. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 405.45 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 405.45 Td (following ) Tj ET Q q 0 0 0 rg BT 118.53 405.45 Td (table ) Tj ET Q q 0 0 0 rg BT 140.55 405.45 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 191.55 405.45 Td (the ) Tj ET Q q 0 0 0 rg BT 206.56 405.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 244.59 405.45 Td (and ) Tj ET Q q 0 0 0 rg BT 262.10 405.45 Td (restricted ) Tj ET Q q 0 0 0 rg BT 301.61 405.45 Td (share ) Tj ET Q q 0 0 0 rg BT 326.63 405.45 Td (award ) Tj ET Q q 0 0 0 rg BT 353.64 405.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 391.66 405.45 Td (plans ) Tj ET Q q 0 0 0 rg BT 415.68 405.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 464.72 405.45 Td (at ) Tj ET Q q 0 0 0 rg BT 474.72 405.45 Td (December ) Tj ET Q q 0 0 0 rg BT 518.74 405.45 Td (31:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 391.95000000000005 m 336.5 391.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 367.95000000000005 m 336.5 367.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 391.95000000000005 m 454.5 391.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 367.95000000000005 m 454.5 367.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 391.95000000000005 m 567.5 391.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 367.95000000000005 m 567.5 367.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 297.95000000000005 m 336.5 297.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 297.95000000000005 m 454.5 297.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 297.95000000000005 m 567.5 297.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 227.95000000000005 m 336.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 227.95000000000005 m 454.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 227.95000000000005 m 567.5 227.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 213.95000000000005 m 336.5 213.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 336.5 213.95000000000005 m 454.5 213.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 454.5 213.95000000000005 m 567.5 213.95000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 506.45 381.35 Td (Incentive and) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 457.95 372.35 Td (Restricted Share ) Tj ET Q q 0 0 0 rg BT 531.65 372.35 Td (A) Tj ET Q q 0 0 0 rg BT 537.98 372.35 Td (wards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 358.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 358.35 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 358.35 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 358.35 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 358.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 358.35 Td (2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 358.35 Td (2,457,085) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 344.35 Td (Granted) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 344.35 Td (1,541,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 330.35 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 127.02 334.64 Td (\(1\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 330.35 Td (164,402) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 316.35 Td (Exercised) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 520.95 316.35 Td (\(1,063,636) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 316.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 302.35 Td (Forfeited) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 528.45 302.35 Td (\(337,312) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 302.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 288.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 288.35 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 288.35 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 288.35 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 288.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 288.35 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 288.35 Td (2,762,171) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 274.35 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 274.65 Td (1,342,537) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 260.35 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 127.02 264.64 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 531.45 260.65 Td (231,126) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 246.35 Td (Exercised) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 520.95 246.65 Td (\(1,876,647) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 246.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 232.35 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.45 232.65 Td (\(400,097) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 564.00 232.65 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 218.35 Td (Balance ) Tj ET Q q 0 0 0 rg BT 101.02 218.35 Td (as ) Tj ET Q q 0 0 0 rg BT 113.03 218.35 Td (at ) Tj ET Q q 0 0 0 rg BT 123.04 218.35 Td (December ) Tj ET Q q 0 0 0 rg BT 167.05 218.35 Td (31, ) Tj ET Q q 0 0 0 rg BT 182.06 218.35 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 523.95 218.65 Td (2,059,090) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 204.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.00 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.67 204.25 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 122.02 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.69 204.25 Td (dividends ) Tj ET Q q 0 0 0 rg BT 155.71 204.25 Td (earned ) Tj ET Q q 0 0 0 rg BT 176.06 204.25 Td (during ) Tj ET Q q 0 0 0 rg BT 194.40 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.41 204.25 Td (period ) Tj ET Q q 0 0 0 rg BT 222.76 204.25 Td (outstanding.) Tj ET Q endstream endobj 103 0 obj <> endobj 104 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 51) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 731.45 Td (Performance ) Tj ET Q q 0 0 0 rg BT 120.52 731.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 162.04 731.45 Td (award ) Tj ET Q q 0 0 0 rg BT 190.55 731.45 Td (plan) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 714.65 Td (On ) Tj ET Q q 0 0 0 rg BT 77.61 714.65 Td (January ) Tj ET Q q 0 0 0 rg BT 112.24 714.65 Td (1, ) Tj ET Q q 0 0 0 rg BT 122.35 714.65 Td (2015, ) Tj ET Q q 0 0 0 rg BT 147.48 714.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 189.61 714.65 Td (adopted ) Tj ET Q q 0 0 0 rg BT 224.75 714.65 Td (a ) Tj ET Q q 0 0 0 rg BT 232.36 714.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 286.49 714.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 324.60 714.65 Td (A) Tj ET Q q 0 0 0 rg BT 330.44 714.65 Td (ward ) Tj ET Q q 0 0 0 rg BT 352.56 714.65 Td (Plan ) Tj ET Q q 0 0 0 rg BT 373.18 714.65 Td (\("PIAs"\) ) Tj ET Q q 0 0 0 rg BT 407.17 714.65 Td (for ) Tj ET Q q 0 0 0 rg BT 420.28 714.65 Td (directors, ) Tj ET Q q 0 0 0 rg BT 459.90 714.65 Td (of) Tj ET Q q 0 0 0 rg BT 467.25 714.65 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 493.85 714.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 523.48 714.65 Td (employees ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 80.19 703.85 Td (eligible ) Tj ET Q q 0 0 0 rg BT 110.37 703.85 Td (consultants. ) Tj ET Q q 0 0 0 rg BT 160.43 703.85 Td (The ) Tj ET Q q 0 0 0 rg BT 178.11 703.85 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 199.28 703.85 Td (vest ) Tj ET Q q 0 0 0 rg BT 217.96 703.85 Td (thirty-nine ) Tj ET Q q 0 0 0 rg BT 259.64 703.85 Td (months ) Tj ET Q q 0 0 0 rg BT 291.33 703.85 Td (from ) Tj ET Q q 0 0 0 rg BT 311.50 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 326.18 703.85 Td (initial ) Tj ET Q q 0 0 0 rg BT 348.86 703.85 Td (date ) Tj ET Q q 0 0 0 rg BT 368.54 703.85 Td (of ) Tj ET Q q 0 0 0 rg BT 378.22 703.85 Td (grant ) Tj ET Q q 0 0 0 rg BT 400.90 703.85 Td (and ) Tj ET Q q 0 0 0 rg BT 418.09 703.85 Td (the ) Tj ET Q q 0 0 0 rg BT 432.77 703.85 Td (number ) Tj ET Q q 0 0 0 rg BT 465.45 703.85 Td (of ) Tj ET Q q 0 0 0 rg BT 475.13 703.85 Td (common ) Tj ET Q q 0 0 0 rg BT 511.81 703.85 Td (shares ) Tj ET Q q 0 0 0 rg BT 540.99 703.85 Td (issued ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (for ) Tj ET Q q 0 0 0 rg BT 77.19 693.05 Td (each ) Tj ET Q q 0 0 0 rg BT 100.40 693.05 Td (PIA) Tj ET Q q 0 0 0 rg BT 114.41 693.05 Td ( ) Tj ET Q q 0 0 0 rg BT 118.10 693.05 Td (granted ) Tj ET Q q 0 0 0 rg BT 152.31 693.05 Td (is ) Tj ET Q q 0 0 0 rg BT 162.50 693.05 Td (subject ) Tj ET Q q 0 0 0 rg BT 194.71 693.05 Td (to ) Tj ET Q q 0 0 0 rg BT 205.90 693.05 Td (a ) Tj ET Q q 0 0 0 rg BT 214.60 693.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 268.81 693.05 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 308.51 693.05 Td (ranging ) Tj ET Q q 0 0 0 rg BT 342.22 693.05 Td (from ) Tj ET Q q 0 0 0 rg BT 363.91 693.05 Td (0 ) Tj ET Q q 0 0 0 rg BT 372.60 693.05 Td (to ) Tj ET Q q 0 0 0 rg BT 383.80 693.05 Td (2. ) Tj ET Q q 0 0 0 rg BT 394.76 693.05 Td (The ) Tj ET Q q 0 0 0 rg BT 413.95 693.05 Td (payout ) Tj ET Q q 0 0 0 rg BT 444.66 693.05 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 484.36 693.05 Td (is ) Tj ET Q q 0 0 0 rg BT 494.55 693.05 Td (dependent ) Tj ET Q q 0 0 0 rg BT 540.78 693.05 Td (on ) Tj ET Q q 0 0 0 rg BT 554.48 693.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 115.18 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.33 682.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 165.51 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 174.67 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.83 682.25 Td (end ) Tj ET Q q 0 0 0 rg BT 205.50 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.66 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.82 682.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 258.99 682.25 Td (period ) Tj ET Q q 0 0 0 rg BT 285.66 682.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 316.32 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.48 682.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 365.15 682.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 417.33 682.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 458.50 682.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 505.17 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 514.33 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.50 682.25 Td (discretion ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 73.04 671.45 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 121.32 671.45 Td (Board ) Tj ET Q q 0 0 0 rg BT 147.87 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 157.91 671.45 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 198.78 671.45 Td (The ) Tj ET Q q 0 0 0 rg BT 216.83 671.45 Td (number ) Tj ET Q q 0 0 0 rg BT 249.88 671.45 Td (of ) Tj ET Q q 0 0 0 rg BT 259.92 671.45 Td (common ) Tj ET Q q 0 0 0 rg BT 296.96 671.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 326.51 671.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 355.06 671.45 Td (for ) Tj ET Q q 0 0 0 rg BT 368.10 671.45 Td (each ) Tj ET Q q 0 0 0 rg BT 390.15 671.45 Td (PIA) Tj ET Q q 0 0 0 rg BT 404.16 671.45 Td ( ) Tj ET Q q 0 0 0 rg BT 406.69 671.45 Td (granted ) Tj ET Q q 0 0 0 rg BT 439.75 671.45 Td (is ) Tj ET Q q 0 0 0 rg BT 448.79 671.45 Td (also ) Tj ET Q q 0 0 0 rg BT 467.83 671.45 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 504.39 671.45 Td (for ) Tj ET Q q 0 0 0 rg BT 517.43 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 532.48 671.45 Td (payment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 73.52 660.65 Td (dividends ) Tj ET Q q 0 0 0 rg BT 114.55 660.65 Td (from ) Tj ET Q q 0 0 0 rg BT 135.56 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 151.08 660.65 Td (date ) Tj ET Q q 0 0 0 rg BT 171.61 660.65 Td (of ) Tj ET Q q 0 0 0 rg BT 182.12 660.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 205.65 660.65 Td (to ) Tj ET Q q 0 0 0 rg BT 216.16 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 231.68 660.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 269.21 660.65 Td (date. ) Tj ET Q q 0 0 0 rg BT 292.24 660.65 Td (On ) Tj ET Q q 0 0 0 rg BT 307.26 660.65 Td (the ) Tj ET Q q 0 0 0 rg BT 322.78 660.65 Td (payment ) Tj ET Q q 0 0 0 rg BT 360.31 660.65 Td (date, ) Tj ET Q q 0 0 0 rg BT 383.33 660.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 425.87 660.65 Td (has ) Tj ET Q q 0 0 0 rg BT 443.39 660.65 Td (sole ) Tj ET Q q 0 0 0 rg BT 462.91 660.65 Td (and ) Tj ET Q q 0 0 0 rg BT 480.93 660.65 Td (absolute ) Tj ET Q q 0 0 0 rg BT 517.97 660.65 Td (discretion ) Tj ET Q q 0 0 0 rg BT 559.50 660.65 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 649.85 Td (settle ) Tj ET Q q 0 0 0 rg BT 86.85 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 101.69 649.85 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 123.04 649.85 Td (in ) Tj ET Q q 0 0 0 rg BT 132.38 649.85 Td (the ) Tj ET Q q 0 0 0 rg BT 147.22 649.85 Td (form ) Tj ET Q q 0 0 0 rg BT 167.56 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 177.40 649.85 Td (either ) Tj ET Q q 0 0 0 rg BT 202.25 649.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 223.59 649.85 Td (or ) Tj ET Q q 0 0 0 rg BT 233.93 649.85 Td (common ) Tj ET Q q 0 0 0 rg BT 270.78 649.85 Td (shares, ) Tj ET Q q 0 0 0 rg BT 302.63 649.85 Td (or ) Tj ET Q q 0 0 0 rg BT 312.96 649.85 Td (some ) Tj ET Q q 0 0 0 rg BT 337.31 649.85 Td (combination ) Tj ET Q q 0 0 0 rg BT 388.17 649.85 Td (thereof, ) Tj ET Q q 0 0 0 rg BT 421.03 649.85 Td (however) Tj ET Q q 0 0 0 rg BT 454.55 649.85 Td (, ) Tj ET Q q 0 0 0 rg BT 459.38 649.85 Td (it ) Tj ET Q q 0 0 0 rg BT 466.22 649.85 Td (is ) Tj ET Q q 0 0 0 rg BT 475.06 649.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 523.13 649.85 Td (intention ) Tj ET Q q 0 0 0 rg BT 559.50 649.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 639.05 Td (settle ) Tj ET Q q 0 0 0 rg BT 87.01 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 102.02 639.05 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 123.53 639.05 Td (in ) Tj ET Q q 0 0 0 rg BT 133.04 639.05 Td (the ) Tj ET Q q 0 0 0 rg BT 148.05 639.05 Td (form ) Tj ET Q q 0 0 0 rg BT 168.55 639.05 Td (of ) Tj ET Q q 0 0 0 rg BT 178.55 639.05 Td (common ) Tj ET Q q 0 0 0 rg BT 215.56 639.05 Td (shares.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (The ) Tj ET Q q 0 0 0 rg BT 80.65 622.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 95.29 622.25 Td (value ) Tj ET Q q 0 0 0 rg BT 118.95 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 128.60 622.25 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 149.75 622.25 Td (is ) Tj ET Q q 0 0 0 rg BT 158.39 622.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 205.56 622.25 Td (at ) Tj ET Q q 0 0 0 rg BT 215.20 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.86 622.25 Td (date ) Tj ET Q q 0 0 0 rg BT 249.51 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.16 622.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 281.82 622.25 Td (by ) Tj ET Q q 0 0 0 rg BT 293.46 622.25 Td (using ) Tj ET Q q 0 0 0 rg BT 317.12 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 331.77 622.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 361.93 622.25 Td (price ) Tj ET Q q 0 0 0 rg BT 383.58 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.23 622.25 Td (common ) Tj ET Q q 0 0 0 rg BT 429.88 622.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 461.53 622.25 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 501.69 622.25 Td (by ) Tj ET Q q 0 0 0 rg BT 513.34 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 527.99 622.25 Td (estimated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 611.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 115.34 611.45 Td (multiplier) Tj ET Q q 0 0 0 rg BT 150.86 611.45 Td (. ) Tj ET Q q 0 0 0 rg BT 154.81 611.45 Td (A) Tj ET Q q 0 0 0 rg BT 160.32 611.45 Td ( ) Tj ET Q q 0 0 0 rg BT 162.14 611.45 Td (performance ) Tj ET Q q 0 0 0 rg BT 214.48 611.45 Td (multiplier ) Tj ET Q q 0 0 0 rg BT 252.31 611.45 Td (of ) Tj ET Q q 0 0 0 rg BT 261.64 611.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 268.46 611.45 Td (has ) Tj ET Q q 0 0 0 rg BT 284.79 611.45 Td (been ) Tj ET Q q 0 0 0 rg BT 306.63 611.45 Td (assumed ) Tj ET Q q 0 0 0 rg BT 344.97 611.45 Td (for ) Tj ET Q q 0 0 0 rg BT 357.29 611.45 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 378.12 611.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 426.48 611.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 435.80 611.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 494.15 611.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 514.17 611.45 Td (. ) Tj ET Q q 0 0 0 rg BT 518.49 611.45 Td (Fluctuations ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 600.65 Td (in ) Tj ET Q q 0 0 0 rg BT 72.23 600.65 Td (share-based ) Tj ET Q q 0 0 0 rg BT 124.49 600.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 182.76 600.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 219.01 600.65 Td (may ) Tj ET Q q 0 0 0 rg BT 238.24 600.65 Td (occur ) Tj ET Q q 0 0 0 rg BT 262.48 600.65 Td (due ) Tj ET Q q 0 0 0 rg BT 279.72 600.65 Td (to ) Tj ET Q q 0 0 0 rg BT 289.45 600.65 Td (changes ) Tj ET Q q 0 0 0 rg BT 325.71 600.65 Td (in ) Tj ET Q q 0 0 0 rg BT 334.94 600.65 Td (estimates ) Tj ET Q q 0 0 0 rg BT 375.68 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 385.42 600.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 438.17 600.65 Td (outcomes. ) Tj ET Q q 0 0 0 rg BT 481.77 600.65 Td (The ) Tj ET Q q 0 0 0 rg BT 499.51 600.65 Td (amount ) Tj ET Q q 0 0 0 rg BT 531.76 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 541.49 600.65 Td (share-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 589.85 Td (based ) Tj ET Q q 0 0 0 rg BT 90.56 589.85 Td (compensation ) Tj ET Q q 0 0 0 rg BT 149.64 589.85 Td (expense ) Tj ET Q q 0 0 0 rg BT 186.71 589.85 Td (is ) Tj ET Q q 0 0 0 rg BT 196.25 589.85 Td (reduced ) Tj ET Q q 0 0 0 rg BT 231.81 589.85 Td (by ) Tj ET Q q 0 0 0 rg BT 244.36 589.85 Td (an ) Tj ET Q q 0 0 0 rg BT 257.41 589.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 299.47 589.85 Td (forfeiture ) Tj ET Q q 0 0 0 rg BT 338.03 589.85 Td (rate, ) Tj ET Q q 0 0 0 rg BT 359.08 589.85 Td (which ) Tj ET Q q 0 0 0 rg BT 385.13 589.85 Td (has ) Tj ET Q q 0 0 0 rg BT 402.69 589.85 Td (been ) Tj ET Q q 0 0 0 rg BT 425.75 589.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 467.81 589.85 Td (at ) Tj ET Q q 0 0 0 rg BT 478.36 589.85 Td (7.05% ) Tj ET Q q 0 0 0 rg BT 506.92 589.85 Td (for ) Tj ET Q q 0 0 0 rg BT 520.46 589.85 Td (outstanding ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 579.05 Td (awards. ) Tj ET Q q 0 0 0 rg BT 97.13 579.05 Td (The ) Tj ET Q q 0 0 0 rg BT 115.44 579.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 157.26 579.05 Td (weighted ) Tj ET Q q 0 0 0 rg BT 196.08 579.05 Td (average ) Tj ET Q q 0 0 0 rg BT 231.41 579.05 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.71 579.05 Td (value ) Tj ET Q q 0 0 0 rg BT 271.03 579.05 Td (of ) Tj ET Q q 0 0 0 rg BT 281.33 579.05 Td (PIAs ) Tj ET Q q 0 0 0 rg BT 303.14 579.05 Td (granted ) Tj ET Q q 0 0 0 rg BT 336.46 579.05 Td (during ) Tj ET Q q 0 0 0 rg BT 364.28 579.05 Td (the ) Tj ET Q q 0 0 0 rg BT 379.59 579.05 Td (year ) Tj ET Q q 0 0 0 rg BT 399.90 579.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.72 579.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 487.05 579.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 507.07 579.05 Td ( ) Tj ET Q q 0 0 0 rg BT 509.87 579.05 Td (was ) Tj ET Q q 0 0 0 rg BT 528.68 579.05 Td ($7.26 ) Tj ET Q q 0 0 0 rg BT 554.00 579.05 Td (per ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 568.25 Td (award. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 554.75 m 385.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 530.75 m 385.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 554.75 m 453.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 530.75 m 453.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 554.75 m 566.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 530.75 m 566.5 530.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 474.75 m 385.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 474.75 m 453.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 474.75 m 566.5 474.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 474.75 m 385.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 460.75 m 385.5 460.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 385.5 460.75 m 453.5 460.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 474.75 m 566.5 474.75 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 453.5 460.75 m 566.5 460.75 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 466.45 544.15 Td (Performance Incentive) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.65 535.15 Td (Awards) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 521.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 100.02 521.15 Td (as ) Tj ET Q q 0 0 0 rg BT 112.03 521.15 Td (at ) Tj ET Q q 0 0 0 rg BT 122.04 521.15 Td (December ) Tj ET Q q 0 0 0 rg BT 166.05 521.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.06 521.15 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 554.00 521.15 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 507.15 Td (Granted) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 508.45 Td (867,193) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 493.15 Td (Reinvestment) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 126.02 497.44 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.45 494.45 Td (62,369) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 479.15 Td (Forfeited) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 532.45 480.45 Td (\(35,639) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 563.00 480.45 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 465.15 Td (Balance ) Tj ET Q q 0 0 0 rg BT 100.02 465.15 Td (as ) Tj ET Q q 0 0 0 rg BT 112.03 465.15 Td (at ) Tj ET Q q 0 0 0 rg BT 122.04 465.15 Td (December ) Tj ET Q q 0 0 0 rg BT 166.05 465.15 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.06 465.15 Td (2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 530.45 465.45 Td (893,923) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 451.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 72.00 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 73.67 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 75.33 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 77.00 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 78.67 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 80.33 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 82.00 451.05 Td ( ) Tj ET Q q 0 0 0 rg BT 83.67 451.05 Td (Reinvestment ) Tj ET Q q 0 0 0 rg BT 122.02 451.05 Td (of ) Tj ET Q q 0 0 0 rg BT 128.69 451.05 Td (dividends ) Tj ET Q q 0 0 0 rg BT 155.71 451.05 Td (earned ) Tj ET Q q 0 0 0 rg BT 176.06 451.05 Td (during ) Tj ET Q q 0 0 0 rg BT 194.40 451.05 Td (the ) Tj ET Q q 0 0 0 rg BT 204.41 451.05 Td (period ) Tj ET Q q 0 0 0 rg BT 222.76 451.05 Td (outstanding.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 434.25 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 434.25 Td (Per ) Tj ET Q q 0 0 0 rg BT 98.01 434.25 Td (share ) Tj ET Q q 0 0 0 rg BT 124.53 434.25 Td (amounts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 417.45 Td (The ) Tj ET Q q 0 0 0 rg BT 80.65 417.45 Td (following ) Tj ET Q q 0 0 0 rg BT 117.81 417.45 Td (table ) Tj ET Q q 0 0 0 rg BT 139.46 417.45 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 190.11 417.45 Td (the ) Tj ET Q q 0 0 0 rg BT 204.76 417.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 242.92 417.45 Td (average ) Tj ET Q q 0 0 0 rg BT 277.59 417.45 Td (common ) Tj ET Q q 0 0 0 rg BT 314.24 417.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 343.39 417.45 Td (and ) Tj ET Q q 0 0 0 rg BT 360.54 417.45 Td (exchangeable ) Tj ET Q q 0 0 0 rg BT 418.73 417.45 Td (shares ) Tj ET Q q 0 0 0 rg BT 447.88 417.45 Td (used ) Tj ET Q q 0 0 0 rg BT 469.54 417.45 Td (in ) Tj ET Q q 0 0 0 rg BT 478.68 417.45 Td (calculating ) Tj ET Q q 0 0 0 rg BT 523.35 417.45 Td (net ) Tj ET Q q 0 0 0 rg BT 538.00 417.45 Td (income ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 406.65 Td (or ) Tj ET Q q 0 0 0 rg BT 73.50 406.65 Td (loss ) Tj ET Q q 0 0 0 rg BT 92.01 406.65 Td (per ) Tj ET Q q 0 0 0 rg BT 107.52 406.65 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 151.05 406.65 Td (share:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 393.15 m 379.5 393.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 393.15 m 471.5 393.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 393.15 m 475.5 393.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 393.15 m 567.5 393.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 370.15 m 379.5 370.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 370.15 m 471.5 370.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 370.15 m 475.5 370.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 370.15 m 567.5 370.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 331.15 m 379.5 331.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 331.15 m 471.5 331.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 331.15 m 475.5 331.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 331.15 m 567.5 331.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 317.15 m 379.5 317.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 317.15 m 471.5 317.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 317.15 m 475.5 317.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 317.15 m 567.5 317.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 270.15 m 379.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 270.15 m 471.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 270.15 m 475.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 270.15 m 567.5 270.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 255.14999999999998 m 379.5 255.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 379.5 255.14999999999998 m 471.5 255.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471.5 255.14999999999998 m 475.5 255.14999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 255.14999999999998 m 567.5 255.14999999999998 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 383.55 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 386.90 374.55 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 518.25 383.55 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.95 374.55 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 362.55 Td (\(thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 349.55 Td (Common shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 349.85 Td (207,564) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 349.55 Td (195,686) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 335.55 Td (Exchangeable shares converted at the exchange ratio) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 440.45 335.55 Td (10,096) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 335.55 Td (13,033) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 321.55 Td (Basic equivalent shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 321.85 Td (217,660) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 321.55 Td (208,719) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 303.55 Td (Stock option and common share incentive rights) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 459.00 303.85 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 553.95 303.55 Td (12) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 289.55 Td (Incentive and restricted share awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 445.45 289.85 Td (1,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 289.55 Td (2,226) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 274.55 Td (Performance ) Tj ET Q q 0 0 0 rg BT 120.02 274.55 Td (incentive ) Tj ET Q q 0 0 0 rg BT 158.04 274.55 Td (awards) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.95 275.35 Td (825) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 555.00 274.55 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 259.55 Td (Diluted ) Tj ET Q q 0 0 0 rg BT 96.52 259.55 Td (equivalent ) Tj ET Q q 0 0 0 rg BT 140.05 259.55 Td (shares) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.45 260.35 Td (220,117) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 259.55 Td (210,957) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 232.85 Td (1) Tj ET Q q 0 0 0 rg BT 49.51 232.85 Td (1. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 232.85 Td (Long-term debt) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 219.35000000000002 m 313.5 219.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 204.35000000000002 m 313.5 204.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 219.35000000000002 m 377.5 219.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 204.35000000000002 m 377.5 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473.5 165.35000000000002 m 477.5 165.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 165.35000000000002 m 567.5 165.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 151.35000000000002 m 313.5 151.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 151.35000000000002 m 377.5 151.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 151.35000000000002 m 473.5 151.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 151.35000000000002 m 477.5 151.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 151.35000000000002 m 567.5 151.35000000000002 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 151.35000000000002 m 473.5 151.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 123.35000000000002 m 313.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313.5 123.35000000000002 m 377.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377.5 123.35000000000002 m 473.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 473.5 123.35000000000002 m 477.5 123.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477.5 123.35000000000002 m 567.5 123.35000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 388.90 208.75 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 208.75 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 196.75 Td (\($ ) Tj ET Q q 0 0 0 rg BT 74.17 196.75 Td (thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 183.75 Td (Bank ) Tj ET Q q 0 0 0 rg BT 93.51 183.75 Td (credit ) Tj ET Q q 0 0 0 rg BT 118.02 183.75 Td (facility) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 183.75 Td (272,056) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 183.75 Td (154,368) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 169.75 Td (Senior ) Tj ET Q q 0 0 0 rg BT 99.02 169.75 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 143.55 169.75 Td (notes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.45 169.75 Td (993,575) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 169.75 Td (885,303) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 155.75 Td (T) Tj ET Q q 0 0 0 rg BT 71.00 155.75 Td (otal ) Tj ET Q q 0 0 0 rg BT 87.51 155.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 128.02 155.75 Td (debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 429.95 155.75 Td (1,265,631) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.95 155.75 Td (1,039,671) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 141.75 Td (Current ) Tj ET Q q 0 0 0 rg BT 98.51 141.75 Td (portion ) Tj ET Q q 0 0 0 rg BT 128.53 141.75 Td (of ) Tj ET Q q 0 0 0 rg BT 138.54 141.75 Td (long-term ) Tj ET Q q 0 0 0 rg BT 179.05 141.75 Td (debt) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 442.45 141.75 Td (34,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 141.75 Td (50,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 127.75 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 109.52 127.75 Td (portion 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90.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 341.34 90.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 362.98 90.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 387.10 90.25 Td (facility ) Tj ET Q q 0 0 0 rg BT 414.22 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 423.85 90.25 Td ($600 ) Tj ET Q q 0 0 0 rg BT 445.99 90.25 Td (million ) Tj ET Q q 0 0 0 rg BT 473.61 90.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 510.25 90.25 Td (by ) Tj ET Q q 0 0 0 rg BT 521.87 90.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.00 90.25 Td (syndicate ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 79.45 Td (of ) Tj ET Q q 0 0 0 rg BT 73.66 79.45 Td (1) Tj ET Q q 0 0 0 rg BT 78.00 79.45 Td (1 ) Tj ET Q q 0 0 0 rg BT 86.16 79.45 Td (domestic ) Tj ET Q q 0 0 0 rg BT 125.33 79.45 Td (and ) Tj ET Q q 0 0 0 rg BT 143.50 79.45 Td (international ) Tj ET Q q 0 0 0 rg BT 195.69 79.45 Td (banks ) Tj ET Q q 0 0 0 rg BT 222.86 79.45 Td (to ) Tj ET Q q 0 0 0 rg BT 233.52 79.45 Td (a ) Tj ET Q q 0 0 0 rg BT 241.68 79.45 Td (maturity ) Tj ET Q q 0 0 0 rg BT 276.84 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(rate ) Tj ET Q q 0 0 0 rg BT 260.49 68.65 Td (and ) Tj ET Q q 0 0 0 rg BT 278.09 68.65 Td (stamping ) Tj ET Q q 0 0 0 rg BT 317.19 68.65 Td (fee ) Tj ET Q q 0 0 0 rg BT 332.28 68.65 Td (for ) Tj ET Q q 0 0 0 rg BT 345.37 68.65 Td (advances ) Tj ET Q q 0 0 0 rg BT 386.48 68.65 Td (made ) Tj ET Q q 0 0 0 rg BT 411.58 68.65 Td (under ) Tj ET Q q 0 0 0 rg BT 437.18 68.65 Td (the ) Tj ET Q q 0 0 0 rg BT 452.27 68.65 Td (facility) Tj ET Q q 0 0 0 rg BT 476.61 68.65 Td (. ) Tj ET Q q 0 0 0 rg BT 481.69 68.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 523.80 68.65 Td (also ) Tj ET Q q 0 0 0 rg BT 542.90 68.65 Td (has ) Tj ET Q q 0 0 0 rg BT 559.99 68.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 57.85 Td (place ) Tj ET Q q 0 0 0 rg BT 87.02 57.85 Td (a ) Tj ET Q q 0 0 0 rg BT 94.52 57.85 Td ($50 ) Tj ET Q q 0 0 0 rg BT 112.04 57.85 Td (million ) Tj ET Q q 0 0 0 rg BT 140.04 57.85 Td (demand ) Tj ET Q q 0 0 0 rg BT 175.07 57.85 Td (working ) Tj ET Q q 0 0 0 rg BT 208.58 57.85 Td 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0 rg BT 419.11 720.65 Td (that ) Tj ET Q q 0 0 0 rg BT 437.81 720.65 Td (at ) Tj ET Q q 0 0 0 rg BT 449.01 720.65 Td (any ) Tj ET Q q 0 0 0 rg BT 467.21 720.65 Td (time ) Tj ET Q q 0 0 0 rg BT 487.90 720.65 Td (during ) Tj ET Q q 0 0 0 rg BT 516.61 720.65 Td (the ) Tj ET Q q 0 0 0 rg BT 532.81 720.65 Td (term, ) Tj ET Q q 0 0 0 rg BT 557.00 720.65 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 709.85 Td (participation ) Tj ET Q q 0 0 0 rg BT 114.03 709.85 Td (of ) Tj ET Q q 0 0 0 rg BT 124.04 709.85 Td (any ) Tj ET Q q 0 0 0 rg BT 141.05 709.85 Td (existing ) Tj ET Q q 0 0 0 rg BT 174.06 709.85 Td (or ) Tj ET Q q 0 0 0 rg BT 184.57 709.85 Td (additional ) Tj ET Q q 0 0 0 rg BT 225.60 709.85 Td (lenders, ) Tj ET Q q 0 0 0 rg BT 260.12 709.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 302.14 709.85 Td (can ) Tj ET Q q 0 0 0 rg BT 319.15 709.85 Td (increase ) Tj ET Q q 0 0 0 rg BT 355.67 709.85 Td (the ) Tj ET Q q 0 0 0 rg BT 370.68 709.85 Td (facility ) Tj ET Q q 0 0 0 rg BT 398.19 709.85 Td (by ) Tj ET Q q 0 0 0 rg BT 410.19 709.85 Td ($250 ) Tj ET Q q 0 0 0 rg BT 432.72 709.85 Td (million.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 693.05 Td (The ) Tj ET Q q 0 0 0 rg BT 80.41 693.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 104.32 693.05 Td (facility ) Tj ET Q q 0 0 0 rg BT 131.23 693.05 Td (provides ) Tj ET Q q 0 0 0 rg BT 167.15 693.05 Td (that ) Tj ET Q q 0 0 0 rg BT 184.06 693.05 Td (advances ) Tj ET Q q 0 0 0 rg BT 224.49 693.05 Td (may ) Tj ET Q q 0 0 0 rg BT 243.40 693.05 Td (be ) Tj ET Q q 0 0 0 rg BT 255.31 693.05 Td (made ) Tj ET Q q 0 0 0 rg BT 279.73 693.05 Td (by ) Tj ET Q q 0 0 0 rg BT 291.13 693.05 Td (way ) Tj ET Q q 0 0 0 rg BT 309.04 693.05 Td (of ) Tj ET Q q 0 0 0 rg BT 318.45 693.05 Td (prime ) Tj ET Q q 0 0 0 rg BT 342.85 693.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 360.27 693.05 Td (loans, ) Tj ET Q q 0 0 0 rg BT 386.18 693.05 Td (bankers' ) Tj ET Q q 0 0 0 rg BT 421.82 693.05 Td (acceptances ) Tj ET Q q 0 0 0 rg BT 474.26 693.05 Td (and/or ) Tj ET Q q 0 0 0 rg BT 501.68 693.05 Td (US ) Tj ET Q q 0 0 0 rg BT 516.08 693.05 Td (dollar ) Tj ET Q q 0 0 0 rg BT 540.00 693.05 Td (LIBOR ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 682.25 Td (advances. ) Tj ET Q q 0 0 0 rg BT 105.41 682.25 Td (These ) Tj ET Q q 0 0 0 rg BT 131.91 682.25 Td (advances ) Tj ET Q q 0 0 0 rg BT 171.91 682.25 Td (bear ) Tj ET Q q 0 0 0 rg BT 191.41 682.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 222.40 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 231.39 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.38 682.25 Td (banks' ) Tj ET Q q 0 0 0 rg BT 272.60 682.25 Td (prime ) Tj ET Q q 0 0 0 rg BT 296.58 682.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 313.57 682.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 340.57 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 349.56 682.25 Td (money ) Tj ET Q q 0 0 0 rg BT 378.05 682.25 Td (market ) Tj ET Q q 0 0 0 rg BT 407.04 682.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 428.53 682.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 446.52 682.25 Td (a ) Tj ET Q q 0 0 0 rg BT 453.01 682.25 Td (stamping ) Tj ET Q q 0 0 0 rg BT 491.01 682.25 Td (fee ) Tj ET Q q 0 0 0 rg BT 505.00 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 521.50 682.25 Td (accordingly ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 77.96 671.45 Td (fair ) Tj ET Q q 0 0 0 rg BT 92.91 671.45 Td (market ) Tj ET Q q 0 0 0 rg BT 122.87 671.45 Td (value ) Tj ET Q q 0 0 0 rg BT 146.84 671.45 Td (approximates ) Tj ET Q q 0 0 0 rg BT 203.31 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 218.27 671.45 Td (carrying ) Tj ET Q q 0 0 0 rg BT 252.73 671.45 Td (value. ) Tj ET Q q 0 0 0 rg BT 279.04 671.45 Td (The ) Tj ET Q q 0 0 0 rg BT 297.00 671.45 Td (average ) Tj ET Q q 0 0 0 rg BT 331.97 671.45 Td (ef) Tj ET Q q 0 0 0 rg BT 339.32 671.45 Td (fective ) Tj ET Q q 0 0 0 rg BT 367.78 671.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 399.74 671.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 417.70 671.45 Td (for ) Tj ET Q q 0 0 0 rg BT 430.65 671.45 Td (bank ) Tj ET Q q 0 0 0 rg BT 452.62 671.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 472.59 671.45 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 521.57 671.45 Td (for ) Tj ET Q q 0 0 0 rg BT 534.53 671.45 Td (the ) Tj ET Q q 0 0 0 rg BT 549.49 671.45 Td (year ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 660.65 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 91.39 660.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 151.27 660.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 171.29 660.65 Td ( ) Tj ET Q q 0 0 0 rg BT 174.65 660.65 Td (was ) Tj ET Q q 0 0 0 rg BT 194.02 660.65 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 253.41 660.65 Td (3.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 273.92 660.65 Td ( ) Tj ET Q q 0 0 0 rg BT 277.28 660.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.28 660.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 340.16 660.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.18 660.65 Td ( ) Tj ET Q q 0 0 0 rg BT 363.54 660.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 369.90 660.65 Td (3.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 390.41 660.65 Td (\). ) Tj ET Q q 0 0 0 rg BT 398.60 660.65 Td (As ) Tj ET Q q 0 0 0 rg BT 412.47 660.65 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 423.33 660.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 483.22 660.65 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 503.24 660.65 Td (, ) Tj ET Q q 0 0 0 rg BT 509.10 660.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 551.99 660.65 Td (had ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 649.85 Td ($325.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 90.53 649.85 Td ( ) Tj ET Q q 0 0 0 rg BT 93.03 649.85 Td (million ) Tj ET Q q 0 0 0 rg BT 121.03 649.85 Td (of ) Tj ET Q q 0 0 0 rg BT 131.04 649.85 Td (unused ) Tj ET Q q 0 0 0 rg BT 163.07 649.85 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 205.09 649.85 Td (capacity ) Tj ET Q q 0 0 0 rg BT 240.60 649.85 Td (on ) Tj ET Q q 0 0 0 rg BT 253.12 649.85 Td (its ) Tj ET Q q 0 0 0 rg BT 264.62 649.85 Td (bank ) Tj ET Q q 0 0 0 rg BT 286.63 649.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 311.14 649.85 Td (facility ) Tj ET Q q 0 0 0 rg BT 338.65 649.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 341.64 649.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 400.67 649.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.69 649.85 Td ( ) Tj ET Q q 0 0 0 rg BT 423.19 649.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.69 649.85 Td ($442.8) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.22 649.85 Td ( ) Tj ET Q q 0 0 0 rg BT 458.72 649.85 Td (million\).) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 633.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 90.25 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 105.49 633.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 130.72 633.05 Td (of ) Tj ET Q q 0 0 0 rg BT 140.96 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 156.20 633.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 178.45 633.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 203.19 633.05 Td (facility) Tj ET Q q 0 0 0 rg BT 227.53 633.05 Td (, ) Tj ET Q q 0 0 0 rg BT 232.76 633.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 275.02 633.05 Td (has ) Tj ET Q q 0 0 0 rg BT 292.26 633.05 Td (provided ) Tj ET Q q 0 0 0 rg BT 329.52 633.05 Td (the ) Tj ET Q q 0 0 0 rg BT 344.76 633.05 Td (covenant ) Tj ET Q q 0 0 0 rg BT 384.02 633.05 Td (that ) Tj ET Q q 0 0 0 rg BT 401.77 633.05 Td (its: ) Tj ET Q q 0 0 0 rg BT 416.00 633.05 Td (\(i\) ) Tj ET Q q 0 0 0 rg BT 426.72 633.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 479.99 633.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 507.24 633.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 527.49 633.05 Td (borrowing ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 622.25 Td (will ) Tj ET Q q 0 0 0 rg BT 78.46 622.25 Td (not ) Tj ET Q q 0 0 0 rg BT 93.93 622.25 Td (exceed ) Tj ET Q q 0 0 0 rg BT 125.91 622.25 Td (three ) Tj ET Q q 0 0 0 rg BT 149.38 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.36 622.25 Td (one ) Tj ET Q q 0 0 0 rg BT 185.33 622.25 Td (half ) Tj ET Q q 0 0 0 rg BT 202.80 622.25 Td (times ) Tj ET Q q 0 0 0 rg BT 227.27 622.25 Td (net ) Tj ET Q q 0 0 0 rg BT 242.74 622.25 Td (income ) Tj ET Q q 0 0 0 rg BT 274.71 622.25 Td (before ) Tj ET Q q 0 0 0 rg BT 303.19 622.25 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 347.67 622.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 372.15 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.13 622.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 418.60 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 431.57 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 467.55 622.25 Td (instrument ) Tj ET Q q 0 0 0 rg BT 512.52 622.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 551.99 622.25 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 611.45 Td (marketable ) Tj ET Q q 0 0 0 rg BT 110.47 611.45 Td (securities, ) Tj ET Q q 0 0 0 rg BT 153.93 611.45 Td (interest, ) Tj ET Q q 0 0 0 rg BT 188.89 611.45 Td (taxes ) Tj ET Q q 0 0 0 rg BT 213.35 611.45 Td (and ) Tj ET Q q 0 0 0 rg BT 231.31 611.45 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 285.79 611.45 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 327.77 611.45 Td (amortization ) Tj ET Q q 0 0 0 rg BT 379.74 611.45 Td (and ) Tj ET Q q 0 0 0 rg BT 397.71 611.45 Td (impairment; ) Tj ET Q q 0 0 0 rg BT 447.67 611.45 Td (\(ii\) ) Tj ET Q q 0 0 0 rg BT 460.61 611.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 514.09 611.45 Td (total ) Tj ET Q q 0 0 0 rg BT 534.05 611.45 Td (debt ) Tj ET Q q 0 0 0 rg BT 554.51 611.45 Td (will ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 600.65 Td (not ) Tj ET Q q 0 0 0 rg BT 78.97 600.65 Td (exceed ) Tj ET Q q 0 0 0 rg BT 111.45 600.65 Td (three ) Tj ET Q q 0 0 0 rg BT 135.42 600.65 Td (and ) Tj ET Q q 0 0 0 rg BT 153.89 600.65 Td (one ) Tj ET Q q 0 0 0 rg BT 172.36 600.65 Td (half ) Tj ET Q q 0 0 0 rg BT 190.33 600.65 Td (times ) Tj ET Q q 0 0 0 rg BT 215.29 600.65 Td (of ) Tj ET Q q 0 0 0 rg BT 226.25 600.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 280.24 600.65 Td (net ) Tj ET Q q 0 0 0 rg BT 296.21 600.65 Td (income ) Tj ET Q q 0 0 0 rg BT 328.68 600.65 Td (before ) Tj ET Q q 0 0 0 rg BT 357.66 600.65 Td (unrealized ) Tj ET Q q 0 0 0 rg BT 402.64 600.65 Td (gains ) Tj ET Q q 0 0 0 rg BT 427.61 600.65 Td (and ) Tj ET Q q 0 0 0 rg BT 446.09 600.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 475.05 600.65 Td (on ) Tj ET Q q 0 0 0 rg BT 488.52 600.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.00 600.65 Td (instrument ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 589.85 Td (contracts ) Tj ET Q q 0 0 0 rg BT 100.92 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 117.35 589.85 Td (marketable ) Tj ET Q q 0 0 0 rg BT 163.28 589.85 Td (securities, ) Tj ET Q q 0 0 0 rg BT 205.21 589.85 Td (interest, ) Tj ET Q q 0 0 0 rg BT 238.63 589.85 Td (taxes ) Tj ET Q q 0 0 0 rg BT 261.55 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 277.98 589.85 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 330.92 589.85 Td (depletion, ) Tj ET Q q 0 0 0 rg BT 371.36 589.85 Td (amortization ) Tj ET Q q 0 0 0 rg BT 421.80 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 438.22 589.85 Td (impairment; ) Tj ET Q q 0 0 0 rg BT 486.64 589.85 Td (and ) Tj ET Q q 0 0 0 rg BT 503.07 589.85 Td (\(iii\) ) Tj ET Q q 0 0 0 rg BT 516.47 589.85 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 579.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 89.19 579.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.38 579.05 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 149.58 579.05 Td (will ) Tj ET Q q 0 0 0 rg BT 163.76 579.05 Td (not ) Tj ET Q q 0 0 0 rg BT 177.95 579.05 Td (exceed ) Tj ET Q q 0 0 0 rg BT 208.65 579.05 Td (one-half ) Tj ET Q q 0 0 0 rg BT 242.85 579.05 Td (of ) Tj ET Q q 0 0 0 rg BT 252.03 579.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 304.25 579.05 Td (total ) Tj ET Q q 0 0 0 rg BT 322.94 579.05 Td (debt ) Tj ET Q q 0 0 0 rg BT 342.13 579.05 Td (plus ) Tj ET Q q 0 0 0 rg BT 360.32 579.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 412.53 579.05 Td (shareholder) Tj ET Q q 0 0 0 rg BT 460.40 579.05 Td () Tj ET Q q 0 0 0 rg BT 462.23 579.05 Td (s ) Tj ET Q q 0 0 0 rg BT 468.41 579.05 Td (equity ) Tj ET Q q 0 0 0 rg BT 494.11 579.05 Td (of ) Tj ET Q q 0 0 0 rg BT 503.29 579.05 Td (the ) Tj ET Q q 0 0 0 rg BT 517.48 579.05 Td (Corporation, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 568.25 Td (in ) Tj ET Q q 0 0 0 rg BT 72.94 568.25 Td (all ) Tj ET Q q 0 0 0 rg BT 84.88 568.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 111.33 568.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 154.80 568.25 Td (based ) Tj ET Q q 0 0 0 rg BT 182.26 568.25 Td (on ) Tj ET Q q 0 0 0 rg BT 195.20 568.25 Td (a ) Tj ET Q q 0 0 0 rg BT 203.15 568.25 Td (rolling ) Tj ET Q q 0 0 0 rg BT 230.10 568.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 251.04 568.25 Td (four ) Tj ET Q q 0 0 0 rg BT 269.48 568.25 Td (quarters. ) Tj ET Q q 0 0 0 rg BT 307.94 568.25 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 349.30 568.25 Td (s ) Tj ET Q q 0 0 0 rg BT 356.74 568.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 410.21 568.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 437.66 568.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 458.12 568.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.07 568.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 529.54 568.25 Td (total ) Tj ET Q q 0 0 0 rg BT 549.49 568.25 Td (debt ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 557.45 Td (were ) Tj ET Q q 0 0 0 rg BT 86.60 557.45 Td (the ) Tj ET Q q 0 0 0 rg BT 103.21 557.45 Td (same ) Tj ET Q q 0 0 0 rg BT 129.31 557.45 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 140.91 557.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 201.53 557.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.55 557.45 Td (, ) Tj ET Q q 0 0 0 rg BT 228.15 557.45 Td (including ) Tj ET Q q 0 0 0 rg BT 267.77 557.45 Td (the ) Tj ET Q q 0 0 0 rg BT 284.38 557.45 Td (Corporation's ) Tj ET Q q 0 0 0 rg BT 341.71 557.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 370.32 557.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 416.45 557.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 442.56 557.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 472.67 557.45 Td (under ) Tj ET Q q 0 0 0 rg BT 499.78 557.45 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 557.45 Td (master ) Tj ET Q q 0 0 0 rg BT 547.99 557.45 Td (shelf ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 546.65 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 110.13 546.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 136.24 546.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 179.86 546.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 203.48 546.65 Td (not ) Tj ET Q q 0 0 0 rg BT 217.59 546.65 Td (subject ) Tj ET Q q 0 0 0 rg BT 247.70 546.65 Td (to ) Tj ET Q q 0 0 0 rg BT 256.81 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 270.92 546.65 Td (master ) Tj ET Q q 0 0 0 rg BT 300.02 546.65 Td (shelf ) Tj ET Q q 0 0 0 rg BT 320.63 546.65 Td (agreement ) Tj ET Q q 0 0 0 rg BT 365.25 546.65 Td (and ) Tj ET Q q 0 0 0 rg BT 381.87 546.65 Td (the ) Tj ET Q q 0 0 0 rg BT 395.98 546.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 417.09 546.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 440.70 546.65 Td (facility) Tj ET Q q 0 0 0 rg BT 465.03 546.65 Td (. ) Tj ET Q q 0 0 0 rg BT 469.13 546.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 516.47 546.65 Td (consolidated ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 535.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 89.23 535.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 108.47 535.85 Td (may ) Tj ET Q q 0 0 0 rg BT 127.19 535.85 Td (dif) Tj ET Q q 0 0 0 rg BT 136.53 535.85 Td (fer ) Tj ET Q q 0 0 0 rg BT 148.75 535.85 Td (from ) Tj ET Q q 0 0 0 rg BT 168.47 535.85 Td (total ) Tj ET Q q 0 0 0 rg BT 187.20 535.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 206.44 535.85 Td (in ) Tj ET Q q 0 0 0 rg BT 215.16 535.85 Td (instances ) Tj ET Q q 0 0 0 rg BT 254.90 535.85 Td (when ) Tj ET Q q 0 0 0 rg BT 278.14 535.85 Td (the ) Tj ET Q q 0 0 0 rg BT 292.37 535.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 341.12 535.85 Td (issues ) Tj ET Q q 0 0 0 rg BT 368.34 535.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 394.58 535.85 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 448.34 535.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 467.57 535.85 Td (or ) Tj ET Q q 0 0 0 rg BT 477.29 535.85 Td (enters ) Tj ET Q q 0 0 0 rg BT 504.03 535.85 Td (into ) Tj ET Q q 0 0 0 rg BT 520.26 535.85 Td (a ) Tj ET Q q 0 0 0 rg BT 526.98 535.85 Td (significant ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 525.05 Td (capital ) Tj ET Q q 0 0 0 rg BT 91.52 525.05 Td (lease ) Tj ET Q q 0 0 0 rg BT 115.53 525.05 Td (obligation ) Tj ET Q q 0 0 0 rg BT 156.56 525.05 Td (or ) Tj ET Q q 0 0 0 rg BT 167.07 525.05 Td (guarantee.) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 508.25 Td (As ) Tj ET Q q 0 0 0 rg BT 76.00 508.25 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.01 508.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 145.04 508.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 165.06 508.25 Td (, ) Tj ET Q q 0 0 0 rg BT 170.06 508.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 212.08 508.25 Td (was ) Tj ET Q q 0 0 0 rg BT 230.59 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 240.10 508.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 288.12 508.25 Td (with ) Tj ET Q q 0 0 0 rg BT 306.62 508.25 Td (all ) Tj ET Q q 0 0 0 rg BT 318.13 508.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 361.66 508.25 Td (under ) Tj ET Q q 0 0 0 rg BT 387.18 508.25 Td (its ) Tj ET Q q 0 0 0 rg BT 398.68 508.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 420.69 508.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 445.20 508.25 Td (facility) Tj ET Q q 0 0 0 rg BT 469.54 508.25 Td (.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 491.45 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 491.45 Td (Senior ) Tj ET Q q 0 0 0 rg BT 111.51 491.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 159.52 491.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 186.02 491.45 Td (issued ) Tj ET Q q 0 0 0 rg BT 217.04 491.45 Td (under ) Tj ET Q q 0 0 0 rg BT 244.54 491.45 Td (a ) Tj ET Q q 0 0 0 rg BT 252.04 491.45 Td (master ) Tj ET Q q 0 0 0 rg BT 284.06 491.45 Td (shelf ) Tj ET Q q 0 0 0 rg BT 307.57 491.45 Td (agreement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 474.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.56 474.65 Td (entered ) Tj ET Q q 0 0 0 rg BT 139.13 474.65 Td (into ) Tj ET Q q 0 0 0 rg BT 156.68 474.65 Td (an ) Tj ET Q q 0 0 0 rg BT 169.73 474.65 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 224.29 474.65 Td (master ) Tj ET Q q 0 0 0 rg BT 254.83 474.65 Td (shelf ) Tj ET Q q 0 0 0 rg BT 276.88 474.65 Td (agreement ) Tj ET Q q 0 0 0 rg BT 322.95 474.65 Td (that ) Tj ET Q q 0 0 0 rg BT 341.00 474.65 Td (allows ) Tj ET Q q 0 0 0 rg BT 369.05 474.65 Td (for ) Tj ET Q q 0 0 0 rg BT 382.59 474.65 Td (an ) Tj ET Q q 0 0 0 rg BT 395.64 474.65 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 439.21 474.65 Td (draw ) Tj ET Q q 0 0 0 rg BT 461.76 474.65 Td (of ) Tj ET Q q 0 0 0 rg BT 472.30 474.65 Td (up ) Tj ET Q q 0 0 0 rg BT 485.35 474.65 Td (to ) Tj ET Q q 0 0 0 rg BT 495.90 474.65 Td (US$125 ) Tj ET Q q 0 0 0 rg BT 531.46 474.65 Td (million ) Tj ET Q q 0 0 0 rg BT 560.01 474.65 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 463.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 86.53 463.85 Td (at ) Tj ET Q q 0 0 0 rg BT 95.54 463.85 Td (a ) Tj ET Q q 0 0 0 rg BT 102.06 463.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 119.08 463.85 Td (equal ) Tj ET Q q 0 0 0 rg BT 142.61 463.85 Td (to ) Tj ET Q q 0 0 0 rg BT 151.62 463.85 Td (the ) Tj ET Q q 0 0 0 rg BT 165.65 463.85 Td (related ) Tj ET Q q 0 0 0 rg BT 194.67 463.85 Td (US ) Tj ET Q q 0 0 0 rg BT 208.69 463.85 Td (treasury ) Tj ET Q q 0 0 0 rg BT 242.71 463.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 259.73 463.85 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 318.27 463.85 Td (to ) Tj ET Q q 0 0 0 rg BT 327.29 463.85 Td (the ) Tj ET Q q 0 0 0 rg BT 341.31 463.85 Td (term ) Tj ET Q q 0 0 0 rg BT 360.82 463.85 Td (of ) Tj ET Q q 0 0 0 rg BT 369.84 463.85 Td (the ) Tj ET Q q 0 0 0 rg BT 383.86 463.85 Td (notes ) Tj ET Q q 0 0 0 rg BT 407.39 463.85 Td (plus ) Tj ET Q q 0 0 0 rg BT 425.41 463.85 Td (an ) Tj ET Q q 0 0 0 rg BT 436.93 463.85 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 483.97 463.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.49 463.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.99 463.85 Td (adjustment ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 453.05 Td (at ) Tj ET Q q 0 0 0 rg BT 72.63 453.05 Td (the ) Tj ET Q q 0 0 0 rg BT 87.27 453.05 Td (time ) Tj ET Q q 0 0 0 rg BT 106.39 453.05 Td (of ) Tj ET Q q 0 0 0 rg BT 116.02 453.05 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 156.17 453.05 Td (In ) Tj ET Q q 0 0 0 rg BT 165.80 453.05 Td (2010, ) Tj ET Q q 0 0 0 rg BT 190.45 453.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 232.10 453.05 Td (drew ) Tj ET Q q 0 0 0 rg BT 253.73 453.05 Td (down ) Tj ET Q q 0 0 0 rg BT 277.37 453.05 Td (US$50 ) Tj ET Q q 0 0 0 rg BT 307.01 453.05 Td (million ) Tj ET Q q 0 0 0 rg BT 334.64 453.05 Td (on ) Tj ET Q q 0 0 0 rg BT 346.78 453.05 Td (the ) Tj ET Q q 0 0 0 rg BT 361.41 453.05 Td (master ) Tj ET Q q 0 0 0 rg BT 391.04 453.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 412.18 453.05 Td (agreement ) Tj ET Q q 0 0 0 rg BT 457.33 453.05 Td (with ) Tj ET Q q 0 0 0 rg BT 475.46 453.05 Td (a ) Tj ET Q q 0 0 0 rg BT 482.59 453.05 Td (coupon ) Tj ET Q q 0 0 0 rg BT 514.24 453.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 531.87 453.05 Td (of ) Tj ET Q q 0 0 0 rg BT 541.50 453.05 Td (4.86% ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 442.25 Td (with ) Tj ET Q q 0 0 0 rg BT 81.51 442.25 Td (US$25 ) Tj ET Q q 0 0 0 rg BT 111.52 442.25 Td (million ) Tj ET Q q 0 0 0 rg BT 139.53 442.25 Td (maturing ) Tj ET Q q 0 0 0 rg BT 177.05 442.25 Td (on ) Tj ET Q q 0 0 0 rg BT 189.56 442.25 Td (June4,2016 ) Tj ET Q q 0 0 0 rg BT 244.10 442.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.62 442.25 Td (the ) Tj ET Q q 0 0 0 rg BT 276.63 442.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 318.65 442.25 Td (US$25 ) Tj ET Q q 0 0 0 rg BT 348.67 442.25 Td (million ) Tj ET Q q 0 0 0 rg BT 376.68 442.25 Td (maturing ) Tj ET Q q 0 0 0 rg BT 414.19 442.25 Td (on ) Tj ET Q q 0 0 0 rg BT 426.70 442.25 Td (June ) Tj ET Q q 0 0 0 rg BT 448.72 442.25 Td (4, ) Tj ET Q q 0 0 0 rg BT 458.73 442.25 Td (2017. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 425.45 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.63 425.45 Td (increased ) Tj ET Q q 0 0 0 rg BT 145.75 425.45 Td (its ) Tj ET Q q 0 0 0 rg BT 156.86 425.45 Td (existing ) Tj ET Q q 0 0 0 rg BT 189.48 425.45 Td (master ) Tj ET Q q 0 0 0 rg BT 219.09 425.45 Td (shelf ) Tj ET Q q 0 0 0 rg BT 240.20 425.45 Td (agreement ) Tj ET Q q 0 0 0 rg BT 285.33 425.45 Td (from ) Tj ET Q q 0 0 0 rg BT 305.43 425.45 Td (US$125 ) Tj ET Q q 0 0 0 rg BT 340.06 425.45 Td (million ) Tj ET Q q 0 0 0 rg BT 367.67 425.45 Td (to ) Tj ET Q q 0 0 0 rg BT 377.28 425.45 Td (US$150 ) Tj ET Q q 0 0 0 rg BT 411.91 425.45 Td (million ) Tj ET Q q 0 0 0 rg BT 439.52 425.45 Td (allowing ) Tj ET Q q 0 0 0 rg BT 474.14 425.45 Td (the ) Tj ET Q q 0 0 0 rg BT 488.76 425.45 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 537.88 425.45 Td (to ) Tj ET Q q 0 0 0 rg BT 547.49 425.45 Td (draw ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 414.65 Td (an ) Tj ET Q q 0 0 0 rg BT 75.48 414.65 Td (additional ) Tj ET Q q 0 0 0 rg BT 116.47 414.65 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 151.46 414.65 Td (million ) Tj ET Q q 0 0 0 rg BT 179.44 414.65 Td (in ) Tj ET Q q 0 0 0 rg BT 188.91 414.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 213.39 414.65 Td (at ) Tj ET Q q 0 0 0 rg BT 223.36 414.65 Td (a ) Tj ET Q q 0 0 0 rg BT 230.83 414.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.81 414.65 Td (equal ) Tj ET Q q 0 0 0 rg BT 273.30 414.65 Td (to ) Tj ET Q q 0 0 0 rg BT 283.27 414.65 Td (the ) Tj ET Q q 0 0 0 rg BT 298.25 414.65 Td (related ) Tj ET Q q 0 0 0 rg BT 328.23 414.65 Td (US ) Tj ET Q q 0 0 0 rg BT 343.20 414.65 Td (treasury ) Tj ET Q q 0 0 0 rg BT 378.18 414.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 396.15 414.65 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 455.65 414.65 Td (to ) Tj ET Q q 0 0 0 rg BT 465.63 414.65 Td (the ) Tj ET Q q 0 0 0 rg BT 480.60 414.65 Td (term ) Tj ET Q q 0 0 0 rg BT 501.07 414.65 Td (of ) Tj ET Q q 0 0 0 rg BT 511.04 414.65 Td (the ) Tj ET Q q 0 0 0 rg BT 526.02 414.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 550.50 414.65 Td (plus ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 403.85 Td (an ) Tj ET Q q 0 0 0 rg BT 75.65 403.85 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 123.82 403.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 148.47 403.85 Td (risk ) Tj ET Q q 0 0 0 rg BT 165.10 403.85 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 211.76 403.85 Td (at ) Tj ET Q q 0 0 0 rg BT 221.91 403.85 Td (the ) Tj ET Q q 0 0 0 rg BT 237.06 403.85 Td (time ) Tj ET Q q 0 0 0 rg BT 256.70 403.85 Td (of ) Tj ET Q q 0 0 0 rg BT 266.84 403.85 Td (issuance. ) Tj ET Q q 0 0 0 rg BT 307.50 403.85 Td (On ) Tj ET Q q 0 0 0 rg BT 321.63 403.85 Td (April ) Tj ET Q q 0 0 0 rg BT 342.27 403.85 Td (25, ) Tj ET Q q 0 0 0 rg BT 357.42 403.85 Td (2013, ) Tj ET Q q 0 0 0 rg BT 382.58 403.85 Td (the ) Tj ET Q q 0 0 0 rg BT 397.73 403.85 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 447.39 403.85 Td (drew ) Tj ET Q q 0 0 0 rg BT 469.54 403.85 Td (down ) Tj ET Q q 0 0 0 rg BT 493.69 403.85 Td (US$100 ) Tj ET Q q 0 0 0 rg BT 528.86 403.85 Td (million ) Tj ET Q q 0 0 0 rg BT 557.00 403.85 Td (on ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 393.05 Td (the ) Tj ET Q q 0 0 0 rg BT 78.40 393.05 Td (master ) Tj ET Q q 0 0 0 rg BT 108.78 393.05 Td (shelf ) Tj ET Q q 0 0 0 rg BT 130.68 393.05 Td (agreement ) Tj ET Q q 0 0 0 rg BT 176.59 393.05 Td (with ) Tj ET Q q 0 0 0 rg BT 195.48 393.05 Td (a ) Tj ET Q q 0 0 0 rg BT 203.37 393.05 Td (coupon ) Tj ET Q q 0 0 0 rg BT 235.78 393.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 254.17 393.05 Td (of ) Tj ET Q q 0 0 0 rg BT 264.56 393.05 Td (3.80% ) Tj ET Q q 0 0 0 rg BT 292.96 393.05 Td (and ) Tj ET Q q 0 0 0 rg BT 310.86 393.05 Td (a ) Tj ET Q q 0 0 0 rg BT 318.75 393.05 Td (maturity ) Tj ET Q q 0 0 0 rg BT 353.64 393.05 Td (date ) Tj ET Q q 0 0 0 rg BT 374.04 393.05 Td (of ) Tj ET Q q 0 0 0 rg BT 383.86 393.05 Td (April ) Tj ET Q q 0 0 0 rg BT 404.75 393.05 Td (25, ) Tj ET Q q 0 0 0 rg BT 420.14 393.05 Td (2025. ) Tj ET Q q 0 0 0 rg BT 445.55 393.05 Td (Under ) Tj ET Q q 0 0 0 rg BT 472.94 393.05 Td (the ) Tj ET Q q 0 0 0 rg BT 488.34 393.05 Td (terms ) Tj ET Q q 0 0 0 rg BT 513.72 393.05 Td (of ) Tj ET Q q 0 0 0 rg BT 524.11 393.05 Td (the ) Tj ET Q q 0 0 0 rg BT 539.51 393.05 Td (master ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 382.25 Td (shelf ) Tj ET Q q 0 0 0 rg BT 84.51 382.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 132.54 382.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 174.56 382.25 Td (has ) Tj ET Q q 0 0 0 rg BT 191.58 382.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 228.60 382.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 257.10 382.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 299.62 382.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 343.15 382.25 Td (that ) Tj ET Q q 0 0 0 rg BT 360.66 382.25 Td (exist ) Tj ET Q q 0 0 0 rg BT 381.67 382.25 Td (under ) Tj ET Q q 0 0 0 rg BT 407.18 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.20 382.25 Td (bank ) Tj ET Q q 0 0 0 rg BT 444.21 382.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 468.72 382.25 Td (facility) Tj ET Q q 0 0 0 rg BT 493.06 382.25 Td (. ) Tj ET Q q 0 0 0 rg BT 498.06 382.25 Td ( ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 63.00 365.45 Td (c. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 365.45 Td (Senior ) Tj ET Q q 0 0 0 rg BT 111.51 365.45 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 159.52 365.45 Td (notes ) Tj ET Q q 0 0 0 rg BT 186.02 365.45 Td (not ) Tj ET Q q 0 0 0 rg BT 202.52 365.45 Td (subject ) Tj ET Q q 0 0 0 rg BT 236.53 365.45 Td (to ) Tj ET Q q 0 0 0 rg BT 247.52 365.45 Td (the ) Tj ET Q q 0 0 0 rg BT 263.52 365.45 Td (master ) Tj ET Q q 0 0 0 rg BT 295.54 365.45 Td (shelf ) Tj ET Q q 0 0 0 rg BT 319.05 365.45 Td (agreement) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 348.65 Td (On ) Tj ET Q q 0 0 0 rg BT 77.50 348.65 Td (November ) Tj ET Q q 0 0 0 rg BT 121.51 348.65 Td (2, ) Tj ET Q q 0 0 0 rg BT 131.51 348.65 Td (2010, ) Tj ET Q q 0 0 0 rg BT 156.53 348.65 Td (October ) Tj ET Q q 0 0 0 rg BT 191.03 348.65 Td (25, ) Tj ET Q q 0 0 0 rg BT 206.04 348.65 Td (201) Tj ET Q q 0 0 0 rg BT 220.39 348.65 Td (1 ) Tj ET Q q 0 0 0 rg BT 227.89 348.65 Td (and ) Tj ET Q q 0 0 0 rg BT 245.40 348.65 Td (May ) Tj ET Q q 0 0 0 rg BT 264.89 348.65 Td (23, ) Tj ET Q q 0 0 0 rg BT 279.90 348.65 Td (2013 ) Tj ET Q q 0 0 0 rg BT 302.41 348.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 344.43 348.65 Td (issued ) Tj ET Q q 0 0 0 rg BT 372.94 348.65 Td (the ) Tj ET Q q 0 0 0 rg BT 387.95 348.65 Td (following ) Tj ET Q q 0 0 0 rg BT 425.46 348.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 452.47 348.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 496.99 348.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 521.50 348.65 Td (by ) Tj ET Q q 0 0 0 rg BT 533.50 348.65 Td (way ) Tj ET Q q 0 0 0 rg BT 552.00 348.65 Td (of ) Tj ET Q q 0 0 0 rg BT 562.00 348.65 Td (a ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 337.85 Td (private ) Tj ET Q q 0 0 0 rg BT 91.97 337.85 Td (placement. ) Tj ET Q q 0 0 0 rg BT 137.95 337.85 Td (Under ) Tj ET Q q 0 0 0 rg BT 164.42 337.85 Td (the ) Tj ET Q q 0 0 0 rg BT 178.89 337.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 203.34 337.85 Td (of ) Tj ET Q q 0 0 0 rg BT 212.80 337.85 Td (the ) Tj ET Q q 0 0 0 rg BT 227.27 337.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 253.74 337.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 297.73 337.85 Td (notes, ) Tj ET Q q 0 0 0 rg BT 324.20 337.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 365.68 337.85 Td (has ) Tj ET Q q 0 0 0 rg BT 382.15 337.85 Td (provided ) Tj ET Q q 0 0 0 rg BT 418.63 337.85 Td (similar ) Tj ET Q q 0 0 0 rg BT 446.58 337.85 Td (significant ) Tj ET Q q 0 0 0 rg BT 488.56 337.85 Td (covenants ) Tj ET Q q 0 0 0 rg BT 531.54 337.85 Td (that ) Tj ET Q q 0 0 0 rg BT 548.51 337.85 Td (exist ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 327.05 Td (under ) Tj ET Q q 0 0 0 rg BT 88.52 327.05 Td (the ) Tj ET Q q 0 0 0 rg BT 103.53 327.05 Td (bank ) Tj ET Q q 0 0 0 rg BT 125.55 327.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 150.06 327.05 Td (facility) Tj ET Q q 0 0 0 rg BT 174.39 327.05 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 310.25 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 110.65 310.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 137.07 310.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 181.00 310.25 Td (notes, ) Tj ET Q q 0 0 0 rg BT 207.42 310.25 Td (including ) Tj ET Q q 0 0 0 rg BT 244.86 310.25 Td (those ) Tj ET Q q 0 0 0 rg BT 268.78 310.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 295.20 310.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 339.13 310.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 363.05 310.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 390.98 310.25 Td (under ) Tj ET Q q 0 0 0 rg BT 415.90 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.32 310.25 Td (master ) Tj ET Q q 0 0 0 rg BT 459.73 310.25 Td (shelf ) Tj ET Q q 0 0 0 rg BT 480.64 310.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 528.08 310.25 Td (bear ) Tj ET Q q 0 0 0 rg BT 548.00 310.25 Td (fixed ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 299.45 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.30 299.45 Td (rates, ) Tj ET Q q 0 0 0 rg BT 120.59 299.45 Td (with ) Tj ET Q q 0 0 0 rg BT 139.38 299.45 Td (a ) Tj ET Q q 0 0 0 rg BT 147.17 299.45 Td (weighted ) Tj ET Q q 0 0 0 rg BT 185.98 299.45 Td (average ) Tj ET Q q 0 0 0 rg BT 221.29 299.45 Td (rate ) Tj ET Q q 0 0 0 rg BT 239.58 299.45 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 249.87 299.45 Td (4.1%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.38 299.45 Td ( ) Tj ET Q q 0 0 0 rg BT 273.16 299.45 Td (for ) Tj ET Q q 0 0 0 rg BT 286.45 299.45 Td (the ) Tj ET Q q 0 0 0 rg BT 301.75 299.45 Td (years ) Tj ET Q q 0 0 0 rg BT 326.54 299.45 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 354.35 299.45 Td (December31, ) Tj ET Q q 0 0 0 rg BT 413.66 299.45 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 433.68 299.45 Td ( ) Tj ET Q q 0 0 0 rg BT 436.46 299.45 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 454.26 299.45 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.28 299.45 Td (. ) Tj ET Q q 0 0 0 rg BT 479.39 299.45 Td (The ) Tj ET Q q 0 0 0 rg BT 497.68 299.45 Td (senior ) Tj ET Q q 0 0 0 rg BT 524.98 299.45 Td (unsecured ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 288.65 Td (notes ) Tj ET Q q 0 0 0 rg BT 87.52 288.65 Td (have ) Tj ET Q q 0 0 0 rg BT 109.53 288.65 Td (a ) Tj ET Q q 0 0 0 rg BT 117.04 288.65 Td (five ) Tj ET Q q 0 0 0 rg BT 133.55 288.65 Td (year ) Tj ET Q q 0 0 0 rg BT 153.55 288.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 192.08 288.65 Td (average ) Tj ET Q q 0 0 0 rg BT 227.10 288.65 Td (life ) Tj ET Q q 0 0 0 rg BT 241.11 288.65 Td (with ) Tj ET Q q 0 0 0 rg BT 259.62 288.65 Td (the ) Tj ET Q q 0 0 0 rg BT 274.63 288.65 Td (majority ) Tj ET Q q 0 0 0 rg BT 308.63 288.65 Td (of ) Tj ET Q q 0 0 0 rg BT 318.64 288.65 Td (the ) Tj ET Q q 0 0 0 rg BT 333.65 288.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 353.67 288.65 Td (repayments ) Tj ET Q q 0 0 0 rg BT 403.19 288.65 Td (due ) Tj ET Q q 0 0 0 rg BT 420.71 288.65 Td (in ) Tj ET Q q 0 0 0 rg BT 430.21 288.65 Td (2020 ) Tj ET Q q 0 0 0 rg BT 452.73 288.65 Td (and ) Tj ET Q q 0 0 0 rg BT 470.25 288.65 Td (thereafter) Tj ET Q q 0 0 0 rg BT 508.28 288.65 Td (. ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 271.85 Td (The ) Tj ET Q q 0 0 0 rg BT 81.01 271.85 Td (terms ) Tj ET Q q 0 0 0 rg BT 106.01 271.85 Td (and ) Tj ET Q q 0 0 0 rg BT 123.53 271.85 Td (coupon ) Tj ET Q q 0 0 0 rg BT 155.55 271.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 178.06 271.85 Td (of ) Tj ET Q q 0 0 0 rg BT 188.07 271.85 Td (the ) Tj ET Q q 0 0 0 rg BT 203.08 271.85 Td (senior ) Tj ET Q q 0 0 0 rg BT 230.09 271.85 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 274.62 271.85 Td (notes, ) Tj ET Q q 0 0 0 rg BT 301.64 271.85 Td (not ) Tj ET Q q 0 0 0 rg BT 316.65 271.85 Td (subject ) Tj ET Q q 0 0 0 rg BT 347.67 271.85 Td (to ) Tj ET Q q 0 0 0 rg BT 357.68 271.85 Td (the ) Tj ET Q q 0 0 0 rg BT 372.69 271.85 Td (master ) Tj ET Q q 0 0 0 rg BT 402.69 271.85 Td (shelf ) Tj ET Q q 0 0 0 rg BT 424.20 271.85 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 472.23 271.85 Td (are ) Tj ET Q q 0 0 0 rg BT 487.74 271.85 Td (summarized ) Tj ET Q q 0 0 0 rg BT 539.25 271.85 Td (below:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 258.35 m 195.5 258.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 243.35000000000002 m 195.5 243.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 258.35 m 223.5 258.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 243.35000000000002 m 223.5 243.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 258.35 m 302.5 258.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 243.35000000000002 m 302.5 243.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 258.35 m 434.5 258.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 243.35000000000002 m 434.5 243.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 258.35 m 566.5 258.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 243.35000000000002 m 566.5 243.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 138.35000000000002 m 195.5 138.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 195.5 138.35000000000002 m 223.5 138.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 223.5 138.35000000000002 m 302.5 138.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302.5 138.35000000000002 m 434.5 138.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 434.5 138.35000000000002 m 566.5 138.35000000000002 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 66.00 247.75 Td (Issued Date) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 198.00 247.75 Td (Principal) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 305.00 247.75 Td (Coupon Rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 437.00 247.75 Td (Maturity Dates) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 232.75 Td (November 2, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 232.75 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 232.75 Td ($90.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 232.75 Td (3.66%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 232.75 Td (November 2, 2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 217.75 Td (November 2, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 217.75 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 217.75 Td ($160.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 217.75 Td (4.37%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 217.75 Td (November 2, 2020) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 202.75 Td (November 2, 2010) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 202.75 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 202.75 Td ($50.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 202.75 Td (4.47%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 202.75 Td (November 2, 2022) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 187.75 Td (October 25, 2011) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 187.75 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 187.75 Td ($150.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 187.75 Td (4.25%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 187.75 Td (October 25, 2021) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 172.75 Td (May 23, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 172.75 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 172.75 Td ($85.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 172.75 Td (3.68%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 172.75 Td (May 23, 2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 157.75 Td (May 23, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 157.75 Td (CDN) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 157.75 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 157.75 Td (4.09%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 157.75 Td (May 23, 2023) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 142.75 Td (May 23, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 198.00 142.75 Td (US) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 226.00 142.75 Td ($20.0 million) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 305.00 142.75 Td (3.78%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.00 142.75 Td (May 23, 2025) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 122.05 Td (As ) Tj ET Q q 0 0 0 rg BT 76.32 122.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 86.64 122.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 145.99 122.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 166.01 122.05 Td (, ) Tj ET Q q 0 0 0 rg BT 171.33 122.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 213.67 122.05 Td (was ) Tj ET Q q 0 0 0 rg BT 232.49 122.05 Td (in ) Tj ET Q q 0 0 0 rg BT 242.32 122.05 Td (compliance ) Tj ET Q q 0 0 0 rg BT 290.66 122.05 Td (with ) Tj ET Q q 0 0 0 rg BT 309.48 122.05 Td (all ) Tj ET Q q 0 0 0 rg BT 321.30 122.05 Td (covenants ) Tj ET Q q 0 0 0 rg BT 365.15 122.05 Td (under ) Tj ET Q q 0 0 0 rg BT 390.98 122.05 Td (its ) Tj ET Q q 0 0 0 rg BT 402.80 122.05 Td (senior ) Tj ET Q q 0 0 0 rg BT 430.13 122.05 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 474.98 122.05 Td (notes ) Tj ET Q q 0 0 0 rg BT 499.81 122.05 Td (issued ) Tj ET Q q 0 0 0 rg BT 528.65 122.05 Td (under ) Tj ET Q q 0 0 0 rg BT 554.48 122.05 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 111.25 Td (master ) Tj ET Q q 0 0 0 rg BT 93.01 111.25 Td (shelf ) Tj ET Q q 0 0 0 rg BT 114.52 111.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 160.04 111.25 Td (and ) Tj ET Q q 0 0 0 rg BT 177.56 111.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 204.57 111.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 249.10 111.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 273.62 111.25 Td (not ) Tj ET Q q 0 0 0 rg BT 288.63 111.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 319.65 111.25 Td (to ) Tj ET Q q 0 0 0 rg BT 329.66 111.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.67 111.25 Td (master ) Tj ET Q q 0 0 0 rg BT 374.67 111.25 Td (shelf ) Tj ET Q q 0 0 0 rg BT 396.18 111.25 Td (agreement.) Tj ET Q endstream endobj 107 0 obj <> endobj 108 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 40 m 198.5 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 40 m 369.5 40 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 40 m 582.5 40 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 29.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 29.23 Td (Page 53) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 740.45 Td (12. ) Tj ET Q q 0 0 0 rg BT 60.01 740.45 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 740.45 Td (Decommissioning ) Tj ET Q q 0 0 0 rg BT 142.53 740.45 Td (liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 723.65 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 104.36 723.65 Td (s ) Tj ET Q q 0 0 0 rg BT 112.08 723.65 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 184.82 723.65 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 222.05 723.65 Td (results ) Tj ET Q q 0 0 0 rg BT 251.77 723.65 Td (from ) Tj ET Q q 0 0 0 rg BT 272.99 723.65 Td (net ) Tj ET Q q 0 0 0 rg BT 288.71 723.65 Td (ownership ) Tj ET Q q 0 0 0 rg BT 332.95 723.65 Td (interests ) Tj ET Q q 0 0 0 rg BT 370.18 723.65 Td (in ) Tj ET Q q 0 0 0 rg BT 380.40 723.65 Td (oil ) Tj ET Q q 0 0 0 rg BT 392.62 723.65 Td (and ) Tj ET Q q 0 0 0 rg BT 410.85 723.65 Td (natural ) Tj ET Q q 0 0 0 rg BT 441.58 723.65 Td (gas ) Tj ET Q q 0 0 0 rg BT 459.31 723.65 Td (assets ) Tj ET Q q 0 0 0 rg BT 488.53 723.65 Td (including ) Tj ET Q q 0 0 0 rg BT 527.27 723.65 Td (well ) Tj ET Q q 0 0 0 rg BT 545.99 723.65 Td (sites, ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 712.85 Td (gathering ) Tj ET Q q 0 0 0 rg BT 103.11 712.85 Td (systems ) Tj ET Q q 0 0 0 rg BT 138.69 712.85 Td (and ) Tj ET Q q 0 0 0 rg BT 156.28 712.85 Td (processing ) Tj ET Q q 0 0 0 rg BT 202.39 712.85 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 239.48 712.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 281.58 712.85 Td (estimates ) Tj ET Q q 0 0 0 rg BT 322.67 712.85 Td (the ) Tj ET Q q 0 0 0 rg BT 337.76 712.85 Td (net ) Tj ET Q q 0 0 0 rg BT 352.85 712.85 Td (present ) Tj ET Q q 0 0 0 rg BT 385.45 712.85 Td (value ) Tj ET Q q 0 0 0 rg BT 409.54 712.85 Td (of ) Tj ET Q q 0 0 0 rg BT 419.63 712.85 Td (its ) Tj ET Q q 0 0 0 rg BT 431.21 712.85 Td (total ) Tj ET Q q 0 0 0 rg BT 450.79 712.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 522.90 712.85 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 559.50 712.85 Td (to ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 702.05 Td (be ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 74.63 702.05 Td ($488.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 102.16 702.05 Td ( ) Tj ET Q q 0 0 0 rg BT 103.78 702.05 Td (million ) Tj ET Q q 0 0 0 rg BT 130.91 702.05 Td (as ) Tj ET Q q 0 0 0 rg BT 142.04 702.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 151.17 702.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 209.32 702.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 229.34 702.05 Td ( ) Tj ET Q q 0 0 0 rg BT 230.96 702.05 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.96 702.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 292.11 702.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 312.13 702.05 Td ( ) Tj ET Q q 0 0 0 rg BT 313.75 702.05 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 318.37 702.05 Td ($498.0) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 345.90 702.05 Td ( ) Tj ET Q q 0 0 0 rg BT 347.52 702.05 Td (million\), ) Tj ET Q q 0 0 0 rg BT 380.15 702.05 Td (based ) Tj ET Q q 0 0 0 rg BT 406.29 702.05 Td (on ) Tj ET Q q 0 0 0 rg BT 417.92 702.05 Td (an ) Tj ET Q q 0 0 0 rg BT 429.56 702.05 Td (estimated ) Tj ET Q q 0 0 0 rg BT 470.20 702.05 Td (total ) Tj ET Q q 0 0 0 rg BT 488.83 702.05 Td (future ) Tj ET Q q 0 0 0 rg BT 513.47 702.05 Td (undiscounted ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 691.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 94.95 691.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.41 691.25 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 168.38 691.25 Td ($1.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.89 691.25 Td ( ) Tj ET Q q 0 0 0 rg BT 190.84 691.25 Td (billion ) Tj ET Q q 0 0 0 rg BT 218.80 691.25 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 221.80 691.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 283.27 691.25 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 303.29 691.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.24 691.25 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.18 691.25 Td ($1.3) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 333.70 691.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.64 691.25 Td (billion\). ) Tj ET Q q 0 0 0 rg BT 371.12 691.25 Td (At ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.57 691.25 Td (December31, ) Tj ET Q q 0 0 0 rg BT 446.04 691.25 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 466.06 691.25 Td ( ) Tj ET Q q 0 0 0 rg BT 471.01 691.25 Td (management ) Tj ET Q q 0 0 0 rg BT 528.48 691.25 Td (estimates ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 680.45 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 116.66 680.45 Td (required ) Tj ET Q q 0 0 0 rg BT 151.81 680.45 Td (to ) Tj ET Q q 0 0 0 rg BT 161.44 680.45 Td (settle ) Tj ET Q q 0 0 0 rg BT 185.07 680.45 Td (the ) Tj ET Q q 0 0 0 rg BT 199.71 680.45 Td (liability ) Tj ET Q q 0 0 0 rg BT 228.85 680.45 Td (will ) Tj ET Q q 0 0 0 rg BT 243.47 680.45 Td (be ) Tj ET Q q 0 0 0 rg BT 255.60 680.45 Td (made ) Tj ET Q q 0 0 0 rg BT 280.24 680.45 Td (over ) Tj ET Q q 0 0 0 rg BT 299.88 680.45 Td (the ) Tj ET Q q 0 0 0 rg BT 314.51 680.45 Td (next ) Tj ET Q q 0 0 0 rg BT 333.65 680.45 Td (53 ) Tj ET Q q 0 0 0 rg BT 345.79 680.45 Td (years ) Tj ET Q q 0 0 0 rg BT 369.92 680.45 Td (with ) Tj ET Q q 0 0 0 rg BT 388.05 680.45 Td (the ) Tj ET Q q 0 0 0 rg BT 402.69 680.45 Td (majority ) Tj ET Q q 0 0 0 rg BT 436.32 680.45 Td (of ) Tj ET Q q 0 0 0 rg BT 445.95 680.45 Td (payments ) Tj ET Q q 0 0 0 rg BT 487.09 680.45 Td (being ) Tj ET Q q 0 0 0 rg BT 511.24 680.45 Td (made ) Tj ET Q q 0 0 0 rg BT 535.88 680.45 Td (in ) Tj ET Q q 0 0 0 rg BT 545.01 680.45 Td (years ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 669.65 Td (2046 ) Tj ET Q q 0 0 0 rg BT 85.16 669.65 Td (to ) Tj ET Q q 0 0 0 rg BT 94.81 669.65 Td (2068. ) Tj ET Q q 0 0 0 rg BT 119.05 669.65 Td (A) Tj ET Q q 0 0 0 rg BT 124.56 669.65 Td ( ) Tj ET Q q 0 0 0 rg BT 126.70 669.65 Td (risk-free ) Tj ET Q q 0 0 0 rg BT 161.34 669.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 178.99 669.65 Td (of ) Tj ET Q q 0 0 0 rg BT 188.64 669.65 Td (approximately ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.81 669.65 Td (2.2%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 267.32 669.65 Td ( ) Tj ET Q q 0 0 0 rg BT 269.46 669.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 272.46 669.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 331.13 669.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.15 669.65 Td ( ) Tj ET Q q 0 0 0 rg BT 353.29 669.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 358.43 669.65 Td (2.3%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 378.94 669.65 Td (\) ) Tj ET Q q 0 0 0 rg BT 384.08 669.65 Td (based ) Tj ET Q q 0 0 0 rg BT 410.74 669.65 Td (on ) Tj ET Q q 0 0 0 rg BT 422.90 669.65 Td (the ) Tj ET Q q 0 0 0 rg BT 437.55 669.65 Td (Bank ) Tj ET Q q 0 0 0 rg BT 460.20 669.65 Td (of ) Tj ET Q q 0 0 0 rg BT 469.85 669.65 Td (Canada) Tj ET Q q 0 0 0 rg BT 503.21 669.65 Td (s ) Tj ET Q q 0 0 0 rg BT 509.86 669.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 550.01 669.65 Td (risk-) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 658.85 Td (free ) Tj ET Q q 0 0 0 rg BT 82.38 658.85 Td (bond ) Tj ET Q q 0 0 0 rg BT 106.27 658.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 125.64 658.85 Td (and ) Tj ET Q q 0 0 0 rg BT 144.52 658.85 Td (an ) Tj ET Q q 0 0 0 rg BT 158.40 658.85 Td (inflation ) Tj ET Q q 0 0 0 rg BT 193.29 658.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 212.67 658.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 224.04 658.85 Td (1.8%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.56 658.85 Td ( ) Tj ET Q q 0 0 0 rg BT 248.42 658.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 251.42 658.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 311.81 658.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 331.84 658.85 Td ( ) Tj ET Q q 0 0 0 rg BT 335.70 658.85 Td (- ) Tj ET Q q 0 0 0 rg BT 342.57 658.85 Td (2.0%\) ) Tj ET Q q 0 0 0 rg BT 369.95 658.85 Td (were ) Tj ET Q q 0 0 0 rg BT 393.32 658.85 Td (used ) Tj ET Q q 0 0 0 rg BT 416.71 658.85 Td (to ) Tj ET Q q 0 0 0 rg BT 428.08 658.85 Td (calculate ) Tj ET Q q 0 0 0 rg BT 467.47 658.85 Td (the ) Tj ET Q q 0 0 0 rg BT 483.85 658.85 Td (present ) Tj ET Q q 0 0 0 rg BT 517.73 658.85 Td (value ) Tj ET Q q 0 0 0 rg BT 543.12 658.85 Td (of ) Tj ET Q q 0 0 0 rg BT 554.49 658.85 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 648.05 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 135.03 648.05 Td (liability ) Tj ET Q q 0 0 0 rg BT 164.54 648.05 Td (as ) Tj ET Q q 0 0 0 rg BT 176.55 648.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 186.55 648.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 245.58 648.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 265.60 648.05 Td (. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 634.55 m 283.5 634.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 612.55 m 283.5 612.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 634.55 m 373.5 634.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 612.55 m 373.5 612.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 634.55 m 470.5 634.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 612.55 m 470.5 612.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 634.55 m 475.5 634.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 612.55 m 475.5 612.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 634.55 m 567.5 634.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 612.55 m 567.5 612.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 503.55 m 283.5 503.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 503.55 m 373.5 503.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 503.55 m 470.5 503.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 503.55 m 475.5 503.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 503.55 m 567.5 503.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 489.55 m 283.5 489.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 489.55 m 373.5 489.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 489.55 m 470.5 489.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 489.55 m 475.5 489.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 489.55 m 567.5 489.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 489.55 m 470.5 489.55 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 489.55 m 567.5 489.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 63.5 461.55 m 283.5 461.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 283.5 461.55 m 373.5 461.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373.5 461.55 m 470.5 461.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 461.55 m 475.5 461.55 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475.5 461.55 m 567.5 461.55 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.95 625.95 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.90 616.95 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.25 625.50 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 616.50 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.00 604.95 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 591.95 Td (Balance, beginning of year) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 434.45 591.95 Td (497,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 591.95 Td (406,487) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 577.95 Td (Accretion expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 577.95 Td (10,107) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 577.95 Td (10,938) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 563.95 Td (Liabilities incurred) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 563.95 Td (6,058) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 563.95 Td (7,587) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 549.95 Td (Liabilities acquired) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.45 549.95 Td (1,828) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 541.45 549.95 Td (2,405) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 535.95 Td (Liabilities disposed) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 535.95 Td (\(40,453) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 535.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 535.95 Td (\(76,409) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 535.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 521.95 Td (Liabilities settled) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.45 521.95 Td (\(18,925) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 467.00 521.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 533.45 521.95 Td (\(32,026) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 564.00 521.95 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 507.95 Td (Change in estimate) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 149.55 512.24 Td (\(1\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 507.95 Td (32,304) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 507.95 Td (179,000) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 493.95 Td (Balance, end of year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.45 493.95 Td (488,901) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 493.95 Td (497,982) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 479.95 Td (Expected to be incurred within one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.45 479.95 Td (18,559) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 536.45 479.95 Td (15,185) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.00 465.95 Td (Expected to be incurred beyond one year) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.45 465.95 Td (470,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.45 465.95 Td (482,797) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 63.00 451.85 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 81.00 451.85 Td (Relates ) Tj ET Q q 0 0 0 rg BT 103.01 451.85 Td (to ) Tj ET Q q 0 0 0 rg BT 109.68 451.85 Td (changes ) Tj ET Q q 0 0 0 rg BT 134.03 451.85 Td (in ) Tj ET Q q 0 0 0 rg BT 140.37 451.85 Td (estimated ) Tj ET Q q 0 0 0 rg BT 168.05 451.85 Td (costs, ) Tj ET Q q 0 0 0 rg BT 185.39 451.85 Td (inflation ) Tj ET Q q 0 0 0 rg BT 207.74 451.85 Td (rates, ) Tj ET Q q 0 0 0 rg BT 224.41 451.85 Td (discount ) Tj ET Q q 0 0 0 rg BT 248.42 451.85 Td (rates ) Tj ET Q q 0 0 0 rg BT 263.43 451.85 Td (and ) Tj ET Q q 0 0 0 rg BT 275.11 451.85 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 305.79 451.85 Td (settlement ) Tj ET Q q 0 0 0 rg BT 335.14 451.85 Td (dates ) Tj ET Q q 0 0 0 rg BT 351.49 451.85 Td (of ) Tj ET Q q 0 0 0 rg BT 358.16 451.85 Td (decommissioning ) Tj ET Q q 0 0 0 rg BT 406.18 451.85 Td (liabilities.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 429.05 Td (13. ) Tj ET Q q 0 0 0 rg BT 60.01 429.05 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 429.05 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 102.03 429.05 Td (income ) Tj ET Q q 0 0 0 rg BT 136.04 429.05 Td (taxes) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 412.25 Td (The provision for income tax dif) Tj ET Q q 0 0 0 rg BT 187.89 412.25 Td (fers from the result which would have been obtained by applying the combined Federal and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 401.45 Td (Provincial income tax rates to net income before taxes. ) Tj ET Q q 0 0 0 rg BT 286.44 401.45 Td (The dif) Tj ET Q q 0 0 0 rg BT 313.80 401.45 Td (ference results from the following items:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 387.95000000000005 m 378.5 387.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 366.95000000000005 m 378.5 366.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 387.95000000000005 m 470.5 387.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 366.95000000000005 m 470.5 366.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 387.95000000000005 m 474.5 387.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 366.95000000000005 m 474.5 366.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 387.95000000000005 m 566.5 387.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 366.95000000000005 m 566.5 366.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 327.95000000000005 m 378.5 327.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 327.95000000000005 m 470.5 327.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 327.95000000000005 m 474.5 327.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 327.95000000000005 m 566.5 327.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 313.95000000000005 m 378.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 313.95000000000005 m 470.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 313.95000000000005 m 474.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 313.95000000000005 m 566.5 313.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 243.95000000000005 m 470.5 243.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 243.95000000000005 m 566.5 243.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 243.95000000000005 m 378.5 243.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62.5 229.95000000000005 m 378.5 229.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 243.95000000000005 m 470.5 243.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 378.5 229.95000000000005 m 470.5 229.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 243.95000000000005 m 474.5 243.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 470.5 229.95000000000005 m 474.5 229.95000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 243.95000000000005 m 566.5 243.95000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 229.95000000000005 m 566.5 229.95000000000005 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 418.95 378.90 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 385.90 369.90 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.25 378.90 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 483.95 369.90 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 65.00 359.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 346.35 Td (Income \(loss\) before taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 346.35 Td (\(955,596) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.95 346.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.40 346.35 Td (39,170) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 69.50 332.35 Td (Current statutory income tax rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 444.40 332.35 Td (26.0) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.95 332.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.40 332.35 Td (25.1) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 332.35 Td (%) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 318.35 Td (Income tax expense \(recovery\) at current statutory rate) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 318.35 Td (\(248,455) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.95 318.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.40 318.35 Td (9,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 304.35 Td (Non-deductible portion of unrealized foreign exchange) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 304.35 Td (27,787) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.40 304.35 Td (17,191) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 290.35 Td (Non-deductible share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.40 290.35 Td (4,271) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.40 290.35 Td (3,860) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 276.35 Td (Goodwill impairment) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 452.95 276.35 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.40 276.35 Td (2,812) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 262.35 Td (Effect of tax rate changes and rate variance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 434.40 262.35 Td (11,281) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 539.90 262.35 Td (\(283) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 557.95 262.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 248.35 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 439.40 248.35 Td (1,065) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 542.90 248.35 Td (911) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 65.00 234.35 Td (Deferred income taxes \(recovery\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 426.40 234.35 Td (\(204,051) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 461.95 234.35 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.40 234.35 Td (34,323) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 216.65 Td (The ) Tj ET Q q 0 0 0 rg BT 84.19 216.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 101.88 216.65 Td (rate ) Tj ET Q q 0 0 0 rg BT 123.07 216.65 Td (consists ) Tj ET Q q 0 0 0 rg BT 161.26 216.65 Td (of ) Tj ET Q q 0 0 0 rg BT 174.45 216.65 Td (the ) Tj ET Q q 0 0 0 rg BT 192.64 216.65 Td (combined ) Tj ET Q q 0 0 0 rg BT 237.35 216.65 Td (federal ) Tj ET Q q 0 0 0 rg BT 270.55 216.65 Td (and ) Tj ET Q q 0 0 0 rg BT 291.24 216.65 Td (provincial ) Tj ET Q q 0 0 0 rg BT 334.94 216.65 Td (statutory ) Tj ET Q q 0 0 0 rg BT 375.14 216.65 Td (tax ) Tj ET Q q 0 0 0 rg BT 392.83 216.65 Td (rates ) Tj ET Q q 0 0 0 rg BT 418.52 216.65 Td (for ) Tj ET Q q 0 0 0 rg BT 434.70 216.65 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 479.91 216.65 Td (for ) Tj ET Q q 0 0 0 rg BT 496.09 216.65 Td (the ) Tj ET Q q 0 0 0 rg BT 514.28 216.65 Td (years ) Tj ET Q q 0 0 0 rg BT 541.97 216.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 569.50 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 572.00 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 574.50 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 577.00 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 579.50 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 582.00 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 584.50 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 587.00 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 589.50 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 592.00 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 594.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 597.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 599.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 602.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 604.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 607.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 609.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 612.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 614.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 617.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 619.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 622.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 624.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 627.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 629.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 632.01 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 634.51 216.65 Td ( ) Tj ET Q q 0 0 0 rg BT 637.01 216.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 205.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 121.84 205.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 141.86 205.85 Td ( ) Tj ET Q q 0 0 0 rg BT 144.18 205.85 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 161.51 205.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 220.35 205.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.38 205.85 Td (. ) Tj ET Q q 0 0 0 rg BT 245.04 205.85 Td (The ) Tj ET Q q 0 0 0 rg BT 262.41 205.85 Td (Alberta ) Tj ET Q q 0 0 0 rg BT 293.24 205.85 Td (tax ) Tj ET Q q 0 0 0 rg BT 307.56 205.85 Td (rate ) Tj ET Q q 0 0 0 rg BT 325.38 205.85 Td (increased ) Tj ET Q q 0 0 0 rg BT 366.72 205.85 Td (from ) Tj ET Q q 0 0 0 rg BT 387.04 205.85 Td (10% ) Tj ET Q q 0 0 0 rg BT 407.37 205.85 Td (to ) Tj ET Q q 0 0 0 rg BT 417.19 205.85 Td (12% ) Tj ET Q q 0 0 0 rg BT 437.52 205.85 Td (ef) Tj ET Q q 0 0 0 rg BT 444.86 205.85 Td (fective ) Tj ET Q q 0 0 0 rg BT 473.19 205.85 Td (July ) Tj ET Q q 0 0 0 rg BT 491.51 205.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 501.33 205.85 Td (2015 ) Tj ET Q q 0 0 0 rg BT 523.67 205.85 Td (resulting ) Tj ET Q q 0 0 0 rg BT 560.00 205.85 Td (in ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 195.05 Td (a ) Tj ET Q q 0 0 0 rg BT 71.13 195.05 Td ($19.0 ) Tj ET Q q 0 0 0 rg BT 96.78 195.05 Td (million ) Tj ET Q q 0 0 0 rg BT 125.42 195.05 Td (reduction ) Tj ET Q q 0 0 0 rg BT 165.57 195.05 Td (in ) Tj ET Q q 0 0 0 rg BT 175.70 195.05 Td (the ) Tj ET Q q 0 0 0 rg BT 191.34 195.05 Td (income ) Tj ET Q q 0 0 0 rg BT 223.48 195.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 238.62 195.05 Td (recovery) Tj ET Q q 0 0 0 rg BT 272.46 195.05 Td (. ) Tj ET Q q 0 0 0 rg BT 277.88 195.05 Td (The ) Tj ET Q q 0 0 0 rg BT 296.52 195.05 Td (Corporation ) Tj ET Q q 0 0 0 rg BT 346.67 195.05 Td (expects ) Tj ET Q q 0 0 0 rg BT 380.82 195.05 Td (its ) Tj ET Q q 0 0 0 rg BT 392.95 195.05 Td (taxable ) Tj ET Q q 0 0 0 rg BT 425.09 195.05 Td (temporary ) Tj ET Q q 0 0 0 rg BT 468.74 195.05 Td (dif) Tj ET Q q 0 0 0 rg BT 478.08 195.05 Td (ferences ) Tj ET Q q 0 0 0 rg BT 515.73 195.05 Td (to ) Tj ET Q q 0 0 0 rg BT 526.36 195.05 Td (reverse ) Tj ET Q q 0 0 0 rg BT 559.50 195.05 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 184.25 Td (26.95% ) Tj ET Q q 0 0 0 rg BT 96.02 184.25 Td (as ) Tj ET Q q 0 0 0 rg BT 108.03 184.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 150.55 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 160.56 184.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.57 184.25 Td (current ) Tj ET Q q 0 0 0 rg BT 206.08 184.25 Td (statutory ) Tj ET Q q 0 0 0 rg BT 243.10 184.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 261.11 184.25 Td (of ) Tj ET Q q 0 0 0 rg BT 271.11 184.25 Td (26.0%.) Tj ET Q endstream endobj 109 0 obj <> endobj 110 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 54) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 748.5 m 373 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 726.5 m 373 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 748.5 m 468 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 726.5 m 468 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 748.5 m 472 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 726.5 m 472 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 748.5 m 567 748.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 726.5 m 567 726.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 575.5 m 468 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 575.5 m 567 575.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 575.5 m 373 575.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62 561.5 m 373 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 575.5 m 468 575.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373 561.5 m 468 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 575.5 m 472 575.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 561.5 m 472 561.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 575.5 m 567 575.5 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 561.5 m 567 561.5 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 416.45 739.45 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.40 730.45 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.75 739.45 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 730.45 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 64.50 718.90 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 705.90 Td (Deferred income tax liabilities:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 691.90 Td (Capital assets in excess of tax value) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.60 691.90 Td (289,927) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 691.90 Td (446,249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 677.90 Td (Financial instrument contracts) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.60 677.90 Td (21,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 677.90 Td (38,561) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 663.90 Td (Debt issue costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.60 663.90 Td (1,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 540.95 663.90 Td (1,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 649.90 Td (Deferred income tax assets:) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 635.90 Td (Decommissioning liabilities) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.60 635.90 Td (\(131,759) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.15 635.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 635.90 Td (\(124,794) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.50 635.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 621.90 Td (Non-capital losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 428.60 621.90 Td (\(109,515) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.15 621.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 621.90 Td (\(83,295) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.50 621.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 607.90 Td (Other liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.60 607.90 Td (\(3,345) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.15 607.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 607.90 Td (\(3,471) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.50 607.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 593.90 Td (Issue costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 438.60 593.90 Td (\(2,499) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.15 593.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 593.90 Td (\(4,094) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.50 593.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 579.90 Td (Share-based compensation) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 446.10 579.90 Td (\(442) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.15 579.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 579.90 Td (\(1,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 563.50 579.90 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 565.90 Td (Deferred income taxes) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 436.60 565.90 Td (65,214) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 565.90 Td (269,265) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 545.20 Td (A) Tj ET Q q 0 0 0 rg BT 68.51 545.20 Td ( continuity of the net deferred income tax liability is detailed in the following tables:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65 531.7 m 188 531.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65 491.7 m 188 491.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 531.7 m 274 531.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 491.7 m 274 491.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 531.7 m 342 531.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 491.7 m 342 491.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 531.7 m 410 531.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 491.7 m 410 491.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 531.7 m 478 531.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 491.7 m 478 491.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 531.7 m 564 531.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 491.7 m 564 491.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 65 338.7 m 188 338.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 65 324.7 m 188 324.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 188 338.7 m 274 338.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 188 324.7 m 274 324.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 274 338.7 m 342 338.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 274 324.7 m 342 324.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 338.7 m 410 338.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 342 324.7 m 410 324.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 338.7 m 478 338.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 410 324.7 m 478 324.7 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 338.7 m 564 338.7 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 478 324.7 m 564 324.7 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.95 514.10 Td (Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 191.45 505.10 Td (December 31, 2013) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 209.45 496.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 514.10 Td (Recognized in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 282.45 505.10 Td (profit and loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 277.45 496.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 349.45 505.10 Td (Recognized in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 357.95 496.10 Td (equity Asset) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 429.45 522.65 Td (Acquired in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.95 513.65 Td (business) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 421.45 504.65 Td (combinations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 413.45 495.65 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 514.10 Td (Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.45 505.10 Td (December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 499.45 496.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 67.50 484.10 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 471.65 Td (Property, plant and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 462.65 Td (equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.95 463.10 Td (463,502) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.95 463.10 Td (\(17,419) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 463.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 463.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 459.45 463.10 Td (166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 463.10 Td (446,249) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 449.10 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.95 449.10 Td (\(101,988) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 449.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 307.95 449.10 Td (\(22,640) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 449.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 449.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 456.45 449.10 Td (\(166) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 474.50 449.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 524.95 449.10 Td (\(124,794) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 449.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 435.10 Td (Non-capital losses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 234.95 435.10 Td (\(105,993) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 435.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 435.10 Td (22,698) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 435.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 435.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 529.95 435.10 Td (\(83,295) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 435.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 421.10 Td (Issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.95 421.10 Td (\(4,465) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 421.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 421.10 Td (2,475) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.95 421.10 Td (\(2,104) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.50 421.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 421.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 421.10 Td (\(4,094) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 421.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 407.10 Td (Other liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.95 407.10 Td (\(3,786) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 407.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 323.45 407.10 Td (315) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 407.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 407.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 407.10 Td (\(3,471) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 407.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 393.10 Td (Foreign exchange) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.95 393.10 Td (\(2,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 393.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 315.95 393.10 Td (2,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 393.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 393.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 551.50 393.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 379.10 Td (Debt issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 247.95 379.10 Td (1,455) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.45 379.10 Td (\(113) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 379.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 379.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 379.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 537.95 379.10 Td (1,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 365.65 Td (Financial instrument) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 72.00 356.65 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 244.95 357.10 Td (\(8,764) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 357.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 357.10 Td (47,325) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 397.50 357.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 357.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 357.10 Td (38,561) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 343.10 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.45 343.10 Td (\(616) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 270.50 343.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 320.45 343.10 Td (\(469) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 338.50 343.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 388.45 343.10 Td (\(148) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.50 343.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 343.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 534.95 343.10 Td (\(1,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 560.50 343.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 237.95 329.10 Td (237,194) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 310.95 329.10 Td (34,323) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 380.95 329.10 Td (\(2,252) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 406.50 329.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 465.50 329.10 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 329.10 Td (269,265) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 311.70000000000005 m 187 311.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 271.70000000000005 m 187 271.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 311.70000000000005 m 273 311.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 271.70000000000005 m 273 271.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 311.70000000000005 m 341 311.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 271.70000000000005 m 341 271.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 311.70000000000005 m 409 311.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 271.70000000000005 m 409 271.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 311.70000000000005 m 477 311.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 271.70000000000005 m 477 271.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 311.70000000000005 m 565 311.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 271.70000000000005 m 565 271.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 130.70000000000005 m 187 130.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 130.70000000000005 m 273 130.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 130.70000000000005 m 341 130.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 130.70000000000005 m 409 130.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 130.70000000000005 m 477 130.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 130.70000000000005 m 565 130.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 64 130.70000000000005 m 187 130.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 64 116.70000000000005 m 187 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 187 130.70000000000005 m 273 130.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 187 116.70000000000005 m 273 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 273 130.70000000000005 m 341 130.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 273 116.70000000000005 m 341 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 341 130.70000000000005 m 409 130.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 341 116.70000000000005 m 409 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 409 130.70000000000005 m 477 130.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 409 116.70000000000005 m 477 116.70000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 477 130.70000000000005 m 565 130.70000000000005 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 477 116.70000000000005 m 565 116.70000000000005 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.95 294.10 Td (Balance) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 190.45 285.10 Td (December 31, 2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.45 276.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 280.45 294.10 Td (Recognized in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 281.45 285.10 Td (profit and loss) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 276.45 276.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.45 294.10 Td (Recognized in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 381.45 285.10 Td (equity) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.45 276.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 428.45 302.65 Td (Acquired in) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 437.95 293.65 Td (business) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 420.45 284.65 Td (combinations) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 412.45 275.65 Td (\(Asset\)/Liability) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 526.95 294.10 Td (Balance) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 480.40 285.10 Td (December 31, 2015) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 494.45 276.10 Td (\(Asset\)/Liability) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 66.50 264.10 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 251.10 Td (Property, plant and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 242.10 Td (equipment) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.95 242.10 Td (446,249) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.95 242.10 Td (\(156,322) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 242.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 242.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 242.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 528.95 242.10 Td (289,927) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 228.10 Td (Decommissioning liabilities) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 233.95 228.10 Td (\(124,794) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.50 228.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 311.95 228.10 Td (\(6,965) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 228.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 228.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 228.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.95 228.10 Td (\(131,759) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 561.50 228.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 214.10 Td (Non-capital losses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 238.95 214.10 Td (\(83,295) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.50 214.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.95 214.10 Td (\(26,220) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 214.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 214.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 214.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 525.95 214.10 Td (\(109,515) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 561.50 214.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 200.10 Td (Issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.95 200.10 Td (\(4,094) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.50 200.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 314.95 200.10 Td (1,595) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 200.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 200.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.95 200.10 Td (\(2,499) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 561.50 200.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 186.10 Td (Other liability) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.95 186.10 Td (\(3,471) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.50 186.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.45 186.10 Td (126) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 186.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 186.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 535.95 186.10 Td (\(3,345) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 561.50 186.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 172.10 Td (Debt issue costs) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 246.95 172.10 Td (1,342) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 319.45 172.10 Td (\(191) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 172.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 172.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 172.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 538.95 172.10 Td (1,151) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 158.10 Td (Financial instrument) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 71.00 149.10 Td (contracts) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 241.95 149.10 Td (38,561) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.95 149.10 Td (\(16,865) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 149.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 149.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 149.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.95 149.10 Td (21,696) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 66.50 135.10 Td (Share-based compensation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 243.95 135.10 Td (\(1,233) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 269.50 135.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 322.45 135.10 Td (791) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 135.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 135.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 543.45 135.10 Td (\(442) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 561.50 135.10 Td (\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 236.95 121.10 Td (269,265) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 301.95 121.10 Td (\(204,051) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 337.50 121.10 Td (\)) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 396.50 121.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 464.50 121.10 Td () Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 533.95 121.10 Td (65,214) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 111 0 obj <> endobj 112 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 38 m 198.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 38 m 369.5 38 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 38 m 582.5 38 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 27.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 27.23 Td (Page 55) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 742.45 Td (The following is a summary of the estimated tax pools:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 731.95 m 373 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 716.95 m 373 716.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 731.95 m 468 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 716.95 m 468 716.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 731.95 m 472 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 716.95 m 472 716.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 731.95 m 567 731.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 716.95 m 567 716.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 62 615.95 m 373 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 615.95 m 468 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 468 615.95 m 472 615.95 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 472 615.95 m 567 615.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 62 601.95 m 373 601.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 373 601.95 m 468 601.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 468 601.95 m 472 601.95 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 472 601.95 m 567 601.95 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 383.40 721.35 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 484.45 721.35 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 64.50 709.35 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 695.35 Td (Canadian oil and gas property expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 695.35 Td (724,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 695.35 Td (817,360) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 680.35 Td (Canadian development expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 680.35 Td (715,497) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 680.35 Td (802,495) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 665.35 Td (Canadian exploration expense) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 665.35 Td (313,758) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 665.35 Td (295,302) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 650.35 Td (Undepreciated capital cost) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 650.35 Td (437,363) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 650.35 Td (417,556) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 635.35 Td (Non-capital losses) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 431.95 635.35 Td (406,362) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 530.95 635.35 Td (332,384) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 620.35 Td (Other) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 441.95 620.35 Td (9,273) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 535.95 620.35 Td (16,337) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 64.50 606.35 Td (Total) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 424.45 606.35 Td (2,606,526) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 523.45 606.35 Td (2,681,434) Tj ET Q BT /F1 10.00 Tf ET BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 585.65 Td (Non-capital ) Tj ET Q q 0 0 0 rg BT 111.01 585.65 Td (losses ) Tj ET Q q 0 0 0 rg BT 139.00 585.65 Td (carry ) Tj ET Q q 0 0 0 rg BT 161.49 585.65 Td (forward ) Tj ET Q q 0 0 0 rg BT 193.99 585.65 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 203.98 585.65 Td ($406.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 231.51 585.65 Td ( ) Tj ET Q q 0 0 0 rg BT 233.99 585.65 Td (million ) Tj ET Q q 0 0 0 rg BT 261.98 585.65 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 264.98 585.65 Td (December31, ) Tj ET Q q 0 0 0 rg BT 323.99 585.65 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 344.01 585.65 Td ( ) Tj ET Q q 0 0 0 rg BT 346.50 585.65 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 351.98 585.65 Td ($332.4) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 379.51 585.65 Td ( ) Tj ET Q q 0 0 0 rg BT 382.00 585.65 Td (million\) ) Tj ET Q q 0 0 0 rg BT 412.98 585.65 Td (expire ) Tj ET Q q 0 0 0 rg BT 439.98 585.65 Td (in ) Tj ET Q q 0 0 0 rg BT 449.47 585.65 Td (the ) Tj ET Q q 0 0 0 rg BT 464.47 585.65 Td (years ) Tj ET Q q 0 0 0 rg BT 488.96 585.65 Td (2028 ) Tj ET Q q 0 0 0 rg BT 511.47 585.65 Td (through ) Tj ET Q q 0 0 0 rg BT 544.48 585.65 Td (2035. ) Tj ET Q q 0 0 0 rg BT 569.50 585.65 Td ( ) Tj ET Q q 0 0 0 rg BT 572.01 585.65 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 574.85 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 104.48 574.85 Td (has ) Tj ET Q q 0 0 0 rg BT 120.95 574.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 148.93 574.85 Td (losses ) Tj ET Q q 0 0 0 rg BT 176.40 574.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 185.86 574.85 Td ($47.9) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 208.38 574.85 Td ( ) Tj ET Q q 0 0 0 rg BT 210.34 574.85 Td (million ) Tj ET Q q 0 0 0 rg BT 237.80 574.85 Td (\() Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 240.80 574.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 299.29 574.85 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.31 574.85 Td ( ) Tj ET Q q 0 0 0 rg BT 321.27 574.85 Td (- ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 326.22 574.85 Td ($48.7) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 348.74 574.85 Td ( ) Tj ET Q q 0 0 0 rg BT 350.70 574.85 Td (million\) ) Tj ET Q q 0 0 0 rg BT 381.16 574.85 Td (available ) Tj ET Q q 0 0 0 rg BT 418.65 574.85 Td (for ) Tj ET Q q 0 0 0 rg BT 431.11 574.85 Td (carry ) Tj ET Q q 0 0 0 rg BT 453.07 574.85 Td (forward ) Tj ET Q q 0 0 0 rg BT 485.04 574.85 Td (against ) Tj ET Q q 0 0 0 rg BT 516.02 574.85 Td (future ) Tj ET Q q 0 0 0 rg BT 540.99 574.85 Td (capital ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 564.05 Td (gains ) Tj ET Q q 0 0 0 rg BT 88.00 564.05 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 134.01 564.05 Td (that ) Tj ET Q q 0 0 0 rg BT 152.51 564.05 Td (is ) Tj ET Q q 0 0 0 rg BT 162.50 564.05 Td (not ) Tj ET Q q 0 0 0 rg BT 178.49 564.05 Td (included ) Tj ET Q q 0 0 0 rg BT 215.50 564.05 Td (in ) Tj ET Q q 0 0 0 rg BT 226.00 564.05 Td (the ) Tj ET Q q 0 0 0 rg BT 241.99 564.05 Td (deferred ) Tj ET Q q 0 0 0 rg BT 279.00 564.05 Td (income ) Tj ET Q q 0 0 0 rg BT 311.50 564.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 326.99 564.05 Td (asset. ) Tj ET Q q 0 0 0 rg BT 354.49 564.05 Td ( ) Tj ET Q q 0 0 0 rg BT 357.97 564.05 Td (For ) Tj ET Q q 0 0 0 rg BT 374.96 564.05 Td (the ) Tj ET Q q 0 0 0 rg BT 390.96 564.05 Td (years ) Tj ET Q q 0 0 0 rg BT 416.45 564.05 Td (ended ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 444.96 564.05 Td (December31, ) Tj ET Q q 0 0 0 rg BT 504.98 564.05 Td (2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 525.00 564.05 Td ( ) Tj ET Q q 0 0 0 rg BT 528.48 564.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.98 564.05 Td (2014) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 567.01 564.05 Td ( ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 63.00 553.25 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 105.02 553.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 124.54 553.25 Td (no ) Tj ET Q q 0 0 0 rg BT 137.05 553.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 151.56 553.25 Td (installments.) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 530.45 Td (14. ) Tj ET Q q 0 0 0 rg BT 60.01 530.45 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 530.45 Td ( ) Tj ET Q q 0 0 0 rg BT 65.01 530.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.51 530.45 Td (Commitments ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 513.65 Td (The ) Tj ET Q q 0 0 0 rg BT 85.74 513.65 Td (following ) Tj ET Q q 0 0 0 rg BT 123.49 513.65 Td (table ) Tj ET Q q 0 0 0 rg BT 145.74 513.65 Td (details ) Tj ET Q q 0 0 0 rg BT 174.49 513.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 222.96 513.65 Td (contractual ) Tj ET Q q 0 0 0 rg BT 269.72 513.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 315.49 513.65 Td (for ) Tj ET Q q 0 0 0 rg BT 328.72 513.65 Td (long-term ) Tj ET Q q 0 0 0 rg BT 369.47 513.65 Td (debt, ) Tj ET Q q 0 0 0 rg BT 392.22 513.65 Td (lease ) Tj ET Q q 0 0 0 rg BT 416.46 513.65 Td (obligations ) Tj ET Q q 0 0 0 rg BT 462.23 513.65 Td (and ) Tj ET Q q 0 0 0 rg BT 479.98 513.65 Td (other ) Tj ET Q q 0 0 0 rg BT 503.22 513.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 542.98 513.65 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 502.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 96.02 502.85 Td (commitments ) Tj ET Q q 0 0 0 rg BT 152.02 502.85 Td (as ) Tj ET Q q 0 0 0 rg BT 164.03 502.85 Td (at ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 174.04 502.85 Td (December31, ) Tj ET Q q 0 0 0 rg BT 233.06 502.85 Td (2015) Tj ET Q BT /F3 9.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 489.35 m 235 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 467.35 m 235 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 489.35 m 289 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 467.35 m 289 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 489.35 m 343 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 467.35 m 343 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 489.35 m 397 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 467.35 m 397 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 489.35 m 451 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 467.35 m 451 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 489.35 m 505 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 467.35 m 505 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 489.35 m 559 489.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 467.35 m 559 467.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 366.35 m 235 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 352.35 m 235 352.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 235 366.35 m 289 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 235 352.35 m 289 352.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 366.35 m 343 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 289 352.35 m 343 352.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 343 366.35 m 397 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 343 352.35 m 397 352.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397 366.35 m 451 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 397 352.35 m 451 352.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 451 366.35 m 505 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 451 352.35 m 505 352.35 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 366.35 m 559 366.35 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 505 352.35 m 559 352.35 l s BT /F3 9.00 Tf ET q 0 0 0 rg BT 266.45 471.75 Td (Total) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 319.45 471.75 Td (2016) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 373.45 471.75 Td (2017) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 427.45 471.75 Td (2018) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 481.45 471.75 Td (2019) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 517.95 480.30 Td (2020 and) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 516.95 471.30 Td (thereafter) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 70.50 459.75 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 445.75 Td (Long-term debt repayments) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 181.06 450.04 Td (\(1\)\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 245.45 445.75 Td (1,265,632) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 445.75 Td (34,600) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 360.95 445.75 Td (159,160) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 445.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 468.95 445.75 Td (272,056) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 522.95 445.75 Td (799,816) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 430.75 Td (Interest payments) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 142.03 435.04 Td (\(2\)\(3\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 252.95 430.75 Td (227,658) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 430.75 Td (40,127) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.95 430.75 Td (37,698) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 430.75 Td (33,046) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 430.75 Td (33,046) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 527.95 430.75 Td (83,741) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 415.75 Td (Of) Tj ET Q q 0 0 0 rg BT 79.84 415.75 Td (fice lease) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 117.86 420.04 Td (\(4\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.95 415.75 Td (29,195) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.95 415.75 Td (6,068) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.95 415.75 Td (6,068) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.95 415.75 Td (6,356) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 478.95 415.75 Td (6,760) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 415.75 Td (3,943) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 400.75 Td (Drilling and completions capital) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 194.56 405.04 Td (\(5\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.95 400.75 Td (12,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 400.75 Td (12,351) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 384.50 400.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 438.50 400.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.50 400.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.50 400.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 385.75 Td (Drilling service contracts) Tj ET Q BT /F3 9.00 Tf ET BT /F3 5.85 Tf ET q 0 0 0 rg BT 168.03 390.04 Td (\(6\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 262.95 385.75 Td (6,436) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 316.95 385.75 Td (2,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 370.95 385.75 Td (2,342) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 424.95 385.75 Td (1,752) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 492.50 385.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 546.50 385.75 Td () Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 370.75 Td (Transportation expenses) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 257.95 370.75 Td (84,957) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 311.95 370.75 Td (25,872) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 365.95 370.75 Td (24,396) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 419.95 370.75 Td (16,278) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 473.95 370.75 Td (10,587) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 532.95 370.75 Td (7,824) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 356.75 Td (Total contractual obligations) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 245.45 356.75 Td (1,626,229) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 306.95 356.75 Td (121,360) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 360.95 356.75 Td (229,664) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 419.95 356.75 Td (57,432) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 468.95 356.75 Td (322,449) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 522.95 356.75 Td (895,324) Tj ET Q BT /F1 10.00 Tf ET BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 342.65 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 342.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 85.50 342.65 Td (Long-term ) Tj ET Q q 0 0 0 rg BT 114.51 342.65 Td (debt ) Tj ET Q q 0 0 0 rg BT 127.86 342.65 Td (repayments ) Tj ET Q q 0 0 0 rg BT 160.87 342.65 Td (include ) Tj ET Q q 0 0 0 rg BT 181.55 342.65 Td (the ) Tj ET Q q 0 0 0 rg BT 191.56 342.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 206.24 342.65 Td (loan ) Tj ET Q q 0 0 0 rg BT 219.25 342.65 Td (facility ) Tj ET Q q 0 0 0 rg BT 237.59 342.65 Td (and ) Tj ET Q q 0 0 0 rg BT 249.26 342.65 Td (principal ) Tj ET Q q 0 0 0 rg BT 273.28 342.65 Td (payments ) Tj ET Q q 0 0 0 rg BT 300.96 342.65 Td (due ) Tj ET Q q 0 0 0 rg BT 312.63 342.65 Td (on ) Tj ET Q q 0 0 0 rg BT 320.97 342.65 Td (senior ) Tj ET Q q 0 0 0 rg BT 338.98 342.65 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 368.67 342.65 Td (notes. ) Tj ET Q q 0 0 0 rg BT 386.68 342.65 Td (Based ) Tj ET Q q 0 0 0 rg BT 405.36 342.65 Td (on ) Tj ET Q q 0 0 0 rg BT 413.70 342.65 Td (the ) Tj ET Q q 0 0 0 rg BT 423.71 342.65 Td (existing ) Tj ET Q q 0 0 0 rg BT 445.72 342.65 Td (terms ) Tj ET Q q 0 0 0 rg BT 462.39 342.65 Td (of ) Tj ET Q q 0 0 0 rg BT 469.06 342.65 Td (the ) Tj ET Q q 0 0 0 rg BT 479.07 342.65 Td (revolving ) Tj ET Q q 0 0 0 rg BT 504.74 342.65 Td (bank ) Tj ET Q q 0 0 0 rg BT 519.42 342.65 Td (credit ) Tj ET Q q 0 0 0 rg BT 535.76 342.65 Td (facility) Tj ET Q q 0 0 0 rg BT 551.99 342.65 Td (, ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 335.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 335.45 Td ( ) Tj ET Q q 0 0 0 rg BT 85.50 335.45 Td (the ) Tj ET Q q 0 0 0 rg BT 95.51 335.45 Td (amounts ) Tj ET Q q 0 0 0 rg BT 120.19 335.45 Td (owing ) Tj ET Q q 0 0 0 rg BT 137.53 335.45 Td (under ) Tj ET Q q 0 0 0 rg BT 154.54 335.45 Td (this ) Tj ET Q q 0 0 0 rg BT 165.55 335.45 Td (facility ) Tj ET Q q 0 0 0 rg BT 183.88 335.45 Td (are ) Tj ET Q q 0 0 0 rg BT 194.22 335.45 Td (required ) Tj ET Q q 0 0 0 rg BT 217.90 335.45 Td (to ) Tj ET Q q 0 0 0 rg BT 224.58 335.45 Td (be ) Tj ET Q q 0 0 0 rg BT 232.92 335.45 Td (paid ) Tj ET Q q 0 0 0 rg BT 245.93 335.45 Td (on ) Tj ET Q q 0 0 0 rg BT 254.27 335.45 Td (September ) Tj ET Q q 0 0 0 rg BT 285.28 335.45 Td (10, ) Tj ET Q q 0 0 0 rg BT 295.29 335.45 Td (2019. ) Tj ET Q q 0 0 0 rg BT 311.97 335.45 Td ( ) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 328.25 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 328.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 85.50 328.25 Td (Fixed ) Tj ET Q q 0 0 0 rg BT 101.84 328.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 123.18 328.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 150.86 328.25 Td (on ) Tj ET Q q 0 0 0 rg BT 159.20 328.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 177.21 328.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 206.90 328.25 Td (notes.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 321.05 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 321.05 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 85.50 321.05 Td (US ) Tj ET Q q 0 0 0 rg BT 95.50 321.05 Td (dollars ) Tj ET Q q 0 0 0 rg BT 114.84 321.05 Td (payments ) Tj ET Q q 0 0 0 rg BT 142.52 321.05 Td (are ) Tj ET Q q 0 0 0 rg BT 152.86 321.05 Td (converted ) Tj ET Q q 0 0 0 rg BT 180.88 321.05 Td (using ) Tj ET Q q 0 0 0 rg BT 196.89 321.05 Td (the ) Tj ET Q q 0 0 0 rg BT 206.90 321.05 Td (exchange ) Tj ET Q q 0 0 0 rg BT 234.59 321.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 246.59 321.05 Td ($1.384 ) Tj ET Q q 0 0 0 rg BT 266.61 321.05 Td (CDN$/US$ ) Tj ET Q q 0 0 0 rg BT 297.95 321.05 Td (dollar) Tj ET Q q 0 0 0 rg BT 312.30 321.05 Td (.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 313.85 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 313.85 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 85.50 313.85 Td (Of) Tj ET Q q 0 0 0 rg BT 91.73 313.85 Td (fice ) Tj ET Q q 0 0 0 rg BT 102.73 313.85 Td (lease ) Tj ET Q q 0 0 0 rg BT 118.74 313.85 Td (expires ) Tj ET Q q 0 0 0 rg BT 139.75 313.85 Td (July ) Tj ET Q q 0 0 0 rg BT 152.09 313.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 162.09 313.85 Td (2020.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 306.65 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 306.65 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 85.50 306.65 Td (The ) Tj ET Q q 0 0 0 rg BT 97.51 306.65 Td (drilling ) Tj ET Q q 0 0 0 rg BT 116.51 306.65 Td (and ) Tj ET Q q 0 0 0 rg BT 128.19 306.65 Td (completions ) Tj ET Q q 0 0 0 rg BT 161.87 306.65 Td (capital ) Tj ET Q q 0 0 0 rg BT 180.88 306.65 Td (commitment ) Tj ET Q q 0 0 0 rg BT 215.22 306.65 Td (is ) Tj ET Q q 0 0 0 rg BT 221.22 306.65 Td (on ) Tj ET Q q 0 0 0 rg BT 229.56 306.65 Td (fee ) Tj ET Q q 0 0 0 rg BT 239.57 306.65 Td (lands ) Tj ET Q q 0 0 0 rg BT 255.58 306.65 Td (of ) Tj ET Q q 0 0 0 rg BT 262.25 306.65 Td (a ) Tj ET Q q 0 0 0 rg BT 267.26 306.65 Td (partner ) Tj ET Q q 0 0 0 rg BT 287.94 306.65 Td (in ) Tj ET Q q 0 0 0 rg BT 294.27 306.65 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 326.43 306.65 Td (W) Tj ET Q q 0 0 0 rg BT 331.99 306.65 Td (est ) Tj ET Q q 0 0 0 rg BT 341.66 306.65 Td (Central ) Tj ET Q q 0 0 0 rg BT 362.67 306.65 Td (Core ) Tj ET Q q 0 0 0 rg BT 377.34 306.65 Td (area, ) Tj ET Q q 0 0 0 rg BT 392.68 306.65 Td (the ) Tj ET Q q 0 0 0 rg BT 402.69 306.65 Td (remaining ) Tj ET Q q 0 0 0 rg BT 430.71 306.65 Td (commitment ) Tj ET Q q 0 0 0 rg BT 465.04 306.65 Td (is ) Tj ET Q q 0 0 0 rg BT 471.04 306.65 Td (to ) Tj ET Q q 0 0 0 rg BT 477.71 306.65 Td (be ) Tj ET Q q 0 0 0 rg BT 486.06 306.65 Td (fulfilled ) Tj ET Q q 0 0 0 rg BT 506.40 306.65 Td (by ) Tj ET Q q 0 0 0 rg BT 514.40 306.65 Td (the ) Tj ET Q q 0 0 0 rg BT 524.41 306.65 Td (end ) Tj ET Q q 0 0 0 rg BT 536.09 306.65 Td (of ) Tj ET Q q 0 0 0 rg BT 542.76 306.65 Td (2016.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 299.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.50 299.45 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 85.50 299.45 Td (The ) Tj ET Q q 0 0 0 rg BT 97.51 299.45 Td (drilling ) Tj ET Q q 0 0 0 rg BT 116.51 299.45 Td (service ) Tj ET Q q 0 0 0 rg BT 137.19 299.45 Td (contracts ) Tj ET Q q 0 0 0 rg BT 163.20 299.45 Td (are ) Tj ET Q q 0 0 0 rg BT 173.53 299.45 Td (with ) Tj ET Q q 0 0 0 rg BT 185.87 299.45 Td (one ) Tj ET Q q 0 0 0 rg BT 197.55 299.45 Td (service ) Tj ET Q q 0 0 0 rg BT 218.22 299.45 Td (provider ) Tj ET Q q 0 0 0 rg BT 241.56 299.45 Td (extending ) Tj ET Q q 0 0 0 rg BT 269.25 299.45 Td (over ) Tj ET Q q 0 0 0 rg BT 282.59 299.45 Td (a ) Tj ET Q q 0 0 0 rg BT 287.60 299.45 Td (three ) Tj ET Q q 0 0 0 rg BT 302.94 299.45 Td (year ) Tj ET Q q 0 0 0 rg BT 316.28 299.45 Td (term.) Tj ET Q BT /F3 6.00 Tf ET q 0 0 0 rg BT 45.00 292.25 Td ( ) Tj ET Q endstream endobj 113 0 obj <> endobj 114 0 obj <> stream 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 28.5 49 m 198.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 198.5 49 m 369.5 49 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 369.5 49 m 582.5 49 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 31.00 38.23 Td (BONAVISTA ENERGY CORPORATION) Tj ET Q BT /F3 8.00 Tf ET q 0 0 0 rg BT 549.15 38.23 Td (Page 56) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 45.00 731.45 Td (15. ) Tj ET Q q 0 0 0 rg BT 60.01 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 62.51 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 65.01 731.45 Td ( ) Tj ET Q q 0 0 0 rg BT 67.51 731.45 Td (Supplemental ) Tj ET Q q 0 0 0 rg BT 129.02 731.45 Td (disclosure) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 714.65 Td (a. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 714.65 Td (Income ) Tj ET Q q 0 0 0 rg BT 115.01 714.65 Td (statement ) Tj ET Q q 0 0 0 rg BT 160.02 714.65 Td (presentation) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 697.85 Td (Bonavista's ) Tj ET Q q 0 0 0 rg BT 115.46 697.85 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 168.22 697.85 Td (statements ) Tj ET Q q 0 0 0 rg BT 214.47 697.85 Td (of ) Tj ET Q q 0 0 0 rg BT 224.19 697.85 Td (income ) Tj ET Q q 0 0 0 rg BT 255.43 697.85 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 279.65 697.85 Td (and ) Tj ET Q q 0 0 0 rg BT 296.89 697.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 360.14 697.85 Td (income ) Tj ET Q q 0 0 0 rg BT 391.38 697.85 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 415.60 697.85 Td (are ) Tj ET Q q 0 0 0 rg BT 430.83 697.85 Td (prepared ) Tj ET Q q 0 0 0 rg BT 469.08 697.85 Td (primarily ) Tj ET Q q 0 0 0 rg BT 505.30 697.85 Td (by ) Tj ET Q q 0 0 0 rg BT 517.03 697.85 Td (the ) Tj ET Q q 0 0 0 rg BT 531.76 697.85 Td (nature ) Tj ET Q q 0 0 0 rg BT 559.50 697.85 Td (of ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 687.05 Td (expense, ) Tj ET Q q 0 0 0 rg BT 108.04 687.05 Td (with ) Tj ET Q q 0 0 0 rg BT 128.06 687.05 Td (the ) Tj ET Q q 0 0 0 rg BT 144.58 687.05 Td (exception ) Tj ET Q q 0 0 0 rg BT 187.12 687.05 Td (of ) Tj ET Q q 0 0 0 rg BT 198.63 687.05 Td (employee ) Tj ET Q q 0 0 0 rg BT 241.67 687.05 Td (compensation ) Tj ET Q q 0 0 0 rg BT 301.72 687.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 326.73 687.05 Td (which ) Tj ET Q q 0 0 0 rg BT 353.76 687.05 Td (are ) Tj ET Q q 0 0 0 rg BT 370.77 687.05 Td (included ) Tj ET Q q 0 0 0 rg BT 408.31 687.05 Td (in ) Tj ET Q q 0 0 0 rg BT 419.33 687.05 Td (both ) Tj ET Q q 0 0 0 rg BT 440.86 687.05 Td (the ) Tj ET Q q 0 0 0 rg BT 457.38 687.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 498.92 687.05 Td (and ) Tj ET Q q 0 0 0 rg BT 517.95 687.05 Td (general ) Tj ET Q q 0 0 0 rg BT 551.98 687.05 Td (and ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 676.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 125.37 676.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 161.74 676.25 Td (line ) Tj ET Q q 0 0 0 rg BT 178.10 676.25 Td (items. ) Tj ET Q q 0 0 0 rg BT 204.29 676.25 Td (The ) Tj ET Q q 0 0 0 rg BT 222.15 676.25 Td (following ) Tj ET Q q 0 0 0 rg BT 259.52 676.25 Td (table ) Tj ET Q q 0 0 0 rg BT 281.38 676.25 Td (details ) Tj ET Q q 0 0 0 rg BT 309.74 676.25 Td (the ) Tj ET Q q 0 0 0 rg BT 324.60 676.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 356.96 676.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.82 676.25 Td (total ) Tj ET Q q 0 0 0 rg BT 386.17 676.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 427.54 676.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 485.93 676.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 509.28 676.25 Td (included ) Tj ET Q q 0 0 0 rg BT 545.15 676.25 Td (in ) Tj ET Q q 0 0 0 rg BT 554.50 676.25 Td (the ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 665.45 Td (operating ) Tj ET Q q 0 0 0 rg BT 106.69 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 123.37 665.45 Td (general ) Tj ET Q q 0 0 0 rg BT 155.05 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 171.73 665.45 Td (administrative ) Tj ET Q q 0 0 0 rg BT 228.91 665.45 Td (expense ) Tj ET Q q 0 0 0 rg BT 264.60 665.45 Td (line ) Tj ET Q q 0 0 0 rg BT 280.27 665.45 Td (items ) Tj ET Q q 0 0 0 rg BT 303.43 665.45 Td (in ) Tj ET Q q 0 0 0 rg BT 312.10 665.45 Td (the ) Tj ET Q q 0 0 0 rg BT 326.27 665.45 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 378.46 665.45 Td (statements ) Tj ET Q q 0 0 0 rg BT 424.15 665.45 Td (of ) Tj ET Q q 0 0 0 rg BT 433.31 665.45 Td (income ) Tj ET Q q 0 0 0 rg BT 463.99 665.45 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 487.65 665.45 Td ( ) Tj ET Q q 0 0 0 rg BT 489.31 665.45 Td (and ) Tj ET Q q 0 0 0 rg BT 505.98 665.45 Td (comprehensive ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 654.65 Td (income ) Tj ET Q q 0 0 0 rg BT 99.01 654.65 Td (\(loss\).) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 641.15 m 375 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 619.15 m 375 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 641.15 m 467 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 619.15 m 467 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 641.15 m 471 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 619.15 m 471 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 641.15 m 563 641.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 619.15 m 563 619.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 68 580.15 m 375 580.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 68 566.15 m 375 566.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 375 580.15 m 467 580.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 375 566.15 m 467 566.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 467 580.15 m 471 580.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 467 566.15 m 471 566.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 471 580.15 m 563 580.15 l s 0 0 0 RG /GS0 gs 2.00 w 0 i [] 0 d 0 J 0 j 3 M 471 566.15 m 563 566.15 l s BT /F2 9.00 Tf ET q 0 0 0 rg BT 415.45 632.10 Td (Year ended) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 382.40 623.10 Td (December 31, 2015) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 513.75 632.10 Td (Year ended) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 480.45 623.10 Td (December 31, 2014) Tj ET Q BT /F3 7.00 Tf ET q 0 0 0 rg BT 70.50 611.55 Td (\($ thousands\)) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 598.55 Td (Operating) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 598.55 Td (13,529) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 598.55 Td (12,832) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 584.55 Td (General and administrative) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 584.55 Td (31,568) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 584.55 Td (34,221) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 70.50 570.55 Td (Total employee compensation costs) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 435.95 570.55 Td (45,097) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 531.95 570.55 Td (47,053) Tj ET Q BT /F1 10.00 Tf ET BT /F2 9.00 Tf ET q 0 0 0 rg BT 67.50 549.85 Td (b. ) Tj ET Q BT /F2 9.00 Tf ET q 0 0 0 rg BT 81.00 549.85 Td (Compensation of key management personnel) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 533.05 Td (Bonavista ) Tj ET Q q 0 0 0 rg BT 110.49 533.05 Td (has ) Tj ET Q q 0 0 0 rg BT 128.46 533.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 176.95 533.05 Td (that ) Tj ET Q q 0 0 0 rg BT 195.42 533.05 Td (its ) Tj ET Q q 0 0 0 rg BT 207.88 533.05 Td (key ) Tj ET Q q 0 0 0 rg BT 225.35 533.05 Td (management ) Tj ET Q q 0 0 0 rg BT 281.34 533.05 Td (personnel ) Tj ET Q q 0 0 0 rg BT 324.33 533.05 Td (includes ) Tj ET Q q 0 0 0 rg BT 360.81 533.05 Td (both ) Tj ET Q q 0 0 0 rg BT 381.79 533.05 Td (of) Tj ET Q q 0 0 0 rg BT 389.13 533.05 Td (ficers ) Tj ET Q q 0 0 0 rg BT 414.10 533.05 Td (and ) Tj ET Q q 0 0 0 rg BT 432.58 533.05 Td (directors. ) Tj ET Q q 0 0 0 rg BT 473.05 533.05 Td (Short-term ) Tj ET Q q 0 0 0 rg BT 519.02 533.05 Td (benefits ) Tj ET Q q 0 0 0 rg BT 554.00 533.05 Td (are ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 522.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 111.53 522.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.55 522.25 Td (salaries ) Tj ET Q q 0 0 0 rg BT 155.08 522.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.61 522.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 209.63 522.25 Td (fees, ) Tj ET Q q 0 0 0 rg BT 231.66 522.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 261.20 522.25 Td (bonuses ) Tj ET Q q 0 0 0 rg BT 297.74 522.25 Td (and ) Tj ET Q q 0 0 0 rg BT 315.27 522.25 Td (other ) Tj ET Q q 0 0 0 rg BT 338.30 522.25 Td (benefits. ) Tj ET Q q 0 0 0 rg BT 374.83 522.25 Td (In ) Tj ET Q q 0 0 0 rg BT 384.85 522.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 421.39 522.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 473.94 522.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 532.49 522.25 Td (provided ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 511.45 Td (to ) Tj ET Q q 0 0 0 rg BT 77.25 511.45 Td (key ) Tj ET Q q 0 0 0 rg BT 93.50 511.45 Td (management ) Tj ET Q q 0 0 0 rg BT 148.28 511.45 Td (personnel ) Tj ET Q q 0 0 0 rg BT 190.06 511.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 225.33 511.45 Td (awards ) Tj ET Q q 0 0 0 rg BT 256.58 511.45 Td (of) Tj ET Q q 0 0 0 rg BT 263.93 511.45 Td (fered ) Tj ET Q q 0 0 0 rg BT 286.69 511.45 Td (under ) Tj ET Q q 0 0 0 rg BT 311.95 511.45 Td (Bonavista) Tj ET Q q 0 0 0 rg BT 353.31 511.45 Td (s ) Tj ET Q q 0 0 0 rg BT 360.06 511.45 Td (long-term ) Tj ET Q q 0 0 0 rg BT 400.32 511.45 Td (incentive ) Tj ET Q q 0 0 0 rg BT 438.09 511.45 Td (plans. ) Tj ET Q q 0 0 0 rg BT 464.21 511.45 Td (The ) Tj ET Q q 0 0 0 rg BT 481.96 511.45 Td (following ) Tj ET Q q 0 0 0 rg BT 519.23 511.45 Td (table ) Tj ET Q q 0 0 0 rg BT 540.99 511.45 Td (details ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 500.65 Td (remuneration ) Tj ET Q q 0 0 0 rg BT 123.11 500.65 Td (to ) Tj ET Q q 0 0 0 rg BT 133.21 500.65 Td (key ) Tj ET Q q 0 0 0 rg BT 149.80 500.65 Td (management ) Tj ET Q q 0 0 0 rg BT 204.92 500.65 Td (personnel ) Tj ET Q q 0 0 0 rg BT 247.03 500.65 Td (included ) Tj ET Q q 0 0 0 rg BT 283.14 500.65 Td (in ) Tj ET Q q 0 0 0 rg BT 292.73 500.65 Td (general ) Tj ET Q q 0 0 0 rg BT 325.34 500.65 Td (and ) Tj ET Q q 0 0 0 rg BT 342.94 500.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 401.05 500.65 Td (expenses ) Tj ET Q q 0 0 0 rg BT 442.16 500.65 Td (on ) Tj ET Q q 0 0 0 rg BT 454.76 500.65 Td (the ) Tj ET Q q 0 0 0 rg BT 469.86 500.65 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 522.98 500.65 Td (statements ) Tj ET Q BT /F3 9.00 Tf ET q 0 0 0 rg BT 67.50 489.85 Td (of ) Tj ET Q q 0 0 0 rg BT 77.51 489.85 Td (income ) Tj ET Q q 0 0 0 rg BT 109.02 489.85 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 133.52 489.85 Td (and ) Tj ET Q q 0 0 0 rg BT 151.04 489.85 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 214.57 489.85 Td (income ) Tj ET Q q 0 0 0 rg BT 246.08 489.85 Td (\(loss\).) 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